REGISTERED COMPANY NUMBER: 03914029 (England and Wales) REGISTERED CHARITY NUMBER: 1079947 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE POLTIMORE HOUSE TRUST Withers Steele Chartered Accountants 6 Oaklands Court TIVERTON Devon EX16 6TG
THE POLTIMORE HOUSE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 13 Detailed Statement of Financial Activities 14
THE POLTIMORE HOUSE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Purpose of the charity The formal Object of the Poltimore House Trust is "To preserve for the benefit of the people of Devon and the nation at large the building of special architectural and historic interest known as Poltimore House, and its grounds and adjoining land forming part of the estate." One of the great historic estates of Devon, Poltimore is listed by Historic England as Grade 2. and included in the Buildings at Risk register. After the end of its use for various health~related purposes around 1980, the House fell into disrepair and was subject to vandalism. It was saved from further decay by the formation of the Poltimore House Trust. Following the BBC Restoration programme in 2003, it attracted a large following of loyal Friends who formed a separate charity (The Friends of Poltimore House) to support the work of the Trust. The 'Friends' do much to help the Trust in raising the profile of Poltimore House, bringing visitors to the House and Grounds, and raising funds: Poltimore House has always attracted significant numbers of visitors including under the National Heritage Open Days banner, and a diverse range of other arts and community events. For several years the Grounds hosted projects to help disadvantaged people rebuild their lives, including major Public Heath funded projects (which funded a new agricultural storage barn), and more recently Thrive and Grow, a horticultural and community gardening project. There is scope for further expansion of such community and therapeutic uses in the House and Grounds. Public benefit The Trustees believe that through work such as that outlined above, they carry out the Objects of the charity for the public benefit. In making decisions they have had due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant. ACHIEVEMENT AND PERFORMANCE Summary of the achievements Poltimore House and Grounds are situated on the North side of Exeter, approximately 4 miles from the city centre and within the Clyst Valley Regional Park. Poltimore House is included in the Buildings at Risk Register along with some other prominent properties. During the financial year 0110412023 to 3110312024 Poltimore House Trust continued to expand opportunities for public aCsS through an increasingly successful events programme and the growing popularity of Branches Café. A £50,000 grant from East Devon District Council secured during the previous financial year enabled the complete refurbishment of the Chapel kitchen and led to a steady growth both in visitor numbers and in income growth. The site is also being actively marketed as a venue for private events as part of the Trust's business plan. In their verdant setting, the House and Grounds have become a cultural, recreational and wellbeing hub for local communities, especially the rapidly growing residential developments in Westclyst, Pinhoe and Cranbrook. The Trust continues to benefit from close engagement with Historic England, East Devon District Council and other stakeholder bodies. Poltimore House has an important place in the history of the South West, and is of considerable architectural value. Its restoration as a focal point for communities, wellbeing, creative businesses and the arts remains the Trust's principal focus. Trustees continue to develop a roadmap for the restoration of the House, linked to a business plan to ensure financial sustainability, and providing a focus for continuing dialogue with funding bodies and other stakeholders. Strategic objectives for the Grounds include enhanced biodiversity and visitor experience as well as the restoration of key historic features. A strong maintenance programme has been continued, and the volunteer team continues to grow with new members being recruited with a variety of relevant skills. Page 1
THE POLTIMORE HOUSE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Post Balance Sheet Events There have been 2 non-adjusting events that have occurred since 31st March 2024. From the 1st April the Branches Cafe has been licenced out to a third paty to run, whilst on the 8th19th April the House suffered a major fire. FINANCIAL REVIEW Finance and governance Trustees have overall responsibility for the financial management of the organisation. The Trust itself continues to strengthen its skills base and has made several new appointments under the continued leadership of its Chair (Dr Peter Totterdill). The Finance and General Purposes Committee has continued to operate, providing Trustees with effective governan and assurance of financial probity. The Trust benefited from private donations and legacies during the year, as well as enhanced visitor revenue from the Café and events. It is also supported by additional funds raised by The Friends of Poltimore House. Expenditure is constantly under review to ensure sufficient funds are available to deliver regular maintenance and targeted improvements, as well as discharging the Trust's other responsibilities. Having considered the financial situation, the Trustees have reasonable grounds to expect that the charity will continue operating as normal for the foreseeable future and be able to meet its obligations as they fall due. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Poltimore House Trust is controlled by its Memorandum and Articles of Association, and constitutes a Company Limited by Guarantee as defined by the Companies Act 2006. The Trustees, who are also directors of the Charity for the purpose of the Companies Act 2006, present their report and financial statement for the year ended 31 st March 2022. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice as applied to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) applicable in the UK and Republic of Ireland (effective 1 January 2015). REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03914029 (England and Wales) Registered Charity number 1079947 Registered office Poltimore House Poltimore Exeter Devon EX4 OAU Page 2
THE POLTIMORE HOUSE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees Professor P J Totterdill Director K Weedon (resigned 191212024) D A McEwan (resigned 11312024) Ms R J Exton Mrs A V Brett-schneider Communications I P R Professional N Bishop Heritage Director D J Snell Company Director (appointed 221412023) R A Barton Project Manager (appointed 191212024) A F Alder-westlake Director (appointed 131912023) Independent Examiner Withers Steele Chartered Accountants 6 Oaklands Court TIVERTON Devon EX16 6TG Approved by order of the board of trustees on . Professor P J Totterdi - Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE POLTIMORE HOUSE TRUST Independent examinerfs report to the trustees of The Poltimore House Trust ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Ad other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no COnrnS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. William Withers & Co. Ltd Withers Steele Chartered Accountants 6 Oaklands Court TIVERTON Devon EX16 6TG Date: ....... Page 4
THE POLTIMORE HOUSE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted fund Restricted funds IRF Fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 28,398 28,398 125,164 Other trading activities 21,291 21,291 7,128 Total 49,689 49,689 132,292 EXPENDITURE ON Raising funds 38,977 4,821 43,798 114,455 Charitable activities Charitable Activities 29,210 1,123 2,649 32,982 Other 3,416 3,416 149 Total 71,603 1,123 7,470 80,196 114,604 NET INCOMEI(EXPENDITURE) Transfers between funds (21,914) 15,232 (1,123) (9,280) (7,470) (5,952) (30,507) 17,688 12 Net movement in funds (6,682) (10,403) (13,422) (30,507) 17,688 RECONCILIATION OF FUNDS Total funds brought forward 75,016 84,386 28,230 187,632 169,944 TOTAL FUNDS CARRIED FORWARD 68,334 73,983 14,808 157,125 187,632 The notes form part of these financial statements Page 5
THE POLTIMORE HOUSE TRUST BALANCE SHEET 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted fund Restricted funds IRF Fund Notes FIXED ASSETS Tangible assets 85,392 55,106 14,807 155,305 155,447 CURRENT ASSETS Debtors Cash at bank 806 23,686 806 42,564 7,497 68,497 18,878 24,492 18,878 43,370 75,994 CREDITORS Amounts falling due within one year (9,442) (9,442) (9,260) NET CURRENT ASSETS 15,050 18,878 33,928 66,734 TOTAL ASSETS LESS CURRENT LIABILITIES 100,442 73,984 14,807 189,233 222,181 CREDITORS Amounts falling due after more than one year 10 (32,108) (32,108) (34,549) NET ASSETS 68,334 73,984 14,807 157,125 187,632 FUNDS Unrestricted funds Restricted funds 12 68,334 88,791 75,016 112,616 TOTAL FUNDS 157,125 187,632 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitsble company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 6 continued...
THE POLTIMORE HOUSE TRUST BALANCE SHEET- continued 31 MARCH 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ../J.-L.Péa/ 703+. and were signed on its behalf by: P J Totterdill - Tru ee The notes fom part of these financial statements Page 7
THE POLTIMORE HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Vlthere costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery Motor vehicles 15 % on reducing balance 25 % on reducing balance Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Page 8 continued...
THE POLTIMORE HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 OTHER TRADING ACTIVITIES 31.3.24 31.3,23 Fundraising events 21,291 7,128 RAISING FUNDS Investment management costs 31.3.24 31.3.23 Propety maintenan 43,798 68,331 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.3.24 31.3.23 Professional fees Depreciation - owned assets Machinery expenses 2,000 8,476 12,100 5,427 3,492 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds Total funds IRF Fund INCOME AND ENDOWMENTS FROM Donations and legacies 75,165 (1) 50,000 125,164 Other trading activities 7,128 7,128 Total 82,293 (1) 50,000 132,292 EXPENDITURE ON Raising funds 94,142 1,321 18,992 114,455 Other (2,629) 2,778 149 Total 91,513 1,321 21,770 114,604 NET INCOMEI(EXPENDITURE) (9,220) (1,322) 28,230 17,688 Page 9 continued..
THE POLTIMORE HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds Total funds IRF Fund RECONCILIATION OF FUNDS Total funds brought forward 84,236 85,708 169,944 TOTAL FUNDS CARRIED FORWARD 75,016 84,386 28,230 187,632 TANGIBLE FIXED ASSETS Fixtures and fittings Freehold propety Plant and machinery COST At 1 April 2023 Additions 125,636 48,861 5,285 240,001 At 31 March 2024 125,636 54,146 240,001 DEPRECIATION At 1 April 2023 Charge for year 20,647 5,028 240,001 At 31 March 2024 25,675 240,001 NET BOOK VALUE At 31 March 2024 125,636 28,471 At 31 March 2023 125,636 28,214 Motor vehicles Computer equipment Totals COST At 1 April 2023 Additions 21,263 577 436,338 5,285 At 31 March 2024 21,263 577 441,623 DEPRECIATION At 1 April 2023 Charge for year 19,666 399 577 280,891 5,427 At 31 March 2024 20,065 577 286,318 NET BOOK VALUE At 31 March 2024 1,198 155,305 At 31 March 2023 1,597 155,447 Page 10 continued...
THE POLTIMORE HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31,3.24 31.3.23 VAT Prepayments 3,822 3,675 806 806 7,497 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Other loans (see note 11) Social security and other taxes VAT Accrued expenses 5,937 575 1,652 1,278 8,490 770 9,442 9,260 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 31.3.23 EDDC mortgage 32,108 34,549 11. LOANS An analysis of the maturity of loans is given below: 31.3.24 31.3,23 Amounts falling due within one year on demand: AHF Loan 5,937 8,490 12. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 75,016 (21,914) 15,232 68,334 Restricted funds Saloon Fund Hub Training fund PHE Grant CCTV Fund IRF Fund 18,878 1,516 54,712 9,280 28,230 18,878 1,289 53,817 (227) (895) (9,280) (5,952) (7,471) 14,807 112,616 (8,593) (15,232) 88,791 TOTAL FUNDS 187,632 (30,507) 157,125 Page11 continued...
THE POLTIMORE HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 49,689 (71,603) (21,914) Restricted funds Hub Training fund PHE Grant IRF Fund (227) (895) (7,471) (227) (895) (7,471) (8,593) (8,593) TOTAL FUNDS 49,689 (80,196) (30,507) Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 84,236 (9,220) 75,016 Restricted funds Saloon Fund Hub Training fund PHE Grant CCTV Fund IRF Fund 18,878 1,784 55,766 9,280 18,878 1,516 54,712 9,280 28,230 (268) (1,054) 28,230 85,708 26,908 112,616 TOTAL FUNDS 169,944 17,688 187,632 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 82,293 (91,513) (9,220) Restricted funds Hub Training fund PHE Grant IRF Fund (268) (1,053) (21,770) (268) (1,054) 28,230 (1) 50,000 49,999 (23,091) 26,908 TOTAL FUNDS 132,292 (114,604) 17,688 Page 12 continued...
THE POLTIMORE HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. MOVEMENT IN FUNDS - continued BalanS on the restricted funds Hub Training Fund, PHE Grant and IRF Fund represent assets created with these funds. 13. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2024. Page 13
THE POLTIMORE HOUSE TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and legacies Gifts Donations Gift aid Grants Hire of house & grounds 7,784 334 3,942 16,338 21,229 675 96,250 7,008 28,398 125,164 Other trading activities Fundraising events 21,291 7,128 Total incoming resources 49,689 132,292 EXPENDITURE Investment management costs Property maintenan 43,798 68,331 Support costs Management Machinery expenses Rates and water Subscriptions & insuran Light and heat Telephone Sundries 3,492 1,291 3,845 18,618 696 785 12,100 1,172 4,223 15,070 1,027 28,727 33,592 Finance Bank charges 58 Other Plant and machinery Motor vehicles 5,028 399 5,012 3,464 5,427 8,476 Governance costs Professional fees Postage and stationery Accountancy and legal fees Bank interest Bank loan interest 2,000 180 1,265 760 1,786 400 2,186 4,205 Total resources expended 80,196 114,604 Net (expenditure)lincome (30,507) 17,688 This page does not form part of the statutory financial statements Page 14