2024-12-31-accounts

Trustees' Annual Report for the period

			Period start date	Period start date	Period start date	Period start date		Period end date	Period end date	Period end date
	**From **		01	01			To 2024 31		12			2024
Section A Reference and administration details	Section A Reference and administration details	Section A Reference and administration details	Section A Reference and administration details				Section A Reference and administration details
	Charity name				Charity name	Caractacus Housing
Other names charity is known by		Other names charity is known by			Other names charity is known by
Registered charity number (if any) Charity's principal address					Registered charity number (if any)1098524 Charity's principal address The Old Coach House High Street Broughton, Hampshire Postcode SO20 8AD ~~—~~
Names of the charity trustees who manage the charity	Names of the charity trustees who manage the charity
	Trustee name	Office (if any)			Office (if any)			Dates acted if not for whole **year **			Name of person (or body) entitled to appoint trustee (ifany)
1 Kim Anderson	1 Kim Anderson										The Trustees
2 Justin Bidwell	2 Justin Bidwell	Chair									The Trustees
3 Luc	3 LucyBidwell	Treasurer						01/01/24 – 15/08/24			The Trustees
4 Fiona Cousins	4 Fiona Cousins	Secretary						01/01/24 – 31/05/24			The Trustees
5 Melanie Hickman	5 Melanie Hickman										The Trustees
6 James Pi	6 James Piper	Vice-chair									The Trustees
7 Leslie Silverlock	7 Leslie Silverlock										The Trustees
8 Anthon	8 AnthonySloley							01/01/24 – 05/04/24			The Trustees
9 Ian Crawford	9 Ian Crawford							05/07/24 – 31/12/24			The Trustees
10	10
11	11
12	12
13	13
14	14
15	15
16	16
17	17
18	18
19	19
20	20 ~~ae~~
	Names of the trustees for the charity, if any, (for example, any custodian trustees)			Names of the trustees for the charity, if any, (for example, any custodian trustees)			Names of the trustees for the charity, if any, (for example, any custodian trustees)			Names of the trustees for the charity, if any, (for example, any custodian trustees)
	Name							Dates acted if not for whole year

Section A Reference and administration details

Names of the charity trustees who manage the charity

1

Names and addresses of advisers (Optional information)

Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)
Type of adviser Name Address
Auditors/Accountants	Apsleys Michelle Hutchings	21 Bampton Street, Tiverton, Devon EX16 6AA
Solicitors	Blake Morgan	New King’s Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3LG
Investment Advisers	Optimal Planning Ltd Catherine Briers	The Portway Centre, Old Sarum, Salisbury, Wiltshire SP4 6EB

Name of chief executive or names of senior staff members (Optional information)

Section B Structure, governance and management

Description of the charity’s trusts

Memorandum and Articles of Association incorporated 7[th] January 2003 Type of governing document and amended 7[th] June 2003, 7[th] October 2006, 18[th] May 2009 and 23[rd] (eg. trust deed, constitution) March 2023. Private company, limited by guarantee, no share capital. How the charity is constituted (eg. trust, association, company) Appointed by existing trustees. Trustee selection methods (eg. appointed by, elected by)

Additional governance issues (Optional information)

Prospective trustees are required to submit a CV, visit the area of You may choose to include operation and read the minutes of previous trustees meetings. additional information, where They are then invited to attend the meetings. relevant, about: • policies and procedures Chairman, and 5 Trustees. Tenant Liaison Officer role and Company adopted for the induction and Secretary role contracted out. training of trustees;

• the charity’s organisational structure and any wider network with which the charity works;

• relationship with any related parties;

A local property management company organises general repairs, conducts property inspections and collect the rents. Since August they have taken over full management of the property portfolio. They also provide the book-keeping role for the charity.

Annual buildings and contents insurance on properties owned, Public and Employers Liability insurance and Trustees Indemnity insurance.

• trustees’ consideration of major risks and the system Re-Build Cost Assessments are conducted every 5 years and adjustments and procedures to manage made to provide adequate insurance cover on the properties. them.

Cash savings were moved from multiple savings accounts to the Flagstone savings platform for ease of management. The Reserves Policy is reviewed annually.

Section C Objectives and activities

2

The provision of low rent housing and/or financial or material support for Summary of the objects of the people in need in the area of benefit. charity set out in its The area of benefit includes 52 civic parishes on Exmoor and its governing document surrounding area in Mid Devon and West Somerset. The charity buys and/or develops houses, subsequently renting them out Summary of the main to financially disadvantaged people with a strong local connection to the activities undertaken for the area of benefit. The rents are charged at rates below the market level. public benefit in relation to these objects (include within An annual sum, minimum £1000, is set aside to provide one-off financial this section the statutory assistance to a local person(s) in extreme financial need. declaration that trustees have had regard to the guidance The trustees declare they have followed the Charity Commission’s issued by the Charity guidance on public benefit. Commission on public benefit)

Additional details of objectives and activities (Optional information)

You may choose to include further statements, where relevant, about:

• policy on grantmaking;

• policy programme related investment;

• contribution made by volunteers.

The majority of funds go to house purchases. However, an ethical investment fund was set up at the end of 2007 to provide a future income for property maintenance and administrative expenses, in order that the charity can continue to operate its existing stock of houses when the main funding ceases. Sheila Laxman, founder of the charity, donated £3000 each month which was invested, the contribution lowered to £2000 in February 2013 and ceased in September 2013. In April 2015 a further £75,000 was invested.

Following the sale of a property in Dulverton an additional £150,000 was invested in October 2018.

The fund value now stands at an effective and dependable level to secure the future of the charity for the foreseeable future.

The investment focuses on growth, with scope to generate income in the future.

Annual reviews of the portfolio investments are conducted. Every five years a review of the risk and Environmental, Social and Governance criteria of the trustees is undertaken or sooner if required.

Section D Achievements and performance

3

Section D	Achievements andperformance
Summary of the main achievements of the charity during the year	The Charity has continued to provide housing for people with a strong local connection and on low incomes who would otherwise be unable to remain in the local area. Both the Secretary and Treasurer of the Charity resigned during 2024. The Trustees worked very hard to recover from this loss. All property management matters were passed to Homefinders (Devon) who have been the property maintenance contractor for several years. After assessing and redefining the roles required to continue to meet the Charity’s aims, the Trustees appointed a Tenant Liaison Officer and a Company Secretary/Administrator following interviews. A new Trustee was appointed on 5thJuly, and further Trustees were solicited. Two properties became vacant in the second half of the year and a tenant selection process was carried out, with both properties being let to local families by the start of November. No new 2ndObjective grants were made during the year, but opportunities continue to be explored .
Section E Financial review
Brief statement of the charity’s policy on reserves Details of any funds materially in deficit Further financial review details Youmay chooseto include additional information, where relevant about: • the charity’s principal sources of funds (including any fundraising); • how expenditure has supported the key objectives of the charity; • investment policy and objectives including any ethical investment policy
	The trustees keep funds in a reserve account with CAF Bank for any maintenance work that may arise on the tenanted properties the charity owns. These funds also pay for upgrading newly acquired properties. We have immediate access to this money. The bulk of unused capital was split between savings accounts held with Triodos Bank, CAF Bank, Scottish Widows Bank, Unity Trust Bank, Nationwide Building Society and The Cambridge Building Society in order to lower risk and where a higher rate of interest is received. This policy was reviewed and these funds were moved to the Flagstone savings platform for simplicity and flexibility in future. A substantial investment fund is also held, so that when the charity no longer receives donations from the main funder it can still maintain the existing properties and pay for administration costs.
	(Optional information)
	The homes provided to people this year have enabled them to remain close to their families and friends, retain their jobs locally and ensure continuity in schooling. In addition, funds have been used to carry out major maintenance work necessary on the portfolio of properties. The charity holds a small portfolio of investments in renewable energy and ethical products. Dividends received from these go towards property maintenance. Shares held:- The Ethical Property Company 2980, Thrive Renewable Energy Fund 3000,Traidcraft 500, Café Direct 830.

4

adopted.

Section F Other optional information

~~So~~

Section G Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

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Signature(s)
Full name(s) Justin Bidwell
Position (eg Secretary, Chair, Chair
etc) —
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Date
24/02/2025
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5

CARACTACUS HOUSING

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Page
Reference and administration details	1-2
Report of the Trustees	3-6
Independent examiner's report	7
Statement of financial activities	8
Balance sheet	9
Notes forming part of the financial statements	10-14

1

CARACTACUS HOUSING REFERENCE AND ADMINISTRATION DETAILS

Registered charity number	1098524
Company number	4629949
Principal address	The Old Coach House
	High Street
	Broughton
	Hampshire
	SO20 8AD
Trustees	Justin Bidwell (Chairman)
	James Piper (Vice-chair)
	Lucy Bidwell (Treasurer Resigned August 2024)
	Anthony Sloley (Resigned April 2024)
	Kim Anderson
	Melanie Hickman (resigned January 2025)
	Fiona Cousins ( Resigned May 2024)
	Leslie Silverlock
	Ian Crawford (Appointed July 2024)
	Rachel Campbell Johnston (Appointed September 2024)
Company secretary	Fiona Cousins (Resigned May 2024)
	Sarah Adams (Appointed May 2024)
Independent examiner	Michelle Hutchings
	Apsleys
	Chartered Accountants
	21 Bampton Street
	Tiverton
	Devon EX16 6AA
Bankers	CAF Bank Ltd
	25 Kings Hill Avenue
	Kings Hill
	West Malling
	Kent ME19 4JQ
	Triodos Bank NV
	Brunel House
	11 The Promenade
	Clifton
	Bristol BS8 3NN
	Scottish Widows
	67 Morrison Street
	Edinburgh EH3 8YJ
	Nationwide Building Society
	Nationwide House
	Pipers Way
	Swindon SN38 1NW
	The Cambridge Building Society
	Head Office, PO Box 232
	51 Newmarket Road
	Cambridge CB5 8FF

2

CARACTACUS HOUSING REFERENCE AND ADMINISTRATION DETAILS (CONTINUED)

Bankers

Solicitors

Investment adviser

Unity trust Bank Four Brindleyplace Birmingham B1 2JB Blake Morgan New King’s Court, Tollgate Chandlers Ford, Eastleigh Hampshire SO53 3LG Optimal Planning The Portway Centre Old Sarum Salisbury Wiltshire SP4 6EB

3

CARACTACUS HOUSING TRUSTEES REPORT

YEAR ENDED 31 DECEMBER 2024

The trustees present their trustees report for the year ended 31 December 2024.

OBJECTIVES AND ACTIVITIES

Summary of the objects of the charity set out in its governing document

The provision of low rent housing and/or financial or material support for people in need in the area of benefit. The area of benefit includes 52 civic parishes on Exmoor and its surrounding area in Mid Devon and West Somerset.

Summary of the main activities in relation to these objectives

The charity buys and/or develops houses, subsequently renting them out to financially disadvantaged people with a strong local connection to the area of operation. The rents are charged at rates well below the market level.

An annual sum of £1000 is set aside to provide one-off financial assistance to a local person(s) in extreme financial need.

The trustees have had regard to the Charity Commission guidance on public benefit and believe this is achieved via the charity's objectives and activities.

Investments

The majority of funds go to house purchases. However, an ethical investment fund was set up at the end of 2007 to provide a future income for property maintenance and administrative expenses, in order that the charity can continue to operate its existing stock of houses when the main funding ceases. Sheila Laxman, founder of the charity, donated £3000 each month which was invested, the contribution lowered to £2000 in February 2013 and ceased in September 2013.

In April 2015 a further £75,000 was invested.

Following the sale of a property in Dulverton an additional £150,000 was invested in October 2018.

The fund value now stands at an effective and dependable level to secure the future of the charity for the foreseeable future.

The investment focuses on growth, with scope to generate income in the future.

Annual reviews of the portfolio investments are conducted. Every five years a review of the risk and Environmental, Social and Governance criteria of the trustees is undertaken or sooner if required.

ACHIEVEMENTS AND PERFORMANCE

Summary of the main achievements of the charity during the year

The Charity has continued to provide housing for people with a strong local connection and on low incomes who would otherwise be unable to remain in the local area.

Both the Secretary and Treasurer of the Charity resigned during 2024. The Trustees worked very hard to recover from this loss. All property management matters were passed to Homefinders (Devon) who have been the property maintenance contractor for several years. After assessing and redefining the roles required to continue to meet the Charity's aims, the Trustees appointed a Tenant Liaison Officer and a Company Secretary/Administrator following interviews

A new Trustee was appointed on 5th July, and further Trustees were solicited

Two properties became vacant in the second half of the year and a tenant selection process was carried out, with both properties being let to local families by the start of November

4

CARACTACUS HOUSING TRUSTEES REPORT

YEAR ENDED 31 DECEMBER 2024

(CONTINUED)

No new 2nd Objective grants were made during the year, but opportunities continue to be explored.

FINANCIAL REVIEW

Brief summary of the charity's policy on reserves

The trustees keep funds in a reserve account with CAF Bank for any maintenance work that may arise on the tenanted properties the charity owns. These funds also pay for upgrading newly acquired properties. We have immediate access to this money.

The bulk of unused capital was split between savings accounts held with Triodos Bank, CAF Bank, Scottish Widows Bank, Unity Trust Bank, Nationwide Building Society and The Cambridge Building Society in order to lower risk and where a higher rate of interest is received. This policy was reviewed and these funds were moved to the Flagstone savings platform for simplicity and flexibility in future.

A substantial investment fund is also held, so that when the charity no longer receives donations from the main funder it can still maintain the existing properties and pay for administration costs

Further financial review details

The charity's principal sources of funds

Sheila Laxman, founder of Caractacus Housing, has very generously continued to fund the charity.

How expenditure has supported the key objectives of the charity

The homes provided to people this year have enabled them to remain close to their families and friends, retain their jobs locally and ensure continuity in schooling. In addition, funds have been used to carry out major maintenance work necessary on the portfolio of properties.

Investment policy and objectives including any ethical investment policy adopted

The charity hold a small portfolio of investments in renewable energy and ethical products. Dividends received from these go towards buying more houses or property maintenance. Shares held:- The Ethical Property Company 2980, Thrive Renewable Energy Fund 3000, Café Direct 830.

5

CARACTACUS HOUSING TRUSTEES REPORT YEAR ENDED 31 DECEMBER 2024

(CONTINUED)

STRUCTURE GOVERNANCE AND MANAGEMENT Type of governing document

Memorandum and Articles of Association incorporated 7 January 2003 and amended 7 June 2003, 7 October 2006, 18 May 2009 and 23 March 2023.

How the charity is constituted

Private company, limited by guarantee, no share capital.

Trustee selection method

Appointed by existing trustees

Additional governance issues

Policies and procedures adopted for the induction and training of trustees

Prospective trustees are required to submit a CV, visit the area of operation and read the minutes of previous trustees meetings. They are then invited to attend the meetings.

The charity’s organisational structure

Chairman, Treasurer, Secretary plus five other trustees.

Trustees' consideration of major risks and the system and procedures to manage them

Annual buildings and contents insurance on properties owned, Public and Employers Liability insurance and Trustees Indemnity insurance. The trustees split the cash savings between CAF Bank, Triodos Bank, Scottish Widows Bank, Nationwide Building Society, The Cambridge Building Society and Unity Trust Bank.

A local property management company organises general repairs, conducts property inspections and collect the rents. The Treasurer & Secretary are in contact with the staff there daily, and also call the tenants of the 20 properties regularly to see if there are any maintenance issues needing attention and to check on their wellbeing

Fiona Cousins, the trustee who regularly visits the tenanted properties attended a Level 3 Safeguarding Adults training course in March and a Chartered Institute of Housing training course on ‘Tackling damp, mould and condensation’ in November this year.

Re-Build Cost Assessments are conducted every 5 years and adjustments made to provide adequate insurance cover on the properties.

The Reserves Policy is reviewed annually.

Other

Members of this charitable company guarantee to contribute £10 towards the cost of dissolution and the liabilities incurred by the charity while the contributor was a member.

6

CARACTACUS HOUSING TRUSTEES REPORT

YEAR ENDED 31 DECEMBER 2024

(CONTINUED)

TRUSTEES RESPONSIBILITIES STATEMENT

The trustees (who are also directors of Caractacus Housing for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS102)

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared taking advantage of the small companies exemption of Section 415A of the Companies Act 2006.

This report was approved by the Board on ……………………………………and signed on their behalf by:

…………………………………………..

Sarah Adams Company Secretary

7

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CARACTACUS HOUSING

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 8 to 14.

Responsibilities and basis of report

As the charity 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 company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's 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 that in any material respect:

1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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

4. 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

I have no concerns 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.

Michelle Hutchings 21 Bampton Street Apsleys Tiverton Chartered Accountants Devon EX16 6AA Date:

8

CARACTACUS HOUSING STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2024

Income and expenditure Income from Donations and legacies Income from charitable activities Rental income Investment income Total income and endowments Expenditure on Raising funds Charitable activities Total expenditure Net income/(expenditure) before gains and losses Unrealised gain (loss) on investments Realised gain (loss) on investments Net income/ (expenditure) Other realised gains Net movement in funds Total funds at 31 December 2024 Total funds at 31 December 2023	2 3 4 4 Notes		14,375 141,851 28,531 Unrestricted funds	14,375 141,851 28,531 Unrestricted funds		14,375 141,851 28,531 Total funds 2024	140,020 133,888 19,118 2023
				184,757		184,757	293,026
				5,529 217,851		5,529 217,851	5,109 203,592
				223,380		223,380	208,701
				(38,623)		(38,623)	84,325
				45,427 (9,315)		45,427 (9,315)	22,945 29,246
				(2,511)		(2,511)	136,516
				-		-	73,159
				(2,511)		(2,511)	209,675
			4,164,550			4,164,550	3,954,875
			4,162,039			4,162,039	4,164,550

The notes on pages 10 to14 form part of these financial statements

9

CARACTACUS HOUSING BALANCE SHEET 31 DECEMBER 2024

Fixed Assets Tangible assets Investments Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Net assets Funds of the charity Unrestricted funds Designated funds Fair value reserves Other charitable funds Total assets less current liabilities Creditors : Amounts falling due after one year	Notes 5 6 7 10 11 8 9	£ £ 2,765,608 803,326 3,568,934 41,084 606,361 647,445 642,105 4,162,039 2,765,324 165,285 1,231,430 4,162,039 49,000 4,211,039 2024 5,340	£ £ 2,822,284 760,866 3,583,150 46,589 597,605 644,194 630,400 4,164,550 2,821,273 119,358 1,223,919 4,164,550 49,000 2023 4,213,550 13,794	£ £ 2,822,284 760,866 3,583,150 46,589 597,605 644,194 630,400 4,164,550 2,821,273 119,358 1,223,919 4,164,550 49,000 2023 4,213,550 13,794
				3,583,150 630,400
		647,445 5,340	644,194 13,794
				49,000 4,213,550
				4,164,550
				2,821,273 119,358 1,223,919
				4,164,550

For the year ending 31 December 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

Trustees' responsibilities:

• The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

• The trustees acknowledge their responsibilities for complying with the requirements of the act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved and authorised for issue by the trustees on…………………….

and signed on their behalf by:

……………………………….

JUSTIN BIDWELL Chairman

Company registration number 4629949 The notes on pages 10 to 14 form part of the financial statements

10

CARACTACUS HOUSING NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

1. Summary of significant accounting policies

(a) General information and basis of preparation

Caractacus Housing is a private company limited by guarantee and does not have a share capital. The company is a registered charity in England within the United Kingdom . In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

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CARACTACUS HOUSING NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

(c) Income recognition (continued)

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Costs of raising funds; and

• Expenditure on charitable activities;

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(e) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land Nil Freehold buildings Straight line over 50 years Computer equipment Straight line over 3 years Fixtures, fittings and equipment 20% reducing balance

(f) Investments

Investments are recognised initially at fair value which is normally the transaction price including transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

(g) Debtors and creditors receivable and payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Cash

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts.

(i) Taxation

The charitable company is exempt from corporation tax on its charitable activities.

(j) Going concern

Following the global impact of 'COVID-19', at the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

12

CARACTACUS HOUSING NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

2. Donations Ms S M S Laxman Other Gift aid 3. Investment income Current account interest Reserve account interest Bonus Saver 2nd objective Savings account interest Dividends Gift aid interest Other interest	2024 £ 10,500 1,000 2,875	2023 £ 112,000 20 28,000
	14,375	140,020
	2024 £ 24 2,357 89 13,824 9,468 - 2,769	2023 £ 28 1,590 62 6,273 9,172 505 1,488
	28,531	19,118

4. Resources expended

Property maintenance Utility bills Insurance Professional fees Depreciation Objective 2 Secretary's fees Secretary's expenses Trustees remuneration Trustees expenses Tenants liaison officer Tenant liaison officer's expenses Accountancy Independent examination Brokers fees Management fees and bookkeeping Postage, printing & stationery Telephone Advertising Computer expenses Bank charges Sundry expenses		Raising funds 5,529	Raising funds 5,529		Charitable activities 84,149 232 7,328 35 57,790 402 12,540 6 13,456 879 12,000 78 2,052 1,368 23,364 556 - 220 745 93 558		2024 Total 84,149 232 7,328 35 57,790 402 12,540 6 13,456 879 12,000 78 2,052 1,368 5,529 23,364 556 - 220 745 93 558		2023 Total 73,264 644 6,528 960 57,117 1,364 21,696 623 21,696 434 - - 1,680 1,120 5,109 13,971 114 258 1,149 144 61 769
			5,529		217,851		223,380		208,701

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CARACTACUS HOUSING NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024

5. Tangible fixed assets

Cost At 31 December 2023 Additions in year Sold At 31 December 2024 Depreciation At 31 December 2023 Charge for the year Eliminated on disposal At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023		£ 3,578,141 - Freehold property	Computer equipment £ - 1,114 -		£ 35,674 - - Fixtures, fittings and equipment	£ 3,613,815 1,114 - Total
		3,578,141	1,114		35,674	3,614,929
		759,772 56,636 -	371		31,759 783 -	791,531 57,790 -
		816,408	371		32,542	849,321
		2,761,733	743		3,132	2,765,608
		2,818,369	-		3,915	2,822,284

Included in freehold property is £746,365 worth of non-depreciable land . 6. Investments - Market Value At 31 December 2023 Additions in year Disposal in year Unrealised gain Realised gain At 31 December 2024 - Including cash of £68,156 (2023 £40648). Historical costs at 31 December 2024 7 Debtors Rent in arrears Prepayments Other debtors 8. Creditors : Amounts falling due within one year Rent in advance Accruals Other creditors	2024 £ 1,312 6,327 33,445	Unlisted £ 760,866 44,903 (38,555) 45,427 (9,315)
		803,326
		638,042
		2023 £ 1,128 653 44,808
	41,084	46,589
	2024 £ 9 2,800 2,531	2023 £ 1,681 2,800 9,313
	5,340	13,794

14

CARACTACUS HOUSING

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

9.

Creditors : Amounts falling due after one year Mortgage	2024 £ 49,000	2023 £ 49,000

The above mortgage is repayable if the charity disposes of 20 Amory Road, Dulverton. This property includes Thornton, Barns Close North, Dulverton. The mortgage is secured on these properties and the combined net book value of these properties as at 31 December 2023 was £189,379.

10. Designated funds

The income funds include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes

Freehold Property CAF 2nd objective		At 31.12.23 £ 2,818,369 2,904	New designation £ 1,089		Disposed £		Utilised £ 56,636 402		At 31.12.24 £ 2,761,733 3,591
		2,821,273	1,089		-		57,038		2,765,324

The freehold property designated fund represents the net book value of freehold property, including that under construction, on the basis that should the properties be sold, proceeds equal to at least the net book value will be reinvested in freehold property for the benefit of the primary objective of the charity, namely letting of property to financially disadvantaged people with a strong local connection to the area of operation.

The second objective designated fund represents funds set aside to provide one-off financial assistance to local people in extreme financial need.

11. Fair value reserve

11. Fair value reserve
Investments 12. Trustees remuneration and expenses Trustees expenses Trustees remuneration (Lucy Bidwell in capacity as treasurer and Fiona Cousins in capacity as secretary)	2023 £ 119,358		Transfer £ 45,927	2024 £ 165,285
			2024 £ 22,496 885	2023 £ 43,392 1,057

Trustees remuneration was paid under the powers in the Memorandum and Articles of Association. Mileage and subsistence was re-imbursed to 3 trustees.

The charity does not have any employees hence no employee earned more than £60,000 during the year

13. Related party transactions

During the year the company paid £21,264 (2023: £13,971) to Homefinders (Devon & Somerset) Ltd to carry out regular inspections of the tenanted houses and bookkeeping services from August 2024. Included in creditors is £Nil (2023: £3,676) owed to Homefinders (Devon & Somerset) Ltd. During the year the company also gifted three gift vouchers worth in total £Nil (2023: £90) to Homefinders (Devon & Somerset) Ltd as a Christmas gift. Trustee Anthony Sloley has a personal connection with this company in that his daughter Julia Burnett is the director and controlling shareholder.

During the year the company paid £0 (2023: £7,204) to Finch Solutions Ltd to carry out maintenance work on various properties. Secretary Fiona Cousins has a personal connection with this company in that that she is the director and shareholder of the company.

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