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2025-03-31-accounts

Company no. 03493040 Charity no. 1142290

LARC Development Trust Report and Unaudited Financial Statements

31 March 2025

LARC Development Trust

Reference and administrative details

For theyear ended 31 March 2025
Company number 03493040
Charity number 1142290
Registered office and Grange Court
operational address Pinsley Road
Leominster
Herefordshire
HR6 8NW
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Heidi Caldicott appointed 15 April 2025, resigned 9
September 2025
Jacqueline Herschy Chair
Felicity Norman
Patricia Pothecary
Lucinda Rowberry
Andrew Scholar
John Stone
Russell Sutcliffe Finance
Stephen Thornhill Vice Chair
Key management Craig Carter Manager
personnel
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Maling
Kent
ME19 4JQ
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

LARC Development Trust

Report of the trustees

For the year ended 31 March 2025

The trustees present their report along with the financial statements of the charity for the year ended 31 March 2025.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

To further or benefit the residents of Leominster and the surrounding area, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the residents.

The preservation of buildings or sites of historical or architectural importance, in particular but not exclusively the building known as Grange Court, for the public benefit and to advance the education of the public in the history of the building and its surroundings.

LARC owns and operates Grange Court in Leominster as a heritage, community and enterprise hub. It is working with community and voluntary groups across the area to promote its charitable objectives. In carrying out its activities, LARC has had regard to the guidance issued by the Charity Commission on public benefit.

LARC relies on the commitment of a number of volunteers, members of the Board of Trustees and others to keep Grange Court open and provide information and support to visitors.

Achievements and performance

LARC is continuing to maintain and run Grange Court for the benefit of the local community. We had 15 community groups as regular users, some weekly others less frequently, 6 business and local organisations are regular users and 27 family functions were held in the last year.

We have increased our fundraising events with 2 Medium Nights, 5 Quiz Nights, Murder Mystery nights, September Fun Day, Christmas Market, Mother’s Day meals, Easter Fun Day, Christmas Lunches, Christmas Parties. These events were well attended and raised a surplus as well as improving our visibility and engagement with the local community. We successfully hosted h.Art again. The Ante-room has been used most months for a variety of art displays. We have a jeweller in residence on the mezzanine which generates a small income and showcases a local artist.

We have completed some of our projects: We fundraised to repair the lions and in April ‘24 had the work done by English Salvage and Reclamation at Wellington. This appeal was very well supported by local people who have a great fondness for the lions. We were very pleased to find a local business willing to undertake the work – especially at less than half the lowest rival quotation.

2

LARC Development Trust

Report of the trustees

For the year ended 31 March 2025

As part of our community support we have been working with HVOSS (Herefordshire Voluntary Organisations Support Services) to support some of our volunteers with training opportunities. We have piloted a scheme with the Leominster Job Centre to help job-seekers gain work experience to give skills and confidence. This has been very successful and as a result the original project has been extended. We have also offered work experience placements to local schools and colleges and have had pupils from Weobley and Tenbury do their placements here. All these initiatives are an important contribution to our community and we are glad they are being undertaken. We do recognise that it is extra work for Craig and his staff providing training and guidance and we appreciate their contribution.

Grange Court is a tourist attraction as well as a community hub. As such we contribute to the local economy by bringing in visitors. We have continued to work to promote Grange Court on social media and our Google reports show that there are several hundred searches made every month. We have 2,200 followers on Facebook and some of our event posts are engaging 15,000+ users.

The increased footfall, now averaging 2,000 visitors a month, demonstrates the engagement of local people as well as tourists.

After COVID the Board decided to become more involved with other local groups to pursue our charitable objective as a community hub and to raise the profile of Grange Court with the community. As reported in previous years, we started to sponsor a Leominster in Bloom planter, joined the Leominster Cultural Consortium and Leominster Festival. This year we became part of the new Business Group, attending the concept meetings and fully supporting its development. Craig worked hard with local business and Leominster Town Council to rescue the Victorian Christmas Market last year and has also represented LARC on the Festival committee. The Chair represents us on the Cultural Consortium group with Felicity kindly stepping in when needed.

We are part of the heritage quarter in Leominster. We have had informal meetings with The Priory Church and Leominster Museum to create working links between our organisations. The Priory has employed Hilary Norris as an events coordinator with outstanding success with the Threads Through Creation this year and The Priory 900 as just part of her programme. Next year we will be involved with the Crime and Punishment project building on the work done by the Priory Futures scheme on the Ducking Stool.

We have also benefitted from various other initiatives, The Leominster History Guides and Walkers are Welcome, which Leominster Town Council has supported. We appreciate very much that Felicity Norman, Jill Murdoch and Pete Blench are actively promoting these and are all volunteers here as trustee, gardeners and receptionists. The Herefordshire History week was very successful also and will be expanded next year. The website has remained active and LARC has agreed to pay the small fee to keep Grange Court on it. The week has now been extended to a fortnight.

Behind all this activity sits The Herefordshire BID (Business Improvement District), Leominster Town Council and Herefordshire Council all of which are working to promote tourism in Herefordshire. Heritage tourism is a growing part of the British economy and clearly could be invaluable to Grange Court if we can capitalise sufficiently.

3

LARC Development Trust

Report of the trustees

For the year ended 31 March 2025

The gardens continue to be beautifully maintained by our group of volunteers . We are hugely grateful to Bob Murdoch and the team for their work. They bring a wealth of knowledge and experience for which we could not afford to pay and we greatly appreciate that their work helps to attract our many visitors.

The box hedge in the knot garden has recovered a bit from the blight because the spring was so dry but we still need to consider a longer-term replacement plan.

Local businesses have generously made contributions, Morrisons has given raffle prizes, Easter eggs and pumpkins for Hallowe’en. B&Q gave us bulbs and secateurs. Caldicott Property Lettings, Motif, The Salon Broad Street, Roundabout Stationery, Vine and Juniper, Cheadle Care Ltd., Massage Monkey, Carpenter Goodwin Ltd., and Bikold have all contributed prizes.

Financial review

The income generated by the various charitable and fundraising activities; café, office rental, functions and donations is sufficient for LARC to run and maintain Grange Court on a year-by-year basis.

LARC has carried out various works to comply with Health and Safety regulations and insurance compliance. We extended our contract with Peninsula to include Health and Safety and they help us to review our processes and policies annually, expensive but essential for us in the maintenance of the building.

Charitable and fundraising income is not enough to finance large new investments such as the refurbishment of the exterior. For these larger projects we need grant funding from The Heritage Lottery Fund, Historic England and/or other funders.

We had an energy audit done in 2024 and submitted an application for a Marches Energy Grant (MEG) to replace lighting and boilers but were unsuccessful. We had another energy audit this year and were invited to apply for a grant to replace the boilers and upgrade the lighting to LED. We did not apply because we would have struggled to find the match-funding and the payback for the heating would have been many years. The lighting would payback more quickly. We have replaced long-life bulbs with LED where we can but some new track and fittings are needed and replacement PIRs. The changes to the operation of the electronic doors has helped to reduce our heating bill and we will continue with our existing boilers, accepting some additional maintenance costs.

The outside of the heritage building needs to be restored and repainted. A significant amount of our generated surplus this year has been spent on the commission of a detailed surveyor’s report about the extent of the remedial works needed, which includes the restoration of some of the John Abel heads. The majority of the work needed is to the Victorian and modern renovations. We have taken advice from Historic England who want a detailed dendrology report and a schedule of works created by a heritage architect. We have been unable to fund this work and have so far been unsuccessful in our bids for funding from Historic England or The Heritage Lottery Fund.

We will follow the surveyor’s advice and reduce the Norwegian Pine where it overhangs the gutters of the heritage building. Consent to tree works in a Conservation Area has been given by Herefordshire Council.

4

LARC Development Trust

Report of the trustees

For the year ended 31 March 2025

Reserves policy

The Charity aims to hold free reserves of £60,000, defining free reserves as unrestricted net current assets and basing this on three months of expenditure. Currently the Charity is holding approximately £50,000. The Charity will continue to add to reserves to reach £60,000 through the surplus generated from Charity income.

Plans for future periods

Our two main foci for this financial year will be to grow the café and room hire business and find grant funding to renovate the exterior. Historic England has been supportive but unable yet to agree any funds but we will continue to work with them.

We will also try to find grant funds for the upgrade of the accessible shower room.

We will work with the other heritage sites to promote the local history offer and with Leominster Town Council, Leominster Cultural Consortium, Leominster Festival and the Business Group to promote events in the town.

To promote the Leominster in Stitches exhibition we will produce a new leaflet to be handed out in other sites – such as The Priory and TIC etc.

Structure, governance and management

The structure remains the same – LARC Development Trust is a company limited by guarantee and a charity. The Board of Trustees meets monthly as does the Management Group.

We welcomed Heidi Caldicott as a new trustee in March bringing the number of trustees up to nine. Heidi is a local business woman and has already undertaken work updating our website and is looking to help us fundraise. Andrew Scholar has taken the role of Finance Director following Russell Sutcliffe’s resignation from that role. We take this opportunity to thank Russell for all his work. Russell remains a trustee and continues to do the returns to the various government bodies we have to update annually. Tessa Smith Winnard has stepped down from being our minute taker on becoming Mayor of Leominster. We congratulate her and thank her very much for her invaluable help.

Our manager, Craig Carter, is in his second year with us now and he and Caroline continue to

work extremely hard on our bookings, events and fundraising. The number of business bookings for conferences and meetings is increasing steadily and some large national and international organisations are using us – The World Health Organisation and The Gambling Commission to name a couple, as well as local organisations, such as The Hereford Diocese and Herefordshire Council. We host many family occasions as well. The conversion of the store room into a children’s play room has proved popular and the number of family visits is increasing. Craig has introduced more family events with the fun days The footfall has risen again this year averaging about 2,300 a month and the café made a surplus.

We have 10 members of staff now. This is 5.3 full time equivalent on a 35-hour working week. We sadly said goodbye to Jane Robson who retired through ill health and more happily to Owen Barrell to a full-time job and Katie Villar to university. We welcomed Sandra Pryce as a member of the catering team.

5

LARC Development Trust

Report of the trustees

For the year ended 31 March 2025

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

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

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors / Independent examiners

Godfrey Wilson Limited were appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 29 October 2025 and signed on their behalf by

Andrew Scholar - Trustee

6

Independent examiner's report

To the trustees of

LARC Development Trust

I report to the trustees on my examination of the accounts of LARC Development Trust (the charitable company) for the year ended 31 March 2025, which are set out on pages 8 to 23.

Responsibilities and basis of report

As the trustees of the charitable 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 charitable 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 the charitable 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Date: 29 October 2025 Robert Wilson FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

7

LARC Development Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2025

Restricted
Note
£
Income(and endowments) from:
Donations and legacies
4
-
Charitable activities
5
1,000
Other trading activities
6
-
Investments
-
Other
-
Total income(and endowments)
1,000
Expenditure on:
Raising funds
-
Charitable activities
1,000
Other
-
Total expenditure
8
1,000
Net gains / (losses) on investments
-
Net income / (expenditure)
-
Transfers between funds
-
Net movement in funds
9
-
Reconciliation of funds:
Total funds brought forward
-
Total funds carried forward
-		 Unrestricted
£
3,937
77,293
132,233
1,161
-
214,624
165
249,482
-
249,647
-
(35,023)
-
(35,023)
2,594,411
2,559,388		 2025
Total
£
3,937
78,293
132,233
1,161
-
215,624
165
250,482
-
250,647
-
(35,023)
-
(35,023)
2,594,411
2,559,388		 Restated
2024
Total
£
5,096
76,534
121,364
1,305
-
204,299
232
249,264
-
249,496
-
(45,197)
-
(45,197)
2,639,608
2,594,411

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 19 to the accounts.

Prior period income and expenditure have been reclassified to reflect the requirements of the Charities SORP (FRS 102) and to be comparable with the current year. The affect on funds and net income are shown in note 2 to the accounts.

8

LARC Development Trust

Balance sheet

As at 31 March 2025

Note
Fixed assets
Tangible assets
12
Heritage assets
13
Current assets
Stock
14
Debtors
15
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
16
Net current assets / (liabilities)
Net assets / (liabilities)
18
Funds
19
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
2,921
9,378
54,265
66,564
(23,711)		 2025
£
948,535
1,568,000
2,516,535
42,853
2,559,388
-
2,516,535
42,853
2,559,388		 Restated
2024
£
976,232
1,568,000
2,544,232
3,373
5,598
71,065
80,036
(29,857)
50,179
2,594,411
-
2,544,232
50,179
2,594,411

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

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

Approved by the trustees on 29 October 2025 and signed on their behalf by

Andrew Scholar - Trustee

9

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies

a) General information and basis of preparation

LARC Development Trust is a charitable company limited by guarantee registered in England and Wales. The registered office address is Grange Court, Pinsley Road, Leominster, Herefordshire, HR6 8NW.

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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

LARC Development Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance of provision of service is deferred until criteria for income recognition are met.

10

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to charitable activities.

11

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Buildings 2% straight line Fixtures and fittings 15% straight line Plant and equipment 10 to 20% straight line

Items of equipment are capitalised where the purchase price exceeds £3,000.

j) Heritage assets

The Trust holds and maintains a property, land and a collection of chattels of historical, artistic or scientific importance. In accordance with section 34 of FRS102, heritage assets have been recognised on the balance sheet. In all cases the items have been recorded at cost at the time of acquisition, or an estimate of cost if the assets are donated. Adjustments have been made to reflect additions and disposals.

Heritage assets are not depreciated since their indefinite or long economic life and high residual value mean that any depreciation would not be material. One of the objectives of the Trust is the preservation and conservation of assets, therefore it is the Trust's responsibility to ensure that the condition of the heritage assets do not deteriorate over time.

At each reporting date, the charity assesses whether there is any indication of impairment. If such indication exists, the value of the asset is written down to its recoverable amount.

k) Stock

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

12

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

p) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

q) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

r) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note 1.i) above.

2. Prior year adjustment

Buildings were previously classified as fixed assets on which no depreciation has been charged and held in a restricted revaluation reserve. They have been reclassified as a mixture of heritage assets and fixed assets on which depreciation is charged. A new designated capital fund has been introduced to represent the net book value of all assets including buildings.

The affect of this adjustments are:

At 1 April 2023
Before restatement
Restatement
After restatement
At 31 March 2024
Before restatement
Adjustments above
Restatement
After restatement		 £
2,800,000
(1,814,400)
985,600
2,800,000
(1,814,400)
(24,640)
960,960
Buildings net
book value		 £
-
1,568,000
1,568,000
-
1,568,000
-
1,568,000
Heritage
asset		 £
(2,793,689)
2,793,689
-
(2,793,689)
2,793,689
-
-
Revaluation
reserve		 £
-
(2,572,008)
(2,572,008)
-
(2,572,008)
27,776
(2,544,232)
Capital
funds		 £
(92,319)
24,719
Other
funds
(67,600)
(71,762)
24,719
(3,136)
(50,179)

13

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

For the year ended 31 March 2025
3.
Prior period comparatives: statement of financial activities
Restricted
£
Income from:
Donations and legacies
-
Charitable activities
-
Other trading activities
-
Investments
-
Other
-
Total income
-
Expenditure on:
Raising funds
-
Charitable activities
2,000
Other
-
Total expenditure
2,000
Net income / (expenditure)
(2,000)
Transfers between funds
-
Net movement in funds
(2,000)
4.
Income from donations and legacies
Restricted
£
Donations
-
Grants
-
Total income from donations and legacies
-
Prior period comparative:
Restricted
£
Donations
-
Grants
-
Total income from donations and legacies
-		 £
5,096
76,534
121,364
1,305
-
204,299
232
247,264
-
247,496
(43,197)
-
(43,197)
£
2,937
1,000
3,937
£
3,849
1,247
5,096
Unrestricted
Unrestricted
Unrestricted		 Restated
2024
Total
£
5,096
76,534
121,364
1,305
-
204,299
232
249,264
-
249,496
(45,197)
-
(45,197)
2025
Total
£
2,937
1,000
3,937
2024
Total
£
3,849
1,247
5,096

14

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

5. Income from charitable activities

Income from charitable activities
Grants
Rent
Room bookings
Total income from charitable activities
Prior period comparative:
Rent
Room bookings
Total income from charitable activities		 Restricted
£
1,000
-
-
1,000
Restricted
£
-
-
-		 £
-
69,553
7,740
77,293
£
67,272
9,262
76,534
Unrestricted
Unrestricted		 2025
Total
£
1,000
69,553
7,740
78,293
2024
Total
£
67,272
9,262
76,534

15

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

6. Income from other trading activities

Bar
Cafe
Functions
Generated electricity
Weddings
Miscellaneous
Total income from other trading activities
Prior period comparative:
Bar
Cafe
Functions
Generated electricity
Weddings
Miscellaneous
Total income from other trading activities		 Restricted
£
-
-
-
-
-
-
-
Restricted
£
-
-
-
-
-
-
-		 £
10,571
80,907
32,763
1,086
5,461
1,445
132,233
£
3,345
81,651
23,551
641
9,543
2,633
121,364
Unrestricted
Unrestricted		 2025
Total
£
10,571
80,907
32,763
1,086
5,461
1,445
132,233
2024
Total
£
3,345
81,651
23,551
641
9,543
2,633
121,364

7. Government grants

The charitable company receives government grants, defined as funding from Leominster Town Council to fund charitable activities. The total value of such grants in the period ending 31 March 2025 was £1,000 (2024: £nil). There are no unfulfilled conditions or contingencies attaching to these grants

16

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

8. Total expenditure

Total expenditure
Staff costs (note 10)
Trading activities
Utilities
Repairs and renewals
Printing, postage and stationery
Telephone, IT and website
Legal and professional
Accountancy
Bank charges
Insurance
Depreciation
Miscellaneous costs
Sub-total
Allocation of support and governance costs
Total expenditure
Total governance costs were £2,513 (2024: £200)		 Raising funds
£
-
-
-
-
-
-
-
-
-
-
-
165
165
-
165		 Charitable
activities
£
121,682
33,664
26,800
13,213
-
-
-
-
-
-
27,697
-
223,056
27,426
250,482		 Support and
governance
costs
£
7,759
-
-
-
438
3,988
4,899
4,068
1,795
3,869
-
610
27,426
(27,426)
-		 2025 Total
£
129,441
33,664
26,800
13,213
438
3,988
4,899
4,068
1,795
3,869
27,697
775
250,647
-
250,647

17

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

8.
Total expenditure (continued)
Prior period comparative
Staff costs (note 10)
Trading activities
Utilities
Repairs and renewals
Printing, postage and stationery
Telephone, IT and website
Legal and professional
Accountancy
Bank charges
Insurance
Depreciation
Miscellaneous costs
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
-
-
-
-
-
-
-
-
-
-
232
232
-
232		 Charitable
activities
£
123,130
31,788
28,333
18,240
-
-
-
-
-
-
27,776
-
229,267
19,997
249,264		 Support and
governance
costs
£
-
-
-
-
260
4,857
6,557
2,063
1,603
4,372
-
285
19,997
(19,997)
-		 Restated
2024 Total
£
123,130
31,788
28,333
18,240
260
4,857
6,557
2,063
1,603
4,372
27,776
517
249,496
-
249,496

18

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

9. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiner's remuneration (excluding VAT):
Independent examination fee		 2025
£
27,697
Nil
Nil
Nil
2,513		 2024
£
27,776
Nil
Nil
Nil
200

10. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Training		 2025
£
125,713
1,911
1,777
40
129,441		 2024
£
120,223
-
1,497
1,410
123,130

No employee earned more than £60,000 during the year.

The key management personnel of the charitable company comprise the Trustees and Manager. The total employee benefits of the key management personnel were £31,039 (2024: £26,490).

Average head count

2025 2024
No. No.
10.00 11.00

19

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

11. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

12. Tangible fixed assets

Cost
At 1 April 2024
Additions in year
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Buildings
1,232,000
-
-
1,232,000
271,040
24,640
-
295,680
936,320
960,960		 Fixtures
and
27,919
-
-
27,919
12,647
3,057
-
15,704
12,215
15,272		 Plant and
equipment
10,729
-
-
10,729
10,729
-
-
10,729
-
-		 Total
£
1,270,648
-
-
1,270,648
294,416
27,697
-
322,113
948,535
976,232

Buildings include the coach house and south and east wings of Grange Court.

20

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

13. Heritage assets

Market value at 1 April
Additions
Disposals proceeds
Gains / (losses)
Market value at 31 March		 2025
£
1,568,000
-
-
-
1,568,000		 2024
£
1,568,000
-
-
-
1,568,000

Grange Court, built in 1633, is the last surviving market house known to be built by John Abel, a local master carpenter. It is used as a heritage and enterprise Hub and owned by the people of Leominster through the LARC Development Trust.

The buildings on the Grange Court site are made up of the original market house, the coach house and an extension to the south and east wings. The original market house is held as a heritage asset, the coach house and south and east wings are held as fixed assets. The original market house is primarily used as a historic building with information and exhibits relating to its historical uses. The coach house and south and east wings contain offices available for affordable rent to benefit the local community.

The freehold interest in the market house has been valued at the market value on the date that the asset was donated to the charity.

Both the heritage assets and fixed assets were gifted to the charity under a transfer agreement on 7 June 2013 for £1 from Herefordshire Council, the value at the time of transfer was £2,800,000.

14. Stock

Goods for resale
15. Debtors
Trade debtors
Prepayments
Other debtors		 2025
£
2,921
2025
£
7,509
1,086
783
9,378		 2024
£
3,373
2024
£
3,907
1,691
-
5,598

21

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

16. Creditors: amounts falling due within 1 year

16. Creditors: amounts falling due within 1 year
Trade creditors
Accruals
VAT
Payroll taxes
Deferred income (see note 17)
Other creditors
17. Deferred income
At 1 April
Deferred during the year
Released during the year
At 31 March
Deferred income relates to rental income received in advance.		 2025
£
5,756
2,938
3,827
4960
5,808
422
23,711
2025
£
-
5,808
-
5,808		 2024
£
8,709
15,913
4,865
-
-
370
29,857
2024
£
-
-
-
-

18. Analysis of net assets between funds

Tangible fixed assets
Heritage assets
Current assets
Current liabilities
Net assets at 31 March 2025
Prior period comparative
Tangible fixed assets
Heritage assets
Current assets
Current liabilities
Net assets at 31 March 2024		 £
-
-
-
-
-
£
-
-
-
-
-
Restricted
funds
Restricted
funds		 £
948,535
1,568,000
-
-
2,516,535
£
976,232
1,568,000
-
-
2,544,232
Designated
funds
Designated
funds		 £
948,535
1,568,000
66,564
(23,711)
2,559,388
£
976,232
1,568,000
80,036
(29,857)
2,594,411
General
funds
General
funds		 Total
funds
£
948,535
1,568,000
66,564
(23,711)
2,559,388
Total
funds
£
976,232
1,568,000
80,036
(29,857)
2,594,411

22

LARC Development Trust

Notes to the financial statements

For the year ended 31 March 2025

19. Movements in funds

Restricted funds
Leominster Town Council
Total restricted funds
Unrestricted funds
Designated funds:
Capital fund
Total designated funds
General funds
Total unrestricted funds
Total funds		 At 1 April
2024
£
-
-
2,544,232
2,544,232
50,179
2,594,411
2,594,411		 Income
£
1,000
1,000
-
-
214,624
214,624
215,624		 £
(1,000)
(1,000)
(27,697)
(27,697)
(221,950)
(249,647)
(250,647)
Expenditure		 £
£
-
-
-
-
-
2,516,535
-
2,516,535
-
42,853
-
2,559,388
-
2,559,388
Transfers
At 31 March
2025		 £
£
-
-
-
-
-
2,516,535
-
2,516,535
-
42,853
-
2,559,388
-
2,559,388
Transfers
At 31 March
2025
-
2,516,535
2,516,535
42,853
2,559,388
2,559,388

Purposes of restricted funds

Leominster Town Council For maintenance of the Millenium Green and Orchard.

Purposes of designated funds

Capital fund Represents the net book value of all fixed assets and heritage assets.

Prior period comparative
Restricted funds
Community fund
Total restricted funds
Unrestricted funds
Designated funds:
Capital fund
Total designated funds
General funds
Total unrestricted funds
Total funds		 At 1 April
2023
£
2,000
2,000
2,572,008
2,572,008
65,600
2,637,608
2,639,608		 Income
£
-
-
-
-
204,299
204,299
204,299		 £
(2,000)
(2,000)
(27,776)
(27,776)
(219,720)
(247,496)
(249,496)
Expenditure		 £
-
-
-
-
-
-
-
Transfers		 £
-
At 31 March
2024
-
2,544,232
2,544,232
50,179
2,594,411
2,594,411

20. Related party transactions

There were no related party transactions in the current or prior period.

23