Company wistr8Jon number.. CE014033 Charity regi$traUon numter.. 1178282 Harbour House Trust Annual Report and Financbl Stslements for the Year Ended 5 Aprll 2025 WESTCOTTS CMARTIRID AecouNTANT 1 8USINess ADVIIEWI
Harbour Hou80 Trust Contents Reference and Admlnlstrafjve Details Trnstees, Report 2to9 IndeFendent Examiners Report 10 Statoment of Financial Activiti88 11 Balance Sheet 12to13 Notes to th& Flnancl81 Statements 14to24
Harbour House Trust Reference and Admlnlstratlve Details Trustses C Bagg, (resigned 3 April 2025) A M Bennett, (co-chair) H L Firth, Ico-chairl C J Forcer N Grodhunce, Ireslgned 24 October 2024) R Harrington. (reSned 25 May 20251 P Lawrence, {reslgned 11 September 20251 A Llghffoot N Llewellyn, {reslgned 21 October 20241 J Robinson Charfty Reglstratlon NuMr 1178282 Comp•ny R•gl8tratlon Numbor CE014033 Ro918t•r•d Offlce Harbour House The Promanade Kingsbridge Devon TQ7 1JD Weslcotts {SWI LLP Independent Examlner Plym House 3 Longbridge Road Marsh Mills Plymouth Devon PL6 8LT Independent Examlner Page 1
Harbour House Trust Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together wf(h the financial statements of the charitable company foi tha year ended 5 April 2025. Rgpo.rt.o.f tho.Truste F_or Jth.¢Y¢ar En.dg_d.5 Aprll 1025 Thls report complies wllh the Charllles A¢1 2011, the charitys constilutlon and the Statement of Recommended praCce appllcable lo ch8dlle$ preparlng their accounts in accordance with the Flnancial Reportlng Standard appllcable In th8 UK and Republlc of Ireland (FRS 102) (effective 1 January 20151 las amended for 8c¢ountlng period commencSng from 1 January 2016). Harbour House Trust is a Charitable Incorwrated Organlsatlon ICIOI, govemed according to thg Constitution dated 8 May 2018. 11 was established on 8 May 2018 to lak8 forward thè work of JB Pelly Charitable Trust, an Unincorporated Organisallon Iregislered charity numbèr 2855651. OBJECTIVE8 ObJoGtlves and alm• Harbour House- Enrlchlng LIvo8 The objectives of the charlty are- To further benefil the resldenls of Klngsbridge and the surroundlng area, wllhoul distSnction of S8x, sexual orlentslion, race or of polSllGal, r•llglous or other opinions by a88oclating togelher the saSd resldents 8nd the local aulhorilies, voluntary and Other organisalions in a common effort to advance educatlon and to provlde facilities In the inlere51s of soclal welfare for recr8allon and le18ure lima occupallon wllh the oblective of Improvlng the condlllons of Ilfe for the iesldenl8. In furtherance of these obleGlives but not others, the charlty Iruslees shall have the power.. to establlsh or secure the eslabllshment of a community centre and to maintain or manage or co-operate wtlh 8ny stotulory aulhorfly In the maSnlenance and management of such a cenlre for actlvilies promotod by the charltable Incorporated organlsation In furtheranc8 of the above oblectiva. To advance the arts for the public benefil In parkncular by the eslabllshmenl and malntenanco of an art gallery. To further su¢h charitable purposes for the public ben8fl1 as are 8xclusively charitable a¢wrding to the laws of England and Wales 8$ the charity trustees may from tirne to lime delermino. Our vlslon Is for everyone lo have opportunillos to enrich Iheli Ilves. Our ml8slon Is lo offer dynamic, thoughtlul, and sometlmes challenglng ¢reativ&, cultural, and wellbeing activities that insplre and engage. Kgy desired outcomes: Improved communlty coheslon Improved physical and mental health and wellbeing Increased cultural and socio-economic development Reduced socSal Isolatlon Increased environmgnlal literacy Page 2
Harbour House Trust Trustees. Report A Theory of Change model and Impact Measurement Fr8mework is in place to monitor and evaluate progress against these outcomes, and this has provided robust evaluation and evidence to support successful applications for grant funding and wlll be developed over the next financlal year to develop philanthropic donations. Embedding thls further, the charity also published ils first ever Impact Report for this financial year 2024-2025. which shlnes a light on the projects. partnershlps and people who have brought our strategy to life. Stralfjglc aims for n•xt 34 yearn.. The trustees recèntly r8viewed thls strategy as part of the on90ing organisational review of the charity and added an additSonal aim141', To develop and deliver a dynamic, exciting, and sometimes challenging programme ot ¢atIVe. cultural, and wellbeing activities that is locally relevant, arb'stically diverse, and culturally inclusive. For Harbour House to be recognised as a centre of excellence for Cultu and wellbelng. where people and communlties can alIse their creative potentlal, engage In movement and mindfulness Practices, and enrh their lives. For South Hams to be known as 8 forw8rd-Ihinklng. Ouard-l00kIng, creative destination, where vlsltors have opportunilles to experience a dlv8rse and ¢ulturalty competent creativ& offer. To becom& a financially sustainable organlsatlon with diverse Income streams. Publ1¢ benoflt In planning our activities for the yèar, and as evSdenced by our desired outcomes and our Theory of Change. we have given careful consideration to the Charities Commissioners general guldance on public benefit under section 17151 of the 2011 Charities Act. ACHIEVEMENTS AND PERFORMANCE Programme and communlty engagomont at Harbour Hou•• At Harbour House, the ¢uraled programme of exhibitions, porfomianceg and community engagement aclivilles continues to benefit considerably more, and more div&rse, communities in Kingsbridgè, and to engage new audiences. For the period covered by this report the programme explores four key themes, with a focus for this period on the intersection of art and movement and underpinned by the Flve Ways to Wellbeing {Connecl, Be Active, Take Notice. Keep Learning, and Give). 1 Art, landscape and the environment 2 Art and movement 3 Work which creates space for the LGBTQ+ community 4 Grief and loss We have continued lo focus on partnenng with a number of local organisatsons to support those wilh the most barriers lo ac¢e$s through our community engagement programme. We are proud that our ethibition5 and Gommunity engagement programme are free to all. Page 3
Harbour House Trust Trustees. Report Exhlblllons For the period covered by Ihls report, 5,263 people visited our gallery. Our exhibitions programme showcased the best of contemporary art in the South West, ¢reating much needed opportunitles for artists and practitioners in our region. and in particular enabled Plymoulh-based artisl Llyr Davies to have the first solo exhibition of their career. alongside bringing work by Turner Prize winner Jeremy Deller, one of the leading contemporary artists of our time, lo our communlties. We also exhiblled work by renowned Comwall-based artist Naomi Frears, which included a new soundtrack Commission supported by the charity. Each exhibition included a free creative or movement-based activity givlng visitors a hands-on way to explore the arb'st's work and dSscover thelr own crèativity. Community engagement programmo W8 held 83 fr88 workshops and events. and 2,889 participants engaged with our fr&e community engag8m8nl programme. W& worked wlth a fange of community partners to dellver th85e events as detailed b810w. Activities 115.. A serias of movement and photography workshops for adults wth leaming differences and disablllties. Family Advice Suppart Team.. Provided workshops to the youth group Including maklng zines celebrating LGBTQIA+ history and 'h¢)w lo DJ" workshops. Kingsbridge Celebrates Christmas.. Provided workshops. performances. and a silent disco for the local community. Kingsbridge Community College.. Supported their KS3 and 4 exhibitions, and their sixth fom) exhibition.. developed sixth fomi li18 drawing sessions, worked with sixth formers lo create athork and workshops for Kingsbridg8 Nature Festival. Kingsbridge Community Prim8ry School.. Developed and delivered an after school art club, curriculum Ilnked workshops and school visits. Klngsbridge Fair Week.. provided workshops and performances for the local communlty. Kingsbridge Fwd Bank. Supported chlldren aged 8-12 during school holKlays, providing art and movement activities and healthy breakfasts and lunches. Kingsbridge Town Councll.. Provided workshops at Love Your Park for the Ial community,. supported the Public Art Committee. Learn Devon.. Worked wllh a group ol learners wilh leaming dlfferences and disabilltles to create Easy Read guides for our exhibitions. South Hams Communty Action. Dartmouth Caring and the NHS.. Provided art and movement workshops 10 Social prescribing clients with long temi mental health challenges. Supportlng art18ts and practftloners For this r8POrting period, we worked wth 40 D&von & Cornwall-ba5ed artists and movernent practitioner5 across diverse media. Our engagemenl programme offers employment and developrnenl opportunf(ies to visual artists and movement practitioners based in the South West and beyond. Our prograrnme benefits from working with a wide range of artists from a variety of ba¢kgrounds. bringing wtth them different lived experiences and ways of looking at the world. Page 4
Harbour House Trust Trustees. Report In addition to this, we have worked with 6 community producers, including artists. educators and access specialists to support our engagement work. Their work means we rAn support partiGipanls to engage wSth our workshops in a safe. positive and supportive environment. Support In Klnd The charity has Continued to provide spaces in klnd to charitable organisations and Gommunity groups within the communlty. Some of the community-servlng groups supported included.. South Hams Community Action, Dartmouth Caring and the NHS lo support local social prescribing clients., Devon Cares, a charity providing support services for unpaid carers," South Hams Family Hub (Action for Children), 8UPPOrting families with Special Educallonal Needs and Disabilities and Neurodiverse children., Men's Growth Gioup, supporting men's menlal health and wellbeing. We offered 62 free r¢x)m booklngs and a lotsl of 186 hours of fre8 room hlre. Space Hlio - Hted at Harbour Hou8• In addition, we provide spac85 for hire for xtivitle8 such as movement, dance, yoga, art classes and ¢ounselling and commercial activities such as auction valuations. The income generated from space hiws goes lo support our free engagement workshops for community members who face the greatest barriers to accessing art and movement aclivllles and those experiencing soclal isolatson. When comblned, these Slrands of 8Ctivlty have added up to 36,958 total visits lo Harbour House for this period. Fundralslng The charity Gomplles with fiJndraising regulations ar no complaints were received in the perlod. Granl Fundlno The perlod Covered by thls report saw the charity's first ever successes with grant fvnding, We're gratefvl lor every pound that supports our mlsslon. For thi8 period, we welved.. £19,880 frcm The National Lottery Community Fund, £1,240 from Activities 115 and £1,000 from Gibbons Family Trust. Bala Brook Bala Brook was sold al au¢ln on 13 November 2025, 98neraling gross sale proceeds of £1.5 million before associated costs. In recent years, the charity ha5 liquidated pvIouslY held investment assets In order to meet its operating expenditure. The net proceeds from the sale have therefore been retsined as cash while the Iruslees conslder the most appropriate inveslm8nl strategy for the fvnds, wilh Ihe aim of securing the charity's long-temi financial sustainability. Governance During this period, a new co-chair joined the board of trustees - Hannah Firth, Di10r of Chapter Arts in Cardiff. Hannah bring5 with her a wealth of experience as a trustee for arts charities such as Heart of Glass as well as many years of experlence in running a mullipurp05e art ¢entre and an expertise in arts management and EDI. Nick Grodhunce, Rachel Harrington and Cat Bagg stepped down during this period, and we would like to thank them for their service and support. Special thanks go to Nigel Uewellyn who stepped down as Chair during the year. Page 5
Harbour House Trust Trustees, Report Staff and r•8ourGlng Amy Dickson, a former Senior Curator at Tale and Managing Curator of Artlst Rooms as well as senior yoga teacher continues a5 CEO of the charity and the DiTector of Harbour House. To enable us to deliver on our charitable objectives and engagement with our community, durin9 the reporting period engagement specialist Dr Beth Richards ¢onlinued as Leaming and Engagement Curator with Elalne Sinclair as Assistsnl Curator and Communications Officer. We also worked with a team of Front of House hosts who offer a w8mi welcome and creative inslght. Their role is to welcome visitors and to support thern In their engagement wllh the Grealive programme, as well a8 invyilaling the gallery. FINANCIAL REVIEW Total Income during the per1 w8s £194,82212024'. £230,079) and expenditure was £586,62712024'. £520,834). The ITUStees are cognisant that over recent years the charity has run al a deflcil. Thls is due to number of fa¢tors- for example, income from the passive hire of spaces at Harbour House and Bala Brook was previously supplemented by five- or six-figure dividends from the sha$ held In C&J Clark Limited. but in reGent years no dividends hav8 been paid. In the prevlous financial year, the trustees acknowledged that they would need to adopt a temporary strategy of running a deficit budget, in order to invest in supporting the charity through a transition period. This transition involves pivoting the business model to running more proactive charitable 8clivilies. which deliver broader and more demonstrable publiG benefit, and for which grants 8nd philanthropic Income could be secured once track record of delivering such work is established. During this reporting perfvjd the trustees agreed to continue with this approach and approved a planned op8raling deficrt and carrled out a thorough organisational review with the board of Iruslees and consultant Mark Cotton (former Senior Head of Regions for the National Lottery Community Fund). This defi'cit was mel through a planned drawdown of capital as well as income from the charlty's Investment portfolio at Brewln Dolphin. Following th8 review, B818 Brook was sold at auction on 13 November 2025, generating gross sale proceeds of £1.5 million before associated costs. In recent years, the charity has liquldaled previously held Investment assets in order lo me8t ils operating expendblure. The net proceeds from the sale have therefore been retained as $h while the Iruslees consider the most appropriate investment strategy for the funds, with the alm of securing the charity's long-lerm financial suslainabS1ity. Subsequent to thls porting period, the trustees and CEO are exploring all options to align the organisation around a business m¢)Jel that can b8 financially sustainable for the future and chart 8 realistic path to closing the deficit over the next three financial years. This includes Income generated via fundraising activity and a diversificatson of income StaS. Investment pollcy and obJocllvo8 During Ihis reporting period, after taking advice from ils investment manager, the charity liquidated its investment in a diversified portfolio with Brewin Dolphin. Originally, the objective for these investments was to maintain the real value of the funds in line with inflation and to generate income for the charity which could replace the dividends previously received from the C&J Clark Limited 3hare5. Given the need to manage a planned operats'ng deficit, the trustees approved the liquidation of the asset in November 2024. Reserves pollcy Restricted reserves at 5 April 2025 totsl £12,316 {2024'. £nil} alld represent the balance of unspent funds for one community engagement proje¢t- Mindful Making. Page 6
Harbour House Trust Trustees, Report Unrestricted reserves at 5 April 2025 total £3,510.58412024.' £3,878,789), Within these unrestricted reserves, there are substantial reserves held as fixed assets and Investment properties, totalling £2,825,997 12024.. £3,814,024) at 5 April 2025. These are required by the charity in order to continue its charitable activits'es. Bala Brook and Harbour House provide the facilities by which the charity offers to the public and the rental properties generate income which the charity uses to further its charitable purposes and subsidise its other work. Subsequent to this report Bala Brook has been sold and the trustees are considering how best lo Invest the monies r8ised from the sale. A5 at S Aprll 2025, the charity held fre8 r858rves of £684,587 {2024'. £64,765). The trustees are also actively consSderSng what conslilutes an appropriate reserves policy for the charity, given the need lo invest in the transltlon twards a sustainable buslness mod81. Golng concom The Irusle8s consider the chanty to be a going concern for al least 12 months Irom the date of approval of the financial ststements. FUTURE PLANS Upcoming highllghls of the fvture gallery programmè include the first solo exhibition of celebrated painter Jal Chuhan in the South Wesl, a largè ouléoor performance of Murghal Miniatures by award winning Sonia Sabri dance company, the first of its kind in the South Hams and a series of Kathak dance workshops for the community a5 part ol Kingsbridge Fair Week. A new collaboration wlh Kingsbrfdge Foodbank and Kingsbridge Primary school will see Harbour House providlng a holiday club for families in need and will culminate in a c0-¢ated exhibits'on with young people and the South West-ba5ed artist Ben Sanderson. We will host the first solo exhibition by Plymouth-based artist Ashanti Hare, with a new commis510ll SUPPOrted by the Henry Moore Foundation. We will deliver photography workshops for adults with learning differences and disabilllle$ in partnership with local charity Activities 115 and will support them to deliver family portraits for the community as part of the Kingsbridge Celebrates Christmas celebrations. We will work with Learn Devon and adults with Ilved experience of learning differences and disabilities to write accessible Easy Read gukles for all our exhibitions. A Grief Gathering in partnership with Thrive Dance company and supported by the National Lottery Community Fund and Arts Council England will support those In our community experienclng grief. We have received fundlng from Arts Council England to deliver.. Ceramics workshops wlth artist Cylena Symonds. a qualified art therapist which will support those aged 55+ through the five ways to wellbeing A partnership wllh Next Steps Together and Tumbly Hlll Wellbeing Hub will dellver dan, yoga and making insplred by nature for those aged $5+ Six Moving Together workshops wlh dance practib'oner Charlie Eaton with participants from the Leaming Disabled community Six Making Together workshops With the $8me community with a visual arts practitioner Six Mindful Movement workshops with drama psychotherapist Natasha Broomfield workSng with social prescribing cllents Six Mindful Maklng workshops with arts PSyGhother8PiSt Laura Se9an and the s8me community. The st8ff team and board of trustees are In the process of writing a new business plan to enable the charity to become financially sustainable. Page 7
Harbour House Trust Trustees. Report Structure, governance and managomont Governlng documont The charity is govemed by its constitution dated 8 May 2018. R¢crultment and appoinlment of new tru¥te New trustees can be appointed by a resolution passed al a meeting of charity twstees. In Selecng Individuals for appointment as Charity trustees, the charity trustees have regard to the skllls. knowledge and experiènce needed for the effective adminislrabon of the CIO. New trustees are Inducted into the workings of the charlty during meetlngs held on a regular basls. Organl8ltlonal 8tructuro Overall responsibility for th8 management of the ¢harity16 vested In the trustees. The charity Is being managed on a day-to-day basis by Amy Dickson 8nd the staff team. The trustees play an acllve role, particulat1y through the new subcommittees. The ch8rity holds quarterly trustee meetings throughoul the year, th addllion81 subcommlllee meetings 8s and when required. These meetings are organised by the Iruslees to eontlnue with the work necessary to maintain the objects of the charfty. All trustees give of their time freely and no trustee remuneration was paid in the year. Govornanc• 8tstom•nl The trustees have had due regard lo principles of ¢0MMended practices as set out by the "Charlty Govemance Code" and have applied these wherever practical and in decision making. Page 8
Harbour House Trust Trustees. Report Statement of tru8tee8' re8ponsibllitl8S The trustees {who are also the direelors of Harbouf House Trust for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Arxepted Accounting Praclicel, including FRS 102 "The Financial Reportlng Stsndard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial stalements for each financial year. Under company law the INstees must not approve the financial stalements unless they are satisfied that they give a true and fair vlew of the stale of affairs of the Gharitable company and of the incoming resources 8nd applicatlon of resources. including Its income and expenditure, of the charitable company for that perfod. In preparing these financial statements, the trust8es are requlred to.. s&lect suitsble accounting policies and apply them consistenuy., observe the methods and pdnciples in the Charities SORP.. make Jud9em8nt5 and estimates thal are reasonable and prudent., state whether appllcable accounting standards. comprising FRS 102 have been followed. subject lo any material departures disclosed and explalned in the financial statements,. and prepare the financial statements on the going ¢oncem bas15 unless It Is inappropriate to presume that the charitable company will continue in business. The trustees are SponsIble for keeplng proper accounllng records th8t can dSsc108e with reasonablg accuracy at any time the flnancial position of the charllable Company and enable them to ensure that the financial stalemenls comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitable company and hence for taking reasonable steps for the prevention and dete¢tion of fraud and other irregularflies. The trustees are responsible for the maintenance and Integrity of the corporate and financial Infomialion Included on the ch8rilable company's website. Legislation governlng the preparation and dissemlnation of financial statements may dlffer from legislation in other juri5di¢tions. The annual reFX)rt was approved by the trustees of the charity on 21 January 2026 and Signed on Its behalf by.. A M Bennett Trustee HLFirth Trustee Page g
Harbour House Trust Independent ExamlneVs Report to the trustaos of Harbour House Trust {'the Company.) I port to the charity tsuslee$ on my examination of the accounts of the Company for the year ended 5 April 2025. R8spoThslbllltle8 and b•818 of report As the charity's trustees of the Company {and also Ils directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the quIrernents of the Companies Act 2006 {'the 2006 A¢r}. Having satisfied myself that the accounts of the Company are nol 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 ¢arried out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed th8 Directsons gwen by the Charity Commission under section 14515llbl of the 2011 Act Indepondent examlnor'8 8tAtemonl I have Completed my examination. I conffim that no matters have come to my atlentlon in conne10n with the examlnallon giving me ¢8use to belleve.. 1. accounting records were not kept in respect of Harbour Hou8e Trust as required by section 386 of the 2008 Act, or 2. the ac¢ount5 do not accord with thos8 records,. or 3. the a¢¢ounls do not comply wth the ae¢ounting requirements of section 396 of the 2006 Act other than any rèquirement that the ae¢ountS give a 'tru8 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 wilh the methods and principles of the Statement of Recommended Practice for 8ccountlng and reporting by charities lappllcable to charities preparing Ihelr accounts in accordance with the Flnancial Reporb'n9 Standard appllcable in th& UK and Republic of Ireland IFRS 102}1. I have no concems and have come across no other matters In Conne10n wlth the examlnallon to which attention should be drawn In this report In order to enabl8 a proper understanding of the accounts to be reached. am Croney ACA Independent Examiner Westcotts ISWI LLP Plym House 3 Longbridge Road Marsh Mills Plymouth Devon PL6 8LT Date.. Page 10
Harbour House Trust Statsment of Flnanclal Activities for the Year Ended S April 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unre$trl¢ted funds Restrlctod funds Total 2025 Total 2024 Incorno and Endowments from: Donations and legacies Charitable activlties Investment incom& 2.976 131,502 38.224 22,120 25.096 131,502 38,224 3,321 169,025 57.733 Total income 172 702 22,120 194822 230,079 Expendlture on: Raisin9 fund$ Charitable tlties 18,857) 567.966 18,857) 577,770 19,819) 511015 9,804 Total expenditure Nel18xpenditure)Ilncome Other rncognlsed galn8 nd lo¥¥ Gainslllosses} on revaluation of fixed a5s81s 576 823 9.804 586,627 1404,121} 12,316 {391,805) 1290,7551 35.S16 35,916 89,772 Net movement in fund8 1368,205} 12,316 1355,8891 1200,9831 R•conclllatlon of lund8 Total fund5 brought foNard Total funds carried forward 17 3.878.789 3 878,789 3 522,900 4.079,772 3,878,789 3,510.584 12,316 All of the Charlty's actlvities derive from conllnuing op9ralions during the abov& perths. The funds breakdown for 2024 is shown in note 17. The notes on pages 14 to 24 foTh an integral part of these financial statements. Page 11
Harbour Houso Trust (Registration number: CE014033} Balancg Sheet as at S Aprll 2025 2025 2024 Nots Fixed a888ts Intangible assets Tangible a55ets Investments 12 13 14 6,204 1,730,18S 1,120,168 2 856.557 1,509 1.718,305 2,115,512 3,835,326 Current auols Debtors Cash at bank and in hand 15 85,091 749,699 171.339 834.790 256,175 212 712 Cr•dltorn: Amount• falllng duo wlthln ono y•ar Not curront assgts 16 168,447 666,343 43,463 3,522,900 3,878,789 Fund8 of th• charlty: Rmtrlcted Incorn• fund• ReslAcled funds 12,316 Unreslrlcted Incomo fund8 Unrèstricted funds 3,510,584 3,522.900 3,878,789 Totsl fund• 17 3,878,789 We, as dir8Ctors of Harbour House Trust. state th8t'. {al the charitable company Is availing itself of the exempllon provlded for ty Chapter 15 of Part 6 01 the Companles Act 2014., (bl the charitable company Is availing Itself of the exemption on the 9rounds that the ¢onditions specified in section 359 are satisfied., (cl no nolrce under subsection 11) of sects'on 334 has, In accordance ¥th 8ubgection 121 of that section. been served on the charitable company; Id) we acknowledge the charitable company's obligations under the Companies Act 2014 lo keep adequate accounting records and prepare financial statements which give a true and fair vlew of the assets. liabilities and financial position of the charitable company al the end of ils finanaal year and of ils profit or loss for such a year, and othewise comply wth the provisions of Companies kt 2014 relating to financial statements so far as they are applicable to the charitable company. The notes on page$ 14 to 24 form an integral p8rt of these financial statements. Pag8 12
Harbour Hou8• Trust (Registrat5on number: CE014033> Balance Sheet as at 5 April 2025 The financial statements on pages 11 10 24 were approved by the trustees. and authorised for issue on 21 January 2026 and signed on their behalf by.. A M Bennett Trustee HLFlrth Trustee The notes on pages 14 to 24 form an integral part of these financial statements. Page 13
Harbour House Trust Notes to the Flnancial Statements for tho Yaar Endod 5 April 2025 1 Charlty Gtstus The charity 15 a Charitable Incorporated Organisation ICIOI. The address of its registered office is.. Harbour House The Promenade Kingsbridge Devon TQ7 1JD 2 Accountlng poll¢lo8 Statofflent of compllanca The fi'nancial slalements of the CIO. which is 8 publ6c benefit enlity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charitie5.' Statement of RMmended Practice applicable to charllles pparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) leffe¢live 1 January 20151,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. Ba818 01 preparatlon The financial statements have been prepared under the historical cost convenllon wSlh the exceptlon of investments which arg in¢luded al market value, as modified by the revaluation of certain assets. Income All income is recognlsed In the Statement of Financial Activities once the charity has enllttement to the funds, it is probable that the income will be received and the amount can be measured reliably, Donatlons and legacles Monetary donations lo the Trust are credlted In the accounts on a receipts basis. Grants recolvablo Grants are recognised when the Chartty has an entitlement to the funds and any conditions Ilnked lo the grants have been met. Where performance conditions are attached to the granl and are yet to be mel, the income is recognised as a liability and included on the balance sheet as deferred Income lo be released. Inv•stment income Divid8nd income is recognised in the a¢counts on a receivable basis. interest income is recognised In the xcounts when il is received and income from investment properties is calculated on the accruals ba$i$. Page 14
Harbour House Trust Notes to the Flnancial Statements for the Year Ended 5 April 2025 Expendlture Liabil@S are recognised as expenditure as soon as there is a legal or con51ruGtive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will 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. Where costs cannot be directly attributed to parb'cular headin9S they have been allocated to activities on a basis consistent with the use ol resources. Charttable a¢tlvltle8 Costs of charitable activities inclLKles premises costs in respect of Bala Brook and Harbour House. Intsnglble a88ets Intangible assets. belng costs incurred In relatlon lo a website, are belng amort15ed evenly over Iheir eslimaled useful lrfe of five years. Tanglbl8 flx8d a8sets Depreciation Is provlded al the followlng annu81 rates in order to write off each asset over its eslimaled useful life. AsGet class Freehold property Fixtures and fittlngs Computer equipment Plant and machinery Doproclotlon m•thod and rats 2% on slraighl line 25./0 on r8ducin9 balance 25% on reducing balance 250k on reducing balance Inveotment property Investment property Is shown at market value. Any aggr8gate surplus or deficits arlsing from change8 In market value are transferred to Ihe slatement of financial activtties. Taxatlon The charity is exernpt from corporation tsx on Its charitable activities. Fund aceountlng Unrestricted funds can be used in accordance with the charitsble obJects'v8s al the discretion of the trustees. Restricted fund$ can only be used for particular reslrScted purposes wthin the objerls of the charity. Restrictions arlse when specified by the donor or when funds are raised for pa'cUlar $trIcted purposes. Further explanation of the nalure and purpose of each fund is included in the notes to the financial statements. Designaled funds are unrestricted funds set aslde for specific purposes at the discretion of the trustees. Restricted incorn8 fvnd5 are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Page 15
Harbour House Trust Notes to the Financial Statements for tho Yoar Ended 5 April 2025 Penslons and other post rotiroment obligations The charity operates a defined contribution penslon scheme. Contributions payable to the charitls pension scheme are charged to the Statement of Financial Activities in the period lo whh th8y relate. Flnan¢ial Instruments clamIG8tI0n The charity only has financial assets and financial Ilabllltles of a kind that qualify as basic financlal instruments Ra¢ognltlon and m••suroment Debtors S initially measured al trdnsa¢tSon value and subsequently measured al thwr setuement value. Credltors and provIsnS are recognised where the charity has a present obligaty'on rosulting fTom 8 pasl event that will probably result in the transfer of funds lo a third paty and the amount due to 5ellle the obligab'on can be measured reliably. Creditors and provisions are initially measured at transaction value and subsoquently measured at thelr selllem8nl value. Flxed 086•t Investments Investments are a form of basic financlal instrument and are Initlalty cognISed at their transaction value and subsequently measuw at their fair value as at the balance sheet da18 Using the closing quoted market prloe of Sha price. The statement of financial activities in¢lude5 the net gains and losses arising on revaluation and disposals throughout the year. 3 Invo•tmont Incom• 2025 2024 Deposit account Interest Rents received Divldend income 5,280 32,944 122 33,472 24.139 38,224 57,733 4 Income from charltable actlvltle8 Total 2025 Total 2024 Charitable incom&- Harbour House Charitable Income - Bala Brook 33,745 97,757 39.524 129,501 169.025 131,502 Page 16
Harbour House Trust Notes to the Financial Statements for the Year Ended 5 April 2025 6 Expgndituro on raising funds 91 Investment management costs Total 2026 Total 2024 Other investment management costs; Administration of the investments 8.857 9,819 6 Expendlturfr on charlt•ble actlvltlos Unro•lrlctod fund• R•8trlcted D•8lgn•tod General funds Totsl 2025 Totsl 2024 Not• Harbour House Bala Brook Govemance costs 21,956 358 347.324 192,675 5,653 9.804 379,084 193,033 321,023 170,729 22.314 545,652 577 770 511015 7 Anaty8i• of gov•rnanc• and Support coots Communlty arts and wo11 bolng 2025 2024 Independent examlner fees Examination of the financial statements Other fees paid to examiners Management 4.800 853 6,460 11,269 Page 17
Harbour Houso Trust Notes to the Financial Ststements for the Year Ended S April 2025 8 Net Incomingloutgolng TesourGeB Net outgoing resources for the year include.. 2025 2024 Depreciab'on of fixed assets Computer softsvare amortisalion 28,540 1,551 26,842 906 g TfUStae8 r6munoration and •xp•n••s During the year the charity made the lollowing Iran$tIOnS wllh trustees.. £50312024.. £275) of exp8nses were reimbursed lo trustees for board meeting travel costs. No Irustees, nor any persons connectsd w61h th8m, have recelved any remunerallon from the charlty during the year. No trustees have re1Ved any other beneflts from the charity during the yeai. 10 Staff costs The aggregate payroll costs were as follows: Total 2025 Total 2024 Harbour House-wages Harbouf House - pensions 8818 Brook - wages 8ala Brook - p8nsions 157,746 9,169 78,920 4,256 250,091 149,917 7,261 60,705 3.075 220,958 The monthly average number of persons (Includlng senlor management I leadershlp team) employed by the charity during the year was as follows. 2025 2024 No 11 Employees 19 Contribution8 to the employee pension scheffes for the year totalled £13,425 {2024- £10.336). The number of employees whose emoluments fell within the following band5 was: 2025 No £70,001 - £80,000 Page 18
Harbour House Trust Notss to the Flnancial Statements for the Year Ended 5 April 2025 The total employee benefits of the key management personnel of the charity were £76,023, no remunerats'on over £60,000 was paid last year. but senior stsff have undertaken more hours In the cuThenl financial year. 11 Indepgndenl examlnerf8 remunerntlon 2025 2024 Examlnalon of the financial $18tements 4,800 6,460 Other fees to •x•mlnor8 All other assurance servlces All other seNices 1.199 10,070 11,269 853 853 12 Intanglbl• flx•d a880ts Computsr Softwaro Tot•1 Ct Al 6 April 2024 Additions Disposals Al 5 Aprfl 2025 4.528 4.515 4,528 4,515 7.755 7.755 Amortl•atlon Al 6 April 2024 Charge for the year Eliminated on disposals 3,019 1,551 3,019 3,019 1,551 3.019 At 5 April 2025 Not book valu• At 5 April 2025 At 5 April 2024 6,204 6.204 1,509 Page 19
Harbour House Trust Notes to the Flnanclal Statements for the Yoar Ended 5 April 2025 13 Tanglble flxed 088Ot8 Freehold Flxture8 property and fittlng8 Total C08t At 6 April 2024 Additlons 1,811,153 29,631 43.221 1,854,374 10.788 40,419 Al 5 April 2025 1,840,784 54,009 1,894.793 D•proclatlon At 6 April 2024 Charge for year At 5 AprS12025 Net book valu• 112,641 22,314 23,427 6.226 136,068 28.540 Al 5 Aprfl 2025 At 5 April 2024 1,705,829 24,356 1730,185 1698,512 19 794 1718,306 Page 20
Harbour House Trust Notss to the Flnancial Ststsments for the Year Ended 5 April 2025 14 Flxed asset Investments 2025 2024 Inv8slment propertles Unlisted investments Listed Investments 520,000 600,168 520,t))O 600,168 995,344 2.115512 1,120,168 There were no Investment assets outside the UK. Th8 unlisted Inveslrnents consist of 304,654 ordinary £1 shares In C & J Clark Limited. These Shares were valued al 4 August 2023 at a price of £1.97 per share, and il is this value which has been used for the purposes of these accounts, being the nearest available v8lu8tion to the balanc8 sheet date. Invo8tm&nt property Investment property Falr value Al 6 April 2024 520 000 Provl$lon At 5 April 2025 N•t ljook valuo At 5 April 2025 At 5 April 2024 520 000 520 000 A professional valualon was conducted on 2 November 2022 by Luscombe Maye and confirmed that the market value of the investment property is £520,000. The historic value of thi5 propety wa8 £415.000 as transferred to Harbour House Trust (formerly The J B Pelly Trust) or$ 31 OGtobor 2018. Page 21
Harbour House Trust Notes to the Financial Statemants for the Year Ended 5 April 2025 16 Debtors 2025 2024 Trade debtors PpaYments Other debtors 78,161 5.474 1,456 85,091 167,983 1,901 1,455 171339 16 Crndltorn: amounts falllng dua wlthln one y6ar 2025 2024 Tr8d8 credltors Other creditors Accruals 15,343 2,109 150,995 168,447 8,408 1,707 202,597 212.712 Page 22
Harbour House Trust Notes to the Financial Statements for the Year Ended S April 2025 17 Fund8 Balance at6 Aprll Incorning Resources 2024 resourcfrs oxpended Transfer8 other recognised gain8 1 11088e8 Balance at6 Aprll 2026 Unrgstrlcted funds Unrestricted - operats.ng 64,765 172,702 {554,509) 1,003,358 {1,7291 684,587 D8slgnated Unreslricled investments - 8hares and property Unre51riGled assets- property 2,115,S12 {1,032.9891 37,645 1,120,168 1698.512 22.314 29,631 11.003,358 1 705,829 3 814.024 22.314 37 645 2,825,997 Total unr•8trlct fund• 3.878 789 172 702 576,823 35 916 3,510,584 R98trlctod funds National Lottery Mindful Making Moving Together project Gibbons Famlly Trust 19,880 17,564) 12,318 1,240 (1.2401 1,000 22,120 Totsl fund8 3 878 789 194,822 586.627 35 918 3,522 900 Balan¢0 at6 Aprll Incomlng Rosources 2023 re•ource8 expended Tran8fer8 Other rncognlsed galns I 1108S08} Balance Aprll 2024 Unreslrlcted funds Unrestricted - operatlng 4,079,772 230.079 431,C62 3,878,789 Page 23
Harbour House Trust Note8 to the Financlal Statements for the Year Ended 5 April 2025 18 Related party transactlons During the year the charity madè the followiThJ related party transactions.. A trustee, R Harrington, donated £2,975 12024: £6001 to thè trust through a payroll giving scheme. There were no other related paty transactlons this year. {2024 - £Nill. 19 Non4dlu•tlng ovent• aftor the flnanclal p•rlod Bala Brook was sold at aucfjon on 13 November 2025, generating gross sale proceeds of £1.5 million before a$Sted costs. In recent years, the charrty has l*]uidaled previously held investment assets in order lo meet its operating expenditure. The nel proceeds from the sale have therefor8 been retained as cash whlle the trustees consider the most appfopfiate investment strategy for the funds, wlth the aim of securlng the charty's long-lemi financiel sustsinability. Page 24