Chaiity registration number. 1184834 The Barnstaple Bridge Trust Annual Report aThl Financial S1)ents for th• Yow Ended 31 December2024 WESTCOTTS ¢HARY&wÉt* AecouMTAMTS I •USIMES5 ADVISeP5
Tho Barnstaple Brldge Trust Contents (continued) Reference aTrJ A<kninisb*rrfe DetaiL Truste8s' Report 2tog IndeFendent ALvJrtors' Report 10t013 Statemont of Financial Aclivit 14 Balance She8t 15 Notes to the Finanaal Slatements 16to29
Tha Barnstsple Bridge Trust Reference and Administrative Details Trust.. Mrs G Wikn {resvJn8d 12 Augusl 2025) Mr M H¥rtIBo0th Mr C Hor11 Mrs A Isaac Ms L York Iresyjn 23 May 2024) Councilkjr M Prowse Mr A RennlE$ MrSHa Mr W Buffery Mr G Townsend Mr M pulnI3ppftled 10 April 2025) Mr C Barst lapFointed 10 February 2025) Cwncilk* J A Coates lappoinled 8 May 20251 Mr J P•lann {aFoointed 8 August 2024) Mrs AmdH Isax {resigned 16 January 20241 Charity Reglstratlon Numbw 1184834 Principal Office 7 Brijge Chambe Tho Strand Bamstap Devon EX31 1HB Auditor West¢otts ISW) LLP Chartered Accountants and Slatuw Audito 47 Boutp)rt Stteet Bam5tap Devon EX31 ISQ Bankèrs CAF Bank Lwnited Kings Hill Aventse ngs Hill West Malliig Kent ME19 4JQ Pe1
The Bamstaple Bridge Tnt Trusteos, Report The tnjslees present the annual report t¢)gether with the ffinanual statements and auditors, report of th& charity forthe year ended 31 December 2024. OWEcnvEs. STRUCTUR& GOVERNANCE AND IIANAGEMENT Hlsto The origins of the Bridge Trust in 8amstaF4e are as obs¢ure 8s those of the Lor¥J Bridge over the River Taw it was lomied to maintsin. The impM)rtance of the bridge was reroJnised from the eadièst times and many local land¢>wr5 gifted property and money to assist in its upkeep. Gifts of property. Called feoffments, were vested in prominent local individuals to repair, maintain and improve the Long Bridge. The feoffees Ireiyvers of these gifts} thèrÈf¢ye 1¢8me reswnsible f¢y the Bridge and (( is with them that the origins of th8 Injst lie. ' Unll the eawty 19th centiwy, rècords a scarce howevei. in 1817, a miNrte book slarted to be kept by the Tntsiees (as by therb Ilie Iw)Ifees weie also known). The frst iecorded Chamberfain, Mr John Baker, was appointed and In the InleThwiiiiy y¥dlS (alnK>st tYO inth•d) Ihefè have been len aFV)knt8d. pointing to the exceptionaty k)ng swvice ol several. In 1905 the Biidge Twst fonna tcame 'The Long Brldge Charity. ThrovQUI Its hlstory the Bt¥Jge Trust has bgen close to the heart of Barnstaple.. local counc1k). ¢thitalIas and other plominent ritizens have served as Twstees. In 1%1 resportsiblty for the Long Bridge passed to the Oaparknenl ofTran5POrt aD.d The Long Be ChaiihT' was Ton$111Led wtth a new Tnjst Deed and revgrt•d io its 1¥s11¢ name of'The Bddgg Tr. Page 2
The Barnstsple Bridgo Trust Trustses. Report (continued) In 2019, the 'The BrKlge Trusf conNErt from an uninCor1aIed ch• to a charitabk incorpNalod organi8ation ICIO}. This thange vrds partty be¢aus many funding organiSa5 now require charitios to be 'inc0rated. as a condrtFon of any awarf and to kyowde beltsr IKabilty protection to Trustees. In 2023. it was also thought that the temi Chamterfain was outdated. the more modem lenn of Business Manager is w Used lo des¢ribè the rokn. The propety POrtfolTr). also kn¢y4vn as the pemnenl erK1rrnent. nSISts of four blocks of hisltsric Grade 11 listed properties making the Bridge Trust one of the largest Owne of herrtage yopety in 8amstspte. Some parts of the property portfolio have been trwned by the Trust for a consJerable time. One small area. adjoining Maiden Street has bobnged to the Trust since 1310. Af(hough the knd on whKh they a buin may havo bg8n in the Trust for centuries most of buildings themselves date from the 19th century. Bixlge Chambws- desJn8d a5 a 'hall and thambats, by eminent local arCthI(s R.D. Gouhl. and completed by Ihe lfi 18T3, tho buthg a FHneI &)cal lonthwk and oncè hou the Magtres and County Court5 {th0 I slil exi5t5 Ihough netdg repair and occasionaty u58dl topther¥Alh cornmgrdat offices. stores on Ihe pwl ne•rest the brtdge. substantial privats hou. Today the tyjlthng conlalns indthg thal ofthe TrtL%t a5 wel as the Bge Trust Board Rooffl (used as such snce shwty after the buiklng was comFAeted). In 2023. the Tntst were t(e$Sl in otthir#J grnnt monry from the N10[1 Lottery Heritage Fund, adminBtsred by kn Courtd to use tOaS (ènmbng parts of Chambets including wor*s to th• Hal to b•com• a CtraI arts and DJra1 wlhn the lown. Thè ar• atml ft 15 intended to lauKth the neAf spaces in ewty 2026. Bridge Buildings- COntad witlxn an area bDrdew#d by the Square. th• Strand, and Maiden Street. Completed somellme before 1866. today large houses various CO1claI rètahl oullets a1. on the upperffloS. eight residanllal Ilais. Illjl Page 3
Tha Bamstaple Bridge Trust Trustees, Report (continued) 9 - 11 High Stro01- acquired in the mid c1h, wh the Trust bulh houses on the site: the bvil(ffing as seen today wa5 completed In the late 191h century and. in addibon lo residential units, a charity shop and an outfitters. contains the premises of the HSBC Bank who (as Ihe Midland Bank and formerty the London Cty & Midland Bank) ale the Tru5Ys oldest tenants having OCCUFrfed the premises for well over 100 years. The redèntIal units19 Ilals} on part of the upper Ik)0 a let on a lonlemi lease lo a housing association and managed by Young Devon Ilomwty DÈvon Coui)ty Councl's On Youth department). The Ilats are fet to young people moving from institirtional care to independent Ilvkng. 109-113 Boutport Street- this block of propth was acquired by the Trust the eaty C19th when it was m051Jy houses (bull behyeen 1822 & 18511. From the C19th. unll 1961. the Trtt was an aclr¥te property developer in the town. tsrying. Sng. atHJ developlng properties. lil (ithJit¥)n lo the remaining core propèrtiès. sevèral other prominent Barnslaple buildings wvi¥ once owned by the Trust yicJthng the Farn Chin8S8 RÈsiaurant in Tuly stre (fomièrfy the Golden FEeeeè Inn buih by thg Trust and sold in 19221, Norfh Dèvon Diwnsary (Th)w a hawdressersl in Boutport StreÈl Ib by '" Li* Trust &id >okl In 19301, the Tktstr8 Royal also fft Boutp(Kt Street (also sold in 1930 aThJ demolshed to make way for a dnema) a•)d 93 High Street (now Athaj Fasknn). P•3e 4
The Bamstaple Bridge Trust TrUstS. Report (continuod) As with the wevious 1961 Trusl Deed. the C("tb(l of the new CIO requires that the full b08rd of Trustees meets at least twice annualty (these meetiThJs are caned CY(lin8ry Meetings Iomsll. the Annual General Meeting nomially wecedes the OM in Marth. The Trust is permitted lo apKxMnt 16 Trustees. ten are apFointed by the exisb.ng board. In a change from previous wacbce, North Devon CcAJncil cn rKrfninate 3 Trustees vthI Bamstaple Town Cntil can nominate 2. In addon. the Mwr of Bamstaple can beu)me Trustee ex-officKJ. All TDJStees must b8 able to complete and sign a dedardtion as to their eligibilty und8r Charity Commission rulès bèfore th8y becom8 Trust8&S. At the Annual General meeng of the TnJ5t the Ch8 and Vic&chair are elected 8nd the Trustees Annual Report and Accounts approved. Before a Trustee can be¢on Chair, they must have seNed B minimum of 3 years as a Trustee. At their Ordinary Meetings. Trustees receive repcffts fr(Mn the Business Manager and the varKIus committees and, where necess8ry. approve deciswjns by them. Pdiw. strdlegy. and major decisKJns are reseryed to the full board of Truslees. There are currgnuy three pem)anent ccrfnmitiees of the TNst (In addthn to Ihè Oms of all Trustees) Strategy. Fin8n( 8nd Stsffing {SFSI Public Benefrt aThJ A4waTeness IPBA- [eMj.ants.l. The SFS Commthe consvjers all matters affactfing tha Trust and prepares recommtrndations for the fvll board of Trustees espeaally finance and g)vernan issues. This comrnittee lin its Part 2 proceedinJ%l also acts as a first committee to cCder personnel issues and slaff salaries. The Stfdlegy, Finan and Staffing ¢ommhttee also ¢derS a draft trMAget for e¥h y. their recommendations are referred to the OM of Ihe TnJst in March for aNyoval. A<1 Ho¢ t>)mmittees are o)nven8d as noc•ssary to CCsIder grievances and rxjmplaints and. on occas. to PUT5ue speufic activitie5 Ix projects. Membership of the vArious committees is dec•Jed at the AMu81 General Maett'ng in March, all cornrnittees 8PPOWIt their ovm Chair and Vl(-thalr (except the Strategy, Finan(s and Staffing Committee. which is Chaired by the Chair of Ihe Trust. or in thr absen(s the Vwchairl. The Business Manager atten¢Js all meelings of tho Trust finduding committees) trxcept when rnatters diredy relating to their salary or conditions (or in whith Ihey may have another prejudicial or financial interest) Ythen Ihey vthdtaw. Attthough the Bu8irss Manager attents an(J parti¢ipates in meetings. Ihey do not vote on resolutions. The Trust ernOyS several ststr. The BLJ5iness Manager - who is r8Spcble for the datO4JaY Nnning of the Trust under the overall dIrectiC of the Trustees, workiro cbsely various Chairs and CA)mmittees. Administrator - the Administratc* swp(ts th8 BUne&S Manager ar aerk in tha running of Ihe Trust. Ats))untsnt - Supporting the Buyness Manager. all tasks rdatiTrJ to finance indudlng not limited to pawng invoices. raiwng rental invoices. calryJlatirwJ pa011. finanal planning, and reporting to Trustees with regular finanii81 r9wrts. Finance Assistant- SuP1j the Business Manager 8nd Accountsnt Page 5
The Barnstaple Bridge Trust Trustees. Report (continued) Clerk all works in relatoon to the preparatKJn of meeting$. minutmg and consulbng wth TnJslee5 and staff as necessary regarding statutory o)mpliance. A number of others are empkjyed in part-lime support roles. The constitulK)n of the tharity dearly defines its obp¢ts as: MakiThJ grants for wblic purpow the general benefit of inhthitants Providing amenities forlhe tenefft of inhatmtats GI7 money or arbdes for the benefft of Fwr inhab¢tants Making grants lo Charitses hawng as their ()je(X the relief of FM)verty Making grants to CharItS ha¥iNJ as object the furtheran of puiAic PUT[SeS for the general benefit of inh8bilants. anlsatlon and In noirnal times. Oms of the Trust are held regulady, the Arnual Generdl Meeting pretyjes the Ordinary Meetirvj in Mar¢. Al the Annual Gener31 Meets"NJ of ts Trust the Chair and vI-tha1r are elected and the Trustees Annual Raport and ArUnts approved. At their Ordinary Meetings, Trustees re1ve reports from Ihe Busines5 Manager and the various commiitees and. where n$¢e$$8ry, approve deci$i¢)ns by them. Policy, strategy. and major de(i5K)ns are reserved to the full tM)8rd of Trustèès. The consliluiion of the charity now permits partirypation at meetings by online means e.g. Zoom and Microsoft Teams. Further. where rEcessary, deusions can be approved electronically by em8il where the issue is Imtortanl andlor argei GovÈrn Contr The Trust has in plats appropriate Fdi(ies as requi by law in xcordanc8 ¥th Chanty Commission guidance and regulations: these tM)li(ies are revithbEd rgJularty. Itment of T The consts'tut of thè tharity kwmits the apwnlment crffve nominaknj Trustees: Three Trustees are rInaj by Ban• Tu& {aNI thè mayor may aFso be a Trustee ex-officio) North DevM Counril nominate Trustees. Remaining Trustees are apF(sinted ldknng a skills audri of $ting Trustees and thrch an open and transparent re¢ruitJnenl duding W1C thertising. New Tnjstees are mada familiar vrt)rk of the charity through, meetThvJ$ with other Trustees. being provtded with (x)pies of the varIS key p(Ai(ies and documents the Trust has developed larKI conb'nues to develop) and by being gwen a copy of the charitys (*IllUti. ement The Trusl maintains a rtsk register whth 15 rlarlY ewed. The Trust is confident that it 1$ aware ofthe risks f8ced by the charity and has and ¥$$eS in place to Wect 898inst them. Page 6
The Bamstaple Bridge Trust Trustees. Report (continued) luatlon of thè Ptrnmnent Endovlinen The Trustees feccgnise the impcvlance of an acrate fdluabon for ts PemBnenl Endowment (property portfdiol. The last formal Yaluatk)n vras conducted in August 2023. Through its profe&%ional advisors, ts connections vAth local counrAllor5 and other kK21 FWF4e and Org8nL5atis,. infomialion on loczl property market trends i% (x)ntinLKyJ co1Cl&l and repryted to ttw Tnjstees. The Trust reviews its fin8nual (Xtrcts annualty aThJ at other times vthen there are chaTrJes in stsff or procedures. R lated rtles These are detailed in a note to the finla1 stsleThnts. The Charity has a g¢y)d relationship with its tenants, and kx81 oryanisalK)ns and buSSseS n the area. Revlew of ¥111e6 and Phievernents In March 2023, the Trust thrned the news of tsr suctessful bKJ for grant ol monies under thg Cultural Oevetopment Fund. This wll hdp the Twst to briThJ the bulk of Bridge Chambars back into use 8$ 8 publi¢ sp8¢e. The succ8sstul is in ca)njunctK)n vnth North Devon Coun¢il who are the overall contracting authority are using allocation of fvrKls to rewM)vate their Boutport stretrt propertles. The collaboration with NDC and other stakelKJlders such as Beaford Arts and Mulli Story Theatre Company will help to devek¥) Barnstae'S cultural quarter from Boulpcfft Slrget. past the upgraded Pann Market down onto the StrarKI and endiThJ with the Tnjsfs flagship building. The tendèring prttess for Architects and Quantity Surveyrjts was completed DWP and RaTrJall Simmonds being aFwinted arxl planning and lisbg tryJilding applic8tions were submitted to NDC. Tho contract was tendered. wth Ictal fim Poari Construction beirwj SLKxwful. Wc¥k i8 reThy, with ujmpletion expected by March 2026. Durr4J the ypar, the Trust has h¥J warious tenancies char¥Je hand$. pThidirMJ an IMpvIj inttjme situabon. 2024 has seen the Business Centro kK2ted Vilhin Br$38 Chamr5 8t amost frjll 0pancy. The Trust is stdl investbJating optim$ the empty BoutF)rt Street properties. There has been intèrèst in thè buiklings from various parties. arKI it 15 I)j that 2025 wll result in 8 (Joar way fOard beir¥J found. The tnjst is forced to consider all options. induding KXMb disposals. a5 Ih8 propeities a all list and th&refe expensive both to mainiAin or redevdcp. The trust continues to SUPFNi in real need via fv Samaritan furKS, Ythich has soen many rnore requests during tho year and tr*lTreves that this treThJ wll continue vthilst the local pcpulation rèmaln in a c0s1Of1ng crisis. The Trust have be8n using a restricted fijnd kindly don8t8d to them on the dosure of a ILKal Charity and (( is hoped Ihat Ihis fund will last until 8t least 2026. It is hoped that on Bridgg Chambors has been refyrbished and Ihe Trust's tKoperbes are at dose to full cUpancy. the ino)rne frorn the Trusfs estate VAII enab it to resume providing generdl grants in the fOreable future. The Trust remains keen to hear from w)tential r£w twstees. espeually those vtho could fill any ski115 gaps. Public 8enefft Page 7
The Bamstaple Bridge Trust Trustees, Report (continued) The Truste85 nSIdr that the objects of the charity. as stst&d above, comply wth the Lharty Commission guidan on Publ Benefrt IPB1. PB2, PB3.' 2013). The Trustees unanirnou51y agree that the requirem9nt for due r8gard to the Public Benefft guidantx has been satisfd. FINANCIAL REVIEW During the year, the Trust received income totaififtg £297.026 12023.. £333,562). Tho d•uease in in¢ome frcrfn 2023 is mainty due to a decwse in other income from £72.805 to £11,515. Total expenditure daSed from £377.446 in 2022 to £297,009 in due to the inthl costs in latiOn to the Bridge Chambers proiecL It is thg polw of the charrty to rnatain Unrestri¢ fvnds, whKh are the freè reserves of the tharily. at a level which prnwdes sulent fvnds to support general costs. ststement of Truytees. Rosponsibiliti8s The trustees ars resFKJn5ible for preparing the tmstetss. port and the finanaal statements in accordance with the United Kingd(Mn Ac¢ounts"ng Standards (United Kingjom Generalty Accgptgd Attounting Practv) and aFplicable l• and reguktions. The L4w applicab lo eharrtRs requires the trustees to prepare financial statenwnts for e8ch financ1 year gwe a true and fair vw ol the state of affairs of the charity and of the inojming resources and application of resources of the chaty for that perityl. In pparing these financial statsThn15. the trustees ar6 rsqurr8<1 to". select suitabk accounting poti¢ ond then apply them consistenty. observe the method$ and prinuples in the Charities SORP,. makgjudgotrents and estimates that are reasonablg and prudent.. stale whether app1thble accounting stsndards have teen follow, sU.e¢L to any mat8rHI depathres disck)sed and •xpbined in the financtal stslgments.. and prepare the financial StateEnts on the g)in9 ¢onom basi5 UnsS r( 15 inappropriate lo presume that the charity wll continue in business. The trustees are rèsponsible for keeping proper accounting records that disclose th reasonable accuracy at any time the financial posthn of the charity and enab them to ensure that the financial ststements compty with the Chanbes Act 2011. the chart1$ lACUnts and Reports) RegulatnS 2008. and the provis&ons of the constitutKJn. The trustees are aL80 respons)l for safeguarding the assets of the ch8rty and hence for laking reawnable steps for the preventr)n and detectKn of fraud and other irregularitses. The Iruslees are responsible frjr the Maintenan and integiity of the wrate and financial information in¢luded on the ¢hartsble company's website. LegiSlatTr goveming the preparation and dissemination of financ1 statennts may differ from iegisLation li other jurdthns. Dls¢losur• of Inlonnth to auditor Each trustee has tsken steps that they ought to have taken as a trustee in order to make themselves aware of any rekvant audrt infomats.on and to establish that the tharity's auditor is aware of Ihal inf0MtIOn. The trustees confim that there is no Idev3nt informab'on that they know of and of whh they kn¢)w the auditor is unawaro. Page 8
Thè Bamstaple Brldga Trust Trust8es' Report (continued) The annual report was appto¥&J by the tru*ees of the tharity on ... behaff ty. 21.. and 5vJned on its Mr G Townsend Trustee
The Barnstapla Brldge Trust Independent Auditorfs Roport to the Members of Tho Bamstsple Bridge Trust Oplftlon We have audited the financial 5tatem8nts of The Bamstapkn Br¥Jge Trust (the '¢harity') for the ypar end8(J 31 Decernber 2024, which ¢ompn"se the Statement of Financial Aetp4rtie5, Balance Sheet. and Notes to the Finan¢ral Stalemenls, induding a summary of signfficant accounting policie5. The financial reporting framework th has teen •ppligJ in their preparatKJn is UThrted Kingdom Accounting Standards. compri%ing Chanties SORP- FRS 102 The Financial R9poiting Stsndard applrable in the UK and FlepublK of IreLgThY and applThble Law {Unrted Kingdom Generally Ac£epted Accounting Practice). In our opinion the finanaal slatements.. give a true and frdir vithv of the state of ts Charit8 affair5 as at 31 Decemb&r 2024 arKI of its incoming rv6ources and appl.catfi of resour. induding rfs income and eypenditure, for th year then ende<l", have b99n property prepargj in acrdance wth Unrted Generalty A(xeptsd AccDunling PTrctice', and have boen prep•red in rdance wth the requiTrrrEnts of the Charibe$ Act 2011. Basis for opinion We conducted our audrt in accordan TrAth Intemabon81 Stsndards on Adrt9 {UKI IISAS {UK)l and applicable Lgw. Our responsbilitk?s undor those standards are fvrther described in the avditor responsibilf(Es for the audit of the financial statements secK)n of our reporL We are IndendeI ol the charity in accorrlan¢e wrth the ethal requirneD1$ that are relewant to our audit of the financial statements in the UK, induding the FRC'S Ethrcal Stsndard, and have fvffilled our other ethical responsibilthes in accordan¢e with these rpquirements. We belw that the audit wo have obtained is sUfflnI and appropriate to provide a ba$1$ for our opinion. Conclu51ons relatlng to going concern In audrting the financial statements. we have conduded that the trustee5 use of the going conrn basis of accounting in the prgparatK)n of the financkal $latennts 15 appropriate. Based on the woffk we have p8rfomied. we have not Kjentified any material uncert8intEs relating to events of conditions that, indmdualty or ¢olleciivety, may cast signrfi¢ant doubt on the charity's ability to continue as a going concern for a pemj of at least twthe rnonths ftom whon th& orKJinal financial stennls were authorised for issue. Our responsibilities and the SponsIbl1[b.es of the trustees with respeci to going concem are described in the relevant secb.ons of this reForL Other Inforniation The trustees are responSle IDr the other inform*k)n. The other infomialion comprises the infomalion in¢luded in the annual report. ottr than the finarrial statements and our auditorfs report thereon. thjr opinion on th¢ financial staternents does not cover the other infomiation and. except lo the extsnt otherwise eXpl1Y stated in otsr rert, we do not express any fomi of assuran¢e o)ndu$KJn thereon. PaJe 10
The 8arnstaple Bridge Trust Independent Auditorfs Report to the Mombers of Bamstaplo Bridge Trust (continued) In connection with our audit of the financkal statem&nts. our responsibility is to read thg Other infomakn'on and. •i <knng so. consider whether the other information is matgrialty incons¢stent with the financial slatements or our knowbjge obtained in the audit or otherwse appear5 to materkgl misststed. If we KJentsfy such material inconsistencies or apparent merial rntsslatements, we are required lo determine whelhef there is a material mk8statement in the finanGial slalements or a material misststgment of Ihg other infom1atn. If, based on the work we havè performed, we condude that the is a material misstatement of thB t)ther information, we are requir&1 to pOrt that fact. We have nothing to ty)rt in this regard. Matt8r5 on which w• arn required to Teport by ex¢epllon In the light of our knovledge and under5tsnding of the thaiity and its environment obtained in the course of the audit. we have not hlentifEd material misstslerrents the Trustees, Report. We have nothing to report in of the folbwing matter5 where the Charthes (Accounts and Report) Reguktiolls 2008 requires us lo rert to you rf. in our opinn.. adequate accounting records have not been keF( or returns adequats for our audit have not teen receNed from branches not wsited by us: or the financial ststements arg not in agfeeThnt with the a¢UntIng records and retums: or certain disclosure5 of trustees Muneration spe¢ifiod ty Law are not made." or have not receNed all the Irrformth and exFAanath?n$ v require for our audrt. Responsibilities of trustse5 As explained more in the Stslement of Trustees. Responsibilities lsel out on pa98 81, the trustees are responsible for the preparatKJn of the financial statemonts and for being sats"5fied that thw gNe a true and fair vw. and for su¢h internal control as the twstee5 delemiine is necessary lo enable the preparation of financial 5talerrEnts that a fe from material misststemenL whether ¢Jue to fraud or error. In pparing the firtanCl stslements. the trustees are reSnsib for asseswng charity's ability to continue as a going concern. di5dosing. as appIab. matters related to going con¢em and using the gcsiny ¢oncem basis of a¢¢ounting unsS the trustees eTther intend to IKiuHlate the charity or to cease operatK)ns, or have no realist aliernatibp but to do so. Audltor Rosponslbllw for th8 audit of the flnancial $tat¢m•nts Our objectives are to obtain reasonab assurance 81x)ut whether the financial statements as a vthole are free from material rni5ststemenL whether due to fraLKI or error, and to issue an auditorfs report that includes our opinion. Reasonab a55urance is a high level of assurance, bul is not a guarantee that an audit ¢dUcted in acco(d3nce with IS4s {UKI will aKvays detect a Mater m155tslement when it exists. Misstatements can arise from fraud or erwr and are conshlered material rf, indwidual or in the aggregate, they o)uhY reasonabty be exF4¢ted to Influen the econtsmic decisK)ns of users taken on the basis of these ffinancial statents. The extent to whith our prc¢gJures are wabbè of det¥cling irrggukrrtses. induding fraud is delailed beltrw.. We identified areas of Laws and regubtions that oxjld rgasonabty be exed to have a material effect on the finanual stslennts from our general commercial and sector experience and trough discussKJn with the trnstees and other management and from inspectson of the charity's regulatory corresponden. We communiced entified laws and fegulats.ons throughout our team, and rgmained alert to any indications of noTrac?nce throughoul the audit. Page 11
The Barnstaple Brldge Trust Independent Auditorfs Report to the Member5 of The Bamstaple Bridge Trust Icontinued) The ¢hanty i% $ubjeL to law and regulatb)ns that govem the pwaration of the financial statements, induding finanual reporting i5Lath)n. and other chanty legi51ath)n. The charrty 1$ also $ubjg¢t lo many other laws and regukbons where the consequènces of non-ctsmpliance could have a malerial impact ¢)n the amounts or disdosur8s wthin the financ1 slatem8nts, including empent, antth"bery. anli-rrK)ney Laundering and crtain aspecls of charity l$tK)n. Owing to the inherent fimitabons of an audrt, there ts an unavohyable risk that we may not have detected some material mi55tsteThEnts in the finan¢i81 ststements, ov9n though we have propttrfy planned aThJ perfomied our audrt in accordance with auditing standards. In any audr(. there remains a hJher risk of non41etection of irwularitEs, as these may invofve o)IIusK)n, forgery, intentional omissions. misrepresefttslions, or the override of inlemal controls. We are not responsible for Pvents.9 non-complkance ar1 canTh)t be expeded to delert ncM)-complian¢e Y all laws and regUlatnS. As part of an audit in accordance with ISAS (UK), W exercise professional judgment and maintsin professional s¢epb'cism throughout the audit. We also Identsfy and assess the risks of material misstatement of the financial statents. Whhr due lo fraud or èrror. dosign and perfomi audit proceduies responsNe to those risks. and obtsin audit evidence th8t is suifiuent and appropriate lo prowde a basis for our opinh)n. The rk of not deleth.ng a material misstalemenl ultIng from fraud is hgher than for one resulting from error, as fraud may invOe collus. forgery. intention¥ omi55NJns. misrepresentats"orts, or the override of intemal corrtrol. Obtain an understanding of inl¢mal control reknnt trj the aud in order to desvJn autht prceduras that are appropriat8 in the rircumstsnces, but not fty the puw of exprgssing an on the effectiveness of the internal control. tvaluate the appropriatsness of aUntIng pol u$8d and the iea50nabkness of ¥Unting estimates and relatgd t1is¢k)sure5 made by the trustees. Conclude on the appropriateness of th• tru5tees' use of the going clYrn bas of accounting and, based on the audit ewdence ¢)btained. whether a material uncertainty exists related to ents or conditions that may cast Sb3nitrant doubt on the ¢hariV5 abilty to contrnue as a wing cone¢m. If we conclude that a material uncertainty &Sts. we are required to draw attenb.on in our auditorfs report to the related disdcjsures in the financial statements or, if such discb5ures are inadequatg, lo modify our opinion. Our ¢onclusKJns ai& based on the audii evklence obtainwj up to the dale of our audi(orfs report. However. future ever)ts or conditions may ¢ause the charity to ceas8 to continue as a going concem. Evaluate the overall pre5entstion. stru¢lure anJ content of th8 ffinan¢ial statements. induding the di5Glosures. and whether the financkil statements repSert the underlying transactions and evènts in a manner that achEves fail presentstion. A fvrther de5crption of our resFnS1bIlrt$ 15 avaifable on the Finan¢ial ReFQrting Council's websiie at.. wWw.fr¢.org.uklauditorsre5n3lbllit5. Thi% dewpticffi forms part of our auditorfs )rt. Use of our rnport This report is m*Je sokly to the charity Irustees, as a trA. in accordance with section 144 of the Charities Act 2011 and regulations made under sèction 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters vft are required to state to trustees in an auditors, port and for no other purpose. To the fUlst extent pemirfted by18w, we do not accept or assume responsibilty to anyone other than the charity and its trustees as a boty. fr)r our au¢J4t wo, forthis report. or for the opinn5 we have fonred. Page 12
The Barnstaplo Bridge Trt Indepèndent Audltotrs Report to the Mambers of The Barnstaple Bridge Trust (contlnued) Westcotts ISWI LLP Chartered Actountsnts and Statutory Audit 47 Boutport Street Bainslapl8 Devon EX311SQ Page 13
The Bamstaplo Brldge Trust Statement of Financlal Activities for the Year Ended 31 Dacèmbgr 2024 Total Totsl 2023 funds fund5 funds Income and Endowments from: Donats'ons and kgaGies Other trading iVitieS Investrment incomè Other inc 623 273.566 11.322 623 273,566 11,322 11,515 5.000 245,489 10.488 72,605 Tolal income 297.026 333,562 Expendlture on: Charitable aCtiveS 371 318 6.1281 377.446 Total exFenditure Gain5Aosses on investment (371.318) 16,1281 1377,446) {297,009} 463 5.095 5.558 Net lexpendf(ure)fincorr 73.829 6.128 4.862 Net mov9ment in lunds 173.829) (6.128) 174,862) 56,537 Reconciliation of funds Total fund5 bmught forward 260 480 3.674 5S8 3 950 571 3,894,034 Total funds ¢arrd foM8rd 18 186.651 9.407 3,679,651 3.875 709 3 950 571 All oftho ¢hariV$ athrties derive fr(n c(tinu1)g operatKX5 during the above h¥0 per¥As. The funds breakdcNm for 2023 shon in note 18. The notes on page$ 16 to 29 form an integral part of these fin8ncial stalements. Page 14
The Barnstaplo Bridgo Trust (Registration number: 1184834) Balance Sheet as at 31 December 2024 2024 2023 Note Flxed aets Tangbk assets Investments 14 15 3.449,OC 240,214 3.449.Qi)O 234656 3.689.214 3.683,656 Current assets Debtor5 Cash * bank arKI in hand 16 12.390 219.870 17.728 299.070 316,798 49,883) 232,260 Credltots: Amwnts falling du• Y*lthSn one year N81 currenl assets 17 45,765 186495 266,915 N•t a880ts 3 875.709 3 950 571 Funds of the charity: Endowment funds 3.679.651 3.674.556 Restricted ino>me fvnds Restrict&J funds 9.407 15.S35 Unrestrictsd In¢omo funds un$th.¢I9d fvnds 260,480 Totsl funds 18 3.875,709 3 950 571 Tha financi81 ststemgnts M pages 14 to 29 were approved by the trustees, ar a(tthorised lor issue on Iilio.ItS... and signed on their behaw ty. Mr G Townsend Trusteè The notes on pages 16 to 29 fom an integral part of these finanaal stat8rrEnts. Page 15
Tho Bamstaple Bridge Trust Notes to the Flnanclal Statements for the Year Ended 31 DeceMr 2024 l AcwuntlTrg polkl8s Ststsment of ¢omplianc• The finan¢ial statements have been prepared in accordan wilh Ihe second edrtK)n of the Charities Statement of Recommended Pra¢tKe issued in OCtor 2019. the Financial Reporting &andard applicable in the Unite(J Kingdom and Republ of Ireland IFRS 102) and the Charitses Art 2011. 8a51s of preparatlon The Barnstaple Brhlge Trust meets the deffinrtk of a publ¢ benefft entity under FRS 102. The accounts lfinanckwl stslerrEntsl have been prepared under the historKal cost convention with it&ms re¢ognKd al cost or transactrjn walue unkn otherwise stated in the revant notelsl to these accounts. The finanual statements are prepared in sterling which is thg fun¢tional ¢urrency of the ¢arity. Exefflptlon from prèparlrwJ a $b Ilow statemènt The charrty opted to adopt Bullth"n 1 published on 2 Febwary 2016 and have therefore not Included a cash flow statement in these financial statements. Going concom The Iru51ees consider that th8rg material uncertainties at<)ut the charTVs abilty to continue as a going concem. In¢omg and endowments Voluntary income including donath)ns. grRs. 199aaes and grants that provide CO funding or are of a general nature i% Tecognised en the charity has entrtknient to the irtMe, 15 probable thal thg in¢ome wll be receNed and th amount be measured sUfftnI relkibilty. Grnnts r•¢efvab Grants are recognisad when the tharity has an ntiUemenl to the fvnd5 and any corKI((n$ linked to the grants have been met. Where performance condiéh)ns are atta¢hed Its the grant and are yet to be met, the income is recognised as a I"1ty and included on the balan sheet as deferd in(x)me to be released. Defeed1C0m& OeferTed income reprents amounts receNed for fvture periods and is released to incoming resour •i the Feriod forwhich. it has teen rec£Ned. Such incomg Ks On deferred when.. - The donor Sp th81 the grant or dOnat)n must ¢ty be used in future auntIng periods.. or The donor has impos8d ndit)n$ wthich musl be met before the tharity has uno)Ddilional enbtlemenL Investment income Interest on funds held on deposit is induded whw receivable and the amount can be measured reliabty by the chaiity., thi5 is nomialty um)n notsficats)n ol the rnlere5t paKI or payable by the bank.Diwdends are recognised once the dp4idend has been dedared and notificatlon has been r8coivgd of the diwdend dijp. Page 16
The Bamstaple Bridge Tntst Notes to the Financial Statements for thè Year Ended 31 December 2024 (continued) Expendlture All expenditure is recc3nised On there is a kgal or constructNe oblytion to thal oxpenditure. it i8 probable Seluement is required and the amount can be measured reliabty. Al costs are allocAled to the applKable exFendrture heading th aggwate similar costs lo that category. Where costs cannot be dire¢tty attn'buted to partlar headings they have been alkKat8d on a basi5 consistent with the use of resources, with central staff Costs alkncat&J on the basi5 of time SFtnt, and depreciation charges alkxated on the pOrtn of the asset's use. Oiher support costs art allocated basad on the spread of stsff Costs. Charitsble activi¢i•s Charitable expenditure cornprtses those costs irtcur by the charrty in the delNery of tts actNibes and seryices for rts benefv"aries. 11 in¢ludes both costs that can be allo¢ated directty to such 8Ctivittes and those costs of an indirect nature neCtry to supFort them. Grantprovlsltsns Provisit)ns for grants are made when the inlent)n lo make a grant has been cornmunicated lo the recipient but there uncertainty ¥b)ut either the timing of the grant or the amount of grant payable. Support costs Support costs include central fu1$ and have been alk&ited to actNity cost categories on a basis consistent the use of resources, for exampb. alkxating property costs by fk)or areas, or per capita. staff costs by the spent and th costs by their usage. Taxation The charity is ¢onsid&r8d lo pass the tests set out in Paragoph 1 Schedule 6 ofthe Finan Act 2010 and Ihefefore it meets the deffinon of a Charitab company for UK ¢orp)ration tsx purp05&S. Accofdingty, th8 chanty is potentialty exempt fr¢Mn tsyaln in respect of incomè or r2pital gains received within categories Ix)vered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the TaXatn of chargeab Gains Acl 1992. 10 th8 extent that su¢h incomg or gains are applied exclusNety to Charitabb purposes. Tangible fixod assets Individual fixed assets a initialty recorded at CQsL any Subsequent accumulated depreciabon 8nd subsequent accumukted impairment h)55es. Fixed ass8t Invastments Fixed asset investrnenls. other than progryamme fekted investments, are included * market Yalue at the baL4rt¢e sheet dale. Reali$ed gains and knsses on investments are caulated a5 the drfferencg btheen sales proceeds and their market value at the start of the year. or their subsequent cost, and are tharged or ¢dted lo th& Stslement of Finanaal A1tS in the pericd of disposal. Unre8lh8ed gains and k6ses presen1 the move1 in Maet values during the Far and ar• credited or charged lo the Statement of Finan¢ki1 AfAivit$ based on the rnarket value at the year end. Page 17
The Barnstaplo Brldge Trust Notes to the Financial Statements for the Year Ended 31 Decomber 2024 (¢ontlnued) Cash and ¢ash equlvalents Cash and cash equNalents eomprw cash on hatKI and call deposits, Jnd other short-lerm hgh INJU investments that a readity convertth to a knfywn amount of cash and affj subJ"OfA lo an insignrfKant risk of change in value. Fund structurn Unrestricled Inco funds are general lunds that a wailable for use al the trustees diSCln in furtherance of the otiectNes of tho tharity. Designated funds a unrestricted fijnds earnarked by the trustees for particular future projects or commitmttnts. Restricted income funds are those donalgj for use n a Partilar area or for purposes, the uso of whth is t"CIed to that area or purtM)se. Financial instruments Classlficatlon FinancK31 assets and finanaal liabilrfies So recconised when the ¢harity bec¢mes a paty to Ihe contradual provisions ol the instrumefiL Financial liabilrtEs and equty instruments are dassfied according to the substan of the contractual arrangements entered into. An equty instruNnI any contract that e¥trJences a dUal interest in the assets of the chafity after dedu¢ting all of its liabikns. l financial assets and liabilities are ink?Try measured at transadKffl 1 finduding transathn costs). except for those financial assets dasstw as at fair vae through profft or loss. whh are initialty measured at fair value (Ich is normalty the tranSactn price excluding transaction $1$1, unsS the arrang8rrenl ¢on$trtutes a financing transa¢bon. If an arraTrgent constitutes a financing transacbon, the financial a55et or financial l&?lilty is measured at the present value of th8 future paymonts dI$Unted at a market rale of KJlere5t fDr a simiLar debt Jnstrurrnt. FinancHI assets and labilityes are onty offset ) the slaternent of finar101 r)sthon when. and on when there exists a enfor¢eabte rwJhl to set off the r8cognised amounts and the charity intend$ eiiher to settle on a net basis. or to realBe Ihe asset and settle th8 liabilty $Imutt8nU5ty. Finanaal assets are dere¢¢8nised vthen and onty when al the contractual rigms to the cash flows from the financial assel expl or are setued, bl the charity transfer5 to another paty substantrdlty all of th8 risks and rewards of ovmership of the finanaal asset. or cl the charity. despite having retained some. but not all, signifunt risks and rewards of owmership. has transferr8d control of th• asset lo another paty. Finanaal liabilbties are derec(JnLI onty ¥ththen the d)ligakn speCifd in the corrtract is dtscharged, ¢an¢elled expires. PJe 18
The Barnstaple Bridge Trust Notes to tho Flnanclal &atements for the Year Ended 31 Decembèr 2024 (continued) Investments in norConVerti prefefence share$ and norb-puttable ordinary or preference shares (where share5 are publicty tjed or their fair walu8 15 reli8bty measurablg) are measured al fair value through profrt or Ioss. Where fair value cannot measured reliably, investments are measured at Cost less impaimnt. Investrnents in subsidiar5es arwl associates are measured at cost less impairment. For investments in subsidiares acquired for Consslet)ti induding the issue of shares qualty'ng for merger relief, cost is measured by refeience tr) tho nominal value of the shares issued plus fair value of other consideration. Any premium bJnored_ Fair value measurement The best evidence of fair waTrue is a quoted pri¢e for an ftlentical asset in an actNe market. When quoted prices a unavailab. the Pri of a recent transacbon for an identi1 a55el provNJes eviden of fair value as kjng as there has not been a s19nrfant change in e¢onomi¢ ¢ircumstances or a signifrant L8pse of b.rne $n¢e thg transaction tcok place. 11 the market is not ath.ve and recent transactKJns of an idenlul at on their ore not a good eth"rrte of fair walue. the fair value is e5timatsd by using a valuation iechnique. 2 Income from donations awd l¢ga¢los Unrestrlcted funds Gen•rnl Total 2024 Samaritsn Grants 623 Restri¢t•d funds 623 Totsl 2023 Granls rece 5,000 5,000 3 Income from ¢)th•r tradlng activities Unr•strlct8d funds General Total 2024 Rent receNable Chaw rbwrable 262.421 11,145 262,421 11,145 273.566 273,566 Unrestrictsd funds General Total 2023 Rent receNable Charges recovefle 242,272 3.217 242,272 3.217 245.489 24S.489 Page 19
The Bamstaple Bridge Trust Notes to the Flnanclal Statements for the Year Ended 31 Decembor 2024 (continued) 4 lThv•stment Income Unrestricted funds General Total 2024 COIF Incomg and CIVendS Intsrest reCeNab on bank dewsits 6,279 5,043 6.279 11.322 11.322 Unr•stricted funds Ganeral Totsl 2023 COIF Income and Div*Jends Inte1 receivable on bank dewsits 6.192 4,276 6,192 4.276 S Other incom• fvnds Gonèral Total 2024 Other incor 11,515 funds G•nernl Totsl 2023 Other inco 72,605 72,605 6 Expfrnditurn on charitable a¢tiviii&s fund5 Gweral Restrfctsd Total 2024 Charilaiye activrties Grant funding of actNibes Allocated support costs 2.745 290,745 6.128 6.128 80.573 371318 377,446 Page 20
The Bamstaple Brldge Trust Notes to the Flnanclal Statements for the Year Ended 31 Decembar 2024 {contlnuad) funds Gèneral Restricted fund5 Total 2023 Charitable athiknes Grant funding ol acbvit located support costs 199.783 5,000 5,846 204.783 86.380 86.380 286.163 10.846 297,009 7 Analysis of support costs Total 2024 Total 2023 Staff costs Audit fees Finance cost5 Payroll costs Postsge. telephone and stat¥)nery Ggn•ral costs Insurance (Offi} Insuran (Trustees) Grant trAd expetises 63.547 4,620 74 68,446 4.380 102 816 3,549 8,120 65 902 4,469 5.169 200 80.573 86.380 8 Grantwm•king Analysi$ of grdnts Grants to indlvldua 2024 2023 Grants paKI 6,128 g Net IncominOut90Ing resouvce5 Net {outgoingyincorning resour forthe year Ind0.. 2024 2023 Gainsllosse$ on investment 19.984 Page 21
The Bamstaple Bridge Trust Notes to the Financlal Statements for the Year Ended 31 December 2024 (continued) 10 Trustees remuneration and •xp•ns•s No rernuneratK)n. beneffts ot pen$Jn conlributTh$ re paKI to. or for, any trustee for theTr servr£s as trustees but during 2023 one trustee was pamj in resped of their empk)yment yh the charity. During the year, the tnjstee receN9d remunerabon total"n9 £Nil.12023' £3,420) Expense5 are reimbursed to Trustees up)n pr(kYucb"on of receipts or mileage d8ims. the Trustèes have Public Liability InsurarKe whth indemniffes thgm vknilst * the Charrty PTemises and anere wthin the UK whilst canymg oul Charity woth of a clerThl nature. The Trustees also have general indemnity insurance which is not limrted lo deasions made on the PrniSeS. 11 Staff costs The aggregate payroll costs We as folry•ts'. 2024 2023 staff costs during the y•ar Wages and salaries Pension costs 71.449 941 76,54S 453 72,3 76.999 The rrK•nthty average numter of persons linckKlffjg senior management Ilgadership team) ernployed by the charty duriThJ the year wa$ 712023.61 The averag numbttr of fiJlMime equNaknt employeas vM$ as folbws". 2024 2023 No Administration, accountant and pent of grants No employee receNed emolLmients of rne than £60,000 during the J 12 Audttors. renn•tiOn 2024 2023 Audit of the financial slatemonts 4,620 Page 22
The Barnstaple Bridge Trust Notes to the Flnanclal Statsments for the Year Ended 31 December 2024 {contlnued) 13 Taxatlon The char.rty is a registered charrty and 15 therefo exenv from tsxabon. 14 Tangible fixed assets Frwhold Total Cost At 1 January 2024 3,449,000 3.449.Tr)0 Al 31 December 2024 3,449,000 3,449.(MxJ Depreciation At 31 Decembèr 2024 Not book valu? At 31 L)ecember 2024 3.449,OC(1 3 449 000 At 31 December 2023 3 449,000 3.449.000 The freehold pro[8$ are Wd * valuatn. A fomial valuats)n was cryietwj in August 2023 by sart EM Smrth FGs from underwo WngN Charto(ed Survey)r5. Pago 23
The Bamstaple Brid Trust Notes to the Financlal Statements for th? Year Ended 31 December 2024 (contlnued 15 Fued asset Inveslments Investments Total Cost Valuati¢)n At 1 January 2024 Revaluation 234,656 5.558 234.656 5,558 At 31 December 2024 240214 240,214 Net book value Al 31 De¢ernter 2024 240.214 240.214 Al 31 Decemtr 2023 Finan¢k?l assets held at fairvalue 234.656 234.656 Capttal Endowmont Fund The holjing at 31 December 2024 11,365.88 units in the COIF Investment Fund Income Units and are stated at market value of £230,652. The hIStor cost of tho hokjing is £190,711. Rov•nue R•s•r¥• Fund The holding at 31 De¢8t7knr 2024 36.69 units in COIF CharItS Accumulatod Fund and ar8 5tsted at markot value of £9.562 as at th date. The histori(31 value of the holding is £6,959 16 Debtors 2024 2023 Trade debtors Prepayments Other debtor5 2.924 3.322 9,406 5,000 12.390 17.728 Page 24
The Barnstaple Brldge Trust Notos to the Financlal Statements for tho Year Ended 31 Decomber 2024 (continued) 17 Cr•ditor5: arnounts falliNJ due wlthln one y•ar 2024 2023 Trade creditors AalS Deferred income 19,109 6.631 20.025 18,195 12.T71 18.917 45,765 49,883 2024 2023 Defefred Inco al 1 January 2024 Resources defefred li the Fer Amourrts released from previous pe($ Deferred incotrn at year end 18,917 20,025 18.917 15.539 18,917 15,539 20.025 18.917 Page 25
The Barnstaple Bridge Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2024 (continued) 18 Funds 8alanc& at 31 D¢Mb9r 2024 Balance at 1 January Incomlng Resources 2024 vesources expended ¢¢gnlsod gainsl Ibsses) Uftrestrl¢ted funds Genwal General fvnds Capital Mal¢h Funding - Arts Counal Engkgnd Capital Ringfen¢8 - Art Council Engnd 96.854 297,026 (255.2241 139.119 146.11)0 (104,8*1 41,204 17.526 11.198 297.026 1371.318 463 186651 Restrkted fvnds Sarnarstans Grant 15.5 {6.128) 9.407 Endowm8nt fvnds PernWnt Endowment fvnd Capital EndowTnent fund 3.449.0 3,449,000 230 651 5.095 3 674.556 3 679 651 Totsl funds 3.950 571 297 026 3n.446 3 875 709 Page 26
The Barnstaple Bridge Trust Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) B•l•n¢t Oth•r Balanco at1 recogTr15ed at31 January Incomlng Resources galnsl December 2023 resouwAs expOnd Trnnsfvrs Ilossesl 2023 Unreslrictgd funds General General fijnds Repair5 and Renovation Funds Capital Match Funding - Arts Council England Capital Rin9fen¢e- Art CounrAI England 41.070 328.562 1281.789) 1,002 ,854 (8.0091 150.CO) 13.900) 146.100 18.000 (474) 17,526 217.079 328,562 286,163) 1,002 260,480 Restrict fund8 Samarrtans Grant Bin store 21.381 15.8461 15,000 10,846 15.535 5.000 21,381 1 S,$35 Endowment fund* P8rn7anent Endowment fijnd Captsl 3,449,IMJ ErKlowmenl fvnd 2(6.574 3.449,000 18,982 225.556 18.982 3.674,556 3.6S5,574 T4)tal fvnds 3.894,034 333.2 297.009 19.984 3.950.571 Page 27
The Barnstaple Brldge Trust Notes to the Flnancial Statements for the Year Ended 31 December 2024 {¢ontinued) The Repairs Renovaknn fuThJ has been desKJnated to tre used for spe0r rftpai aThJ renovations. The de8vJnation of the Ca1 Match Funding is in line wth the bKI to the Arts Counol England and is to cover the shortfall in match fvnding for the bJ. The athJrtKJnal £18,000 ha5 been desMJnated to cover expenses including, but not limited to planning surveys. fees and other incwjental costs penent to proceeding vAth the planning application. The Samaritan grant fvnd has been re5tsicted to te used for the Samantsn Grants payab from 2022 onwards. Th¥ tsn stor& fund rektes to grants received tuards V•Y)rk on a bin store to the side of Bridge Buildings. The Capital Endowmont Fund rwesents the investments as $h(ywn in Note 15. Income arising on the endowment fund can te used in accordance with ctsje¢ts of the charity and is induded a$ unrestrthd income in the slaternent of financial ac*vrties. Any ¢apital gains. or kjsses. fom) part of the fund. Thg Pemianent Endovment Fund rppreserrts the of the investrnent properbes h8ld by the eharty. Incorne arising on this fund be use¢J to 5UPP)rt the chantys 9eneral objed5. 19 Analysls of nÈt assets btlwwn funds Totsl fund5 at31 Endowment funds P•mianÈnt funds G•Mrnl funds 2024 Tangiblg fixgd 8ssèts Fixed 8sset investments Current assets Current Ioatilities 3.449.CO) 230.651 3.449,000 240.214 232.260 45,765 222.853 45.765 9.407 Totsl n9t a$$ets 3.679 651 3 875 709 Page 28
The Barnstsple Bridge Tt Notss to the Flnanclal Statements for the Yèar Ended 31 Decembar 2024 lconlinued) Totsl funds at31 Docember 2023 Endowm•nt Restricted funds funds Pemun•nt funds Gen•ral Tangible rued assets Fixed a$set in¥gStmfjnts Current assets Current liabdths 3.449.000 225.556 3,449,000 234.656 316.798 49.883 9.100 301,263 49,883 15.535 Total net assets 260,480 15.535 3.674 556 3.950.571 20 Relatsd party transactions There were related party transactK)ns in th? ypar. Page 29