Chaiity registration number. 1184834 The Barnstaple Bridge Trust Annual Report aThl Financial S￿1￿)ents for th• Yow Ended 31 December2024 WESTCOTTS ¢HARY&wÉt* AecouMTAMTS I •USIMES5 ADVISeP5 Tho Barnstaple Brldge Trust Contents (continued) Reference aTrJ Aw￿r5 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 t*YO inth•d) Ihefè have been len aFV)knt8d. pointing to the exceptionaty k)ng swvice ol several. In 1905 the Biidge Twst fonna t*came 'The Long Brldge Charity. Throv￿QUI Its hlstory the Bt¥Jge Trust has bgen close to the heart of Barnstaple.. local counc1k)￿. ¢th￿italIas 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 B￿e ChaiihT' was T￿on$111L￿ed wtth a new Tnjst Deed and revgrt•d io its 1¥s1￿1¢ name of'The Bddgg T￿￿r. Page 2 The Barnstsple Bridgo Trust Trustses. Report (continued) In 2019, the 'The BrKlge Trusf conNErt￿ from an uninCor￿1aIed ch• to a charitabk incorpNalod organi8ation ICIO}. This thange vrds partty be¢aus* many funding organiSa￿￿5 now require charitios to be 'inc0￿rated. as a condrtFon of any awarf and to kyowde beltsr IKabilty protection to Trustees. In 2023. it was also thought that the temi Chamterfain was outdated. the more modem lenn of Business Manager is w Used lo des¢ribè the rokn. The propety POrtfolTr). also kn¢y4vn as the pem*nenl erK1r￿rnent. ￿nSISts of four blocks of hisltsric Grade 11 listed properties making the Bridge Trust one of the largest Owne￿ of herrtage yopety in 8amstspte. Some parts of the property portfolio have been trwned by the Trust for a cons*Jerable time. One small area. adjoining Maiden Street has bobnged to the Trust since 1310. Af(hough the knd on whKh they a￿ buin may havo bg8n in the Trust for centuries most of buildings themselves date from the 19th century. Bixlge Chambws- des*Jn8d a5 a 'hall and thambats, by eminent local arCthI￿(s R.D. Gouhl. and completed by Ihe lfi 18T3, tho buthg a F￿Hne￿I &)cal lonthwk and oncè hou￿ the Mag*tr*es and County Court5 {th0 I slil exi5t5 Ihough netdg repair and occasionaty u58dl topther¥Alh cornmgrdat offices. stores on Ihe pwl ne•rest the brtdge. substantial privats hou￿. Today the tyjlthng conlalns indthg thal ofthe TrtL%t a5 wel as the B￿ge Trust Board Rooffl (used as such snce shwty after the buiklng was comFAeted). In 2023. the Tntst were ￿t(e$S￿l in otthir#J grnnt monry from the N￿10[￿1 Lottery Heritage Fund, adminBtsred by kn Courtd to use tO￿a￿S (ènmbng parts of Chambets including wor*s to th• Hal to b•com• a C￿traI arts and DJ￿ra1 wlhn the lown. Thè ar• atml ft 15 intended to lauKth the neAf spaces in ewty 2026. Bridge Buildings- COnta￿￿d witlxn an area bDrdew#d by the Square. th• Strand, and Maiden Street. Completed somellme before 1866. today large houses various CO￿1￿claI rètahl oullets a￿1. on the upperfflo￿S. eight residanllal Ilais. Illjl Page 3 Tha Bamstaple Bridge Trust Trustees, Report (continued) 9 - 11 High Stro01- acquired in the mid c1￿h, 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 re￿dèntIal units19 Ilals} on part of the upper Ik)0￿ a let on a lon*lemi 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 Trt￿t was an aclr¥te property developer in the town. tsrying. S￿ng. atHJ developlng properties. lil (ithJit¥)n lo the remaining core propèrtiès. sevèral other prominent Barnslaple buildings wvi¥ once owned by the Trust yic*Jthng the F￿arn 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 TrUst￿S. Report (continuod) As with the wevious 1961 Trusl Deed. the C(￿￿"t￿b(￿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 c*n rKrfninate 3 Trustees vthI￿ Bamstaple Town C￿ntil can nominate 2. In add￿on. 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 mee￿ng 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- [￿eM￿j￿.￿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 cC￿￿der 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 CC￿sIder 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 th￿r 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 Bu8ir*ss Manager attents an(J parti¢ipates in meetings. Ihey do not vote on resolutions. The Trust ern￿OyS several ststr. The BLJ5iness Manager - who is r8Spc￿￿ble for the da￿tO4JaY Nnning of the Trust under the overall dIrectiC￿ of the Trustees, workiro cbsely various Chairs and CA)mmittees. Administrator - the Administratc* swp(ts th8 BU￿ne&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 pa￿011. finan￿al planning, and reporting to Trustees with regular finanii81 r9wrts. Finance Assistant- SuP￿￿1￿j the Business Manager 8nd Accountsnt Page 5 The Barnstaple Bridge Trust Trustees. Report (continued) Clerk all works in relatoon to the preparatKJn of meeting$. minutmg and consulbng wth TnJslee5 and staff as necessary regarding statutory o)mpliance. A number of others are empkjyed in part-lime support roles. The constitulK)n of the tharity dearly defines its obp¢ts as: MakiThJ grants for wblic purpow ￿ the general benefit of inhthitants Providing amenities forlhe tenefft of inhatmtats GI￿7￿ money or arbdes for the benefft of Fwr inhab¢tants Making grants lo Charitses hawng as their (*)je(X the relief of FM)verty Making grants to CharIt￿S ha¥iNJ as object the furtheran￿ of puiAic PUT[￿SeS for the general benefit of inh8bilants. anlsatlon and In noirnal times. Oms of the Trust are held regulady, the Arnual Generdl Meeting pretyjes the Ordinary Meetirvj in Mar¢*. Al the Annual Gener31 Meets"NJ of ts Trust the Chair and vI￿-tha1r are elected and the Trustees Annual Raport and Ar￿Unts approved. At their Ordinary Meetings, Trustees re￿1ve reports from Ihe Busines5 Manager and the various commiitees and. where n$¢e$$8ry, approve deci$i¢)ns by them. Policy, strategy. and major de(i5K)ns are reserved to the full tM)8rd of Trustèès. The consliluiion of the charity now permits partirypation at meetings by online means e.g. Zoom and Microsoft Teams. Further. where rEcessary, deusions can be approved electronically by em8il where the issue is Imtortanl andlor argei GovÈrn Contr The Trust has in plats appropriate Fdi(ies as requi￿ by law in xcordanc8 ¥￿th Chanty Commission guidance and regulations: these tM)li(ies are revithbEd rgJularty. Itment of T The consts'tut￿ of thè tharity kwmits the apwnlment crffve nominaknj Trustees: Three Trustees are r￿Ina￿j by Ban• Tu&￿ {aNI thè mayor may aFso be a Trustee ex-officio) North DevM Counril nominate Trustees. Remaining Trustees are apF(sinted ldkn￿ng a skills audri of ￿$ting Trustees and thrc￿h an open and transparent re¢ruitJnenl ￿duding W￿1C thertising. New Tnjstees are mada familiar vrt)rk of the charity through, meetThvJ$ with other Trustees. being provtded with (x)pies of the varI￿S key p(Ai(ies and documents the Trust has developed larKI conb'nues to develop) and by being gwen a copy of the charitys (*￿IllUti￿. ement The Trusl maintains a rtsk register whth 15 r￿larlY ￿ewed. The Trust is confident that it 1$ aware ofthe risks f8ced by the charity and has and ￿¥￿$$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 ac￿rate 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 Org8nL5ati￿s,. infomialion on loczl property market trends i% (x)ntinLKyJ* co1￿Cl&l and repryted to ttw Tnjstees. The Trust reviews its fin8nual (X￿trcts annualty aThJ at other times vthen there are chaTrJes in stsff or procedures. R lated rtles These are detailed in a note to the fin￿￿la1 stsleTh*nts. The Charity has a g¢y)d relationship with its tenants, and kx81 oryanisalK)ns and buS￿￿SseS n the area. Revlew of ￿￿¥111e6 and P*hievernents 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¥) Barnsta￿e'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 ￿r￿eTh￿y, with ujmpletion expected by March 2026. Durr4J the ypar, the Trust has h¥J warious tenancies char¥Je hand$. pThidirMJ an IMp￿vI￿j inttjme situabon. 2024 has seen the Business Centro kK2ted V*ilhin Br*$38 Cham￿r5 8t amost frjll 0￿pancy. The Trust is stdl investbJating optim$ 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 fO￿ard beir¥J found. The tnjst is forced to consider all options. induding KXMb￿ disposals. a5 Ih8 propeities a￿ all list￿ and th&ref￿e expensive both to mainiAin or redevdcp. The trust continues to SUPF*Ni 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 c0s1￿Of￿1￿ng 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 fOre￿able 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 ￿nSId￿r 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 satisf￿d. 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 d￿￿aSed 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 rna￿tain Unrestri¢￿ fvnds, whKh are the freè reserves of the tharily. at a level which prnwdes su￿lent 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 financ￿1 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 p￿paring 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 app1th￿ble accounting stsndards have teen follow￿, sU￿.e¢L to any mat8rHI depathres disck)sed and •xpbined in the financtal stslgments.. and prepare the financial State￿Ents on the g)in9 ¢onom basi5 Un￿sS 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￿$ lAC￿Unts and Reports) Regulat￿nS 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 detectK*n 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. LegiSlat￿Tr goveming the preparation and dissemination of financ*1 staten*nts may differ from iegisLation li other jur*dthns. 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 inf0M￿tIOn. The trustees confim that there is no Idev3nt informab'on that they know of and of wh￿h 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 Charit￿8 affair5 as at 31 Decemb&r 2024 arKI of its incoming rv6ources and appl.cat￿fi of resour￿. induding rfs income and eypenditure, for th year then endeme fvnds Restrict&J funds 9.407 15.S35 Unrestrictsd In¢omo funds un￿$th.¢I9d fvnds 260,480 Totsl funds 18 3.875,709 3 950 571 Tha financi81 ststemgnts M pages 14 to 29 were approved by the trustees, ar￿ a(tthorised lor issue on Iilio.ItS... and signed on their behaw ty. Mr G Townsend Trusteè The notes on pages 16 to 29 fom an integral part of these finanaal stat8rrEnts. Page 15 Tho Bamstaple Bridge Trust Notes to the Flnanclal Statements for the Year Ended 31 DeceM￿r 2024 l AcwuntlTrg polkl8s Ststsment of ¢omplianc• The finan¢ial statements have been prepared in accordan￿ wilh Ihe second edrtK)n of the Charities Statement of Recommended Pra¢tKe issued in OCto￿r 2019. the Financial Reporting &andard applicable in the Unite(J Kingdom and Republ￿ of Ireland IFRS 102) and the Charitses Art 2011. 8a51s of preparatlon The Barnstaple Brhlge Trust meets the deffinrtk￿ of a publ¢ benefft entity under FRS 102. The accounts lfinanckwl stslerrEntsl have been prepared under the historKal cost convention with it&ms re¢ognK*d al cost or transactrjn walue unkn otherwise stated in the re￿vant notelsl to these accounts. The finanual statements are prepared in sterling which is thg fun¢tional ¢urrency of the ¢*arity. Exefflptlon from prèparlrwJ a ￿$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 irt￿Me, ￿ 15 probable thal thg in¢ome wll be receNed and th* amount be measured sUfft￿nI 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 defer￿d in(x)me to be released. Defe￿ed1￿C0m& OeferTed income repr￿ents 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 a￿untIng 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 recc*3nised 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 part￿￿lar 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 pOrt￿n 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 neCt￿ry 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 fu￿1￿$ 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 deffin￿on of a Charitab￿ company for UK ¢orp)ration tsx purp05&S. Accofdingty, th8 chanty is potentialty exempt fr¢Mn tsyal￿n 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 TaXat￿n 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$ed gains and knsses on investments are ca*ulated a5 the drfferencg btheen sales proceeds and their market value at the start of the year. or their subsequent cost, and are tharged or ¢￿d￿ted lo th& Stslement of Finanaal A￿￿1t*S in the pericd of disposal. Unre8lh8ed gains and k6ses ￿presen1 the move￿1 in Ma￿et values during the Far and ar• credited or charged lo the Statement of Finan¢ki1 AfAivit*$ 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 diSC￿l￿n 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 Parti￿lar 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 instruN￿nI ￿ 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 in*k?Try measured at transadKffl ￿￿1￿ finduding transathn costs). except for those financial assets dasstw as at fair va￿e through profft or loss. wh￿h are initialty measured at fair value (￿Ich is normalty the tranSact￿n price excluding transaction ￿$1$1, un￿sS the arrang8rrenl ¢on$trtutes a financing transa¢bon. If an arraTrge￿￿nt constitutes a financing transacbon, the financial a55et or financial l&?lilty is measured at the present value of th8 future paymonts dI$￿Unted at a market rale of KJlere5t fDr a simiLar debt Jnstrurr￿nt. FinancHI assets and labilityes are onty offset *) the slaternent of finar￿101 r*)sthon when. and on when there exists a enfor¢eabte rwJhl to set off the r8cognised amounts and the charity intend$ eiiher to settle on a net basis. or to realBe Ihe asset and settle th8 liabilty $Imutt8n￿U5ty. Finanaal assets are dere¢¢8nised vthen and onty when al the contractual rigms to the cash flows from the financial assel expl￿ or are setued, bl the charity transfer5 to another paty substantrdlty all of th8 risks and rewards of ovmership of the finanaal asset. or cl the charity. despite having retained some. but not all, signifunt risks and rewards of owmership. has transferr8d control of th• asset lo another paty. Finanaal liabilbties are derec(*JnL*I onty ¥ththen the d)ligakn speCif￿d in the corrtract is dtscharged, ¢an¢elled ￿ expires. P*Je 18 The Barnstaple Bridge Trust Notes to tho Flnanclal &atements for the Year Ended 31 Decembèr 2024 (continued) Investments in nor￿ConVerti￿* prefefence share$ and norb-puttable ordinary or preference shares (where share5 are publicty t￿jed 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 impaim*nt. Investrnents in subsidiar5es arwl associates are measured at cost less impairment. For investments in subsidiares acquired for Conssle￿t￿)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 identi￿1 a55el provNJes eviden￿ of fair value as kjng as there has not been a s19nrf￿ant change in e¢onomi¢ ¢ircumstances or a signifrant L8pse of b.rne $n¢e thg transaction tcok place. 11 the market is not ath.ve and recent transactKJns of an idenlul a￿t on their ore not a good eth"rr￿te of fair walue. the fair value is e5timatsd by using a valuation iechnique. 2 Income from donations awd l¢ga¢los Unrestrlcted funds Gen•rnl Total 2024 Samaritsn Grants 623 Restri¢t•d funds 623 Totsl 2023 Granls rece 5,000 5,000 3 Income from ¢)th•r tradlng activities Unr•strlct8d funds General Total 2024 Rent receNable Chaw rbwrable 262.421 11,145 262,421 11,145 273.566 273,566 Unrestrictsd funds General Total 2023 Rent receNable Charges recovef*le 242,272 3.217 242,272 3.217 245.489 24S.489 Page 19 The Bamstaple Bridge Trust Notes to the Flnanclal Statements for the Year Ended 31 Decembor 2024 (continued) 4 lThv•stment Income Unrestricted funds General Total 2024 COIF Incomg and CIV￿￿endS Intsrest reCeNab￿ on bank dewsits 6,279 5,043 6.279 11.322 11.322 Unr•stricted funds Ganeral Totsl 2023 COIF Income and Div*Jends Inte￿1 receivable on bank dewsits 6.192 4,276 6,192 4.276 S Other incom• fvnds Gonèral Total 2024 Other incor 11,515 funds G•nernl Totsl 2023 Other inco 72,605 72,605 6 Expfrnditurn on charitable a¢tiviii&s fund5 Gweral Restrfctsd Total 2024 Charilaiye activrties Grant funding of actNibes Allocated support costs 2￿.745 290,745 6.128 6.128 80.573 371318 377,446 Page 20 The Bamstaple Brldge Trust Notes to the Flnanclal Statements for the Year Ended 31 Decembar 2024 {contlnuad) funds Gèneral Restricted fund5 Total 2023 Charitable athiknes Grant funding ol acbvit located support costs 199.783 5,000 5,846 204.783 86.380 86.380 286.163 10.846 297,009 7 Analysis of support costs Total 2024 Total 2023 Staff costs Audit fees Finance cost5 Payroll costs Postsge. telephone and stat¥)nery Ggn•ral costs Insurance (Offi￿} Insuran￿ (Trustees) Grant trAd expetises 63.547 4,620 74 68,446 4.380 102 816 3,549 8,120 65 902 4,469 5.169 200 80.573 86.380 8 Grantwm•king Analysi$ of grdnts Grants to indlvldua 2024 2023 Grants paKI 6,128 g Net Incomin￿Out90Ing resouvce5 Net {outgoingyincorning resour￿ forthe year Ind￿￿0.. 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 y￿h 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 an￿ere 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 P￿rniSeS. 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 p￿ent of grants No employee receNed emolLmients of rn￿e than £60,000 during the J 12 Audttors. ren￿n•￿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 * valuat￿n. A fomial valuats)n was cryietwj in August 2023 by s￿art EM Smrth F￿Gs 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 Decemt*r 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 CharIt￿S 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 A￿￿alS 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 Eng￿nd 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 PernWn￿t 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 Ca￿￿1 Match Funding is in line wth the bKI to the Arts Counol England and is to cover the shortfall in match fvnding for the b*J. The athJrtKJnal £18,000 ha5 been desMJnated to cover expenses including, but not limited to planning surveys. fees and other incwjental costs pe￿nent 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 tu*ards 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 T￿￿t 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