8ARNSTAI)L£ BARNSTAPLE ALMSIIOUSES Charity No 1186225 Maintsining & Managing Alm5hwses ForThose In Need www.barnstaplealmshouses.co.uk Annual Repcrt and Flnancial Statements for the Year Ended 30 June 2024 WESTCOTTS CTrIA4ETEftÉO ACCOLIIITANTS & BUS11•&S$ ADVISEThS
Bamstaplo Almshouses Contents (continued) Ref¢ren¢e and Administratlve Detsils Trustggs, Report 2to6 Independent Examln8rfs ReF(Yt Statement of Fmncial ActP4its&s Balanc6 Sheet Nots8 to th8 Flnanclal Statements 10t023
Bamstapl• Almshousos Reference and Adminlstratlve Details Trustees Mr E Dymond Cllr V Elkin$ Mr M Ford Mrs P Arthur Dr R Beer Mr R Saunders Mrs S Smaldon Mr A Rennles Mayor Cllr L Yot Mr D Clapp 1186225 Charity Reglstfatlon Number Prlnclpal Offl The Boardroom Penrose Almshouses Litchdon Street Bamstaple EX32 8NH Westcotls ISWI LLP 47 Boutport Street Bamstsple Devon Independent Examlner EX31 1SQ Page 1
Barnstaplo Almshouses Trustees. Report The trustees present the annual report together with thè financial slalements of the charity for the year ended 30 June 2024. 8TRUCTURE MANAGEMENT AND GOIE.RNANCE Governing Document The Charity is contrdled by its goveming document. a deed of trust, and constitutes a Charitable Incorporated Organisatffi and Is a public benefit enlity. Its purpose as set out in the goveming mandate is.. The provision of housing for Fersons who are in need, financial hardshlp or distress. Such exclusively charitable purposes for Ibe benefrt of the Beneficiaries or a sufficient seCtn of them as the Charity Trustees deade. The relief. either gen8ralty or individually of persons resid8nt in the Area of benefft who are in conditions of need, hardship or distress. by making grants of money or providing or paing for it8ms. services or faciklies calculated to rgduce the need. hardship or distr8ss of such persons. The are8 of beneffit is the borough of BamstsrA8 and surrounding area. Futl details of the organisation and the policies adopted are contained in the Ch8rty Commissron Scheme 204460 d8ted 24 Novfjmber 1895. amended by the Commission&rs during 1961, 1974. 1992, 1993 and 2016 and transferred lo a CIO, Registration 1186225, M 8th November 2019. The Charity owns and administers 29 uni15 of Almshouse accommodation for single person or Couple OCCUP8ncy, comprising 21 almshous8s and 8 flats across Iwo sites in B8mstsple. Tho Aknshouses were originalty established for the POOT Pgople of Barnstaple in 1624 & 1659. This remains the primary objective but, as the socjal climate has changed. Trustees now look sympathetically at applicants wkilh emotional and swtal needs as well as ffinancial roquirement. Organlsatlonal Strurtur¢ The Charity is run by a board of Trustee8 who meet quarterty providing expertise In the following sub committees: Residents, Finance, Works and Relief. Committee cross representation ensures an understanding of the management and matters 8rising wSlhin pjl areas of the Charitys busine5S. There is an appeals committee should there b9 any quir8Thnt for dispute resolution. The main board of Trustees oversees annual statutory obligations and nsIderS, debates and ratifies forthcoming recommendations from the subcornmittees, each of whith also meets quarterly. Trustees do not receive remun8ralion from the charity- Appropriale expenses c8n be reclawn8d in line wih the Charivs expenses policy. R•crultmonl and Appolntment of New Trustges The Chalmian manages th8 appolntment of new TTuslee$, to b8 approved by the board, taklng aGGounl of skills réquired lo ¢orrectEy administer the Charily and appoinling in areas where 8xp8rti$0 is needed. Up to eleven Covoptative Trustèes may be appolnled ty the e¥isting board, within the criteria of wlher residing or carrying out business in or near Bamstsple and being able lo provide necessary skills. Two norninaled Trustees are appointed by Bamstaple Tcwn Council, and the Mayor of Barnstaple Town Council holds a discretionary seat the board. Page 2
Barnstaple Almshouses Trustees. Report (continued) Inductlon and Tralnlng of TTuste•s New Trustses ar8 given an induction pad( by the Eststes Cowordinator sthich consists of information about Ihe charity, its goveming mandate. the responsibilities of a TnJste8. roles and duties of each commlttee and annual accounts. Trustees are allocated to 8 maximum of tsvo sub-committees. The Charity provid8s workshops for Trustees and identifies local and online training cours8S available. During the year Trustses have Ihe opportunity of extsrnal training via thè Ajmshouses Ass¢xialion. The Charity continues to be a m8mber of the Ajmshouse Association which provKl8s a wealth of information and guidanc8 to Trustees of Almshouse charities regarding: the management of aknshouses care of ils residents standard policies Slaff and Trustee$ have taken advantage of online training as il becomes availablg. During this year the various committees have reviewed major policies, staffing requirements and conduct8d both a fire and a financial risk assessment. The Charlty Staff: A now Part fime Estates Ccwrdinalor - 16 hours per week. The Estates C¢>ordinator Is based within Penrose Almshouses complex - providing support for residents. managing th& charity's estste and administratK)n ftJncthJns. including the imtAementstion of charity policies. The Charity Finan Clerk - 10 hours per week. The Charity Finan Clerk is bas8d within Penros& Almshous8s complex - attends to accounting and finance matters for the charity. Also providing support lo the Eslales Cowordinator and r8sidenls. A Part Time Caretsker at Horwood Paige's Almshouses {5 hours week) lo manage the daily njnning of HOTh0d Paige's Almshouses, security. implement charity policies and provide support for residents. A part tim8 Janitor14 hours per week) to p8rform cleaning dulles at Penrose Almshouses. In accordance with Ihe Charity's governing mandate the Eststss cordInatOr receives directives from Trustees, guidan from the Charity CommissiDn and the Almshousa Association 8nd has responsibility for the routine management of the almshouses and statutory obligatlons which indude: administration. accounts. stsff manag8ment, computer systems. liaison with other professional bodies, frondine support to staff ar residents. coordination of committees, advice on policy. legi51alion, financial managemenl and procedurg of best practice. The Estates Cowordinator receNes remuneration sei at a level equal to that of a similar wst in tha locaty. 11 should bè noted that the Charity providès housing only. It does not provide healthcare nor resident181 re home facilities for residents. STRATEGY Our strategic aim is to maintain the historic buildings owned by th8 Chafity at Penrose and Horwood Paige's. thereby providing low cost, g(A)d quality homes to those in need from the Barnslapl8 area, now and long into the future. Page 3
Bamstaplo Almshouses Trustees, Report {continued} The specific actions taken by Trust88S to supp)rt those obJ"ectiV8s wère to: Comm•nco projects to Incr90$8 tho flnanclal slablllty of the Charfty Into the future. The Old School House The Old School House has now been renovated into a 2 bedroom dwelling, compleied in May 2024. A couple moved into the property in eaty June 2024. RISK MANAGEMENT The Trustees have a duty to idenllfy and review Ihe risks to 1¢h Ihe Charity is exposed and to ensure approprfate controls are in place io provide reasonable assUrdn against fraud c* enor. Flnance The Charity has a robust Financial Risk Assessmenl which is reviewed annually upon any major chan9es for the Ch8rity- Budget management and monitoring strategies are in place on a monthly. annual and five ye8rfy basis. The principal risk to the Charity continues to be sustaining adequate finance to continue its aims and objectives. The Twstees r8cognise that maintaifting the 28 Grade l & 11 listed buildings consumes most of the income generatèd wrthin eh firbanrial year. There is litNe opportunity to gain additional income thout significani finan¢tal Impact to residents. The Charity has a ctoud based financlal accountancy package which is managed by the Charity Finance Clerk with access by the Chaimwn, Chair of Finance and the Chariiys aUntrts. To ensure appropriate control over outgoing funds, theques require tsvo si9nalorles. A Iwo-slep authorisati by iwo signatories is a180 required for all online bankirvJ transactions and Charity Investments Salaries and Weekly Maintenanc8 Contributions are reviewed annually by th8 Trustees. Flrn Rlsk Consid6ring the prime usage of the site is dom8slic and thg measures pul in place to raduce fire at th9 Almshouses. the likelihoo¥J of fire is assessed as low overall with the fire hazards identified within ihe risk assessment identified as medium. The Charity undertakes annual fire risk assessments of t(sth sites in accordance wtlh PAS 79.'2012 Fire Rlsk Assessment - Guldance and recommended methodology. The Fire risk assessment has been reneweij Ihi5 year by a local Company with expertence of ancient buildings. All advice given rithin the Fire Risk Assessment is actioned within six months. Building safety A quinquennial inspection of the buildings helps to identify a schedule of works to be eompleted each five years vthich provides knowledge for long tem financial planning. The report has been eIVed and recommendations are belng Implemented. There were no significant concems raised. Page 4
Barnstsple Almshouses Trustees, Report (continued) CHIEVEMENT ANP.P.ERFORMANCE Occupancy Demand for the Alm8houses remains high and 81 properties are oG¢upied. Maintenance The regular ongoing maintenance continued during the year and was overseen by the works committee. Provlslon of Relief Grants On an annual basis th8 Charity continues to allocate 10Y. of am Investment dividands lo the Grant Relief fund. which provides support to those In need in the area. including domesti¢ items to set up a new home or tools for an apprentice. FINANCIAL REVIEW Introductlon This has been a succ8ssfvI year for the Charity. Th8 demand for houslng remains high. Costs for Rgsidents Trustees continue to frKus on ways to reduce costs to resldents considering the current cost of INing crisis. The Old School House The TTuslees have overseen the Completi of this prolecl. The work was completed in May 2024 arKI has been paid for from general fijnds. No additional borrowlng has been needed. INVESTMENTS The Charitys investments are kept under rev. Investments are set at l¢)wlmedium risk and continue to provide a small annual income. The Chartys investments are kept under review. Investments are set at bwlmedium risk and continue lo provlde a small annual income. COIFICCLA), are providing an active manag8ment of the charlti8s funds. Trustees wlll contlnue to review investment performance. Dividendg for th8 period (not induding Newport fund) have amounted to £11.103 Clalm agalnsl Lyn Flnanco Truslees are continuing the claim against Financial sèrvi$, relallng lo the CF Woc4Jford Special Income fund. This daim is in the hands of the Financial Ombudsman Semce. Page S
Bamstaple Almshou$g5 Trustees. Report (continued) Charlty Loan Ropaymonts £90.300 Ropayment £9.030 per annum Rep8yTnents for the loan the Almshouso Association. taken to fvjnd the purch8se of the Old School Hous8, have been made in Ilne vith the requirèd sL8du19 Repayinents made within this financial year £9.030 Totsl outstandlng as of 30.06.2024 £63.210 Previou6 borrowings from tho Chaiity's own invèstment funds were agreed by The Charlty Commission as follows: 7th August 2002- £120,000 14th February 2007 £105.000 Total £225,000 Minimum annual repaent reqUId £4.900 Total outstsnding brought forward £116,795 Repayments madg this year £4,900 Outstanding balance as of 30.06.2024 £111,895 SUMMARY At the end of the financlal year the Charity remalng financially securg and conslstenlly meets Its objeckn.ves through good management. The Charity meets regular and normal expendilure as and when il falls due. Income is not expectgd to materially fluctuate in future 8ccounling periods. The fflajority of the Charitls assets ara in buildings and endowments which a nol available for expenditUTg. The Tnjstees continue to be aware of the costs of maintalning Ihe 8ged bulldings. RESERVES POLICY It is the policy of the Trustees to malntain an unresmcted fvnd balancE of at least slx months routlne expenses to accommodate any shortfall in regular funding, this equates lo approximately £70,000. FUTURE PLANS Penrose Roof Penrose Almshouses are arranged in a quadrangle courtyard. Trustees are aware that the roof Is nearin9 the end of ils life expactancy. As 8 Grade I listed buikling, re-roofing and the provlsion of new InsU10n will be an expensive project which V11 requlre careful finanoal planning. The annual report was approved by the trust88s of the charity onf..l.Iklz. and signed on its behalf by.. Mr A Rennl8S Trustee Page 6
Barn$tapl• Almshouses Independent Examinerfs Report to the trustees of Barnstaple Almshouses I report to thg tru51ees on my examirsation of the accounts of Bamstsple Ajmshouses for the year ended 30 June 2024. Responslbllltle5 and basls of roport As the charity trustees of Bamstaple Almshouses you are responsible for the prep8ration of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the Barnstaple Amshouses's accounts Carried out under section 145 of the 2011 Act and in carrying out my examination I have fotlowed all the applicab18 Directions given by the Charity Commission under section 145151{b) of the ACL Indèpgndant éxamlne¢s statemenl I have completed my examination. I confirm that no matorial matters have come to my attention in connection with Ihe exarnination glving me cause to believe that in any material resp8cl= 1. accounling records were not kept in respect of Bamstaple Almshouses as requIrj by s8CtKyn 130 of the Act. or 2. the accounts do not accord with those records" or 3. the aoUnts do not comply wth the accountlng r8qulrements ncemIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any rèquirement that the accounls give a 'true and fair VI which is not a matter considered as part of an independent exafninalion. I have no concems and hav8 come across no other matter8 in connectK)n wth the examination to whlch attention should be drawn in this report in order lo gnable a proper understanding of th8 accounts to be reathed. Catherinè Williams FCA DChA Independent Examiner Westcotts {SWI LLP 47 Boutport street Bamslaple Devon EX31 ISQ Page 7
Bamstaple Almshousg5 Statement of Financial Activities for the Year Ended 30 June 2024 Unrestrl¢tsd Restrlctèd Endowm•nt funds funds fund$ Total 2024 Total 2023 Nots Income and Endowments from: Donations and legacies Charitable actiwties Olher trading acllvities Investment incom8 6,493 6.493 268 750 177,286 12,136 187,978 18,114 187.978 18,860 746 Totsl income 212.585 746 213,331 190,440 Expenditure on= Charftsble acllv(ties 94.063 10,506 8751 (105,4441 (875} 110,5061 1105.4441 1117.4581 Total expendlture Gainsllosses on investment assets (94.063) 1117,458) 2,093 27,516 29,609 9,707 Net income Gross transfers between fu1$ 118,522 17,010 137.4 82,689 14.9501 50 4.900 Net movem8nt in funds 113,572 2,014 21.910 137.496 82,689 Recon¢iliatlon of funds Total funds brought fornvard 378.589 26,315 1,876,738 2,281.fA2 2,198.953 Total funds Carrled forward 20 492.161 28.329 1,898,648 2.419,138 2.281,642 All of the charity's aGlivlOes derive from contlnuing operatlons during the above tsvo pgriods. The funds breakdown for 2023 is shown in note 20. The notes on pag&s 10 10 23 fom an integral part of these financial stalements. Page 8
Barnstapl• Almshous•s (Registration number: 1186225) Balance Sheet as at 30 June 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 15 1.809,564 411,618 2,221,182 1.735,797 377.109 2,112,906 Current assets Deblors Casth 81 bank and in hand 16 7,167 263,269 7,829 236,275 244,104 270.436 Crnditors: Amounts falling dub w•thin one year Net current as$ets 17 118,300 12.158 252,136 231,946 Total assets less current Ilabllltles 2,473.318 54,180 2,344,852 Credltors: Amounts falllng due after more than one year 18 Ngt a8s8ts 163,210 2,281,642 2.419.138 Funds ot the charlty: Endowment funds Restricted funds Unrestricted funds 1.898,648 28.329 492,161 1,876,738 26,315 378,589 Total charlty funds 20 2,419.138 2,281.642 The financial statements on pages 8 to 23 were approved by the truste95, and authorised for issu8 on SLI.i.1.&4and signed on their behalf by.. Mr A Rennles Trustee The notes on pages 10 to 23 lon an integral part of these finandal slatem8nls. Page 9
Barn$taple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2024 1 k¢ountlng pollclè$ Statement of compllance The financial statements have been prepared in aceordanee with th8 second edition of the Charitles statement of Reeommended Practs'ce issu8d in October 2019. the Finanal Reporting Standard applicable in the Uniled Kingdom and Republbc of Ireland IFRS 102) and tho Charities Act 2011. Basls of preparallon Barnstaple Almshouses meets the dgfinition of a public benefit entity under FRS 102. The accounts (financial stalementsl have been prepared under th8 hkstr)rical cost wnvention with items recognised at cost or transaction value unlèss otherwise slated in the r&levant notelsl to these accounls. The a)unts are prepared in steding which is the functitsnal CLtrrency of the charity. Exemptlon from preparing a cash Ilow statement The èntity satisfies the Cfiteria of being a small charity as d8fined FRS 102 Charity SORP. The charity has taken exemption from pr8paring a ca5hfluw statem&nt. Going ¢oncem The trustees consider that there are no materia uncertainti&s tul Ihe chariws ability to contsnue as a going concem. Incom• and •ndowm•nts Voluntary income including don8lions, gifts, legacies and grants that prowde core fvnding or are of a general nature is recogni5ed when the charfty has entidem8nl to the income, it Is probable that the incomo will be received and the amount be measured wrth SLrffident reliability. Donatlons and legach$ Donations and legacies are recognised on a reeefvable basis when receipt is probable and the amount ean be reliably measured. Gr•nts rnceivab Grants are recognised when the charity hag an entillement to the funds and any conditions linked lo the grants have been met. Whare p8rform2nc8 conditions are attached to the grant and are yet to be mel. the income Is recognlsed 89 8 liabilty and induded on the tsalaTr sheet as deferred income lo be released. Investrn8nt incomq Dividends are recognised onc8 th8 dividend has been declared and notification has been received of the dividend due. P8ge 10
Barnstaple Almshouses Notes to the Flnancial Statements for the Year Ended 30 June 2024 (continued) Expenditur• AJI expenditure is recognised onco there is a legal or constructlV9 oblrgation to Ih8t 8xpenditure. It is probable settlement is required and the amount can be measured reliably. PJI costs are allocated to the applicable expenditu h&ading that aggregate similar costs to that category. Where costs cannot be directly attrfbuted to partlcul8r headings they have been allocated on a basis consistent wlth the US8 of resources, wilh central staff costs allocated on th8 basis of time spenL and depre¢i8tion charges alk)cal8d on Ihe portion of the assèt's us&. Other suppcft cos15 are amocated based on the spread of staff costs. Charitsble actlvltles Charitable expendilura comprises those costs incurred by the chariiy in the delivery of its aclivili8S and seNic8s for its beneficiaries. It indudes bDth costs that can be allocated directy to such aCtivleS those costs of an indirect nature necossary to support them. Grantprovlslons Provisions for grants are made when the intention to make a grant has been communi¢at8d to the recipient bul there is UnrtaInty alyjut ether the liming of the grant or the amount of grant paydble. Support costs Support costs Include central functions and have been allocated to actlvlty cost categorie5 on a basis consistent with the use of resources. for examplè, allocating property costs by floor areas. or per capila. staff $ts by the lime spent and olhef costs by their usage. Taxallon Tho charity bs considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and Iher8fore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the charity is potential exempt from taxation in respeci of income or capital gains received wllhln categorles covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sectlon 256 of th8 Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied @xclusively lo charitable purpos8S. Tangible fixed assets Individual fixed assets are initially recorded at $t, less any subsequent ¥cumulated depreciation and subsequent accUmaled impaimient losses. Depre¢latlon and amoTU$atlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation. less any estirnated residual value. over their 8xpect8d useful economic Ilfe as follows: A88et clas8 Land and buildSngs Plant and machinery D•prnclatlon mgthod and rnte 2% straight line 25Vo reduryn9 balance Page11
Barnstaple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2024 (continued) Fixed assot inv•stments Fixed ass&t invgstments. other than programm8 related investments. are induded al markel value at the balance sheet dale. Realised gains and losses on investments are calculated as the differen b8tW88n sales proc8eds and Ih8ir market value at the start of the ar, or their subsequent cost. and are charged or credited to the Ststement of Financial Activities in Ihe period of disposal. Unrealised gains and losses represent the movement in market values dtjring the year and are credil8d or tharged to the Ststem&nt of Financi81 Activities based on the market value at Ihg year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call depostts. and other short-temi highty liquid inv8slm8nls that are r&adity convertibte to a known amount of cash and are subject lo an insignfficanl risk of change in valu8. Fund stru¢lure Unrestricted income funds are general funds that are available for use at the truslees discr8tion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area c* for Specar purposes, the use of which is restricted to that area or purpose. Penslon$ and other post rel1ment obllgatlon$ Contributions to (Jefined contribution plans are recogftised as an expense In the peric4J in which the related serylce is provided. Prepaid contributions are recognised as an asset lo the extent Ihat the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected lo be settled wholly within 12 months of the end of the reporting date in which Ihe employ8es render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an axpense in the period in which it arises. Flnanclal Instruments Classification Financial assets and financial liabilitres are recognised when the charity becomes a paty to the contractual provisions of the instNmenl. Financlal Ilabilitle5 and equlty Instruments are dassified aLxordlng to the substance of the ntraCtual arrangements entered into. An eqully instrument is any contract that evidences a residual interest in thg assets of the tharity after deducting all of its liabilities. Pag8 12
Barnstsple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2024 (continuedl Recognition and m•asurem•nt All fin8ncl81 assets and liabilities are initially measured al transaction pric* IlndudiryJ transaction coslsl, except for those financial assets classified as al fair value through profit or Ioss. which are initially measured at fair value Iwhich is nomally the Iransaclion price exduding transaction costs), unles5 the arrangement constitutes a financing transaction. If an arranpment eonstitules a financing transaction, the financial asset or financial liability is measured 8t the present value of the future paym8nts discount8d at a market rate of inleresl for a similar debt inslrumerbt. Financial assets and liabilities are only offset in the stslement of ffinarbcial positSon en, and only when there exists a legally enforceable rwJht to set off the re¢ognised amounts and the charity intends either lo settle on a nel basis. or to reallse the asset and settle the liabilty simultan8ousty. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are sethed. b) the charity transfers to another party subslanlially all of the risks and rewards of ownership of the financial asset. or c) the charity, despite havin9 retsined some, but not all. Significant rfsks artd rewards of ownership. has tr8nsfeffed conlrol of the asset to another party. Finanual liabilities are derecognised only vthen the obligation specified in the contract is discharged, cancelled or expires. Investments Investments In non-convertlble preference shar8s and non-putt8tAe ordinary or preference sharès (where shares afe publidy traded or their fair value is liablY measurable) are me8svred at fair value through profil or loss. Where fair value cannot be measured reliably, investments are measured at eosl less impairment. Investments in subsrdi8ries and associates are measured at cosl less impairment. For investments in subsidiaries acquired for consideration induding the issue of shares qualifying for merger relief. c05t Is measured by reference to the nominal value of the shares issued plus fair value of other on5id9ratl. Any premium is ignorefl. Falr value measurement The be51 evidence of fair value is a quoted price for an identical a55et in an aclive market. When quoted prices are unavailab, th8 price of a recent tr8nsaclion for an identscal asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of lime since the transaction took p18ce. If the market is rbot active and recent transactions of an identical asset on their own 8re not a good estirnate of fair value. the fair valu& Is estimated by using a valuation technique. Page 13
Barnstaplg Almshouses Notes to the Financial Statements for the Year Ended 30 June 2024 (continued) 2 Income from donatlons and legacles Unrestricted funds General Total 2024 Donatlon• Donationg Grants Grants received 5.493 5,493 1.oc 1,000 6.493 6,493 Unrestrlctad funds Ganaral Total 2023 Donatiofis Donations 268 3 Income from charltsble activltle8 Unrestrlctod funds General Total 2023 Annual Licenses 7SO 750 Page 14
Barnstaple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2024 (continued) 4 Incom0 from other Iradlng altIo$ Unrestrlcted funds Goneral Total 2024 Residertts contributions 187.978 187,978 Unrestrlcted tunds Genernl Total 2023 Resldents ntrIbutIonS 177,286 177,286 5 Investment income Unrestrkted funds General Restrlcted funds Total 2024 Bank interest receivable Investmenl income 7,011 11.103 7,011 11,849 746 18,114 746 18,860 Unrestricted funds General Re81rlcted funds Total 2023 B8nk interest receivable Investrnent income 775 10.618 775 11,361 12.136 743 11,393 743 6 Expèndltur• on charltabl• actlvltlès Unreslrlctsd funds Goneral Endowm•nt funds Pemianent RerIcted funds Total 2024 Note Charitable activiti&s Grdnt fundlng of acb'vilies Support costs 71.755 10,506 82261 100 22.208 875 975 22.208 94.063 875 10.506 105,444 Pagg 15
Barnstaple Almshouses Notes to the Financial Statements for the Year End•d 30 June 2024 (continued) Unrestricted funds General End¢)wment funds Pornianont Restrlcted funds Total 2023 Note Charitable activities Grant funding of aclivilies Support costs 76,228 10,720 86,948 635 29,035 105.898 1.475 29,035 10,720 117.458 7 Analysis of support costs Tolal 2024 Total 2023 staff costs OffiGe costs Accountancy fees Independent examine¢s fee Legal and professional fees 18.252 21,243 1,383 500 1,625 4.284 1,243 1.750 18 22,208 29,035 8 Grant-maklng Anatysls of grants Grants to Indlvlduals 2024 2023 Anatysis Grants to individuals 975 1,475 9 Net Incomlngloutgolng resourcgs Net incoming resources for the year indude.. 2024 2023 Depreciation of fixed assets 17,720 16.616 10 Trustees remuneration and expenses No trust88s, nor any persons connected with them. have received any remuner8tion from the charity dLtring the year. No trustees have recelved any reimburs8d exp8nse$ from the drity during the year. Page 16
Barnstapl• Almshousas Notes to the Financlal Statements for the Year Ended 30 June 2024 Icontinued) 11 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Stsff costs durlng tho yoar vfftrt: Waqes and salaries Emplwr contrlbution8 to pension plans 33,238 32.975 60 33.332 33,035 The monlhty average number of persons lincluding senior manag8ment I leadership team) employed by Ihe charity during the year was as follows: 2024 No 2023 No Charity manager Carelakers No employee recelved emoluments of more than £60.000 during the year 12 Inqlgpgndgnt gxamlnerfs remunèratlon 2024 2023 Fep6 payable to the Ind•pend•nt examln•r for: Independent examinatlon of the finandal statements 1,750 1,625 13 Taxalion The tharity is a registered tharity and is therefore gxempt from taxalion. Page 17
Barnstsple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2024 (continued) 14 Tanglblg flxed a$sots Ffgehold property Plant and rnachln•ry Total Cost At 1 July 2023 Additions 1,780,786 91.487 12,699 1.793,485 91.487 At 30 June 2024 1,872.273 12,699 1.884,972 D•proGlatlon At 1 July 2023 Charge for the year At 30 June 2024 50.099 16.442 7,589 1,278 57,688 17,720 66.541 8,867 75,408 N9t book value At 30 June 2024 1.805.732 3,832 1,809,564 At 30 June 2023 1.730.687 5,110 1.735.797 15 Fixed ass•t investments Listed Inve8tm8nt$ Cost or Valuatlon Al 1 July 2023 Addltlons Revaluation 377,109 4,900 29.609 AI 30 Jurbe 2024 411.618 Net book valu• At 30 June 2024 411,618 AI 30 June 2023 377.109 Page 18
Barnstaple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2024 (continued) 16 Debtors 2024 2023 Trade debtors Prepayments 1,685 6,144 6,303 7,167 7,829 17 Credltors: amounts falllng due wlthln one year 2024 2023 Trade creditors Other loans Other cseditors Ac£Nais 7,520 9,030 1,250 9,030 253 1.625 1,750 18.3Tr) 12.158 18 Credltors: amounts falllng due after one ar 2024 2023 Other loans 54.180 63.210 Page 19
Barnstaple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2024 (continued) 19 Penslon and othgr sGh¢mgs D•fin•d contribution pension scheme The charlty operates a defined contribution penslon scheme. The pension cost charge for Ihg y8ar represents conlribulions payable by the charity to th6 scheme and amountgd to £94 {2023- £601. 20 Funds Other r•¢ognlsed gainsl {1955es) Balance at30 June Balan at 1 July Incoming Rgsourcas 2023 resourGos expended TraTr$fgrs 2024 Unrestrlct8d funds General General funds Almshouses Fixed Assets Poo¢s Income Fund Old School House & Property maintenance 63,809 212.527 {86,8491 (1.7921 187,695 210,514 4.266 (7.2141 91,487 (3.158) 294,787 1.166 58 100,000 378.589 91,487 8,513 212,585 194,063 4.950 492,161 RtrfCtOd funds Extraordinary repair fund NewrK)rt relief fijnd 390 25.925 50 440 27.889 746 (875 875 2.093 26.315 2,093 28,329 Endowment fvnds Pemjanent Property Fund Investment Fund 1,525,283 351,455 110,506) 1.514.777 383.871 4.900 27,516 27,516 1.898,648 29.609 2.419,138 1,876.738 110.506) 105.444 4,9)0 Totalfunds 2.281,642 213.331 Page 20
Barnstaplg Alm$hous8s Notes to the Financial Statements for the Year Ended 30 June 2024 (continued) Galns and losses At30 June Al l July 2022 Income Expendlture Transfers 2023 Unrgstricted fvnds Genèral General funds mshousas Fixed Assets POO$ Income Fu1 Old School House & Proporty maintenance 79.278 189.684 {99.367} 1105,786) 63,809 216.410 4.052 (5.896) {6351 210,514 4.266 13 836 100,000 100.000 299,740 189.697 105,898 4.950 378,589 Restrl¢ted funds Extraordinary rep8lr fund Newport relief furKI 340 25,244 390 25,925 778 25,584 743 18401 778 26,315 Endowment fvnds Propety fund Investment fund 1.536.003 337.626 {10,720} 1.525,283 351,455 4,900 4.900 8,929 1.873,629 10,720 8.929 1,876,738 Totsl fvnds 2.198,953 190.440 117.458 9,707 2.281.642 Page 21
Barnstaple Almshouse$ Notes to the Financial Statements for the Year Ended 30 June 2024 l¢ontinued) Unrestricted Funds mshouses Flxed Assets- thls represents the b)ok value of unregtrfcted Ixed assets. Poorfs Incom8 Fund -10% of the tolal irwesknent income for the year is Iransferred to this fund in the following year. this is used to provlde relief grants Old School House & Property mainl8nanco - during 2023. £100,000 was sel asid& for the work to be completed at the Okl School House and future propety maintenan. Expenditure totsling £91.437 has been incurred from this fund during 2024 and Iransferred to the Almshouse Fixed Asset fund The Extraordinary repair fund funds the extraordinary r8POrt. Imrffovement or rebuilding of th8 mshous8s. £50 is required lo b6 transferred to this fund each year. Th8 Newpjrl R81ief fund is to be used to provide grant relief for those in need in the local area. Endowment Funds The Endowment Property Fund holds the freehold of the Almshou5e5. The Endowment Invsstment Fund ld$ Investments to provide income to support the Almshouses and Poovs chariti8S. 21 Analysls of n8t assots b8tWo•n fundg Unrestricted funds General Endowment funds Pernianent Total funds at 30 Jun• 2024 R•8trictod funds Tangible fixed assets Fixed asset investrnents Current assets Current liabifilies Creditors 0r 1 ar 294,787 1.514.777 383.871 1.809.564 411,618 270,436 118,300} 154,180 2.419,138 27.747 582 269,854 118,3001 54,180 Total net assets 492,161 28.329 1,898,648 Unrestrictod lunds Genarnl Endowment fund8 Pormanont Total funds at30 Jung 2023 Restrfctod funds Tangible fixed assets Fixed asset inv9Stments Current assets Current liabifities Creditors over 1 year Totsl net assats 210.514 1,525,283 351,455 1.735.797 377,109 244.104 112,1581 63,210 25,654 661 243,443 {12.1581 63.210 378.589 26,315 1,876,738 2,281,642 Page 22
Barnstaple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2024 (continued) 22 Rolatod party transadlons During the year the charity made Ihe following related paty transacticms: During the ar the charity purchased goods totalling £14512023.. £217) from Value Htrjse Slor&s Limiknj, a company in which Mike Ford is a director. At the balan sheet date the amount due tolfrom was £Nil12023 - £Nd). 23 Borwowing from Endowmerrt Fund On 7 August 2002, the Charity Commissioners approved the Trustees atplication to spend no more than £120,000 from Pemianenl Endowrnenl of Bamstaple Muniapal Charities fro the purpose of modemisirbg five of the Chafity Atmshouses. This sum must be replaced by transferring one ffiftieth of th8 amount SP8nt from the charty's income for 50 years. Recoupment commenced in 2005 such that the amount owed al the balance sh8et dale was £59.558. On 14 Febwary 2007, th& Chanty Commissioners approved the Trustees applicalion lo spend no more than £105,000 from Perm8nenl Endowment ft)r the purpose of modernising four of the Ch8rity Almshouses. This sum must be replaced be transferring one forty second of the amount spent frorn the Charity's income over 42 years. The balan at 30 June 2024 was £52,337. Durfng the peiiod, the Trustoes agreed to transfer a total of £4,900 from unrestricted to endowment funds. This figure is inclusive of the amounts lo be transferred as note above and is made up of £4,900 COIF dividends r&ceived and reinvested. Page 23