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 seCt￿n
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 pa￿ing 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 HOTh￿0d 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 co￿rdInatOr 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
loca￿ty.
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 e￿h 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
a￿Untr￿ts.
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 ￿e￿IVed 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 sL*8du19
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 repa￿￿ent reqUI￿d £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
InsU￿10n will be an expensive project which V￿11 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 requIr￿j by s8CtKyn
130 of the Act. or
2. the accounts do not accord with those records" or
3. the a￿oUnts 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 fu￿1$
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 lo￿n 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 Finan￿al 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 ￿t￿ul 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 aCtiv￿leS
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 Un￿rtaInty 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 accUm￿aled 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 rel1￿ment 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 a￿l￿tIo$
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
Re￿rIcted
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 d￿rity 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
R￿trfCtOd 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 Fu￿1
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 0￿r 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