BARNSTAPLEALMSHOUSES AL,.Q,SHOUsES Charity No 1186225 Malntaining & Mana9irg Alm5house5 ForTtK)se In Need www.bamstaplealmshouses.co.uk Annual Report and Flnancial Statements for the Year Ended 30 Juna 2025 WESTCOTTS CHARTERED A¢¢OUIITANTS •USIIIS$S ADVISEIIS
Barnstaple Almshousos Contents (continued) Reference and Administrative Details Trustees, Rewjrt 2to7 Independent Ex8mlne¢s Rep)rt Statement of Flnaneial Activities Balance Sheet 10 Notes to the Financi81 Statements 11to24
Barnstaple Almshousas Reforence and Adminlstrativa Datalls Trustees: A Renn18S E Oymond Cllr V Elklns M Ford P Arthur Dr R Beer R Saunders S Smaldon L York (resigned 29 July 20241 D Clapp D M Warmln9ton (appointed 4 February 2025) G H Palmor (appointed 6 May 20251 Coundllor J A Coates lapwlnted 29 July 2024) Charlty Regl8tratlon Numb8r 1186225 Prfnclpal Offl¢0 The Boardroom Penrose Almshouses Lltchdon Street Bamstaple EX32 8NH Independent Examiner Westcotts ISW) LLP 47 Boutport Street Bamstaple Devon EX31 1SQ Pagg 1
Barnstaple Almshouses Trustees. Report STRUCTURE MANAGEMENT AND GOVERNANCE Governlng Document The Charity Is controlled by Its goveming doujment. 8 deed of tnjst. and o)nstitules a Charitabte Incorporated Organisation and Is 8 publlc benefit entity. Its purpose as set out in the goveming mandate is.. The provision of housing for persons who are In need, financial hardship or distres5. Such exdusively charitable purposes for the benefrt of the Beneficiaries or a suffioient seclion of thern as the Charity Trustees decide. The relief, eithgr g8nerally or individually of person5 resident in the Area of benefit who are in eonditions of need, hardship or distress, by making grants of rnoney or providing or paying for items. Services or facilities cal1?ted to reduco th• need. hardship or distress of such porsons. The area of benefit is the borough of Barnstaple and surrounding area. Full details of the organlsation and the policies adopted are contained in the Charity Commission Scheme 204460 dated 24 November 1895. amended by the Commissioners during 1961, 1974. 1992. 1993 and 2016 and transferred to a CIO, Registration 1186225, on 8th November 2019. The Charity owns and adminlsters 29 unlts of Almshousa accommodatlon for slngle person or couple occupancy, comprfslng 21 almshouses and 8 flats ac*oss siles In Barnstaple. The Almshouses were originally establlshed for the poor people of Bamstaple In 1624 & 1659. This remains the primary objectlve but, as the social climate has changed. Tnjstees now look sympathetically al applicants with emotional and social needs as well as finanal requirement. Organlsatlonal Structure Th8 Charity is run by a board of Trusl8es who meet quartedy providing 8xp8rtise in the following sub committges.. Residents, Finance, Vvorks and R81ief. Committ98 cross repres8ntalion ensures an understanding of the management and matters arising within all areas of th8 Charitys business. There is an app8als committee should there be any requirement for di5PUte r8solution. Th8 maln board of Trustees oversees annual slalutory obllgations and consid8fS. debates and ratifies forthcoming recommendatlons from the subcommltte8s, aach of which also meets quarterly. Trustees do not receive remuneration from th8 charity. Appropriale expenses ean be reclalmed in Ilne with the CharItS expenses policy. Recruitment and Appointment of New Trustees The Chairman manages the appointment of new Trustees, to be approved by the board. taking aUnt of s11$ requirgd to wrre¢Uy administer thg Charity and apwinting In areas where exFertis8 is ne8ded. Up to eleven Co-optative Trustees may be appointed by the existing board, within the criteria of either residing or carrwng out business in or near Bamslaple and being able to provide necessary skills. Two nominated Trustees ar8 apEk)inted by Barnslaple Town Council, and the MayDr of Bamstaple Town Council holds a discretionary seal on the board. Page 2
Barnstaplo Almshousas Trustees, Report (continued) Inductlon and Tralnlng of Trustees New Trustees are given an induct pack by the Estates Cothinator which consists of information about the charty, Its goveming mandate, the responsibilities of a Trustee. roles and duties of each cornmlttee and annual accounts. Trustees are allocated to a muimum of tsvo su0MMIttees. The Charlty provldes workshops for Trustees and identifies local and online training courses available. During the year Trustees have the opportunity of exlemal training via the Almshouses Association. The Chartty continuÈs to bè a member of the Almshouse ASsoaon whlch provides a wealth of information and guidance to Trustees of Almshouse charitie5 regarding: the management of almshouses care of Its residents standard policies Staff and Trustees have taken advantage of onllne training as it becom95 available. Durlng this year the various committ8es have revlewed major policles, staffing requirernenls and conducted both a firg and a financial risk assessment. The Charity Staff: Part TSme Estates CTrordinator - 16 hours per week. The Estates ccOrdInator is based within Penrose Almshouses complex - providing support for residents, managing the charit$ estate and admlnistralon functions, including the implementation of charity policies. Charity Finance Clerk - 10 hours per week. Tha Charity Financg Clerk is based within P8nrose Almshouses complex - attends to accounting and finance matters for the charity. Also providing support to the Estates Co-ordinator and rgsidents. Part Time Caretaker at Horwood Paige's Almshouses15 hours per weekl to manage the daily running of Horwood Paige's Almshouses. securlty. implement charity policies and provide support for resid8ntS. A new Part tlme Janor 13 hours per weekl to P8rform cleanlng dutles at Penrose Almshouses. In accordance the Charitys govemlng mandate the Estates COrdInatOr recelves dlrectives from Trustee5. guidance from the Charity Commlssion and th& Almshouse Assoclation and has responsibility for the rouline management of the almshouses and statutory obligations whlch include: administration, accounts, staff management, computer systems, liaison wllh other professional bodies. frOnlne support to staff and residents. coordination of committees. advice on policy. legislation, financial management and produre of best practice. The Estates Ccpordinator receives remuneration set at a lev818qual to that of a slmllar post in the lo¢allty. It should be noted that the Charity provides housing only. It does not provid8 hoalthcare nor residential care home facilities for r8sidenls. Page 3
Barnstaple Almshouses Trustees. Report (continued) STRATEGY Our strategic aim is to maintain the historic buildings owned by the Charity at Penrose and Horwood Paige's, thereby provlding low cost. good qualty homes to those in need from the Bamstaple area. now and long into the future. The sp8cific action5 taken by Trustees to support th058 objeve8 wera to: Commonce proj8cts to increosg the financial stsbility of the Charlty Into the future. Jpairs at Penr05e Almshouses Half of the roof of the property was revslated as well as repairs to the chimneyB. Roof $kIghts were replaced & repointing to wall were done as necessary The Trustees have a duty to identify and review the risks lo which the Charity Ss exposed and to ensure ?ppropriale controls are in place lo providg reasonable assurance against fraud or error. Finance The Chartiy has a robust Financial Risk Assegsment whlth Is reviewed annually and upon any major changes ft)r the Charity- Budget management and monilorfng strategies are in place on a monthly, artnual and five basls. The principal risk to the Charity continues lo be sustaining adequate finance to continue its aims and objectives. The Trustees recognise that maintsining the 29 Grade l & 11 listed buildings consumes most of the income g8neraled within each financlal year. There is little opportunity to gain additional income without signrficant financlal Impact to residents. The Charity has a cloud b8sed financial accountancy package which Is Manag by the Charity Finance Clerk aCsS by the Chaimian, Chair of Flnance and the Charitys accx)untants. To ensure appropriate control over outgoing fund5, Gheques require two signatori8s. A tw(Step authorisation by signatories is also required for all online banking transactions and Charity Investments Salarfes and Weekly Malntenance Contributions are reviewed annually by the Trustees. Fire Risk Consldering the prime usage of the site Is domestic and the measures put in place to reduce fire at the Almshouses, the likélihood of fire is assessed as low overall with the fire hazards identified within the rlsk assessment identified as medlum. The Charlty undertakes annual fire risk assessrnents of both sttes In accordance with PAS 79.2012 Flre Rlsk Assessment - Guidance and recommended m8thodology. The Firg risk assessment has beèn renewed thls year by a local Company with experience of ancient buildings. advice gwen within the Fire Risk Assessment Is actloned within six months. Page 4
Barnstaplo Almshouses Trustees. Report (continued) Bulldlng safety A quinquennial inspection of the buildings helps to idÈntlfy a schedule of works to be completed each five years which Fffowdes knowledge for long temi financial planning. Tho recommen¢Jatipns that were made in the report In 2022 have been implemented. There were no sigDificanl wncems lsd. ACHIEVEMENT AND PERFORMANCE Occupancy Demand for the Amshouses remains high and all properties are occupled. Malntsnance The regular ongolng malntgnance continued during the year and was overseen by the works committeè. Provlslon of Rellof Granls On an annual basis the Charity continues lo allocate 10•A of all investment dlvidends to the Grant Relief fund, which provldes support to those in need in the area. including domestic items lo Set up a new home or tools for an apprentice. FINANCIAL REVIEW Introductlon Thls has been a successful year forthe Charity. The demand for housing MaInS hlgh. Costs for Resldents Trustees continue to focus on ways to redu costs to residents considarfng the current cost of living crisis. INVESTMENTS The CharlS investments are kept under review. Investrnents are $81 at lowlmedium risk and continue to provide a small 8nnual income. COIFICCLAI. are providing an artive management of the charities fijnds. Trustees will continue to review investment p9rf0rman. Dividend5 for the period {not induding Ngwport fvnd) have amounted to £ 11,462. Claim agalnst Lyn Financè Tmstees are conllnuing the claim against Lyn Finanaal Services, relating to the CF Woodford Special Income fund. This claim is in the hands of the Financial Ombudsman S8Nice. Charlty Loan Repayments £90.300.00 Repayment £9.030.00 per annum Repayments for the loan from the Almshouse AssoaatN)n, taken to fvnd the purchase of the Old School House. have been made in line with the required schedule Page 5
Barnstaple Almshouses Trustees. Report (contlnued) Repayments made wlthln thls flnancial yeai £ 9.030.00 Total outstanding as of 30.06.2025 £ 54,180.00 Prevlous borrowlngs from the Charftys own invgslment funds were agreed by Th8 Charlty Commlsslon as follows: 7th August 2002 - £120,000.00 14th February 21M)7 £105.000.(x) Total £225,000.00 Minimum annual repayrnent r¥u1d £4.900.00 Totsl oulstsnding brought forward £ 111,895.(x) Repayments made this year £ 4,900.00 Outstanding balance as of 30.06.2025 £ 106.995.00 SUMMARY At the end of the flnanclal year the Charity remalns financlally secure and consistèntly meets Its objectives through good management. The Charity meets regular and nomal expenditure as and when It falls due. Ino)me Is not expected to materially fluctuaté in future acGY)unting pedods. The malority of the Charltls assets are in buildings and endowments which are not available for expenditure. The Trustees continue to b8 aware of the costs of maintsining the aged buildings. RESERVES POLICY It is the policy of the Tnjstees lo maintain an unrestricted fund balance of at least s5x months routine expenses to accommodate any shortfall in regular funding. this equates to approximately £70.000. FUTURE PLANS Penrose Roof Penrose Almshouses are arranged in a quadrangle courtyard. TnJst&8s are aware that the rc#Jf is nearing the end of its life expectancy. As a Grade I Ilsled building. half of the roof has been re-slaled and it is planned to complete the other half within the next 2 years. The trustees presgnt th8 annual report togathor with thè finandal statements of th8 charity for the year ended 30 June 2025. Page 6
Barnstaplo Almshouses Trustees. Report (contlnued) Trustees and ¢)fficers The trustees and officers serving during the year and since the year end were as follows: The annual report was approved by the tnjstees of the charlty on and signed on Sts behaN by. A Rennlg5 Trustee Pag8 7
Barnstaple Almshouses Independent Examinerfs Report to the trustees of Bamstaple Almshouses I report to the trustees on my examination of the accounts of Barnstaple Almshouse5 for the year ended 30 June 2025. Rgsponslbilltles and ba51s of report 'As the charity Irustees of Bamstaple Almshouses you are responslble for the preparatlon of the accounts in accordance the requirements of the Charities Act 2011 (Ihe ACY). I report In respect of my examlnation of the Bamstsple Almshouses's a¢¢ounts carried out under seetlon 145 of the 2011 Act and In caryng out my examination I have followed all the applicable Direcllons given by the Charlty Commisslon under section 145{51(bl of the Act. Independent examiner's statemenl I have completed my ex8mlnatlon. I conflmi that no material rnatters have come to my attentlon In connection wth the ex8minalion givlng me cause to believe that in any rnaterial respect: 1. accounung records were not k8Pt in respect of Bamslaple Almshouses as required by section 130 of the Act" or 2. the accounts do not accord with thos8 records" or 3. the accounts do not comply with the accounting requirements concerning the fom and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 olhar than any requirement that the accounts glve a 'true and fair view which is not a matter cK)nsldered as part of an Independent examlnalon. I havo no concerns and have como across no other matters in connection wth the examination to which attention should be drawn in this report In order to enable a proper understandlng of the accounts to be reached. Catherine Williams FCA DChA Independent Examiner Westcotts ISW} LLP 47 Boutport Street Bamstaple Devon EX311SQ Page 8
Barnstaple Almshouses Statement of Flnanclal Activities for the Year Ended 30 June 2025 Unrestrlcted Restrlcted Endowmgnt funds funds funds Total 2025 Total 2024 Note Income and Endowments from: Oonations and legacies othèr trading aetivlties InvestmÈnt income Other income 385 201.050 21.574 1,500 385 201,050 22.336 1,500 6,493 187.978 18.860 762 Total incorne 224.S09 762 225,271 213,331 Expenditure on: Charitsble activttles 238,0711 1905) 10.2961 1249,2721 105,444 Totsl expenditure Gainsllosses on inveslmenl assets 1238,071 } (905) (10.2961 1249,2721 (105,4441 1,265) 13.7021 114.967 29.609 Net (expenditureyincome Gross transfers between funds 113,5621 11.408) 123,998} 138.968) 137,496 4,950) 50 4,900 Net movement in funds 118.5121 (1.3581 (19.0981 {38,9681 137,496 Reconciliation of funds Total funds brought forward 492,161 28,329 1,898.648 2,419,138 2.281,642 Total funds carried forward 20 473.649 26,971 1,879.550 2.380,170 2,419,138 All of the charity's activitigs dgrive from contlnulng operatKsns during thè above thNo periods. The fijnds breakdown for 2024 is shown In note 20. The notes on pages 11 to 24 form an Integral part of these financial statements. Page 9
Barnstaple Almshouses (Reglstratlon number: 1186225) Balance Sheet as at 30 June 2025 2025 2024 Nots Fixod assets Tanglble assets Investments 14 15 1.792,785 401,551 1.809,564 411,618 2,221.182 2.194,336 Current assets Debtors Cash at bank and In hand 16 8,622 234,796 7.167 263,269 270.436 243,418 Creditors: Amounts falling duè wlthln one year 17 {12.4341 118,300 Nel current assets 230.984 252.136 Total assets less current Ilabllitles 2.425.320 2,473,318 Creditors- Amounts falling due after moro than one yoar 18 45.150 54.1801 2,419.138 Nol assets 2,380,170 Funds of the charlty: Endowment funds Restrfcted funds Unrestricted funds 1,879.550 26,971 473.649 1.898,648 28,329 492,161 Total charlty fvnds 20 2,380,170 2.419.138 The financial ststem8nts on pages 9 to 24 wer& approved by the trustees, and authorised for Issue on and signed on their behalf by- A Rennles Truste The notes on pages 11 to 24 form an integral part of these financial statements. Page 10
Barnstaple Almshousos Notes to the Financial Statements for the Year Ended 30 June 2025 1 Accounting policies Statement of compllance The financial statements have been prepared in aGwrdanre wrth tha second edition of the Chariues statement of Rewmrnended PraGtiGe is5ugd in 0ber 2019. the Financial Reporting Standard applicable in the United Kingdom and RepubliG of Irgland (FRS 1021 and th& Charits85 Act 2011. Basis of pr•paration 8arnstaple Almshouses meets the detlnitlon of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with ttems recognised at cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. The aGwunts are prepared in sterling whlch is the functional currency of the tharity. Exemptlon from preparlng a cash flow statement The entity satisfie5 the rriteria of being a small charlty as defined in FRS 102 CharY SORP. The charity ha5 taken exemption from preparing a cashflow statement. Golng concern The trustees consider that there ara no material uncertainties about the charitls abllity to continue as a going u)ncem. Income and endowments Voluntary income including donations, grfts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlgment to the Income. It Is probable that the Income will b8 received arsd the amount can be measured with sufficlenl rellalty. Donations and legacies Donations and legacigs are recognised on a re¢eivabl& basis when receipt is probablg and the amount can be reliably measured. Grants roceivable Grants are recognised when th& charity has an entilement to the funds and any condition5 linked to the grants have been met. Wher8 perfomiants conditions are attached to the grant and are yet to be met. the income is recognised as a liabilty and includgd on the balance sheet as deferred income to be released. Expendllure l expenditure is recognised once ther8 is a 18gal or Constructive obligation to that expenditu, It Is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to Ihat category. Where costs cannot b8 direcuy attributed to particular headings they have been allocated on 2 basis consistent with the use of resources, with central staff costs allocated on the basis of lime spent. and depreciation harges allocated on the portion of the asset's use. Other support costs are alkxated based on th8 spread of staff costs. Page 11
Barnstaple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2025 (continued) Charitablo activiktres Ch8rilable expenditure comprises those costs incurred by the charity in the delivery (rf its activftles and serVIS for its beneficiaries. It includes both costs that can be allocated directly to such activltles and those costs of an indlrect nature necessary to support them. Grantprovlslon$ Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty atM)ul either the liming of the grant or the amount of grant payable. Support costs Support costs indudg central functions and have been allocated to activity cost categories on a basis nsi51gnt with thg use of resources, for example, allocating propety costs by floor areas, or per capits, staff costs by the time spent and other costs by their usage. Taxatlon The charity is consid8red to pass the tests get out in Paragraph 1 Schedule 6 of the Flnance Act 2010 and therefore it mgets th8 definition of a charitable company for UK corporation tsx purposes. Accordingly. the charity is potentially exempt from taxation in respect of Income or capitsl gains received wlthln categodes covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxallon of Chargeable Gains Act 1992, to the extent that such Income or gains are applled exclusively to charitable purposes. Tangible fixed assets Indlvidual fixed assets are Inftlally recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclatlon and amortlsatlon Depreciation Is provided on tanglble fLxed assets so as to write off th8 cost or valuaUon, less any estimated resldual value. over thelr expected use1 economic life as follows: Asset class Land and bullding$ Plant and machinery Depre¢latlon method and rate 2% straight li 25% reduclng balan Flxed asset investments Fixed asset investments, other than prograrnme related Investments, aT8 induded at market value at the balance sheet date. Realised gains and Ioss95 Qn investments are calculated as the dtfference b&fv4een sales proceeds and their market value at the stsrt of the year. or their subsequent cost, and are Charged or ¢redited to the Ststemenl of Financial ActivitT8S ill the period of disposal. Unrealised gains and 1055es represent the movement in market values during the year and are cr8dited or charged to the Statement of Financial Activiti8s based on tho rnarket value at the year end. Cash and cash equivalents Cash and cash aqulvalents comprlse cash on hand and call dgposils. and other short-term highly Ilquid Investments that are readily convertible to a known amount of cash and are subject to an Inslgnificanl risk of change in value. Page 12
Bamstaple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2025 (continued) Fund structurg Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectNes of the charity. Restricted income funds are those donated for use in a parbculÈr aw or for specffic purposes, the use of which is restricted to that area or purpose. Pensions and othgr post retlrement obllgatlons Contributions lo defined contribution plans a recognised as an 8xpense in period in which the related Servi is provided. Prepald contributions are recognised as an asset to the extenl that the prepayment wll read to a reduction in future payrnenls or a cash refund. When 0jntrfbutIns are not expected to be setled wholly within 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on 8 discounted presènt value basis. The unwinding of the discount is recognised as an expense In the period in whlch it arises. Flnanclal Instruments Classlflcatlon Financial a55et5 and financial liabilities are recognlsed when the charlty becomes a paty to the contractual provisiofts of the instrument. Financial liabilities and equity instnjmenls are classified according to the substance of the contractual arrangements entered into. An equty inslrumenl is any contract that evld8nc8s a residual inler8St in the assets of the charity after deducting all of its liabS1itle5. Page 13
Barn$taple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2025 (contlnued) R•cognltlon and measurement l financial assets and liabllttles are Initially measured at transactSon price (including transaction C05ts1, except for those financlal assets classified as at fair value through profit or loss. whith are initially measured 8t fair value (which is normally the transactlon Pri excluding trdnsaction costs). unless the arrangemenl constitutes a financing transaction. If an arrangement constitutes a ffinancing transactlon. the financial asset or financial liability Is measured at Ihe present value of the fvture payments dls(J)unted at a market rate of Interest for a slmilar debt instrument. Financlal assets and Ilabililles are only offset in the statement of financlal positSon whgn, and only when there exi5t5 a *ally enforceable right to set off the recognised amounts and the charity intends elther to settle on a net basls, or to realise the asset and settle th8 liabilty simultaneously. Financlal assets are derecognised when and only when a} the contractual rights to the cash flows from the financlal asset explre or are settled. b} the charity transfer5 lo another paty substantially all of the rlsks and rewards of ownership of the financial asset, or c} the charity. despite having retained some. but not all. $ignlfi¢ant rfsks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecogn19ed only when the obllgation specified In the contract is ¢Jis¢harged. cancelled or expires. Investments Investments in non-convertible prefergnco shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value Is reliably measurable) are measured at fair value through profit or loss. Wh8re fair v8lue cannot be measured reliabty. Investrnents are measured at C05t less impairment Investments in subsidiaries and assoclales are measured at cost less Imp8iment_ For investments In 5ubsidiades acqulred for conslderation including the issue of shares qualtyng for merger relief. cost Is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Fair valu8 measurement The best evidence of fair value is a quoted prfce for an Identlcal asset in an acUv8 market. When quoted prices are unava51able, the price of a recent transactSon for an identical asset provides eviden of fair value as long as there has not been a significant change in economic c1UmstanceS or 8 significant lapse of lime since the transaction took plac&. If the market is not active and recent Ér8nsactions of an identical asset on their own are not a good estimate of fair value. the fair value Is estlmated by using a valuation technique. Page 14
Barnstaple Almshouses Notes to the Financial Statements for the Year Ended 30 June 2025 (continued) 2 Income from donation¥ and18gacies Unrestrlcted funds General T¢)tsl 2025 Donatlons Donations 385 385 Unrestrlctsd funds General Total 2024 Donatlons Donations Grants from other charitses 5.493 1.000 5.493 1.000 6.493 6.493 3 Income from other tradlng activities Unrestrlcted funds General Totsl 2025 Residents ct)ntributions 201.050 201,050 Unrostrlcted funds General Total 2024 Resldents 0)ntrIbuonS 187.978 187,978 4 Investment Income Unrestricted funds Ggnoral Restrirtod funds Total 2025 Invostment Income Bank interest receNable 11,462 10.112 762 12,224 10.112 21.574 762 22.336 Page 15
Barnstsple Almshouses Notes to the Flnanclal Statements for the Year Ended 30 June 2025 (continued) Unrestricted funds General Restrlclod funds Total 2024 Investment income Bank interest receivable 11,103 7,011 746 11.849 7.011 18,114 746 18.860 5 Other Income Unrestrlcted funds General Totsl 2025 Annual licences 1,500 1.500 6 Expenditure on charitablo activiti8s Unrestrlcted funds General Endowment funds Pormanent Restrlcted funds Totsl 2025 Note Charitsbl8 acliwties Grant funding of activities Support ojsts 216.920 10.296 227.216 838 20.313 905 1.743 20.313 238.071 905 10.296 249.272 Unrestrfcted funds General Endowment funds Permanent RestrlGted funds Total 2024 Note CharitalJo a¢tivibes Grant funding of actlvities Support costs 71,755 10,506 82.261 100 22,208 875 975 22,208 94,063 875 10,506 105.444 Pag& 16
Barnstaple Almshouses Notes to the Flnanclal Statements for the Year Ended 30 June 2025 (contlnued) 7 Analyslg of support costs Total 2025 Total 2024 Staff costs Office costs Accountsnry fees Independent examinerfs fee Legal and professional fees 16,851 990 872 1,600 18,252 945 1.243 1.750 18 20.313 22,208 8 Grant4naklng Anatys15 of grants Grants to Indlvlduals 2025 2024 Analysls Grants to Individuals 1,743 975 9 Net incomingloutgolng resources Nel (OLrtgoingifincoming resources for the year Include: 2025 2024 Depreciation of fixed assets 17.079 17.720 10 Trustees remuneratlon and expenses No trustees. nor any persons connected with them, have recelved any remuneratlon from Ihe charlty during the year. No trustees have recefved any reimburs8d exp8nses from tha charity during the year. Page 17
Barnstaple Almshousès Notes to the Financlal Statements for the Year Ended 30 Junè 2025 (continued) 11 Staff costs The aggregate payrdl costs were as follows: 2025 2024 staff costs durlng the year were: Wages and salaries Employer lxntributions to penslon plans 31,909 317 33,238 32,226 33,332 The monthly average number of pefsons {includlng senior management I leadership team) employed by the charity during the year was as follows.. 2025 No 2024 No Charlty manager Caretakers No employee received emoluments of more than £60.000 during the year 12 Ind8pendent gxaminoV5 remunorntion 2025 2024 Fee8 payablo to the Independanl examlner for: Independent examSnallon of the financial statements 1.600 1,750 13 Taxatlon The chanty is a regislered charity and Is therefore exempl from taxation. Page 18
Barnstaple Alm$hou$a$ Notes to the Financial Stat8ments for the Year Ended 30 June 2025 (continued) 14 Tanglble fixed assets Freehold property Plant and machlnery Totsl At 1 July 2024 Addltions 1.872,273 300 12.699 1.884.972 300 At 30 June 2025 1.872,573 12.699 1.885,272 Depreclatlon At 1 July 2024 Charg8 for the year 66.541 16,119 8,867 960 75,408 17,079 At 30 June 2025 82.660 9.827 92.487 Net book value At 30 June 2025 1,789.913 2,872 1.792.785 At 30 June 2024 1,805,732 3,832 1,809.564 15 Flxed asset invesbnents Listed investmenls Unllstsd Investments Cost or Valuatlon At 1 July 2024 Addltions R8valuation 383.871 4,900 14,9671 27,747 At 30 Jurse 2025 373,804 27,747 Net book valug AI 30 June 2025 373.804 27,747 At 30 June 2024 383.871 27,747 Page 19
Barn$tapl• Almshouses Notes to the Financial Statements for the Year Ended 30 June 2025 (continued) 16 Debtors 2025 2024 Trade debtors Prepayments 2,120 6,502 8,622 6.303 7.167 17 Creditors: #mounts falllng due withln one year 2025 2024 Trade creditors other loans Accruals 1,554 9,030 1,850 7,520 9.030 1,750 18.300 12,434 18 Crodltors: amounts falllng due after one year 2025 2024 Other loans 45,150 54,180 19 Penslon and othgr sGhgrnes Deflnod Gontribution pgnsion scheme Tho charity operates a defined contribution pension seheme. The pension cost charge for the year reprfrsgnts contrlbutlons Pafdble by the charity to the scheme and amounted to £317 {2024 - £94). Page 20
Barnstaplo Almshouses Notes to the Financlal Statements for the Year Ended 30 June 2025 (continued) 20 Funds Other recognlsed galnsl (losses) Balante a130 June 2025 Balance at 1 July Incoming Resources 2024 resour¢e$ èxpended Transfers Unrestrlcted funds General funds mshou5es Flxed Assets P)ff5 Income Fund Old Sch1 House & Property maintenanc8 187,695 224.472 {230.450) 1,598 183,315 294,787 1,166 (6,783} 1838} 3¢XJ 1,665 288.304 2,030 37 8,513 492,161 8,513 224,509 238.071 14,950 473,649 R•strlcted funds Extraordinary repair fund Newp)rt rellef fvnd 440 27.889 50 905 11.265) 50 26,971 1.265 26.481 28.329 905 Endowmenl funds Propety Fund Investment Fund 1.514.777 383,871 (10.2961 1,504,481 375.069 4.900 113,702 (13.702 14,967 1.898.648 10,296 4,900 1,879,550 Total funds 2,419,138 225.271 249,272 2.380.170 Page 21
Barnstaple Almshouses Notes to the Financlal Statements for the Year Ended 30 June 2025 (Continuod) Galn5 and 1055es At30 June 2024 At 1 July 2023 Income Expendlture Transfers Unrestrlcted funds General fvnds Almshouses Fixed Assets Poor's Income Fund Old School House & Property maintenan 63.809 212.527 (86,849> (1,792) 187.695 210.514 4,266 (7.214) 91,487 13.1581 294,787 1.166 58 100,000 91.4871 4.950 8,513 492.161 378,589 212,585 94.063 Rastrlcted funds Extraordinary repair fund Newport relief fund 390 25.925 440 27,889 746 {875 875 2,093 26.315 50 2,093 28,329 Endowment funds Propety fund Inv8Stment fijnd 1,525.283 351,455 1.876,738 (10.506) 1.514,777 383,871 4.900 27,516 110,506 105,444 4,900 27,516 1.898.648 29,609 2,419,138 Total funds 2,281,642 213.331 Page 22
Barnstaple Almshouses Notes to the Financlal Statements for the Y9ar Ended 30 June 2025 (continued) Unrestdcted Funds Almshouses Flxed Assets - this represents the book value of unr8Stricted fixed assets. P)3 Income Fund -10YD of the total Investment InMe for the year ks transferred to this fund in the following year. this is used to provide relief grants Old School House & Propety maintenance - duriftg 2023. £100.000 was 5gt aslde for the work to be mpleted at the Old School House and future property malntenance. Expgnditure lotalling £91.437 has been incurred from this fijnd during 2024 and transferred to the Almshouse Fixed Asset fund Restricted Funds The Extraordinary repalr fund fvnds the extraordinary report. Improvement or rebuilding of the Almshouses. £50 is required to be transferred to this fund each year. The Newport Relief fund is to be used to provlde grant relief for those In need in the local area. Endowment Funds The Endowment Property Fund holds the freehold ofthe Almshouses. The Endowment Investment Fund holds Inveslrnents to provide Income to support the Almshouses and Pwrf5 charities. 21 Analysls of not assets botw¢en fund$ Unrestrlcted funds General Endoyment funds Permanent Totsl funds at 30 June 2025 Restrlcted funds Tangible flxed assets Fixed asset investments Curr&nt assets Current liabiltties Creditors over 1 year 288,304 1.504.481 375.069 1.792.785 401,551 243,418 (12,4341 {45.1501 2,380.170 26,482 490 242,928 (12,4341 45,150 Totsl net assets 473.648 26,972 1.879,550 Unrestricted funds General Endowment fund5 Pemanent Total funds at 30 Juna 2024 Restrlcted funds Tangible red assets Fixed asset investments Current assets Current liabilities Creditor5 Qver 1 year 294.787 1,514,777 383.871 1.809,564 411,618 270,436 {18,3001 (54,180) 2.419,138 27,747 582 269.854 118,3001 54,180 Total net aSts 492.161 28.329 1.898,648 Page 23
Barnstapl• Almshouses Notes to the Financlal Statements for the Year Ended 30 June 2025 (continued) 22 Rolatgd party transactions Durlng the year the charity made thè following related party transactions: During the year Ihe ¢harity purchased goods totalling £88 {2024'. £1451 from Value House Stores Limited. a company in whlch Mlke Ford is a dlrgctor. At the balance sheel date the amount due tolfrom was £Nil (2024- £NII}. 23 Borrowing from Endowment Fund On 7 August 2002. the ChaTIty Commissioner5 approved the Trustses application to spend no more than £120,000 from Permanent Endowment of Bamstaple Municipal Charities fro the purpose of Mern1s1ng five of the Charity Almshouses. This Sum must be replaced by transferring one fiftieth of the arnount SP8nl from the chariws income for 50 years. Recoupment coMMend in 2005 $u¢h that the amount owed al the balance sheet data was £57.158. On 14 February 2007. the Charity Commissioners approved the Trustees applicatitin to spend no rnore than £105,000 from Permanent Endowment for the purpose of modemising four of the Chanty mshouses. This sum must be replaced be transferring one forty second of the amount spent from the Charity's income over 42 years. The balance at 30 June 2025 was £49,837. During the period, the Trustees agreed to transfer a total of £4.9CQ from unrestricted to endowment funds. Thi5 figure 15 inclusive of the amounts to be transferred as nots above and is made up of £4,900 COIF dividends received and reinvested. Page 24