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 cal￿1?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 finan￿al 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 CharIt￿S expenses policy.
Recruitment and Appointment of New Trustees
The Chairman manages the appointment of new Trustees, to be approved by the board. taking
a￿Unt of s￿11$ 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 su￿0MMIttees. 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 ASso￿a￿on 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 cc￿OrdInator 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 Jan￿or 13 hours per weekl to P8rform cleanlng dutles at Penrose
Almshouses.
In accordance the Charitys govemlng mandate the Estates CO￿rdInatOr 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. frOn￿lne support to staff and residents. coordination of committees. advice on policy.
legislation, financial management and pro￿dure 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 obje￿ve8 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 $k￿Ights 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 aC￿sS 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 ￿ls￿d.
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 Charl￿S 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¥u1￿d £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 0￿ber 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 Char￿Y 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 rella￿lty.
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 serVI￿S 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 use￿1 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 0jntrfbut￿Ins 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 c1￿UmstanceS
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)ntrIbu￿onS
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 Sch￿1 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 In￿Me 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 r￿ed 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 aS￿ts
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
M￿ern1s1ng 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 coMMen￿d 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