Chailty reg15trailon number 1Z1Q636 (England and Wale51 OKEHAMPTON FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 OKEHAMPTON FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R Campbell Mr5 M C￿per Dr M Ireland Mr P Davies Dr P Murray Mr R Tolley Mrs C Chapman Mr K Harding Mr S Colgman Mr R Collnan Mr K Pedrick Mrs J V Yelland (Appointed 30 January 20251 IAppDinted 30 January 20251 (Appointed 25 November 2D251 (Appointed 14 May 20251 (Appointed 25 November 2025) I￿pOinted 23 January 20261 Treasurer Mr C J Owen FCCA Mrs C Martyn FCCA (Retired 25 March 20261 I￿pOinted 01 Septernber 20251 Clerk Mrs K Percival CG (Affiliated) Charlty number 1210636 Prlnclpal address PO Box 109 Okehamplon Devon EX20 9BF Audhor Simpkins Edwards Audit LLP The Summit w￿dwater Park Pyxes Hill Exeter EX2 5WS Bankers Lloyds Bank PLC Fore Street Okehamplo Devo EX20 1 HJ Land ager Kivells Chartered Surve Liskeard PL144BE OKEHAMPTON FOUNDATION CONTENTS Page Tnjstees, report Statement of trustees, responsibilities Independent auditorfs report 8-10 statement of financial activities B8lance sheet 12 Statement of cash flows 13 Notes to the financial statements 14-29 OKEHAMPTON FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees wesent their annual reFMJrt and financial slat8rn8nts for th8 year ended 31 December 2025. OkEhampton Foundation was fonmed as a Charitable Incorporated Organisation ICIQI in November 2024 and was m8rged with Ok8hampton United Charity on 31si Dec8mber 2024. All the assets and liabilibes of Okeharllpton United Charity were transferred to OkehFJMp1￿ Foundation on 151 January 2025 2nd the two Charities were effectively merged from that date. Following the completion of the land transfer registrations with the Land Registry, Okehampton United Charity was dosed 3s a registered charity on 21sI August 2025 and the merger of the two charities was registered wilh ihe Charity Commission on 4th September 2025. The financi81 st8tements havB been prepar8d in accortl8nc8 th8 8rLountlng polldes set out In nLTrt8 f to the Inancial 5tstements and comply with the charity's goveming document, the Gharities Act 2011 and "Accounting and Reporting by Charities.. Slatsment of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir8land IFRS 1021" las amended for aEEDiJllting PBriods Eommencing from 1 January 20191. Objectives and activities Thè objects of lh& Foundation are. 1. The Mrnshouse Branch- The provision of accommodation for persons who are in need, hardship or distress and are resident in the are8 of benefit (the P81ishe5 of Okehatnpton and Okehampton Hamlets). 2. The United Charit Branch- The provision of an annual maintenance grant to Okehampton Untted Ecclesiaslical Charity11077584) of a minimum of£4,500 per annum, for tho upkeep of St JaryTros' Chapol, Okeh8mplon. The advancement of education.. by the provision of spettial benefits to OkEhampton Collegp andlor state funded primary schools in the aiea of benEfrt and of young persons who have not attained the age of 25 years who, or whose parents or carers, are resident in the area of benefit, in such ways as the charity trustees think fit. The relief of pet50ns Tesident in the area of benefi't who are in need, hardship or di51ress. The relief of persons resident in the area ol benefit who are sick, convalescent, disabled or infimi, by alleviating their suffering or assislin9 their recovery. To promote such othei charitable purposes for the benefit of the inhabitants of the area of benefit as the trustees may decide. Objectives The Foundation is primarily a grant kwarding charity and this is gan6rally achièved by Inviting applie8tiDns for grants from local organisations and individuals. The Foundation uses an application forTh to ensure that if applicants are ot themselves charib"e$. then the charitable purpose of the application is clear. OTgaNisalions applying are also required to confirm that Iheir members or beneficiaries are not unreasonably restricted and ihat they reside within Ihe area of beneffit. If organis8tions oper8te oulside the area of benefit. grants are adjusted appropriately on a pro rata basi8. The Foundation also provides the inhabitants of the arE8 Df benefiL with recreational 8ccess and amEnity facilities on some of its land holdings at Ball Hlll and Tiamllnes. The trustees follow a policy of identifying at ihe end of eaith finanual year, thp SLJM avallèble for meetlng Its 8dministrative exp&nditure, prop8rty expenditure and for grant 8W8rds. for th8 forthcoming year. Commilrnents nder the key obJ"8Ctives are met first out of the Illcome generated by the investments supplemented by rÈalisations of capilal from the investment portfolio where necessary. PubliG beneflt The Trustees have considered the guidance issued by the Charity Commission in relation to public benefit and believe tliJt as primarily a grant giving Foundation to local comniuriiti*Js, liealtli arid eduGation,' they meet all the requiremenis of the public benefil tests. OKEHAMPTON FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Achievements and porfomianc• Grant awards RANTS AWARDED 2025-£ 456 859 Includin Individual Poverty & Hardshlp £1.8S7 mitments £136 460 Okehampton Prfmory Okehamoon scho￿ £18,025 Couege £13,813 &JameB Prfmary £5.824 2ry6 Promise &hod £894 Communlty Health & Well- being £116.861 26 Indiwdual Bursaries £43.100 Young People's Development & Music £35,49S 84b Arts & Herftage 217,730 Communl Services Racreaiton & Swrt £74.033 16% £128,216 28% During thp year the tharity awarded grants totalling £456,￿9 12024.. £375,0071- Grants aw8rded induded £136,460 in respect of activities and projects to be delive￿￿ in 2026. Full details of grants made are Shown in note 7 to the finanGial statements. The trustees are salisfied that thè gryants awardÈd to individuals who were suffering an immediate crisis. met and exceeded the original Okehampton United Charity trust scheme's requiremènt of distributing £1,000 for the relief of need and sickness. A reconciliation of the Okehamplon United Charity's Original Trust's income application njtes. with the actual distributions rnade during the year, is induded in note 5 of the financial ststements. OKEHAMPTON FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees are satisfied that all grants made in 2025 fu￿11 one or several of the charitable purposes set out in the Charities Act 2011. The trustees are also satisfied that each of the grants awarded pr<)vided benefits to residents of the parishes of Okehampton and Okehampton Hamlets. Evaluation of grants awarded.. all applications have at188St ono tharitable wrpose and rnust benefit the residents of Okehamplon and the Hamlets. Due to the Sncreaslng Number of appliGations from CIC'S, the trustees have amended the application form to include greater scrutiny of Directors and Connected Persons of the applicant organisation. Applications are very varied and Ihe truslees have agreed that a one size fits all evaluation process is not appropriate for the Foundalion. The application form includes evabjation qUEStIOllS SPEiific to each application and the specrfic evaluation aims 8nd Tesults are monitored at the end of each project or annually. in advance of fvrther applicath'ons. Properties The trustees are commltted lo Contlnue to pro￿de amenlty and re¢reatlonal access to the property at Ball Hlll and Tramlines. During the yoar irnprovoment works were carried out in respect of the re-roofing of the Kempley's Bam 1£15,ODOI and the on*oing Ball Hill W￿￿land management plan1£25,1211. Financial review Financial Investments The charity's endowment is expected to exist in perpetuily and Ihe trustees, investment otyective is to m8lntain the real v8lue of the Foundation's Inv8Stment assets whilst providing 8 long-term Sustainab￿ retum to fund grant making. To enable the FrAJndation to fuffil its charitable objedives and in order to provid& 8 conslstent level of Income for grant awards. the tTUStees have adopted a total retum approach Iwithln th¢ meanlng of the Twslees ICapM818nd Income) Act 20131 rather than having lo rely solely on the annual dividend yield alone to provide the income for grant making. The trustees have the power to adopt this approach as th8 general funds of th8 Foundation are expendable. The trustees used a guideline Df e maximum of 3.50/0 of the value of the investment portfolio, as the sustainable amount to be drawn down as income. During 2025 the trustees did not need Èo make any capiial dvaw down in excess of the natural dividend yielded by the investments. The dividend income from the tharity's financial invpslments in 2025 was £412,49212024.' £405,150) which gave a yi4d of 2.89Pk12024.. 2.9P/.l on the m8rket value of the investment portfolio at the start of ihe year. The market value of the investments at the end of the year was £13,578,164 12024.. £14,295,8121 which gave a decrease in capital valsJe of 4.02°k over the year. The resulting overall total retum of the financial invesiments for the year was-2.13°A. The truslees, investment strategy has a long-lemi aim of providing an annual total relum Icapital growlh and inco¥llel of CPI plus 2 The trustees have resolved that the investments of the charfty are lo be Invesied ethlcally refledlng what are Ilkely to be the broad values and conGems of the beneficiaries of the charity. During the year th? COIF Char(iies Ethical Investment Fund w8S the primary investment fund used by the trustees. The fund is managed by CCLA who charge an investment rnanagement fee of 0.60°/o which is paid through an ddjustment to the market price of the fund units. During the year the FoundatioN received fee rebates from CCLA of £14,103 resulting in th8 net investment management fee charged being 0.50Y.. OKEHAMPTON FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Prgperty Investments Thc propcrty owned by the Foundation is valued at £1,742,000 12024.. £1,742,000) at 31st December 2C125 and is included as part of Ihe thpiial Fund. The property holdings a￿ comprisèd ol,. Agricultur85 land valued at £992,000. Amenity land valued at £440.000 and the Ajmshouse Branch prDperties valued at £31Q,000. In accordance Ihe trustees, pollcles, the properties were last valued in MaTch 2023 by the Foundation's land agent. The agricUl￿ra1 land generated a rental income of £23,307 giving a yidd of 2.30/0 on the Balance Sheel value of the 8gri(xJlturgl property. The AmEnity land whith includES woodland and allotment sites prDvides charitable benefits to the local community. Grantlng of a new lease During the year the trustees were in negotiations wth South West Water r&garding the granting ol a new lease for the land and pumping station gt Ball HilllFatherford Road. The arrdngernent is to indude a catch up renl adjustmenl of £14.000, which has been accrued as income in these finanual statements. Financial activities Income Funds.. The Tot81 Income of the Foundation in the year was £817,82512024- £456,168), with Totsl Expenditure of £630,259 12024: £561,737). This was split between the Almshouse Branch and the United Charity branch as follows. The Alrnshouse Branch.. The income from the weekly contributions of the Almshouse residents was,. £12,29412024-. £10.9341 and expenditure was £3,98912024.' £4,859). The resulting surplus of £8.305 was added lo the Almshouse Branch reserve giving a year*nd balance of £55.804. The United Charity Branch., The lotal income for the year was £805,531 12024.. £445,234) includlng Investmeni income received Df £418,89812024: £417.6781, and property income wès £40,63312024'. £23,181). A legacy duo of £346,000 has been accrued as income folh)wing notrficalion of the grant of probate on the estate ol a local individual in May 2025. The arnount is subject to adjustment following the realisation of assets by the executors. However, the amount represents the best estimate of the amount receivable based on infomiation from the soliotors adrninisl?riHg Ihg estate. Charitable actiwlles expendrf(ure was £630.259 12024.. £56t.7371 including expenditure on propety costs ol £61.045. Details of the charitable a¢tivilies' expenditurg 1$ induiled in notes 6 &10 of Ihe Financial Statements. During the year. £30,000 was transferred from the General Income Fund to the Land Maintenance Reserve. The net movement in Income funds for the year (including Almshouse Branch) was an increase of £187,566 12024.. decre88e £105,569). Capital Fund.. The Capital Fund is an expendable endowment comprised of financi31 and property investments. At 31 st ￿e￿mber 2025 the financtal investments had a market value ot £13,578.164 giving an unrealised bss of £717,648 lor the year. There WEre nu Other changes to the Capital Fund during the year and the year-end balancp was £15.320,166 12024- £16,037,814). OKEHAMPTON FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Reserves policy The total retum on investment 8pproach that h85 been adopted by th8 trustees, n8g8t8S to some extert the need to hold a general reserve, however th¢ trustees consider that il is prvdent to maintsin a General Income Fund reserve of £45,oocI for the purpose5 of wort(ing c8Pltal to balance the drflerence in tirning profile between the quarterfy incotne recelved from investments and the routine administration and grant expenditure payable each month. In addition, the trustees have established a Land Maintenan(* Reserve fund to cover for the planned costs of malntenance and Impmvement of the amenity land and woodland propertles. The closlng balance ol the fund at 31st December 2025 was £50.00012024.. £20,000). The Income Fund reserves are incbjded in the Income Fund balances. Full details induded in Mte 20. Review of Risks The Foundalion has ln place procedures and systems to minimise risks to the Foundation. A review of the Risk Register is ￿rried out iegularty by the Committees and by the full Board ofTrustees annualty. Plans fr•r future periods The trustees foresee that the level of demand for grants will continue to Inuease and have forecast an incorne budget of £447,000 for 2026 mad8 up primarily from th8 financial Inv8stment dlwd8nds. Pro Improvements and maintenanc8 Work plann8d for th8 3m8nity land and W￿dIa￿d will continue in 2026 and in th8 following three years 2027, 2028 & 2029. Almshouses. The trLJStees have agreed to consider the merger of the Simmons Homès charity1201676) into the Foundation and the initial due diligence work is to be carried out in 2026. Structure, govemance and management Governing Instrurn¢nt'. Th& Foundation is govprnert by a Chanlahle Incorporated Organisation constitution which was registered with the Charity Commission on 2>d October 2024. The Constitution recognises the Original Trusts of Okehzmpton United Charity, namely a Schem8 dat8d Oclob8r 2001 as amended by resolution dated 201h April 20Q6 and a Scheme dated April 2023. TrusteEs The trustees served during the year and up to the date of signature of the financial statements wEre= MT R CarnpbeN Ichair of Ihe Board of Trustepsl Mrs C Chapman lappointEd 30th January 20251 Mr S Cwded by the local education institutions and the provision of facilities for studying rnusic and other 8rts. Within expendilurè on charitable activllies are other support expenses. These are oosts which are In¢uried dlrectly in admlnistering, maintslning and insuring the charitable activities and assets of the charlty. Thls also includes the cost of preparation and audit of the statutory financial statements. Grants awarded are recognised in ihe financAal statements when a commitment has been made, and there are no conditions to be met relating to the grant which ￿main in the control ol the charity. Grants with perfonnance conditions are only reCog￿ls¢d in the financial statements once the recipient of the grant has provided the specified service cw oulput, critical accounling estimates and judgements. 15- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting polities Icontlnuèdl 1.6 Investmeni propertle5 Investment property, which is property held to e8ln Tentals andlor for G8pitsI 8ppieci8tion, is inttialty recognised al cost, which includes the purchase cost and any directly 8Mbutable expenditure. Subsequ&ntly it is measured at fair value at the reporting end date. The surplus or deficit an reVa￿U3t1on is recognised In net incomellexpenditur61 for the yeai. The valuation on investrnent property is based on an open market value undertaken by KivelL8, Chartered Surveyors in March 2023. 1.7 Flxed asset investments Fixed asset investmen15 are initially measurod at transacbon price exduding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in nel income]lexpenditurel for the year. Transaction costs are inoluded nel. 1.8 Financial instrumenis The charity has elected to apply the provisions of Section 11 'B8sic Financi81 Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial EnstnJn*nts_ Financial instrulnents are recognised in the charitvs balaNcB sheet when the chatity becomes party to the contractual provisions of the instwmenl. Financi81 assets and liabilitie5 are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to Set oif th8 recogni58d and there is an int8ntiDn to s8tt18 ON a nat basis or to realise the asset and settle the liability simulianeoustv. 8aslc financlalassets Baslc ffnanci81 a55ets, whlch indude debtors and cash 8nd bank balance5, are Inltialty measured at transaction price including transaction costs and are SLrbsequently carried at arnortised cost using the effective interest metho(J unless the arrangement constitutes a finanang transactlon, where the transaction 15 measured at the present value of the future receipts discDunted at a market rate of interest. Finan(#al assets dassifi8d as receivabk within on8 year are not amortised. Basic financial liabilities Basic financial liabililies, including ueditors and bank loans are iniiially recognised al transaction prtce unless the arrangement constitutes a financing transaction. wher8 the d8bt instrument is measured at the present value of the future payments discountcd at a matl(et rate of inlerest. Financial liabilities classified as payable thin one year are not amortised. Debt instruments arB subsequenuy carried 818miytis8d cost, using the effective interesl rale Meth￿j. Trade creditors a￿ obligations to pay for goDds or SeNIc￿ that have been acquired in the ordinary courne of operations from suppliers. ATnounts payable are d88sified 88 current liabilities if p8yment is due within one year or 18ss. If not, they ar@ presented as non-¢urr&nt liabilittes. Trade creditors are recognised initially at transaction pri￿ and subspqiJenUy measured at amortised cost using the effective interest rnethod. Dereco9nitson of financial liabilities Financial liabilities are derewgnised when the charity's contractual okAigations expire or are discharged or cancelled. 1.9 Employee benefts Terminatlon beneflts are recognlsed lrnmedlately as 8n expense when the chadty Is demonstrabty oommltted to terminate the emptoyment of an employee or to promde termination benefits. Payments lo defined contribution reliremenl benefit schernes are charged as an expense as they fall due. 16- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Critical accounting P5tiTnates and judgements In the application of the charity's accounting poliaes. the trustees are required to make judgements, estimates and a&8utnptions about the carrying amoLJnt Df assets and liabilities that are not readily apparent from other sources. The 8StimaLes and associated assumpb.ons ar& based on historical experience snd other factors that are considered to be relevant. Actual results may differ from these estimates. The estimat@s and und2rfying assumptions oro reviewod on an ongoing basis. Rov4sion5 to accounting estimates are recognised in the period in which the estimate is revised where the revision affecis only ihal period, or the PEriod of the Fevision and futUFE p￿i￿d$ where the rewsion affects both CU[￿nt and futsjie periods. Critical judgements Investment Property In prep8ring the financial stalemerhts, the Trust8es made judqemenls reg8rdlnq the f8lr v8lue of the investment property- The amount included in the financial staternents was deemed to be tair value, based on the o￿nIDh of the chartered surveyors. valuation. Accrued Legacy Income In preparing these financial statements, the Trustees made judgement regarding the value of an accrued legacy receivable. The amount is subject to adjustment following the realisalion of assets by the ex8¢ulors of the eslale. The value represellls the best eslirllale of the arnourrt receivable based on information from the solicitors administering the estate. 17- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from doTrations and legacies Unre8tricted funds 2025 Unrestricted funds 2024 Donations and gifts 346,000 4.375 Donadon$ and gffts LEgacy; enb"Uement from eyt8te distrikmjtion Other 346,000 4.375 346,000 4.375 Invesbnents Unrestricted fvnds Total 2025 2024 Propety income Income from listed investments Almshouse brarEch.' residents, wee￿Y contributions Interest receivable 40,633 412.492 12,294 6,406 23,181 405.150 10,934 12.528 471.825 451.793 18 OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Reconciliation of 5ch8me incpmg and distributions Charity Total Income (note 3 & 4) 817,825 Le55= Almshouse Br8nth Incom8 12,294 United Charity Branch Scheme Income 805,531 Charity admlnlslration and propety management costs Inole 61 1173,4001 Add.. Almshouse Branth expendlture 3,989 Net United Charity Branch Scheme Income 36,120 Schem8 Income Distribution R8quir8ment: Nel United Charity 8ranGh Stheme Income 636,120 Okehampton UnilEd Eccle5iaslical Charity grant For relief or persons resident in the area of benefit who are in nEed. hardship or distress 3riths Education Foundation Fund 417ths 8vailab18 for grants 88 the trustees decide 4,500 1.000 270,266 360.354 636,120 Dlstrlbutlons made from Okehampton Unlted Charlty Branch Inoome Fund durtng the year Isee notes 7 & 17) Okehampton United Ecclesiastical Charity Transfer to Education Fwndation Fund 16 Hardship grants awarded totalled £4,657, include £1,000 for relief of need 4,500 270,000 1.000 19- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Charitable activsiie5 Charltable Charitable Expenditure Expenditure 2025 2024 Staff and administration cosls Almshouse branch expenses Maintenance ol allolmenls Mainlena￿Ce ol estate property General insurance Audit fees 94,930 3,989 3,249 61,045 2,987 T,200 78,178 4,859 3,396 90,519 4.133 5,645 173.400 186,730 Gr8nls awarded lo organis8tions and individuals (see note 71 Grant to Okehampton Untted Ecdesiastical Charty 452,359 4,500 370.507 4.500 630,259 561.737 -20- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Grants awarded to organisations and individLEa15 Charttablo Chafftable Expenditure Expenditure 2025 2024 General Income Fund -£282.71312024: £215.8871 Adjustments to grants awarded in prior year Crisi8lh8rdship 7 individuals12024.' 16 individuals) Adult Education 2 individuals Adult Sport Awards l individual OCRA Energy Project Oke PAD'S Who Let the Dad's Out Oke Well-being Walks Table Terhnis Club TNM & WD Cit12en8 Advice Okement C8ntr Community Links Ok¢hampton Brldge Club Friends of Dkehampton Libr8ry Qk&harnpton Skatèpark RÈgenÈrdtion Group Men in Sheds OkehamptDn H8mlets Parish Council- B8ating the Bounds Okehampton Ladies Probus Club Immersion in the Community OCRA All Saints Church Hall Okèhampton Foodbank CHEMOtivation Okehampton AIIDtment Holders WDCVS-Wellbeing Event Okehampton Voices Okeharnpton Wl Okehampton Community Garden Wren Ok8harnpton Communty Transport Excelslor Silver Band Okcharnpton Hamlels PC- EkDay anniversary celebrations OkehaTnpton Bowling Club Madewell.. Meals on Wheels Okehampton Carnival Two MoDrs Fe5tiv31 Friday OpporiutJiti88 St James. clock chlmes Skate Park Well-being Fayre CDmmunity Fiidge Good Grfef Cafe Fairplace Church", steeple repalrs Tennis Club Adult EduGatlDn13 individuals) 16,022) 1,867 1.600 500 1,000 1,656 2,999 1,000 15,000 31,948 10,971 63,553 540 703 1.500 2.100 300 500 1,365 63,355 20.000 12,643 7.000 500 500 494 661 1,500 7,980 30,000 5,000 12001 2,517 828 1,000 25,000 26,808 21,500 20,000 1,450 10,000 2,141 35,000 28,000 1,445 2,850 4,400 1,400 900 600 998 931 5,000 1,476 2,400 21 OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Grants awarded to organisations and individua15 Icontlnuedl Mental welkbeing drop in eldDn Vi8duGt Okehampton Argyle Football Club PLAIT Ockment Centre Work Hub 150 3,000 5.000 2,950 8.343 Education Foundation Fund- £169,64612024- £154,620) 6812024.. 821 individus15tudent educalionttravel ￿rS￿riES Rotary Club, Adventure 7 Okehampton Community Dance usi¢ Centre Tor Support Two M¢Jors Fe8Uv81 Okehampton Slay & Play Cheeky Monkeys Toddler Group Okehampton College faulities Okeharnplon Primary School faciliiies st James, Primary School facilities Promise School Air Cadets 2443 squadron Wave project OTC., ChihJrEn's play equipment ary Budding Trust 2023 adjusiment Irnmersion in the Comrnunity Lampard Community Wren (young muslcl 41,000 2,640 1,278 30,546 49,566 2,310 1,250 1,500 13.813 18,025 6,824 894 36,200 2,760 15,155 23.558 900 2,500 55,275 1,375 4,434 1,000 150 650 67 14001 1,500 250 9,246 Total Grants 452,359 370.507 -22- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Audito￿5 remuneratson The analysis of auditorfs remuneration is as folknws.. 2025 2024 For audit services Audit of the financial ststements of the charity 7,200 6,000 Tru5tee5 None of the trustees lor any persons connected wilh them) received any rernuneradon or benefrts from the charity durino the year. 10 Employees Number ol employees The average monthly number Df em￿oYeeS during the year was- 2025 Number 2024 Number Staff and administration costs 2025 2024 Wages and salaries Pensions costs Idefin8d contribub.on sch8m81 Office, mileage and miscellaneous costs Professional fees Allocation charge to amenity use property cosls Inote 6) Allocation charge to Almshouse Branch wsts (note 6 ReLxvereil from Simmons Homes Charity for clerking services 80,237 5,877 11.941 20,250 114,0001 11,0001 18,3751 68,C)12 4,092 11.937 17,512 114,CM)O) 11,7501 17.6251 94,930 78.178 The key management personnel of the Foundation are four employees.. a treasurer, clerf<, assistant clerk and rinance officer, who ar8 Paid a s818ry and are reimbutsed loi business expenses. No employee eamed more than £60,000 per annum12D24- nill. A proportlon of the salary costs of the Clerk and assistant clerk are allo¢ole(l and charged to the Cost of prcyerties and the Mmshouse branth costs. The albcatlon Is made on a tlme related pro rats basls. 11 Taxation The Foundation is exempt from taxation on its activities because all its income is applied for charitable purposes. -23- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 12 Investment PToperty 2025 Folr value At 1 January 2025 and 31 December 2025 1,742,000 The properties are comprtsed Df; two Alrnshousas. 83 acres of aqricultur81 property, 44.5 acres of amenty use property and three allotmÈnt sites totalling 6.5 aues. The fair value of the property has been arrived al on the b3SIS ol a valuation dated Marth 2023 carried out by Kivells Chartered Surveyors (regulated by RICS), who are not connected with the Foundation. The valuation was made on an open market value basis by reference to mathet evidence of transactian pricps for similar properties. ND depreciation is provided on the properties. Property holdÉngs market values 2025 Alm5hou58S ND 1 Brocks Cottage Nc> 2 Brocks Cottage 155,000 155,000 310,000 Agricultural properties Land al Darf(ey Lane Land at Higher Kempley Land at Ball HilllF8therford Road Land at Kempley's Bam 155,000 137.000 498,000 202,000 992,000 Amenity land Ball Hill WoodlQu8rry Community Garden, F8therford Road Tramlines & Ball Hill Fields 84,000 10,000 242,000 336,000 Allotments North Stre8t Castle Road Fatherford Road 18,000 31,000 55,000 104,000 With th8 8xception of th81gnd purthased in 2021. the historic costs for the properties are unknowTr. .24- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 13 Fixed asset investments Llsled inv•stm•nts Cost or valuatlon At 1 January 2024 Additions Valuation changes 14.295,812 14,103 (731,7511 Carrylng amount At 31 December 2025 13.578,164 At 31 December 2024 14,295,812 The Foundation's inveslments are in a unitised fund managed by GCLAwhere fees are taken from capital, the fund is priced on 8 daily basis. CCLA charge management fees at 0.60°1o per annum and the Trust8es have opted to include these in the accounts on 8 nel b8sis which is in line with Gharity SORP guidance. Fee rebates of £14,103 were recetved in respect of the value of the portfolio in excess of £10 million. The rebates were 8UtomatlG8lly re4nvested in units of the COIF Chaiities Ethical Investment Fund. At 31 December 2025 the whole of the investment portfollo was Invested in income units of the COIF Charities Ethical Investrnent Fund rnanaged by CCLA. The number of income units held in the COIF Ethical Investment Fund at 31 De￿mber 2025 was 4,627.236.94 units and wer2 valuèd at the bid price of 293.44p. Th8 COIF Charities Ethical Investm8llt Fund 18 actively managed and diversified mulii-asset pooled invèstrnent fund exclusiv8ly available to tharities. Analysis of the investment classes of the COIF Ethical Inveslment Fund as at 31 December 2025.. 63.2VA Overseas Equilies . 8.56￿/0 UK EqLJities . 4.68 /0 Infrasiructure & Operating A55ets 10.83% Fixed Interest 5.34DJo c￿tractual, Private Equity & Other 2.95V/o Cash . 4.44 /0 Propety -25- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 Net gainslllossesl on investment5 Endowment fvnds general 2025 Total 2024 Revaluation of Investments 1717,6481 395,498 The above net loss on investments also inclL]des the fee rebates £14.1Q3 referred to in note 13 above. 15 Debtots 2025 2024 Amounts falling due within one year- Loan- Sijcial Investment other deblt)rs Prepayrnents and accrued income 50,000 275 5,848 364,443 364,443 56,123 16 CrEditors- amounts falling due within one year 2025 2024 Other taxation and soaal security Other creditors Accrua18 and deferred income 3,090 139,250 33,363 1,055 93,147 8,551 175,703 102,753 17 Cr8ditors- amounts falling due aft8r MOT8 than one year 2025 2024 Other creditors 20,000 -26- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 18 Unrestrided funds The unrestricted funds of th8 charity cDmpris8 the un8xpended balan￿S of donations and investment income which are not subject to specific conditions by donors as to how they may bE Us￿. These indude designated funds which have been set aside ol unrestricted funds by the trustees for specific purposes. At 1 January 2025 Incomlng resources Resources expended Transfers A131 December 2025 Almshouse Branch Fund Educatitm Foundatioll Fund Land MalNtenarhce Reserve Ball Hill Wo(xJland Fund Gener81 funds 47,499 13.824 20,000 4,375 55,202 12.294 13.989) 1169,646) 55.804 114,178 50,000 4,375 104,10S 270,000 30,000 805,531 1456,624) {300,0001 140,900 817,825 1630,259) 328,46e Previous year: At 1 January 2024 Incomlng resources Resources expended Tran8ferB At31 Deeember 2L124 AlmshO￿Se Branch Fund Education Foundation Fund Age Concern Legacy Fund Land Maintenance Reserve Ball Hill WDodland Fund G8neral funds 41,424 58.444 5,784 65,750 10,934 14,8591 1154,6201 15,7841 47,499 13,824 110,000 145,750} 20,000 4,375 55.202 4,375 440,859 75,067 1396,4741 164,2501 246.469 456,168 1581,7371 140,900 19 General fund5 Thes? are genoral funds whlch are Included Mthin the total unrestricted funds balance and are material lo the charity's activities made up as follows.. Movement in funds Incoming ResoL5rces resources expended Balaneé ai 1 January 2025 Transfers Balance at 31 DEcEmlJEf 2025 General free reserves Income reS￿e fund 10,202 45,000 805,531 {45S,6241 1300,0001 59,109 45,000 55,202 805,531 1456,6241 1300,0001 104.109 -27- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 20 Analysis of net assets between funds Capttal Almshouse Fund Branch come Almshouse Designated Fund Branch Funds Total Fixed assets Propety and equipment InvestmenÉs 1,432,000 13,578,164 310,000 1,742.000 13,578.164 15,010,164 310,00 15,320.16d Current a55ets Debtors Bank cuThent account Dewsit Fund 364,441 1118.0851 364,443 34.728 125,000 152,813 69,196 55.804 246,356 55.804 222,009 524.171 Liabilitie5 Creditors 1142,2471 153,4561 1195.7031 Curront assets less 104.109 55.804 168,553 328,468 Nel assets 15.010,166 310,OLWJ 104,109 55,804 168,553 15,648.632 Funds Balance at 1 January 2025 15,727,814 310,0 55,202 47.499 38,199 16,178.714 Net movement in resources Transfer between funds Unrealised loss on valuation of investments 348,907 1300,0001 8.305 1169,6461 300,000 187,566 1717,6481 1717.6481 Balance at 31 December 2025 15.010,166 310,OIY) 104,109 55,804 168,553 15,648,632 21 Flnanclal commltments. guarantees and contlngent Ilabllltles As at the year end date. the Trustees had committed to spend £23.749 on the management of woodland throLJghout 2026. This Ss due for paytllenl 2026. -28- OKEHAMPTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EhlDED 31 DECEMBER 2025 22 Related party tTansaction5 Tran5act10115 Wlth relatEd parties The Foundation is linked historically to Ok¢hampton United Eccleslastlcal CharSty Ireglstratlon no 10775841 to which an annual grant is paid for the upkeep of St James. Chapel Okehampton. The charity is algo linked to Simmons Homes charity Iregistsation no 2016761 with some trustees. Okehampton Foundation provtde8 day to day management of the charity via the clerk, for which a proportion of salary costs ar8 r8charged. Okehampton Towll Council and Okehamplon H8mlets Parish Council each hav& th8 ￿werS ta Dominate two Irustees of the Foundation. Additionaly. certain trustees are also tfUSteos and members of organisations that ￿Ceive grants and distributions from the charity. Granl awards io Ihese related parties are summ8ri5ed in note 7 to the Financial Statements. In these circumstances, trustees facing a GonfliGt of inlerest abstain Itom the deGision lo awarEI 8 rant. 23 Cash absorbed by operatlons 2025 2024 IDeficitllsvrplus for the year 1530,0821 289,92Q Adju5trnents for.. Invostment inwms recognised In stalernent of flnandal acUvllles F8IT value g8iNs 8nd k)sse8 on investments 1471,8251 717,648 1451,7931 1395,4981 Movements rn workSng capital- Ilncreasel in debtors InGreasElldecreasel in Greditors 1308,32CII 92,950 11,5ggi 113,1631 Cash absorbed by operatlons 1499,6291 1572.1241 -29-