harity registration numb•r 200769 (England and Wale¥} SOUTH MOLTON COTTAGE HOMES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SOUTH MOLTON COTTAGE HOMES LEGAL AND ADMINISTRATIVE INFORMATION Ttee$ S White S C Squir8 L nter Revd Dr M Grandey P Henderson IAppoint¢d 31 January 2025} Charity numbèr (England and Wales) 2CK)759 Ch•ibty contact Mr Stephen Crossèview 40 Brook Meadow South Mollon Devon EX36 48N Ind•p•ndent ex*mlner M8tthew Webb FCA Azèts Audit SeNces UnitA, Woodlands Court Truro Busine55 Park Truro Comwall United Kingdom TR4 9NH Bankèvg Natwest 41 High Str¢el Bamstap Oevon EX31 1HJ
SOUTH MOLTON COThAGE HOMES CONTENTS P•g• Trustees. rewl Independent examiners report Stslem8nl of finanual activities Bal8n¢e sheet Notes to the finaneAal Statem*$ 6-11
SOUTH MOLTON corrAGE HOMES TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Irustees present their annual report and finan¢ig1 slatements for the year en(Jed 31 March 2025. The finanryal stslemenls have been prepared in am)rdan¢e with accounting poliae8 Set out in note 1 to thg financial statements and Comply wilh the Gharty's governing do¢ument. the Charities Act 2011. FRS 102 'The inancial Reporb'ng Standard applicab in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Slalemenl ol Recommended Pradice applicable to charities preparing their accounts in a¢¢ord8n¢e with the Financial Reportin9 Standard applicable in the UK and RepUle ol Ireland IFRS 1021" Oble¢tlv•8 and actlvlti•s The tharity registered as a charily on 22 Dacember 1961. 11 is govomed by the scheme of Htqh Court of Justice of 23 June 1930 varied by schemes 0111 August 1970, 28 March 1972 and 12 November 1990. Its objectives are the provision and maintenance of homè5 for poor single people of at least 60 years of age and poor married couples, one of whom shall be at least 60 years of age and who {except in 5perAal case5 to be approved by th8 charty commissioneTS) are to inhabitants ofthe area of benafft. The main activities are to prowd• for the Residents, the manag¢m•nt and maintenance of the Homes. pathways and land, induding the ttIng ba¢k of the hedges adjacent to thè main road. Our objects've is to ensure the Alm8housès are in good condition and fom)Ing a sustainable communty which will enhance the life expectancy for our rèsidents. Tha Home5 will always bg occupied for the benefft of the Publ who meet the requirements of the Charitls Mleria. PublK benefrt The Iruslees have paid due regard lo guidance bsued by the Charity Commlssion in decvjing what activities Ihe haiity should undertake. During the ye8T we have had scaffolding erected on o¢(xsions. once for gully and roof repairs and again when Ihe soffits, bargeboards, guttèring and downpipes were fitted. A¢hlovgm8nts and porfoTm•n¢• Significant activities and aCth-0Mgnt$ againsl obJectiv8s South Mollon Cottage Home5 is an Almshouse Chanty and receives rts finances from maintenance eontributions from Ihe residonls of thè eight Cottag85 at Lamalon Park, South Mollon North Devon EX36 4BG. The Charity has a Managernent Agreomenl with North Devon Homes Ltd to provldg ¢over 24ri for all emergency and maintenan¢ work. All the appropriate annual checks have carried out and, during the past iwelv¥ months, we have continued wilh Qui PTogram of improvements wlh the upgrading of the paths lo the front of the cottages and prowding a built- In ramp allowing for wheelchair and buggy l( has also tsken ple for thè replacement of 811 SC•ffrts, bargeboards, downpipes and guttèrs to 811 thè cotta9èS. work has improved the well-being ol all our Residents renewing and widening the paths, providing a ramp for wheelchair and buggy access, impromng the Homes and ensuring that all safety requirements are met. Financi#l r•vlèw For the year ended 31 March 2025, Soulh Molion Cottage Homes had an incomè of £44,43412024-. £67,282), net outgoing resources of £57,353 12024.. £17,643) and net gains from investments of £342 12024.. £299). General unrèstrictad funds decreased from £238,930 10 £226,353. Reserves policy The Charity is in a good financial Stste 8nd, to attfact higher inter851 on our funds, we have increased our reserve ac¢ounl lo cover arhy unforeseen c4rcumslan¢e$ should they arise and lo cover any fvlurè major WO$. e.g. new roof or seGtion$ thereof, refurbish the Homes as they become empty, el Invgstmgntpolicy The Trustees have tha pow8r to inv•sl in such as$8ts as they fed is appropriate lo the Charity.
SOUTH MOLTON COThAGE HOMES TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Mwrrisks The Trustees have rewewed all known risks and have $aty'$fied Ihemsglves that Ihete are adequate systems and procedures in place to mitigatg the risks identffied. Stru¢tur•, gov•man¢e and management The trustees who served during the year and lo Ihg date of signature of the financial stslernen15 were-. S White S C SquSr¥ L Wnter Revd Dr M Gran¢*y P Henderson (Appointed 31 January 20251 RecnHlmenl and appointmert of trustees New Trustees are appointed by a democratic process and l am pleased to rèport that Mr. Paul Hend8rson, a bcal businessman and town fAJunallor, has become a Trustee as and from 314t J8nuary 2025. South Moltcpn Cottage Homes comes under a Charity Commission S¢heme. As the Charity Commission and Almshousfy Asso¢iation arè awgrg. obtaining trustees can be dtfficutt. We have found that many people are not preparÈd to take on thè responsibilty for Almshouses along with all the red lape and regulations. How¥ver. il has boen our practice to advertise in the local newspaper, place notices on the Town CouncAI nots'ceboards, in shops and on social media, as well as direcl approaches lo suitable individuals. Despite appoinling one n&w tru$teg in January 2025. wè are still a trustèe shcrt and a looking to fill that vacancy. have one ex-officio trustee - the inCUmnI of the pr¥senl Benefice of South Mohon, Rev. Dr. M. Granday. appointed by the Church Commissioners. South Mc4ton Cottage Homes do not employ any staff and no remuneration was paid to Trustees. We have Trustees who have seNed for over len years and. along with the other Trustaas, are revigwed at the appropriate time. The tru5tees' report was approved by tho Board of Truste•s. S Whrte Trustee Revd Dr M Trust•• andey
SOUTH MOLTON COTTAGE HOMES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTH MOLTON corrAGE HOMES I report to the trustee8 on my examination of the finanual statements of South Motton Cottage Hornes Ilhe chartyl for the year ended 31 March 2025. ResponsSblllll•¥ and basls of report As the trustees of the chartty you are re$ponsible for the preparation of the finanual statements in accordanee with tho rgquirements of the ChairtiesAct 2011. I report In respect of my examination of the charity'$ fin8ncial statements carrled oul under seclSon 145 of th8 Charities Act 2011. In ¢arrying out my examination I have follow8d the Directions given by the Chaiity Commission urHler sethon 14515)Ib) of the Charihes Act 2011. Indgpgnd•nt oxamlnerfs $tstsmènt Your attention Is drawn lo the fact that the ch8rity has prepared the financial 5talemenl$ in 8e¢ordancè with the relevant version of the Statement of Rec4)mmended Practice applicable to charities preparing IheiT finan¢i81 statements in xc4)rdance with the Finanaal Reporting Stsndard applicable in the UK and Republic of Iref8nd IFRS 102) in prelerence Its the A¢¢ounting and R8porbng by Ch8rilies'. Statement of Recommended Practice i55ued on 1 April 2005 which is referred to in the extant regulations bul ha8 now bogn withdrawn. l understsnd that this has bn done in order for the financial ststem¢nts lo provide a true and fair view in accordance with UK Generally Aepted Accounting Practice. I have complgteil my examination. I confim that no matters have come to rny 8ttenlion In ¢onne¢tion with the exominalion giving me cause to believe Ihal in any m8leri81 respect.. accounting records were not kèpt in respect of the charity as required by section 130 of the Charities Act 2011. th• financial stalemenls do not accord with ihose record8-, or Ihe financial Statements do not comply wrth the applicablè rèquirements concerning the fom and content of finanual stslements set out in the Charities IAc¢ounts and Reports) Regulations 2008 otheT than any requirement that th& finala1 statements give a true and fair view, which is not a matter considered 8$ part of an independent examination. I havg nc ¢oncerns and have come a055 no other matters in connection with thè examination to which atteni)n should bè drawn in this report in order to enable a proper understanding of the finan¢i81 statements to be reached. Plalth¢w W•bb FCA Azets Audit Servi¢es UnitA, Woodlands Court TrLWO Business Park Truro Comwall TR4 9NH Date..
SOUTH MOLTON COTTAGE HOMES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Unr•trfet•d funds 2024 Notss Income and endowments from: Charrt8blè 8diMtIÈs Inveslm$nts Oth8r income 43.086 1,321 27 41,645 610 25,027 T¢)tal income 44,434 67,282 Exp8ndltur• on: Charitable activiti8s 57,353 17.643 Total expendlture 57,353 17.643 Net gainslOosses} on investments 342 299 Net in¢omel1expendlrI •nd movement in fund$ 112.577) 49,938 Reconciliation of funds: Fund balances al 1 April 2024 238,930 188,992 Fund balanc at 31 March 2025 226,353 238,930 The statement of financial actiwlies includes all gains and k)sses recognised in the year. All income aTrJ expenditure derivg from conl'nuing activities.
SOUTH MOLTON COTTAGE HOMES BALANCE SHEET ASAT 31 MARCH 2025 2025 2024 Nots$ Fixed a¥ts Inve$tm•nts 10 5,270 4,928 Curr•nt a•ts Dèbtors Cash at bank and In hand 11 21.728 216,113 29.061 222,229 237.841 251,290 Cr•dltors: amounts falling du• wlthln ont yr 12 {16,758} (17.288> Net Currènl ¥$•ts 221.083 234.002 Total as$•ts1•g8 current Ilabllltl•$ 226,353 238,930 The funds of th• charity Unrestricied funds 228,353 238.930 226,353 238,930 The finan¢i81 slalemenl$ were approved by trustees on l.w-. i-zol S lIe Trusts• Rwd Dr Trustee ndey
SOUTH MOLTON COTTAGE HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounting ptyli¢i•s Charity infonnation South MOOn Cotta9e Homes is an unin¢orpora19d Charity. govemed by the s¢hgmg of High Court of Justice of 23 June 1930 waried by s¢heme$ of 11 Augus11970. 28 Marth 1972 and 12 November 1990, as amended on 18 O¢tober 2017. 10 June 2021 and 21 February 2024. 1.1 A¢¢ounting ¢onvention The finan¢ial stslemenls have been prepared in accordance with thaiity's goveming docurnenl, the Charrties Act 2011, FRS 102'The Finanual Reporting Sland8rd applicable in the UK and Republic of Ireland" the Chaiities SORP "Accounting and Reporting by Chaiities. Staternenl of Recornrnended Practice 8ppl"cablÈ to eharrties prèparing thèir 3c¢ounts in ac¢ordan¢e wth the Financi31 Reporting Standard appficable in the UK and Republic of Ireland IFRS 1021. The charity is a publ Benefii Entity as defined by FRS 102. The charity has taken advantage of the provisKns in the SORP for chaiitses not to prepare a $tmenl of cash flows. The fmancial stslements have departed fr¢)m the Charities IA¢¢ount$ and Report$l Rogulalions 2008 only lo the extent required to promde a truè and fair view_ This departure has involvèd folk)wing thè Sl#lemenl of Recommènded Practi¢8 for Charitiés applying FRS 102 rather than the version (>f the Slalement of Recommended PractiGe which 15 refewted lo in the Regulations but which ha5 since been withdrawn. The finanL¥al statements are prepared in sterling, which is the functional curiency of the charity. Mone¢ary amounts in these financial statements are rounded to the nearest £. The finarla1 slatemenls have been prepared und&r the historical cost convention, modthed lo in¢lud$ certain finanaal instruments at lair value. The princApal accounting policies adopted ar8 set out b810w. 1.2 Going ¢on¢em At the time ol approwng Ihe finanerdl $¢al¥menl$. the Irusteè$ hav• a rgasonable •xpeetalion that the charity has adequate rèsources to continue in operational existèncè ft)r the forèseeable firturè. Thus the trustees Jnlinug to adopt the going ¢oncgm bgsis of a¢¢ounling in preparing the financial $talgments. There are no alerial urKertainties whiGh may ¢reale swJnificanl doubl over the chaiiws alxlity lo continue as a going ncefn. 1.3 Charitabl• fvnd$ Unrestricted funds are available for use at the discretion of the trustees n furtherance of their ¢haritabl& otyeclives. 1A Incomg Inme is recognis¢d when the Charity Is18gally enlllled lo It 8fter any perfomance conditions have been mel. the amount$ can be measured reliabty, and il 15 probable th41 inG(¥ne will be receive¢J.
SOUTH MOLTON COTTAGE HOMES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poll¢le8 Icontinued l.S Exponditur• Expenditure is re¢ognis8d once there is 8 legal or conslruthe obligation lo Iran$f&r economic benefft lo a third party. il is probabl¢ that a transfer of econoffli¢ tnefts will be required Sn settlement. and the amount of the obligation can be measured reliabty. Expenditure is classified by 8ctiwty. The costs of each fvity are mad8 up of 1he total of dir8d costs and shared $1s, including 8upport ¢osts invofv8d in undertaking éach ackn'vity. Direct cost5 attributable lo 8 $in9le aetiwty allocated directly lo Ih8t aetiwty. Shared costs which contribule lo more than one acti¥lty and 8UPPOrt costs which are not attributable lo a single a¢'vIty are apportioned be0•n those aclivilie$ on a basis consistènl wilh the use of reSoUrs. Central staff costs are aNo¢ated on the basis of tirne spent, and depwalion charges are allocated on tha poiton of the asset's use. 1.0 Fixèd ass•t 1fiVtm•nts Fixed asset investments arè Initial measured at transaction price exduding Iransadion Costs, and are subsequentty measured * fair vaSue at each reporting dale. Changes in fair value a renised in n8t Jmellexpenditurel for the year. Transaction costs arè exp8ns8d as incurred. 1.7 Cash and cash equlvl•nts Cash and cash èquivalents indude cash In hand, deposits held al call wtth bank$. other short4em liqui investments with original maturities ol three NK)nth$ or less. and bank overdrafts. Bank overdrafts are shown within bofrowings in eurrent liabilities. I Fin•n¢lal Instruments The charity has elected lo apply the prOS1o6 of So¢tion 11 'Basic Finantyal Instruments, and SectJn 12 'Oth•r Financial Instruments Issues. of FRS 102 to all of its financial instwments. Financial instruments are recognis in the charivs balance sheet when Ihe charity becomes paty to the ¢ontractual prowsions of the instrument. Finanal assets and liabilities ale offsel. vmlh the nel amounts presented in the financial sl8temenls, when there is a lègalty enforcLable rh1 lo sel off the recognised amounts and there is an intention to Sett on a nel basis or lo reallse Ihe asset and setue the liabilrty siMtaneOUSly. Baslc linancial ass•ts Basic finan¢ial assets, which indude dèbtors and cash and bank balan¢es. are initially measured al transaction pri¢e In¢luding transaction costs and ar8 subsequently carrièd al amorbsed cost using the effe¢tive interest method unless the arrangement ¢wstitutes a financing trans8¢tion, whare the transaction is rneasured al the Pfesant value of the lulure ie¢eipls discounted at a market rate of interest. Finanaal assets dassified as receivable within on8 year are not amortiS8d. 8asle finanelalllabilitse$ Basic financial liabilities, including creditors and bank loans are initially recogni5ed al Iransa¢tion price unless th& arrangement con$litut&s a financing trahsaetion, whère the debt instrurnent is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities dasslfied as payable within one year are nol amortfj$ed. Debt instruments are sub8equenUy carried at amortised cost. using the éffective intere61 rale rnelhod. Tradè ueditors are obligations to pay for goods or services that hava been acquired in the ordinary course of oper81ions from suppliers. Amount5 P8yabl& are dassified as current liabilitias if payment is due wrthin onè yeaT or le55. If not, they are presented as non-current liabilities. Trade creditors are recogni5ed initially al transaction pri and subsequentty measuwd al amortised Lx)sl using Ihe gffedive inl8r8st method.
SOUTH MOLTON COTTAGE HOMES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polkl (Continued) Derg¢ognlllon of Ilnan¢lalllabllhle$ FinanLYal liabileS ore derewgni$ed wn the ¢harfty's conlra¢iual obligation8 frxplre or are distharged or canlIe(l. Income from charitable aclivities Unr•sbICt Unrnstri¢t lunds lund$ 2025 2024 Chailt*bl¢ 4¢tMtle8 Contributions from occupants 43.086 41.645 Income from inv•stments Unrestricted Unr•stsl¢tsd fund¥ Ivnds 2026 2024 Interest receivable 1.321 610 Other income Unrostrl¢ted Unro$trl¢t•d funds funds 2025 2024 Nalional Grid W8yle8ve Land Sale 27 27 25,0(Kl 27 25.027
SOUTH MOLTON COTTAGE HOMES NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Expenditur• on ¢harltabl• aclSvltl•s charilable actNitie8 202S Charilablg a¢tlvltl•$ 2024 Direct co$ts Water rale$ Insurance General repairs Management fe8s Honoraria Alm$housÈAssocialion Advertising Sundry 1,5S2 1,305 46,357 4,848 250 375 30 106 1,942 1,286 8,215 4,617 250 263 54,823 16,573 Share of support and governanc• costs l$•• note 61 Goveman¢& 2,530 1.070 S7,353 17,643 Anatysls by fund Unrestrictod fund8 57,353 17,643 Support costs allocated tr* activiti•s 2025 2024 Govemance costs 2,530 1,070 Analysod betweèn: Charitable activitie5 2,530 1.070 2025 2024 Goveman¢e ¢ts compris•: Independanl Ex8minatic Accountancy 1.200 400 670 2.530 1.070
SOUTH MOLTON COTTAGE HOMES NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 TnvJte•8 During the yeaf. tru$18•$ wera reimbursed £106 12024 - £nill for travel cos15 incurred in their dull85 as trustees. None of the trustees {or any persons ¢onneded wrfh them) re¢eived 8ny rernuneration from the charity durirffJ the ygar. Goln• and IoM•8 on Invè#tmonts Unrestricted Unrestrict•d funds funds 2026 2024 Gainslllosses) arising on.. Revaluation of investments 342 Taxation The charity is exempt from laxalion on ils acllvities because all 118 income18 applled for charitable purposes. 10 Flx•d a8¥èt Investments Unlisted Investmonts Cost or valuation At 1 April 2024 Valuation thang8$ 4,928 342 At 31 March 2025 5,270 Carrying amount At 31 March 2025 5,270 At 31 Mar¢h 2024 4,928 11 Dèbtors 2025 2024 Amounts falling due within one yr Trade debtors Prepayments and accrued income 20,912 816 28,459 602 21,728 29,061 10-
SOUTH MOLTON COTTAGE HOMES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Cr¢ditors: lmounts lalling duo within on• y•ar 2025 2024 Trade creditors Accruals and deferred Income 14,294 2.464 16,488 800 16,758 17.288 13 Related party tr•ns•ctlo There were no di10$¥ble related party transactions during the year {2024- none). 11