Great Torrington Almshouse, Town and Lands Charity fDrthB Y•gr Ethl 31 2024 WESTCOTTS H4PTI•VD ACcoL4WTA"IIT d llVSiME59 ADviiEW*
Contwts IcontliM*d) 2105 8t09 io 11 121024
Great Torrfngton Almshoum, Town and Larnls Charfty Referenc• and AdminlstrntSve D•talls Chalrnwn IlrMDA Ilr M A Fk)arE KMol MrRRun Ms H HaTram Ma L J Kimber Mrs S Lambert MrS81 Mr D Aq Smtth Dr R Hedin&vi ReVerW S R Twner(w)inted 1 Mty20231 Ch•rty Ro91shtlon Hb•¢ 202802 & 22801 I1paI Oftk• Audilor Chartered Accountsnts & st*ub)ry Audhor 47 8ouWrt StrBet EX31 1SQ CCLA Investhknt Ltd Senator Fl)use EC4V4Er 41 F&gh StrEet Bamstr3pf• EX311DA
Great Torrfngton Almshous•. T4Jwn and Lands Charity Tntstees. Report The trvstees present the annual report tcgethor h th• fffwn¢i?I stslenrts and auditots. reFrf ol the ehatity fortho jpar endéd 31 Mareh 2024. Introductlo Thts report prDVi(les an ov•rvpw h1¥•n. 8ThJ knnual performance duiing thè Pgst year. We remain ttsmmitted to (¥JrmtssK)n jpportin9 Tr1dVa15, grgups arKI chanties hl nead thin the Pari¥h olGftat Torrington. Structur•. Go¥&rn•JKe. and Managnert Th8 ¢haiitie5 are unlncorpL¥ated Trusts govemed by the Chafty CorTrniSSK)nef8 Schemes from 1971 and a registered with the Charity Comrry5sion. The trustees conh"m Ihey have f8rreltt to the guKJan¢e coTrtained in the Charrty Cmnwns general guKlan¢e ¢)n pubk buneft when rpviewing The charit consist of a Board of Trustees x)rking wth a smah group part4 employees". The Steward, an A(Imintstsator and a Finance Officer at 25 South Street OTh Monifjays and Tuesdays. In addition, a part4ime CleanerlGardener i8 ernpbyed for the Olf and Aknshoyses. Thè BoaFd of Trustees ¢on&sts of 14 Coryopled Trustees and one ex-officio Trnstee (the var of St. Mthael all Angels. Great Tomn9tonl. C¢• Tru8tee5 ar and appointed by the Boa having con5Klered the newts the Ch8ths and the sknifs and ewtise that a nominated Ial can bring. The Board foFm81ty owt U Ihird Monday of each Mth. •xW Aug The stan¢Jing sub-cornmittees a Finance and Human Resources. Property Tenancy. The sU¢0MmIttee meml)ers ale appointed al the knnual Genèr31 MeelFng in Apn"l. reTr)rt to the Full 8Dard as neeessary. Sub-committee meeb.ngs are 4$ and necessary. by beh¥ten thg chr01the Boafd and the Stewat¢. AII TNstees a famifrdr wfith th? w)wk of the Charfw. Ntr• Trusts a tra through ethg Trnstees. stsff and attendan at min9s. They aLso a copy olthe SclwnBs. brief detsjls tl the history ofthe Ch8ribes and a c4)py ofthe Int counts. utilssinq the skiifs olk>c81 ntr8¢5, xts)untsnts The Twstees regula asses¥ possth to ww Ihe Chanties CQLtkJ be eyFosed. The systerns currently in place are conwdered satisfory, hcthtver. the Twstee8 continue to rnonitorthe operathJn of the Chathtes and wnplt wnprovements as nded to ensure the ChariiEs remain v(able and sustrinab. Th8 Boaro of Tmstees has o¥traU rt5ponsibifity for the charit5. $ystem$ of internal and financial contrc4. They revw financfral perf0MTr in10th3n at monthly rneettllg6. All tran¥8ctlon$ undertaken by the Chaiitw are m0nrtod by the Board olTrust•g8. Rdated p¥ties ar¥ ¢knJed in Ihe fKwnciai s&nents. The Charfos IWNP w*)d rgi•lk>n¥hws w6th
Great Torrtngton kn$h04ty0. T•Jwn and Land8 Ctrwrfty Tnle, Roport (corrtlnwd) Dur key obieclNes for the year C•n¢Inu to tsus r¥t pmvJ)9 to the emmunlty of Great Torrw through gr8rrts. direct aS$thn to and Our Ma inckth¢tr. • Organisin9 r•Jr annual to thr8rt SUPFKNt kn ew r•si¢kn. . Provhdmg afftrdabkn trhxffjir¥J to fo1 hrevemenl• and Perf0me Our key focys this star has been w01n9 direct $upport to I ¢))mmunty of Gre31 Torrington through our grant-mak¥ig and voucher distrtt>uti prograrnr. W• ajso tinue to provide afforrlabte housry as an mF¥Ytant, &rtolourchai#aNe . Grant.Makivd: We awarded over £70.000 in grdnts thrwahA thé )ar to a w¢ty of organisations and individu815. &IPF#yiry a wle Trrwja of iFQrtant coiwnunty aV•s. Communty Support Vi8 Voucher D5strlbu¢lon: Our annual Distribution Day reftins a comerstone of our support for kxal reyd2nts. This year. dislrbuted over £23,000 in vouchers to elyible re5xlents. provAJing vit81 assistance househokl expenses and ¢Jiredy >Jpportiry bc bune. This unique seheme tsenefils bth pt$ and th8 &)cal economy. . Propety Portfolto: We continue to mainlain and ryrove our property p)rtfoJKs, provKflng afford8bl8 housing to bcal ¥esKl¢nts. Thi5 . also expan¢l8d wrtfolKJ Wth the purchase of a {detl prcyerty, enabling th% to hw8e even indmduals and farilies in need. Flnan¢ial Revlew The finanoal perfoThnancÈ of the Gal Torr & Lands lty and th• GTe8t Torrington Athshouse Charity for the yEar 8nding 31 March 2024 is summarised bekjw. It ts important to note that the pwou5 reporting Feriod coverEd 18 months. from l October 2021 to 31 March 2023. while the Current report Cover5 the 72-mth pen1 April 2023 kn March 2024. Therefo. d1ct comparisons of total rJure$ 5hou&4 be interweted With cau1. FUU detaib can be foun¢J in the independeThty aL41ited finan(a statrn Our tal income for the year was £340,185. piirrarty frryn invesknent Nwme. whi this lower than the premous 18-month ped. the average monthly inwne has increased slightly. Totsl •xpenditure a5 £351.181. which is aLw than the pfevK)us period. with average monthly e4)enditur• aL deueas¥>g Jhty. The charty 1¥oled a n8t ny)vW ffi fund¥ rf £127.702. TA1 galns on in¥esbmgrrts of £138.698. At the end of the financial yEar. our totsl funds strK)d at £11.011,704, dprrfJ8d bèhten 0nent funth1£10.512,376). Rericted funds1£145.9321, and Unrestricted funds (£353,396). Our reser$ poky Is to rnamtsin svfficnt unrestrthd fvnds lo cobw running costs and poterrtki grant appltstions for 12 m¢Mth& Thè currerf thi of unrestn*i hJftd8 is conshknd adequatè fvr th purpose.
Great Torrington Almshouse. Town aNI Larth Charlty Tte•s, Report {contInu Tru8toe8 and Pjtsff Thè chanty governed by a Board of Trustees and during this * compriW of 13 memter5". Mr Paul Co¢knn {Chairl, ME5 Keetey tIn IWtyChairl.Mr Stephen BlakB, Mr Richard Rumbold Mthatsl Dar¢h. MT5 Helen Hall8m, Or. Ro HlSsOn. Mrs Z Fordham-MooTe. Mrs Sh¥on LamberL Fr. Steve Tumer, Mrs. kner, f¥5. Karen and Mr. Aqort l)are. The day4trday operations of the charty rnana by a small team of de¢tsted staff. inclKling lan Newman. Sfvar¢J. Deb0h DrunwYK. Fin OffKer. me11e Benson, Administrator. and Julie He8th. Gathner and Ckaner. Th• Tni#e•s and staff arè committed to together to ensur• ¢onlinwd 8ucces¥ of the charity and is atx to serve ne clthe I1 c¢)mmunity. L¢)okirvJ Ah••d Looking ahead. the chaiity is wrnmthd to strengthening rt5 opetational capaoty ensuring its k)ng4emi sustaitJats"lty. A key plty for the cornJ year is the rUitMertt of a full-ttme Charty Oper3tKJns Manager. Thi5 le wil be cnwl in 8nsuriro the charity bems fotwarfkfocused, prwlively 8(klresses iisk managemefrt ond to OFlvntse its cpeiatbjns Ihrou9h slrate9y to maximrLe its on the cornmunity. In dits0n ¢0 this key wntinert ku¥ing . Grant.MakJng StratO9y Revithy. We bg our grant-makrng strntegy to emure it conts.nues to effectNety •adtess tha rd$ of cLThTrJnKy and ns fth our Charitae objeclNes. . Strengthening Community Engagement: We conknue tr seek OpY1n tts strerobhen our engagement wth the bcal communty. ensuring that our attThas and see$ are r¢sO$e to thdr ne8ds. . Prowty sknt•gy Rwiw. We our proFrty knd prfolJ. enwrln9 I4p arB 8ddfW the Treeds of tha cmunty and IT ftrtur8. l Mld like to thank my fe4rMf truste our d¥ted 8tth, JnteU$. arKI our supporters for Iheir hard wryk •nd corT¥nitment thrw3hort the >w.
Great Torrjngton Almshw Ttywn and Lands ChaAty Trustees. Report (conlinued) Th8 le5 are responsible for preparirKJ Ihe twstees. report arKI the fffjand stst¢ments in accordance wrth the Unrted AccouTrtin9 StsrKlard5 lihthj Kltwxn G8nBrnlty Acceptéd Accounting Pracats} and applicabk law and reguthins. The law applicab to triis requres fv trustees to Wep8 fifi8ncBI statements for each firtancial year whkh give a true a1 fair vw of the state ofaffars Of1 charity and ofth8 incoming rgsources al applicat of resourtw cl the olaiity for that per. In weparing these finaTrc4al statements, Ihe Irustee5 a reqUId to.. . se gJabkn accounting l¢le$ 8rKI lkn aF$4y lkn consistenty. ' obsefft the mothcJg and ChaFitEs SORP.. ' make juthaemènts end ejtimates that ww(¥ and prud8n¢ statg thether k¥t4e ac¢ountsng standaS hav¢ teefi fclltrwl. sut4ect tg any material departu5 dt¥JJ ond èine(r the ancIal Slatsnnts.' and Ihal the charity contru• in tneSS. The trusiees a resp0asib for keeping proper accounthg records that dBcbse tthth Teasonab accuracy al any ITme the financial positKJn of the chanty 8fKI enabk them to ensure thèt the finanual Slaiemenls comply with the charit¥ Act 2011. the CharitEs (A¢Unts and Reports) R8gulalioAs 2008, and the provisions ol the const¢lutton. The tnJsteÈs a also responsible for safegua¥din9 the 83sets of the Charity and hence for lakmig r$(?b1e steps for the prEvent¥)n and detect(on of frau¢J ar¥J Dthtr w[egu{l[1e3. The trustees a reSIx$1 for thè m8intsnance and integrfy of thè corporate and financial inftmTati¢in indde¢l OTh the charitaNe c(xnpanV5 thrte. Legislatson wverning the ppaOn and IS58mination offiral **ments may ditter b3ts1th)n in otherjuri8dKkn5. Dtsclo•urB of Inlorniatlon to audltor Each trustee has tsken steps that they ought to have taken as a Irusie• in order tts rnake themselves awa of any relevant au¢Yrt inforniab.on and to eslablish Ihat the charty's aurtrtor is aware of that infom)ation. The trustees that there is no rnknnt infDrmatM thai they know gf aod of %vhKh Ih¥y knowthe auditw ks unaware. Tho annual rewt appm¥&a lJvsiÈe8 (l the on .. behabY.. Mr P Cockman Chaimwn
Gr&at Torrlngton Almsho. T(yn a1 Lands Charlty Independent Audlknff8 Report to the PAemborn ol Groat Torrlngton Almshou$•. Town and Larrfts Charity Oplnion We have audited thg Iktanc 8tstemenis crf Great TorriWTr Almshouse. Town 8nd Lands Charity (the charWI for the year ended 31 March 2024. whKh ¢cryrise the Statement of Financial A¢livts, Bance Sheet, and Notes to the Frnancjal Stslemerrts. inctr9 a summary of significant accounting poIKies. The finaftewl repothng fromework that ha5 been appJd in their preparation is United Kingdorn AccountFng Standards. comprtsin9 Chthes SORP _ FRS 102 Ihe Finanual Reporting Standard applicab in the UK and Republic of Ireland, and apts l•¥ (United Kwm Generaty Attepted Accounting PrtKe}. In ourown¥Jn the financ4 statallW8'. 9Ne a trut and vmv of the ate of th8 thartys affavs as at 31 March 2024 and ofms incLTh)In9 resourc•5 and ¥pkation of rBsouw. Rs v¥>Th and expenditure, lor th• year then ended,. Praette". and Btsis foroplnlon We conducted our ITr accmlance wdh Intemaiwl Slandards on Auditing (v IISAS (UK)) and applicatsle law. Our responsibiJit5 under those standards are further desciibed in tho au¢Jitor ¥espoTrsibdities for the aUrt of the financ1 staternents secti¥n of our repolt We S independent the chanty in ac[daN wth the ethtsl tsquirement5 thal are levant to OUT audit of the financial 5tatementS In (he VK. Iling the FRC'S Ethie81 Stanttard. and we have fijlfilled our Olher ethic41 responsibilities in accordan wilh these 4ementS. We believe that the audit evdence have obtaingd 15 wJffient and appropriate to provth a l>w forour OPinityL Conelusions to going eoncem In auditing the financial Statet we have contkned th the twstets use of the 90ry eoncém baw Ofauting in the WeParati of the finarKial ststerrenls is apwopriate. Based on the wryk we have performecl. we have nc4 hyentified any maierial UnrErtaInl relaiing io events orcondit)ns that. indNidualty or coknaw. may casi sign1rn1 doubl on the charitys abitity to coatinue a5 a going concem for a pernd of ai ka5l twth months from vthen th8 wwiTral financ481 statements were authorised forissu•. descrited 4) the rgknTrt sectTh$ ofthj¥ r8r*)rt. The trustees are responsi for ts other The ther infwrrthn comprises thÈ Information included in the annual reporL ouw than the financial statement5 and uur auditorfs Teport thereon. Our opinw on the finaneial statements does cover the other informatson and, excèpt to the extsnt othemise eXPlty sthd li our do not exp any lomi of assurance tsjnctsjsron thereon.
Great Torrfngton Almsh(xm. T¢yn and Land5 Charlty
Indèpgndent Auditoff$ Roport to the Mombers of Groat Torrlngton Almshouse.
Town and Lands Charity Icontlnued)
In connection wih our audit th lh• financial slateftts. our sponsl7ty is to r1 the Olher
infomwtion and, in doing so. COTr&r whether the other inlormation Material inconststenl with the
finanrial 518tements or our knothge cètained in the audit or ottw.se appears to be maleri81ty
misstated. we hlentify such material rrconsstencies or apparent material misststeffignts, we are
uired to delemine wthèther there 15 a mateiial mi8$ternent in the ftnancial statarneTrts or a
material mi5Statement of the other infOnal. If, based on ihe have perforn. we eTridude
that there is 8 material MtnI of inft>rmab"on. are to rwrtthat fact
We have nothing to report iegard.
Mattets on whlch VR are required to rewrt by exceptlon
In the light ol our knry9e and undwslènding of the dwty aThl its envvonmeni In the
coutse of the Kjeniiw rnert ntsaterrnt8 in th• Trust. F
Great Torrington Alm$hoe, Town and Lands Charfty Independent Auditorfs Report to the Membern of Great Torrfngton Almshousg, Town and Land8 Charty Icontinuod) Irregularibes. IulA9 frau¢J. are fftst8nces of noTrcLfi0nce and fegulat)ns. We B3Jn owlures in fme with our spOnS)i1e$. oullntd above. to detect ma#1 rnisstatements in pect of iwularil$. iftduding fraud. The extent kn whth our prc¢e¢urnG ar• • of detecb.ng ifregularth"es. indudTrig fraud ss ¢Jel•fed belw. . We areas ol la and that ojvll r•asonabty be expected lo have a material effect on the ftyRn¢kl1 statements from oui general COne1claI and an¢1 IhroLt9h dwus510n with Ihe 1rn51ees an¢Y other rnanagern 8rJ from W1SFec of the chanws gUlatOry correspon¢ence. We communtcated ¥Jenlified and r8guFations thmugholrt our team. an¢1 rernained alert to any IntionS of no¢liance thr)j1 Ihe audit. . The charity is subje¢¢ to bws and ULeon$ that go% the ppartion ofthe finanoal statements induding finarKral reF#Yting Jegisknon. and (Iher charity The charity is also subject to many other and reguth.ons where thè conseqte& of non-cornpliance could have a materwl impact on the or thU$ within the fiAanoal staterpenls. indudir9 employmerf. antbribery. anrnoney kundèring and certain a5perts of charty lSIatry. CKving to the tTrhèrent Iwnrtal•Jns of an audrt. Ithe 15 an un3voidae risk thal we may not hav8 ¢Se¢ected some material misstaternents tn the finanoal Slalement$. even though we hava properfy pknned and performed our audtt in COrdanCe with audibng stand8rd$. In any au(lit. there m84n$ a h(4her risk of non-detection of ¢ne9ularitw. as these may infve ¢oJlusKJn. forgery, intentional omis54ons. mwresentalions. or the overrid8 of ifitemal controls. We are nor pOnSIble for preventing non-corrpltarts cannot b8 expected to detect n¢0mp8[e with ajl and latioft5. As part of an audit ) Otcrydance wh k%4s (UK). &Yerri8e wofessKffial judgerrEnt aThJ maintain professional 8tepttin throughout th• audit. Va akn.. Identify and assess the risk$ of material Mleml of the finan¢BI slatemer>ts. whether due to fray4Y or error. de&qn and perforni audrt predUS respJnsNe to those risks, and oblatn audit Èwdence that is suffnI and appfoprrate to pmwde a basts for our opinion. The risk of not detectin9 a mate¥tal misstatement resulthig from fraud Fs h¥Jher than for one resulting error, as frau¢ may in¥ol¥e cdbjsion. fw, omtss¥)ns. MisrepsetatK)ns. or the override ofintem81 ctr. Obtain an undeistsndÉTrg of intemal control io the audit kn order Io ¢knJn proceduS that are apPropte in the circu1rnte3. bth Th)t purFt¢e of eypressing an Tr)n on the elFeL"¥ene5s of the thanty's Intemal controt. Evaluate the appyoprtateness ol country Follcies uj thg rea8kn of xcountvig estimates and related dixbsure5 m18 ty truste. Concludè on th? appropriateness (rf the tru51ees use ofthe ing cthKern ofaccounting and, based on the audit abtainE¢. whether a materid uncertainty exisls rethd tu e¥ents or conditions that rnay cast &9nthcant on the charitfs th.lrty to conltrsue as a going coThcem. If we conclude that a materral ##ty •xi. arè vITed to ilyaw attention in our audilors rèport to the refated disdosures in th8 fmancrdl siaternents or. rf such disclosvre5 a in8dequate, to modify our opinion. Our condu5bJns are based on the adtt evKJence obtained up to the date of our audrtoffs port Hwver. future events or condÉtion5 may caaL%e Ihe thanty to cease tcs continue as 8 going conrAm. Ewdluate the overnll p5errtatson, SInth and ¢Ol#ent of the financial staterfftnts, includiTrg the discbsures. and whether the financial st*ments represent the undertn9 tranwtiorts and
Great Tofrfrwton AJm$ho. Town and Lands Charlty Independent Auditorfs Report to the Momb•ra of Great Torrlrtgton Almshou8e. Town and Land5 Charity (contlnued) Obtan suffic1 appFopn eer rega4 thg financ41 inforrrwtion of thè enb'lies or business actiwttes wAthin the charty to exwèss an opnJn on t rmanck?I statements. We are responsibk fof the (Jwect)n, superVtsn arnl PerfOrgnCe of the chwity alIt. We rernain solely [pOnSible our aud# We cornmunicate wilh those charg8d wilh gcvem•Th regar¢ling. other rftatt¥s, the pbnned scope and timing of the auLIit anil svjnffjcant audit findiry. indLKling any svjnificant defi¢e$ In inteFnal control that identsfy ouraud tkn• Df ourtgport This report is m g)W tD Ihe ¢tharty twstees. as a ttrffy, in aceofdanee with sedion 144 of Ihe Charitie$ Act 2011 and regulatnS made under section 154 of Ihat Act. Our audit wolk has be8n undertaken so that rnaht 8te to the tTUStees those mattets we are required to state to truste8s iri an audltors, report and for no other purpose. To the fulkst etsnt P8rmitted by kn, not accept Qf assume sponsIbl[l to aThy0 othw than the charity and if8 truaees as a b, ltsr our audit rk. fof thi8 reFQrt, or forttE opintorts ha fDrned. David cress11 BA FCA (Senior StalOry AudrtL¥I For arKI on behawof Westra)tts (SW) LLP. StAj* 47 Bryjtpyt Street 8amsWle EX31 1SQ
Great Torrington Almshlx. T¢yffl and La Charity Stalwnont of Flnan¢tal Athilles for the Year Ended 31 Mar¢h 2024 fvJts Tot#1 Tot1 InvestrrEnt t£e 325.156 15,029 325,1 15.029 465,151 7,789 Totsi Incc#ne Exp•ndltur• ¢)n.' R80 funds Charitabts 340.185 340.185 473.940 15.9221 345,2S9 (5,9221 345.259 18,494} 1526.0111 Total ewditu Gwnwlosses ry) (351.181) 1351.181} 1534.5051 15.794 122. Net 138,698 3.087,554 Gmsstrans behween lun(Is Nèt movwrnt in fvnds ReeoncilkntM of Totsl fund# brolyht forward (10.996) 15.794 121904 127.702 3,025.989 144.00 (s4.) 19.794 161 127,702 3,025,989 40B.3W2 Totsl fvnd8 LxrEd 126.138 10.349,472 10.884.002 7,858,013 21 145.932 10.511376 11.011.704 10,884.002 The fi¢rth ljreakdryn for2023 ncts 21. The th on pag89 12 to 24 knn an part ofthe8e financi4 st•tements. Pa*10
Great Torrtngton Almsh, Tovffl and Land8 Charlty (Registration number: 202802) Balance Sheet as at 31 hlarch 2024 2023 Flxed a89èts Tang assats Hertage as¥ts 13 14 15 587.297 205.741 10.071.508 10.864.546 592.244 205,741 9 888,895 10.686.880 Curr•ntMts Invè5trnents Cash 8t bank In haThJ 16 17 1,797 1.814 216,521 220,132 14,960 1,729 241.945 258.634 Cw•ditots: Amfwnts f•King on• y 18 (20.724 18.1621 250,4n 199.408 Total au•ts h¥ curr•nt Credltorn: Affjnts f&llkng due after nx>r• th#n •y* yew 19 11,063.954 51250 10,937,352 (s3.3? 10 8a4,002 11.011.704 Fthid• ofthè eh•rfty". 10,512.376 10.349.472 R65trthd funds 146.932 126.138 353,396 11,011.704 406,392 10,884,002 Totsl funds 21 The finanual stat on .%Q.-.l.. and an ljthalf ChrMan
Great Tothngton Almshixae, Town and Lands Char Notes to the Flnanclal Statemonts for the Year Ended 31 March 2024 1 k¢ountlng wllths StatemEnt of eomWiw)c• The ffn8ncrdl sraternents h•%e been pwrBd in •rA)thnce the $8o)Trd edth of the Chari(1 Statement of R8Mmen¢yed Pracce issued Othr 2019, the Finawal RepDfting StandèTd Bpth"eabfe th8 Uniled and Republt dlrnland {FRS 1021 and the Charities Act 2011. B#g1s ol preparatlon Great forrington Alrnshouse. Town and Lands Charity ms the definitson of a public benefft entty under FRS 102. The accounts lfinanual $teMents) Ie been pPared under the hisioTK81 cost convention wlh item5 rectsyni at C05t or transaEtw Irdlue nSS Otheise stated in the levant nrAelsl to these acujunts. Golng concern The trustees COftSKler that thwe a no materw uncwtakthg$ abeArt the thrty to continue a g)ing concem. Judo8ments The preparat)n of thè finafiC slatem8nts requIS management to mak?jodgements. estilat8$ and umptions that affect the wnounts reported. These estmate5 and judgernenis aro Continual rewewed and ale ba58d on ¢XPErience and other fa¢to(s. irKluding eypectstsms offtjturn ev8nts that 8Tr beIved to be rea50nabte under th& crcurnstanc•s. Income and endownwts E¥pendlturg All expenditure Is recognised orth there or constnth CJ1>Jgb to that exp8ndrtU R i8 PtDbable settlement is reqtsired and the arnounl can be Measu relay. All cost$ are allocatèd to the applicable expendrture headftg that aggregaie skmilar costs to that category. Where costs cannot be ¢j1Y 8ttribul&J to partuL8r headings they have beers alkncated on a basis consistent with the use of resources. with central staff costs allocated on Ihe basis of tirne spent. and deprecialiDTh charg¢s allocated on the Fortion of the asseys use. Other support Costs ar¢ kald based on the spwd ofstaff costs. Ralsing funds curred in trading achvities that raise fvnts. Charitable expenditu cornpng85 those CL irthrred by the Yt the dalpPry of ti8 and 5eN¢es for its teneficiarie5. It wK4u¢k5 costs that Can be alkncabJ dwecty ts such 8clivthes and tho costs of an inthrect natyre nv*5S8ry to $uppJrt Iher¥L 12
Great TolgtOn Almshw Town arnl LarKls Charfty Notes to the Financlal Stat•m•nts for Year Ended 31 March 2024 (¢ontinued) Support costs SUprt costs indude (ntral havE b8w) albxated to cost Cate7 on a basi¥ consk8tenl with the us& of resources. tDr examp. alknn9 property oists by 11)or arw. or per T•xatK)n The tharity i& ¢(1dered to pass the tests set out in PaRgraph 1 6 ofthe Fiftan Act 2010 arxl therefo it meets the dBfinitk)n of a charilable company for UK eorporaiN)n tax purposes. A¢corthngly. the charty 55 potentslty exeFFPt (Torn kxaiion in SpeCt of income or capital gains Igceived within categors co¥ere(I by Chapter 3 PBrt 11 of the coration Tax Act 2010 or SecliDn 256 of the Taxation of Charyeatle Gains 1W2. to the that such irtom• or gahs ar• ppl •xdusNety to charilabje WWFoseB. Tangibl# fix8d assets Indivktiual re¢s assets are Oniliaty at cosL less any subseouenl acpjfrwlèted dreCIatI)n an¢ subsequent aceumutated impainnenl hjsses. Arry tan9bi le assets carried at revalued amounts are recorded at the fair value * the date of lu81Th th any subseqLWt acciimulaled Imwrrnent An increa¥e in the carrwng amount of an asset as a w8sutt of a revaluation, is rtcogniqed in other ognised gwTrs and bsse5, ¢JnK8ss rt reverses a chaoe for palmnt th ha5 prev$ty been recognised 85 expeOditu thl the 5tatennt of financiJ activtbe5. A leaSe in the carryng amount of an asset a¥ a r¢¥uf( of revalualti)n. is reco9nEed ¢)ther rec4grtise¢J gains and losses. eK8pt to which it off8ets Y pre¥vJus valp)n gain. wi whth case the Ios5 is shown wthin other re¢ogn(sed gains and10s5es on the 5tstement of fik)arwl athvrts. Heffltag• assets Htsge 8sxts measured urthr the cost mcKlel are recognised rnc0rd at acqwbon and sub5•]uthrfy slated at co¥t any aCcuff4 de and iffrf)aimnt losses. 8ccurnukted wnpaimnt kAses. Where infomiation an cost or value of an Asset is not aYatsbSè and canr b& c&tsined * a cost which vb commellsJratè ¥thh the benefts to useis ol the finaThl 5tatem?nts. the asaet shall not ba Deprecl•tlon and amortknatlo Deprecthn i8 ptyided on fixed as¥eis ¥0 as to off Ihe cost or yU810 $$ wy esbmated reshlual value. obrlhw QXFeCted US• econ¢ frfe as foUo44t'. Asset ¢lag* Freehold buiklings Ftre$. fittinqs oThJ •qupnent Depr•eiatlon m•thod and rate strw.ght over 50 years Stratht thne Ib¥er4 ypars Page 13
Great T0ingtOn Aknsh(w. Town arKI Land8 Charlty Notes to thg Flnanclal Stat•mgnts fortt Year Ended 31 March 2024. {continuedl Investrnent propertl Investmeftt propety is canied at fair Vdlue. deriw4J from cuThent mwket prices for comparable real estste determined 8nnualty by extem8J valuers. The use ob8ervkn market ple$, adjusled if necessary for any difference in the nathre. kxalk)n or condin of the asset. Changes in fair ¥ve are recognssed profv or knss. Fl¥•d asset investments Ftxed asset investrnents, othèr than reknkd inbEstments. a indvded at market value at the balance sheet date. RewJ gans and kJsse5 on investrnents arp e8lcul8ted as the drfferencè sales procéeds and thew market the start of the 5Ear, or trir subsequent cost, and are char9ed orcrayited tokn Statement of In the ofdi8posal. unrealed gains 8nd kjsses repTrs8nt Ihe movement market AIw durlrq the r and ar• credrted orch8rged to the Ststernerrt ofFThrKHI Athvits on the Maket Va at thè ar end. Curyent asw In¥estnnts Cuent 8S5et investmeAts are at the kwrdr4TrJ net Va i rnaet V01tsè. Cah and cash eoulvaients Cash and cash equryalents coThyise cash on hand ar c•Th deposits ènd other 8hort.term htghty Iv4uid inve¥tments thai are ¢9y coThvertth to a amount of c8èh arKI subjgct to an Insignthcant risk of change in ¥U Fund SErucbJre Unrestricted incrfft are 9eneral fund¥ for ule at the th18teg8 dkntbn in furthtrrance of the objectNes ofthe charty. Restricted incorne funds are those donated for Uso in a arta or for speoft purpose4 the U59 clwhich is restrict& to thar area or wrFwe. Pens1¢)ns and other post retirBm8nt oblFgations Conlributitsns to defined contribUtn pL3ns aft mcognts•Y as an expense Ki the per in the related service is provid. Prewd contributKJns a recogniJ as an asset to the extent that the prtrpayrnent wjl lead to a teductKJn future payments ora h fftfvnd. When contnbut are not eypectéd to be sewed wimin 12 rrKJnths of the of the rèportin9 date in Ythrch rhts empknyees render the relateLJ service. the liab4ty is measlfrred on a discounted present value basis. The Unwndty ofthe dr4L4tnt rs Fec(Jnd os an expanse in th? pwirxl in whi rt ariB. Pago 14
Great Torrfngton Alm$hou8e. and Land8 Charlty Notes to the Flnancial Stat•ments fDr the Year Ended 31 March 2024 (contlnued) Flnanclal ¥truments FSn8nual assets and finan(y81 aiB retsJgnjS the dwity bec1yn a party to Ihe contractual promwns of the InstruftL Financial Ikxfrties arKI ewity instrUnIS are classified S¢1[j to tha svbslance of the contraclL•I arrdngements ente irrto. An equty instwmènt is any cont( tht e¥hY¢•S a rnsftsual interest in the assets oflhe eharity after deducng all of ts rth" finan assets and trAbi4ties are ¢Thrtdty measured at trans#?n PTke Ilnduding transac costsl. except foi those finantsl as¥ets ck55ifd a5 at fair value Ihfough profit or 105s. which are initially mea5Ufed at fair value {whKh is norThIlY the tsansactn pTrce exduding transaction c05181, unles5 the arlang8nnt constitutes a anCtr¥4 transaclron If an alrangemenl constitutes a finanang transaction, tha finarsaI asset or fnanck?I Ikilty i5 measured at the present value of the future payments tknuThted at a market rate ol interest fora simiLa¥ debt instrur FinancK41 assets and kbRits are onty ollsef ty) the statement of finantiaf posftion when, and oniv wh8n the exists a enforceaNe right to set off the wnisgj amr)unts and the chatty iTrtends either to settle on 8 net basis. or to reale the as58t and sellkn the thlty svNttAiieou5ty. Fina assets are dereco3nise(I when and onty when al the eonttsctual ¥(ghts to the cash flows the financral asset OT are seiited, bl the charity transfers to another party substantsally all of the risk5 and rewards of ownership of the finanual asseL or cl the tharity, desppte having retained some, but not all, strjntfrant risks arKI rthvard5 of has transterred wtrtrol of the 4set another party. Finanoal Jp thregld ¢xy Ihe otyigakn speofwd in Ihe ntrac is thschorged. cancelled or expires. 2 Investment Incom• Tot•1 2024 General IDO)rrfrr investrnent properties 293,409 31,747 325.156 293,409 31,747 325.156 Total 2023 Deral In¢on* fyvm in¥e5bnent prrtieS lftcomè from other investments 417,654 47,497 417.854 47,497 465.151 465.151 Ptye 15
Groat Torrfngton Almslws•, Town and Larffls Charity Notes to the Financlal Stat•ments for tho Year Ended 31 Ilarch 2024 (conttnuedl 3 Other In funds 2024 Clher Sncom? fftxn chait4L4e 15.029 15.029 funds Total 2023 7.789 ExJr on rniskng fvnd Total 2024 5.922 5,922 n•rnl 2023 8.494 5 EX1wdr1• on chrft•ble thltlfj fvnds Gen•ra] Total 2024 TowTrknds AlmslMXe5 Atl¢K8ted $UPFQrt costs 195,866 114,798 195.888 114.798 34,593 345.259 345259 16
Great Torrfngton Almshou8•. T(wffl and Land• Chaflty Notes to the Financlal Statements for the Year Ermknd 31 March 2024 (continued) fun(1 GernI Tol•l 2023 TtrwnLands Aknshous•8 411.880 58.225 55.926 526.011 411,860 58,225 55.926 526.011 6 An4Py d$upport co•ts T1 2024 T(al 2023 4,750 5.Br2 3,565 6,823 FInae costs Other establ111 Other co¥ts Legal and proknal fèes 3.47T 18 7.377 13.299 5.918 7,341 25.107 34.593 55.926 7 avant4naltinp Ansi• ofgrants The ¥upwrt QJ8ts8M¢xd **h gfart4MIiThJ WE£hI7131 2023. £1411. Nom• ¢flmfjtton Grants to 2024 2023 32.935 129.904 Pag•17
Great TorTlngton Almshouso. Town and Land5 Charlty Notes to th• Financial Statements for tho YaAr ended 31 March 2024 Icontlnued) 2023 (Gairkw)th*es on WQPffjf (Gains)ilosses ¢)n invesknent 138.698 {3.125.986) 38.432 during thè M. 10 Staff c(Mts 2024 Wages &id P¥nsion costs 6i608 2,416 82AYJS 2.301 85.2Cfj Th• morthty 8¥erage number of seniLY nwiagemert I ka(krnhp team) Yed by the rtharity during year ewesw &s fvu tYn8 as fDlb4bx' 2023 Numberof slaff Auditm Tnn•tts 4,750 3.5 Pwae 18
Great Torrlngton Almshow T(Y•n and Lands Charlty Notes to the Flnandal Statements for the Yoar Endod 31 March 2024 (eontlnued) 12 Taution The charity B a rtyth•d charty and IF thorekn extynpt frcffi7 t•xaU 13 Tanlllblèllx•d Fumttuye and equlpm•nt Lnd •nd build1+ Total At l Aprd 2023 639.810 25.339 5,149 At 31 224 DepM¢iatio At 1 Aprlt 2023 Ctwrge forth8 ye¥ At 31 Ilarth 2024 N•t book v•Jtse At 31 March 2024 31 Idarch 2023 639.810 26.204 686,014 47.tss 5.5 25,339 216 72.905 5.812 53.162 25.555 78,717 649 587,297 5W2.244 592,244 14 Trkritage asg•ts Thè charity hold5 heritage assets. WW are fixed assets of hwrical, arti5b¢ or $ThItfie portèn that a held to advan¢e preseNthn and conservalKJn obj#tives of the charity. Newly purchasEd heritage assets ar? captslised aKI oidLth at cost in¢hJdfftg any iental expSe5 of acqui8itw)n. Where heritaye assets were acquifftd in post aco)unling perio¢s nol capikftsed, rt can b8 difficult or costly lo attnbute a Cost or value to thw. lfi sych cases. these assets are exduded from the belance Sheet rf tlate cost lnfWrrRTr not avaibble and conventK)nal valuai?n approaches kd( Lrffieient reliabilty or si9nlffrtt CO afy wivc4ved in the reconstruc%)n or aTratysis of p8 accounting recortls or in valuan, whth are onffiws compared wth th8 aMtbon81 b&nefft derivad by users 01 the acwnts assessing the trust, ofthè assèts. The very long expectsd herita9è a55ets. to thw naturè, vah* and need to be prctsct¢d and praserved mean5 that dlats)n is not matsrial 1 is. thwefore not yovrded. P¥19
Grmt Tofrlngton Almsho. T¢r•n and Lands Charlty Notes to the Flnan¢lal Statements for the Y•ar Ended 31 March 2024 {¢ontinuedl p19S Totsl At l Apnl 2023 At 31 Marth 2024 205.741 205,741 205,741 205.741 At31 Ilarth 2024 N•t book valts• At31 Plw¢h 2024 205.741 205.741 2024 2023 8,621.409 1,4SO,099 10.071.508 8,431.409 1.457,486 9.888.895 propertl8• Cost or Valua At 1 Awil 2023 Adjitions 8.431.409 190.CIJO At 31 kl•rch 2fd4 8.621.409 At 31 March 2024 Net book v•kne At 31 March 224 At 31 Mah 2023 8.431.409 The investment properties for both the Larth aThJ Afvn$hou (ath5 were valued by Atjrian Hardwick MNAEA and counter5vJlled by Peter McHugh FRICS from Webbers Estate Agenis in 2023. The historicxl cost of the¥e pri¥rbes as a 9roup ¢5 unkFKAvn. there1 the h[St cost of Ie jnve5trnts conn be provtyJ8d. 8.621.409 Page 20
Grn8t Torrfngton Aknghow Tcmn and Land8 Char Notes to the nala1 Statornents for tho Year Ended 31 March 2024 {continued) Cost or Valu•tion At 1 Apr 2023 Rev#luatKJn Addit¥)ns Dlspos At 31 Maich 2024 1.457,486 1.457,486 138,613 138,613 d,C0 150,¢)00 1,450.099 1.450,099 1150.LhXI At 31 PA8rt 2024 At 31 ma 2023 1.450.099 1,450.099 1457 486 1.457.486 16 D•tors 2024 2023 1.71 14.960 17 Curtent knvesbn•nts 2023 1,814 1.729 18 CTedkn8". i¥nounts faming du• *hin cm yMr 2023 Trade uedrtors Othercre 13.Q9 4.195 3.500 8.162 20.724 8.162 19 Crndlkns: amounts du• aft•r fft y•Ar 53.350
Great Torrfngton Almshouse. T¢y*n and Lands Chartty Notes to the Financlal Stat•m•nts ft•r the Year Endod 31 March 2024 (continuod) repre$8nts oJ)tritwth)n8 by to the sthém8 and amcwnted to £2,416 12023 . £2,3011 FUJ B•lance at1 other 8aJanG• dt31 gatr Unrethcl•d funds Gen•r•l Gener Funds Ass8t FurKI 176.148 232.244 340.185 (34S.5851 (44.0001 15.55 1351.1811 126,748 226.648 353,396 408.392 340.185 44.0001 Fund 126,138 15,794 Errtlmiant 145,932 Town Lands. Fund Town Lants- Endmd Hi8tor Prcpgty Fund mshouse$- Inw5tnwnt Fund Aknsh¢Juse5. Invtrstnt Proptrty Fund 7.732.102 39.970 109231 7.881.303 205.741 205,741 148.629 13.673 160,332 1.5,[ 1,905,L Fund 360.000 10.349.472 3.000 122.904 10.512.376 138.698 11,011,704 40.000 Total funds 1.181 10.884.002 340.185 La
Great Torrlngton Almsh. Town and Lands Charlty Notes to the Financlol Statements for th• Yr End•d 31 March 2024 {contlnuedl e•lanc• Other 8alanc* nlsed at31 g•ln¥ expend•d Trarkn IlloMÈsl IAarch 2023 General Funds Fixe(IAsset Furnl 233,287 240.638 472. (526,111) 18.394 534.505 {4.000) 176.148 232,244 408.392 473.925 32 Afmshou8e- Extraordury Re Fund 121,536 126.138 TowTh ltsnds. FurKI Town Lar#Jg. Endcw8d H Property Fund AmshoLWS- Invtrstrrnnt Fund kn$1$t5. 5.599.342 2,132.780 7,732.102 158.991 46.750 205.741 151.368 14.739) 146,629 Fund Ahnsk4)uses. Property Fun(t W2.851 912,149 I.$,000 360.000 62.552 360,000 3,086.920 10.349.472 3.087.554 10.884,002 TotslfuDds 7.858,013 472.910 534.505 Page 23
Great Torrfngton Alm$houM. Town and rts Ch•rlty Note8 to the Flnanclal Ststwnents for th? Year Ended 31 March 2024 (contlnued) funds lunds fvndrl P•nn•n•nt at 31 March 2024 TBngibfe fixed as 227.296 360.000 205.741 g.Wd5.577 21,058 5B7,296 205.741 10,071.509 220,132 PO,724} 152.250 Current assets Current babilU8S Credltors ¢Mr 1 Jar Totsl fiet a$8•ts 145.932 199.074 120,724) 52250 3S3.396 145.932 10.512.376 11,011,704 Endowm•nt Total tsnd• ltsnds P•rmanoAt a131 Alarch 2023 funds Tangbi k rd assots Heritage assets 232,244 360.000 205,741 9.762,757 20.974 592.244 205.741 9.888,895 258,fj34 18,1821 53,350 assets Current Imt4e5 126.138 237.660 18,1621 (53,3501 408.32 T¢)tal •38ets 126.138 10.349.472 23 R•l4ted party trarwaclh The Charty made gnts to the Org TAth It Sha tru5teegOffiw. Th6 Charity made pat of£2.0(K)12023 £10,sfAII to Tarka V*y RaTrw. D Smith Is a tr of both chariti"e& The Charity made panent of£1,71J) (2023 En to &eat CavafjeT8 Mayfa¥ &wnmittee. Mr P0 24