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 ￿KMo￿l 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 H￿￿b•¢ 202802 & 2￿2801 I￿1paI 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 stslen*rts 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 Manag*nert 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 v￿ar 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 I￿￿￿￿￿￿al can bring. The Board foFm81ty owt U* Ihird Monday of each M￿th. •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 ch￿r01the Boafd and the Stewat¢. AII TNstees a￿ famifrdr wfith th? w)wk of the Charfw. Ntr• Trust*s a￿ tra￿￿ through ethg Trnstees. stsff and attendan￿ at m*in9s. They aLso a copy olthe SclwnBs. brief detsjls tl the history ofthe Ch8ribes and a c4)py ofthe I￿nt *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 satisf*ory, hcthtver. the Twstee8 continue to rnonitorthe operathJn of the Chathtes and wnpl￿t wnprovements as n*ded to ensure the ChariiEs remain v(able and sustrinab￿. Th8 Boaro of Tmstees has o¥traU rt5ponsibifity for the charit￿5. $ystem$ of internal and financial contrc4. They revw financfral perf0M￿Tr￿ in10￿￿th3n at monthly rneettllg6. All tran¥8ctlon$ undertaken by the Chaiitw are m0nrto￿d 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$h04ty0. T•Jwn and Land8 Ctrwrfty Tn￿le￿, Roport (corrtlnwd) Dur key obieclNes for the year C•n¢Inu￿ to tsus r¥t pmv*J￿)9 to the emmunlty of Great Torrw through gr8rrts. direct aS$thn￿ to and Our Ma￿ inckth¢tr. • Organisin9 r•Jr annual to thr8rt SUPFKNt kn ew r•si¢kn. . Provhdmg afftrdabkn trhxffjir¥J to fo￿1 hrevemenl• and Perf0m￿￿￿e Our key focys this star has been w0￿1n9 direct $upport to I￿ ¢))mmunty of Gre31 Torrington through our grant-mak¥ig and voucher distrtt>uti￿ prograrnr￿. W• ajso ￿tinue to provide afforrlabte housry as an *mF¥Ytant, &*rtolourchai#aNe . Grant.Makivd: We awarded over £70.000 in grdnts thrwah￿A thé )*ar to a w¢ty of organisations and individu815. &IPF#yiry a w￿le Trrwja of i*FQrtant coiwnunty ￿￿a￿V•s. Communty Support Vi8 Voucher D5strlbu¢lon: Our annual Distribution Day reft*ins a comerstone of our support for kxal reyd2nts. This year. dislrbuted over £23,000 in vouchers to elyible re5xlents. provAJing vit81 assistance househokl expenses and ¢Jiredy >Jpportiry bc bu￿ne￿. This unique seheme tsenefils bth ￿p￿t$ 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 {de￿t￿l prcyerty, enabling th% to hw8e even ￿ indmduals and farilies in need. Flnan¢ial Revlew The finanoal perfoThnancÈ of the G￿al 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-m￿th pen￿1 April 2023 kn March 2024. Therefo￿. d1￿ct comparisons of total r￿Jure$ 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 pe￿d. 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¥o￿led 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 ￿0￿nent funth1£10.512,376). Re*ricted funds1£145.9321, and Unrestricted funds (£353,396). Our reser￿$ poky Is to rnamtsin svffic*nt 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 T￿￿te•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* H￿l￿SsOn. Mrs Z* Fordham-MooTe. Mrs Sh¥on LamberL Fr. Steve Tumer, Mrs. kn*er, 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. Deb0￿h DrunwYK*￿. Fin￿￿ OffKer. me￿￿11e 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 I￿1 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 p￿lty for the corn￿J 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 r￿d$ of cLThTrJnKy and *ns *fth our Charita￿e objeclNes. . Strengthening Community Engagement: We conknue tr seek OpY￿1n￿￿ tts strerobhen our engagement wth the bcal communty. ensuring that our attTha*s and se￿￿e$ are r¢s￿O$￿e to thdr ne8ds. . Prowty sknt•gy Rwiw. We our proF*rty knd prfol*J. enwrln9 I4p arB 8ddfW the Treeds of tha cmunty and IT ftrtur8. l M￿ld like to thank my fe4rMf truste￿ our d*¥ted 8tth, ￿￿JnteU$. arKI our supporters for Iheir hard wryk •nd corT¥nitment thrw3hort the >w. Great Torrjngton Almshw Ttywn and Lands ChaAty Trustees. Report (conlinued) Th8 ￿l￿￿e5 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 t**rii*s requres fv trustees to Wep8￿ fifi8ncBI statements for each firtancial year whkh give a true a￿1 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￿ reqUI￿d to.. . se* gJ*abkn accounting ￿l¢le$ 8rKI lkn aF$4y lkn consistenty. ' obsefft the mothc*Jg and ChaFitEs SORP.. ' make juthaemènts end ejtimates that ww(¥* and prud8n¢ statg thether *k¥t4e ac¢ountsng standa￿S hav¢ teefi fclltrwl. sut4ect tg any material departu￿5 dt¥*J*J ond è*ine(r ￿ the ￿ancIal Slatsn*nts.' and Ihal the charity contru• in t￿￿neSS. The trusiees a￿ resp0asib￿ for keeping proper accounthg records that dBcbse tthth Teasonab accuracy al any ITme the financial positKJn of the chanty 8fKI enabk them to ensure thèt the finanual Slaiemenls comply with the charit￿¥ Act 2011. the CharitEs (A¢￿Unts and Reports) R8gulalioAs 2008, and the provisions ol the const¢lutton. The tnJsteÈs a￿ also responsible for safegua¥din9 the 83sets of the Charity and hence for lakmig r￿$(￿?b1e steps for the prEvent¥)n and detect(on of frau¢J ar¥J Dthtr w[egu￿{l[1e3. The trustees a￿ reSIx￿$1￿￿ for thè m8intsnance and integrfy of thè corporate and financial inft*mTati¢in ind￿de¢l OTh the charitaNe c(xnpanV5 thrte. Legislatson wverning the p￿pa￿On and IS58mination offir￿￿al **ments may ditter b3ts1th)n in otherjuri8dKkn5. Dtsclo•urB of Inlorniatlon to audltor Each trustee has tsken steps that they ought to have taken as a Irusie• in order tts rnake themselves awa￿ of any relevant au¢Yrt inforniab.on and to eslablish Ihat the charty's aurtrtor is aware of that infom)ation. The trustees that there is no rnknnt infDrmatM thai they know gf aod of %vhKh Ih¥y knowthe auditw ks unaware. Tho annual rewt appm¥&a lJvsiÈe8 (l the on .. beha￿bY.. Mr P Cockman Chaimwn Gr&at Torrlngton Almsho￿. T(y*n a￿1 Lands Charlty Independent Audlknff8 Report to the PAemborn ol Groat Torrlngton Almshou$•. 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¢liv*t￿s, Ba￿nce Sheet, and Notes to the Frnancjal Stslemerrts. inc￿tr￿9 a summary of significant accounting poIKies. The finaftewl repothng fromework that ha5 been appJ*d 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 ap￿ts￿ l•¥ (United Kwm Generaty Attepted Accounting Pr*tKe}. 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 responsibiJit*5 under those standards are further desciibed in tho au¢Jitor ¥espoTrsibdities for the aU￿rt of the financ￿1 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. I￿￿ling the FRC'S Ethie81 Stanttard. and we have fijlfilled our Olher ethic41 responsibilities in accordan￿ wilh these ￿4￿￿ementS. We believe that the audit ev*dence have obtaingd 15 wJffie*nt and appropriate to provth a l>w forour OPinityL Conelusions to going eoncem In auditing the financial State￿￿t* we have contkned th* the twstets use of the 90ry eoncém baw Ofa￿u￿ting 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 sign1r￿n1 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 eXPl￿￿ty sthd li our do not exp￿ any lomi of assurance tsjnctsjsron thereon. Great Torrfngton Almsh(xm. T¢y*n 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 slateft￿ts. our ￿spons￿l7ty is to r￿1 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 rr*consstencies or apparent material misststeffignts, we are uired to delemine wthèther there 15 a mateiial mi8$￿ternent in the ftnancial statarneTrts or a material mi5Statement of the other infO￿nal￿. If, based on ihe have perforn￿. we eTridude that there is 8 material M￿t￿nI of inft>rmab"on. ￿ are to rwrtthat fact We have nothing to report iegard. Mattets on whlch VR are required to rewrt by exceptlon In the light ol our knry￿9e and undwslènding of the dwty aThl its envvonmeni In the coutse of the Kjeniiw rn*ert* nts*aterr*nt8 in th• Trust￿. Fut on page 5). the trIJst￿5 arè responsib￿ for the pwarat¥)n of the fmancwl 51ateft*n15 and for beir¢g ￿1Sfied that they gi true 8nd fair wiew, and for s(th internal conm as the tnJste&s (letemiine is n8cessary to enable tho prepaRtion of fin8nci81 sratery*nts that are free Imm material misstatrnt. wh8ther due to frau¢J or error. In preparing the financial ststert￿nts. the Irustee5 are for asseSW￿ Ihe rtharity's ability to ntinue as a gO￿g concem, dTsc1¢5tng. as applKable. matters reiqted lo going Concern and using Ihe going concern basis of acc4)untin9 unless the trustees eI￿r tfttend to IAuidate the charity or to ce operath?ns, or ha¥e r49 ￿1[5￿£ alternth ￿ lo th) so. Auditor ReswJn55bllftles forth• awllt of th• fft*n¢lal slatem Our objectives are to obtain reasonable assuran￿ atthrt whethei the financral st*mènts as a who)e aTr fvee from rrtateriat mis51atemant. ¥kneU￿r due to fraud or error, and to issue an auditorfs report that includes our opinion. R•8sonabte 8sSUrnr￿ is a hvJh lebel of assurance, but ￿ not a guarantee that an audit conducteil in accordance wth ISAS {UKI wil aKvays deled a marerial mtsstatement When it exists. Misstaferretts can aiise from fraud or error and are (>)nsxlered material rf. indiv4Jual or in the ag9￿gate, they couhJ e¥p¥ted tD uffluence the •ConcYn￿ deos•)ns of us¢rs taktrTr on the basis ofth•se financial State￿*￿. Pag• 7 Great Torrington Alm$ho￿e, Town and Lands Charfty Independent Auditorfs Report to the Membern of Great Torrfngton Almshousg, Town and Land8 Charty Icontinuod) Irregularibes. I￿u￿lA9 frau¢J. are fftst8nces of noTrcL￿￿fi0nce and fegulat*)ns. We ￿B3￿Jn owlures in fme with our ￿spOnS￿)i￿1e$. oullntd above. to detect ma￿￿#1 rnisstatements in ￿pect of iwularil*$. 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 COn￿e1claI and an¢1 IhroLt9h dwus510n with Ihe 1rn51ees an¢Y other rnanagern￿ 8r*J from W1SFec￿ of the chanws ￿gUlatOry correspon¢ence. We communtcated ¥Jenlified and r8guFations thmugholrt our team. an¢1 rernained alert to any In￿￿tionS of no￿¢￿￿liance thr￿￿)j1 Ihe audit. . The charity is subje¢¢ to bws and ￿ULe￿on$ that go%￿ the p￿par￿tion ofthe finanoal statements induding finarKral reF#Yting Jegisknon. and (Iher charity The charity is also subject to many other ￿ and reguth.ons where thè conseq￿￿te& of non-cornpliance could have a materwl impact on the or ￿thU￿$ within the fiAanoal staterpenls. indudir9 employmerf. ant￿bribery. an￿rnoney kundèring and certain a5perts of charty ￿lSIat￿*ry. CKving to the tTrhèrent Iwnrtal•Jns of an audrt. Ithe￿ 15 an un3voida￿e 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 in￿fve ¢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￿￿¢0mp￿8[￿e with ajl and latioft5. As part of an audit *) Otcrydance w*h k%4s (UK). &Yerri8e wofessKffial judgerrEnt aThJ maintain professional 8teptti*n throughout th• audit. Va* akn.. Identify and assess the risk$ of material M*lem￿l of the finan¢BI slatemer>ts. whether due to fray4Y or error. de&qn and perforni audrt pr￿edU￿S respJnsNe to those risks, and oblatn audit Èwdence that is suff￿nI 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. Misrep￿se￿tatK)ns. or the override ofintem81 c￿tr￿. Obtain an undeistsndÉTrg of intemal control io the audit kn order Io ¢knJn procedu￿S that are apProp￿te in the circu1r￿￿nte3. 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 u￿j ￿ thg rea8￿kn of xcountvig estimates and related dixbsure5 m*18 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 a￿dtt 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 p￿5errtatson, SInth￿ and ¢Ol#ent of the financial staterfftnts, includiTrg the discbsures. and whether the financial st*ments represent the undert￿n9 tranwtiorts and Great Tofrfrwton AJm$ho￿. Town and Lands Charlty Independent Auditorfs Report to the Momb•ra of Great Torrlrtgton Almshou8e. Town and Land5 Charity (contlnued) Obta*n suffic￿1 appFopn* e￿￿er￿ rega￿￿4 thg financ41 inforrrwtion of thè enb'lies or business actiwttes wAthin the charty to exwèss an opn*Jn on t￿ rmanck?I statements. We are responsibk fof the (Jwect*)n, superVts￿n arnl PerfOr￿gnCe of the chwity a￿lIt. We rernain solely [￿pOnSible our aud# We cornmunicate wilh those charg8d wilh gcvem•Th regar¢ling. other rftatt¥s, the pbnned scope and timing of the auLIit anil svjnffjcant audit findiry. indLKling any svjnificant defi¢￿￿e$ 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 regulat￿nS made under section 154 of Ihat Act. Our audit wolk has be8n undertaken so that ￿ rn￿aht *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 cress￿11 BA FCA (Senior Sta￿lOry AudrtL¥I For arKI on behawof Westra)tts (SW) LLP. St*￿A￿j* 47 Bryjtpyt Street 8amsWle EX31 1SQ Great Torrington Almshlx￿. T¢y*ffl and La￿ Charity Stalwnont of Flnan¢tal Athilles for the Year Ended 31 Mar¢h 2024 fvJ*ts Tot#1 Tot*1 InvestrrEnt ￿t£￿￿e 325.156 15,029 325,1 15.029 465,151 7,789 Totsi Incc#ne Exp•ndltur• ¢)n.' R￿8￿0 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 movwr*nt 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: Affj￿nts 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 Ch￿rMan 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 R8￿Mmen¢yed Prac*ce 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 m*s the definitson of a public benefft entty under FRS 102. The accounts lfinanual $￿teMents) I￿e been p￿Pared under the hisioTK81 cost convention wlh item5 rectsyni￿ at C05t or transaEtw Irdlue ￿n￿SS Othe￿ise stated in the ￿levant nrAelsl to these acujunts. Golng concern The trustees COftSKler that thwe a￿ no materw uncwtakthg$ abeArt the thrty to continue a g)ing concem. Judo8ments The preparat￿)n of thè finafiC￿ slatem8nts requI￿S management to mak?jodgements. estil￿at8$ 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 beI￿ved to be rea50nabte under th& c*rcurnstanc•s. Income and endownwts E¥pendlturg All expenditure Is recognised orth there or constnth C*J1>Jgb￿ to that exp8ndrtU￿ R i8 PtDbable settlement is reqtsired and the arnounl can be Measu￿ rela￿y. All cost$ are allocatèd to the applicable expendrture head*ftg that aggregaie skmilar costs to that category. Where costs cannot be ¢j1￿￿Y 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¢ ￿k￿al￿d 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 dalp*Pry 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 $uppJrt Iher¥L 12 Great To￿l￿gtOn Almshw Town arnl LarKls Charfty Notes to the Financlal Stat•m•nts for Year Ended 31 March 2024 (¢ontinued) Support costs SUp￿rt costs indude (*ntral havE b8w) albxated to cost Cate￿7￿ on a basi¥ consk8tenl with the us& of resources. tDr examp*. alkn￿n9 property oists by 11)or arw. or per T•xatK)n The tharity i& ¢(￿1dered to pass the tests set out in PaRgraph 1 6 ofthe Fiftan￿ Act 2010 arxl therefo￿ it meets the dBfinitk)n of a charilable company for UK eorporaiN)n tax purposes. A¢corthngly. the charty 55 potentslty exeFFPt (Torn kxaiion in ￿SpeCt of income or capital gains Igceived within categor*s co¥ere(I by Chapter 3 PBrt 11 of the co￿*ration Tax Act 2010 or SecliDn 256 of the Taxation of Charyeatle Gains 1W2. to the that such irtom• or gahs ar• ppl* •xdusNety to charilabje WWFoseB. Tangibl# fix8d assets Indivktiual r￿e¢s assets are Oniliaty at cosL less any subseouenl acpjfrwlèted d￿reCIatI)n an¢ subsequent aceumutated impainnenl hjsses. Arry tan9bi le assets carried at revalued amounts are recorded at the fair value * the date of ￿lu81Th th any subseqLWt acciimulaled Imwrrnent An increa¥e in the carrwng amount of an asset as a w8sutt of a revaluation, is rtcogniqed in other ognised gwTrs and bsse5, ¢JnK8ss rt reverses a chaoe for ￿palm￿nt th* ha5 prev￿$ty been recognised 85 expeOditu￿ ￿th￿l the 5taten*nt of financiJ activtbe5. A le￿aSe in the carry*ng 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 ￿val￿p)n gain. wi whth case the Ios5 is shown wthin other re¢ogn(sed gains and10s5es on the 5tstement of fik)arwl athvrt*s. Heffltag• assets H￿￿tsge 8sxts measured urthr the cost mcKlel are recognised rnc0r￿d at acqwbon and sub5•]uthrfy slated at co¥t any aCcuff￿￿4 de￿￿￿ and iffrf)aim*nt losses. 8ccurnukted wnpaim*nt 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 finaTh*l 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 y￿U81￿0 ￿$$ wy esbmated reshlual value. ob*rlhw QXFeCted US•￿ econ¢*￿ frfe as foUo44t'. Asset ¢lag* Freehold buiklings F￿t￿re$. fittinqs oThJ •qupnent Depr•eiatlon m•thod and rate strw.ght over 50 years Stratht thne Ib¥er4 ypars Page 13 Great T0￿ingtOn Aknsh(w. Town arKI Land8 Charlty Notes to thg Flnanclal Stat•mgnts fortt* Year Ended 31 March 2024. {continuedl Investrnent propertl Investmeftt propety is canied at fair Vdlue. deriw4J from cuThent mwket prices for comparable real estste determined 8nnualty by extem8J valuers. The use ob8erv*kn market pl￿e$, adjusled if necessary for any difference in the nathre. kxalk)n or condi￿n 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. Re*wJ gans and kJsse5 on investrnents arp e8lcul8ted as the drfferencè sales procéeds and thew market the start of the 5Ear, or tr*ir subsequent cost, and are char9ed orcrayited tokn Statement of In the ofdi8posal. unreal￿ed gains 8nd kjsses repTrs8nt Ihe movement market *AIw durlrq the ￿r and ar• credrted orch8rged to the Ststernerrt ofFThrKHI Athvit*s on the Maket Va￿ at thè ￿ar end. Curyent asw In¥estn*nts Cu￿ent 8S5et investmeAts are at the kwrdr*￿4TrJ net Va￿ i rna￿et 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 ￿¢9￿y 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 contribUt￿n pL3ns aft mcognts•Y as an expense Ki the per￿ in the related service is provid￿. Prewd contributKJns a￿ recogni*J 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(*Jn*d os an expanse in th? pwirxl in whi rt ari*B. 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 Instru￿￿ftL Financial Ik*xfrties arKI ewity instrU￿￿nIS 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 deduc*ng all of ts rth" finan￿￿ assets and trAbi4ties are ¢Thrtdty measured at trans*#?n PTke Ilnduding transac* costsl. except foi those finantsl as¥ets ck55if*d a5 at fair value Ihfough profit or 105s. which are initially mea5Ufed at fair value {whKh is norTh￿IlY the tsansact￿n pTrce exduding transaction c05181, unles5 the arlang8n￿nt constitutes a ￿anCtr¥4 transaclron If an alrangemenl constitutes a finanang transaction, tha finar￿saI asset or fnanck?I Ik*ilty i5 measured at the present value of the future payments tknuThted at a market rate ol interest fora simiLa¥ debt instrur FinancK41 assets and kbRit*s 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 real￿e 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 thre￿g￿l￿d ¢x*y Ihe otyigakn speofwd in Ihe ￿ntrac* is thschorged. cancelled or expires. 2 Investment Incom• Tot•1 2024 General IDO)rr*frr￿ investrnent properties 293,409 31,747 325.156 293,409 31,747 325.156 Total 2023 Deral In¢on* fyvm in¥e5bnent pr￿rtieS 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 Ex￿￿￿Jr* on rniskng fvnd* Total 2024 5.922 5,922 n•rnl 2023 8.494 5 EX1wdr￿1• on chrft•ble thltlfj fvnds Gen•ra] Total 2024 TowTrknds AlmslMX￿e5 Atl¢K8ted $UPFQrt costs 195,866 114,798 195.888 114.798 34,593 345.259 345259 16 Great Torrfngton Almshou8•. T(wffl and Land• Chaflty Notes to the Financlal Statements for the Year Ermknd 31 March 2024 (continued) fun(1 Ge￿rnI Tol•l 2023 TtrwnLands Aknshous•8 411.880 58.225 55.926 526.011 411,860 58,225 55.926 526.011 6 An4Py* d$upport co•ts T￿1 2024 T(*al 2023 4,750 5.Br2 3,565 6,823 FIna￿e costs Other establ￿11￿1 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 An*si• ofgrants The ¥upwrt QJ8ts8M¢x*d **h gfart4MIiThJ WE£hI7131 2023. £1411. Nom• ¢flmfjtt￿on 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 T￿n￿n￿•t￿ts 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 L*nd •nd build1+ Total At l Aprd 2023 639.810 25.339 5,149 At 31 2￿24 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 $￿ThItfie portèn￿ that a￿ held to advan¢e preseNthn and conservalKJn obj#tives of the charity. Newly purchasEd heritage assets ar? captslised aKI oidLth at cost in¢hJdfftg any i￿ental exp￿Se5 of acqui8itw)n. Where heritaye assets were acquifftd in post aco)unling perio¢s nol capikftsed, rt can b8 difficult or costly lo attnbute a Cost or value to thw. lfi sych cases. these assets are exduded from the belance Sheet rf t￿lat￿e cost lnfWrrR￿Tr not avaibble and conventK)nal valuai*?n approaches kd( Lrffieient reliabilty or si9nlff￿rtt CO￿ afy wivc4ved in the reconstruc*%)n or aTratysis of p8* accounting recortls or in valua￿n, whth are onffiws compared wth th8 aMtbon81 b&nefft derivad by users 01 the acwnts ￿ assessing the trust￿, ofthè assèts. The very long expectsd herita9è a55ets. to thw naturè, vah* and need to be prctsct¢d and praserved mean5 that d￿￿lats)n is not matsrial ￿1 is. thwefore not yovrded. P¥19 Grmt Tofrlngton Almsho￿. T¢r•n and Lands Charlty Notes to the Flnan¢lal Statements for the Y•ar Ended 31 March 2024 {¢ontinuedl p￿1￿9S Totsl At l Apnl 2023 At 31 Marth 2024 205.741 205,741 205,741 205.741 At31 Ilarth 2024 N•t book valts• At31 Plw¢h 2024 205.741 205.741 2024 2023 8,621.409 1,4SO,099 10.071.508 8,431.409 1.457,486 9.888.895 propertl8• Cost or Valua At 1 Awil 2023 Adjitions 8.431.409 190.CIJO At 31 kl•rch 2fd4 8.621.409 At 31 March 2024 Net book v•kne At 31 March 2￿24 At 31 Ma￿h 2023 8.431.409 The investment properties for both the Larth aThJ Afvn$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 I￿￿e jnve5trn￿ts conn￿ be provtyJ8d. 8.621.409 Page 20 Grn8t Torrfngton Aknghow Tcmn and Land8 Char Notes to the ￿na￿la1 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,C￿0 150,¢)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•t*ors 2024 2023 1.7￿1 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. Invtrst￿nt 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• Y￿r 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- Extraordu￿ry 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 ￿r￿ts 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 J*ar 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 r￿d 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 Imt4￿￿e5 126.138 237.660 18,1621 (53,3501 408.3*2 T¢)tal •38ets 126.138 10.349.472 23 R•l4ted party trarwaclh The Charty made g￿nts to the Org￿ TAth It Sha￿ tru5teegOffiw￿. Th6 Charity made pa￿￿￿t of£2.0(K)12023 £10,sfAII to Tarka V*y RaTrw. D Smith Is a tr of both chariti"e& The Charity made pa￿nent of£1,71J) (2023 En￿ to &eat CavafjeT8 Mayfa¥ &wnmittee. Mr P￿0 24