Charrty r•gtratI)n nwnber. 2028172 & 202801 Great Torrington Almshouse, Town and Lands Charity AnThJal Rel èr¥1 Fkn8nd#l Slat•m•nts lorthe Year End1 31 March 2025 WESTCOTTS 4 llUSlMGS5 ADVISSR
Great Torrlngton Alm$hous•, Town and Land$ Charlty Contents (contlnuodl Refernn¢8 and Admlnl8tralvo DotalL8 Tru8tee< Report 2to5 Indepdent RgF#)rt 6t09 Statement of Finandal Activ1 10 Balarth Sheot 11 Notss to th• Flnancial Slatem•nts 12to26
Great Tonlngton Almshouso. Town and Lands Charity R•foron¢e and Admlnislrntiv• Detalls Chalmian Mr P thkm8n Trusts•s: K Alln, Vfce Chak {r¢sned 16 N¢wembfjr2024) Mr M Darth Mrm AHoare Ms K M Qwen Ireslgned 29 Decwtr 2024) Mr R Rnbd Mrs Z Fordham-moore Ireslgned 1 Augusl 21y24) M$ H Hallam M$ L J Klmber Irosign•<l 29 DObal 2024) Mrs S Larnbert (rnsigned 1 20241 Mr S Blake Dr R Hedtnsson Reverend S R TLwner Ch•rlty R•gS$trailon Number 202802 & 202801 Prlncipal Offi 25 Soulh Stre•l Great Torrington Devon EX38 8A4 Westcott5 ISW) LLP Chart8rFd AlUntantS & Statulory Auditor 47 Boulport SITeFt Bamstaple Dovon Ind•pendent Examlnor EX31 1SQ B•nk•r¥ CCLA InY8Stm8nt Management Ltd Senator Hous? 65 Queen Vlctoria Str•l London EC4V 4Er Nalwest 8am8taplo 41 Hl9h Stnet Bamstaple Devon X31 IDA 9•1
Gr•at Torrlngton Almshouse, Town and Land• Charlty Truste•s' Report Introducllt The trL1 are plea5¢d to pros•nl ihelr rfjport for the year 8nd¢d 31 Morth 2025. Thi8 year has marked the b8ginning of changes to our organisationBI slwcturo, increased financial pre$$ures, and renewed focyJ$ on reviewir4J Our estste PDrtfolio to ensur• appropriate rètums. Despltg Ihese challenges. the tharfty remain¥ financlalty secre and )Srmly Djrnmltted to supporting the dentS and communlty of Great TIngt. Alm1 and Objoctlve The c*arWs alms and obJecfves remaln centrod on sijpporting tho rossdents of Great Torrfngton. Our cor& purpos& Is lo provlde rellef for those in need through grant makfn9. direcl financial asslstancè, ond 8UPPOrt for communty groups. We afso prO¥e afftwdaNe houslng ar Almsh¢uses across Great Torringlcffi. ThrghOut year. the trustees h8v¢ wsured thal dl acliwtles, dedsions, and expenditwe allgn with those Gharft8blo oble¢tiv¢s. Our work In grant dlstrfbution, Gommunlty $upport and proForty, rofl¢¢ts our commrtm8nl lo de1vn9 meaninglul impact In accordance with our gw8mirffJ documents. Publk 8gn•fit SLthment Thg trust88S c(>nfim that they have had du& régard to th¢ Charity Commission'8 guldance on pubnc benellt thgn plannlng and d81iverfng tho Chartt5 acllvlties. Al grants. servlc&$. and housing provlslon thè ygar wère dlrècted towards supporknng tho rg$hJ8nls of Graal Twriftgton, with particular focus Dn Ihose experienclng flnancial hardship or vulnerBl1ty. The trusteas are satisfied that the cha3 work ¢ontlnues to proyhde clear and demonstrable publ benèfit in Ine wtth Its charitatlo purposes. Flnanclal Ov•Ni•w Total income for Ihe year was £357.829, comp8rgd wlth £340.185 In thè pre¥u8 ytor. Total experKditure InCMs to £439.604, compared with £351.181 in 2024. This rfse reflects IncY8aslno ¢osts in properly molntenance, inclvjlng labr and materials. and our Shllt towards timely, proHcOve malntanance and replaegmenl rather than 8hort-tern repolr. We exppct thls upward trend Tn expendlture to conllnue Into 202>2026 aB we Invest In the long-term condS1in of our &stslo. Th most shJrNficant finaniaal movement tNB yo3r wès vAthln our Invgslment portrolio. refloctlng Ihe er downlurn In the prDperty mark8t. We also ¢omplgtad the sale of The Plough Arts Cgntro. Overall, the charfty fv¢ord¥d a nel reductKJn in tgial funds of £1.288.832, bronging year-end funts lo £9.722.872. Despite this reductbn, the charity remalns financialty strong, The Irustg8s are a)mmitted to robust finxnt¥al 8teward8hlp nInu& to Mylvw tho chariils lknan(aal FosiIKJn to emure long-term sustainablllty. Reserv88 Pollcy Thè chBrlty alm3 to m8lntsln $uffiuent unrestrfcted M8erv8S to ensure flnanclal slabOIIty. rnèèt ongolng oporatlonal commitmènts. and provide re¥lllence against unoxpected costs or ffu¢tUaUS In Income. The trUStS review tho res8Ne9 posloon r&gulorfy, laklng Into account Ihe ¢haritl5 rlsk profile, propety mainlenanco obllgatlons, and lorvJ-tgrm strxt8gic plans. Th¢ current levd of unfe8trlctgd re68Nes Is constdgred ¥ppropri8te for the 5i2e and complextty of the charity, and the trLtst90s remaln commltted to malntalnlng a prudent 8nd sustalnable re8eN8S Positiorh. Pagg 2
Great Torrlngton Almshouse, Town and Lands Charlty Trustsos, Rewt (conllnued) Inyestrnent Pollcy Thg charity holds a Signifint investnwit portfdS0 to support its lontwm financial sustaknablrty. Thg trustees. inve$tm$nl policy 1$ to bal8n¢è Income generalion wth capitsS PTtrSetvatlon, whll? rnaint8inlng on atwropriate lèvèl of rrsk. lrnvèstmen18 #re managod by profè9sion81 adylsers, arKI perf0mnCe is revi8wed Yegularfy by tho trust8es. The tru$toas remain mindful of markst volatility and continue to rnonttor the portrdlo to •nsur8 it support8 the charftys obledvgs and WId08 B $table fin¢181 foundatlon for lubjre 4dvliy. Progross Agalnst Last Y••rfg Priorhtios Grant Ststggy Wg Mmmitted to develi)ping 8 formal gran1-kIng str8tegy. Thls has not yet baen CDmF4eted but remalns a prwxty for202&2027. strnrythening Communty Eng8g8m8nt We made gOC progress In thls area. Our kncreased fcty>JS on 3odal media has lrnprov•d visiblty and communication with resldents and stakeholdws. Further d8velopmenl of our engagement apPaCh Is planned forthg ¢omlng year. GIrnanCe and BoArd Chanyg Sever81 trusl•es steppod d(wm during tha year. and the Board exlonds its Ih8nks to th¢m lor Ihelr Seryice. The Board remains quorate and stable. We 11 be seeknng lo recruil addiiional trJstè•$ durSng 202028 to strengthen govemance aThJ broaden the skllls av8112trAe to the charfty. The Irustaes confirrn that tho charity ho¥ ¢¢rfnplied iih its go¥eming (kncum8nts and all ro18vant1oglslalion duAng the year. Stn4¢tur•, Gov•mancÈ and M8nagom•nt Tho charitSes are unOn¢orpor8ted Tnjsts govem8d by th& Charity Commisslonerfs Schernes from 1971 and are r8glBt8r8d wilh Ihg Charity Commi53ion. The trustee8 ¢onfim Ihey have r8fvrred io the guidance Contained In Ihe Ch•rity Commisslons general guidanc8 on publi¢ befit vthon revIa thelr 8ctivttle8. alms and obj8calve$ and In pbannN)g ftAwe athtios. Tho ¢harlty 16 governed by a Board of Trustees who are fgspon8ible lor seturw strateglc dlredon. enBUriNJ good goveman(. and over8eèlng the lan3 operaOtsn8. Truslee8 are appolnted in aecordance with th& goveming document and brirvJ a range of skills and experfence 10 SUP effect& decision-makirvJ. Tha Board meets regularty throughout the y8ar, wlth addilion81 meetings hejd 85 requlr¢d. Operational rn8nogemenl15 dèlagated to the Chlèf Executive Officer and staff teBrn, who are responsible for Implernenting th8 Istee5, 89}nS and en5urin9 the SFfOOth runnirvJ of lh8 charfty. The bustees conti9 lo review gJvemanc8 arrangem8nts to ensure thay remBin robust, tranOFe4r8nt, and fft for pu¥p05e. Al Tnjstaes are famlliar with the ol the Chadtios. Naw Trustees are train*d through exisn9 Tru5ts88. Staff ond attendara at meetg&. olso recÈlv8 a copy of th& Scheme8. brief detalls of th8 hlstory of Ihg Chgwilies and a copy of the most 18cent accounts. Page 3
Grnat Torrlngton Almshouse, Town and Lands Charlty Trust••$' Report (contlnued) 10. Stfflng and Load•rshlp This year marked a sIgnTrInI tran811h)n kn our staffing $tmcture. After 13 years 01 semce. tho Sleward retired, arvj thank hSm for his lon9-3t)dirvJ commttment. We appointed 8 Cholity operon$ M8n>pr who. from 1 Aprfl 2025, I11 movè Into the Sleward's post as our rnw Chf ExecLrtlve Officer, prlIng continuty strong laad8rship as we ènter the noxt ffinanclal yaar. Wè also welcufted our ngw Offico Assl8tsnt, 8trenglhenlng our Adrnlnbtrafjve eApacAty. Aknngsi(Je these appclnlm&nts. our Finance Offiw. Gar(SenerlQean8r conilnuo to tal roles In me operallonal runnwig of the charfty. Our Gardonorlcleaner wlll also tako on addlttonal tesponslbllldes for all Amshouse liaison work. 11. Op•r•tion#l Improvemonts Thi¥ )r sth¥ 8ev8ral operdknal delopments. Increas¢d office ownirvJ hoLXS: M aro now op•n in p¢rnon fvo da a weoK impmng acces8ibillty arKI support for al. Govwn8nEe and pollcy reviw. have begurn stTengthenlng Inlamal by reviewing pollcies, relknlThJ board wcesses. and en5urfng transparency 8c¢ountab161y. 12. Grants and Communlty sUprt During tro year, charty awarded ov8r £100.000 In grants and voucher5 to thal organisallons and irwJTrviduaLs. These grants enobled u8 to support hundred5 of people across Greal Torrin9lLM, PTovldlng drecl #sslstance lo housèholds 8nd slmgthenlro thtr kul ccrfnmunlty. 13. Risk M•nag•m•nt and Compllan¢• Th8 twst¢•$ (XUt to monltor financlal. op¢rdlional, and u)mpliarKe rl¥ks, hdudlng: invqstrnenl vrAatllty propty manten8nc8 c&lwotlon9 regulaltsry changes opwatbnal capaclty We remaln o)mmltted ID m4Intalnll hlgh standards of govemance 8nd ensurin9 that rfsks are Identiftod, monilored. and managed effectlvdy. 14. Lgoklng Ah•ad BeginniNJ In March 2025. we 11 un¢Jert8ke a stnictured programrne of workshops to shap¢ 8 clear slr8tegiG vision Icx the xI (Jgcade. Th18 fward4ooking process wll ensure Ihe chaTY rem81ns resilient. ro18¥anl, and ab to meet tho needs of Great ToThington for manyyears to o)The. 15. Axknowlèdgements The trustees would Ilko tD 8Xtend thetr Ihank8 to: outgoing tru8t¢es OUT dgdlcat8d staff tègm volunteers ontractors of$lonal adrf8èr8, indudlno 8uNgyors and audlorB mmunmy partller5 Page 4
Gr•at Torrington Alm8hous4 Town and Lands Charlty Trustees, Report (contlnued) Stat•ment of Tru8t••s' Rosponslblll The trustees are r•spOnbI0 for preparlng lh¢ trustees. report and t fknandal stsletnenis Ki 8ccordan¢g wlth th• United KlngfJ)m Accounting Stsndards IUnil•d lfjngdom Generally Acceptetl AerAMmUng Procticèl and ApIeI018W and rewllqtJon8. The law applr8bLe to tharptle5 requlres the tnJst88S to w8par6 financi81 slatements for each finorclal year wtruch a true and fair vlw of the stale of affalrs of Ihe charlty and Df the in¢oming resourcas and applicallon of reso¢Nces of thè charity for that period. In preparing these financlal statements. th tnMl&o8 are reqLAred lo.. $$bct sultablg attounyng polldes and tren aFvly oonBlslenly' observe th? mglh¢Jls and In the Charlues SORP.. makeludgernents and estimates that are Teasonat4e and prudenL', state wher applbla coUnting $landard$ haw been f0knd. $ubie¢t to any matertal deparlures disclosed and èxplained In thè financAal statemants: and prepar• the flnandal statnts on the golng concem Ws unl698 tt Is Inapwoprt8ta to PSUm8 that Ihè tharlty wlll continue in buslness. The trustees are responslble for ke8ping proper accoLmtlng records that dlsdo8¢ wlth rea8tsnoble accuracy at any time the financlal positFon of the charity And ènable them lo ensure that the finana81 statements compty with the Charrties Act 2011, the Charities {Ac¢ounts and Reports) R8gulations 2008. and ihe provlslons of Ihe ¢onsuiuUon. The trustéés are also rèsponsible Ior safeguardlng the assets of the charity and han ft>r tsn9 reasonable ste for w8ventn and dateOrt of fraLhJ and othar Iiregularitse& Th& tw$tè&s are re$F$t9 for the rnointenance and Int¢grlty of Corpatr fmbndal Inforrnat'tm Ineluded on the charitsble comp¥nls websltè. L151811n gDv¢miE¥J Ihe prepar81KJn ond dis88minaYon of financl81 stalements MAY dlfferfrom Ieglslaln in other jurisdl¢lions. Dl$clo$ure of Inforniatlon lo audltor Eac trustee hBs taken Ste that tw ought to hav• taken 4$ a truslee in order to make th¢m6qfvp5 aware of any r8levanl audlt Infomallon and to eBl8bllsh that the charlV5 auditor Is aware of thal Information. The tnJ5te85 conflm thal th8re Ls no relevant Infomiallon Itt thay know of and of whlth Ihey kTh)w thg auditor is unaware. Tho nual rnport was approv•d ty th• trusts8s of the tharfty on 12.l.i.LzkaTrJ 51gned on Ils bohalf by". Mr Fi Cockman Chalrnian pe5
Groat Torrington Almshousa, Town and Lands Chawlty Independent Audltoes Report to lh8 Members of Great Torrlngton Almshouse, Town and Lands Charlty Oplnion We hav8 audit¥d the fimndal Blat8ments of Groat Tothngton AlmsknJ8e. Town and Lands Charlty Ithe'th8rfVI for the year anded 31 Marth 2025. whlch compiise the Slatsment of Flnancial Activities. eolance Sheet, and Notes to Ihe FinanciBI Stat&nents. including a summory ol srgnifi¢anl accwrnllng poticie8. Tho finan¢Lg1 repgrbng tramework that has b¢en applSed in thetr preparation Is Unltgd Klngdom Aecountsng Standards. compri$lng Charities SORP - FRS 102 'The Financial Reporting St8ndaTd applicable In the UK and Republic of Irelond. aThJ applieable18w Iuniled Kingdom G8n•raty Awled AccJJnUng Practkol. In Dur opini¢)n the finandol statem•nts.' give a trutr and fair vlew of the slate of tho thgrilrfs affairs os at 31 2025 and of tts IrKoml resr and aFpllcatson of rasourca5, indudlng Its incom and expgndlture. for the lear thèn have been properly Pared In acCOance wlth Unld Ktngdom Generalty •lcceptsd Accounting Practice., and have bean Pared In accothTrc• th 1h• requirements of th& Charities Act 2011. Ba¥ for oplnlon Wo Conducted our audit in 8ecordan¢• th Intsmauongl Standards on Audmng IUKI IISAS IUK)) and 8pplicatrle law. Our rnsponslbililres under ItK>se standard$ Are ftjrther described ffi th8 audmor responsiknllie5 for Ihe audll of the financl81 statem8ntS 8ecttDn of our r8porL We are IndepenTrt of the charlty in accordance wllh IF19 elhlcal rgquirements that are relwnt to our audlt ol th$ Iln8ndal stalem$nts in the UK. induding the FRC'S Ethical Stsndard. and we have fulfilled our other ¢lhic81 respon5bilities in fj¢Gordance vith th83e requlrnments. We believe Ih8t the audlt evNJen¢¢ we have obtained 18 suffKiènl and appro¥t& to provide a basi3 for our OF4nlon. Con¢luslons r•l•tlng to golng eoneem In audidng the )Inaral slatern&nts. have concluded that the trustee5 Use of the golng cceM basis of accountlng ift the preration of the finanGial statements is approprtale. Basod on thè wcyk we hav¢ perfom8d, wg ha rK)t IdentilS&<l any malèrlal uncertalnlo8 rel8lng to events or eondibon8 that, indTrvlduglly LV cole¢lTrvely, may cast 5ignfflcanl doubt on tho charity's ability to conb'N8 as a going cfficem for a peric¥J of al le8St fvrfelv8 months frorn wn the Origin financl81 statements ware authorised for issue. Our resF01bll1Ves arKI the r¢$ponBibllttl of the Iru8t•os whh rospoct to gdng conom arg de8thbod k) the rél•vant 8ecll¢)ns of thiB report. Other information The tw$tees are ro$pon8ible lor the other Infcrfm•tion. The olher Informat compri¥es the Informatitr) included in the amual T•POrt, other than the financlal ststements and ow auditorfs r¢port thgreon, tsplnion on tho finanal statements doag not covgr the othar infomaticn and, except the extent olheTh4As8 8xpll¢5Uy stated in our r8port. W8 do not express any fomi of assuranc• conduslon Ihereon. Page 6
Great Torrington Almshouse, Town and Lands Charlty Ind8pendent Audltorfs Report lo the Memb•rs of Great Torrlngton Almshouso. Town and Lands Charity (contlnued) In connecuon with 8udR of tho finan6Yal $talem8nts. OLtr responsibthtty bs to read Ihe 0th8r InfOrMaon and, in dolng so. wnslder whèther the olher inlorrnation 1$ materially inconslstenl vAth th• nancial statoments or our knowledge obtrined the avdit or oth8fwise appears to be mat•rllY misststed. If wfj Identjfy such matsrtal Inconslstencks or apparent material misstatemènts. we are rtsqulred lo delemiine wh¢ttr there 13 a m8torlal mlsslalemenl in Ihe financial 5talernenls or a rnatsrial mls5tat¢ment olth other inftsmialion. 11, based on the wort( we have performed, wg condudg that thera Is a material mi¥s(¥temenl of olher information, w8 are rgquirvd to rewjrt that fact Wg have nothlng to rewrt In thls regard. Matters on whlch w• r• r•quir•d to r•port by •x¢•wlon In tha Ilght ol our knowledge and understanding of the ¢h8rfty plid tts •miffmenI obtained In the cOue ofthe audll, w8 have nol tdenlfied mBEer] mbsstglem&nts in Ihè Trustees. Rewt. We havfr ncrthlThJ lo report in fespecl of the fdbwlng rnatters wh¢re the Charitkn¥ (Accounts and R•portl R•yulalions 2008 r8qulrg3 us to r8port to you rf, in our opinion= ad8qualo accountirrfJ r•cords hava not been kept. or rotums adequat0 for wr audit have Ml bee rnceived from brantheg rw)t $tted by UB. or tha Ilnancial stst9ments aro not In agreemerrt wstr thg ar£ountlng records and retums; or eartaln dl8cJo8ur¢$ of1ruste rtrneratln specfied by law arè not madv&: or we hgvo not rec9d all the infonMaon and •xplan8lknns ffjqLare forour audlt. RwJonJlbllltles of trust•o$ AS exoIned rTr)r• fully In Ihe Stalomant of Trustees, R8sponsibiliUes (set out on page S). the trust$ are SpOnSIble for th8 preparation of thè fmandd slalemènts and for balng sall$fied that they gwe a tru9 arnj falr ew, ¥n¢J lor such Intarn81 control a$ tho trusleas d8termine is ne¢assary to enable the w8paration of financlal statomwts that are fr06 from matori•1 mlsstalemont, whether due to fr8ud or error. In preparing the finandal stalernenls, the Iruglees are responslbte for 8ssesslng the Chari$ abillty to o)ntinue a8 8 going concem, dlsclosing. a$ applicablo. matt8r8 related to gG4n9 concwn and using the ing eCM basis of accountlng unless the trnslees eilher kn18nd kn IUld9 the charfty or to c¢a8e ¢Jprfotion$, or hav• no reg1i$Uc altamativo but to do so. Authtor R•$pon•lbllltlgs for tho audit ol the flTran¢lal stat•m•nts Our obloctfv8s to obtain reasonablo assurance about whether Ihe finandal 8tslements 8$ 2 whtslo are tree from material misstafom8nL wheth8r dug to fraud or error. and to issue an audilo18 r8port that indudes our oplnion. Rea$orable as3ur8nc& is a high Ve1 of ossuran¢e, but is not 8 guarante* thal an aud conducted In accordance with ISAS IUKI will 81ways dètecl a material mi55tatement whan h exists. Misstaternenls can arise from froud or errDr and arg COndered mated81 Sf. Indlvldu81ty or in the aggmgots. they coukl T8&80nably bg èxpected to Influen the economic ded81ons of users tsken on the basls ofth¢se finandal ¥tstements.
Great Torrington Almshouse. Town and Lands Charlty Indepondent Audlto¢s Report to the Mombers of Great Torrington Almshouse. Town and Lands Charfty (¢ontlnued) Irrogularitl&8. Including fra. am instanc85 of rtonw¢omp1la lows and regulations. Wè d&slgn PTocedurgs In Ilng with wr resppnsibililies. oulllned gbov9. to d•tact rnalgrfal mlsstalemgnts In rospect of 9Lblar1tÈs. indu¢Jino fraud. Tho extent to which our pmcedurès are capable ol dèt8CtiThJ lffegularfues. Inclu¢Jlng fr8u¢J Is detalled belrnw. . We identifftd areas of law8 and regulations that could re83wably be exp¥¢ted to hav8 a mal¢ri effect on flnanclal statemènts from OUT geneT81 ¢ommeroal and sector èxpeTlen¢% and through i#tsJsslon with the truGte86 and olhor managgment and from insp8dion of tha ¢harity's règulatory corr8sponder¢g. We communicated Idenf law5 and fegulallons throughout aur team. arKJ remaSngd alert lo any indlcAtlon5 of non<0MlanCe throughout the audit. • The chaTlty1s subject lo laws and rogulatbns that govern the preparation of the flnancaal stslernents. including flnanci81 r¢porting legisl8llon. and ¢)th charity leglslalion. The charfty is also sublecl to many olhef laws and regulations b¥h8re the consoquen¢es of non<ompliance could have a malerial irnpaet on the amounts or disclosures vAthin the fin¢•81 3tatemenls. itluding ernployTrert. anti-bribery, 8nli-money laundering and cerlkin aspects of charlty leglslatlon. Owing to the trent limitations of an audit. th8rg is an unavoidable risk Ih81 we may not have daieeled rne m8lerfo1 misstslemenls In the ffinanclal statements, ew8n though we havè properfy pL8nned and parfomèd our audlt In accowdance wrth Buditing standards. In any audlt, there ramains 8 hbJher rfsk of norFdeteclon ol Irregulailtles. as 1hese May involve collusSon. forgery. Intentional omlssions, mlsrepresentatlon5. or the vyerride of intemal control$. We are not ras1b1e for prevènllng non-P1San¢6 and ¢annot be expected to detsct r-cOmlanGe with dl layts and ulalions. As part of an in accord8nc8 with ISAS IUKI, we 8xerds8 profess181 1jg8m8nt and rnalntan professton#l sceplicl$m thTouohout Ihe audlt. Wo al'so.. Id8ntify and a63¢ss the iisks of materlal mlsstalement of the financial slatement$. whether due to fraud OT error, dcslgn arHI p¢rfom audit proc8dures r¢sponsN¢ to tho$¢ risks, and obtain audit ewldencg that 15 ¥uffKlent and approp¥l8te to provide a basis for OLtr opinKJn. The risk of not d&tectyry 8 m8terlal mLsstatemonl resulting from fra is hKJher than for one resulting from error, 89 fraud may collusion. torgory, Intenonal omlssiens. mlsrepr8santalions. or Ihg overrfde of Int8mal control. Obtain an understaNJlng of intarnal control relevant to th• In order lo do8ign audlt procedures Ihal are appropriate in lh¢ circumst8ncos. tsut not for the purpose of expre83lng on owlon on th¢ effecttveness of the chariVs intem81 control. Ev#luatg tho #ppropriateness of 4))untlng polkbs used the r8asonabl6ne88 of acc)unling esOmatÈs and rglaled dls()sures mad8 by Ihe tru3tee8. Condude on the appropriateness of the trustses use of the gJing conG#m basis ol accounung and. bosed on Ihe oudit ?vSdence oblained. whether a material uncertalnty exL8ts retated to events or condi¢L)ns that may cast swJnificant doubt on the charlty's alIty to continue as a going con¢xrn. If we condudè that a matorlal uncartainty gxists, we are required lo draw 41tention In our ouditoes report to the relalad dlsclosurès In Ihe financial statemenis or, M such Ilsdosurgs ara Inadequ8to, to modlfy our oplnion. Our o)nduslons are b8s8d on th8 audlt 8vldence obtained up lo the ttale of wr audilor's repvrt. H¢Jwev&r. futuro events or wnditioro may cuuse Ihs tharity to cease to c(mlnue as a gc4ng concem. Evoluate the over811 presentatlon. stsuGture and contsnt ol the finBrrial $tatements. indudin9 the dixlosurgs, and whéthor tho financ181 ststèments r8pre8gnt tha undorfin9 Ir8n$octions and •v8nts in 8 manner that achieve8 f81r ptssentalocn. Page 8
Great Torrlngton Almshousé, Town and Lands Charfty IDdepend8nt Audltor's Report to the Membor4 of Gmal Toffrfnglon Almshouse, Town and Lands Charity (continued) Obtaln 5uffi¢tent approprlalo 8udlt gythnce rggardlng the financtal inform4tlori of the entitl08 or buslness acllvltles wlthin the charity lo expTe&s an oplnlon on finanud $talements. W& ars responsible for Ihe direction. suptrrvision and perfomiance of the th8rfty audlt. Wo remaln solely responslble for our audlt oplnlon. We MMunICate those charged th govarnance warding. amoro othor matters, th• plann•d 5cq>è and of audtt and siwificant audit flndlngg. lThludlng any gnifan1 deficSendes In Inlem81 control that we Idontlfy durfrvj our eudrt. of our r•port This rep(rt Is m8(10 solely lo the chaiity trustee4 as a body, in accordance with section 144 of tha Ch8rltle5 Act 2011 and rogulauons madè under section 154 of th81 Ad. Our xudii work h8s been und8rtaken $0 that wa Mht Itstè to the bwsteès those mAtt8rs wè Bre requlred kn slale to trustèès an 8UL1itDrs rtrport and for no other purpose. TD the fijlkst extent permlited by law, we do not a¢cepl or 3S8ume responslblllty to anyone othèr than the ch8rily and ils trLt@8S a8 o body, for our audll yrk. for tN3 repDr( or for the oplnioro have forned. We&tcott8 (SW) LLP, Slalutory AudKoTS 47 Boutport Streat earnstaple EX31 1SQ Pa9¢ 9
Graat Torrlngton Almshouse, Town and Lands Charity Statsment ol Flnanclal Actlvltles for tho Year Ended 31 March 2025 Ufimtr4Ct•d Re•trl¢tsd Endovnn•nt Tot81 lund funds 2025 Total 2024 Not• Iorn and Endowm•nts from: Inve¥trnont incoma other Income 352.949 4.880 352.949 4,880 326,5C6 13,679 Total income 357.829 357.829 340,185 Exp•ndltwo on: Rsi$ing funds Ch8rltabl8 advltl86 15.9401 433.664 15,940) 433.6641 1439.604) (351,1811 {5.9221 345,259 Total expendibxe Gabnsll0889s on Investment assets (439,8041 12.921 1.204.136 1.207.057 138,698 Net (eXpilU(eincorne Gross transf8rs 181.7751 12,9211 11,204,136} 11.288.832) 127,702 14.or)Ql Net movem•nt in fijnds 18S,775} 1,079 11,204,136) 11,288.8321 127.702 RecAe1111(1oft of funds Total funiJ8 brought Torward 353,396 145,932 10.512,376 11.011.704 10,884.002 Total fund5 c8rrfad forward 21 267.621 147,011 9.308.240 9,722,872 11.011,704 Al ofth• charlV$ activiires from ¢u)tinuing opwations dwing the two perlods. Tho funds bmkdown for20241s shown In note 21. Th& notes on pag9$ 12 to 26 form an intsgral part of these Ilnondal statgments. Page 10
Great Torrlngton Ajmshouse, Town and Land8 Charity (Reglstration number. 202802) Balance Sheet as at 31 March 2025 2025 2Q24 Fix•d a89•ts Tangiblo aets Heritage assets Inveslmants 13 14 15 626,463 205.741 8.828,362 9.660.566 S87,297 2D5.741 10,071.YJ8 10,864,546 Curr•nl as•ts Deb Invtstmenls C85h at bk and In hand 2.478 1,9)3 122.151 126.532 1,797 1.814 216,521 220.132 17 Cr•dltors: Amounts f8lllng wltbln on• y• N•t ¢urr•nt ¥¥s•t8 18 113.076 20.724 113. 199.408 Total ass•ts 10s5 Gurr•nt liabllltleg Credltovs: Amounts falllng ¥ft•r rnor• than on• year 19 N•t as•etts 9.774.022 51.150 9.722,872 11.063.954 52250 11,011,704 Funds of the ¢harlty: Endowm•nt fvnds 9,308.240 10.512.378 R•8trict•d lThcom• funds Restsi¢t•d funds 147.011 145.932 Unr•strl¥t•d Incom• fund Unrestricl8d fijr 267.621 353J96 Tot•1 fund• 21 9.n2.872 11.011.704 Thefi al stateTMnts on pages 10 to 28 We approved by th¢ truste•s, and gut• for18SUg . and $id on tholr bohAlf by: Mr P Cockman Chairni The note$ pago8 12 to 26 forrn an Integrnl part of thesa finandal statomgnts. Page 11
Great Torrlngton Almshouse, Town and Lands Charlty Not08 to the Flnan¢lal Ststomonts for the Y•ar Ended 31 March 2025 1 A¢¢ountlng polld ststgm•nl of compltance The fin2naal statemènts ha baen weporéd in accordanc6 wlth thè second 8dltlon of th8 Ch8ritles Slalement of Recommended PCtic Issed In October 2019. Ihe Flnancial Reporting Standwrl apF4icabh In Iho UnSied ItinOrn and RepublSG of Iroland IFRS 1021 and Ihe Charitle5 A¢t 2011. Bas1¥ of pr•parallon Gr¢al Torringion Almshouse, Town Lands Charity meels tre defin0 ol a yA)Ilc btnafit entlty under FRS 102. Tho a¢counts lfinaneial gtalementsl htsve been p¥epar¢d under the historal cost conventi¢)n with items recognlsed at cost or tronsa¢bon value unless othe¥wise $1oled in the rdevant note{s1 lo tr90 accounts. Golng ¢onc•rn Th¢ truste68 con$ld•r that Ihero ar• no m8tor181 m¢ortalntlo6 ab(wl t Charrt$ ablllty to conlnue 8S o going ¢oncem. Jtsdgwnonts The prèp8ration of the finan¢lg1 slalements requlras manag8ment to mak&judgements, estimate$ and assumptions Ihat aflect 8mounts rèported. These Èstsmate8 8nd ILtdgem$nls are conbtiually r8vfgwed and 8rg basèd on èxperienc8 and other factors, Includlng expeclations of fulure events that arg bell8ved to b9 reaBunabl8 uThJor Ih8 cir¢um¥tan(s. Income and end•)wments lftv•stmen¢ Income Dlvldond$ are re¢ognlsed once Ihè divtdend ha8 beèn d•¢lared and Thjtification has be8n recefvod of th• dividend du•. Expèndlturn All gxpendituro is recognid 1ce Iherg Is a18gal or constructivo obllgatk>n lo that expondttur8. it Is probablè settlernent Is requlred and tho amount car be measured rellabty. Al costs are allocated lo the applicable expenditUf8 heading that aggregate simuar costs to thal category. Whem costs camot be dlrectly attri)uled to Pacular headings Ihey have b&8n allo¢at¢d on a basls ¢onsislenl wllh the use of resour, with central 51aff costs allocated on the basis ol tim8 sp¢nl, 8nd depreciation harges alktaled on th& pCort of the ass•t'$ use. OIW support costs are all¢Jcated based on the spread of staff costs. R8lslnq ffunds These arn costs Incuffed In 8ttracttThJ voluntary iicome. the management of lTrv8slm8nts 8nd those incurred trading adMt$ that raise fuThJ8. Pago 12
Gr•at Torrln9ton Almshous•. Town and Lands Charity Notes to tho Financlal Stat?moTrts for the Year Ended 31 March 2025 (contlnuod) Ch•rlt•blo a¢llvltl•s Ch¥ritable expenditure ¢ompri$es thD5e wsts incurred by the chatity in the delivery ol its adi%Atbs and swvSces for Ils beneficlades. 11 Indudes both costs that be alloc4ted direcly to Such ¥rtivili¢s and those costs of an Indirect nature nacessary to support Ih8m. Support oosts Supp)rt costs Indudo contral fvncticw and have bè8n allocatsd lo acOvAy rmi categcrfS on 8 ba8iS cons4stent wfth the us¢ of re¥ource8. tr examplo. alkKatlng woperty co3ts ty Ih)or areo$, or psr ¢apits, $t•ff costs by the time spent dhor c06ts by thw usago. TaMllon Th8 charity is conBthrèd to p8ss the tèsts sol out in Paragraph 1 Seh¢dule 6 of the FSn8n¢• Act 2010 and th•roforè it meets the dafinc of a charitable wmpBny for UK corporAlion lax purposes. A¢cordingly, the charity Ss pot8fi1ialty Èxempt from taX8ilon In respect of incoma or oapitsl gains recolvad wthin categorw covered by Chaptsr 3 Part 11 of the Corporation Tax Act 2010 or S8Ctlon 256 01 the Taxatiun of Chargeable Gains Ad 1992. to the oxtsnt that such Incom• or gains arg apF4ied exduslvdy to charftabl& purpose¥. Tanglble flx•d ag80ts Individual fixed 8ssets ar¢ Initially r¢¢0ed al cost, less any subsequent Bc¢urnulat¢d depreu81i¢n and subsequent aGcumul8ted impairment lossos. Any tangible assels cathed 81 revaluéd amounts are recorded at the falr value * the dalè of revduation less any gub68qu8nl acuJmul8tod impaiimènt Ioss8S. An kncxeas8 In the COrn amwrt rf an 8s8et #s o result of a revaluation, Is racogned kn other recognlsed galns and losse8. unlgs5 It reversès a tharge for Impalrmenl that h8s pr8ViOU51y recognlsed as expendknre wthin the ststement ol financi81 a¢llvilitss. A decrease in th8 ¢affying amount of an asset as a result Df revaluatn. is recognised in other recognised gains and losses. ¢xcept lo vthi(* it offsets any Pfewous revaluatltsn gain, in vJhich case lh¢ loss Is shown wthin olher roeognJsed galns and losseg on tho statement of finandal activlties, H•rftage a¥t5 Hgrftage assets are moaswed under the r¢valuatlon modol gnd aro Ided at falr v4lue 1068 any a¢¢umulated impairmtsnt losses. Whère Information on th• cost or value of an a888t Is not avallable and cannot be obtsinad al 8 C051 whith 1$ commEnsur8te wlth the erItS to users of the finenual stalemgnts, a1 thall not be recogni3ed in the 8t8t&m¢nt of finanryal po$iJon. Dppreclatlon and amortl¥atSon Dewe¢laUon Is provld&J on tangib18 ffixed assets so as lo write off thtr ¢ost or valuallon. less any estlmated rosklual valu8. over Ihelr expected useful gcc4wml¢ lrfti 88 followg.. Depr•ciatlon method •nd r•t• Straight Ilne over 50 years Str4ighl over 4 years Ass•t d• Freehold buiklings Fixture8. flttlngs and wulpment Pago 13
Great Torrington Almshouse, Town and Lands Charlty Notes to the Finan¢lal Slatsm•nts lor the Year Ended 31 March 2025 (conllnuod) Invejtment propwties Investment PToperty18 ¢8rrf8d at fair value, dmved from tre rrOnt rn8rket prlces for compaiable estate delermlned annually by ext•mal valuer3. The valuers use obseNabl8 morkgt prfces, adjLk8t8d rf nec8$$ary for any differen{ in the nature, location or ¢ondltion ol the specifK asset. Changes In falr value 8rè recognised in profit or loss. Ftx•d Inv•$tm•nts ed asset Invegtm•nts, olhar than programme rglaled inyestrnents. are indudèd al markét value al tho balance sheel dÈte. Re8lis8d gAins and loB$ès on Investrnenls ar8 calcuktèd as the dlfferen¢e tewn sales proceeEJs and th8ir markot value at the start of the year, or Ihe1r subseqLtenl co8t. aNJ are charged or credlted to the Statement of Flnandal AcOvSlles In the perltsd of dlsposal. Unfealisgd gain$ and loss¥s reprcsenl thg m¢vem8nt in market values duriry the ond are edmed or charged lo the Statement ol Finan(xal ActitieS based on th¢ market valuè al the year end. Current ASSOt InY•stments Current asso1 Investments ar Inrjuded al the lower ol cost and nel realiBabl8 va0 I mark&l v8luo. Cash and Cash equlvalénts Cath an¢J cash equivalents ¢ornprlse eash on hand call dgposlis, and other $hort-l•mi Nghly Ilquij Inv86trnenls that are readily nvre to 8 known amount of ¢8sh and are to an insignlficant risk of change In value. Fd stru¢tur• Unrnstri¢lad inm8 fund$ genw81 fvS that ar8 avallable for use ot the trusle8s discrellon In fvrtherance cf tho rt4octlv85 of tho chsrity. Restsided income funds 8ro those donatBd for use in a parttvjlw area or for $perAlk purpooe8, th0 use of Is r8Strlcted to that area or purpo$8. P•n61on$ •nd othèr pt ratlrement obllgatlon* ContributK)ns to defined ¢t)ntrSbulion plans are rownlsed as an expense In th8 period in which th¢ rel8ted 8eNc8 Is provided. Prepaid Gontitjutions a recffjnised as an asset to the extonl that the pr¢p8ymènt wlll lead to 8 redUCon irb fulure paymants or a cash rofund. When contrlbutions are not 8xpected to be settled ¥tholly wnhin 12 months of the end of thè reporllng date In whlch the emIoyeeS render thg rela18d seNl¢e. the Ilablllty Is rn&asured on a dlscounled present value basls. The U1ndlI¥j of the dIScnI is rec¥)gnlsed as an in th8 periDd In whlGh it arf8es. Pago 14
Great Torrln9ton Almshouse, Town and Lands Charity Notes to tho Flnanclal Staternents for tha Year Ended 31 March 2025 {continuod) Fln•nclal In$¢rum•nts Fkiancial 8ss8ts and fina1 lIaLttle9 are r8cognlsed %•th8n IM charity becomes a party to th• ¢J)nlraotu81 provigons of the irLstrUml. FinancAal liabilitles and eQUY in8lNrronts are da¥$illed accordiThJ to tha SubStsts of Ihe contract1 arrgements entered Inlo. An equity insburnent is any conlra¢t that evldencA* a resldual Intèrest In the assfjts of th8 charlty aft¢r dedLKtin9 ali of sts14abilili88. R•¢wlUon andm•asur•m•nt All finandal #ssets and 118t41htes 8r9 InIalty measurnd at transaction prfro Ilndudlng trans3¢llon $ts}, excepi for thosg financia5 assets dasssfied &$ al fair valug through pri)fil LY loss, wht¢h are initially m8asured al tsr value Iwhl¢h L8 normally the transactit>n price èxdudSng transactbn GOStsl, unless the arrangomenl ¢on8tttutes a Ilnondng transaction. If an arr4ngern¢nt consJtutes 8 financing liansa¢tion, thg financial as8Èt 01 financiol liatr41ty is measured at the present value of th& future payTwIts discountèd at a mark•t rate of intW86t for a simll¥ debt instfum8nl. FknAndal 8ssets and liablliltés are onty offset In the Stalèmgnt ol fmoncy81 posibon when. ar#J onty when thare exlsts a legally &n1orceab h1 to sot off the recognlsed 8mourts 8nd the tharity knt8nth eitherto setue on a nel basis. or to realise asg81 and setu8 the Ilablllty slmult8neous1y. FinanciBI assets are d¢recogni8 whon and OAly when al the contraclual rlghts to Ihe flows frorn the financL41 asset 8xplrg or arg satded, b} tho charity tr4nsfer8 10 anothgr party SubstanallY all ol the risks and rwardy of ownershlp of the fin#nclal asset. or c} the charity, despite havkng reloln8d some. but ntsl all. stgntficant skS and rwards of ownerslNp, has Iransferred ¢ontrol of tha asset to another party. FInkl Ilabllues are d¢reGognl8ed ontry vthen ts obhgatkffi speGtfied In the contrad 1$ dlJch#rged, ¢arKdled or expims. 2 Inv•stm•nt Incom• Unr•strlctod funds G•n•ral Total 2025 Irne from rents Other inv•stmenl Incorre Bgnk Intèrest r1Ved 319.770 28,194 4.985 352.949 319,770 28.194 4.985 352,949 Page 15
Great Torrfngton Almshouso. Town and Lands Charfty Notos to tho Financlal Statgments for the Y•ar Ended 31 Morch 2025 {contlnued) Unr•slrlthd nds Gènernl 2024 In¢orne from rents Income from olhèr vements Bank Inl•st r¢c¢fvod 293,4C 31,747 31,747 1,3SO 328,SC 326.506 3 othor Incom Unrnsirl¢t•d fundB GeneT•I Total 2025 (knr hGome from tharilab 4,880 UnreBtr(¢t•d funds G&neral 4.880 Total 2024 oth0r Inco from charilablo athitlès 13,879 13,679 4 ExpendltsJr on ral•lr¥ lund¥ al Inve$lrn•nt man4g•m•nt cosl Umstrlct•d funds Gen•MI Tot1 2025 Investment management costs S.940 UTrrnstrfcted lund8 G•n•ral Total 2024 Investment management CC6ts 5.922 5.922 Pago 16
Great Torrlngton Almshouse. Town and Lands Charity Not•$ to the Flnanclal Statnts for th• Yeai Endèd 31 Marth 2025 (contlnuod) S Exp•ndltur• on ch•rltabl• actlvltl•s Unrn$trlct•d funds Gon•ral Totsl 2025 Nots Townlands Amshou3•8 support c4sts 271.587 124,200 37,87T 433.664 271,587 124.200 37,877 433,664 Unrastrictsd funds G•nernl Total 2024 Not• Townlarwas mshoLWS AloGa1 support ¢t& 195.868 114,798 34.593 345.259 195,888 114.798 34.593 345,259 6 An4ly•l? of ¥upport ¢#ts Support Costs alloc4t•d to chaiit•bl• 4GtiYltl•g T¢t•l 2025 Total Accountancy and fee8 General Offi¢p Other estsbllshThnt Other ¢osts Legal and profgsslonal fees Insurance 7.721 10,301 1.018 71 4.735 14,033 37.877 10.460 5,672 3,477 18 1,667 13,299 34.593 Pago 17
Gre•t TorT¥ngton Almshouse, Town and Lands Charlty Not06 to th• Flnanclal Statsments for the Year Ended 31 March 2025 (contlnued} 7 GrAnt4naklng An#ly816 at grants Grants to In$tltutlons 2025 2024 AMtys15 Grts paid 103,882 59.988 $ InmIng10utgOng Net outgJln9 res(xirce8 forthè year Indudo." 2025 2024 IGain5ylosses on Investmtrnl propetty IGainsyloss8s on inveslmerbt assets 1.146,807 56,250 1138,698 9 Tw$t••s r•mun•ration and •xp•nses No tswsiees. rK)r any persons conne¢ted Yllh them, have recelved any remunèralion from the tharlty during the year. No truskns havo r¢¢eived any reimbur8ed exp8nses Irom tho charity thring the yeor 10 Stall costs Th& aggregat8 payroll costs were a8 follows.. 2025 2024 Stsff ui$ts dufflng tho yo4rw•r•: Wages and s8lari¢s Penslon costs 104.298 2.301 106,599 69.608 2.416 72.024 Thg montNy avéfage numbw of pgr8ons (Indudlng sonloT manapmant I bgdèr8hlp t8am) gmploy•d by th• charty dLring the ar was a$ follows.. 2025 2024 NO Numberof5taff Durfng 2025 due lo tho 6 monlh handcwgr between the slwward and prevk)US Steward. staff numbers incwsed to 4.5. 18
Groat Torrlngton Alnishouse, Town and Lands Charfty Notes to the Financial Statsments for the Year Ended 31 March 2025 (contlnued) No 8mFlos•8 emoluments of more than £eo,000 durfng the year 11 Audthr¥' r•mun•ration 2025 2024 Audlt ofthe financlal 5tstements 5,000 4.750 11 T&ution The charty Is a registered charity aThJ is lhere1 exwmptfyom taxation. 13 Twwlbl• fix•d Fumlture and •¢ypM¥Trl Land bulldln Total Co$t At 1 April 2024 Revaluations Addilions 639,810 40.0(M) 28.204 666,014 40,000 6,640 Al 31 March 2025 679,810 31844 712,654 Doprecl At 1 April 2024 Charg• lor the y•ar At 31 Mgrth 2025 53,162 5,596 25,555 1,878 78,717 7,474 58,758 27,433 86,191 Net book Yalu• At 31 Marth 2025 621.052 5,411 626.463 At 31 Marth 2024 586.648 649 587.297 Pag9 19
Graat Torrlngton Almshouso, Town and Lands Charlty NotOS to the Flnanclal Ststemonts for Ihe Year Ended 31 Marth 2025 (conllnued) 14 HèrltAg• a$wts Thg charfty IM)Ids herfitsge assets. vthlch are lanolble flxed assets of NsloTlcal. artlslc or sdenuftc Importance Ihal are held to advan¢e presetvalion 8nd constrrvalk)n objecti$ of the chatity. Newly purchased heritage assets ar¢ capilallsed énd kncluded al cost indudlng any Incldental exptnses of acquiryitkn. Where h8ritsge assets were acqulrad in past accounting periods and not ¢apftall$8d. It can be drficull or ¢ostly to 8ttrbLrto a ¢ost or valuè to them. In sud) case$. these assets ar8 excluded from thè balance sheet rf reliablè cost infomolfjon Is not availabb and conventional valu8th)n approaches lack sufficKgnt rdlatAIlty or slJnlficant Costs are Invdved Ir Ih? recon8trucilon or analysis of pa51 aCC¥JUTrting records LY In valualion, whic} are onerous conTJared wlth the addlllonal benefit derfved by u¥er8 01 th? accounts in asses8lng the tte9$, stowardship of the assets. The very long èxpacted livès of hevltag& assets, duo to thglr nalurg. valug and lo b? prot¢¢ted and prèseNed means that deprnciglion is not m8tsrlal and 1$, therefora not Proded. Paln11ngs Total Cost At 1 AF¥1 2024 Al 31 Marth 2025 205.741 205.741 205,741 205.741 Dopr•clDtlon Al 31 Mall 2025 book v•lu• At 31 March 225 205.741 205,741 15 Fixed uset In&1M¢n 2025 Investmanl propartlès Other Inve8tmentS 7.430,$02 1.397.760 8,828.W2 8.821.409 1.450.099 10,071.508 Pago 20
Great Torrlngton Almshouso. Town and Lands Charity Notes to the Flnan¢lal Stattrnonts for the Year Ended 31 March 2025 (contlnued) Inv•slrnenl properd8• propgrt1•s Colt QTV•luation At 1 Aprfl 2024 RovalUatn Dlspos* At 31 Marth 2025 8.621.409 11.186,80n 4.0(X)) 7.430,602 Prov1810 At 31 Marth 2025 14•t l)ook valu• At 31 MgrGh 2025 7.430,802 8,621.409 At 31 Mar¢h 2024 The investment prrtIeS for both thè Town Lands and Almshtyjge thaTrUes wéro valuod by Ab8fcLYn Surv8yorB a8 01 March 2025. Tho hlslori¢o1 ctsst of those proporties as a group Is Unl(r. therefffg the h1stiC cost of these InvostmÈnts canrt be prthjgd. 21
Great Torrlngton Almshouse, Town and Lands Charity Not•8 to tho Flnanclal Statemonts for th• Y•ar Ended 31 March 2025 (contlnuad) Lbted investment• Totsl Cwt or VJluAtlon At 1 Aprtl 2024 ReVV01n AlOn& 1.450.099 1.450.099 156,339) 156,3391 4.orKI 4,OC At 31 March 2025 1.397,780 1.397,760 Net book val At 31 Marth 2025 1.397,760 1.397,760 1.49J.099 1,450,099 At 31 March 2024 18 Deblors 202S 2024 0r debtors 2.478 17 Curr•nt a*t Invoslmnts 2025 Cash depc41ts 1,903 1,814 18 CT•dltor4: amounts falllng due wlthln on• y•ar 2025 2024 Trado Gredrto Olher ¢reditor8 A18 13.029 4.195 3.500 20.724 5,317 3,770 13,076 Pago 22
Great Torrington Almshous•, Town and Lands Charlty Notss lo the Flnanclal Statemènts for the Year Ended 31 Mar¢h 2025 (conllnued) 19 Cr•dltovs: amounts lalllng du• •ft•r on• •r 2025 2024 D8leffed in¢orno 51,150 2025 52,250 2024 Dofefred Incom8 al 1 April 2024 Resources def8rrad In the pgric 52,250 1,1001 51.150 53,3S) 11,11XJl 0ofeff•d Incorn• at year gnd 52.250 Xl P•nslon oth•r w¢h•m•$ D•fTrn contrlbullon p•D•lon schwn8 The charfty operal&s a defined contrlbulon ponon scheme. The pens cost thargo for the year represents contrfbutEons pay3tl8 by the charfty to the schème and amryjnted to £2.301 (2024 - £2,416). Pago 23
Groat Torrlngton Almshous•, Town and Lands Charity Notss to the Flnanclal Stalemonts for the Year Ended 31 MarGh 2025 Icontlnued) 21 Funds Balanc• Other rwinlsed Aprll Incomlng R•6ourc•* galn¥ 2024 r•8ourc•s gxp•nd•d Trnnsf•rn 100s$•s) 8•lance at31 Marth 2025 Unrastrl¢t•d fund Gen8r81 Funds xed As$81 Fund 126.748 226,648 353.396 357.829 357.829 {434,008) 5.596 (4.{> 46.569 221,052 267,621 439.804 14,D)01 R•$trlct•d funds rn8hou¥g- Extraordinary Ropair Fund 145,932 4.0 (2,9211 147,011 Endtwiment fvDd¥ Town Lands- Endowed Investsngnt Fund Town LarvJs- Endowed HlslorÉ Propety Fund mshau$8s- Inveslrnent Fwd Aknshouges. Investment Propety Fund AJmsht)us8s- Pff¥J¢rty Fund 7,881.303 178T.2741 7.094.029 205.741 205.741 160.332 {6.862} 153,470 1,4)5.0) (450,0001 1.455,(xJo 360,C#]O 10,512.m 11,011,704 40,000 11.204,136 11207.057 400.000 9,308.240 Totsl fund8 357,829 1439.6041 9.722.872 Page 24
Great Torrfngton Almshouse. Town and Lands Charfty Not•s to tho Flnanclal Statements for the Year Ended 31 March 2025 (contlnued) 8al•n¢• Oth•r r•cognl$ed prll Inc<mlng Rosourc• galns 2023 rosowc•s •xpendad Trwbsfern l(losses B•lanc• at31 March 2024 UnrnstrlGted fvDd• Ggnoml Fund8 Flxgd Ass8t Fund 176.148 232,244 408,392 340.185 1345.585) (44.0001 5.5961 351.181 340,185 (44,0001 126.748 226.848 353.3 rnshou88- Extraordlnary Rgpa Fund 126.138 4.0 15.794 145.9 Endowment ftmds Pomianont Town L8nds. Endow•d Invo8kn0nt Fund Town Lands- Endowéd Hlstorfc Propety Fund mshouses- Irwestrnenl Fund m8hous88 - Invesknment Property Fund AShse¥- Proporty FuThJ 7.732,102 39.970 10ll,231 7.881,303 205,741 205,741 146,629 30 13,673 160,332 1,906.fy)0 1.905,000 360PJO 10.349.472 360,000 122.904 10,512.376 138.698 11.011,704 40,IKJO Totsl fund8 10,884,002 340,185 1361.181 Page 25
Groat Torrlngton Alrnshouse, Town and Lands Charty Notss to thè Flnanclal Stal•m•nts for th• Year Ended 31 March 2025 (rontlnued) 22 Analysls of n•t ass•ts bot funds Unre$trf¢t•d funds Gen•ral Endowm•nt funds Penfi•nent Total funds at 31 Mar¢h 2025 lund8 Tanglble frA•d a880ts Herltago assets Fed asset investments Curront ass¥ts Cuffent Ilabi11188 Creditors ovgr 1 year 226,463 400,000 205.741 8,681,351 21,148 e26,463 205.741 8,828.362 126,$32 113.0761 51.150 147.011 10S.384 (13,076 51,150) Totsl not a$88ts 267.621 147,011 9.308,240 9.722,872 Unrnilrl¢t•d funds G•nwal End¢)wm?nt funds Permanenl Total fvnds •t 31 March 2024 R•$trlct•d TaThJlble IIx8d aets Heritagè asséts F &ssel invgstrnents Cuffent assets Current Ilablitie5 Creditors w 1 ypar Total nel assets 227.296 360.OIXI 20S,741 9.925.577 21,058 587,296 20S.741 10,071.509 220,132 120,7241 52,2501 11,011,704 145.932 199.074 120.7241 52.250 353,396 145.932 10.512,376 23 R•ht•d party trnnsacllon¥ The Charity madg grBnts to the follon9 OffnISe110nS ¥%lth it Shares tnJstoesloffi¢ial& Thè Chaifrty madè payThert of £2.500 12024: £2,0fy)I lo Tarka Vaney Ralbway. Mr D Smith vras tm8tee of l)oth charfues Th• Charty madg payment of £NII 12024.. £1.700> to Great Torriryton Cav¥U¢rs Maylalr C¢mmltteg. Mr S Bloke16 a comTrlttee mambèr of the group. Thg Charfty m8dg paynenl of £3.414 12024: £5,000) to Torrfwon Rugby Club. Mr M Hoaro 18 th• ChJrman of tho dub. Pagg 26