Charrty r•g￿tratI)n nwnber. 2028172 & 202801 Great Torrington Almshouse, Town and Lands Charity AnThJal Rel￿ èr¥1 Fkn8nd#l Slat•m•nts lorthe Year End￿1 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 Indep￿dent 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¢s￿ned 16 N¢wembfjr2024) Mr M Darth Mrm AHoare Ms K M Qwen Ireslgned 29 Decwt*r 2024) Mr R R￿nb￿d Mrs Z Fordham-moore Ireslgned 1 Augusl 21y24) M$ H Hallam M$ L J Klmber Irosign•nfim that they have had du& régard to th¢ Charity Commission'8 guldance on pubnc benellt thgn plannlng and d81iverfng tho Chartt￿5 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 vulnerB￿l1ty. The trusteas are satisfied that the cha￿￿3 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 lab￿r 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 $uffiuent unrestrfcted M8erv8S to ensure flnanclal slabOIIty. rnèèt ongolng oporatlonal commitmènts. and provide re¥lllence against unoxpected costs or ffu¢tUaU￿S In Income. The trUSt￿S review tho res8Ne9 posloon r&gulorfy, laklng Into account Ihe ¢haritl5 rlsk profile, propety mainlenanco obllgatlons, and lorvJ-tgrm strxt8gic plans. Th¢ current levd of unfe8trlctgd re68Nes Is constdgred ¥ppropri8te for the 5i2e and complextty of the charity, and the trLtst90s remaln commltted to malntalnlng a prudent 8nd sustalnable re8eN8S Positiorh. Pagg 2 Great Torrlngton Almshouse, Town and Lands Charlty Trustsos, Rewt (conllnued) Inyestrnent Pollcy Thg charity holds a Signifi￿nt investnwit portfdS0 to support its lon*twm financial sustaknablrty. Thg trustees. inve$tm$nl policy 1$ to bal8n¢è Income generalion w*th capitsS PTtrSetvatlon, whll? rnaint8inlng on atwropriate lèvèl of rrsk. lrnvèstmen18 #re managod by profè9sion81 adylsers, arKI perf0m￿nCe 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 WI￿d08 B $table fin￿¢181 foundatlon for lubjre 4dvliy. Progross Agalnst Last Y••rfg Priorhtios Grant Ststggy Wg Mmmitted to develi)ping 8 formal gran1-￿￿kIng str8tegy. Thls has not yet baen CDmF4eted but remalns a prwxty for202&2027. strnrythening Communty Eng8g8m8nt We made gOC￿ progress In thls area. Our kncreased fcty>JS on 3odal media has lrnprov•d visiblty and communication with resldents and stakeholdws. Further d8velopmenl of our engagement apP￿aCh Is planned forthg ¢omlng year. GI￿rnanCe and BoArd Chanyg Sever81 trusl•es steppod d(wm during tha year. and the Board exlonds its Ih8nks to th¢m lor Ihelr Seryice. The Board remains quorate and stable. We ￿11 be seeknng lo recruil addiiional trJstè•$ durSng 202￿028 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¢ b￿efit vthon r￿evI￿a 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 l￿an￿3 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 I￿stee5, ￿8￿9￿}nS and en5urin9 the SFfOOth runnirvJ of lh8 charfty. The bustees conti￿9 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 exis￿n9 Tru5ts88. Staff ond attendar￿a at meet￿g&. 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. St*fflng and Load•rshlp This year marked a sIgnTrI￿nI tran811h)n kn our staffing $tmcture. After 13 years 01 semce. tho Sleward retired, arvj ￿ thank hSm for his lon9-3t*)dirvJ commttment. We appointed 8 Cholity oper￿on$ M8n>pr who. from 1 Aprfl 2025, I￿11 movè Into the Sleward's post as our rnw Ch￿f ExecLrtlve Officer, pr￿￿lIng 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 de￿lopments. Increas¢d office ownirvJ hoLXS: M aro now op•n in p¢rnon fvo da￿ a weoK impm￿ng 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 sUp￿rt 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¢•$ (X￿Ut 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 m4Inta￿lnll 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 chaT￿Y 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•spOn￿bI0 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 Ap￿Ie￿I018W 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 w￿her appl￿bla ￿coUnting $landard$ haw been f0kn￿d. $ubie¢t to any matertal deparlures disclosed and èxplained In thè financAal statemants: and prepar• the flnandal stat￿n￿ts on the golng concem Ws unl698 tt Is Inapwoprt8ta to P￿SUm8 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 ts￿n9 reasonable ste￿ for w8vent￿n and date￿Ort of fraLhJ and othar Iiregularitse& Th& tw$tè&s are re$F￿$￿t9 for the rnointenance and Int¢grlty of Corp￿atr fmbndal Inforrnat'tm Ineluded on the charitsble comp¥nls websltè. L￿151811￿n gDv¢miE¥J Ihe prepar81KJn ond dis88minaYon of financl81 stalements MAY dlfferfrom Ieglslal￿n 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 It*t 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 p￿e5 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 res￿r￿ and aFpllcatson of rasourca5, indudlng Its incom and expgndlture. for the lear thèn have been properly ￿Pared In acCO￿ance wlth Unl￿d 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 Indepen￿Trt 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 )Inar￿al slatern&nts. ￿ have concluded that the trustee5 Use of the golng c￿ceM basis of accountlng ift the pre￿ration of the finanGial statements is approprtale. Basod on thè wcyk we hav¢ perfom8d, wg ha￿ rK)t IdentilS&è and of audtt and siwificant audit flndlngg. lThludlng any ￿gnif￿an1 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 M￿ht 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 trL￿t@8S a8 o body, for our audll y￿rk. 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• I￿orn* 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 (eXp￿ilU(e￿incorne 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 RecA￿e1111(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 a￿ets 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 b￿k 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 $i￿d 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 P￿Ctic￿ Iss￿ed In October 2019. Ihe Flnancial Reporting Standwrl apF4icabh In Iho UnSied Itin￿￿Orn 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 defin￿0￿ ol a yA)Ilc btnafit entlty under FRS 102. Tho a¢counts lfinaneial gtalementsl htsve been p¥epar¢d under the histor￿al cost conventi¢)n with items recognlsed at cost or tronsa¢bon value unless othe¥wise $1oled in the rdevant note{s1 lo tr￿90 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 recogni￿d 1￿ce 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 Pa￿cular 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& pC￿ort 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 categcrf￿S 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 dafin￿c￿ 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¢¢0￿ed 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 COr￿n￿ amwrt rf an 8s8et #s o result of a revaluation, Is racogn￿ed 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 revaluat￿n. 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 I￿￿ded 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, a￿1 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 Acti￿tieS 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 va￿0 I mark&l v8luo. Cash and Cash equlvalénts Cath an¢J cash equivalents ¢ornprlse eash on hand call dgposlis, and other $hort-l•mi Nghly Ilquij Inv86trnenls that are readily ￿nv￿r￿￿e to 8 known amount of ¢8sh and are to an insignlficant risk of change In value. F￿d stru¢tur• Unrnstri¢lad in￿m8 fund$ ￿ genw81 fv￿S 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 p￿t 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 redUC￿on 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 emI￿oyeeS render thg rela18d seNl¢e. the Ilablllty Is rn&asured on a dlscounled present value basls. The U￿1ndlI¥j of the dISc￿nI 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$¢rum•nts Fkiancial 8ss8ts and fina￿￿1 lIaL￿ttle9 are r8cognlsed %•th8n IM charity becomes a party to th• ¢J)nlraotu81 provigons of the irLstrUm￿l. FinancAal liabilitles and eQU￿Y in8lNrronts are da¥$illed accordiThJ to tha SubSts￿ts of Ihe contract￿1 arr￿gements 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 InI￿alty 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 Substan￿allY 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. FIn￿￿k￿l 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 I￿rne from rents Other inv•stmenl Incorre Bgnk Intèrest r￿1Ved 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 ￿ve￿ments 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$lrn•nt man4g•m•nt cosl Umstrlct•d funds Gen•MI Tot*1 2025 Investment management costs S.940 UTrrnstrfcted lund8 G•n•ral Total 2024 Investment management CC6ts 5.922 5.922 Pago 16 Great Torrlngton Almshouse. Town and Lands Charity Not•$ to the Flnanclal Stat￿nts 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 Gr￿ts paid 103,882 59.988 $ In￿mIng10utg￿Ong 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 •¢y￿pM¥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 t￿￿te9$, stowardship of the assets. The very long èxpacted livès of hevltag& assets, duo to thglr nalurg. valug and lo b? prot¢¢ted and prèseNed means that deprnciglion is not m8tsrlal and 1$, therefora not Pro￿ded. 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 2￿25 205.741 205,741 15 Fixed uset In￿&1M¢n￿ 2025 Investmanl propartlès Other Inve8tmentS 7.430,$02 1.397.760 8,828.W2 8.821.409 1.450.099 10,071.508 Pago 20 Great Torrlngton Almshouso. Town and Lands Charity Notes to the Flnan¢lal Stattrnonts for the Year Ended 31 March 2025 (contlnued) Inv•slrnenl properd8• propgrt1•s Colt QTV•luation At 1 Aprfl 2024 RovalUat￿n Dlspos* At 31 Marth 2025 8.621.409 11.186,80n 4.0(X)) 7.430,602 Prov1810 At 31 Marth 2025 14•t l)ook valu• At 31 MgrGh 2025 7.430,802 8,621.409 At 31 Mar¢h 2024 The investment pr￿￿rtIeS for both thè Town Lands and Almshtyjge thaTrUes wéro valuod by Ab8fcLYn Surv8yorB a8 01 March 2025. Tho hlslori¢o1 ctsst of those proporties as a group Is Unl(r￿. therefffg the h1sti￿C cost of these InvostmÈnts canr￿t be prthjgd. 21 Great Torrlngton Almshouse, Town and Lands Charity Not•8 to tho Flnanclal Statemonts for th• Y•ar Ended 31 March 2025 (contlnuad) Lbted investment• Totsl Cwt or VJluAtlon At 1 Aprtl 2024 ReV￿V01￿n Al￿￿On& 1.450.099 1.450.099 156,339) 156,3391 4.orKI 4,OC At 31 March 2025 1.397,780 1.397,760 Net book val At 31 Marth 2025 1.397,760 1.397,760 1.49J.099 1,450,099 At 31 March 2024 18 Deblors 202S 2024 0￿r debtors 2.478 17 Curr•nt a￿*t Invoslmnts 2025 Cash depc41ts 1,903 1,814 18 CT•dltor4: amounts falllng due wlthln on• y•ar 2025 2024 Trado Gredrto Olher ¢reditor8 A￿18 13.029 4.195 3.500 20.724 5,317 3,770 13,076 Pago 22 Great Torrington Almshous•, Town and Lands Charlty Notss lo the Flnanclal Statemènts for the Year Ended 31 Mar¢h 2025 (conllnued) 19 Cr•dltovs: amounts lalllng du• •ft•r on• ￿•r 2025 2024 D8leffed in¢orno 51,150 2025 52,250 2024 Dofefred Incom8 al 1 April 2024 Resources def8rrad In the pgric 52,250 1,1001 51.150 53,3S) 11,11XJl 0ofeff•d Incorn• at year gnd 52.250 Xl P•nslon oth•r w¢h•m•$ D•fTrn￿ contrlbullon p•D•lon schwn8 The charfty operal&s a defined contrlbulon pon￿on 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 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