Company registration numiw. 01669608 Charity registralion number.. 285867 The Albemarle Limited IA company IKnited by guarantee) Unaudlted Annual Report and Financial Statements for the Year Ended 31 March 2024 ocm acmole
The Albemarle Limited Contents Reference and Administrabve Details TnJslees' Report 2tt)7 IndeFendant Examinels Rer ststement of Financlal Actriities Balan Sheet 10 ststemenl of Cash Fl Notes to the Financial Statements 121025
The Albemarle Limlted Reference and Admlnlstralive Dotail$ Mr T J Walker LLB (Chair) A J AJdem)an N Jordan C G Melk)r L Bro¥m A Hobbs (appointed S September 20231 S Richards lapp)int&J 19 Ciecember 2023) L Dobson (appointed 19 Decemb8r 2023) Cllr R Lees {gned Juty 20241 Cllr S Lees I19n8d Juty 2024) Secr•t•ry Mr T J Walker LLB Ichair) Charfty Rogl8tratlon Numb•r 285867 Comp•ny R•ghtr•tlon Numb•r 01669608 The charity is incorporated in England & Wa. Blackbrook Gale Blackbrook Park Avenue Taunton SomeTsel TA12PG R•gl8l•rod Offle• Ind•p•ndent Ex•mln•r Sarah Twist FCA DChA A C Mole LLP Stafford House Blackbrook Pork Aven Taunton TA12PX Sollcllor•: clarke Wil1m LLP Blackbrook Gate Blackbrcok Park Avenue Taunton Somerset TA12PG Page 1
The Albgmarfe Llmlted Trustses. Report The trustees, lK) are directors for the purposes of cx>mkwny Iww. present the annual rewrt togett)8r with the finandal ststements of the charitsble company for the year ended 31 March 2024. The finandal Statements have been prepared in a¢cordance with the aCUnts.ng pol set out in the notes to the financial $lments and comply with the charrtab company's trust deed, the Companies Act 20C6 and 'Accounts'ng and Reporting by chant." Ststement of RernMended Practice applicable to charities preparing their acCInts in accofdance with the Financial Reporting Standard applicable In the UK and Republk of Irend (FRS 102)" (effKII 1 January 2019). ObJ•¢llv¢o and actlvllle• The objectives of the charity are lo r& fxilibes for, and Fffjmote the interests of. disabled and disa(fvanlaged persons generally wrihin tho •JministratNe area of the former Somerset West and Taunton (S) {formedy Taunton Dean8) which became part of the Jministratrve area of the unitary authorrty. Somers8t Counal, on 1 April 2022. To this end, the Charrty works closely with Officers of Somerset Council and other Statutory and vcduntary trA)dies operalirKJ within this range of actNity. In 1982 the Charity acquirod the freehohy of what Ihe Abemarle Centre, a foThn8r Baptist chapgl, which h8$ boon converted to offer 8 wJe range of room space in which xtNilies rek8vanl to the Charity's objectives are develop&J. Since 1982, the Charity has progressively acquired the frgeholds of four lerraced houses in Abemarle Rt)*J. Taunton. whrh immediatety adjoin the Centre, and these have been converted into supported a¢¢omm¢>aation for currently nine residents wth Support needs. In 2011, the Chanty acquired the freehold of a large propety in Stab'on Road, Taunton, which was subsequenlty converted into a further fNe units of supwrted accommodali)n. In March 2024 the Charty acquired Ihe freehold of 19 Ajbemarte Road Taunton which has provided rther three units ol supported a¢commG¥Jalion. This was purchased at a pre of £300.000 plus costs wth £220,000 being a ban from Tridos Bank PLC. secured ty a first legal charge on the property from Tridos Bank PLC and trE balance of £80.OW financed from the Charitys reserves. The main obje¢lives and activities for the current year were the provisK)n of 8LlPPOrted housing, social and low-key for disabied or otheise disadvanlèjed peoe, wrth support rd$, in the catchment area. To meet these obJe¢bves, the Charlty". - Conts'nued to work Sn partnership with statutory and other 8genci8s to ensure that the rarKJe of servlces avaIlae matched the needs of its dient Fopulath - Worked with purchasers to ensure contracts continued to meet demands. The trustees confi th8t they have referred to the guldance contained In the Charlty Commissbn's general guidance on pU1C benefft when VIewIng the Irusfs aims and objecte$ and in planning fvture activibes. e2
The Albemarlo Llmlted Trustees. Report (contlnued Achlev•m•nts and p8rfomMnce 2023124 S•Nle•s r•vl Supported HousiTrJ.' Thirteen uniis of 5UPWrted housing accommodate people wrth learning diftultieslmental health probMS in self<ontained flats. All flats V+Ere CCcupd at the year end and demand for the accommodation is hh. A further three units V+we added shortly before the year end ol which were C¢¢Up immediatsty. AS support is rot tied to the ienancy, dients can ncw cthxse provides treir support. Where 6UPPOrt is provided by the Arnar1e this is provhjed under a Som8rset Coun1 contract or privatety. Group and One lo One Suppjt The contract with Sotrrset Council requires us to provide on? to one supp)rt or small group for peOe with learning drtrKultsJmental health problems to both a¢c8SS the communty as w811 as maintain independence. The need is assessed by Sccial Workers. A8 demand was substantralty uced we took the dl$lOn to dose our day s8fvicA8 pfovisK)n during thè Room Hire arKI Conferenclng.. During the prevlous finanal year wo completed Snan1 improvements to the bulkfing to Increase ts blexit411ty of our {Xxrferelftg and room hire. This is nthv running al above 70% of cap•. Communty Hub.. Tho works completed in the pwous finanual year Created letting space lor a Hub faolity parbculaity aimed at small and medium srzed organwlions workiThJ wrthin sectors related lo the Albemarle. This has proved lo be popular. Occupancy of the Hub has been full throughout the financial year and those w0"n9 in the Hub are finding beneffts fr(xn building relatK)n8hips with each other. Catering.. We provide calerirs for our conference The conversion arKI exten8lon of our café was completed during the prevM)us finanoal year and provides a much improved facility enabling us to Increase fjervi to existin9 Customers and cli8nts. u8er8 of ts Hub facility and the local o)mmunity 81sQ, publ LNlng Room.. Wle h8ve continued to offer a put Imng room spa availabl8 for use to support th08e In need ol a wam spxe. Changing Places Toilet.. the changing places toilet OFeMd in the Centre in 2022 has been Ki use throughoul Ihe flnanclal year. The Charity relies on Its committed team, are wtll supported by volunteers, in all areas of work, lo ensure the continued SUCC and ofthe Charitys actrvit*s. p83
Tha Albemarfe Limited Trustses. Rèport (continued) Flnanclal revlow Res•rv•s polky The trustees have e8tsblished a policy wherety the unrestrthd funds not committed or invested In tsngible fixed assets (the free reserves.) hdd by the charrty shoukl be suffiuent to meet the ChariVs long tem) goals but not exceeding approximatety six months of the unrestricted resources exFended. At this level, the trustees fed that tw be able lo continue the current actNiks ol the Charity YI the event of a signifThnt drop in inc. Vle have revith¥ed our current reserves and feel that they meet our future goal$. Uslng the actual exnditure for 2023r24.. this 8mounts to a reserve level of f232.543. Th& current level of free reseNe$ is £173.01812023.' £254.644}. The reduction from 2023 reflects funds expended in March 2024 to pur¢has• 19 Abemarte Road (See atM)ve). Based on budgets and forecasts prspared the trustees are satisfied that the free res8rv88 held are sufficitint to meet the ongoing needs of tho Charity. Invo•tmonl pollcy The Charity musl retain £2,OLXJ in reserves to help cover malnlenance costs of the Centre, bthlch dates from 1875. Aside from this amount. most funds are spent In the short tem. Dunn9 thls financial year we have expended reserves to purchasè 19 Albemarle Road. Rl•k m•nagemeTht The trustees have revithved on 8 monthty basis the financial p)sitson of the charity. Our Financial ControSler has conts.nued to vKrk hard to manage OXF¢nditure and this has enabled us to maintain a goc¥J bank balan. The trustees continue to review all maicy risks to the chartse c4)mpany is exposed and 8yStems are in pkice to mrtal• those nsks. Operatnal risks are managed by d8gaI)n to ensure compliance wrth health and saIY and other polKies arKI edureS by slaff, volunteers, dient8 and sitors to the Centre. Exlemal funding risks continue to be minlmlsed by diversification of both fijndlng and xtivitie8. Intèrnal finanaal risks are managed by the ImenOn of authorisalion procedures. The Charty has strong finaftcial management along with g)od financial reporting Budgets continue to be well controlled by senr mane[S, who recojnise and maintsin the need for excelnt servic• delivery alongsrde ensuring that ovefheajs ate kept as low as possible. These accounts have been presented on a going ¢on¢em basis as the trustees belwe the Charity has sufficvdnt resources to pay ts liabilities as they fall due for a pervJd of al 8t rnthS from the date of is5. Prfn¢lpal fundlng •ourc The areas of actiwty lundwj by renvwable ¢crfrtr8cts are managed 8t senK)r thl and reviewed reguL4rfy to ensure client satisfa¢tth. Day to day runnirvj cnsts are underpinned by hiring a selection of rooms to piovide good quality conference and catering facilities at reasonable o)st. Grant funding is sought for spgcrft projeds. The charity is well rAd to grow its acbYFt*s as m(Ke Lwsinesses users are able to meet at the Cèntre folking the COVID crisis and the lIllIeS whth the chanty is abk to offer we more needed th ever. We continue to be grateful for the generosrty of the k£al community, whith enables the Centre to provide a¢tivrties and servKes for those in particular need and )ntribU5 to a seeure finan¢ial future for the Chanty. Page 4
The Albemart? Llmited TTu8tees' Report (continued) Plan• for the fulurn Ovorvlow The Charity works dosely wilh statutory and other agencies, to help address gaps in provisK)n and continualty seek to adapt tK)th the Centre and our se1 to meet changing needs. We have. as stated in our pVi)US yea¢$ accounts, used reserrfes in excess of the Reserves Poly to purchase further residential unts. Further irnprovement vK)rks to our facilit will wrtinue partularty as V•E improve the residenbal accommodation of the Charity as fvndg generaled frcAn our actiwts'es permit. The Charity reniseS the ¢onkn'nuing challenging financial environment and anticipates that v on-going Govemmenl and ¥1 spending revp4s wntracts rnay cease or there may Èe changes in the way services are commissioned. Sen1 manager5 will continue to seek opp)rtUnIt to apply for alternative funding to help underpin the main Charitab aims as well as fund new services In development. The Chanty appffjciates the conb.nued support of am the usern of our fxillties and bèliev85 that the Charity continues to make a drfference to the I of th8 community. which the Charity supports. Structur•, gov•rn•nc• and manag•m•nt Gov•rnlng document The charity is a charitsble company limited ty guarantee and as inCPOrated In 1982. It govemed by a Memorandum and Arb"cles of Assocaat)n under company number 01669608, The ¢ompany is also regl8tered with the Charty Comrnlssion under number 285867. Gov•mlng body The governing I)dY is the Board of Directors, the m•mt*s of whKth arn both directors of the ompany and charity trustees, for the purposes of charrty1•4V Page 5
The Albemarle Limited Trustees. Report {¢ontinu) Tru8teM and officern The trustees, are also the directtys for the purpose of rmPary L. and who serrfed during the year were: Trustees.. Mr T J WafKer LLB (Chair} A J Alderman N J¢Jrdan C G Mellor LBr A Hobbs lapp)inted 5 September 2023) S Richard$ (appoN)ted 19 December 2023) L Dobson (appo 19 Decemter 2023) Cllr R Lees Ireslgned JUPY 20241 Cllr S Lees (resigned JU 20241 Recrultm•nt •nd appolnlm•nt rf tnMt••• In 8¢cordance with the Memorandum and Artldés of A8XtlaUon each dlre¢tor18 elected for a period of up to three ye8rs after which they resyn and may stand lo be rfrelected. Elect?n¥ take place at the Annual General Meeting. The Board of DirecloTr ha5 to cTropl add'onal director8 88 18 necessary. When considering appoinlng addAtonal drectors, the Boa* h88 regwd to the skills that those people can brlng lo The Abemarle Limr(ed. Dlr•¢torn Inler••t• The directors have no interests as ts compary is limited by guarrlee and has no share capital. Page 6
The Albemarle Limited Trustees. Report (corrtSnued) Stat•ment of tnMt••8' mponsibilities The trustees (who are also the directors of The Abemarle Limited for the purposes of company ) are responsib for preparing the ITUStees' report lincorporating the director5, report) and the financial statements in accordance with apicab and Untled Kingdom Accounting Standards, including FRS 102 'The Financial ReForting Standard aptsbIe the UK and RepUtlC of Ireknd" (Unitsd lQngdom Generalty Accepted Accounb'ng Practice). Company law requires the trustees to prepare financ4al stalements for oach financial y 1¢h gNe a true aTrd fair view of the state of affairs of the charitable company and of the inrne and expenditure, of the charitable company for thal period. In preparing these financial statements. the trustees are requir•J to.. select suitable accounting Fe$ and appty them consislenty,. observe th8 methods and principles in tre Chanties SORP,. make judgements and accounts'ng estimates that a reasonable and prudent" state whether applubl8 UK Accountsng Slandards have teen ftA1oW, subject to any Mate81 departures disclosed and explained in the finala1 ststements," and prepare the financlal stslements on the 90ing c¢YKem basis unths it is inappropriate lo presume that the charitsb company will conb'nue in bUrs. The trustees are responsitrAe for maintsinir¥J pTowr oUnting records %thich disck)se wlth reasonable accuracy at any time the financial pOtIOn of the charitable company and eTrab them to On5ure that the financhql statements comply the Companies A 20C6. They are also reS<$1b for safeguarding the assets of the charitablg company and hence for taking reasonable steps ft>r the prevention and dete¢tK)n of fraud arKI other irregularib'es. The trustees are 8¢4)nsible for the mnI¢nanCe and integrity of Ihe corporate and financial informallon Included on the charitable companys website. Legislation in trle United Kingdc¥n governlng the preparalN)n and disseminab'on of financial statements may drfFer from legislation in other jurtsdicllons. The annLtal rep)rt was approved by thg trustees of ts drIty ffi 9 D8mber 2024 and synad on its behalf by.. LL8 Ichair) Trustee Page 7
The Alb8marfe Llmfted Independent Exarnlnerfs Report to the trustees of The Albemarle Limited ('the Compan) I report to the charity trustees on my emInal)n of the accounts of the Company for the year ended 31 March 2024, which are set out on pages 9 10 25. Responslbllltles and bMl¥ of rnport As the charity's trustees of the Company larKI also ils direclors for the purwses of company lawl you are responsible for the preparatbon of the xccwnts in accordance the requirements of the Companies Act 2006 ('the 2006 Acfl. Having satisfied rnyseK that the ac(y)unts of the Cornpany are not requlred to be audited under Part 18 of the 2006 Act and are eligible for inderendent examinatson, I report in respect of my examination of your charity's accounts as carried out uNJer section 145 of the Charibes Act 2011 I'the 2011 Act'l. In carrying out my examination I have folkAd the Directions given by the Charity Commission under section 14515)(b) of the 2011 kt. Indewnd•nt •xamln•V• •tstom•nt Since the Companvs gross Income exceeded £250.000 your examIr musl te a member of a boty Ilsted in secllon 145 of the 2011 Art I confim) that l am qualified to undertake the examination because l am a member of the Inslrlute of Chartered knountsnts England & Wales, which one of the Ilsted bodle8. I have completed rny exarninatn. I Confi that no matters have come io my attention in connection vlth the examinatw gwing me cause to Wiovo.. 1. accounting records We not kept in respect ol The Abemarfe Limrted as required by section 386 of the 2006 Act,. or 2. the aocounts do not accord with those accovnting r•cord$'. or 3. the accoun18 do nol compty the accounb'ng requirements of se¢lion 396 of th0 2006 Act other than any requirement that the accounts give a 'true and laK *iev/ which is not a matter considered as part of an independent eXaminatn,. or 4. the a¢¢ounls have not teen prepared in xcordance wilh the methods and prlneiples of the ststemonl of Reeomménded Pracb'ce for accountsng and rewrting by charities [appIable to charits'ès preparing thèir accounts in accordance with the Flnanckgl Reports'ng Slandard applicable in Ihe UK and Republ of Ireland (FRS 10211. I have no concems and have come auoss no other matters in c{nee110n with the examination to which attentk)n should be drawn in this port in wder to enable a proper understsnding of the accounts lo be reached. Sarah Twist FCA DChA A C Mole LLP Stsfford House Blackbrook Park Avenue Taunton Somerset TA12PX Page 8
The Albemarle Limfted
Statement of Flnancial Activitles for the Year Ended 31 March 2024
(Includlng Incom• and Expendituro A¢¢ount)
Unr•stricted funds
G•norn1 DMlgn•t•d
Totsl
2024
Not•
Incomo
Donats"ons and le95
Charitable activities
Investment inGome
3.460
286.819
136,165
11,624
298,443
136.185
Total Income
426,444
11,624
438,
Expondlture
Charitable activibes
2.558
9.793
477 437
Total Expenditure
Net lexpendlture)finc
The Albemarle Llmited (Registration number. 01669608) Balance Sheet as at 31 March 2024 2024 2023 Flxed 088et8 Tangible assets 11 1,696.017 1,447,199 Curr¢nt assets Stocks Debiors Cash at bank and kn hand 12 13 1,238 37.626 168.349 207,213 44,981 770 40.862 246.235 287,867 42.641 Crgdltor•: Amounts falllng du• wlthln on• y•ar N•t curr•nt a88ot8 14 162 232 245.226 Total aM•ts lem ¢urr•nl Ilabllltl 1.858.249 1.692.425 Cr•dltord: Amounts falllng du• •ft•r mor• th•n on• ymr 15 Net a•s•t• 673,650 468,457 1223.968 1.184.599 De8ynal8d Funds General Funds Re8trthd funds 2,558 918.738 302,672 Total lund• 17 1,184,599 1,223.968 For the financlal year endkng 31 March 2024 the chanty vas entrtd to exempts.on Irom audrt under section 477 of the Companles Act 20rK rekting to small companio8. Directors. respsIbIlities." The members have not requlred the charity to oblain audit of its alunt8 for the year in question In accordance wth 5ectw 476., and The dlrectors acknowledge their respcfflsibilities ft)r COMp.ng wlih the requirerwnts of the Act with respect lo accounting records arrtl the preparation of a¢lnts. The financial ststements on pages 9 to 25 were approved by the trustees, arKI auttM)rised for i88ue on O December 2024 and svjned on their behalf by. Mr T J Walker LLB (Chair> Trustee The notes on pages 12 to 25 fcffli an integral part of these finala1 statements. Page 10
The Albemarfe Llmlled Statsmont of Cash Flows for the Year Ended 31 March 2024 2024 2023 Net cash expendrture (39,369) (1,112) AdJu8lm•nts to cash flows from non<ash It• DeprecialK)n Investment income Los8 on disposal of tangib18 fixed assets 65.529 1136,1651 5.636 62.659 (123,561 20.025 (104.369) 141,989} Worklng capltal adJu•lm•nts {Increase)Idecrease in stocks Decreasel(increasel in debtor8 Decrease in credit<xs 12 13 14 {4681 3,236 1,470 299 1676) 16,397 Nel cash flows from op•ratirvJ actwitss Cash flows from InvHting •¢tfvlti•s Purchase of tsngible fixed assets Income from investments 103 071 58,763 11 (319,983) 136,165 {143,0391 123,561 Nel cash flows from investing actlwt C••h flow¥ fn)m flnanclng •ctlvitle• Interest payable and similar charges New loansllrepaymentl of loans and borrowng8 Net $h from financng xttvltles Nel decrease in cash and cash equlvalents Cash and cash equivalents at 1 Aw Cash and cash equrvants at 31 March 119,478 40,1 168,942 26,917 40,638 209.003 13,721 (77,8861 246,235 {91.962) 338,197 246 235 The notes on pages 12 to 25 fomi an integral part of these financial ststements. P4e 11
The Albemarle Llmlted Notes to the Financial Statsments for the Y8ar Endod 31 March 2024 1 Charity sta• The charity is limited ty guarantee, iwrated in EnglarKI & Wales, and con8equenUy does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of luldatK. The address of its registered offKe ks: Blackbrook Gate Blackbrook Park Avenue Taunton Somerset TA12PG 2 Accounllng pollcl•• summary of •lgnlfi¢ant I¢UOn9 pollclm and koy •ccountlng e•tlmats The principal accounting poIleS applied in the preparab'on of these financial statements are set out below. These w>lJcies have been consislentty applied to all tho yews pr880ntod, unl&s$ othe158 81ated. Bas1• of pr•parntlon and $tst•m•nt of ¢ompllan¢• The financial slatements have been prepared under the h1s1of c081 convention items recognised at cost or transaction value unless staled otherv4i¥e within ttbW notes. The financial statements have been prepared in accordance wyth A£counbng arKI Repryb'ng by Charitieg.. Statement of Recommended Practice lappluble to charitses preparing their accounts in ac£ordance with the Finandal ReFQrting Standard applicable in the UK and Republ of Iroland (FRS 10211 (issued in Ocloter 20191- (Charities SORP (FRS 102)}. the FInarla1 Rewting Stdard appluble in the UK and Republic of Irek3nd IFRS 1021 and the COrnpan Act 20C6. The Albomarb Limited meots the deffin11m of a pub benefft entsty under FRS 102. Golng conc•m The trustees consid•r that there are no material uncertainb'es about the charity's abilty lo continue as a going concem nor any Svdnrflcant arèas of uncertainty that affect the carrying value of assets held by the charity. Incom• All ineorne is raccgntsed ont the carity has entillemenl to the inrne. it probabb that the income will be rtcèived and the amount of the InCe reCeab can be measured reliabty. Page 12
The Albemarle Llmlted Notes to the Financial Statement8 for the Year Ended 31 March 2024 (contlnued) 2 Accountlng pollcl•s (eontinuedl Donatlon8 and IBgacl88 Donations are recognised vhben the charity has been notifiod in wrrting of both the amount and settlement date. In the event that a dOnatn ts subjed to ¢orKlrbons that require a level of performance by the charity before the charity is entstl lo the funds, the incom8 is deferred and not recognised untsl either Ih¢xe conditions are fulty meL or fulfilm8nl of those condits'ons is whol wrihin the control of the chanty and it is prObae that th05e conditson5 wll te fUlfild in the reporting period. Legacies are recognised In the perK)d in which tw sre rN•d or there is suffIct evhjence that it is probable the *acy wll be receNed. Glft ald Inme tax recoverable in relation to donat#$ recei¥•J under Gift Awj or deeds of Covenant is ognised al the lThe of the donab'on. Invoolmonl In¢om• Interest on fvnds hekl on dewsit ts included V l¥able and the amount can be m8asured reliabty by the chanty" thi8 is nom)ally upon notrfKalion of Ihe interest paid or Payab by th8 bank. Oth•r Incom• Government grants received in respect of Coronaviru8 SUPWt are included within other income. in the period in which the Chanty tecomes entitled to the inc<Mne. Where this is In advance of thfj Income being received this is recognised as accrueoj income ¥thIn debtors. Exp•ndltuv• All expenditure is recognised once there is a legal or constructive obligab'on to that expenditure, il is probable settlement is require(l and the amount can b& measured Ibty. Al costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be diredly alln'buted to rts"CUlar heajings they have been alktated on a basr& consistent with the use of resources. Charltsble actlvftl•8 Charitsble expenditu Comprises those costs irKurred by the charlty kn the defivery of its xtivitkqs and services tor rts beneficiaries. 11 indudes both costs that can t¢ alhxated directly to such activitN8s 8rKI those costs of an ilre¢l nature necessary to SUPFQrt them. Support co8ts Support costs indude central functi)ns and have been alIcstOd lo ¥trvity cost CategOS on a bas consistent with the use of resources, for example. alkubng PfOFety ¢Dsts by floor areas. or per capita. st8ff costs by the Ilme spent and other costs by their usage. Irre¢ov•rablg VAT Irrecoverable VAT i8 charged ainSt the categ(xy eXe for it wa$ incurred. P•3e 13
The Albemarfe Limited Notes to the FInala1 Statements for the Year Endod 31 March 20241continued) 2 A¢Unting pollcles {contlnu•d) Taxalion Tho Charity is a registered charrty and is. therefore. exempt from liabilty lo ta¥ation on irs income and Capital gains. to the extent that sh income or gains are appl exclusivety to charitable purposes. Tanglble Ilxed aMot• Tangible fixed assets aro initi.alty recorded at cort less any subwuènt acumuLat8d doprecLgtion aThJ 5ub$8qu•nt accumulated impairmant losses. Depro¢l•tlon and •mortl•atlon Depreciats'on is provKled on tangib fixed assets so as to write off the cost or valuation. less any estimated residual value, over their exp8Cted useful economt lile as follows.. The costs of minor addits'ons, items under £500 arg not capitalis•J. D•pr•clatlon m•thod and rnt• 2% on cost 2% cffl cosl 10% on cost Land and building$ Sheltered housing ¢onversA)n Equipment and fumh1n98 Stock Stock is valued at the lower of cost and estimated selling price less costs io cornpte and sell, after due regard for Obsote and slow moving stocks. Cost is detemined using the first4n, first4Jul (FIFO). Cash and cash equlv•hnts Cash Snd cash equivalents comprtse cash on hand and call deposits, and other short-tenn highly IUld investments that are readity convertible to a knon amwnt of cash and are subj'ect lo an InsvJnificant risk of change in value. Fund tfuctur• Unrestricted in¢ome fvnds are general furKls that are available for use at thè trustees discretion in furtherance of Ihe objeNe$ ol the charity. Designated funds are unrestrtted funds set aslde for 8pg¢ift Purpo at the dig¢retKn of the trustees. Reslrricted income lunds are those dated use In a Partlar area or for specfft purp)ses, the use ol which Is restrkted to Ihat area or wrFQ8e. Pon8lon8 and other post retlrnmont obllgatlons Employees of the charity are enliled to join a defined contribution Fension scheme. Pension contributions in relatb?n lo defined contribution Schern are re(yyJnil as an expense in the Stslement of Financial Activilies as incurred. Page 14
Tho Albemarfe Limlted Notes to the Financial Statsments for the Year Ended 31 March 20241Gontlnued) 2 Ac¢ounllng pollclo8 Icontlnu•dl Flnanclal InstrunMnt• The chanty onty enters Into bas f181 instruments that result in the reo)gnitb)n of financial assets and liabilities su¢h as trade and other debtors and ¢redrtors 109eth8r with loans to related parties. Debt instruments, such as trade debtors and ¢redrtors, are inib'ally measured at transactson price and subsequentty measured at amortised C)t. Flnancial assets are assessed at the end of each reporting period for obiecknv8 aVKl8nce of impainnent. If objective evidence of impoimienl is found, an rrnpaiment k>ss is recognisod in the income ststemenL Crttl¢al ac¢*)unllng Judgwn•nts and e8tlmallon nrt11Thty The weparats'on of the financial ststements in cOnfC1ty wth FRS 102 requires management lo make Judgements. estimates and assumptions that affect the application ol pC'rS and reported amounts of assets arKI Ilabililies, income. aThJ exp8n¥es. Estlmates and judgements are nI#lalty evaluated and are based on historul exp8n&nce and other factors, Including expedatk?ns of fvturfr events that are believed to be r8asonabb under the circumstancès. The charfty makes eslimates and 8ssumplbons concerning the future. The resultsng accounting esllmal88 will, by definition. seldom equal the related actual results. The Trustees consKler that there are no critical accounting eslimale$ and judgements which have a sh3nifi¢ant risk of causing a malerlal adjustment to the carrying amounts of assets and liabilrties wthin the next financial year. 3 Incom• from donatlon• and legacl•• Unmtrfct•d R•slrlct•d fund• fund• Total 2024 Donatn8 and legaci8S 3,460 3,460 3.460 Unrestrlct•d funds R•strfct•d funds Total 2023 Donations and legaues 1.369 1,369 1.369 1,369 Page 15
The Albemarfe Llmited Notes to tho Financial Statements for the Year Ended 31 March 2024 Icontinuod) 4 In¢onx from charltable actlvltles Unmtricl•d Rostrictod funds funds Totsl 2024 Conlracted Support & Housing Catering Support for vulnerab Adults Room Hi Other granl income 129.747 29,530 27.403 100.139 129.747 29.530 27.403 100.139 11,624 298,443 11.624 286,819 Unv••trfctod fund8 Restrlct•d funds Total 2023 Contracted Support & Housing Catering Support for Vulnerable Adults R¢)om Hlre Other grant income 154.897 17,807 32,383 84,481 1 $4,897 17,807 32,383 84,481 3,500 293.C68 3.500 289. 5 Inv¢•lm•nt Inwn• Unie•lrtct lund• RMtrfct•d lunds Total 2024 Interest recefvable Propety income 457 457 135,708 136,165 Unrn8trlct•d R•8trtet•d funds funds Total 2023 Interest recavable Propety income 123,217 123.561 123,217 Page 16
The Albemarfe Limited Note8 to the Financlal Statements for the Year Ended 31 M•Kh 2024 (continued) 6 Exponditur• on charltabh athitw Unroslrictod funds De8lgnatsd G•n•ral Restrl¢lod fvnd• Total 2024 Not• Contracted Support & Housing Catering Support lor Vulnerable Adults Room Hire Allocated supwt costs 2.558 149,465 38,977 152,023 38,977 10.656 22,238 10,656 22,238 243.750 9.793 9.793 2.558 465.086 477,437 Unrn8trlct•d funds De•lgnat•d General Tot•1 2023 fvnd• N¢)t• Contracted Support & Houslng Catering Support for Vulnerable Adults Room Hire Allocated supF)rt costs 11)0.674 11,692 100,674 11,692 14.604 716 14,604 716 272 348 291424 419 110 Page 17
The Albemarle Limltgd Notes to the Financial Ststements for the Year Ended 31 March 2024 (continued) 7 Support Costs 2024 2023 Staff cosls Depreciats'on - unreslTthd Depreciation - restric Operatsng lease charges He & Iyhl Insurance Repairs & Maintenance Professional fees and suL Offic& ¢o$ts & teiephone charges Water Charges Computer expenses Bank charges and Interest Irrecoverable VAT Advertising Sundry Loan interest Loss on disposal - unrestricied L088 on disposal - rostricted debts 89.236 55,736 9,793 124,250 52.465 10,194 810 4,797 10,399 24,756 11.182 6,801 11.413 15.222 7,812 8,192 3,305 16,187 3,985 5.305 600 2.683 13.344 5,636 3.946 7,203 412 5,179 208 3.985 9,152 14,263 5,590 565 293 253.543 291,424 Support C08t8 are th08e fUtiOnS that a88iSt the *x)rk of dwnty L¥Jt do not dire¢Yy undertake chantsble actNitie8. Support Costs have been alhxated based ¢Jn the concentration of staff and management time or the use of fao'litkw and spxe as are appropnate to the natu of the actNIty. 8 Staff C18 2024 2023 Employmgnt Co•t8 Wages and Saianes Social security costs Pensbn ¢trIbut$ 226,251 13,409 4,465 186,088 16,516 3,690 206 294 Page 18
The Albemarf• Limited Notes to th• Financial Statements for the Year Ended 31 March 2024 Icontinuedl 8 Staff cclsts Icontlnued) The average monthty numtr of empwes during the year was.. 2024 2023 No Number of empknyee8 10 The trustees dhl not receive any remuneratsn and ¥4pre rv)t a(ruing any tenefits under rension8 schemes from the charty 12023". None). One trustee Wds reimbursed for reasonable expenses totalling £17 during the year {2023: £Nil). The key management personnel of the charity comprise the trustees and the SenKJr managers of the Centre. The total emoyee benefts of the key management personnel ol ts charfty were £53,456 12023. £52,177). A d?ffined contribution Fension Scheme is made availab to all e1ible employee8. The employer ¢o$l$ of this scheme was £4,46512023.' £3,6gXI). There was an outstanding Ikqbilty of £1,06012023'. £1,721) at the year end. The charity benefits greaty from the involvement and support of its vIvn1eers. In accordance with FRS 102 the charit SORP {FRS 102) the ec1%1¢ contrlbuthm of gonoral volunteer8 bs not recogntsed in the a¢xounts. The full time equtvalent staff numbers ft)r 2024 were.. Contr&ted support & hou8Sng 4 {2023'. 3), Catering 112023.. 11 and General staff 312023.. 31. Total 812023.. 7}. During the year. settlement agreements of £Nil (2023.. £3,288) were roachod with members of staff. Thero were no employees with rernuneration above £80,000 in the year {2023: None). 9 .Ind•p•ndent ex•mlnBes r•mun•r•llon 2024 2023 Fo•8 to •xamln•rn Independent examination foe Accountancy services 1,670 4,010 1.350 4.050 5,400 Pa98 19
The Albemarfe Limited Notes to the Financial Statements for the Year Ended 31 March 2024 (continued 10 Taxatlon The charity is a registered charity and is thereth exempt from taxation to the extent Ihal such income or gain is applied to ¢harit*)le purposes. 11 Tanglble Ilxed aM•ts Shelt•r•d housing conv•r•ion Equipm•nt and lurnl•hlngs Land and buiklings Total At 1 April 2023 Addrtions DIsP05als At 31 Marctt 2024 1.215,016 301,222 298,299 2.199,869 7,547 319,983 19.647 19.647 11,214 1,516,238 697,568 286,199 2 51XJ 005 D•pr•clatlon At 1 April 2023 Charge for the year Eliminated on disposals 427,335 24.868 211,569 13,176 113.566 27.485 14,011 752,470 65,529 14,011 At 31 March 2024 452,203 224,745 127,040 803,988 Net book v•lu• At 31 March 2024 1.064,035 472.823 159,159 I6.017 Al 31 Mafch 2023 787.681 474 785 164,733 1,447,199 Freehokl land and buikdings with a carrying amount of £1.034.838 (2023. £741.732) have been pdged lo secure borrowings of the Charitab company. The charrtable company is not allowed to pFedge these assets as srfurity for other borr1j5 or to sell them to another entity. 12 StrKk 2024 2023 Finished goods and gcths iesale 1.238 770 Page 20
The Albemarfe Llmlted Noles to the Flnancial Statements for the Year Ended 31 March 2024 (continued) 13 Deblo 2024 2023 Trade debtors Prepaymenls and acuued Irthme Other debtors 21,787 15,823 16 29,470 11,392 37,626 40.862 14 Cr•dltorn: amunts falllng duo wllhin on• year 2024 2023 Bank loan8 Trade credrlors PAYE VAT Other CredOrS Accruals 15,786 14.$43 4.126 1.107 2.609 6,810 44 981 11,976 17.623 3,777 1,457 1,742 42,641 Creditors duè wthin one year includes the foknw'ng liabilit, on whrh r•ecurity has teen given by the chanty.. 2024 2023 Bank loan IJ Cr•dltorn.' amoun18 falllng du• •ft•r on• y•af 2024 2023 Bank loan8 673,650 468.457 Certain freehokl property has been pledged as s8¢urity agalnsl bank borr¢y*ingS. There Is a Trldos loan in oFerats'on Tepayable over 20 years at a rate of 3.5% atove base rate. T outstanding balarbce of £469,436 12023.. £480,433) is secured ty a legal charge on 5,7,8 & 9 Albemade Roaj and 116 Station Road Tauntm. There is a second Tridos k>an in operation payab ov&r 20 years at a rate of 3.75% above base rate. The outstanding bak2nce at the year £220.000 15 se(aJred by a kgal charge cffi 19 Albemarkry Road, Taunton. Page 21
The Albemarfe Limited Notes to the Flnanclal Statements for the Year Ended 31 March 2024 (contlnued) 16 Credltorn: amounts falllng due after one ymr (¢onllnued) Creditors amounts f811ing due after more than one year indudes the folb)wlng lIalitIes, on vA)Ich security has been given by the charity.. 2024 2023 Tridos bank ban 673,650 468,457 Included in the creditors are the folltring amounts due after more than fve years: 2024 2023 After more than five years by instalments 594,621 410,267 16 Op•rntlng eommllm•nts At the reForting end date the ch¥itab18 (x)mpany had outstanding commitrrwts for futLKe minimum lease payments urKler nonwcancellable operabr¥J es, thich fall due as foltr8'. 2024 2023 Within one year 3.045 17 Fund• Balance at 1 Aprll 2023 B•lance 0131 March 2024 Incoffl• Exp•ndftur• Unrestrthd fund8 918.738 426,444 1465.086} 880,098 019n•t•d Moving on fund Total unrn8trl¢tsd fund• 2,558 12,558 467.644 921.298 428.444 880,096 Rostrlct•d fund• Refv1$hrnent fund Vlridor Taunton Town Charity SEIF Grant Big Lottery Station Road Other Ststion Road Grants chenette Grant SCF ACcessie Changing Pl8ces Toilet Public Living R¢Jom Fund Energy Improvement Funding 10,369 9,683 1,707 222.390 8.941 8.135 6,610 (297) (346} 151) {5.9921 (1791 (1631 14221 10.072 9,337 1.656 216,398 8,762 7,972 6.188 31.378 3.459 {2,2731 {70) 29.105 8,389 6,624 5.000 6.624 302,672 9.793 304,503 Totsl funds 1.223.968 477,437 438,C68 1,184.599 Page 22
The Albemarfe Limited Notss to the Financial Statements for the Year Ended 31 March 2024 (continued 17 Funds (continuedl Balance at 1 April 2022 BalanM ot 31 March 2023 Incom• ExpfrTrdliure Unwtricted funds 904,274 414.498 (400.034) 918.738 Deslgnated Moving on lurthj Total unrn8trlctad fund8 5.850 (3.292 2.558 910,124 414,498 403,326 921,296 RoStrl¢tsd lundo Refurbishment fvnd Vlridor Taunton Charity SEIF Grant Big Lottery Statlon Road other Ststion Road Grants Kitchenette Grant SCF Accessible Changing Places Toilet Publk Lfvlng Room Fund 10.669 10.029 1.758 228.382 9,127 13001 13481 {511 (5,9921 {186) (1691 {6,6301 10.369 9,683 1.707 222,390 8,941 8,135 6,610 13.240 33.447 {2,C1391 41 31.378 3,459 302,872 3,500 314,956 15.784 Total fund• 1.f25.080 419,110 417.998 1223,968 P•Je 23
The Albemarle Limited Nots8 to the Flnanclal Statements for the Year Ended 31 IAafch 2024 (continued) 17 Funds Icontlnued) Restrlcted Funds The Refurbishment fvnd lateS to grants received improvements to the loft fiwr. ceiling and automat doors. The grant is ts specific items and is not to be used for any other purpose. Fixed assets of an equivalent amount have teen capftallsed and are deweci8ted over their anticipated useful INes. An amount equal to th18 depreclation is deduckd from tre resthcted fund 8nnu81ty. The Vindor grant lateS lo a onfroff payment twrd8 the o)st of renewing th8 C8ntr8 windows. The So¢lal Entsrpri8e Investment Fund (SEIF> grant i8 towards the ¢0 of purchasing a property to provide further 8UPPOrted houing at Station Road. Fixed assets of an equivalent amount have teen capitalised and are deprecrated over th8ir anticipatsd INes. An amount equal to this deprecIat)n 1$ deducted frorn restricted lunds annually. Addth'onal costs incurred in the redevekipment and re-use of this bullding are part funded by addrtwal bank borrowings. Other Works are fijnded by a further B Lottery grant and other smaller grants given spectficalty for Station Road and for ongoing Centré activities. The Taunton Tcwn Charity grants relate to grants tThvard$ the cg)st of specfft costs of the refurbishrnent of the flats and tth¥ards the cost of speofr equipment to enhance learning opportunitses for dients 8ttending acb'vityes in th& premi$. The Building Research Establishment {LCBPI grant relates to a one off payment ft)r the purpose of installing photovla1¢ panels on the rcof of the building, lo reduce energy costs and improve the carbon fc¥)tprint of the l)uikling. The Bu Lottery grant abo relates to the installation costs of the photovoltaic panels. The TDBC grant and the kitchenette grants We for expenses in reLition to the purchase of catering èquipment for activilies and lor the on srte kitchen. Changing places.. Somerset Communty Foundation prowded the centre th a grant from the Discovery Community Fund. This grant funding vras for Ihe purw8e of instslling our accessible changing places loilel lo provJe the Centre's SitOrS wrth suitable fac11rt for complex noads. Public Ilvlng ro.. The Somerset Communty Foundabon grant fundirvJ ro18$ to a one off paymenl for the purFQ8e of improving our acb'vtylday 8ervKe room, to chan90 it inlo a public living room. Eneryy improvement funding.. Instailation of 8 x Dimplex Quantum heators in the main livlThJ room of 8 one•bedroom flats. with reallccatw of some of the more up to date 5ewidary healers in some other properties. Quantum Dimplex is the healing syBtem recommended in Energy Perfomance Certfficales as being the most efficient system ts reducing costs. Suffient reUrCeS we Nd in an apwoFxiate fomi to enable Ihe aLw)ve funds to be applied in eccordance with restn"ctMs imFosed. Deslgnated Funds The 'Moving On. fund is to sup tenants frc4m 'Me & My Home. project become increasingly indepentjent. Funds should te used tOardS moving cost and lo assist wrth expenses related to 8cquin.ng a new accommodation. As the proj1 evolved the funds wère used to armmOdate the upkeep of the buildings. Page 24
The Ajbemarfe Limited Notes to the Flnancial Statements for the Year Endèd 31 March 2024 (continued) 18 Analysiffj of n•t a8s0ts belwe?n lund8 Total fund8 at 31 March 2024 unrfr8trIc funds G•neral De8lgnated Re8trlcted fund¥ Tangible fixed assets Current assets Current liats'litses Creditors over 1 year Total net assets 1.396.514 202.213 (44,981) 673.6501 880,096 299.503 5.000 1,696,017 207.213 {44.9811 673,650 304.503 1,184.599 Total funds at 31 M•h 2023 Unrestrfet•d funds Gen•ral Do•lgnatsd fund• Tanglble fixed assets Current assets Current liabilitles Creditors over 1 year Total net assets 1.144,527 285,309 142.641) 468,457 918.738 302.872 1.447,199 287,867 142,641) 468,457 2,558 2.558 302.672 1.223,968 19 Related party Iransactl•)n• During the year. Clare Mellor a trustee of the charity vras also a dnctor of Melmse Hr Ltrl. Fees of £338 {2023. £2691 were paid to Melrose HR Ltd for recnjrtment servr4s. At th8 year end. £Nil {2023.' £Nill wa6 owed by the chanty. Natasha Jordan a trvslee of the charty also a director of Fenestra Glazing Ltd. Fees of £Nil12023'. £2.6001 were pald lo Fenestra Glazing Ltd for wndcrw servlc88. At the year end, £Nil12023.' £Nill waB obsd by the charty. Tim Walker a trustee ol the charity B also a trustee for Somerset Communty Foundatn. Dunng the year, grants for É5,000 {2023: £3.5) were received from Somerset Communty Foundation for use on the public living room pro. In addTbon, during the year Somerset Communty Foundation used the room hire services at the Centre arKI pd £26 (2023.. £Nill. At the year end, £Nil12023'. £Nil) was 0ed by the chanty. During the pievious year buihJing work on Centre and supported housing properbes was Carried out ty R & J Sweet Building serye$ Ltd. Semces charged totalling £Nil 12023.. £79.4601 were carried out by R & J Sweet BuiIng ServKes Ltd. At the year end. £Nil12023." £Nill was Dd by the Charity. Pal HItchcc(, a trustee to the Chanty during the previous FerKMJ. Wd$ engaged as a Consultant Quanbty Surveyor by R & J Sweet during the per in quest. He receNed no remunerab'on for his Servi( relating to The Albemarkn Limited. Dunng the previous year, a close lamity rnember of key management personnel received payment for maintenance kS camed out in that ygar. E Joslin invoted the Centre £Nil12023'. £4.462) during the year. Al the year end, £Nil {2023.' £1,127) V+FS owed by the tharty. Page 25