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 I￿19n8d 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 aC￿Unts.ng pol￿￿ set out in the
notes to the financial $l*ments and comply with the charrtab￿ company's trust deed, the Companies
Act 20C6 and 'Accounts'ng and Reporting by chant￿." Ststement of Re￿rnMended Practice
applicable to charities preparing their acCI￿nts in accofdance with the Financial Reporting Standard
applicable In the UK and Republk of Ire￿nd (FRS 102)" (effKII￿ 1 January 2019).
ObJ•¢llv¢o and actlvllle•
The objectives of the charity are lo r￿￿& fxilibes for, and Fffjmote the interests of. disabled and
disa(fvanlaged persons generally wrihin tho •JministratNe area of the former Somerset West and
Taunton (S￿) {formedy Taunton Dean8) which became part of the *Jministratrve area of the unitary
authorrty. Somers8t Counal, on 1 April 2022. To this end, the Charrty works closely with Officers of
Somerset Council and other Statutory and vcduntary trA)dies operalirKJ within this range of actNity.
In 1982 the Charity acquirod the freehohy of what Ihe Abemarle Centre, a foThn8r Baptist
chapgl, which h8$ boon converted to offer 8 w*Je 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 pr￿e 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 othe￿ise disadvanlèjed peo￿￿e, wrth support r￿d$, in the
catchment area.
To meet these obJe¢bves, the Charlty".
- Conts'nued to work Sn partnership with statutory and other 8genci8s to ensure that the rarKJe of
servlces avaIla￿e matched the needs of its dient Fopulath
- Worked with purchasers to ensure contracts continued to meet demands.
The trustees confi￿ th8t they have referred to the guldance contained In the Charlty Commissbn's
general guidance on pU￿1C benefft when ￿VIewIng the Irusfs aims and object￿e$ 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 prob￿MS in self<ontained flats. All flats V+Ere CCcup￿d at the year end and
demand for the accommodation is h￿h. A further three units V+we added shortly before the year end
ol which were C¢¢Up￿ immediatsty.
AS support is r*ot tied to the ienancy, dients can ncw cthx*se ￿ provides treir support. Where
6UPPOrt is provided by the A￿rnar1e this is provhjed under a Som8rset Coun￿1 contract or privatety.
Group and One lo One Suppjt The contract with Sotr*rset Council requires us to provide on? to
one supp)rt or small group for peO￿e with learning drtrKult*sJmental 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 d￿l$lOn to dose our day s8fvicA8 pfovisK)n during thè
Room Hire arKI Conferenclng.. During the prevlous finan￿al year wo completed S￿n￿￿an1
improvements to the bulkfing to Increase ts blexit411ty of our {Xxrfere￿lftg 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.
p￿83

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$.
Uslng the actual ex￿nditure for 2023r24.. this 8mounts to a reserve level of f232.543. Th& current
level of free reseNe$ 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 charts￿e c4)mpany is exposed and
8yStems are in pkice to mrt￿al• those nsks. Operat￿nal risks are managed by d8￿gaI￿)n to ensure
compliance wrth health and saI￿Y 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 Im￿e￿n￿￿On of authorisalion procedures.
The Charty has strong finaftcial management along with g)od financial reporting Budgets continue to
be well controlled by sen￿r man￿e[S, who recojnise and maintsin the need for excel￿nt 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 r￿nthS 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 rA￿d to grow its acbYFt*s as m(Ke Lwsinesses users are able to meet at the
Cèntre folk￿ing 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 ￿)ntribU￿5 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 se￿1￿ to meet changing needs. We have. as
stated in our p￿Vi)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 part￿ularty as V•E
improve the residenbal accommodation of the Charity as fvndg generaled frcAn our actiwts'es permit.
The Charity re￿niseS the ¢onkn'nuing challenging financial environment and anticipates that v
on-going Govemmenl and ￿¥1 spending revp*4s wntracts rnay cease or there may Èe changes in
the way services are commissioned. Sen￿1 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 inC￿POrated 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 r￿mPary 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 guarr￿lee 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 ap￿icab￿ and Untled Kingdom Accounting Standards, including
FRS 102 'The Financial ReForting Standard ap￿tsbIe ￿ the UK and RepUt￿lC 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 in￿rne and
expenditure, of the charitable company for thal period. In preparing these financial statements. the
trustees are requir•J to..
select suitable accounting F￿￿e$ 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 Mate￿81
departures disclosed and explained in the fina￿la1 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 bU￿r￿s.
The trustees are responsitrAe for maintsinir¥J pTowr ￿oUnting records %thich disck)se wlth
reasonable accuracy at any time the financial pO￿tIOn 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 m￿nI¢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 d￿rIty ffi 9 D8￿mber 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 e￿mInal￿)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 folkA*d 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 examI￿r 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 exarninat￿n. 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 eXaminat￿n,. 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 [appI￿able 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 le9￿5
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<xne
Nat movement in lunds
465,088
2.558
9.793
477,437
38.642
2,558
1.831
138,642)
(2,558)
1,831
{39,369)
R•¢onclllalk•n of fund•
Total funds brought foThvard
Total funds Carried fowdrd 17
918.738
2.558
302.672
1,223,968
1.184,599
880.096
304,503
Unrnstrk¢•d funds
Ggnoral
Deslgn4t•d
R••lfkt•d
lund•
Total
2023
Income
Donations and lega¢i85
Charitable actyvrtie8
Investment Incorne
1.369
289,568
123.561
1,369
293,068
123.561
Total Income
Exp•ndltur¢
Charitsble aclivrties
400.034
3.292
419,110
Totsl Expenditure
Net incornellexpendéturel
Net movement in funds
4ThJ 034
15.784
419110
14.464
13.292)
(12.2841
(1.1121
R•eonclllallon of funds
Total funds brought forywd
Totsl funds earried foNArd 17
904,274
5,850
314.956
1,225,080
1223.968
918 738
302.672
The notes on pages 12 to 2S form an inte9ral W of these finan¢>al Statern￿ts.
Page 9

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 entrt￿d to exempts.on Irom audrt under
section 477 of the Companles Act 20rK rekting to small companio8.
Directors. resp￿sIbIlities."
The members have not requlred the charity to oblain ￿ audit of its al￿unt8 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¢l￿nts.
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 fina￿la1 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 equrva￿nts 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 l￿uldatK￿.
The address of its registered offKe ks:
Blackbrook Gate
Blackbrook Park Avenue
Taunton
Somerset
TA12PG
2 Accounllng pollcl••
summary of •lgnlfi¢ant I¢￿U￿On9 pollclm and koy •ccountlng e•tlmats
The principal accounting poI￿leS 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$ othe￿158
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 FInar￿la1 Rewting St￿dard 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 c*arity has entillemenl to the in￿rne. it ￿ probabb that the income
will be rtcèived and the amount of the InC￿e reCe￿ab￿ 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 dOnat￿n ts subjed to ¢orKlrbons that require a level of
performance by the charity before the charity is entst￿l 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 prOba￿e that th05e conditson5 wll te fUlfil￿d in the reporting
period.
Legacies are recognised In the perK)d in which tw sre r￿N•d or there is suffIc￿t evhjence
that it is probable the *acy wll be receNed.
Glft ald
In￿me 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 ￿I￿￿bty. 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 i￿lre¢l nature necessary to SUPFQrt them.
Support co8ts
Support costs indude central functi)ns and have been alIc￿stOd lo ¥trvity cost CategO￿S 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 eX￿￿￿￿￿e for it wa$ incurred.
P•3e 13

The Albemarfe Limited
Notes to the FIna￿la1 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 s￿h 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 fum￿h1n98
Stock
Stock is valued at the lower of cost and estimated selling price less costs io cornp￿te and sell, after
due regard for Obso￿te 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
I￿Uld investments that are readity convertible to a kno*n 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 obje￿Ne$ ol the charity.
Designated funds are unrestrtted funds set aslde for 8pg¢ift Purpo￿ at the dig¢retK*n of the
trustees.
Reslrricted income lunds are those d￿ated use In a Part￿lar 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(yyJni*l 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￿ f￿￿181 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 ￿n￿rt11Thty
The weparats'on of the financial ststements in cOnfC￿1ty wth FRS 102 requires management lo make
Judgements. estimates and assumptions that affect the application ol pC￿'r￿S and reported amounts of
assets arKI Ilabililies, income. aThJ exp8n¥es.
Estlmates and judgements are ￿nI#l￿alty 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
Donat￿n8 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$ts & teiephone charges
Water Charges
Computer expenses
Bank charges and Interest
Irrecoverable VAT
Advertising
Sundry
Loan interest
Loss on disposal - unrestricied
L088 on disposal - rostricted
debts
89.236
55,736
9,793
124,250
52.465
10,194
810
4,797
10,399
24,756
11.182
6,801
11.413
15.222
7,812
8,192
3,305
16,187
3,985
5.305
600
2.683
13.344
5,636
3.946
7,203
412
5,179
208
3.985
9,152
14,263
5,590
565
293
253.543
291,424
Support C08t8 are th08e fU￿tiOnS that a88iSt the *x)rk of dwnty L¥Jt do not dire¢Yy undertake
chantsble actNitie8. Support Costs have been alhxated based ¢Jn the concentration of staff and
management time or the use of fao'litkw and spxe as are appropnate to the natu￿ of the actNIty.
8 Staff C￿18
2024
2023
Employmgnt Co•t8
Wages and Saianes
Social security costs
Pensbn ¢￿trIbut￿$
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 numt*r 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 em￿oyee 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 e1￿ible 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 vI￿vn1eers. 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
p￿dged lo secure borrowings of the Charitab￿ company. The charrtable company is not allowed to
pFedge these assets as srfurity for other borr￿1￿j5 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 Cred￿OrS
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 lIa￿litIes, 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 folltr*ing 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 foltr*8'.
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
0￿19n•t•d
Moving on fund
Total unrn8trl¢tsd fund•
2,558
12,558
467.644
921.298
428.444
880,096
Rostrlct•d fund•
Refv￿1$hrnent fund
Vlridor
Taunton Town Charity
SEIF Grant
Big Lottery Station Road
Other Ststion Road Grants
chenette Grant
SCF ACcessi￿e 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￿$.
The Building Research Establishment {LCBPI grant relates to a one off payment ft)r the purpose of
installing photov￿la1¢ panels on the rcof of the building, lo reduce energy costs and improve the
carbon fc¥)tprint of the l)uikling. The Bu Lottery grant abo relates to the installation costs of the
photovoltaic panels.
The TDBC grant and the kitchenette grants We￿ for expenses in reLition to the purchase of catering
èquipment for activilies and lor the on srte kitchen.
Changing places.. Somerset Communty Foundation prowded the centre ￿th a grant from the
Discovery Community Fund. This grant funding vras for Ihe purw8e of instslling our accessible
changing places loilel lo prov*Je the Centre's ￿SitOrS wrth suitable fac11rt￿ for complex noads.
Public Ilvlng ro￿.. The Somerset Communty Foundabon grant fundirvJ ro￿18$ 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.
Suffi￿ent re￿UrCeS 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 tO￿ardS moving cost and lo assist wrth expenses related to
8cquin.ng a new accommodation. As the proj￿1 evolved the funds wère used to ar￿mmOdate 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
obs*d by the charty.
Tim Walker a trustee ol the charity B also a trustee for Somerset Communty Foundat￿n. 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 p*d £26 (2023.. £Nill. At the year end, £Nil12023'. £Nil) was
0￿ed by the chanty.
During the pievious year buihJing work on Centre and supported housing properbes was Carried
out ty R & J Sweet Building sery￿e$ Ltd. Semces charged totalling £Nil 12023.. £79.4601 were
carried out by R & J Sweet Bui￿Ing ServKes Ltd. At the year end. £Nil12023." £Nill was D￿d 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