Company registration number". 0166g808 Chanty registration number.. 285867 The Albemarle Limited (A company limited by guarantee} Unaudited Annual Report and Financial Statements for the Year Ended 31 March 2025 ocm acmole The Albemarle Limited Contents Reference and Administrative Details Trustees. Report 2108 Independent Examinerfs Report Statement of Financial Acb"vih"es 10 Balance Sheet ststemenl of Cash Flows 12 Notes to the Financial Slatements 13to26 Tho Albemarfe Limited Reference and Administrative Details Trustees Mr T J Walker LLB (Chair} . A J Alderman N Jordan (resigned December 2024) C G Melbr L Brown A Hobbs {re5igned February 2025} S Richards L Dobson Cllr R Lees (resigned July 20241 Cllr S Lees Irestgned July 2024) M Coulson (appointed 9 June 20251 B Vickery (appointed 10 March 202S) S¢eretary Mr T J Walker LLB {Chair} Charity Registration Number 285867 Company ReglstratEon Number 01669608 The chattty is inLX)rporaled in England & Wales. Registered Office Albemarle Cenlie Albemarle Road Taunton Somerset TA1 1BA Independent Examiner Sarah TY4isl FCA DChA A C Mole LLP Stafford House Blackbrook Park Avenue Tavnton Somerset TA12PX Page 1 The Albemarle Limiled Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial slalements of the charitable company for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in the notes lo the financial statements and compty witt) the charilable Gompany's Irusl deed, the Companies Act 2006 and 'Accounling and Reporting by Challhes-. Stalement of Recommended Practice applicable lo chatilies preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" {effeclive 1 January 20191. Objectives and activities The objectt.ves of the charity are to provide fa¢ilibes for. and promote the interests of. disabled and disadvantaged persons generally within the Taunton area. In 1982 the Charity acquired Ihe freehold of what is now the Ajbemarle Centre, a former Baptist chapel. which has been converted lo offer a w￿e range of room Sp￿ in which aclivities relevant lo the Charity's objeelives are developed. Since 1982. the Charity has progressively acquired the freeholds of five lerraeed houses in Albemarle Road. Taunlon. These properbes have been converted into supported accommodation for eurrenty 12 residents with support needs. In 2011, the Charity acquired thè freehold of a large property in Stabon Road. Taunton. which was subsequently converted ir)10 8 further five units of supported accommodation. The Chaiity works closety with Officers of Somerset Council. along with other slalutory and voluntsry bodies, lo achieve it's aims of supporting the local community. In providing facilities to support individuals of the community within the Taunton area, we have also developed the Centre into a hub that many community members make use of. Somersel Skills and Learning are an organisation that occupy 3 of our rooms on a permanenl basis to hold a range of courses. available lo the public. We currenlty have three independent counci110ts working out of our rooms, helping a range of clients found both externally. and from within the Cenlrè itself. In August 2022. we finished work on our café, creating a space for meetings and socialisin9 that has more of a calm, relaxing atmosphere compared to the mainstream cafés in Taunton town eenlre. The trustees confirm Ihal they have referred lo the guidance contained in the Charity Commissione¢s general guidance on public benefil when reviewing the trust's aims and objectives and in planning future acts"vilies. We currently have one volunteer who works in the ￿ntre for two days a week. This individual helps our staff with cleaning and maintenance. He is seen as a valued rnember of thè team and we greatly appreciate his contribution_ All our trustees are volunteers. The main objectives and activities for the current year were.. the provision of supported housing_ providing support trj our dients wth leaming disabilitses. mentsl heatth difficulties and other restrictive diagnoses. providing s(Kial and low-key facilib.es for community members. including disabled or otherwise disadvantaged people. with support needs. in the calchmenl aTea. Page 2 The Albemarle Limited Trustees. Report (continued) To meet these obJ'e¢lives. the Charity continued to worf( in partnership with slatulory and other agencies to ensu￿ thal the range of seN￿S availab￿ matched the needs of its client population. We continue to mainlain and improve our housing sfl￿k to ensure comfortable living for our lenanls. We currently have 16 self-contained flats. ATI flats were occupied al the year end and demand for the accommodation is high. These flats are within some older buildings which presents some challenges in regard to upkeep. However we have a dedicated housing manager who monitors changes in landlord18W to ensure we are fully compliant with any updates. Our supported living provision is not tied lo the tenancy. We have clients that are tenants and clients out in the community- 11 is important to us that clients are able lo choose who provides their support. Where support is provided by the Albemarle this is provided under a Somerset Council contract or privately. Clients are visited by Somerset Council's soual Workers to ensure third party reviews are taking place and the clienl'5 best interest and need$ are being eonsidered. We continue lo provide training lo our support team so that Ihey are equipped wilh all the knowledge they require lo provide an eX￿lIent support Servi￿ to our dients. The Centre continued lo be the base for all of our activities. as well as a space for the conferenang and room hire we offer. There are 6 main meeling rooms, which vary from a small room for 4 people, up to our large loft space which holds up lo 100. We find that use during the year ebb and flow with external factors such as school holidays or political changes whidi impad business cashflow. Our hirers are made up of a mix of familiar faces who use us on a regular basis. and tsn￿ff hi￿r$ who come from all over the UK for our facilitses. We have conb'nued to maintain and improve the ¢entre. to provide a stsble. familiar environment lo all our users. including Ihe general publi¢. Our 'Shared Spaces. Hub hosts small and medium svzed organisations working within sectors related to the Albemarle's social objectives. This has proved to ￿ popular. Occupancy of the Hub has been full throughout the financial year and those working in the Hub are finding benefits from building relationships with each other. In the short term, Ihe trustees and staff at the Albemade want to continue to provitje a safe. friendly environment that members of the community feel Ihey can make use of. One of the ways that we can do this is by ensuring the staff team in place a￿ ready to support a range of physical and mental needs. Staff undergo Iraining to gwe them the skills they require to react appropriately and consistently. Whi the staff team is only small lon average 8 staff in 2024r251, we feel that this allows us to get to know the clients individually, to give the seNice a more personal touch. Staff also use these skills in the Centre to ensure that any visitors are welcomed in a friendty, comforting manner that allows them to relax while visrting us for conferences, appointments and even just short SOCi81 sessions. In the long term, the Iruslees WOLJld like lo see the Albemade ￿nIInue lo grow, to allow us lo help more individuals that might nol be alAe lo get everything they need from a larger provider. The rdationships we have built from being a smaller organisation wll continue to grow with us as we lake on more clients, likely with a bigger range of physical and mental needs We would use saved funds to invest in more housing stock near to the ￿ntre. to ensure we are on hand lo help our clients when needed. Page 3 The Albemarle Limited Trustees, Report (continued) In 2025126, one of the difficulties we face in the Centre is that il is a 150 year old building. As such, we use a lol of electric and gas to keep all of the rooms warm in the winter, and il is not possible lo keep all of the rooms cool in the summer. This c2n mean that the experience our visilois and hirers have here throughout the year isn't as welcomirbg as it could be. Our main goal for 2025126 is lo make changes to the building that fix the temperature problems we have been facing, while upgrading the building lo ensure il is healedlcooled in an environmenlalty friendty way. As we lake on more clients, we are starting lo see our staff resource become slrelched, which puls al risk our goal of providing a personal service lo the clients. To combat this, we are making use of a bank of select relief staff for the first lime thi5 year. The Albemarle's charitable putpose is lo pror￿te inclusivity, equality. compassion and empowetmenl within our local community. To achieve Ihis. Ihe charity delivers inter-locking strands of aclivty that together maximise public benefil. First. our Supported Living Service provides bespoke, person-centred support to around seventeen vulnerable adults each year, whether they resKle in Albemarle accommodalion or independently in the wider community. By allowing each client to choose their preferred support provider and by welcoming regular Ihird-paty reviews from Somerset Council soaal workers, we ensure every individual receives high-qualrty care that safeguards independence and dignity while reducing reliance on statutory services. Second. the Community Centre operates as a thriving civic hub. hosting a wide range of Ihird-seclor and public-seclor organisats.ons whose own missions align with our social obieclives. Footfall typically averages two-thousand visitors each week, Illustrating Ihe Centre's pivotal role in fostering social cohesion, lifelong learning and cross-generalional engagemenl. Third, our portfolio of Supported Housing supplies safe, affordable accommodation that underpins the effectiveness of our support work. Maintaining these properties lo a good standard enables residents lo slabilise their lives and participate fulty In the wider community. thereby advancing our overarching goal of empowèmenl. The Albemaile's main objectives are to help disabled 01 disadvantaged Individuals In Taunton, but it goes further than that. A lol of the individuals that we work with every day struggle in one or more areas of their life and often don't feel they ffl in. We want to be the provider that makes a difference in our client's and visitors lives. We want lo put the persorkal touch on our support services that no other provider can achieve due to scale restn"cts"ons. Il's about how the client feels and whether we aTe givin9 them the time and service they need. This also extends to the Cenlre. We want lo provide a warm and welcoming environmenl, that visitors might not experience outside of our centre. Our main strategy is to sland by and tnaintain our CQTe values and beliefs. Our values ale." Respect and dignity Inclusivity and equalty - Transparency and accountability - Compassion and empowerment Professionalism and integrity - Person-cenlred approach By monitoring our 9081 progress, looking after our staff. dients and visitors and keeping a healthy level of funds in reserve, we can ensure we conlinue to meet our aims and objectives. Page 4 The Albemarle Limited Trustees. Report Icontinued) Flnan¢lal review ReseNe8 policy The trustees reviewed their reseives policy in November 2024 and have established a policy to ensure the sustainability of the charitsble activities. while allowing for flexibility in responding to unexpected challenges and opportunibes. The purpose of the policy is to.. Ensure that The AlbemaJ1e Ltd can continue 115 operalions and meet its charitable objectives during periods of financial or unexpected expenditure. - Provide a financial buffer to protect the charity from unforeseen risks. - Support the charity's ability to Invest in future projects and developments where appropriate. - Comply with the Charity Commission's expectations for transpaienl firkancial management. The trusteès of The Albemarle have undertaken a risk assessment when determining the appropriate reserves level considering income stability. expenditure variability and operational risk. Based on the assessmenL the charity aims lo hold reserves equivalent to a minimum of three months and a maximum of four months of operats.ng costs. Using the budgeted expenditure for 2025126, this amounts to a wuired reserve level of £120.000 - £160.000. The level of free reserves at the end of the financial year were £227.712 (2024 £173,018). The actual level of reserves is higher than the requirements of the policy. however there are some financial pressure points expected in the 2025126 year. These include remedial work required al three of the flats. and damp WOTks in the communal areas. These addtlional costs and resulting rental income void periods will be covered by the additional free reserves hekj. Investment policy The Charity musl retain £2.000 in reserves to help cover maintenan¢e ¢osts of the Centre. which dates from 1875. Aside from this amovnL most funds are spent in the short term. Risk management The trustees have reviewed on a monthly basis the financsal position of the charity. Our Financial Controller has continued to work hard to manage expenditure and this has enabled us to maintain a good bank balance. The Iwstees continue to review all majoi risks to which the charitable company is exposed and systems are in place to mitigate those iisks. OperaborTral tisks are managed by delegats'on lo ensure compliance with health and safety and other poliues and procedures by staff. volunteers. clients and visitors to the Cenlre. External funding risks continue to be millimised by diversification of both funding and activities. Internal financial risks are managed by the implementation of authorisation procedures. The Charity has strong ffinartcial management along wth good finanual report¢ng. Budgets continue to be well controlled by senior managers, who recognise and maintain the need for excellènt service delivery alongside ensuring that overheads are kept as low as possible. These accounts have been presented on a going concem basis as the trustees bdieve the Charity has sufficienl resources lo pay ils liabilities as they fall due for a period of al least hvelve months from the date of issue. Page 5 The Albemarle Limited Trustees, Report (continued) Principal funding sources The areas of acbvily funded by renewable contracts aTe managed al senior level and reviewed regularly lo ensure client salisfathon. Day lo day running costs are underpinned by hiring a selecb.on ol rooms lo provide good quality conference and catering facilities al reasonable cost. Grant funding is sought for specrfic proieds. The charity is wèll placed to grow its activities as more businesses and users ale able lo wneet at the Centre following the COVID crisis and the facilities which the charity is able lo offer are more needed than ever. We continue lo be grateful for the generosity of the local community. which enables the Centre lo provide activities and servi￿5 for those in Part￿￿lar need and contributes to a secure financial future for the Charity- Plans for thè future Overview The Charity works closely with statutory and other agenaes, to help address gaps in provision and continually seek lo adapt both the Centre and our seNices lo meet changing needs. We have. as slated in our previous yearfs accounts. used reseNes in excess of the Reserves Poliw to purchase further residential units. Further improvemerbl WOTks to our facilities will continue particularly as we improve the residential accommodalion of the Charity as funds generated from our activities permil. The Charrty recognises the continuing challenging financial environmenl and anticipates thal with on.going government and local spEnding reviews contracts may cease or there may be changes in the way services are commissioned. Senior managers will continue to seek opportunities to apply for atternalive funding to help underpin the main charitable aims as well as fund new services in development. The Charity appreciates the continued support of all the users of our lacilities and believes that the Charity continues lo make a difference lo the lives of the community. which thè Charity supports. structure, governance and management Governing doeument The charity is a charitaNe company limited by guarantee and was incorporated in 1982. 11 is governed by a Memorandum and Articles of Association under company number 01669608. The company is also registered with the Charity Commission under number 285667. Governing body The governing body is the Board of Directors, Ihe members of which are both directors of the company and charity Iruslees, for the purposes of charity law. Page 6 The Albemarle Llmited Trustees. Report {continued) Trustees and officers The trustees. who are also the directors for the purpose of company law, and who served during the year were.. Tru8tees Mr T J Walker LLB {Chairl A J Aklerman N Jordan (resigned December 20241 C G Melk)r L B￿Thwn A Hobbs {resigned February 20251 S Richards L Dobson Cllr R Lees (resigned July 2024) Cllr S Lees (resigned July 20241 M Coulson (appointed 9 June 20251 B Vthry (appointed 10 March 2025) Recruitment and appointment of trnstees In accordance with the Memorandum and Articles of AssrKiation each director is elected for a period of up lo three years after which they resign and may stand to be re-elected. Elections lake place at the Annual General Meeting. The Board of Directors has power lo co-opt additional directors as is necessary. When considering appointing additional directors, the Board has regard to the skills that those people can bring to The Albemarle Limited. Dlreetors Intèrèsts The directors have no interests as the company is limited by guarantee and has no share ¢apital. Page 7 The Albemarle Limited Trustees. Report (continued) Statement of tru$tees' responsibilities The trustees (who are also the éioclors of The Albemade Limited for the purposes of company lawl are responsible for p￿parIng the trustees. report lincorporaling the directors. reportl and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards, including FRS 102 "The Financial Reporting Slandard applicable in the UK and Republic of Ireland" Iunilèd Kingdom Generally Accepted Accounting Praclicel. Company law requires Ihe trustees lo prepare financial slatements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required lo. select suitable accounting FX)lioes and apply them eonsislenUy- obserye the methods and principles in the Charities SORP.. make judgements and accounting eslimales that are reasonable and prudent.. stale whether appIl￿ble UK Accounts"ng Standards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial stalements on the going concem basis unless il is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for maintaining proper accounhng records which disclose wilh reasonable accuracy at any time the financial position of the charitable compsny and enable them lo ensure Ihal the financial statements compty wth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and éetection of fraud and other irregularities. The Iruslees are responsible for the Maintenan￿ and inlegrily of the corporate and financial information included on the charitable companys websile. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from I￿lsIatIon in other jurisdictions. The annual report was approved by the trustees of the charity on 8 December 2025 and signed on ils behalf by MrTJWa Trustee ker LLB jchair) Page 8 The Albemarle Llmited Independent Examinerfs Reportto the trustees of The Albemarle Llmited {'the Company'l I report lo the charity Iruslees on my examination of the accounts of the Company for the year ended 31 March 2025. which are set out on pages 10 to 26. Responsibilities and basis of report As the charity's trustees of the Company {and also its d1￿CtorS for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'Ihe 2006 ACYI. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 20Q6 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act,). In carrying out my examinabon I have followed the Directions given by the Charity Commission under section 145151{bl of the 2011 Acl. Independent examiner's slatemenl Sin* the CoMpan￿S gross income exceeded £250.000 your examiner musl be a member of a body listed in seetion 145 of the 2011 Act I confim) that l am qUali￿d to undertake the examination because l am a member of Ihe Institute of Chartered A¢¢ountants England & Wales. which is one of the listed bodies. I have completed my examination. l ¢onlirn that no maltets have ￿rne to my attention in connection with the examination gÉving me cause to believe". 1. accounting rècords were not kept in respect of The AbemaTfe Limited as required by section 386 of the 2006 Act., or 2. the accounls do not accord with those accounting records" or 3. the accounts do not compty wrth the accounting requirements of sectK)n 396 of the 2006 Act olher than any requirement that the accounts give a 'true and fair vievl which is not a matter considered as part of an independent examination. or 4, the accounts have not been prepared in accordance with the methods and principles of the Statement of Recornmended practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepuNic of Ireland IFRS 102)]. I have no concerns and have come across no other Matters in ￿nneCtion with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Sarah Twist FCA DChA A C Mole LLP Slafford House Blackbrook Park Avenue Taunton Somerset TA12PX Date".. Page 9 The Albernarle Limited Staternent of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account) Unrestricted funds Gonoral Dosignatod Restriclod funds Total 2025 Income Donations and legaaes Charitable activib.es Investment income 247 312,496 171.055 247 337,496 171,055 25,000 Total Income 483,798 25,000 508,798 Expenditure Charitable activities 1467.646) 134.9851 1502,631 502,631 Total Expenditure 467,646 34.98S Net incomellexpendilurel Transfers be￿een funds 16.152 5.000 19.985} 5,000 6,167 Nel movement in funds 21,152 114,985} 6,167 Reconclllatlon of funds Total funds brought forward 880.096 304,503 1,184,599 Total funds carried forward 16 901,248 289,518 1,190,766 Unrestricted funds General Dosignated Restricted funds Total 2024 Note Income Donations and legacies Charitable acliwlies Investment income 3,460 286,819 136,165 3,460 298,443 136,165 11.624 Total In¢ome 426,444 11.624 438,068 Expenditure Charitable acliwlies 2,558 9,793 477,437 Total Expendilure 465,086 2,558 9,793 477.437 Net lexpendilurellincome 38,642 2.558} 1,831 39,369 Net movement in funds (38,642) 12.558} 1,831 139,3691 Reconciliation of funds Total funds brought forward Total funds carried forward 918 738 2.558 302.672 1.223.968 16 880,096 304,503 1,184,599 The note5 on pages 13 to 26 forni an integral part of these financial slalements. Page 10 The Albemarle Limited (Registration number: 01669608) Balancè Sheèt as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets 11 1.636,151 1,696.017 Current assets Stocks Debtors Cash at bank and in hand 12 13 1,013 47.0 203,135 251.244 1.238 37.626 168,349 207,213 Credltors: Amounts falling due within one year Net currfjnt assets 14 42.1071 44,981 209,137 162,232 Total assets less eurrent Ilablliiies 1,845,288 1,858.249 Creditors- Amounts falling duo after more than one year 15 Nèt assets 654,522} 1.190,766 (673.650 1,184,599 General Funds Restricted funds 901,248 289.518 880,096 304,503 Total funds 16 1,190.766 1.184,599 For the financial year ending 31 March 2025 the charty was entrt￿d lo exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors. responsibilities-. The members have not required the charity to obtain an audit of ils accounts for the year in question in accordance with section 476.. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to a¢￿￿ntIng records and the preparation of accounts. The financial statements on pages 10 to 26 were approved by Ihe trustees, and authorised for issue on 8 December 2025 and signed on their behalf by.. MrT Trustee alker LLB (Chairl The notes on pages 13 to 26 form an Integral part of these financial stalemenls. Page11 The Albemarle Limited Statement of Cash Flows for the Year Ended 31 March 2025 2025 2024 Nolo Cash flows from opÈratlng aetivltlès Net cash incomellexpendilurel 6,167 139,3691 Adju5lments to cash flows from non 2 Accounting policies {continued) Donations and legaeies Donations are recognised when the charity has been notsfied in writing of both the amounl and settlement dale. In the event that a donab.on is subject to condib.ons that require a level of performance by the charty befoTe the charity is entitfed lo the funds, the income is defeired and not recognised unlil either those conditions are fully mel, or the fulfilment of those conditions is wholly within the control of the charity and il is probable that these corbdilions will be fulfilled in the reporting period. Legacies are recognised in the pefiod in which they are received or where there is sufficient evidence that il is probable the legaGy will be received. Gift aid Income lax recoverable in relation to the donatsons received under Gift or deeds of covenant is recognised al the time of the donation. Inv¢$tment income Interest on funds held on deposit is included when r￿1Vable and the amount can be measured reliably by the charity., this is normalty upon nolilieation of the interest paid or payable by the bank. Expenditure All expenditure is recognised once there is a Wal or constructive obligation to that expenditure, it is probable settlement is required and Ihe amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar cosls to that category. Where costs cannot be directly allribuled lo partiCLJlar headings they have been allocated on a basis consislenl with the use of resources. Charitable actlvities Charitsble expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for ils benefi'ciaries. It includes both costs that can be allocated direcuy to such activities and those costs of an indirect nalure necessary to support them. Support costs Support costs include central functions and have been allocated to actrvity cost calegortes on a basis consistent with the use of resources, for example, allocating propetty cosls by floor areas, or pei capila, stsff costs by the time spent and other costs by their usage. Irrecov8rable VAT Irrecoverable VAT is charged against the category expenditure for which it was incutred for significant Iransaclions. Taxatlon The charity is a registered charity and is, therefore. exempt fiom liability lo laxalion on it's income and pital gains, to the exlenl that such income or gains are applied exclusively to charitable purposes. Page 14 The Albemarle Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 {continued) 2 ACCOUn￿ng pollcles (continued Tanglble flxed a$$¢t$ Tangible fixed assets are initialty recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depre¢iation and amortisation Depreciation is provided on tangl1￿e fixed assets so as to wrtte off the cost or valuation. less any estimated residual value. over their expected useful economie life as follows". Asset class Land and buildings Sheltered housing conversion Equipment and furnishings Depreciation method and rate 2.kn on cost 2% on cost 100A on Cost The cost of minor additK)ns literrks under £500) are not capitslised. Stock Stock is valued at the lower of cost and estimated selling p￿￿ ￿s5 costs to complete and sell. after due regard for obsolete and slow moving stocks. Cost is determined using the ffirst4n, firsl-out {FIFOI- Cash and cash equlvalents Cash and cash equivalents compnse cash on hand and call deposits. and other short4erm highly liquid investments that are readity convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structurè Unrestricted income funds are general funds thal are avaiLable for use al the trustees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purpoges, the Use of which is restricted to that area or purpose. Pensions and other post retirement obligations Employees of the charty are entitled lo join a defined contribution pension scheme. Pension contributions in relation lo defined Conlribulion schemes are recognised as an expense in the statement of Financial Activities as incurred. Financlal Instruments The Charity oniy enters inlo basi¢ financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors tc¥Jelher with loans to related parties. Debt instruments, such as Irade debtors and creditors. are Initial￿ measured al transaction price and subsequently measured at amortised cost. Financial assets are assessed al the end of each reporting peri(Kl for objective evidence of impairment. If objective evidence of Impalm￿nI is found, an impairment 105s is recognised in the income statement. Page 15 The Albemarle Limited Notes to the Financial Statements for the Year Ended 31 March 2025 {continued) 2 Accounting policies (continued Critical a¢¢ounting judgements and estimation uncertainty The preparation of the financial stalemenls in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the applicalion of policies and reported atnounls of assets and liabililies. income, and expenses. Eslimales and judgements are CDnlinually evaluated and are based on historical experience and other factors, including expectations ol future events that are believed to be reasonable under the circumstances. The charity makes estimates and assumptions concerning the ￿ture. The resulting accounting estimates will, by definition, sddom equal the related actual results. The Trustees consider that there are no critical accounting eslimales and judgements which have a significant risk ol causing a malerial adjuslmenl to the carrying amounts of assets and liabilrties within the next financial year. 3 Income from donations and logacigs Unrestricted funds Restricted funds Total 202S Donations and legacies 247 247 247 247 Unrestricted funds Restricted funds Total 2024 Donations and legacies 3.460 3,460 3,460 3,460 Page 16 The Albemarle Llmited Notes to thè Financial Statements for the Year Ended 31 March 2025 (continued) 4 Income from charltable aetfvities Unrestrlctod funds Restricted funds Total 2025 Contracted Support & Housing Catering Support for Vulnerable AduKs Room Hire Other grant income 172,508 27.492 172,508 27,492 646 111,850 25,000 337,496 111.850 25,000 25,000 312,496 Unrostricted funds Restricted funds Total 2024 Contracted Support & Housing C8tering Support for Vulnerable Adults Room Hire Other grant income 129.747 29.530 27.403 100.139 129.747 29,530 27,403 100,139 11,624 11,624 286.819 11.624 298,443 5 Investment Income Unrestrlcted funds Restricled funds Total 2025 Interest re￿Iva￿e Property income 340 170,715 340 170,715 171,055 171,055 Unrestricted funds Restricted funds Total 2024 Interest receivable Property in¢ome 457 135.708 457 135,708 136,165 136.165 Page 17 The Albemarle Limited Notos to the Financial Statements for the Year Ended 31 March 2025 (continued) 6 Expendituie on chaiitable actlvltles Unrestricted funds Designated General Restricted lunds Total 2025 Note Contracted Support & Housing Catèring Support foi Vulnerable Adults Room Hire located support costs 158,904 39.234 21,000 179,904 39,234 39 24.566 39 24,566 244,903 13.985 258,888 467,646 34,985 502,631 Unrestricted funds Designated General Restricted funds Total 2024 Note Contracted Support & Housing Catering Support for Vulnerable Adults Room Hire Allocated support costs 2,558 149.465 38.977 152,023 38,977 10.656 22.238 10,656 22,238 243.750 9,793 253,543 2.558 465.086 9,793 477,437 Page 18 The Al￿MarIe Limited Notès to the Financial Statements for the Year Ended 31 March 2025 (continued) 7 Support Costs 2025 2024 Staff costs Depreciation - unreslncted Deprecialton - restricted Heat & light- restricted Heat & light- unrestricted Insurance Repairs & Maintenance Professional feès and subs Office costs & telephone charges Water charges Computer expenses Bank charges and interest Irreeovera￿e VAT Adverb"sing Sundry Loan interest Loss on disposal- unreslllcted Ba¢J debts 88,806 59,509 9,985 4,000 5,849 12.011 22,227 11,298 3.714 4.365 3.642 557 7,975 2.736 3.636 13.449 5.129 89,236 55,736 9,793 6.801 11,413 15,222 7,812 6,192 3,305 16,187 3,985 5,305 600 2,683 13,344 5,636 293 258,888 253,543 Support costs are those funcb.ons that assist the work of Ihe charity but do not directEy undertake charitable activities. Support costs have been allocated based on the concentration of staff and management lime or the use of facilities and space as are appropriate to the nature of the activty. 8 Staff costs 2025 2024 Employment Costs Wages and Salaries Social security costs Pension conlribulions 237.764 15,459 4,950 226,251 13,409 4,465 258.173 244,125 Page 19 The Albemarle Limited Notes to the Financial Statements for the Year Ended 31 March 2025 (conllnued) 8 Staff costs Icontinuedl The average monthly number ofemployees during the year was.. 2025 No 2024 No Number of employees 10 The Iruslees did not receive any remuneration and were not accruing any benefits under pensions sehemes from the charity (2024.. None). No trustees 12024-. 11 was reimbursed for reasonable expenses during the year 12024." £171. The key management personnel of the charity comprise the trustees and the Senior managers of the Centre. The lolal empk)yee benefits of the key management personnel of the charity were £55.925 12024. £53,456). A defined conlribub'on pension scheme is made available to all eligible employees. The efnployer costs of this scheme was £4,9SO 12024". £4.4651. There was an outstanding liability of £986 {2024.' £1.0601 al the year end. The charity benefi'ts greatly from the involvement and support of ils volunteers. In accordance with FRS 102 and the Charities SORP (FRS 1021 the economic contribution of general volunteer8 is not recognised in the accounts. The full lime equivalent staff numbers for 2025 were- Contracted support & ho4Jsing 3 (2024.. 41, Catering 1 {2024'. 11 and General staff 312024.- 31. Total 7 {2024. 8}. During the year. settlement agreements of £3,288 (2024". £Nil} were reached with tnembers of Staff. There were no ernployees wlh remuneratson above £60.000 in the year12024". None). 9 Independent examiner's remuneration 2025 2024 Fees to examiners Independent examination fee Accountancy services 1.770 4,765 1,670 4,010 6,535 5,680 Page 20 The Albemarla Llmited Notes to the Financial Statements for the Year Ended 31 March 2025 (eontinuèd) 10 Taxatlon The charity is a regisiered tharity and is therefore exempt from taxation to the extent that such income or gain is applied io chaiitalAe purposes. 11 Tangible fixed assets Sheltered houslng conversion Equipment and fumlshing$ Land and buildings Total Cost Al 1 April 2024 Additions Disposals Al 31 March 2025 1,516,238 445 697,568 14,761 286,199 2,500,005 15,206 15,7581 15,758) 1.516.683 712,329 270,441 2,499,453 Depreclatlon Al 1 April 2024 Charge for the year Eliminated on disposals 452,203 30,396 224,745 13.683 127,040 25,415 10,180 803,988 69,494 10,180 At 31 March 2025 482,599 238.428 142,275 863,302 Net book value At 31 Marth 2025 1.034.084 473.901 128.166 1,636,151 At 31 March 2024 1.064.035 472.823 159.159 1,696,017 Freehold land and buildings with a carrying amount of £1.019.526 {2024." £1,034,838) have been pledged lo secure borrowings of the charbtable company. The charitable company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. 12 Stock 2025 2024 Finished goods and goods for resale 1,013 1,238 Page 21 The Albemarle Limited Notes to the Financial Statements for the Year Ended 31 March 2025 (continued} 13 Debtors 2025 2024 Trade debtors Prepayments and accrued income Other debtors 29,SD2 14.906 2,688 21,787 15,823 16 47,096 37,626 14 Creditors- amounts falling due within one year 2025 2024 Bank loans Trade creditors PAYE 18,575 2.008 4,063 1,767 2,536 13,158 15,786 14,543 4,126 1,107 2,609 6,810 VAT Other creditors Accruals 42,107 44.981 Creditors due within one year includes the following liabililies, on which security has been given by the charity-. 2025 2024 Bank loan 18,575 15,786 15 Creditors: amounts falling due after one year 2025 2024 Bank loans 654,522 673,650 Certain freehold propety has been pledged as security againsl bank t)orrowings. There is a Tridos loan in operatÈon repayable over 20 years at a rate of 3.50A above base rate. The outstanding balance of £457.348 12024". £469.4361 is secured by a legal charge on 5,7,8 & 9 Albernarle Road and 116 Slalion Road Taunton. There is 8 seeond Tridtss knan in operation repayable over 20 years al a rale of 3.75 /0 above base rate. The outstanding balance 21 the year was £215.749 12024". £220.000) is secured by a legal chargè on 19 Ajbemarle Road, Taunton. Page 22 The Albemarlo Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 (continued) 15 Creditors: amounts falling due after one year {¢ontinued) Creditors amounts falling due after more than one year indudes the following liabilities. on which security has been given by the charity.. 2025 2024 Tridos bank loan 654,522 673,650 Induded in the creditors are the folbwing amounls due after more Ihan five years.. 2025 2024 After more than five years by inslalmenls 563.315 594,621 16 Funds Balance at 1 Aprll 2024 Balanee at 31 March 2025 In¢om¢ Expenditure Transfers Unreslricted funds 880.096 483,798 467,646 5,000 901,248 Restrl¢ted fund$ Refutbishment fund Viridor Taunton Town Charity SEIF Grant Btg Lottery Station Road Other Station Road Grants Kilchenetle Grant SCF Accessible Changing Places Toilet Public Living Room Fund Energy Improvement Funding SCF Force for Good Funding Help through Winter Grant 10.072 9,337 1.656 216,398 8,762 {297) {346) (51) 16.042) {179) 9,775 8.991 1,605 210,356 8.583 7.972 6.188 {163} {432) 7,809 5.756 29.105 8,389 12,273} {70) 26,832 3,319 15,0001 6,624 {132) 6.492 5.000 20.000 15.000} {20,000} 34.985 304.503 5,000 289.518 Total funds 1.184,599 508.798 502.631 1. 190.766 Page 23 The Albemarl8 Limiled Notes to the Financial Statements for the Year Ended 31 March 202S (continued) 16 Funds {continued} Balance al 1 April 2023 Balance at 31 March 2024 Income Expenditure Unreslricled funds 918,738 426,444 1465,086) 880,096 Deslgnated Moving on fund 2.558 2.558 Total unrestricted fvnds 921,296 426,444 467,6441 880,096 Rostrict8d funds Refurbishment fund Viridor Taunton Town Chaiity SEIF Grant Big Lollery Slalion Road other Station Road Grants Kitchenette Grant SCF Accessible Changing Places Toilet Public Living R(x)m Fund Energy Improvement Funding 10,369 9.683 1,707 222,390 8,941 8,135 6,610 12971 13461 1511 {5,992) 11791 11631 14221 10,072 9,337 1,656 216.398 8,762 7,972 6,188 31,378 3.459 {2,2731 1701 29,105 8,389 6,624 5.000 6.624 302.672 11.624 19,7931 304,503 Totsl lunds 1,223.968 438,068 477,4371 1,184,599 Page 24 The Albemarle Limited Notes to the Financial Statements for the Year Ended 31 March 2025 (Continued) 16 Funds {¢ontinued) Restricted Funds The Refurbishment fijnd relates to giants recetved for improvements lo the loft floor, ceiling and automatic doors. The grant is for specific items and is not lo be used for any other purpose. Fixed assets of an equivalent amoLsnt have been capitalised and are deprecialed over their anticipated useful lives. An amoijnt equal to this deprecialion is deducted from the restricted fund annually. The Viriéor graftl relates to a olle￿ff payment towards the cost of renewing the Centre windows. The Taunton Town Charity grants relate to grants towards the cost of specific costs of the refurbishment of the flals and towards the cost of specific equipment to enhance learning opportunities for clients attending acb'vities in the premises The Social Enterprise Investment Fund ISEIFI grant is tovrdrds the cost of purchasing a property to provide further supported housing at Stalion Road. Fixed assets of an equivalent amount have been capilalised and are depreciated over their antiopated lives. An amount equal lo this depreciation is deducted from restricted funds annualty. Additional costs incurred in the redevelopment and re-use of this buiksing are part funded by additional bank borrowngs. Other works are ftjnded by a further Big Lollery grant and other smaller grants given sperificalty for stab.on Road and for ongoing Centre activities. The Building Research Establishment ILCBPI grant relales to a one off payment for the purpose of installing photovoltaic panels on the roof of the building, lo reduce energy costs and improve the carbon footprint of the building. The Big Lottery grant also relates to the installation costs of the photovoltaic panels. The kilchenette grants were for expenses in relation to the purchases of catering equipment for activities and for the on site kitchen. Changing platss". Somerset Community Foundation {SCF} provided a one off payTnent for the purpose of improving our ackn'vitylday service room, to change it into a public living roorn. They also provided Ihe'Force for Good, Funding lo help support our clients. Public living room.. The Somerset Community Foundation grant funding relates to a one off payment for the purpose of improving our acts"vitylday Servi￿ room, to change il into a public living room. During the year £5,000 was transferred lo unreslricled fvnds representing experbditure on public living room staff c051s incurred durin9 the prewous year. Energy improvement funding.- Installation of 8 x Dimplex Quantum heaters in the main living room of 8 one-bedroom flats. with reallocation of some of the more up to dale secondary healers in some olher properties. Quanlurn Dimplex is the heating system recommended in Energy performan￿ Cetb'li¢ales as being the most efficient system for reducing heating costs. The Help Through Winter grant was provided to help us support those in the community wtth addib'onal needs over the vAnter. Sufficient resources are held in an appropriate form to enable the atKsve fvnds to be applied in accordan¢e wilh ￿Strict10n$ imposed. Designated Funds The 'Moving On, fund is lo support tenants from 'Me & My Home. project who become increasingly independent. Funds should be used towards moving cost and lo assisl wrf(h expenses related lo acquiring a new accommdation. As the project ev0￿ed the funds were used to alxommodate the upkeep of the buildings. Page 25 The Albemarle Limited Notes to the Financial Statements for the Year Ended 31 March 202S (continued) 17 Analysls of net assets beiwoen funds Total funds at 31 March 2025 Unrestricted funds Restricted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total nel assets 1.346,633 251,244 142,1071 1654.522} 289,518 1,636,151 251,244 142,1071 1654,522 1,190,766 901,248 289.518 Total funds at 31 March 2024 Unrestricted funds Restricted lunds Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 1,396.514 202.213 {44.9811 {673.6501 299,503 5,000 1,696,017 207,273 {44,9811 673,6501 880.096 304,503 1,184,599 18 Related party transactlons During the year, Clare Mellor a ItU51ee of the charity was also a director of Melrose F4r Ltd. Fees of £455 12024". £338} weie paid to Melr05e HR Ltd for rectuitrnenl services. Al Ihe year end, £Nil12024'. £Nill was owed by the charity- During the year. Tim Walker a liuslee of the charity was also a trustee for Somersel Community Foundation. Grants for £25:00012024-. £5,000) were received from Somersel Community Foundation for use on the public living room project. In addttion, ¢Juring the year Somersel Community Foundation used the room hire serVI￿S at the Centre and paKI £2812024.. £261. Al the year end, £Nil12024_. £Nill was owed by the charity. Duriny the year, Susan Lees and Richard Lees trustees of the charity were also couneillors for Taunton Town Council. Income of £597 12D24-.£851 was received from Taunton Town Council during thè year for room hire. Al the year end, £Nil12024-. £Nill was owed by the charity. Page 26