2025-09-30-accounts

Reading Almshouse Charity

READING ALMSHOUSE CHARITY

(A CHARITABLE INCORPORATED ORGANISATION) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

CHARITY REGISTRATION 1152759

Housing with Heart

Our community gardening day took place at Castle Street in May this year, with staff, Trustees and residents all attending to help restore the gardens after they were damaged following some recent building work. It was a fantastic event, successfully bringing our community together. Residents of all ages and abilities participated, with many helping to create hanging baskets. Our Housing Manager organised activities suitable for all levels of ability – even the oldest resident, aged 96, took part. We also engaged the wider local community by arranging for local cafés and shops to provide catering and beverages for the day.

Contents

Report of Trustees	1
Report of the Independent Auditors	15
Statement of Financial Activities	18
Balance Sheet	19
Cash Flow Statement	20
Notes to the Cash Flow Statement	21
Notes to the Financial Statements	23
Detailed Statement of Financial Activities	33

Report and financial statements for the year ended 30 September 2025

01

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustees present their report with the financial statements of the Charity for the year ended 30 September 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The purpose of the Charity is the provision of housing accommodation to those in need who have resided within 20 miles of St Mary’s Church, St Mary’s Butts, Reading for not less than three years preceding the time of appointment as a beneficiary of the Charity and are of good character. The Charity does this by providing accommodation in the almshouses for a modest weekly maintenance contribution.

ACHIEVEMENTS AND PERFORMANCE

The Charity has enabled people to remain in the local community by providing affordable accommodation of 104 flats in three buildings.

OUR PUBLIC BENEFIT

In considering their objectives for the year, the Trustees have had regard to the Charity Commission’s published guidance on the public benefit requirement under the Charities Act 2011. The provision of almshouse accommodation for those in need provides an identifiable public benefit which is directly in line with the Charity’s aims. Beneficiaries of almshouses must be in need and will be drawn from that section of the public who are especially vulnerable.

OUR PURPOSE

Reading Almshouse Charity supports those in need of affordable accommodation. We offer accommodation to adults, including people in employment or seeking employment, but who find that their income is insufficient to meet their housing, utility and other essential costs without hardship. Residents have a licence to occupy the almshouse accommodation and so do not pay rent but instead a regular monthly fee toward the maintenance and upkeep of the premises called a monthly maintenance contribution (MMC).

OUR MISSION

Our almshouse charity exists to provide pleasant, affordable, secure accommodation for people in housing need and with limited means. Many of our current residents are working but are low paid or retired with low pension incomes or are supported by benefits. They are precisely the groups facing the pressures described overleaf.

Reading Almshouse Charity: Report of the Trustees

02

ECONOMIC AND SOCIAL CONTEXT

Low-income earners in Reading & the UK

The poorest demographic quartile in the UK has seen housing costs rise over the last 20 years, so that housing costs now takes a much larger share of income for lower income groups. For example, for households in the lowest income quartile, housing costs have risen from 9-10% in past decades to over 20-25% in many cases, sometimes significantly more, depending on the area in which they live.

For our residents who are low-income earners, even modest housing costs represent a large portion of income. For example, for someone on low full-time wages (say at or slightly above the National Living Wage), housing costs in the Reading area in the private sector might consume 30-40% or more of their disposable pay.

Even after benefits like Housing Benefit or Local Housing Allowance are taken into account, many households in the bottom income deciles still pay a large share of their actual income on housing. The benefits system often lags behind rising rents, particularly in the private rented sector, making the affordability problem worse.

Housing cost burdens are amplified when added to other rising costs (fuel, food, transport). For low-income earner residents, there is little margin for unplanned life expenses.

A’s story

A works full time on a local industrial estate and is in receipt of the National Living Wage. She does not claim benefits and just about manages to pay her MMC to the almshouse regularly every month. A relies on food bank parcels which are delivered once a fortnight. Without this support she would be unable to keep her head above water financially every month.

Report and financial statements for the year ended 30 September 2025

03

B’s story

B works on a zero hours contract for a school, with her working hours increasing and decreasing over the year, depending on demand for her role.

She relies on Universal Credit to top up her wages to pay her MMC. Universal Credit is paid in arrears and is based on prior month earnings. This means that in some months she is very short of cash.

B depends on foodbank deliveries once a fortnight to keep her afloat.

Risks and challenges for low-income earner residents

Government policy changes - such as freezes or caps in Local Housing Allowance / Housing Benefit, changes to Universal Credit, benefit eligibility thresholds - can all adversely affect residents, increasing the housing cost burden even if the almshouse charity maintains stable maintenance contributions.

Inflation and the cost of living, rising costs of maintenance, energy, insurance etc. combined with stagnant wage growth for low paid work may cause more residents to slip further into financial hardship.

Risks and fiscal constraints

Our commitment to keeping the MMC (the amount we charge residents each month) as low as possible means that we manage small margins between the cost of maintenance, capital refurbishment, inflation, operations, and the income we receive. This puts pressure on our finances and limits our ability to take action as quickly as we might like.

Rising costs (materials, labour, energy, regulatory compliance) continue to push up our maintenance budgets.

Changes in government benefits (caps, freezes, changes to Local Housing Allowance, reductions in support) may reduce residents’ ability to pay even modest rents, which may result in residents falling into arrears.

Reading Almshouse Charity: Report of the Trustees

04

TRUSTEE OBJECTIVES AND FORWARD STRATEGY

We continue to ensure that the MMC charges remain manageable by regularly reviewing what is affordable in Reading, benchmarking against local Housing Benefit and Universal Credit benefit levels and other publicly available information.

We are investing further to make our homes more energy efficient (insulation, double glazing, efficient heating. solar panels) to reduce utility bills.

We aim to secure funding / investments to allow modest capital improvements without cost being passed to residents.

We maintain a sufficient level of reserves to absorb MMC shortfalls, maintenance emergencies, or fluctuations in grant income.

We explore additional income streams (charitable grants, philanthropic funding, sympathetically designed commercial ventures) to support the subsidy gap.

We monitor policy environment (changes to benefits, housing legislation) to anticipate impacts on residents and the charity’s sustainability.

Report and financial statements for the year ended 30 September 2025

05

SAFEGUARDING OUR RESIDENTS

All our staff and Trustees are subject to DBS checks. Staff and Trustees are required to complete adult safeguarding training and regularly update their knowledge. Staff know how to report safeguarding issues. These are dealt with quickly and appropriately.

We provide a safe and respectful place for our residents to live and recognise our duty to safeguard the wellbeing of all our residents. We actively encourage social interaction to combat isolation and loneliness,

Whilst our residents are expected to be capable of living independently, we recognise that some may be vulnerable, due to their age or because of their personal history. Our Housing Team offer them support by signposting them to relevant agencies and helping them in many ways.

Staff meet monthly to review the safeguarding and wellbeing of our residents. Issues are identified and recommendations or adjustments are made so that the Charity can constantly improve its ability to respond to safeguarding issues.

Our managers have successfully worked with residents to resolve all these issues in a timely and compassionate way.

Reading Almshouse Charity: Report of the Trustees

06

OUR YEAR

During the year, we have:

• Maintained 104 Almshouses to a very high standard at an affordable MMC, ensuring that contributions do not rise in excess of what residents can reasonably bear.

• Provided additional support (financial advice, signposting) to help residents access all government entitlements (benefits, tax credits, housing benefit, etc.), so that they are not left short for basic needs. A persistent challenge is the under claiming of benefits: many people eligible for Housing Benefit, Council Tax Support, or other welfare supports do not claim them, either due to lack of awareness or complexity of the system.

• Provided home contents insurance for residents up to the value of £9,000 per flat.

• Implemented energy efficiency improvements, insulation or heating upgrades, which help reduce utility costs, recognising that for many, housing costs are not just rent, but also heating, maintenance, insurance etc.

• Facilitated social connection and neighbour support within our community to ensure that residents feel a sense of belonging. Helping residents to feel part of their community reduces social isolation and enhances wellbeing.

Report and financial statements for the year ended 30 September 2025

07

FINANCIAL REVIEW – YEAR ENDING 2025

At the end of the reporting period, the charity had £7,908,670 in funds. £7,860,319 is unrestricted with the majority being the fixed assets and £48,351 being the inalienable fixed assets.

INCOME

The total income for the year was £992,158, most of which arose from the provision of accommodation in accordance with the objects of the Charity. We received a small amount of interest income from cash on deposit, and our remaining income was received from the commercial tenant of our investment property in West Street, Reading.

EXPENDITURE

The expenditure during the year was devoted almost entirely to maintaining the Almshouses in good condition and enabling the orderly and professional running of the Charity, in compliance with all relevant regulations and legislation, and supporting our mission to provide and maintain affordable accommodation in a community environment to our residents.

Expenditure on Charitable Activities

Upkeep of Almshouses	£548,401
Frilsham & Yattendon donation*	£2,000
Depreciation	£121,856
Bad debt expense*	£857
Support costs	£153,556
Mortgage interest	£55,842
Total	£882,512

----- Start of picture text -----
Other
Mortgage interest
0.3%
6.3%
Depreciation
13.8%
Support costs Upkeep of
17.4% Almshouses
62.2%
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Reading Almshouse Charity: Report of the Trustees

08

Maintaining our Properties

The Charity continues to focus on providing high quality accommodation through our planned and responsive maintenance programmes. We spent £401,222 on repairs and maintenance of our buildings.

Upkeep of Almshouses

Rates, water and insurance	£54,129
Light and heat	£10,761
Repairs and maintenance	£401,222
Estate management and service fees	£ 28,284
Managers’ salaries and expenses	£54,005
Total	£ 548,401

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Estate management Light and
and service heat 2.0%
fees 5.1%
Manager’s salaries and
expenses 9.8%
Rates water and
insurance 9.9%
Repairs and
maintenance 73.2%
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Report and financial statements for the year ended 30 September 2025

09

FUTURE PLANS

We constantly review opportunities for improving the lives of our residents through improving our facilities.

1. Castle Street

We will continue with our planned maintenance programme, including replacing the riser cupboard doors to ensure compliance with current fire regulations. We will also focus on redecorating the external rear elevations.

2. Penton House

We will work with the building developer regarding fire safety improvement works and review maintenance required after the works have been completed.

3. Liberty House

We will review the current heating system and assess what improvements can be made.

4. Land at Liberty House

In June 2022, the Charity obtained planning permission to build 18 flats on land next to Liberty House, including six affordable units under a Section 106 Agreement. Due to upcoming maintenance costs and an outstanding mortgage of £490,000, Trustees agreed to pause development and review the land strategy in June 2026 with expert guidance.

5.Longer term plans

Almshouses are currently campaigning to be recognised as affordable housing under the National Planning Policy Framework (NPPF). If this status were to be granted it would enable Almshouses to access a much wider range of funding opportunities.

Reading Almshouse Charity: Report of the Trustees

10

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Liberty House
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INVESTMENT POLICY

Cash that is surplus to immediate requirements is held in interest bearing accounts or on time deposits. The Charity also holds property to generate rental income.

RESERVES POLICY

The Trustees consider that the unrestricted funds are sufficient to finance ongoing charitable expenditure given the rental income flows. The Trustees’ current policy is to retain a cash reserve of £300,000 to cover any major unexpected repairs to the Almshouses, together with providing on going working capital. The cash reserves cover almost six months’ normal expenditure. This policy is reviewed by the Trustees on an annual basis.

KEY RISKS AND UNCERTAINTIES

The Trustees have reviewed all potential risks that might affect our Charity and the three key risks are:

1. An event occurring in one of our almshouse properties which would result in almshouse residents needing to be re-housed.

2. Loss of key staff

3. Adverse legislation impacting Almshouses.

The Charity has prepared a comprehensive risk assessment which is regularly reviewed and updated. Insurance is in place to cover potential financial loss and there is a planned ongoing property preventative maintenance programme.

Report and financial statements for the year ended 30 September 2025

11

ADMINISTRATION OF THE TRUSTEE BOARD

The administration of the Charity is managed by our Trustees, with full Trustee meetings scheduled four times per year. Sub-committees, covering resident needs including safeguarding, property plans and buildings issues and staffing, are scheduled to take place monthly or quarterly; these sub-committees make recommendations to the Trustees.

The Board of Trustees appoints new Trustees to replace those who retire. The constitution provides for the appointment of up to 12 Trustees and up to three ex-officio Trustees, with a minimum of five Trustees. New Trustees are sought from the local community through advertisement within a variety of media including local volunteer recruitment websites, our own website and by word of mouth. Skills such as expertise in property, law, finance and low-cost housing are valued but the aim is to have a mixed and wide breadth of experience.

We have created a Trustee working group to help ensure that every aspect pertaining to the Charity’s governance is sound and compliant with its constitution and the law. Policies and procedures have been reviewed to ensure the Charity is working to the highest of standards. We are grateful for the contribution made to the Charity by our expert Trustees who range in age from their mid-twenties to early seventies.

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Castle Street
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Reading Almshouse Charity: Report of the Trustees

12

CONCLUSION

In the year under review, we believe our charity has made a real impact in alleviating housing cost burdens for our many residents who are living on low incomes in Reading.

The improved travel connections that the Elizabeth Line has offered means that more people can live in Reading and work in London. This has caused local housing costs to escalate as landlords find that they can improve their properties and charge more. This makes the position of those in low paid work very challenging. Without firmly controlled rents, residents can quickly be overwhelmed by housing burden, especially when faced with rising energy costs, transport, food and other costs. As the wider economic environment continues to challenge low-income households, we remain committed to providing safe, affordable homes, and contributing to reducing the inequality that arises when working hard no longer guarantees a secure, dignified life.

We are confident that our model of affordable, stable almshouse accommodation, combined with welfare advice and energy efficiency measures, makes a significant difference to individuals who might otherwise be forced into housing insecurity or poorer living standards.

As Trustees, we remain committed to sustaining and improving this support into the future, while safeguarding the charity’s long-term viability. We look forward to continuing to serve Reading’s community, especially those working yet struggling under the weight of high housing costs.

We provide almshouse accommodation to people in times of need, and it is always wonderful to hear when our residents are able to move forward. This year, several residents have moved into new homes or begun living with partners. One resident wrote in their termination notice:

“The charity is an invaluable asset to the local community, and I would like to take this opportunity to thank all of you for giving me the chance to rebuild my life and find true happiness.”

They also expressed gratitude for the friendships and sense of community they had found during their time living here.

Feedback like this reminds Staff and Trustees of the meaningful difference our accommodation makes.

Report and financial statements for the year ended 30 September 2025

13

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1152759

Principal address

The Office Penton House 58 Longships Way Reading, RG2 0GP

Trustees

J L Thomas Chair

M B Cooper J W Cornwell (resigned 1.10.25) A Crawford M Forster C A Hubbard (resigned 25.03.25) N O Olembo S Sharpe J A Spratley D Vachell (appointed 16.09.25)

C M Wise

Rev S Wratten

Auditors

Bennewith 2018 Limited (Statutory Auditors) Upper Ground Floor 18 Farnham Road Guildford Surrey GU1 4XA

Reading Almshouse Charity: Report of the Trustees

14

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing those financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the Board of Trustees on 24 March 2026 and signed on its behalf by:

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........................................................................
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J L Thomas - Trustee

Report and financial statements for the year ended 30 September 2025 15 Reducing the dangers of dock work in the UK, 1899-1939

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF READING ALMSHOUSE CHARITY

Opinion

We have audited the financial statements of Reading Almshouse Charity (the 'charity') for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 30 September 2025 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Reading Almshouse Charity: Financial statements

16

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF READING ALMSHOUSE CHARITY (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined the most significant are those that relate to FRS 102 Section 1A, pension laws and regulations and tax regulations.

We assessed the risks of material misstatement in respect of fraud as follows:

• Enquiries made of management and those charged with governance as well as the service organisation in relation to payroll services

• Analytical procedures were used to identify if there were any unusual or unexpected relationships

• Discussions with management to identify any fraud risk factors of related party relationships and transactions

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

Enquiries were made of management and those charged with governance. We corroborated our enquiries through the review of Board minutes and other papers provided. There was no contradictory evidence.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We tested year end journals as well as journal entries throughout the year. There were no transactions identified outside the normal course of business.

Report and financial statements for the year ended 30 September 2025 17 Reducing the dangers of dock work in the UK, 1899-1939

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF READING ALMSHOUSE CHARITY (CONTINUED)

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We incorporated an element of unpredictability in the selection of the nature, timing, and extent of audit procedures.

Where transaction meeting risk criteria were identified, we carried out further work such as additional testing to source information.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Bennewith 2018 Limited (Statutory Auditors) Upper Ground Floor 18 Farnham Road Guildford Surrey GU1 4XA

Date: 24 March 2026

Reading Almshouse Charity: Financial statements

18

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Charitable activities 5 Residential income Investment income 4 Total EXPENDITURE ON Charitable activities 6 Charitable activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward As previously reported Prior year adjustment 10 As restated TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 300 948,517 43,341 992,158 882,512 4,500 887,012 105,146 7,750,673 4,500 7,755,173 7,860,319	Restricted fund £ - - - - - - - - 48,351 - 48,351 48,351	30.9.25 Total funds £ 300 948,517 43,341 992,158 882,512 4,500 887,012 105,146 7,799,024 4,500 7,803,524 7,908,670	30.9.24 Total funds as restated £ 300 907,910 45,402 953,612 847,118 - 847,118 106,494 7,697,030 - 7,697,030 7,803,524

The notes form part of these financial statements

Report and financial statements for the year ended 30 September 2025 19 Reducing the dangers of dock work in the UK, 1899-1939

BALANCE SHEET 30 SEPTEMBER 2025

Notes FIXED ASSETS Tangible assets 12 Investment property 13 CURRENT ASSETS Debtors 14 Cash at bank and in hand CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 19 Unrestricted funds Restricted funds TOTAL FUNDS	Unrestricted fund £ 7,369,985 470,500 7,840,485 49,397 795,809 845,206 (149,591) 695,615 8,536,100 (675,781) 7,860,319	Restricted fund £ 48,351 - 48,351 - - - - - 48,351 - 48,351	30.9.25 Total funds £ 7,418,336 470,500 7,888,836 49,397 795,809 845,206 (149,591) 695,615 8,584,451 (675,781) 7,908,670 7,860,319 48,351 7,908,670	30.9.24 Total funds as restated £ 7,524,796 475,000 7,999,796 50,839 674,208 725,047 (154,249) 570,798 8,570,594 (767,070) 7,803,524 7,755,173 48,351 7,803,524

The financial statements were approved by the Board of Trustees and authorised for issue on 24 March 2026. and were signed on its behalf by:

............................................. J L Thomas - Trustee

The notes form part of these financial statements

Reading Almshouse Charity: Financial statements

20

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025

Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fxed assets Interest received Net cash (used in)/provided by investing activities Cash flows from fnancing activities Loan repayments in year Bank interest paid Net cash used in fnancing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period

30.9.25 30.9.24 as restated £ £ 270,824 322,820 270,824 322,820 (15,396) (1,704) 5,558 6,925 (9,838) 5,221 (83,543) (76,348) (55,842) (67,529) (139,385) (143,877) 121,601 184,164 674,208 490,044 795,809 674,208

The notes form part of these financial statements

Report and financial statements for the year ended 30 September 2025 21 Reducing the dangers of dock work in the UK, 1899-1939

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Losses on investments Interest received Interest payable Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash provided by operations 2. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS	30.9.25 30.9.24 as restated £ £ 105,146 106,494 121,856 137,107 4,500 - (5,558) (6,925) 55,842 67,529 1,442 (2,265) (12,404) 20,880 270,824 322,820

	At 1.10.24	Cash flow	At 30.9.25
	£	£	£
Net cash
Cash at bank and in hand	674,208	121,601	795,809
Less: Deposits treated as
liquid resources	(215,000)	215,000	-
	459,208	336,601	795,809
Liquid resources
Deposits included in cash	215,000	(215,000)	-
Current asset investments	-	-	-
	215,000	(215,000)	-
Debt
Debts falling due within 1 year	(77,974)	(7,746)	(85,720)
Debts falling due after 1 year	(747,070)	91,289	(655,781)
	(825,044)	83,543	(741,501)
Total	(150,836)	205,144	54,308

The notes form part of these financial statements

Reading Almshouse Charity: Financial statements

22

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland

(FRS102) issued 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Reading Almshouse Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Going concern

The charity depends on bank loan facilities which funded the purchase of Liberty House. Current forecasts indicate that the charity expects to be able to operate within these facilities for the whole of the foreseeable future.

In their assessment of going concern, the trustees have considered the current and developing impact on the charity as a result of macro-economic factors. This has not had a significant, immediate impact on the charity’s operations because income and expenditure continue at previous levels resulting in an ongoing surplus, but the trustees are aware that if the current situation becomes prolonged then this may change. In addition, the charity has significant cash resources and an investment property which could be sold. Having regard to the above, the trustees believe it appropriate to adopt the going concern basis of accounting.

Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income, receipt is probable, and the amount can be quantified with reasonable accuracy.

The following specific policies are applied to particular categories of income:

Maintenance Contributions are recognised when receivable.

Investment income is included when receivable except for rents which are adjusted for rent free periods.

Expenditure

Expenditure is recognised on an accrual basis as each liability is incurred.

Raising funds comprise the costs associated with managing and maintaining the investment properties.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Charitable expenditure is reported under two sub headings: Running and maintenance costs of the almshouses. Support costs

Report and financial statements for the year ended 30 September 2025 23 Reducing the dangers of dock work in the UK, 1899-1939

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

The Castle Street almshouses are the functional properties of the charities and are deemed to be inalienable assets. The cost is below the estimated realisable value and hence no depreciation is provided on the original cost.

In view of the age of the Castle Street property, no expenditure in respect of updating and improvements is capitalised unless the cost of the individual items is in excess of £10,000. Following the initial fitting out of Penton House and Liberty House, fixtures and fittings will only be capitalised if the cost of individual items exceeds £1,000.

Depreciation of tangible fixed assets is provided at the following annual rates in order to write off each asset over its estimated useful life:

Penton House and Liberty House buildings: 50 years on a straight line basis Fixtures and Fittings: 5 years on a straight line basis

No depreciation is provided on properties held as investments.

Investment property

Investment properties are included in the balance sheet at the trustees’ estimation of market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

Taxation

As a registered charity, the charity benefits from council tax relief and is generally exempt from income tax and capital gains tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

Fund accounting

Unrestricted general finds are funds that are available for use at the discretion of the trustees in the furtherance of the general objectives of the charity.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs

Pension contributions are made to the NEST scheme for those staff who wish it, in line with the Autoenrolment provisions. Costs are charged to the Statement of Financial Activities as incurred.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors and provisions

Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Cash and cash equivalents

Reading Almshouse Charity

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: Financial statements

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. ACCOUNTING POLICIES - continued

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charity’s accounting policies, which are described in note 1, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimation and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects the current and future periods.

The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is in respect of the investment property valuation. The charity’s investment properties are stated at their estimated fair value as disclosed in Note 13.

3. DONATIONS AND LEGACIES

3.	DONATIONS AND LEGACIES
		30.9.25	30.9.24
			as restated
		£	£
	Donations	300	300
		300	300
4.	INVESTMENT INCOME
		30.9.25	30.9.24
			as restated
		£	£
	Rents received	37,783	38,477
	Deposit account interest	5,558	6,925
		43,341	45,402

Report and financial statements for the year ended 30 September 2025 25 Reducing the dangers of dock work in the UK, 1899-1939

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

5. INCOME FROM CHARITABLE ACTIVITIES

Activity Maintenance Residential income Heating Contribution Residential income Guest Room Residential income Other income Residential income	30.9.25 30.9.24 as restated £ £ 903,591 846,871 22,130 22,695 1,060 1,440 21,736 36,904 948,517 907,910

6. CHARITABLE ACTIVITIES COSTS

6a.

Upkeep of Almshouses (6b) Frilsham & Yattendon Parochial Charities Depreciation Bad debt expense Support costs (6c) Mortgage interest	30.9.25 £ 548,401 2,000 121,856 857 153,556 55,842 882,512	30.9.24 as restated £ 510,602 2,000 137,107 326 129,555 67,529 847,118

The Frilsham & Yattendon Parochial Charities provides relief to persons in need in the parishes of Frilsham and Yattendon via the Churchwardens.

6b. Upkeep of Almshouses

Rates and water and Insurance Light and heat Repairs and maintenance Estate management and service fees Managers' Salaries and Expenses 6c. Support costs Operations Manager Salary and Expenses Managers' offce costs Sundries Governance costs: Professional fees Audit fees Accountancy fees	30.9.25 £ 54,129 10,761 401,222 28,284 54,005 548,401 30.9.25 £ 60,156 16,680 4,676 54,836 13,200 4,008 153,556	30.9.24 as restated £ 41,349 85,649 311,387 23,387 48,830 510,602 30.9.24 as restated £ 58,055 18,762 2,251 37,310 9,600 3,577 129,555

Reading Almshouse Charity

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: Financial statements

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2025 nor for the year ended 30 September 2024.

8. STAFF COSTS

Wages and salaries Social security costs Other pension costs Recruitment and training	30.9.25 £ 104,602 4,080 5,479 114,161 - 114,161	30.9.24 as restated £ 97,541 4,193 5,151 106,885 980 107,865

The average monthly number of employees during the year was as follows:

Housing Managers and Accountant Operations Manager	30.9.25 3 1 4	30.9.24 3 1 4

No employees received emoluments in excess of £60,000.

The remuneration of key management personnel (including employers NI and employers pension costs) is £60,156 (2024: £58,055).

Report and financial statements for the year ended 30 September 2025 27 Reducing the dangers of dock work in the UK, 1899-1939

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Residential income Investment income Total EXPENDITURE ON Charitable activities Charitable activities NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 299 907,911 45,402 953,612 847,118 106,494 7,648,679 7,755,173	Restricted fund £ - - - - - - 48,351 48,351	Total funds as restated £ 299 907,911 45,402 953,612 847,118 106,494 7,697,030 7,803,524

10. PRIOR YEAR ADJUSTMENT

There is a prior year adjustment to recognise electricity income of £16,841 and expenditure of £16,841 generated by a feed in tariff. This adjustment had no effect on prior year reserves brought forward.

There is also a prior year adjustment relating to investment property valuation. A revaluation of -£4,500 was presented in the published financial statements in the year ending 30.09.24. However, since the revaluation took place after the year end, these financial statements have been adjusted to include the effect taking place this year with the comparatives being restated. The restating effect on the brought forward reserves was +£4,500.

Reading Almshouse Charity: Financial statements

28

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

11. INDIVIDUAL ITEM OF EXPENDITURE REQUIRING DISCLOSURE DUE TO EXCEPTIONAL SIZE

During the year Castle Street repairs (classified under Repairs and Maintenance) totalled £207,981. These works were carried out by Carman Contracting Limited.

12. TANGIBLE FIXED ASSETS

COST At 1 October 2024 Additions At 30 September 2025 DEPRECIATION At 1 October 2024 Charge for year At 30 September 2025 NET BOOK VALUE At 30 September 2025 At 30 September 2024	Freehold property £ 8,848,489 - 8,848,489 1,331,661 118,553 1,450,214 7,398,275 7,516,828	Fixtures and fttings £ 92,213 15,396 107,609 84,245 3,303 87,548 20,061 7,968	Totals £ 8,940,702 15,396 8,956,098 1,415,906 121,856 1,537,762 7,418,336 7,524,796

The Almshouse property includes the property in Castle Street, Reading, Penton House, Kennet Island Reading and Liberty House, Lower Earley, Reading. The market value of Castle Street Almshouses was obtained at 30 September 2022 by Simmons & Sons and was £4.22million (included at a net book value of £48,351 above).

The value of the freehold land included within the Penton House property cost is £1,597,925.

The value of the freehold land included with the Liberty House property cost is £1,025,000.

13. INVESTMENT PROPERTY

FAIR VALUE At 1 October 2024 Revaluation At 30 September 2025 NET BOOK VALUE At 30 September 2025 At 30 September 2024	as restated £ 475,000 (4,500) 470,500 470,500 475,000

The investment property is a property in West Street which was valued at £470,500 as at 15 October 2024 by Simmons & Sons.

Report and financial statements for the year ended 30 September 2025 29 Reducing the dangers of dock work in the UK, 1899-1939

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 17) Trade creditors Social security and other taxes Other creditors Accruals and deferred income Accrued expenses 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 17) Other creditors 17. LOANS An analysis of the maturity of loans is given below: Amounts falling due within 1 year Amounts falling due within 1-2 years Amounts falling due between 2-5 years Amounts falling due after 5 years	30.9.25 £ 16,098 33,299 49,397 30.9.25 £ 85,720 6,619 1,499 24,950 6,931 23,872 149,591 30.9.25 £ 655,781 20,000 675,781 30.9.25 £ 85,720 85,720 342,881 227,180 741,500	30.9.24 as restated £ 7,180 43,659 50,839 30.9.24 as restated £ 77,974 9,444 1,892 27,790 - 37,149 154,249 30.9.24 as restated £ 747,070 20,000 767,070 30.9.24 as restated £ 77,974 77,974 233,927 435,169 825,044

A bank loan of £1,000,000 was advanced in February 2019. The loan is repayable over 10 years with an interest only period for the first 2 years. Interest is charged at 2% above the bank’s base rate.

A bank loan of £500,000 was advanced in February 2019. The loan is repayable over 10 years with an interest only period for the first 2 years. Interest is charged at 2.35% above the bank’s base rate.

The loans are secured by a charge over the Castle Street Almshouses.

Reading Almshouse Charity: Financial statements

30

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

18. LEASING AGREEMENTS

The charity earns rental income by leasing its investment properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.

At the balance sheet date, the charity had contracted with tenants to receive the following future minimum lease payments:

Not later than one year Later than one year and not later than fve years	30.9.25 £ 40,000 68,164 108,164	30.9.24 as restated £ 40,000 108,164 148,164

There are no contingent rents recognised as income.

19. MOVEMENT IN FUNDS

Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS	At 1.10.24 £ 7,750,673 48,351 7,799,024	Prior year adjustment £ 4,500 - 4,500	Net movement in funds £ 105,146 - 105,146	At 30.9.25 £ 7,860,319 48,351 7,908,670

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 992,158 992,158	Resources Movement expended in funds £ £ (887,012) 105,146 (887,012) 105,146

Report and financial statements for the year ended 30 September 2025 31 Reducing the dangers of dock work in the UK, 1899-1939

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS	At 1.10.23 £ 7,648,679 48,351 7,697,030	Net movement in funds £ 106,494 - 106,494	At 30.9.24 £ 7,755,173 48,351 7,803,524

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 953,612 953,612	Resources Movement expended in funds £ £ (847,118) 106,494 (847,118) 106,494

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS	At 1.10.23 £ 7,648,679 48,351 7,697,030	Prior year adjustment £ 4,500 - 4,500	Net movement in funds £ 211,640 - 211,640	At 30.9.25 £ 7,864,819 48,351 7,913,170

Reading Almshouse Charity: Financial statements

32

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	1,945,770	(1,734,130)	211,640
TOTAL FUNDS	1,945,770	(1,734,130)	211,640

The restricted funds are wholly due to the inalienable assets which are the Castle Street almshouses.

20. RELATED PARTY DISCLOSURES

In the previous year 2024, £2,000 was donated to Frilsham & Yattendon Parochial Charities, for which the previous Reverend Glynnis Lautenbach’s husband is the Rector of the Hermitage Benefice, including Frilsham and Yattendon. The trustee that was associated with Frilsham & Yattendon was not a trustee in this current reporting period.

21. ANALYSIS OF DEFERRED INCOME

Amounts brought forward Released to the Statement of Financial Activities Deferred in the current year Amounts carried forward	2025 £ - - 6,931 6,931	2024 £ - - - -

In 2025, £6,931 deferred income has been credited in respect of an amount of an amount received in advance for monthly management charges.

22. AUDITOR’S REMUNERATION

Audit fee Auditor’s remuneration for non-audit fees Total fee payable to the audit company	2025 £ 13,200 3,432 16,632	2024 £ 9,600 3,000 12,600

Report and financial statements for the year ended 30 September 2025 33 Reducing the dangers of dock work in the UK, 1899-1939

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Deposit account interest Charitable activities Maintenance Heating Contribution Guest Room Other income Total incoming resources EXPENDITURE Charitable activities Wages Social security Pensions Rates and water Insurance Light and heat Sundries Estate management and service fees Repairs and maintenance Audit fees Professional fees Mortgage interest Frilsham & Yattendon Parochial Charities Bad debt expense Managers' offce costs Accountancy fees Freehold property Fixtures and fttings	30.9.25 30.9.24 as restated £ £ 300 300 300 300 37,783 38,477 5,558 6,925 43,341 45,402 903,591 846,871 22,130 22,695 1,060 1,440 21,736 36,904 948,517 907,910 992,158 953,612 104,602 97,541 4,080 4,193 5,479 5,151 18,586 7,850 35,543 33,499 10,761 85,648 4,677 2,251 28,284 23,387 401,221 311,387 13,200 9,600 54,836 37,310 55,842 67,529 2,000 2,000 857 326 16,680 18,762 4,008 3,577 121,856 118,553 - 18,554 882,512 847,118

This page does not form part of the statutory financial statements

Reading Almshouse Charity: Financial statements

34

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

	30~~.9.25~~	30~~.9.24~~
		as restated
	~~£~~	~~£~~
Charitable activities
Other
Loss on revaluation of investments	4,500	-
Total resources expended	887,012	847,118
Net income	105,146	106,494

This page does not form part of the statutory financial statements

Reading Almshouse Charity

READING ALMSHOUSE CHARITY (A CHARITABLE INCORPORATED ORGANISATION) CHARITY REGISTRATION 1152759 REGISTERED ADDRESS: THE OFFICE, PENTON HOUSE, 58 LONGSHIPS WAY, READING, RG2 0GP

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025