Charity registration numtw. 1154749 Sid Vale Association CIO Annual ReFJQrt Financial Statements forthe Year Ended 31 December 2025 WESTCOTTS CHARTERED ACCOUNTAIIT¥ fy llLISIMESS ADVISERS
Sid Val• Assoclation CIO Contents (continued) Reference and Administralive Details Trustees, Report 2to8 IndeFendenl Auditors, Report 9t012 statement of Financial A¢livitEs 13 Balance She8t 14 Notes to the Finanaal Ststements 15to29
Sid Vale Association CIO Reference and Administrative Deta118 Chalmian A Tanner, {chaiman) Trustees.. E Warren {resigned 31 May 20251 A Clarke A Tanner, (chaim)an) P Wra9J H Hodge (resigned 24 February 20251 V Hunlington P Rose G Cross N Hyman G Tumer. (treasurer) Charlty Reglstrdtion Number 1154749 Prlnclpal Offlce 12 Church Street Sidmouth Devon EX10 8LY Auditor West¢ott ISW) LLP Chartered accountants & statutory audit Timberfey South Street Axminster Devon EX13 SAD Bankers HSBC Exeter 250-250 High Street Exeter EX4 3PZ CAF 8ank 25 Kings Hill Aven Kings Hill Kent ME194JQ Paje 1
Sid Vale Association CIO Trustees. Report The trustees present the annual report together wth the financial statements and auditors. report of the charity for the year ended 31 t)ecember 2025. ObJe¢lives and actlvitie8 Objects andaln The obj.ects of the Associth'on in accordance WTth ils Constitution dated 26th Ncvemter 2013 and last amended 19th June 2024, are.. In the Valley of the River Sid in East Devon and its environ& . To promote for the benefit of the public the conservation protection and improvement of the physical and natural environment To advan the education of the public through the establishment and maintenan of a museum and by facilitating rv3earch into the history of Sidmouth and the Sid Valley and publishing the results to the public.. To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age infimiity or disability, financial hardship or gxial circumstances wth the object of improviro thar conditions of life. . Other activities include, but are not limit& to. The Association is administered and managed, in accordance wth the Conststution, by a body of charily trustees elected or re-elected al an Annual General Meeting and Called the Management Committ& which comprises the fomial offices of Chairman, Vice-chairman, Se¢fttary and Treasurer, and up to 16 ordinary members. The Management Committ appJinls Committ to undertake the activities of the A8lation. A committee must ccfiiain at least one Trustee, and report regularty to the Management Committee. Page 2
Sld Vale Assoclation CIO Trustees, Report (continued) Objeedva4 stratsgios and activities The Association's Activities are implemented through severa Committs covering.. Conservation and Plannlng.. The rna1 tasks of this Committee are lo monitci and make representations on planning applications to both Sidmouth Town and East Devon District Counols and to Comment on any proposed developments in the Sid Valley. Community Grants Fund.. This grants committee considers applications for awards and makes recommendations to the Management Committee for aardS exceeding £10,OLX). Applications are Invit from organisation$ for any activities thich are consistent with the objects of the Assctiation.. Investment Committee.. The investment committee overseas the management of the investment fund by an appointed Discretionary Fund Manager. Most of the investment fund derives from the Keith Owen end¢Jvmient. Muum.' The museum is an accredited museum. The Museum Committee is responsible for the collection and display of exhibits, and the day lo day running of the Museum lch is open from the beginning of April to the end of October. The collection includes items of local and geological interest., exhibitions relate to the Sidmouth's Jurassic coast and the history and heritage of the Sid Valley. The displays and events are destgned to inVVe and interesl the Museum's young vistor& . Publications.. Publishes bcx)ks and leaflets of I81 interest. . Walks Organises walks around Sidmouth and the Sid Valley . Talk5.. Arranges talks on subjects of local interest Wc4)dlands and Eststes.. Manages land 0ed by the Association for the tenefit of nature and enjoyment of the public. Page 3
Sid Vale Association CIO Trustees. Report (continued) Public bonefit The Charity undertakes, in nomia circumstances, the follwng activities to further public benefit.. Monitoring planning appli¢ations- seeking to protect Ihe historic built environment and conservati 2reas for the benefil of residents and visitors., and safeguarding the East Devon National Lan(Iscape for the enjoyment and leisure of residents and visitors.. Maintsining the SVA'S owned open spaces and wr)cKlland for free asS to the public as far as possible., maintaining the SVA'S stretch of bank on the River Sid and reporting to the relevant authorities the condition of the River Sid generally., Maintainiry a Museum lch includes exhibits of local historical and geological interest, ¢hanging annually. There is a dedicated area for exhibits and events aimed at young people, to invdve and interest ¢hildren in Ial artistic, historical, and geo1J1Cah matter5. Admission is free to rnember4 with a low charge for non-members; Administering the Community Grants Fund, leh is intended to provide grants to I(al heritage, educational, environmental, sporting and leisure groups to facilitate appropriate projects where other funding may not be available. The Keith Owen Endowment, along wth other sources of income. supports the Community Grants Fund. The CGF has a wde remit and each applicab'on, 1¢h can come from all quarters, is consldered by a dedicated subcommittee of Trustees and lay members fr(Jn the community. Organising walks throughout the year. in and countyside, to plxes of historical or environmental interest,- Arranging talks on subjects of local Inte$1 to audiences of up to 150 lor 100 online); and, Publishing books and pamphlets on matters of local interest. The Trustees confim that they have complied wth the requirements of section 4 of the Charities Act 2011 to have due regard to the pU1C benefit gUIdae published by the Charity CcThmission for England and Wales. Page 4
Sid Vale Association CIO Trustees. Report (continued) Achlevements and perfornian¢o The sale of 36a Fore Street was complet8J in February 2025, for the tmce of £302.5k. This IKdS to priv individuals and the building is likely to revert to residential use. The Museum recorded an operational surplus of £4k, thereby contributing to the SVA'S core reserves yet again. . The SVA Keith 0 Fund Grant Committee met on its regular 2-monlhly cycle throughout 2Q25. A total of fourteen award applications were received during the year. From these seven awards were made wth a total value of £57,000. This is broadly comparable wth previous years suggesting that the level of applications for grant funding from organisations across the Sid Valley remains largely consistent. The range of awards made in 2025 was varied, and many were communicat&J through articles in the Sidmouth Herald or in our own SVA magazine. We were pleased to help the Sidmouth Cricket, Tennis and Cro4uel Club wth an award towards new cricket nels, the Sidmouth B0Ing Club wth an award tovrdrds new accessible toilets and the Sidmouth Rugby Club wlh an award towards new floodlights al their Blackmore ground. We made an award towards the Free Folk for Families Programme al the Sidmouth Folk Festival, with these free to enter events being very 11 attended. We have supported the Sid Vale Scout Group wlh an award towards the extension of solar nevable energy facilities at their Salcomk Hill Scout Centre. An award was made to the Sidmouth Surf Life Saving Club towards 6 rescue boards for lifesaving training and competition. From a community persFective, an award ds made to permanently display a mural of the Million Flowers Community Art Project wthin the Beacon medical practice waiting area. Towards the end of 2025, plans were maje to establish a SVA Community Grants Fund to restructure and reorganise the SVA'S grant giving. This incorporates Income from the Keith Fund, which is its main source of funding. The SVA Communrty Grants Fund considers applications from thin the same geographic boundaries and to similar guidelines as the prior Keith Omftn Fund Grant Committee. It features a streamlingj meetiThJ and decision-making process and provides an increased emphasis towards small grant applications of less than £1,000. The SVA Community Grants Fund can also accept funding from other sources, such as individuals wishing to make donions to the SVA that IUld benefit community projects. . In 2025 welcomed 100 new members compared to 83 in 2024. During the $8me ts'me peric*J we lost 198 members. This was due to rnany reag)ns, mainly due lo a wde-ranging exercise cleaning up the spreadsheet cordS prior lo migration to Membermojo, an online database. as well as the usual reasons such as moving Wdy, resigning and RIP. It can be diffiujlt tracking members that do not provide an email address or phone number. The total number of members we had aft the year end was 1807. Page 5
Sid Vale Association CIO Trustses, Report {¢ontinued) Flnanclal rnview The major Sour of income in 2025 was legacies amounliro to £158k, includiro a final distribution of £124k from the estate of Miss Angela Milne Astley. The regular principal 50urce of real income is dividends and interest from investments,. thls pr(uced income of £74k {2024'. £88kl. Our targel continues to be £70k. Additional interest from short term cash depJsits was £23k12024.'5kl. Total reported operating income for 2025 was £319k12024.' £340k)- The investment fund continued lo grow and closed at £3.6rn. After charitable expenditure of £164k, our net funds increased by £437k. Total funds as at the end of 2025 were £4,825k {2024.- £4,388kl. Policyon rnserves Funds of £4,825k were comprised of a permanent endowTnent of £3,504k, restn'cled funds of £362k and generally aVaile reseThes of £958k. The SVA does not set lower and upper limits for its resefves. This is because. it does not have the commitments to employees which some charities might have. Nor dces il sel an upper limit to its reserves because the SVA needs to build reserves to guarantee ils longevity and continued Servi to the community of the Sid Valley. Furthermo, its objective of acquiring and protecting land in the Sid Vale is a long term one entailing capital Commitments of unyedictable value. The Trustees consider the current level of reserves to be adequate to meel ¢ommitments to its members. and to provide 8 fund for any future opportunities to acquire land for the benefit of the community. A Designated Reserve is set aside to provide for future works to the SVA'S buildings 12 Church St and the Museum, the latter being held on a tenant's pairing lease (Reserve balance £150k in 2025 and 20241. Investmont policyandobJe¢tlves Investments comprise the Keith On endowment and other surplus funds. Wilh eff&t from January 2020, in accordance the Trustees, resolution of 25th Novemier 2019, the investrnents have bn held in a Balanced Fund, managed by a Discretionary Fund Manager. Structure, governan¢o and management Naturn ofgoverning do¢umont The Charity is governed by its Constitution ded 26th November 2013 and last amended on 21st May 2025. Page 6
Sid Vale Association CIO Trustees. Report (Continued) RecThitnMnt andappolntment of trustees The numkr of Trustees must be bmthin 3 and 20 inclusive. The ioard of Trustees may appoint additional Tnjstees behveen AGMS and such appointees must be elected by the members al the next AGM. The Trustees retire on rotation and may make themselve5 available for re-election. When particular skills are required, we may advertise to recruit new Trustees.. this will nom)ally be done locally but il is not necessary for Trustees to reside in the Sid Vale. Inductlon andtraining of trusteès All neY appointed Trustees are provided wth a copy of the charity's constitution, the lalesl Trustees, Report and Annual Accounts, the SVA Health and Safety Policy and the SVA Safeguarding Policy. Appropriate background checks and self41eclarations are always obtained. Major risks and rnanagement of those rf8k8 Risk management is an importart part of the successful and efftive management of SVA charity and safeguarding of our funds and assets. By managing risk effectivdy, SVA Trustees Can help ensure that". . Significant risks are known and McttOrj enabling trustees to make timely and infomBJ decisions The charity makes the most of opportunities and develops them fully aware of the risks involved . Forwdrd and strategic pfanning are improved Reporting risk management in the annual report helps lo demonstrate accountability lo members. stakeholders, donors and the general public The SVA'S Iruslees have ultimate restxsnsibility for risk and regUlaY review and assess the risks faced by SVA in all areas of its work and plan for the managemenl of those risks. The Trustees recognise the legal requirement for a risk management statement in Iheir annual reFKIrt. While the responsibility for risk management 1$ led by trustees, everyone invdv8J in the charity's activities has a part to play in risk management. To ensure this is co-ordinated effectively and that follow an agreed risk management frameOrK the prtxess is overseen by a named trustee who does not manage all the risks bul ensures that the policy and process 1$ followEd across the organisation. Each area of the SVA activity is led by a trustee, who wll be re$ponsibie for carrying out a risk assessment as and when required. The prottss includes identifying, assessing. recording, managing, reviewng and reporting on risks in their area of work. A designated Trustee compiles a consolidated risk register to facilitate the Trustees, organisational risk management. The policy and prOsS wll be reVie*d each year to ensure that it is up to dale. The policy is available on the website and from the 12 Church Street office. Al trustees receive guidance and trainirvJ on use of the risk management process. Page 7
Sid Vale Association CIO Trustees. R8POrt {continued) Statem&nt of Trustees. Respon8lbilities The trustees are responsible for preparing the trustees. report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdo¥n Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the Iruslees lo prepare financial stalemenls lor each financial year which give a true and fair view of the slate of affairs of the chaiity and of the incoming resources and application of resources of the charity lor that period. In preparing these financial statements, the Iruslees are required lo.. select suitable 8Gcouriling policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate ether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the fi'nancial statements.. and prepare the financial statements on the going ¢oncem basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper ac¢ounting records that disclose wth reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the Iinancial slalemenls comply wth the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008. and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for takn'ng reasonable steps for the prevention and detection of fraud and other irregularities. The tru5tee5 are responsible for the maintenance and integrity of the corporate and fin3ncial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements rnay differ from legi51alion in other jurisdictions. Disclosure of infomiation to auditor Each trustee has taken steps that they ought to have taken as a tTUStee in order to make themselve5 aware of any relevanl audit infomiation and to establish that the charity's auditor is aware of that information. The trustees confimi that there is no relevant information that they know ol and of which they know the auditor is unaware. The annual report was approved by the trustees of the ¢harity on behalf by.. and signed on ils A Tanner Chaimian and trust•• Page 8
Sid Vale Association CIO Independant Auditorfs Report to Ihe Members of Sid Vale Association CIO Oplnlon We have audited the financial statements of Sid Vale AsKKiation CIO (the 'charity') for the year ended 31 December 2025. lch comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Finan¢ia Statements. in¢luding a summary of significant accounting policies. The financial reporting framevth that has been applied in their preparation is United Kingdlyn Acc¢xJnting Standards, compThsing Charits'es SORP- FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, and applicable law (United Kingdom Generally Accepted Accounting Pr&tice}. In our opinion the financial statements- give a true and fair view of the slate of the charity's affairs as at 31 Dmber 2025 and of ils incoming resources and application of resources, induding its income and expenditu, for the year then ended., have ljeen properly ppared in accordan wth United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance with the reqU1MentS of the Charities Act 2011. Basls for opinion We conducted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the auditor sponsibilities for the audit of the financial statements section of our report. We are independent ol the charity in accordance wth the ethical requirements that are relevant to our aLKlit of the finaneBt statements in the UK, includirvJ the FRC'S Ethical Standard. and we have fulfilled our other ethicat responsibilities in a¢wrdance wth these requirernenls. We lIeVe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concem In auditing the financial statements, we have concluded that the trustees use of the going cOnM basis of accounting in the preparation of the financial statements is appropnate. Based on the Tk we have perfom)8J, have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast gnIfICant doubt on the charity's ability to continue as a going concern for a FWi¢)d of atleast e1ve months from when the original financial statements were authorised for issue. Our respon&bilities and the responsibilities of the trustee5 with resF*Ct lo going concem are described in the levant sections of this rert. Other Infomiatlon The trustees are responsible for the other information. The other infomialion comprises the information included in the annual reFrt, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other informalicffl and, except to the extent otherwise explialiy stated in our report, we do not express any Ic¥m of assurance cOncluon thereon. Page 9
Sld Vale Association CIO Independent Auditor's Report to the Members of Sid Vale Association CIO (continued) In connection wth our audlt of the financial statements, our responsibility 1$ to read the other informab'on and, in doing so, ¢onsider ether the other infomiation is materially inconsistent wth the financial stslemenls or our knedge obtained in the audit or OtheSe appears to b8 materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether there is a materiat missta18menl in the financia statements or 3 material misstatement of the other infomalion. If, based on the rk we have perfomi&J, conclude that there is a material misstatement of this other informalicfi, we are required to pOrt that fact We have nothing lo report in this regard. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the ¢ourse of the audit, we have not identified materia misstatements in the Trustees, Report. We have nothing to rewrt in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you rf, in our opinion.. adequate accounting records have not been kept, or returns ad6y]uate for our audit have not been received from branches not visited by us", or the financial statements are not in agreement with the accwnting records and tuM¥", or certain disclosures of trustees remuneration specified by law are not made.. or have not received all the infomiation and explanationswe require for our audit. Resp0Tr8ibilltles of trustses As explained more fully in the Statement of Trustees, Responsibilities {set out on page 8), the irustees are responsible for the preparation of the financial statement$ and for being satisfied that they give a true and fair view, and for such intemal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free frc¥n material misstatement, ether due to fraud or error. In preparing the financial slatements. the trustees are responsible for assv6sing the charity's abilty to continue as a going concern, disdosing, as applicable, matters related to going Goncem and using the going COern basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations, or have no realistic altemative but to do so. Auditor Responsibilitles for the audlt of tho financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a thole are free from material misstaternenl, ether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance wth ISAS {UK) wll always delect a material misstatement vknen it exists. Misstatements can arise fr(xn fraud or error and are considered material if, individually or in the aggregate, they could reasonably be exFeCted to Influen the economic deCIonS of users taken on the basis of these financial statements. The extent to lch our prccedures are capable of dele¢ting irregularities. including fraud is detail&J elow.. Page 10
Sid Vale Association CIO Indgpendent Auditorfs Report to the Members of Sid Vale Association CIO (continued) Irregularities, including fraud, are instances of non<0mplian with laws and regulations. We design procedures in line wlh our responsibilities. outlined aVe, lo delecl material misstatements in respect of irregularities, induding fraud. The extent to 1¢h our procedures are capable of detecting irregularities. includiro fraud is detailed below. We identified areas of laws and regulations that could reason8bly be expected to have a material efft on the financial statements from our general commercial and sector experience and through discussion wth the trustees and management. We communicat&J identified laws and regulations throughout our team, and remained alert lo any indications of non-complian throughout the audit. The charity is subject lo laws and regulations that govem the preparation of the financial slatements, including financial reportin9 legislation, and other charity legislation. The charity is also Subject to other laws and regulations where the ¢on$equences of non-complian could have a material impact on the amounts or dis¢losures wthin the financial statements, includirKJ t1 not limited to. employment, anti-bribery and anti-money laundering. Owng to the inherent limitations of an audit, there is an unavoidable risk that may not have detected some material misstatements in the financial statements, even though have properly planned and performed our audit in accordance with audits'ng standards. In any audit, there remains higher risk of non-detection of irguI¥tieS as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal ¢ontrols. We are not responsible for preventing non-compliance and cannot be expected to delect n¢3n<ompliance 1th all laws and regulations. As part of an audit in a¢¢ordance with ISAS IUKI, we exercise professional judgement and maintain professional pticISM throughout the audit. We also: Identify and assess the risks of material misstatetnent of the financial statements, whether due to fraud or error. design and perfcffii audit piocedures respon&ve lo those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of rt detecting a material misstatement resulting from fraud is higher than for one resulting frn error. as fraud may invdve collusion, forgery, inlention?l omissions. misrepresentslions, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstsnces, but not for the purpose of expressing an opinion on the effectiveness of the charitys internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on Ihe appropriateness of the trustees use of the going concern basis of accounting and. based on the audit eviden obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubl on the charitys ability to continue as a going concern. If e conclude that a material un¢ertainty exists, we are required to draw attention in our auditorfs report to the lated disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to Continue as a ping ¢oncem. Evaluate the overall psentatsOn, structure and content ol the financial statements, includirg the disclosures, and whether the financ slalements represent the underlying transactions and events in a manner that achieves fair psentatiOn. Page11
Sid Vale Association CIO Independent Auditorfs Report to the Members of Sid Vale Association CIO (continued) We communicate Nmth those charged wth govemance regarding. among other matters, the planned ope and lirning of the audit and significant audit findings, includiro any significant deficiencies in intemal contrd that we identity during our audit. U8e of our report This report is made solely to the charity trust*s, as a bjdy, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might stale lo the trustees those matters are required lo stale to trustees in an audilors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit )rk, for this report, or for the opinions have fom18J. Stuart Carrington (FCAI (Senior SLgtutory Auditor) For and on behalf of Westcott {SW) LLP. Statutory Audltor Timberfey South Stregt Axminster Devon EX13 SAD Paae 12
Sid Vale Association CIO Statement of Financial Activities for the Year Ended 31 Dacèmber 2025 Unrestricted Restrlctsd Endowmenl funds fund8 fund8 Total 2025 Totsi 2024 Income and Endowrnonts from: Donations and legacies Other trading activities Investment income Other income 32,167 19,437 86,244 34,744 135.407 167,574 19,437 97,339 34,744 226,775 19,317 93,655 11,095 Total income 172.592 14S,502 319,094 339,747 Expenditure on: Charitsble activities 150,043 14,371 164,414 236.294 Total expenditure Gainslllossesl on investment assets 1150,043} (14,3711 (164,414) 1236,2941 9.523 272.904 282,427 138,381 Net income 32,072 132,131 272,904 437,107 241,834 Nel movemerrt in funds 32,072 132,131 272,904 437.107 241.834 Re¢onciliatlon of funds Total funds brought forvrdrd 21 927,677 229,369 3,231,494 4,388,540 4,146,7ce 361,5CI) 3,5¢)4,398 4,825,647 4,388,540 Total funds carried forward 21 959,749 All of the charitys activitEs derive trcrfn continuing operations during the above periods. The funds breakdo for 2024 is shovm in note 21. The notes on pages 15 to 29 fom an integral part of these financial statements. Page 13
Sid Valo Association CIO (Registration nurnber: 11547491 Balance Sheet as at 31 December 2025 2025 2024 Nots Fixed assets Tangible a55ets Heritage assets Inve51menls 13 14 15 321,450 401 3.624.005 584,756 401 3,364.050 3,945,856 3,949,207 Culrent assets Stocks Debtors Cash al bank and in hand 16 17 9,762 31,351 850,497 9,500 394 441,351 891,610 451,245 Creditois: Amounts falling due within one year Nét eurrènt asset5 111,8191 111,9121 439.333 879,791 Net assets 4,825.647 4,388,540 Funds of Ihg ¢harlty'. Endowmènt funds 3,504,398 3,231,494 RèstriGted income funds Restricted funds 361,500 229.369 Unrestricted incom8 funds Unrestricted funds 959,749 927.677 Total funds 21 4,825,647 4,388,540 The financi I statements on page5 13 to 29 were approved by the Iruslees, and authorised for iSSLJe and signed on their behalf by, A Tanner Chairman and trustee G Turner Trustee The notes on pages 15 to 29 forrn an integral part of these financial slatemenls. Page 14
Sld Vale Association CIO Notss to the Financial Statements for the Year Ended 31 December 2025 1 Accounting poll¢io8 statement of cornpllance The financial statements have been prepared in accordartce with the wond edilion of the Charities Statement of Recommend Practice issued in October 2019, the Financial ReF)Orting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Challbes Act 2011. Basis of preparatlon Sid Vale Association CIO meets the definits'on of a public benefit entity under FRS 102 and is registered with the Charity Commission of England & Wales as a Charitable Incorporated Organisalion. The address of the principal Offi is 12 Church Street, Sidmouth, Devon. EX10 8LY. The accounts (financial statements) have b6en prepared under the historical cost convention with items re¢ognised al cost or transaction value unless olherwse stated in the ielevant notelsl lo these accounts. The financial statements are prepared in sterling. lch is the functional cuffency of the entity- Dlsclosure exemptiong The Charity has taken advantage of the exempt#)n in FRS102 from the requirement to produ a cashflow statement because it is a small Charity. Going con¢ern The trustees consider that there are no rnaterial UnrtaInlieS abjut the charity's ability to conb.nue as a going concem. Judgem•nts The preparaticfi of the financia statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements a continualty reviewed and are based on experience and other factors, including expectations of future events that are believed to te reasonable under the circumstances. There are no judgements or key sources of estimation uncertainly that have a significant risk of caugng a materd adjustment to assets and liabilities to be disclosed. Accounting estimates and assumptions are m&ae conceming the future and. by their nature, 11 rarely equal the related actual outcome. Income and endowmonts All incoming resources are includ&J in the stalement of financial activities when entitlement has passed to the charity- it is probable that the economic benefits associated with the transaction wll flow to the charity and the amount can be reliably measured. The following specific wlicies are applied to particular categories of in¢ome.' Page 15
Sid Vale Association CEO Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) Donatlon8 and legacles Donations a recognised vknen the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject lo conditions that require a level of perfomance by the charity before the charity is entitled lo the funds, the income is deferred and not cognised until either those conditions are fully mel, or the fulfilment of those nditIOnS is wholly within the control of the charity and it is probable that the conditions wll be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis followng the grant of probate then the adminislratorlexecutor for the eslale has communicated in writing both the amount and settlement dale. In the event that the gift is in the fom of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable wth a dree of reasonable accuracy and the title to the asset having been transferred to the charity. Grants re¢•ivable Grants are recognised then the charity has an entitlement to the funds and any conditions linked lo the grants have been met Where performance conditions are attached lo the grant arKI are yel to be met, the income is recognised as a liability and included on the balance sFEet as deferred income lo be released. Donated assets Donated assets are recognised en the asset becomes available for use by the Charity. Given the nature of the donated assets. many of lch are museum exhibits, these can often not be rellaY measured. A full list of museum exhibits can be provided on request. Subs¢riplions Subscription income for life memtxship is induded in the Statements of Financial ActivSti&s in the year it is received. Expendlture All expenditure is regnised once there is a legal or constructive obligation to that expenditure. it is probable settlement is required and the amount can be me8sured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed lo particular headings they have tseen allocated on a basis consistent with the use of resources, wth central staff costs allocated on the basis of time spent, afKI depreciation charges allocated on the wrtion of the asset's use. Other support costs are allocated based on the spread of stafl costs. Charitable adlvltles 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 alloced directly to such activitses and those costs of an indirect naiure essary to support them. Govomance costs These include the costs attributable to the chartty's compliance with constitutional and statutory requirements, includirrfj audit. strategic management and trustees meetings and reimbursed expenses. Page 16
Sid Vale Association CIO Notes to the Financial Statsments for the Year Ended 31 December 2025 (continued) Taxation The charity is considered to pass the le5ts set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corpordtion tax putposes. Accordingly. the charity is potentially exemFI fr(Th taxation in respect of income or capital gains received wlhin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tanglble Ilxed assets Individual fixed assets costing £0.001 or more are initially recorded at cost, less any subsequent accumulat depreciation and subsequent acojmulated impaiment losses. Heritage ag$0ts The Charity has previ¢)usly prepared accounts on the ReIpts and Payments basis due to it being ilhin the thresholds and has therefore Sho asset additions through the Statement of Financial Actwits'es. The Charity will recogni5e purchase heritage asset additions over £100 at cost in accordance wth the SORP and Charities Act. Heritsge assets are defined as tangiNe property th historical, artistic, scientific, technolcgical, geophysical or environmenta qualities that are held and maintain1 principally for their contribution to knoedge and culture. The Charity considers its museum exhibits fall within this definition. The heritage assets are considered to have indefintte lives and are therefore not depreciated. The m8jorty of the Charity's heritage assets have been donated over many years. The exhibits in the Museum range in scale, aje and nature, a full inventory list can be viewed on request. The exhibits are valued for insurance purposes at £140,856. Dèpreclatlon and amortisatlon Depreciation is provid&Y on tangl1e fixed assets so as to te off the cost or valuation, less any estimated residual value. over their expected useful e10M1¢ life as follows.. Asset cla88 Plant and machinery Depreciatlon mothod and rale 20% reducing balan There is no charge for depreciation in respect of land and buildings as the residual value is expected to be at least equal to cost. Land and buildings Page 17
Sid Vale Association CIO Notss to the Financial Statsments for the Year Ended 31 December 202S (continued) Flxed 4s•t investments Fixed asset investments, other than prograrnrne related investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the differer bemeen sales proceeds and their market value al the stari of the year, or their subsequent COSt, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealis&J gains arKI losses represent the movement in market values during the year and are credited or Charged to the Stalemenl of Financia Activities based on the market value at the year end. Investments Comprise the Kgth Owen legacy and other surplus fund& In accordance vAth delegated authority of the Trustees investments are held within a discrelionary fund. Stock Stock is valued at the lower of cost and estimated gelling price less costs to complete and sell, after due regard for obsolete and 0W moving stocks. Cosi is determin&l using the first-in, first-oui {FIFO). Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem highly liquid investments that are readily cCfiVertib to a known amount of cash and are subject to an insignificant risk of change in value. Fund 8tructure Unrestricted income funds are general funds Ihat are availat4e for use at the trustees discretion in furtheran of the cbJectiVe5 of the charity. Designated funds are unrestricted funds set aside for $pe¢ific wrFKJses at the discrelion of the trustees. Re$tricted income funds are those donated for use in a particular or for specific purpases, the use of which is restricted to that area or purpose. Permanent endowmenl funds are those donated for use in a particular area or for specitic purposes, Whe there is no pow to convert the capital into income. Page 18
Sid Vale Assoclation CIO Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) Flnan¢lal instruments A review for indicators of impairMt is carried out at each reporting date, wth the recoveratye amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amoun( the asset is impaired *cordingly. Prior impaimients are also revIevd fcf possible reversal at each reping date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generaling unit is the smallest idenlifi2trAe group of assets that includes the asset and generates cash inflows that largely independent of the cash inflcws from other assets ¢X groups of assets. For impairment testiro of gcodwill, the goc¥J%•AII acquired in a business Combinati is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the coM'natIC, irrespective of whether other assets cr liabilities of the charity are assigned to Ihose units. PaJe 19
Sid Vale Association CIO Notes to the Financial Statements forthe Yaar Ended 31 December 2025 (continued) 2 Incomo from donallon8 and legacies Unrestricted funds General Restricted funds Totsl 2025 Donations and legacies., Donations Legacies Grant8, including capital grants-, Grants reIvable Regular giving and capital donations 6,993 22,706 6,993 157,793 135,087 230 2,238 32,167 230 2.558 320 135,407 167, 574 Unrestrictsd fvnds General Re61rictsd funds Total 2024 Donations and legacies., Donations Legacies Grants, includirg capital grants.. Grants receivatr4e Regular giving and capital donations 4.802 2,273 4,802 212,339 210,066 1,508 8,126 16,709 1,508 8,126 210,C66 226,775 3 Othertrading activltles Unrestriclgd funds General Tolal 2025 Trading income.. Income fn)m sales of goods and services Income from other trading activities 18,334 1,103 19,437 18,334 1.103 19,437 Unrgstrlcted funds General Total 2024 Trading income., Income from sales of goods and services Income from other trading activities 17,942 1,375 17,942 1.375 19,317 19,317 Page 20
Sid Valo Association CIO Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 4 Invastment Incom• UnrestriGtsd funds Ggnerdl Re8trfcted funds Totsi 2025 Income from listed investments 86,244 86,244 11,095 11,095 97,339 Unrestricted fundg Genoral Restricted fund$ Totsl 2024 Income frcm listed investments 93,655 93,655 93.655 93,655 5 Other in¢oMg Unrestrfclod funds General Total 2025 Gains on sale of tangible fix assets for charitys own use 34.744 34,744 Page 21
Sid Vale Association CIO Notes to the Flnancial Statements for the Year Ended 31 December 2025 (Continued) 6 Expendlture on charltable aclivltles By fund type Unre8tricted funds General Re8trScted fund8 Total 2025 Note Awards Other charitsble activities Govemance costs 45,638 88,860 15,545 150,043 45.838 103,231 15.545 164,414 14,371 14.371 Unrestricted funds General Restricted funds Total 2024 Note AdrdS Other charitable a¢tivilie5 Governan costs 60,529 153,466 17,401 60,529 158,364 17,401 236.294 4,898 231,396 4,898 Awards are granted in accordance th the charity's objectives and the Keith Owen Memorandum of Intention. Details of grants paid in the year can provided by contscting the Charity Treasurer. Details of Institutional grants can found on the Charity's ebsite". http.. ww.sidvaleassociaticn.org.uklkeith-owen-fundslgrant-awdrd$ Page 22
Sid Vale Association CIO Notes to the Flnan¢ial Statements for the Year Ended 31 December 2025 (continued) 7 Anatysis of governan¢e and support costs Govemance costs Unrestricted funds Gonoral Totsl 2025 Audit fees Audit of the financial statements Insurance Other govemance costs 4,482 4.791 6,272 15,545 4,482 4.791 6,272 15.545 Unrestricted funds General Total 2024 Audit fees Audit of the financial statements Accountsn¢y Insurance Other govemart¢e costs 3,846 882 7.078 5.595 7,078 5,595 17,401 17.401 8 Net In¢omlngloutgolng vesources Nel outgoing resources for the year include.. 2025 2024 Audit f*s 4,482 3.846 9 Trustees romuneration and expenses £10,114 12024.. £12,371) of expenses relating to ongoing charitable eX[ditUre MEre wmbursed to the Trustees during the year. No trustee5. nor any persons ¢onrted with them. have receiv any remuneration fnxn the charity during the year. No trustees have received any other benefits from the charity during the year. Page 23
Sid Vale A830ciation CIO Notes to the Financlal Ststements for the Year Ended 31 December 2025 (continued) 10 Staff costs The Charity has no employees, therefore no employee received emolumenwbenefits of more than £60,ChJO during Ihe year 11 Auditors, remuneration 2025 2024 Audit of the financial statements 4,482 12 Taxatlon The charity 15 a registered charity and is therefore exempt frcm taxation. 13 Tangible fixed assets Land and buildings Plant and machinery Total Cost At 1 January 2025 Disposals 584.756 263,306 22,663 19,663 607,419 1282.969 At 31 December 2025 321,450 3,CX)O 324,450 Depreclatlon At 1 January 2025 Eliminated on disposals Al 31 December 2025 22,663 (19,663) 22,663 19,6631 3,000 3,000 Not book valua At 31 December 2025 321,450 321,450 Al 31 December 2024 584,7 584,756 Page 24
Sld Vale Association CIO Notss to the Financlal Ststements for the Yaar Ended 31 D•¢omber 2025 (continued) Included wlhin the net book value of land and buildings above is £321,450 12024 £584.756) in respect of freehold land and buildings and £Nil {2024- £Nill in respect of leaseholds. Included wthin the net book value of land and buildiThJs aty)ve is £225,OC(J Nthich was treated as a donated asset in 2023. The market value of the property was determined by an independent RICS registered valuer who has the knedge, skills and underslandiThJ to undertake a competent valuation. In addition lo the assets shown in the balance sheet the AsSl10n ed the followng, land which has en gifted or wuired overthe years and comprises". Freehold Land and Property.. . Approximately 20 acres of land Salcomte Hill known as James Cornish Fields . 2 acres known as Combe Head . 2 acres al Highfidd BIC11 Valley 19 aCS in the Byes Comprin9 Livonia Field, Gilchri* Field and Margaret's Meadow 1.6 acres at Peaslands Knapp . Trow Pump HSe, Salcomie Regis . The Knapp Open Space and Nature ReseNe. Station Road . Propety at 12 Church stet Leasehold Land and Property.. . Property at Hope Cottage . ProFerty at 36a Fore Street There are no known ¢osls of any land by the charity. The land is used for charitable purposes and there is no intention to dispo of the land or develop any areas. It 1$ not practical to quantify the market value for Ihe12nd due to ils charitable purpose and use. 14 Herhago a88ets Heritage a$s•t Total Cost At 1 January 2025 401 401 At 31 December 2025 401 401 Depreciation At 31 Decemkr 2025 Net book value At 31 December 2025 401 401 Pagg 25
Sid Vale Association CIO Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 15 Fixed asset Inv•stments 2025 2024 Other investments 3,624,005 3,364.050 Other inveglments Listed Cash or cash investments equivalents Total Costorvaluation At 1 January 2025 Revaluation Additions Disposals Net movem9 in cash 3,345,898 282,427 1,6e5,387 11,667,479) 18,152 3,364,050 282.427 1,665,387 (1,667,479) 120,380 20,380 Al 31 December 2025 3,626,233 2,2281 3,624,005 Net book value At 31 December 2025 3,626,233 12,228) 3,624,005 At 31 December 2024 3,345,898 18,152 3.364,050 All investments Sho above are held at valuatir)n. The historical cost of investments is £3,C67,85712024.' £3.118,084}. 16 Stock 2025 2024 stocks 9,762 9.500 17 Dèbtors 2025 2024 Other debtors 31,351 394 Page 26
Sid Vale Association CIO Notes to tho Financial Statements for the Year Ended 31 December 2025 (continued) 18 Cash and cash equivalents 2025 2024 Cash al bank 850,497 441.351 19 Credltorn: amounts falling due within one year 2025 2024 other creditors 11,819 11,912 20 Contingent Ilabilities Grants approved in or tefore 2025 but unclaim8J as * 31st December 2025 £40,938 12024.. £16,903}. 21 Funds Balance at 1 January 2025 Other BalanGe at Incoming Resources recognlsed 31 December resoueS expended gain81(losse3) 2025 Unrastri¢tsd fund8 General General funds 777.677 172,592 (150,043} 9,523 809,749 Designated PrniSes Maintenan and repairs fund 150.000 150.000 Total unrestrlcted funds 927,677 172,592 (150,0431 9.523 959,749 Restrlctod funds LandscaFe fund 229.369 146,502 {14,371) 361,500 Endowment lunds Pemianent Keith 0 fund 3,231,494 272,904 3.504,398 Total funds 4,388,540 319,094 1164,4141 282.427 4.825.647 Page 27
Sid Vale Association CIO Notes lo the Financial Statements for the Year Ended 31 December 2025 (continued) Balan¢• at 1 January 2024 Other Balance at Incoming Resources recognlsgd 31 December resour¢•s expended galnslllossesl 2024 Unre8trf¢ted funds General General funds 874,372 129,681 {231,396} 5,020 777,877 Dgnated Premises Maintenan and repairs fund 150,000 150 000 Total unreslrict•d fund$ 1.024.372 129,681 {231,3961 5,020 927.677 Restricted funds Landscape fund Endowrnent funds 24,201 210,066 (4,8981 229,369 Keith 0En fund 3,098,133 133,361 138,381 3.231.494 Total funds 4,146,706 339,747 236,2941 The specific purFoses for which the funds are to be applied are as follows.. Unre8trlctod funds 4,388,540 General funds-These reTves are available for the general furtherance and objectives of the Charity- The Trustees Consider the leve5 of rerves lo be adequate lo meet commitments lo the majority of its members who have paid for life memlkrship, and lo provide a Fund for any future opportunities to acquire land for the benefit of the community. De8lgnated lund8 Premises rnalntenance and repairs fund-Funds to be design*ed in respect of significant premi Maintenan and repairs. Restricted funds Landscape fund- The fund is held for the purchase and rna1ntenan of open SP land in the Sid Valley. Endowmentfunds Pernianenl Kelth Owon fund- The fund to be applied in accordance with a Memorandum of Intention dated 4th June 2007. Page 28
Sid Vale Association CIO Notes to the Financial Statements for tho Yèar Ended 31 December 2025 (continued) 22 Analysis of net assets between funds Total funds at31 December 2025 Unrostricled funds General Endowment funds Pernianent R•slrlcted funds Tangible fixed assets Heritage assets Fixed asset inve51menls Current assets Current liabilib'es 321,450 401 119,607 530,110 11.819 321.450 401 3,624,005 891,610 11,819 4.825.647 3,504,398 361,500 Totsl net assets 959,749 361,500 3,504.398 Total funds at31 December 2024 Unrthricted funds General Endowment funds Pemianent Rgstrlcted fun(ts Tangible fix1 assets Heritage assets Fixed asset investments Current assets Current liabilities 584,756 401 132,556 221,876 11,9121 927,677 584,756 401 3,384,050 451,245 (11,9121 4,388.540 3,231,494 229,369 Total net assets 229.369 3.231,494 23 Rolaled party transactions There were no related party transactions in the year except for re-imbursement of exFense$ to Trustees as per note 9. Page 29