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 A8￿￿lation. 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 Committ*s 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 a￿ardS 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. Mu*um.' 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 inV￿Ve and interesl the Museum's young vistor& . Publications.. Publishes bcx)ks and leaflets of I￿81 interest. . Walks Organises walks around Sidmouth and the Sid Valley . Talk5.. Arranges talks on subjects of local interest Wc4)dlands and Eststes.. Manages land 0￿ed 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 a￿sS 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 I￿al artistic, historical, and geo1￿J1Cah 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 pU￿1C benefit gUIda￿e 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 B0￿Ing 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 don*ions to the SVA that I￿Uld 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 aVail￿e 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 O￿n endowment and other surplus funds. Wilh eff&t from January 2020, in accordance the Trustees, resolution of 25th Novemier 2019, the investrnents have b*n 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 d*ed 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 ne￿Y 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 eff￿tive 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 Mc￿ttOr￿j 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 regUla￿Y 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 frame￿OrK 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 prO￿sS 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 D￿mber 2025 and of ils incoming resources and application of resources, induding its income and expenditu￿, for the year then ended., have ljeen properly p￿pared in accordan￿ wth United Kingdom Generally Accepted Accounting Practi￿. and have been prepared in accordance with the reqU1￿MentS 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 cOn￿M 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 re￿rt. Other Infomiatlon The trustees are responsible for the other information. The other infomialion comprises the information included in the annual reF￿rt, 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 cOnclu￿on 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 kn￿edge obtained in the audit or Othe￿Se 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 CO￿ern 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 deCI￿onS 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 a￿Ve, 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 eff￿t 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 t￿1 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 ir￿guI¥￿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