COUNTESS OF DERBY'S ALMSH HARITY N 118487 HOUSING CORPORATI FINANCIAL STATEMENTS Paoe Report ol the Trustees Independent Examlners report to the Trustees statemont of Comprehenslve Income statement of changes In Reserves statement ol Flnancl?I Poslllo Cash Flow Statement Notes to the Flnanclal Statements 9-13 Detalled Income and Experbdlture Atcount 14 Sthédulé tsf IilvÈstmantg & Income 15 DERBY, ALMSHOUSES CIO REP ST Tlie Trustees submlL tl)elr annual report together wlth the Independently examlned flnanclal statements for the year ended 31st March 2025. Prlnclpal actlvlty and org•nl$atlon The princlpal aetlvlty of the CharSty Ss to provlde accommodation for people in need of houslng from the padshes of Lavant, Boxgrove, Tangmere, West Dean, Slngleton, East Dean, Eartham, Aldlngbourne, Eastergate, Barnham, Ovlng, Westhampnelt, Chichester, StOU9hton, Funtington and West stoke, or otherwi.4p In special Cases approved by the Charity Comrnission and thi5 15 accomplished by the provlslon of 18 flats, and one flat let on the open market, at Boxgrove, Chlchester, West Sussex. There have been no materlal changes in the Charity's policies or activities In the year. The Charlty Is a registered charfty, constituted as a charltable incorporated organi5ation, number 1184876. The Charity's goveming document is a Trust Deed dated 30 March 2020 when all assets of the Countes5 of Derby's Almshouses {charlty number 2130301 were transfer￿￿ to the new charlty. It is registered with the Housing Corporatlon, Registration number A1071. The Trustees are responsible for all activibes of the Charityi including malntenance of the fabric of the accoffltnodation and appointment and supervision or the Manager. Trustees meet at least four times a year to discuss the affalrs of the Charity. consider the pmgramme for maSntenance and other works and recelve reports from the Manager. The Board of Trustees keeps the sklll re4uirÈmÉntg for th@ Trugto• body und9r r4vlew and In the event that a trustee permanently retlres or addltlonal new trustees are requlred, the board will IdentSfy a suitable replacement. The ultimate decision on selection is a matter for the Board of Trustees. The Inouciion p￿￿55 for iiewly-dpyvliitetj LrusLee Lviiiyil>e> Lliv Ib>UV vf IilJLvilu, fiiiaililal aiid olliei relevant informatlon relatlng to the charlty together with guidelines relating to charity trustee duties. Revlew of Charltable Actlvltle5 A good level of occupancy ha5 been malntalned durlng the year, there are currently no flats unoccupled. One flat, whlch has restrlcted access for elderly resldents, has now been let on the open market wSth slx month assured tenancy agreement. Soclal actlvlties for residents have colltinued to be organSsed, Includlng the distributirjn OF Christmas presents to resldents. It Is antitlpated that any flat remalnlng to be refurbished will be completed In accordance wlth the agreed titnescale based on cashflow and with the agreemenl of the tenant. othenvise flats wlll be redecorated and baths replaced with showers, and cookers wlth hobs and eye level ovens as required. The Trustees contlnLJe to undertake the work ￿qUI￿d fmm the Qulnquennial report. The Trustees rernain alert to what Is avallable to assist elderly people (i.e. hand grips, alarm cords etc) and any relevant development5 are dSscussed and considered when appropriate. Review of transa¢tion$ and flnancial position The flnanclal res(Jlts for the year are set out Sn the accompanylng examlned financial statements. Financlal transactlons during the year were simllar In nature to those of the prevlous charlty and the surplus for the year is considered to be satisfactory. All assets held are for the purpose of contlnulng the Charity's current activltles and are adequate to fulfil the Char5ty'5 finanelal and Oiher obllgatlons. GA.. 12629041 I EAR ENDED 31ST MA The Trustees have reduced the handling of cosh transactlons to a mSnirnum and the majority of receipts nd payments are now cornpleted by stant11ng order, dlrect deblt and 8ACS payment5. The maJorSty of the incorne received by the Chartty Ss generated from rental Incotne from the 19 flats. As far as is POS5ible these flats a￿ tenanted in full and the rent collected regularly. Durino the year net currellt assets have Sncreased to £35,39012024.. £22,553), the Investments value has decreased to £331,069 12024.. £333,3061. Total funds have Increased to £787,916 12024: £780,116) Risk Assessment The major risks to whlcli tlie charlty Is eX￿Se￿, as Identlfied by the Trustees, have been revlewed and systems have been established to mltlgate those rlsks. Investment performance appral$al The market value of Investments at 31" March 2025 was £331,069 12024 £333,306). The Investments produced a gross Income of £13,634 12024 - £L2,8581. Total Investment income in the financlal year represented an overall yield of 4.1¥0 {2024 3.9%> on the value of the Investrnents at the year end. Trustee$ The Trustees who served during the year were as follows.. Nichola Denise Martin (inairi (appointed JLily 20241 The Reverend I M Forrester I￿$19ned 26 February 2025) Reverend T Marshall Ireslgned 23 luly 20241 Mrs L Simpson lappointed 26 February 20251 Jane Charlotte Barnes {appolnted 23 July 2024} Maria Elsie Tod GA.. 12629041 1 FOR THE YEA Trustees. responslbllltle5 for the preparatlon of the flnanel•l stateménts Housing Associatlon and charity leglslauon requlre the Trustees to prepare financial statements for each fjnanclal year whlch glve a true and fair view or the state of affair5 of the Charity as at the end or the flnanclal year and of the surplus or defiat for that period. In preparirTrg the financial statements, suitable aceounting policies have been adopted and consistently applied, to the best of the Trustees, knowledge and bellef, by reference to reasonable and prudent judgements and estimètes. Applicable accounting standards have been followed. The Trustees confirtn that they have complied wlth thelr responsibillties for malntalnlng adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charityi for safeguarding the assets of the Charity and for preventing and detecting fraud and other irregularities. The Trustees confirm that they are of the opinlon that It is appropriate to prepare the financial stateFnents on the basis that the Charlty Is a going concern. The financial statements have been prepared in accordance with Housing SORP 2018, Statement of Recornmended Practi￿ for regIste￿d socSal houslng provlders. Plans for the future The Trustees intend to continue providing accommodatlon In accordan￿ wSth the charlty obJectyves wSth the emphasls on people in need. Professional Advlsors Prlnclpal Bankers: Barclays Bank plc PO Box 54 West Sussex P019 IHT Solldtors Irwin Mitchell LLP Thomas Eggar House Friary Lane Chlchester West Sussex P019 IUF Independent Examlner Sarah Alexander FCA FCCA Lewi5 Brownlee {Chlchesterl Umlted Charrered Accountants Appledram Barns Birdham Road Chichester West Sussex P020 7EQ Slgned on behalf of the Trustee GA.. 12629041 L .Indcp¢ndcnt Examlner's Report to th¢ Trytst¢¢s of Countess of Derby's Almshouses CIO Independent examlner's report to the trustees of Countess of Derby's Almshouses CIO I report to the charity trustees on my examinatSon of the accounts of Countess of Derby's Almshouses CIO {the Trust) for the year ernded 31st March 2025. Responsibilities and basls of report As the charity trustees of the Trust you a￿ responslble for the preparatlon of the accounts In accordance wlth the requirements of the Ch3rities Act 2011 1'thÉ Act'l. I report In respect of my exarnlnatlon of the Trust's accounts carrled out under 5ecNon 145 of the Act and in carrylng out my examlriation I h6ve followed all applicable Dlrectlons glven by the Charlty Commlsslon under sectlon 145151(bl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attentlon In connertlon with the examlnatlon glvlng me cause to belleve that in any material respect.. accounLing records were not kept In ￿Spect of the Trust as requlred by section 130 of the Act; or the accounts do not accord with those records,. or the accounts do not comply wlth the applicable requirements Con￿rning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the account5 give a true and fair vitY4 whlch is nol a matter considered as part of an independent examination. I confirm that there are no other matters to which your attentton should be drawn to enable a proper understandSng of the accounts to be reached. Sarah Alexander FCA FCCA L4wlg Brownlèè IChichogt•rl iimitqd Chartered Accountants Appledrarn Barns Dlrdlidlll Chichester West Su55ex P020 7EQ 2910912025 Date.. GA.. 12629041 1 COUNTESS OF DERBV. TURNOVER: Income.. Contril¥Jtions from resldents.. Rent Servltrs 86,913 15,600 89,599 17,080 102,S13 106,679 102,513 106,679 OPERATING EXPENDITURE Servkes Management Day to day Mal￿tenanCe 138,1481 144,7211 134,9531 134,4001 148,0681 128,8751 OPERATIN¢ DEFICIT 115,3091 14,6641 GalnslLosses on Investments Inle￿[ re￿1¥able and ￿Trer Income Interest payable and 4mllar charges 9,344 13,765 7.368 13,116 12271 SURPLUS 7,800 15,593 TOTAL COMPREHENSIVE INCOME FOR THE YEA The Countess of Derby's Almshouse5 CIO has not acquired or dlsconunued any rundemental actlvltles durlng the 8bt)ve t¥vo fin8nclal years. Approved by the Trustee5 on behalf by.. and signed on thelr (Trusteel These statements have been prepa￿ In accordance vAth the Statement of Retommended Pr8Ctlce for Soclal Hou￿ng Pravlders 2018. and wlth the Accountlw Dlrection for prfvate Realstered Provlders of Soclal Houslng In England 2022. TATE ENT OF CHANGES IN RESERVE Income and Expendlture Reserve Revaluauon Reserve Total Balantr at L Aprll 2024 619,295 160,821 780,IL6 Surplus from Statement of Comprehenslve Inceme 7.800 7,800 Transfers 17,7441 7,744 Balance at 31 March 2025 619 351 168 565 787 916 YF FIXED ASSETS Houslng propertles 424,257 424.257 424.257 424,257 Investments, at market value 331,069 333,306 755,326 757.563 CURRENT ASSETS Cash at bank and In hand 35,390 27,641 35,390 27.641 LESS CREDITORS: Amount5 falllng due ￿￿thIn one year io 12.800} 15,0881 NET CURRENT ASSETS 32.590 22.553 TOTAL ASSETS LESS CLIRRENT LIABILZTIES 787,916 780,116 CREDITORS.. Amounts failing due after more than one year TOTAL NET ASSÈYS 787,916 780,116 RESERVES Income and expendlture reserve Investment revaluatlon reserve li 12 619,351 168.565 619,295 160.821 787,916 780,116 Approved by the Trustee5 on. behalf by.. nd slgned on thelr (I rustee) These statements have been prepared In accordance ¥￿th the Statement of Recommended Practltr for Reglstered Hougng Prov￿er$ 2018, wlth the Accountlng Dlrectlon for Prfvate Reglstered Provlders of S￿￿?1 Houslng In Fngl3nd ?0?.?. COUNTESS OF DERBY'S ALMSHOUSES CIO CASH FLOW STATEMENT RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net Income for the report1￿ perlod las per the statement of flnanclal attlvltesl 7,800 15,593 Adjustment5 for.. Gains/losse5 on investtnents Interest recelved Rental Income Investment Income re¢elved Increase/lDecre6sel in creditors Decreasel Ilncreasel In debtors {9,3441 11311 1102.5131 113.6341 12,2881 17,3681 125AI 1106.6791 (12.8581 (13,1321 Net ¢ostt provld¢d by {u$Èd In) opératlng actlvltes 120 110 124 702 Cash flows from operatlng actlvltes: Cash generate(J from operatlons {120.1101 (124.7021 Net cash provided by (used in) operating activites {120.110) {124.7021 Cash flows from Investlng actlvltes: Interest recelved Rent5 received Jnvestment Income received Di5POsal of investtnents Accumulated dlvldends 131 102,513 13,634 25,000 113,4191 258 106,679 12,858 112,6491 Net cash provlded by {used In) Investlng actlvltes 127,859 107.146 Cash flows from tlnancSng activlties.. Repayments of borrowing Net Cash provided by (used In I flnanclng a£tlvitie5 Change In cash and cash equlvalents In the reportlng perlod 7,749 (17,5561 Cash and cash equlvalents at the beglnnlng tsf the reportlng perlod 27,641 45,197 cash and cash e4uivalents at the end of the repr*rting period TE THE FINANCIA ATEMENT SY PRINCIPAL ACCOUNTING POLECIES The format of the account5 complie5 Wlth the Housing SORP 2018 Statement of recomtnended Practice for registered social landlords. The financial statements have been prepared in accordance with applicable Accounting Standards In the United Kingdom. A summèry of the accounting policies is set out below. Ba$1$ of Accountlng: The financial stateTnents have been prepared in accordance with applicable accounbng Standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republlc of Ireland IFRS 1021, the Statement of Recommended Practlce for Registered Soclal Housing Providers 2018, and wlth the Accountlno D1￿ctIOn for private reglstered providers of social houslng in Eriyland 2022. Ttie fiiit]IIL￿l st£>ternents h