2026-03-31-accounts

COUNTESS OF DERBY'S ALMSHOUSES CIO

REGISTERED CHARITY No. 1184876 HOUSING CORPORATION No. A.1071

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2026

Report of the Trustees Independent Examiners report to the Truste Statement of Comprehensive Income Statement of changes in Reserves Statement of Financial Position Cash Flow Statement Notes to the Financial Statements Detailed Income and Expenditure Account Schedule of Investments & Income	Index Page 1 - 3 es 4 5 6 7 8 9 - 14 15 16

COUNTESS OF DERBY’S ALMSHOUSES CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31[ST] MARCH 2026

The Trustees submit their annual report together with the independently examined financial statements for the year ended 31[st] March 2026.

1. Principal activity and organisation

The principal activity of the Charity is to provide accommodation for people in need of housing from the parishes of Lavant, Boxgrove, Tangmere, West Dean, Singleton, East Dean, Eartham, Aldingbourne, Eastergate, Barnham, Oving, Westhampnett, Chichester, Stoughton, Funtington and West Stoke, or otherwise in special cases approved by the Charity Commission and this is accomplished by the provision of 18 flats, and one flat let on the open market, at Boxgrove, Chichester, West Sussex. There have been no material changes in the Charity’s policies or activities in the year.

The Charity is a registered charity, constituted as a charitable incorporated organisation, number 1184876. The Charity’s governing document is a Trust Deed dated 30 March 2020 when all assets of the Countess of Derby’s Almshouses (charity number 213030) were transferred to the new charity. It is registered with the Housing Corporation, Registration number A1071.

The Trustees are responsible for all activities of the Charity, including maintenance of the fabric of the accommodation and appointment and supervision of the Manager. Trustees meet at least four times a year to discuss the affairs of the Charity, consider the programme for maintenance and other works and receive reports from the Manager.

The Board of Trustees keeps the skill requirements for the Trustee body under review and in the event that a trustee permanently retires or additional new trustees are required, the board will identify a suitable replacement. The ultimate decision on selection is a matter for the Board of Trustees. The induction process for any newly-appointed trustee comprises the issue of historic, financial and other relevant information relating to the charity together with guidelines relating to charity trustee duties.

2. Review of Charitable Activities

A good level of occupancy has been maintained during the year, there are currently no flats unoccupied. One flat, which has restricted access for elderly residents, has now been let on the open market with six month assured tenancy agreement. Social activities for residents have continued to be organised, including the distribution of Christmas presents to residents.

It is anticipated that any flat remaining to be refurbished will be completed in accordance with the agreed timescale based on cashflow and with the agreement of the tenant. Otherwise flats will be redecorated and baths replaced with showers, and cookers with hobs and eye level ovens as required. The Trustees continue to undertake the work required from the Quinquennial report.

The Trustees remain alert to what is available to assist elderly people (i.e. hand grips, alarm cords etc) and any relevant developments are discussed and considered when appropriate.

3. Review of transactions and financial position

The financial results for the year are set out in the accompanying examined financial statements.

Financial transactions during the year were similar in nature to those of the previous charity and the surplus for the year is considered to be satisfactory. All assets held are for the purpose of continuing the Charity’s current activities and are adequate to fulfil the Charity’s financial and other obligations.

GA: 12629041_1

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COUNTESS OF DERBY’S ALMSHOUSES CIO

REPORT OF THE TRUSTEES (continued)

FOR THE YEAR ENDED 31[ST] MARCH 2026

The Trustees have reduced the handling of cash transactions to a minimum and the majority of receipts and payments are now completed by standing order, direct debit and BACS payments.

The majority of the income received by the Charity is generated from rental income from the 19 flats. As far as is possible these flats are tenanted in full and the rent collected regularly.

During the year net current assets have decreased to £28,774 (2025: £32,590), the investments value has increased to £344,687 (2025: £331,069). Total funds have increased to £797,718 (2025: £787,916)

4. Risk Assessment

The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks.

5. Investment performance appraisal

The market value of investments at 31[st] March 2026 was £344,687 (2025 - £331,069). The investments produced a gross income of £13,211 (2025 - £13,634). Total investment income in the financial year represented an overall yield of 3.8% (2025 4.1%) on the value of the investments at the year end.

6. Trustees

The Trustees who served during the year were as follows:

Nichola Denise Martin (Chair) Mrs Lesley Simpson Jane Charlotte Barnes Maria Elsie Tod

GA: 12629041_1

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Independent Examiner's Reportto +he Trustees of Countess of l)erby's Almshouses CIO Independent examiner's repos't lo the trustees Df Countess of Derby's Alinshouses CIO I report to the charity trLlatees on my exaniina:ion of Ihe accounis o Countess of Derby's Almshou'ses CS0 Ilhe Trust) for the year ended #1st March 2020. Responsibillties and basis of ¥epart As tli- charity trLislees of the Trust you are respoiisible fo;- the prèparation ol the accounlpJ Ir) accordance kvilh the requiremenls Df the Charities Act 2011 I'lhe Act'i- I report in ',especl of my examination of the Twsl's accounts c21ried oui under sectiop, 145 of tlie Act and in carrying out ny ex2ininatioii i have follovied all applicaljle DireGtioiis giver, by the Charity Commitsion under ¥èclion 14q{5!(b} of the Act Independent examiner's statemenL I have compleled niy exanTrination. I confirm that no materi31 matters have come to my attention in connection with the examiiialion giiJing w.e c&use 0 believe that in any material respe¢l'. accounting iecord& were not kept in respect oflhe Trust as reouired by section 130 of the Act., or 2. the accounts do not accord with those record5', Of 3. the accounts do not comply Wiih appli¢able requiremÈnls concerning Ilie form and contènt of accoiints sei oui in the Chdilties (Accounts and Reports) gegulalions 2008 olher thali any requirement Ihal the acctsJp.ts gibe a true and ':air visw which is not 9 matter ctsnsidered (Is part of sn independent examin?;IDn. I confirm that there are no other matters tg which your aiienlion should be drawll to enable a proper undersianding Oi the accounts to be reached. Sarah Alexander rCA FCCA Lewis Bro￿￿nIee {Chicheslerl Limit@d Chartered AcCo￿ntantS Appledram Barns Chichesrèr Wesl Sussex 020 7¢Q Date= GA. 1*629041_1

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COUNTESS OF DERBY'S ALMSHOUSES CIO

STATEMENT OF CHANGES IN RESERVES

FOR THE YEAR ENDED 31ST MARCH 2026

Balance at 1 April 2025 Surplus from Statement of Comprehensive income Transfers Balance at 31 March 2026	Income and Expenditure Reserve 619,351 9,802 (34,515) 594,638	Revaluation Reserve 168,565 - 34,515 203,080	Total 787,916 9,802 - 797,718

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COUNTESS OF DERBY'S ALMSHOUSES CIO

STATEMENT OF FINANCIAL POSITION AT 31ST MARCH 2026

FIXED ASSETS Housing properties Cost Investments, at market value CURRENT ASSETS Cash at bank and in hand LESS CREDITORS: Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year TOTAL NET ASSETS RESERVES Income and expenditure reserve Investment revaluation reserve Approved by the Trustees on …………………………….. and signed on their behalf by: …………………………………………….	NOTES 8 9 10 11 12 13	2026 £ 424,257 424,257 344,687 768,944 31,574 31,574 (2,800) 28,774 797,718 797,718 594,638 203,080 797,718 (Trustee)	2025 £ 424,257 424,257 331,069 755,326 35,390 35,390 (2,800) 32,590 787,916 - 787,916 619,351 168,565 787,916

These statements have been prepared in accordance with the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for Private Registered Providers of Social Housing in England 2022.

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COUNTESS OF DERBY'S ALMSHOUSES CIO

CASH FLOW STATEMENT

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the statement of financial activites) Adjustments for: Gains/losses on investments Interest received Rental Income Investment Income received Increase/(Decrease) in creditors Net cash provided by (used in) operating activites Cash flows from operating activites: Cash generated from operations Net cash provided by (used in) operating activites Cash flows from Investing activites: Interest received Rents received Investment Income received Disposal of investments Accumulated dividends Net cash provided by (used in) investing activites 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	2026 £ 9,802 (35,807) (207) (99,109) (13,211) - (138,532) (138,532) (138,532) 207 99,109 13,211 35,000 (12,811) 134,716 (3,816) 35,390 31,574	2025 £ 7,800 (9,344) (131) (102,513) (13,634) (2,288) (120,110) (120,110) (120,110) 131 102,513 13,634 25,000 (13,419) 127,859 7,749 27,641 35,390

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COUNTESS OF DERBY’S ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2026

1. PRINCIPAL ACCOUNTING POLICIES

The format of the accounts complies with the Housing SORP 2018 Statement of recommended Practice for registered social landlords and the Charities SORP 2019 Statement of recommended Practice for charities. The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom.

A summary of the accounting policies is set out below.

a.

Basis of Accounting:

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, the Charities Act 2011, and with the Accounting Direction for private registered providers of social housing in England2022. The financial statements have been prepared on a going concern basis underthe historical costconvention, modified to include certain items at fair value. The financial statementsare prepared insterling, which is the functional currency of the Charity, and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

b. Turnover:

Turnover represents rental and service charges income receivable in the year net of rent and service charge losses from voids, revenue grants from the government (local authorities) and the Homes and Communities Agency.

Interest and dividends receivable.

Interest received is recognised using the effective interest method and dividend income is recognised as the Charity’s right to received payment is established.

c.

Housing Properties:

Countess of Derby’s Almshouses have been constructed for over 100 years and there is no record of the original cost and no value is attributed thereto. The recorded cost of Housing Properties relates to improvements carried out since 1973 which were funded by a Housing Corporation Grant, a mortgage loan from The Housing Corporation secured by a charge on housing, land and buildings and from Countess of Derby’s Almshouses own resources. The properties are estimated to have a remaining useful economic life in excess of 50 years and the Trustees have carried out an impairment review of the housing properties as at 31[st] March 2026, comparing the carrying value per the financial statements to the recoverable amount and are satisfied that no impairment has arisen. Accordingly, they have continued the policy that no depreciation is charged on housing properties, on the basis that any such charge would be immaterial to the financial statements.

d. Housing Association Grant:

The Government Grant is paid by the Housing Corporation to reduce the cost of the development. The Grant is repayable under certain circumstances, primarily following the sale of the property, but will normally be restricted to net proceeds of sale. The Government Grant is recognised over its 50 year useful economic life as deferred income.

GA: 12629041_1

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COUNTESS OF DERBY’S ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2026

e. Investments

Investments are stated at fair value with unrealised gains and losses taken directly to the Investment revaluation reserve. Original cost of investments is disclosed in the notes to the financial statements.

f. Capitalisation of Interest

Interest on the mortgage loan financing a development is capitalised up to the date of practical completion of the scheme.

g. Cyclical Repairs and Maintenance

Countess of Derby’s Almshouses has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Income and Expenditure Account in the year in which they are incurred.

h. Extraordinary Repairs

Cost of Extraordinary Repairs, unless representing improvements to the properties, are charged to the Income and Expenditure Account in the year in which they are incurred.

i. Value Added Tax:

Countess of Derby’s Almshouses is not registered for Value Added Tax. In these financial statements, where applicable, expenditure is shown inclusive of VAT.

j. Apportionment of Management Expenses:

Finance and Administration costs are apportioned between Management and Service costs on the basis that 50% of the Finance and Administration Costs are attributable to Service Costs and the balance to Management.

k. Reserves accounting policy:

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.

l. Financial Instruments:

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The Charity has no advanced financial instruments.

k. TRUSTEES’ EMOLUMENTS

No Trustees received any remuneration or other benefits for the year ended 31 March 2026 nor for the year ended 31 March 2025.

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COUNTESS OF DERBY'S ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31ST MARCH 2026

3. INTEREST RECEIVABLE AND OTHER INCOME Bank deposit Interest Investment Income 4. INTEREST PAYABLE AND SIMILAR CHARGES On loans wholly or partly repayable in more than five years 5. SURPLUS ON ORDINARY ACTIVITIES This is stated after charging: Independent Examiner's fees 6. STAFF COSTS Wages and salaries Average number of staff:	2026 £ 207 13,211 13,418 2026 £ - 2026 £ 2,800 2,800 2026 £ 9,159 9,159 1	2025 £ 131 13,634 13,765 2025 £ - 2025 £ 2,800 2,800 2025 £ 14,040 14,040 1

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COUNTESS OF DERBY'S ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)FOR THE YEAR ENDED

31ST MARCH 2026

7. TAXATION

The Countess of Derby's Almshouses CIO is a registered charity and is exempt from liability to taxation on its Income and Capital Gains.

9. INVESTMENTS Market value of UK listed investments Brought forward Accumulated dividends Disposals Reaslied gains/(losses) Unrealised gains/(losses) Market value of investments at 31st March 2026 At 1st April 2025 and 31st March 2026 Cost: 8. FIXED ASSETS HOUSING PROPERTIES	2026 £ 424,257 2026 £ 331,069 12,811 (35,000) 1,292 34,515 344,687	2025 £ 424,257 2025 £ 333,306 13,419 (25,000) 1,600 7,744 331,069

A detailed analysis of the three investments held can be found on page 17 of the accounts.

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COUNTESS OF DERBY'S ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31ST MARCH 2026

10. CREDITORS: Amounts falling due within one year:

Independent Examiner's fee	2026 £ 2,800 2,800	2025 £ 2,800 2,800

The average number of days between receipt and payment of purchase invoices was 1.

11. RESERVES

Movements on the General Fund in the year were as follows:

Unrestricted Fund Balance brought forward at 1st April 2025 (Deficit)/Surplus for the year Transfers Balance at 31st March 2026	2026 General Fund £ 619,351 9,802 (34,515) 594,638	2025 General Fund £ 619,295 7,800 (7,744) 619,351

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COUNTESS OF DERBY'S ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31ST MARCH 2026

12. INVESTMENT REVALUATION RESERVE

This reserve records the unrealised gain due to the increase in the market value of investments held as at the end of the year, as compared to their original cost.

Movement on the Reserve for the year was as follows:

Excess of market value over cost at beginning of year Transfers	2026 £ 168,565 34,515 203,080	2025 £ 160,821 7,744 168,565

13. NET ASSETS BETWEEN FUNDS

Unrestricted Fund Investment Revaluation Reserve	Tangible fixed assets £ 424,257 424,257	Investments £ 141,607 203,080 344,687	Other net assets £ 28,774 - 28,774	2026 Total £ 594,638 203,080 797,718

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COUNTESS OF DERBY'S ALMSHOUSES CIO

DETAILED INCOME & EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31ST MARCH 2026

Maintenance contributions from residents Grants Less: Losses from voids Bank deposit interest received Dividends received Less Expenditure: Community Care emergency alarm system rental Water Rates and Council Tax Insurance Repairs and redecorations etc. Gardening and Cleaning Subscriptions, advertising, etc Electricity Gas for central heating Legal and professional fees Accountancy and audit fee Christmas gifts Sundry expenses Manager Internet Stationery Investment Gains/Losses	2026 £ 99,109 - - 99,109 207 13,211 112,527 (7,658) (11,460) (3,389) (39,714) (5,703) (1,519) (6,358) (28,679) (4,200) (18,780) (560) (223) (9,159) (930) (200) 35,807 9,802	2025 £ 102,513 - - 102,513 131 13,634 116,278 (7,989) (13,540) (3,501) (34,953) (5,294) (1,138) (1,399) (2,872) (9,323) (21,358) (263) (1,220) (14,040) (922) (10) 9,344 7,800

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COUNTESS OF DERBY'S ALMSHOUSES CIO

SCHEDULE OF INVESTMENTS AND INCOME FOR THE YEAR ENDED 31ST MARCH 2026

Market value 1.4.25 M & G INVESTMENTS National Association of Almshouses Common Investment Fund 2,645.80 Accumulation Shares 324,282 275.024 Sold 16.6.2025 2370.801 M & G INVESTMENTS National Association of Almshouses Common Investment Fund 5360 Income shares 4,989 Charities Official Investments Fund 88 Income Shares 1,798 331,069	Realised Gains/(Losses) Acquisitions Disposals on Disposal 12,811 A 35,000 1,291.74 12,811 35,000 1,292 A = Accumulated Dividend	Unrealised Gains/ Market value (Losses) 31.3.26 34,478 337,863 267 5,256 (230) 1,568 34,515 344,687	Amount Date Paid 2,684 30.05.2025 3,003 29.08.2025 4,122 15.12.2025 3,002 27.02.2026 48 30.05.2025 48 29.08.2025 83 15.12.2025 51 27.02.2026 119 Prior years 12 30.05.2025 12 29.08.2025 13 28.11.2025 13 27.02.2026 13,211 Net dividends