## **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**
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**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 - 1 - ## **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 - 2 - ou DE ES ST Trustees, respDnsllJilitles for Ilie preparallon of tlie flnanclal statcmertts accountlng %lan(larSurplus 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**| |---|---|---|---| -6- ## **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. -7- ## **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**| |---|---|---| -8- **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 - 9 - **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. GA: 12629041_1 - 10 - **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| |---|---|---| -11- **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. -12- ## **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| |---|---|---| -13- **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| |---|---|---|---|---| -14- ## **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| |---|---|---| -15- ## **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**| |---|---|---|---| |||||