THE GEORGE TOWNSEND CHARITY A Charitable Incorporated 0rgani5ation REGISTERED CHARITY No. 1206457 THE ALMSHOUSE ASSOCIATION No. M1964 FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2025
THE GEORGE TOWNSEND CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Charity No. The Almshouse Association No. 1206457 M1964 Trustee5 Mr W M Sirnpson Ichairl Mr S M Gravett (Treasurer) Mrs D Aaron Mr E Cufflin Mrcs M Mitchell Mrs D Taylor Registered cffice and principal addres5 Charity Link 20A Mlllstone Lane Leicester LEI 5JN Investment Advisers Charles Stanley & Co Limited Friars Mill Bath Lane Leicester LE3 5BJ Independent Examiner MrAJ Munton The properties are vested in the Official Custodian for Charities in accordance with the Charity Scheme ofThe George Townsend Charityfor Widows and Spinsters (Registered Charity Number 5127531. The properties were transferred to the Charitable Incorporated Organisation on 315t March 2024 but remair) vested in the official Custodian for Charitie5.
THE GEORGE TOWNSEND CHARITY ANNUAL REPORT 12 MONTHS ENDED 31 DECEMBER 2025 The Trustees present their report and accounts as a charitable incorporated organisation ICIOI for the 12 months ended 31 December 2025. This report 15 prepared in accordance with the charity constitution and the recommendation5 of the Statement of Recommended Practice - Accounting and Reporting by Charities and complies with applicable law. Objects The principal object of the charity is to provide benefits to residÈnts of alm5house5 and other qualifying persons being widows or spinsters of 45 years or over lor if unable to give effect to that provision for poor female divorcees of 4S year5 of age or overl, preferably. but not necessarily. at Aylestone or Kirby Muxloe in the County of Leice5ter5hire, by making grants to such persons. Structure, Governance and Management The CIO wa5 established tsn 9, january 2024 and is regulated by a constitution. During the year. the assets of The Geor8e Townsend Charity for Widows ané Spinsters (Registered Charity Number 5127531 were transferred to The George Townsend Charity. The Charity is a member of the Almshouse As50Ciation which provided operational and governance support. The managemènt of the Charity's properties is undertaken by David Sturgis of Sturgis Snow & Astill, Chartered Surveyors of l The Church Rooms. 6 Church Street, 8arrow upon Soar LE12 8PR. The Charity's investments are managed on a discretionary managed basis by Andrew Baker of Charles Stanley & Co Limitèd, Stockbrokefs. Trustees Details of the Trustees who have Served during the period can be found on page l. Appointment of Tru5tee5 The constitution provides that the body of trustee5 when complete shall consist of eight competent per50n5. where there is a requirement for new trustees, these would be identified and appointed by the remaining trustee5. The chair of tru$tees is responsible for the induction of any new trustee which involve5 awareness of trustèè's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Charity. Public Benefit The Trustees confirm that they have referred to the Èuidance contained in the Charity Commission s general guidance on public benefit when reviewing the Charity's aims and objectives, and in planning future activities. Administration and Meetings The Fund engages the services of a Clerk to the Trustees to look after the day to day functions and arrange meetings of the Board of Trustees. The Trustees held three meetings during the period and received regular reports on the management of the properties held by the Charity and on the performance of the investments held by the Charity. Rlsk Management The trustees have examined the major 51rategic, business and operational rlsks which the Charity faces and confim that systems have been establlshed to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
THE GEORGE TOWNSEND CHARITY ANNUAL REPORT 12 MONTHS ENDED 31 DECEMBER 20Z5 Actlvltles, Achievement5 and Plans for the future During the year, five residents have enjoyed a modest discount on commercial rental rates for their accommodation. A grant of £2,000 was 8150 made to Charity Linkto a5515t poor widows, splnster5 Qr female divorcees of 45 years of age or over with housing cost5. The properties have been maintained in good order for the residents. Surplus fund5 have been invested with view to possible acquisition of a further property for use In accordance with the objects of the Chacity in due course. The trustees of The George Townsend charity for Widows and Spinsters applied to the Charity Commi55ion to convert the Charity into a Charitable Incorporated Organi5ation ICIOI, whlch was reglstered a5 surh on 9, january 2024. The former charity has now been di5505ved. Investment Powers The trustees have a general power to invest the funds as if they were absolutely entitled to the trust fund conferred upon them by the Trustee Art 2000. At the year-end, the market value of the investment portfolio was £264,436, excluéing un-lnvested c35h, compared with £225.655 at 31 December 2024. Investment Selealon Poli(y In man3girtg the investments and maklng or varying the investments, the Investment Managers mvst have regard to the following CTlteria. l. The suitability of the Charity investments of the same kind as any particular Investment proposed to be made; 2. The 5Uitability of that particular investment as an investment of that kind, and 3. The need for diversification of the investments of the Charity so f3r as is appropriate to the circurnstances of the Charity. It is the aim of the Trustees to provide a steady income to contribute to overheads. Our investmènt policy is to provide for IDnE term capital growth with moderate risk to obtain the steady income described above. Financlal Review The statement of financial activities on page 6 shows net incomlng resources for the year of £23,003 Compared with net incomings of £16.597 at the end of the previou5 period. Income in the year Increased from £27,598 to £33,466 and total resources expended increased from £17,894 to £37,386. No revaluation of the property was undertaken in the year under review. It is the trustees. intention to review the amount held in the Emergency Repair Fund in the coming year. Reserves Pollcy It is the aim of the Trustees to keep cash reserves to a minimum whi15t ensuring that the Charity alway5 has Sufficient fund5 to meet the day to day running cost5 fDr the period of une year, should investmènt incoTne fall significantly.
THE GEORGE TOWNSEND CHARITY ANNUAL REPORT 12 MONTHS ENDED 31 DECEMBER 2025 Trustees. Responslbillties The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. Thè law 3pplicable to charitie5 in England & Wale5 requires the Trustees to prepare financial Statements for each financial year that Eive a true and fair view of the state of affairs of the Trust and of the inioming resources and application Df resources for the Trust for that period. In preparing these financial statements. the Trustees are required to.. Select Sultable actountlng policies and then apply them consistently,. Observe the methods and principles in the Charities, SORP: Make judgement5 and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the fSnancial statements,. Prepare the financial statements on the going concern b3515 unless it 15 inappropriate to presume that the Trust wlll Continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuraq at any time the financial position of the Trust and enable them to ensure that the financial statements complv with applicable law, regulations and the Trust Deed. They are also re5pon5ible for safeguarding the a55ets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Advisers The Trustees wish to record their thanks to all of their profe55ional advisers for their help and advice throughtsut the accounting period. On behalf of the board of Trustees jo Mrw M simpson Chair 20° July 2026
THE GEORGE TOWNSEND CHARITY ANNUAL REPORT 12 MONTH5 ENDED 31 DECEMBER 2025 Independent Examinerfs Report to the Twstees ofThe Gèorge Townsènd Charity I report to the charity trustees on my examination of the accounts of the charity for the 12 months ended 31 DÈtember 2025 whtch are set out on pages 6 to 13. RespErtive responsibilities of trustees and examiner The charlty's trustees are responsible for the preparatign of the accounts in accordance with the requirements of the Charities Act 2011. The charlS trustees consider that an audit is not required for this period under section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent examination is ne¢ded, It is my responsibility to.. examine the accounts under section 145 of the 2011 Act,. follow the procedures laid down in the general Directions given by the Charity Commi55ion under settion 145I5}Ibl of the 2011 Act,. and State whether particular matters have come to my attention. Basis of independent examinerfs report My examination was carried out in accordan with the general Oirertions given by the Charity CommSssion. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosure5 in the account5 and seeking explanation5 from you as trustees concerning any such matter5. The procedures undertaken do not provide all the evidence that would be required in an audit and con5equently* no opinion 15 given as to whetherthe accounts present a "true and fair view, and the report is limited to those matters set out in the statement below. Independent examinerfs Statement I have completed my examination. I confirm that no material matters have come to my attention in connertion with the examination giving me cause to believe that in any material respect.. accountin8 record5 were not kept in respert of the charity as required by Section 130 of the Act: or 2. the accounts do not accord with th05e records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Rpportsl Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which 15 not a matter considered as part of an independent exaEnin3tion. I have no Concerns and have come across no other matters in connection with the examination to which attention should be drawn In this report in order to enable a proper understanding of the accounts to be reached. A£ A J MtJnton- Independent Examiner 52 Westbury Road. Nuneaton, W3rwickshire CVIO 8HG 20th July 2026
THE GEORGE TOWNSEND CHARITY STATEMENT OF FINANCIAL ACTIVITIES 12 MONTHS TO 31 DECEMBER 1025 Unrestrlcted Fund DeslEnated Fund ZOZ5 Total Total 2024 2025 Z025 Incomins and *ndowments from alaritable actlvStles Rent5 received InvesimgTr1 Inwmè Dividends received Deposlt Interest 21,119 21,119 19,05Q 10,671 1,676 10,671 1,676 7.320 1.228 Total Income and tndowments 33.466 33.466 27,598 expenditu on.. Charltèble actLVlties 37.386 37.386 17.894 Total regjurces expended 37.386 17,894 Gainslllossesl on invertThent5 26.923 26,923 6.893 Net in¢omlnglloutgingl re50urce5 23,003 23.003 16.597 Other reeoKnl$ed galns/llos5esl Gain/llosse51 on revaluatlon of Investment property 20,000 Net movement In fvnds 23,003 23,003 36.597 Re¢ontlllaiion of funds: Fund balance5 brought forward a5 at lstjanuzry 2025 Fund balances carrled foryiord at 31st DecembÈr 2025 587,367 20.000 607,367 570,770 610.370 20.000 630.370 607 367
THE GEORGE TOWNSEND CHARITY BALANCE SHEEr AT 31 DECEMBER 2025 2025 2024 Note Flxed assets Tangible assets Investrnenl property 335,000 335.000 Investmen15 264,436 225,655 599.436 560.655 Cuvrent a55et& Debtors Cash at bank and in hand 937 47,091 31,946 32,930 48,028 Curreni liabllltles Creditors: amounts falllng due within one year 1,996 1,316 Net current assets 30.934 46,712 Net assets £630 370 £607,367 R05*rves io Designated funds lemergency repair fundl Revaluation reserve UnrÈstrkted fund5 20,000 221,374 388,996 20.ODU 221,374 365,993 Total charityfunds £630 370 607,367 Appioved by the TrusteÈs on 20 July 2026 and slgned on their bphalf by= Mi W M Simpson 4¢tsv
THE GEORGE TOWNSEND CHARITY NOTES TO THE FINANCIAL STATEMENTS 12 MONTHSTO 31 DECEMBER 2025 Bas15 of preparatiDn The Gporge Townsend Charrty Is an incorporated chaiitable orEani5ation registerèd in England and Wales. The a(Idres5 of the charity is given In the charity inforrnaiion on page I olihese linanc131 statements. The financial statemenis of the charity have been prepared in accordance with the Charities SORP IFR51021'AccountlllE and Reporting by Charities.. Statement of Recommended PracticÈ applicablE to ch3ritie5 preparing their Jccounts in accordancÈ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191, and the Charities Act 2011. Thp h'nancial statements have been prepared under the historical C05t CDnvEntion. The financial staternent5 havÈ been prepared to be a'true and fair, view and h£ve departed from the CharlieS (Accounts and Reportsl Regulations 2008 anly to rhe extent required to provide 3'truÈ and fair we. This departure has inYol¥ed following the Accounting and Reporting by Charities.. Statemeni of Recommended Practiie applicable to charities preparing their accounts in accordance with the Financial Reporting Standèrd appliiable in the UK and Republic of Ireland issued in Ottober 2019 rather than the Accounting and REPOrting by Charities.. Statement of Recommended Prartice effective frotn l April 2015 which has 5ifbce been withdrawn. The Ilnancial statements are prepèred on a gonE concern basis undpr the historical cost convention, modified tv include cèrtain r(ems at falr value. The linancial statements are presenied in sterling whlch is the funthonal currency of the charity and rounded to the ne3re5t £. The charity ha5 applied Update Bulletin 135 published on 2nd February 2016 and does not included a cI5h Il¢)w statement on the grounds thar It is applying FRS 102 SectiDn IA. The Trust constitutes 4 public benefit entity as defined by FR5 102. Acc#untSn¢ polirie5 The si8nilicant accoufitiTrg ptsllcies applied in the preparatian of these financial statements are set out below. These policies have been tonslsiently 3pplied to a11 periods presenied unless othelwlse 51ated. Income All income is recognised once the charity ha5 entitlement to the Incorne, it is probable that income will be received and the amount Df IncDme recelvable can be measured reliably. Investment income 15 earned through hDlding a55ets for inve5tspent purposes such as shares and property. It Includes dividends. Interest and rent. Where It Is not prdciicable to IdEntlfy in¥e5tment m4n3gement costs incurred wlthin a scheme with reasonable accuracy the investment incamp is reported net of these costs. It is included when the arnount cèn be me3sured reliably. Interest incDme 15 recogni5èd using the effeitive Interest mÈrhod and dividend and rerbt intome is recognised a5 the charity's right io receive payment is established. Expendliure abilities are rtcognised as expenditure as soon as theie is a legal Dr constructive obligation cownmltting the charity to that expenditure, it is probable th3t a transfer of ecoDorni¢ benefits will bÈ required in settlement and ihe amount of the obligatlon can be measured reliably. Expenditure is accounted for Dn an £ccru31s ba515 and has been classified under headings that aEgre8ate all costs relatÈd to the tesry. Where costs cannot be dirertly attributed tD particular hÈadings they have been allocated to a¢tivlties on a basis con515tent with the use of ihe resources. L2
THE GEORGE TQWN5END CHARITY NOTES TO THE FINANCIAL STATEMENTS 12 MONTHS TO 31 DECEMBER 2025 Expendliure Icont.) Gr3nts payable tD third parties are within the charitable objects. Wheie uncDnditional grants are offeved, thi5 15 a¢trued as soon a5 the reEipient 15 notified of the grant. as this gives rise to a reasonable eKpectation ihat the recipient will receive the grants. Where grants arp conditional relating to performance thÈn the grant is only accrued when any unfvifilled cvndltions are outside thÈ control of the charity. Fund A¢¢ountlng Urtrestricted general funds are funds which are available for use ar the discretion ol the trustees In furtherance of the general objectives of the chzrity and which have not been deslgnated Dr other purposes, Tanglble Ilxed asset5 and dewetlatlon Investment PrDperty forwhich faiTvalue can be measured reliably without undue cost or effort are rnea5ured at f4ir value 3t each reporting date with changes in fairvalue recogni5ed In net gainslllosse51 on investment In the SOFA. Fixtures and fittings are depreciated on a straight line basis over 10 years. Investments lfivestments are recagni5ed Initially at fair value which is normally the tran5actioTh priie excluding transaction costs. Subsequently, they are rnpasured at fÈir value wth thanges recognised in net 8ainslllossesl investrnent in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliabty. Debtors and credltors receivablelpayable withln one yeaw Debtor5 and creditors v4ith no stated interest rate and Teceivable or pay)ble within one year are recorded at trarb5action price. Any losses arising from impairment are recognised in expendlture. Cash and cash equi¥)lÈnts Cash and cash equivalents comprise cash in hand and cash on deposit. Going rpnrem The flnancial stètemeTht5 have been prepared on a going ttsncern basis a5 the trustee5 believ that no material uncertainties èxist. The trustees have considered the level of fvnds held and the expected1wel of Incorne and expenditur2 for 12 months from &uthori51ng these financial staternent5. The budgeted income and expenéiture is sulficient with thE level of reserves for the charity to be ablÈ to continue as a going con¢érn. Grants payable Grant5 payable to third parties are within the charitable objectives. Where giants are offered, the full amount 15 8ccrued as soon a5 the Teclpient is norifled of the granL as th15 gives rlse to a reonable expectation that the recipient will receive the grant. Cr¢ditors Creditors are reco¥nised on the acrrua15 basis at séitlement amounts. Flnandal Instruments The charity applies thE provision5 of Sections 114nd 12 of FRS 102 to all of its financtal instrument5. Financial instruments are recognised In the financial statements when the charity becomes party ta the contractual provi5ion5 of the instrument. Financial assets znd li4bilitle5 are offset. with the net amount5 presented the fInan31 statemenis. when there is a legally enforceable right to Set off the recogni5ed arnDunts and there 15 an intentlon to 5ettlÈ on a net basls or to reali5e the asset and settle the lbIlItY slmult3neouslv.
THE GEORGE TOWNSEND CHARITY io NOTES TO THE FINANCIAL STATEMENTS 12 MONTHS TO 31 DECEM&ER 2025 Investments Investment5 are rÈcognisÈd Inltially at cost and subequently at fair value Ithelr market value) at thÈ year-end. with any £hange5 in value recognised in'Net gain5/llD5se51 on Investments, In the 5tatemeni ol financial activities if the share5 are publiclytraded ortheir value can otherwise be measured reliablv. Debtors Debtors are recognised at settlement amount after any arnount advanced by the charity. Subsequently, they are measured at the cash or other consideration expetted to be recpived. Current asset Investments Investments held for resale or pending their sale and cash and cash equivalents are tre.ated as current asset investments. These include cash OTr deposit and cash eq4ValentS with a maturity date of le5$ than one year held for investment purposes rather than to meet short term cash ¢ommitrn*nts as they fall due. They are valued at fairvalue except where they qualify a5 ljasic financsal in5trumet)ts. i.io i.ii Taxation ThÈ Trust 15 a registered charity and accordinÉly is exempt from taxation on its Income and gains where they are applied for charitable purposes. Charltable ejtpendlture 202S 2024 Insurance Property repairs & maintenante Agents commission Chr15tmas 8wFt5 and other Independent exarnination and accounts Grants paid and payable (Note 41 Managetnent fees & charges Services Df clerk 5ubscripiions 662 21,533 3,159 402 1,327 2,000 2,397 5,631 275 37,386 495 2,510 2,286 502 1,256 5,000 1,671 3,974 200 L7,894 Grants payable to institutio The chadty pays grants through Charty nk. a Leicester based tharity that helps indivldua15 in need. Charity Llnk a59esses applications for help and allocates Erants fTom the Fund whirh meet with Its charitable Dbjects. 2025 20Z4 Grants paid.. Charity Unk 1.000 5,000 2,000 5,000
THE GEORGE TOWNSEND CHARITY li NOTES TO THE FINANCIAL STATEMENTS 12 MONTH5 TO 31 DECEMBER 2025 Tanglble assets Axtures & Fittings Cost and valuation B/fwd Cifwd 20,821 20.821 Depreciation Bld Charge lor the year Clfwd 20,821 20.821 NBV Clfwd B/fwd Investment propertv Investment Property Investment Property 2025 2024 Cost and valtjation Bld 335,000 Addition5 Transferred from Charlty Revaluation 315.000 20,000 Clfwd 335,000 335.000 NBV clhvd 335.000 325.0 Blfwd 33S.000 315,OLK) The Inve51ment Property wa5 valued a5 at 31 December 2024 by Sturgls Snow & A5tlll Chartered Surveyors. The cost value of the propÈrty was £113,766. Investments 2025 2024 erought forward at 1st January 2025 Additions at cost Pfoceeds of d15posals Reali5ed Eains1llosse51 on1nvestments Unrealised gainslllossesl on investments 225,655 14,919 13.0611 417 26.S06 218,675 7077 17.7901 6,891 225,655 Investments cornprise.. UK listed invÈstment5 Overseas listed investrnénts 151,080 113,356 141,769 83,886 225 655 264,436
THE GEORGE TOWNSEND CHARITY 12 NOTES TO THE FINANCIAL STATEMENTS 12 MONTHS TO 31 DECEMBER 2025 Debtors 2025 Z024 Prepaymènts 937 £984 £937 CredStors 2025 2024 Trade. creditor5 Accountzncy Management & admini5tfation charges ArDount to CIO Grant5 payable 31 1,327 638 774 542 Ei, £1,316 io. Movement in funds Net movement in funds At 01.01.Z015 At 31.12.25 Designzted funds (emergency repairlundl RÈvaluation reserve Unrestricted funds 20.Ja 221,374 365,993 20.000 221,374 388,996 23.003 £607,367 £23.003 £630,370 Net movemènr in funds, Included in the above are as follow5.. Incoming resources Resource5 expended fjains & losses Movement in funds Revaluation reserve Unrestricted lund5 33,466 137,3861 £137,3861 26,923 23,003 £33,466 £26,923 £23,003 Movement in funds Iprooryearl Net movement In fund5 At 04.01.2024 At 31.12.Z4 Designated funds (emergency repBir fuThdl Revaluatiov reserve Unrestrlcted fund5 20,000 221.374 365.993 20,000 221,374 365,993 £607,367 £6Q7,367
THE GEORGE TOWNSEND CHARITY 13 NOTES TO THE FINANCIAL STATEMENTS 12 MONTHS TO 31 DECEMBER 2025 Trustees. remuneraiion and expen5e¥ There wa5 no trustees. remuneration or other bÈnefits for the 12 month5 ended 31 December 2025 Tru5tees' expens85 There w85 no tfUStee5' e¥pen5es paid fDrthe IZ month5 ended 31 DecÈmber 2025 12. Independent e¥aminatlom The toral fee paid to the independent examinei E170 for the Independent examination. An additional amount Wa5 paid to Leicester Charity organi531ion seuety for preparation of the accounts for the year 13. Related party transactb)ns The charity's investments 8re managed on a discretiDnary managed ba515 for the trustees by Mr Andrpw 8aker of Charles Stanley & Co Limited. Mr Edward Cufflin a trustÈÈ of the charity Is also an employee DI Charles Stanley & Co Limited. Fees of £2,397 were paHJ to Charles Stsnley & Co Limited in the year.