Charlty reglstratlon number 204453 DEVIZES ALMSHOUSE CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DEVIZES ALMSHOUSE CHARITY LEGAL AND ADMINISTRATIVE INFORMATION statu• The Charity was established ty a Schemg of the Charity Commissioners on 29 July 1904 and is a rggi5tered ¢h8rity {No 2044531. Trust¢gs The trustees as 8131 Decembgr 2024 and on thè ¢Jate the Trustses. Report was approved were as follows.. Mr S McGregor-Johnson Chainian ond Chair of the Standing Committe8. member ofthe Finance & Staffing Committee Joint V7ce Chairman, Chair of th¢ Commercial Properties Committee. member of the Prop8rt4'es Committee and member of the Standing Committee Joint ChaKman and member ofthe Flnance & Staffing Committee, member of the Commercial PrOrtieS Committee and member of the Standing Committee. Chairman of the Financé & Staffing Committee. member of Selection & Welfare Committee, memljer of CommeIal Properties Committee and member ofthe Standing Commtttee M8mber of the Finance & Staffing Committee, member of Commgrcial Properties Committee and member ofthe Standing Committee. Chair of Community & Social Committee, memter of Finance & Staffing Committee, member of the Selection & Welfare. mémber of the Properties Committee and member of the Standing C¢)mmittee Member of the Selection & Welfare Commlttee and Communty & Social Committee Membèr oflhe Properties Committee. member of the Commercial Properties Committee and mèmber of th8 Slanding Committee Chair of the Setection & Welfare Committee, memb&r Properties Comrnittee and memb¢r of the Standin9 Committee Chair of the Propertie$ Committee and member of the Standing Committee Member of the Properties Commtttee, mgmber of the Commercial Propertie$ Committee and member of the StarKling Committee Mr C LwAs Mr JG Jone8 fr P Bennett Mr DSW Elliott Mr RAkerman Miss FKTumber Mr PP t)uckett Mrs C Blyth Mr D Burge$s Mr P Kent The Chairman and Commlttee members were deeted ty vote of the INstee5' Ffesent at theAnnual General Meeting held on 9 December 2024. oiricwrs Mr P B8nn8tt Mrs R Jeffries Mrs L McGuffog Mrs J Chesham MYA Kettlety Treasur&r Cle Assistsnt Clerk Warden Propertifjs and Maintenance Coordlnator Charity numbor 204453
DEVIZES ALMSHOUSE CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Prln¢lp•l addr888 Slad• House Si James, GdenS Devize8 Iltshire SN10 1EL Audltors Dad Owen & Co 17 The Market Place Devizes Wllshire SN10 1BA Bankgrs Lloyds Bank plc 38 The Market Placo Dewze8 Wltshirg SN10 1JD Sollcltors Awdry Law 33 Sl Johns Street Devizes IAfjllshire SN10 1BW Support Oryanlsallons The AlmshouseAs80ciation Billingbear Lodge Maidonhgad R¢)ad lth)kingham Berkshire RG40 5RU Insuranc• Grout Insurance Brokers 2nd Floor Woolwich House 43 Sl George House Croydon CRO 1LB
DEVIZES ALMSHOUSE CHARITY CONTENTS Pagè Trust885' report Slatément of Trustees. responsibilities Independent auditorfs report Slalement of ffinancial aclivities Balanc8 sheèt 10 Statement ofcash flows 11 Notes to the finan¢ial slatements 12-22
DEVIZES ALMSHOUSE CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Irustges pr8sgnt tr report and 8ccounts for the year ended 31 December 2024. The finanaal statements have be8n pr8pared in accordance wth th8 accounting poliaes set out in note 1 to the financial stslements and comply with the chaTty's g)verning document, the Charibes Act 2011 and "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in aceordance wlh the Financial Reporbng Standard applicable in the UK and Reput4ic of Irefand IFRS 1021" leffective 1 January 20191. Objectlves and actlvltles The charity's main objective is to provide qualty accommodation for the eléerfy who reside in Devrles or the 8urroiJnding villages and are in some form of need. In addition lo provide Communal facilities 8fKI 8 general environment that wll enhancg the SIdentS. quality ¢f lrfe. The aim of the tharity 1$ to provide for the benefft of the almspeople of the charity in any mannw the trustees think fitting. There has been no change in the objectives since ts18$t report. Tr Irustses have paid due regard to guidance issued by the Charity Commission in deciding what activities the charty should undertak&. Achlevements and pèrforniance During the year we have continued the on-going task of updating and refurbishing the charity's properties as detailed on quarterty maintenance and repa schedules, which have been presented al trustees. quarterly meets'ngs. Health & Safety inspections, and electrical rtTrIte work has been undertaken and all item5 identffied have been addressed and acted upon. Th8 Selection and Weware su¢0MmIttee continue to meet lo update Ilsls of applicants, to allocate properties and address any matters raised by residents. Staff have contimed lo applicants in their home. Dgy to day wdfare i$$ue$ have teen Icoked after by the Warden and the Clerk. The Community and Sooal sU¢0MMittee have addressed all Items of Health & Safety, passlng on any requirements to the Properties sub-Gommittge. The Swial Club Gonts'nugs ts a¢tivth'es in Slade Hall. The Charity look residents to the North Wlls Golf Club for their Christma8 lurth This was supported by volunteers and Trustees.
DEVIZES ALMSHOUSE CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 FlnancSal rovlew Income from charitable aclNities increased by £17,888 10 £459,408 for the year. The General Maintenance tntributiOnS increased by 40A in April 2024, however the HealiThJ Maintenance has remained at £26 per week since January 2023. IrKome from investments Increased by £24,940 to £221,386 lor the year. The rentsl income continues to benefit from increased fenl followng a rent review5. Th8 cost of charitable activiUe$ decreased by slightly by £3,479 to £476,866 fLY the year. Expenditure this year ha8 fulty supported the key objectives of the charity, especially the ongoirvJ maintenance and upgrading of tho almshoLf5es lo enhance the quality of a¢commodation. PartIlar regard has been given to th8 social. ethi1, and environmental impact of any developments I reknrbishmtrnts for the benefft of residents and the surroimding communty. Current I planned expenditure on the investment properb'es will enhance th& income from this source. and theore secure devdopment fvnding for the frjture benefit of accommodation an fa¢ilitses for re$id8nts. Fundlng The principal fiJnding sources are nI from commercid properties 0d by the chanty and contrutions from almspeople re%denl in the charity's almshous. Resèrve Pollcy The balance held as unrestrithd funds as at 31 Deeemb8r 2024 was £9268.S96, fijrther analysis in the notes to the accounts. Funds are allocated to specrfie reseNes to onable the charity lo comply wth Charity Commission guidelines. In order to ftjlfil Ils objectives, the charlty must maintain it5 alm$house8 and adapt to changing eircumstances and accordingty the designated reserves shown provide for cydical maintenance and redevelopment refurbishments. Cyclical maintenance otturs on an annual basis, but redevelopment and r8fiJrtJishments nom)ally only cttur when properties be¢ome vacant. The almshouses are central to the eharty's activity and thelr balance Sheet value is maintained in a designated reserve. Investment policy The charity's major investments are in commeraal properties. FurKls ore also maintsined in bank &counts and quoted investments whlch are readity realisable should the need arfse. The charivs froehold Invgstrnenl property wa8 professionally revalued a5 at 31 December 2024 by Carter Jonas, which has resulted in a revaluation gain of £113,566. Rlsk factors The trusteès have conducted their own r8vi6w of th& major risks to which the charity 15 exposed 5y8tems have bèen established to mitigate those risks in accordance with be51 practrce. Inlemal risks are minimised by the impl8menlation of procedure5 for authorisation of all transactions and projects and lo ensure consi51ent quality of delivery for all operational aspects of the charrty. These procedwes are periOdallY rwewed to ensure that they still meet the needs of the charity.
DEVIZES ALMSHOUSE CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for the fulure To continue to maintain. update and improve the charity's resdenlial and Commercial propertles and when possible acquire larKI and propaty adloinlng the current main site for purpose of exteThaing almshouse provisions. To enhanc8 the Charit8 residenl$' quality of life and improve their environment. Consideration is lo be given to the use of mo(Jem technology to incorwrate viable eco-friendly Systems within our properties as and when the opportunitie5 arise. ven almshouses are refurbished, th8 latost desgn principles 10 5UPPOrt the elderty and disabled wall be Considered and adopted where possible. In considering the future strategy, consideration will be given to an increase in the Extraordinary Repair and Development FurKI by a proportion of the surplus of each finanGial year. Structure. govemance and management Governlng Documents The chanty was established by a Scheme of the Charity Commissioners on 29th July 1904 under charity registration number 204453. On the 31 st December 1975 the Charity Commissioners sealed 8 Scheme that amalgamated Devizes Alm$fv)use Charity, Lucas Homes and The Helms Memorial Cottage Homes. On 218t June 1988 the Chlty Commission sealed a further Scheme that amalgamated DevvLesAlmshouso Charity and The Ward Homes. The trustees served durlng the year and the dale the Trustees. ReFQrt was approved were: Mr RAkerman Mr P Bennett Mr D Burgess Mrs C Blyth Mr P P Duckett Mr D S WElliott Mr J G Jones Mr P Kent Mr C Lucas Mr S M¢Gregor.Johnson Miss F K Tumb Govornlng Body The Ch8nty is administered and managed by a bc%ly of Trustee8 comprising Ihe Trustees for the tlme beSng of Devizes Munirypal Charitie$ together with one nominated truste8 appointed by Devizes Town Council, currently Miss F K Tumb8r. Th8 nominated trustee is appointed for a fixed four year period, and the nomination of Miss Tumber was renewed by Devizes Town Counal in 2021 after a meeting al Devizes Town Council for a further four year Feriod. Oryanlsatlon Management The Board of Trustees meets quarterly. and a delegated subcommittee structure is in place which meets as rèquiied to deal with the day-to-day issues arbd plannintypolicy recommendations. The day-104day management of the Charity is delegated by Trustees to the Clerk lo the Tfustees who wotks in close liaison with the Chairman of Trustees and the Chaimen of various sub K•mmittee5. New Iwslee$ attend an intrcéuctory event th* indudes a visrf( to the charrtys residenti81 properties. commercial properties, communal faa"lib'es and offjce5. Current procedures, policies and responsibilities are explained and a 11 briefing paek provided. Further training if required is provided as necessary. The charity takes full advantsge of training seminars organised by The Alm$hou5e Assgcialion.
DEVIZES ALMSHOUSE CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Audltor David Owen & Co were re-appointed as the ¢harity's auditors during the year and hove expre$$ed their wllingness to continue in that capacity. Disclosur• of Infonnatlon to auditor Each of the Iruslees have confirmed that there is no infomialion of which they 8re aware which is relevant lo the audit, bul of whith the auditor is unaware. They have further confirmed that they have taken appropriate steps to iderrtrfy such rolev8nt Informth"on and lo establish that the auditor is aware of such infom)ation. Onbe the Board of Trugtees Mrs or Chairm th Dated.. 9 June 2 CG nson Tru
DEVIZES ALMSHOUSE CHARITY TRUSTEES. RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are Te5pon$ibk for preparing thg Truslo•s' Report and the financial statnents in acrordance with applicable law and United Kingdom Accounting Standards IUnf(ed Kingdom Generally Accepted Accountir Practice). The law applicable to charities in England and Wales requires Ihe trustees to prepar8 financial statements for each ffin2nryal year which give a tru8 and fair view of the state of affairs of the charity 8nd of the incoming resources and appl¢ation of resources of th8 charty for that year. In preparing these financial statements, the trustees are required to.. - S8t sLItab accounliNJ poliaes and then apply them consistentty,. - observe the methods and principles in the Charibes SORP., - make judgements and estimates that are reasonable arKI prudent., $tste whether applicable accounliTr3 Standards have been lollowed, subbed to any material depare8 disdosed and explained in the finan¢i* $lalements', and prepare the financial statements on the 90ing concern basis unles811 Is inappropriate to Psume Ihat the charity will continue in operation. The trustees are re8ponsilJe for keeplng sufficler)t accounting re¢ords that disclose with reasonable aCLuracy at any lime the financial position of the ¢harity and enable them lo ensure that the financial statements comply the Chanties Aet 2011. the Charity (Accounts and Reports) Regulab'ons 2008 and the provisions of the trust deed. They are also responsitrAe for safeguarding the assets of the chority and hence for taking reasonable steps for the prevention and detection of fraud and othei irregularllle8. The trustees afe responsible for the maintena8 and inlegnty of the charity and finandal Infomalon included on the challty's website. Legislation in tl)& United Kingdom governlng the preparation and di55emination of finaal statements may differ from legi$lab'on in otherjurisdictions.
DEVIZES ALMSHOUSE CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DEVIZES ALMSHOUSE CHARITY Oplnlon We have audited the finan81 stalements of Devrles Almshouse Charty {the 'charily') for U)e year ended 31 December 2024 which comprise tho statement of financial actiwties, the balance sheet, the slemont of $h flows and notes lo the financ4al sl8lemenls, inclLvJing signifieanl accounting policies. The fnancial reporting framework th81 has bgen appliod in their preparation is applicable law and United Kingdom kcounting Standards, including Financi81 Reporting Standard 102 Th& Financi81 R&pothng Sland8rd 8ppIiG8blg in the UK and Republ of Ire18nd {United Kingdom Generalty Accepted Accounting Practice), In our opinion, th8 fin#rlat sl•lemenls-. give a true and fair view of the ale of the charity'5 affairs a5 at 31 December 2024 and of its incoming resources and application of resources. for the year then ended.. have been property prepared in accordance wlh United Kingdom Generalty Accepted kncountsng PraGtKe.' have b8en prepared in accordance the requirements of the CharitOe$ Act 2011. Basls for oplnion We conducted our audit in ac¢¢rdance wlh International Standards on Auditing IUKI (ISAS (UK)) and applicable law, Our responsibilities under those stsndards are further described in the Auditors Trsponsibililies for the 8udit thg financ1 st81èments section of our r8POrt. We are independenl of the chanty in aeeordance tho ethical requirements tw are relevant lo our audit of the finana81 slalem&nls in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilrties in accord8nce these requirements. believe that the audit evid8r¢ y have obtained is sufficient and approprie lo promde a basis for oui oFinion. Con¢lu8ions r•lating to going concorn In auditing thè finanal slalements, we have concluded that the Trustees, use of tho going CcceM basis of accountirwJ in the preparation of the financial statements is appropriate. Based on the work we have perf@d, we have not identrfied any material uncertelnties relating to events or conditions that, indiwdually or collectively, may cast signffieanl doubl on the charity's ability to continue as a going oncem for a poriod of al least tr1ve months from wh8n the financial 8tstem&nts are aulhorised for Issue. Our reswnsibilities and the respon$ilililles of trustees wth respgct to going concem are des¢xbe¢J in the relevant sections of this report. Other Infom)atlon The other Information comprises the infomiation Induded in the annual report other than the finarrial statements and our auditor's report thereon. The tnjstees ale responsible for the other infomialion contained within the annual report. Our opinion on the financial statements does rt cover the other information and we do nol exprfr8s any form of assurance conclusion therec. Our responsibilty is lo read the other inforTnalion and, in doirwj so, consider whether the other infomiation is malerrally inconsistent with the financial statements or our kno5? obtained in the cours& of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsislerKies or apparenl material misststements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselve5. If. based on the work we have pertomed, we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing lo report in this Tegard. Matters on vthich wg are roqulred to report by èxc•ptlon have nothing lo report in respe¢l of the followng matters in relakn.on to which the Charlties {Accounts and Reports) Regulations 2008 require us lo report lo you rf, in our opinion.. the infc¥mabon given in thè finanual statements is inconsistent in ariy material respect wth the Trustees, report., or sufficient accounting recordg havo not been kept; or the finarla1 slalements are not in agreement wrfth the accounting records,, or we have not received all the information and explanations we require for our audit.
DEVIZES ALMSHOUSE CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DEVIZES ALMSHOUSE CHARITY Re8pon$lblllths of trustee5 explained more fully in the Statement of Tru5tees' Responsibilities, the trustees are responsible for the preparation of the finanLial stslements and for being satisfied that they give a true and fair view, and for Suth intemal ntrol as the tru51ees determine is necessary lo enable the preparation of financlal statements thal are free from materi81 misststement, whether due to fraud or error. In preparing the financial Slalemènts, the INstees are responsible for assessing the charity's ability to continue as going concern, disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. AudltoVs responslbllttles for the audlt of the flnanclal Ststsments We have been appointet1 as audrtor under section 144 of the Charities Act 2011 and repc*l in a¢¢ordance wlth the Act and relevant regulan8 made or having effect thereunder. Our oty'eclives are to obtain reasonable assurance about whether the finanoal siatements as a whob are free from material misslalemenl, %thether due lo fraud or error. and to ISSU8 an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS detect a material misstatement when il est$. Misslalemenls can arise from fr&d or error and are considered material rf, individually or in the aggregate, they could reasonably bo experted io inffluen the economic declsions of users taken on the basis of these financial statsmenls. The extent to which our procedures are capable of detecting IegUlarities, Induding fraud. is detailed bdow. We obtsined an understsnding of laws arKI règulation8 that affect the charty. focusing on those had a direct effect on the financial statements or that had a lundamenlal effod on its operations. Key laws and regulations that we identified included the CharitiesAcl, occupational health and employrhenl legislation We enquSred of the trustees, reviewtrj any ¢orre8pondence wlh Charity Commission 8rKI reviewed trustee8 meeting minutes for evid8nce of non-compliance wlh relevant laws and regulations. We also reviewed txjnlrols the trustees have in place lo ensure compliance. gained an understsftding of the eonlrols that the trustees have in plaLY to prevent and detect fraud. enqUId of the trustees about any inciden¢e8 of fraud that had taken place during the aecrmjnting perlod. The risk of frau¢J and non-compliance with laws and rogulations and fraud was discussed within tho audit team and lesls were planned and performeil lo address these risks. We identified the potential for fraud in the following areas." misapwowiatton of cash and other a55els. and misststement of the investment propety valuations. We reviewed financial statements disck)sure$ and tested to supportiig dc¢umentalion to 8$se$8 compliance with relevant laws and regatIOnS discussed above We enquired of the trustees about actual and Fotsnlial litigation and claims We perfom)ed analytical procedures lo id8nlify any unusual or unexpected relationships Ihgt might indieate risks of material misststement due to fraud. In addressing the risk of fraud due lo management override of intemal controls we tested the appropriateness of joumal enlrios and assessed whether the judg8ments rnade in making aceounling estimates were indicatsvo of a pot8ntial bias. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https-li vA.trC.or9.klaudItoT5reSpDn5lb1lItie$. This description forms part of our auditorfs report.
DEVIZES ALMSHOUSE CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DEVIZES ALMSHOUSE CHARITY Other matters Your attention is drawn lo the fact that the ch8rty has prepared ffinanaal statements in accordance wrth "Accounb'ng and Reporting by Charitio$.' Stslemenl of Recommended Practi¢e applicable lo charibes F*eparing their account$ in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}" (as amended) in preference to Accounting and Reporting by Charilie8.' Statement of Recommended Practu issued on 1 April 2005 which 15 referredtg in the extant regulations but has now been withdrawn. This has been done in order for the fin8nial statements lo proVe a true and fair view in accordance vlth wrrenl GenerallyAccepted A¢counting Practic6. This r8POrt is made solely to the charity's trusteos, as a l)ody. in accordance wlth part 4 of the Charities {Accounts and Repcrts) Regulations 2008. Our audit work has en undertaken so that we might stste lo the charity's trustees those matters we are required lo Stsle lo them in an auditorfs report 8nd for no other purpo$8. To the fiJllest extent pèrmitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charits Iwstses as a boty, for our audlt work, for this report, or for the OFinions we have formed. Davld Owèn & Co 13 Z•ZS Chartorgd Accountants Statutory Audltor 17 Th& Market Place Devizes hshlre SN10 1BA Da¥id Owen & Co is eligle for appointment as auditor of the charity by vlrtue of its eligibility for appolntment as auditor of a ¢omp8ny under se¢tion 1212 of the Companies Act 2006.
DEVIZES ALMSHOUSE CHARITY STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 UnrestrSctèd Unrestrlcted funds funds 2024 2023 Volunlary income Charitable actiwties Investments 509 441,520 1.446 459,4Q8 221,386 Total Income 680,794 638.475 Investment management 80,094 54,130 Charitable activities 476.886 480.345 Total resources expended 536,980 $34.475 143,834 104,000 Nel gainsl{lossos} on investments 13 122.325 4,483 N•t in¢oming resources 266,159 108,483 Other recognlsod gains and loss•8 Profil on disposal of freehold Investment propety 14 9,959 Not movement In funds 266,159 118,442 Fund balances at 1 January 2024 9,002.437 8,883.995 Fund balances at 31 December 2024 9.268,596 9,002.437 The ststement of financkg18elivrties irlUdeS all gains and losses recognised in the year. Thg statemont of finGla1 actlvkles indudes all gains and losses recognised in the year. All income and expenditur8 derive from continuing activities.
DEVIZES ALMSHOUSE CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 No1•5 Fixed as8•ts Tangble assets Investment properties Investments 16 16 17 4.277.238 3.117,000 252,965 4,313,351 3,108.434 238.632 7,647,203 7.680,417 Current assets Debtors Cash al bank and in hand 18 56.787 1,619,121 41,513 1,354,158 1.675,908 Credltorn: amounts falling duo wlthln oneyear 1,395,669 19 154,5151 {53,649) Net current assets 1,621,393 1.342,020 Total a58ots1è38 currènt Ilabilities 9.268,596 9.002,437 Incom• funds 21 Design8ted funds General funds 8,868,596 400,000 8,602,437 400.000 9,268.596 9,002.437 9,268,596 9,002.437 The financial ststements were approved by the toard of trustees and aulhorised for issue on 9 June 2025 and are signed on ils behalf by.. Mr P Bennett Thistee: Chalr of thfr Flnance Commlttee 10-
DEVIZES ALMSHOUSE CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flo from operatlng actlvltl•s Cash generated from operations 23 33,852 27,330 Invesllng actfvitl•s Purchase of langible fixed assets Purchase of investsnent property Proce8ds on disposal of investment propety Purchase of other investments Investment Incc¥ne received 189,6991 (31,914} {13.434) 105,000 (5,5741 221,386 409.959 15,181) 196.446 Ilet ch genornted from Investlng actlvltl•s 231,113 555.876 Net cash used in flnanclng actlvlllos Net IncrSe In ¢•$h and cash equivalents 264,965 583.206 Cash and cash equivalents at beginning of year 1,354,156 770.950 Cash and cash equlvalents Jt end of yo8r 1,619,121 1.354.156
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢l8s Charity Inforniatlon DevizesAfmshouse Charity is a regi$lored charity, number 204453. 1.1 AccountSftg convgntion The financial statements have been prepared in accordance wth the charity's governing document. the Charities Act 2011, FRS 102 "Tha Finanal Reporting Stsndard applicabl8 in the UK and Republic of Ireland. {"FRS 102.1 and the Charities SORP Accounting Reporting by Charitie$.' Statement ol Recommended Practice applicable lo charities pr8paring their accounts in accordance with the Finanoal Reporting Slandaid appli¢able in the UK and Republic of Ireland (FRS 1021" (effective 1 January 20191. The harity is a Publi¢ Benefit Entity a$ defined by FRS 102. The financial statements have departed from the Charitios (Accoun18 and Repjrtsl Regulations 2008 only to the extent required to provlde a true and fair view. This departure has involved following the Ststemenl of Recommendéd Practice for charities applying FRS 102 rathei than the vèrsion of the S&ement of Recommended Practice Nthieh is referred lo in the Regulation8 tr*rt which has since teen withdrawn. The finanaal slalemenls are prepar8d in sterting, which is the functional crrencY of the tharity. Monetary amounts in these finanaal stalemerns are rounded lo the noarest £. The finanaal stslemenls have been prepared under the histori1 c05t convention, modified to include the revaluation of investment properties and certain financial instruments al fair value. The principal accounting policies adopted are sel out below. 1.2 Golng eoncem At the time of approving the financlal slalemenls, the Iwslees have a reasonable expectation that the charity has adequate resoLrrces to continue in operational existenc£ for the foreseeable future. Thus the trustees ¢ontinue to adopt the going concem basis of accounting in preparing the financial ststements. 1.3 Charltablè funds UnreStrted funds There are no $peafic restricbons as to th8 use Of these funds. The trustees allocate Olrt of general funds appropriale sums for extraordinary repairs development and iand a¢quisition to refiect p0Sble expeNlilure Sn the foreseeabl8 future. Designated funds These are unrestricted fvnds earmarked by the trustees for particular purposes. 1.4 Incomlng resources Inme is recognised when the charlty is legally enliled to il after any perfoTman¢e condrtions have been me( the amounts can be measured reliably. and it is probable that income will be received. Incoming resources from both almshouses and investment propety rentals and investments are ilded when Tec¢ivable. 1.5 Resourc•s oxpendod All expendlture is accounted for on an accruals bass. Resources expended In¢lJe attfibutsblfr VAT vthich cannot be recovgred. Goveinance sts are thos8 incurred in connethon Mlh administration of the ¢haTity and eomplianc8 wlh constitutional and 8tatutory requirements. 12-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢counting pollcles {Continuèd) 1.6 Tanglblo Ilxed ossots Assets costing £500 or more are capit81ised as tangible fixed assets and are (2rried at cost, nel of depreciation and any provision for impaim)enl. TangiL4e fixed assets are initsally measured al cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. The almshouse properbes were valued in 1991, bmth subsequent additions being staled at cost . The charity 18 taking advantage of the FRS102 transitional ex8mFAI to valu8 the property 01 deemed w5t wthoul adopting a policy of revaluation. Depredation is provided at rale$ ¢alculated to lle off the cost less estimated residual value of eath asset over its expected useful lif8, as follows.. Almhouse properties.. General fabric of the bLMlding Kitchon and bathroom fixhffes and fitting Central hèaliw systems Over 50 Years Over 15 years Over 15 years Almshous8 oquipmenl 10% to 25% straight line or reducing balance basis Office equipnent 25% to 33% stralght Ilne or reduclng balance basis Freehold laThl and assets in the course of con$lructlon are not depreclated. Th8 gain or loss arlsing on the disposal of an a$set 1$ detemined as the difference betren the sale proceeds and the carying value of th8 assgt and is recognised in net incomellexpenditurel for the year. 1.7 Inve8tm•nt propertl•s Inveslmenl property, which is property held lo eam rentals andlor for capital appreciation, 1$ m8asur8d using the fair value m(1el and ststed al ils fair value as the reporting end dale, Investment properties are revalued at fair value al balance sheet date by the Trustees based on irrformalion provided by the Charitys managing agents. A full professional revaluation took place during Deeember 2022 and the gain taken to the Statement of Finanrjal Actiwties. The managing agent undertook a biwanrtual valuations {via a desktop exercise) as at 31 December 2024, to provide updat8s to fr88hold values. Gains or losses arising from change5 in the fair value of investment property are induded in Stment of Financial Aclivitw for the peri¢)d in which they arise. 1.8 Flxed asset In¥8slJn8nts Quoted investments held 88 fixed assets are revalued al fair value at the balance sheot dale and realISed gains or losses arisin9 from changes in the fair valug of investments are included in Statement of Finanaal Activit$ for the wiod in which they arise. 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call banks, other short-lemi liquid investments wth original malurities of three months or less. and bank overdr8fts. Bank overdrafts would te sh)wn within borrowings in current liabilities. 1.10 Retlr8ment beneflts Thè charity operates a define(I contributions pension scheme. Contributlons are charged in the accounts as they become payable in 8ccordance wth the rules of the scheme. 13-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2024 Acrountlng policlos (Contlnuedl 1.11 Taxatlon The chanty is generally exempl from Income Tax and Capital Gains Tax, bul nol from VAT. Irrecoverable VAT is induded in the cost of those items to %thich rt relates. Crftical accountlng estknats¥ and Judgements In the application of the charty's accnting policies, the trustees are required to make judgnents. estimates and assumptions about the carrying amount of assets and liabilits'es that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other facttxs that are considered to be relwanl. AdLtal results may differ from these e81imale& The estbmales and urKlerlylng aSsumptior are reviewed on an ongoing basis. Revisions to accounting estimates ara recognised in the poriod in which the estimat8 is revi$ed where the revision affects [Y that period, or in th8 period of the revision and luture periods where the revision affects both currènt and luture periods. crftlc•l Judgements The following judgements (apart from those involving estimates) have had the most Significant effect on amounts recogni8ed in the flnancial statements. Revaluatlon of investment propertS95 The charity carries its investment propety al fair value, with changes in fair value being reeogTrsed in the stslement of financial athvilies. The investment properties are shown at their open markel value, this being a Irustees, assessment of the current worth of these properties based independent professional valuatDns and reviewed by the tnJste8S. Incom• from donallons and Jogacies Unrostrlcted Unrestrlct¢d funds fvnd5 2024 2023 Donatlons and gifts 509 Charltable actlvitles Unre8tdcled funds 2024 T¢)tal 2023 maintenan charge Other income Feed in Tariff 446,615 7.123 5,670 428,959 6,947 5,614 459,408 441,520 14-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investmènts Unrostrlcted fvnds 2024 Total 2023 Rental income Income from listed invesknents lrnterest receNable 174.026 10,214 37,146 177.079 9,534 9.833 221,366 196,446 Cost of ral¥ing funds Unrnstrict•d funds 2024 Tolal 2023 Investment mana ernenl Rentsl management fee Repairs and insurance Rates Legal and professional fees 15,7 29,547 19,496 25,510 1,318 7,808 14,811 60.094 54.130 15-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Charftabl6 activitles 2024 2023 AIwr8hou$•s Staff costs Deprecialicffl and impairment Travelling expenses Repairs and maintenance er Eloctricity and gas General insurance and licencos Communication care and telephone Annual outlng, Christmas gifts and social expenses 71.990 123,830 70,997 117,961 84.072 21,567 79.003 13,810 5,894 8,386 82.470 18.944 97,078 12,365 8.134 3,772 406.552 411.798 Support o)sts {$ee note 81 Govemance costs (see note 81 62.072 8,242 61,140 7,407 476.866 480,345 Support costs allocated to activitles Total 2024 Total 2023 Staff costs Depreciation Telephone Office expenses Bank charges Equipment hire Sundry expenses Governance 55.747 1,982 1.831 1,691 51.803 2,537 4.295 1,997 277 135 96 7.407 137 8,242 70,314 68.547 2024 2023 Govornance costs ¢omprfge: Audri fees Trustee indemnty insuran¢9 Sundry experlses 6,550 756 6,060 756 591 8242 7.407 16-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Nrt movem•nt In funds 2024 2023 The net movement in fjJnds is stated after chargingl(crediting}: Fe88 payable for the audit of the charity's financial statements DapTeuation of owned tangle fixed assets 6,550 125,812 6.060 120.498 10 Trustees None of the trustees lor any persons wnne¢ted with them) received any remuneration during the ye8r. and none of them received any reimbursement of expenses. 11 Employe9$ Number of employees The average monthly number of full and part limfj staff thring Ihe year wa$ 5 12023 -51 the average numkr of full time equivalent employees by fijnction was.. 2024 Numbèr 2023 Numbor Almshouses Administrats'on Employment costs 2024 2023 Wages and selaries Social $8curity costs other pension cos15 111,282 8,958 7,497 108,072 8,477 6,251 127,737 122,800 There were no 8mploy88s whose annual remuneration was £80.000 or more. 12 Taxation Devizes Amshouse Charity a5 a registered charity and is therefore exempl from liability to taxation on ils income and ¢apitsl gains. 17-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Not gainsl(10550s} on 1n¥trn8nts Unrestrlcted funds Totsl 2024 2023 R8valualion gain$ on investments Revaluation gain5 on imiestsnent properties 8.759 113,586 4,483 122.325 4.483 14 Oth•r galns or losses Unrestricted funds 2023 Pfofit on disposal of freehold investment property 9.959 16 Tanglble flxed as$ots AlmshoLtses Almshouse and land e4ulpment Offic8 oqulpment Total Cost or valuatlon At 1 January 2024 Additions 5.169.895 89,699 51,426 14,517 5,235,838 89.699 At 31 December 2024 5.259,594 51.426 14,517 5,325.537 DeprKlatlon and Impalnnent At 1 January 2024 Depreciation charged In the year 886.135 116,727 28.582 7,103 7,770 1,982 922,487 125.812 At 31 December 2024 1.002.862 35.685 9,752 1,048,299 Carrylng amount Al 31 Decembèr 2024 4.256,732 15,741 4,765 4,277,238 At 31 December 2023 4,283,760 22.844 6.747 4.313,351 The transitional provisions of FRS102 are being followed in respect of the revaluation of the frethold land and building$ and the valuation has not been updated. The cost or valuation of the Almshouses and Land reflects the professional valuation of the propertEs as al 2n¢J January 1991 amountsng to £926,300 together with subsequent additions at cost of £4,333.294 since Ihal date. 18-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 IeStment prope 2024 Falr v•lu• At 1 January 2024 Sale Prod$.. 15 The Market Place, Devizes Net gains through fair value adjustments 3,108,434 1105,0001 113.566 At 310ecember 2024 3,117,000 The investment propert18s are revied at fair value al Ihe balance sheet date by the trustees based on valuation information in accordance wf(h note 1.7. The majority of properties were subj-ect to a professional valuation by Carter Jonas dated 31 December 2024 and when their value amounted lo £3.O78,Oc. If investment properties were 81aled on an hi$lori¢al cost basls rather than a fair value basis, amounts would have been induded as follows.. 2024 2023 Cost 1,350,897 1,382,587 Full details of the historical cost of tho investment properties are unknown. Full details of costs are only available since 1996. 17 Flxed asset Invgslments Llsted Investments Cost Or valuatlon Al 1 January 2024 Additions Valuation ¢h8nges 238,632 5.574 8,759 At 31 De¢ember 2024 252,965 Carrylng amount At 3108cember 2024 252,965 At 31 December 2023 238,832 19-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Debtord Amounts falling due wlthln one year: 2024 2023 Trade debtors Other debtors Prepayments and accrued income 32.038 18,156 6,593 30,662 6,917 56,787 41,513 19 Creditors: amounts falllng due wfthln ¢)ne year 2024 2023 Trade creditors Other creditor$ Accruals and deferred income 23,686 1,853 28,976 25,019 6C6 28,024 54.515 53,649 20 Rellrement benefit schemes Defined contributlon schomes 2024 2023 Charge to profil c*10ss in respect of deflned contribution sme$ 7,497 8.251 The charity operates a défined Contrlbulron nSIOn scheme for all qualifying emF4oyees. The assets of the s¢heme are held separalety from those of the Charity in an independently administered fund.
DEVIZES ALMSHOUSE CHARITY NOTES TO TrIE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 unrestrict funds Tre unrestricted funds of the charity also include designated fvnds whSch have been sel asde by the trustees for SF)eafic purposes. Movement In funds Balance at 1 Incoming Resources Transfern Investments Balance at 31 January rtsourceg expended galnsn08808 December 2024 2024 De$lgnatsd funds Extraordinary repair development fund Cydical maintenance fund Fixed assets furKI". Almshouse assets Fixed assets frjnd.. Investment properties 1,080,652 286,707 1,367,359 100.000 7,000 107,000 4,313,351 (125.812) 89,698 4.277,237 3.108,434 1105,000) 113,586 3.117.000 8,602,437 1125,8121 278.405 113,566 8,868,596 General fund$ 400.000 680,794 {411,1481 1278,405) 8.759 400,000 9,002,437 680,794 {536,9601 235,891 9,268,596 In order to fijlfil its objedves, the Charty must maintain its almshouses and adapt to changing circumstance8 and accor¢thngly the designated reserves shown provide for cyclical mainlenanee and redevelopmentsl refurbishments. Cydical maintenance occurs on an annual basis. but redevelopment and refurbishments nMallY only occur when properties become vacant. Flxed assets fund.. The almshousgs ar8 central to the charitls actwty arbj their balance sheet value is maintained in a d8signated reserve. Fixed as8els fund: Investment properbe$ a long term Investments and not easily realise¢J. General funds. This represents approximal8ly 1 years eynditure held in re5we. Rolated party trans•ctions The charity provides administrative s8rviees at a cost of £75012023- £7501 lo Devizes MUnIpaI Charities, a eharity with a common history and Iru5tees. 21-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Cash generatod from opevatlon8 2024 2023 Surplus for the year 266.159 108.483 Adjustments for. Investment income recognised in statement of financi81 activilles Fair value gains and losses on investment properties Fair value gains and losses on investments Depreciation and impairnienl of tangible flxed assets {221.38ei 1113,5661 (8,7591 125.812 {196,4461 (4,4831 120.498 Klovemenls in wryking capital.. (Increaselldecrease in debtors Increaselldecreasel in creditors (15,2741 2,171 {2,893) Cash generated from opr•tlons 33,852 27,330