Charlty reglstration num1 204453 {Engiand and Wales) DEVIZES ALMSHOUSE CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
DEVIZES ALMSHOUSE CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Status The Charlty was established by a Scheme of the Charity Commissioners on 29 July 1904 and is a r8gistor8d charrty (No 204453}. Trustses The trustees as al 31 December 2025 arKI on the dale the Trustees, Re1 was approvtd were as follows.. Mr S McGregor-John8on Chaimian and Chair of the Standing Committee, member ofthe Finance & Staffing Committ8e Jolnt Mce Chaimian, Chair of the Commercial Properties Committee and Joint Vi¢e Chairman of the Stsnding Committ88 Joint Vice Chairnian and member ofthe Finance & Staffing Committee, member ofthe Comm8rcial Properties Commlttee and member of the Standing Committee. Chaimian of the Finance & Staffiro Committee, member of Selection & Welfare Committee, member of CornmerGial Properties CommSttee and Joint Wice Chaimian of the Stsnding Committee Member of the Fin8nce & Staffing Committee, member of Commercial Properties Committee and member of the Standing Commitlee. Chair of Communty & Social Coffimittee, member of Finance & Staffing Committee, member of the Selection & Welfarè, member of the Properties Committee and member ofthe Standing Committee Member oflhe Selection & lfare Committee and Communty & So(aal Committee Member ofthe Properties Committee, member of the Commercial Properties Commlttee and member ofthe Standing Committee Chair of the Selection & Vwelfwe Committee and member of the Standing Committee Chair of the Properties Committee and member of the Standing Committee Member of the Properties Committee and member of the Standiry Committee Mr C Lucas Mr JG Jones Mr P Bennett Mr DSW Elliott Mr R Akeman Miss FKTumber Mr PP Duckatt Mrs C Blyth Mr D Burgess Mr P Kent The Chairman and Committee members were elected by vote of the Iruslees, present at the Annual General Meeting held on 8 Dècember 2025. Offlce Mr P Benngtt Mrs R Jeffries Mrs L McGuffog Mrs J Chesham MrA Kettely Treasurer Clgrk As8iStant Clerk Resident's Cothinator PTopertie5 and frAaintenance Coordinator Charlty number 21J4453
DEVIZES ALMSHOUSE CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Prfnclpal addrnss Slade House St James, Gardens Devizes Imltshire SN10 1EL Audltors David Owen & Co 17 The Market Plac& Devizes Imttshi SN101HT Bankars Lbyd$ Bank plc 38 The Market Place DevSzes Ilshire SN10 1JD Solkitors Awdry Law 33 St Johns Street Devizes tt5hire SN10 1BW Support Organlgatlon8 The AlmshouseAssocialion Billingboar Lodge Maidenhead Road Wokingham Berkshire RG40 5RU Insurance Grout Insuranee Brokers 2nd Floor WOOlCh Hous8 43 Sl George House Croydon CRO IL8
DEVIZES ALMSHOUSE CHARITY CONTENTS Pago Trustees. r8PC Statement of Tru8tees' r8sponsibilib"e$ Indepent audltorfs rep)rt Sialement of financlal 8th"vrtfies Balance 10 Statement of cash flows 11 Notes to the finanrial $lalemenl8 12-21
DEVIZES ALMSHOUSE CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees prg$8nt their report and accounts for the year ended 31 December 2025. The ftnandal statements have been prepared in accordance wth the accounting policies set out in note 110 Ih financial stslemenls and comply wlh the charttls governing document, the Charit¢es Act 2011 arKI "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charts'es preparing their a¢unt5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" leffective 1 January 20191- ObleGtlv¢$ and activltlo9 The Charity's rn8in objective is to provide quality accommodation for the elderty who reside in Devizes or th& surrounding villages ond are in some fom of need, In addition to provide communal faciltb.es and a general gnvironment that will enhance the residents, quality of Irfe. The alm of the ch8thy18 to provide for the benèfrt of the almspeople of the tharity in any manrw Ihe trustees think fitting. There has bgen no change in the objectwes since the last report. The trustees have paid due regard to guidance issued by the Ch8rfty Commission in deciding what activities Ihe charity should undertake. Achlgvoments and perforniancg During the year we hav¢ ntInued the on-going tssk of updating and refvrbishing the tharOVs properties as detailed on quarterly maintenance and repair schedules, which have been presented al trustees, quarterly meetings. Health & Safety inspeclions, and electri1 certificate work has been undertaken and all items idenlified have been addressed and acted upon. The Selection and Welfare $ub<ommittee continu8 to meat to update lists of applicants. to allocate properties and address any matters raised by residents. Stsff have continued to visit appltsnls In thelr home. Day to day welfare issues have been looked after by the Warden and the Clerk. The Community and Social sU0mmittee have addressed all items of Health & Safety, passing on any requlremenls lo the Properties sub<ommittee. The Social Club continues rts adivities in Slade Hall. The Charity took residents to the North Imlls Gow Club for their Christma$ lunch This was supported by vdunleers and Trustees.
DEVIZES ALMSHOUSE CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Fln•nclal roViOW Income from charitsble actiwties increased by £12.139 to £471,547 for the year. The General ma1nt6nae contributions increased by beh¥een 0% - 4% in April 2025, h¢)wevef the Healing MaintenarKg has remained at £26 per week since January 2023. Income from investments increased by £29,290 to £250,676 for the year. The rentsl inrne continues lo benefft from increased rent following a rent reviews. The c£)$l of charitable activities increased by £63,865 to £540,731 for the year. Th18 was mairly to increased repair8 and maintenance to the Almshouses. Expenditufe thi5 year h85 fully 5UPPOrted the key objectives of the charity. especially the ongoing maintenance and upgrading of the almshouses to enhanee the qualty of accommodation. Patticular regard has been given lo the social, ethical, and environmental impact of any developments I refurbishments for the benefft of residents and the surroundin9 community- Current I planned expenditure on the investment properties vJill enhance the income from thls Source, and therefore Secure development fvnding for the fvture benefit of accommodats'on and faulibes for residents. Fundlng The prin¢ipal funding $ourts$ are rent from commereial propertles owned by the charty and eontrlbuth)ns from almspeople resident in the charit5 almshouses. Reservo Polky The balance held Is unreslrieted funds as at 31 December 2025 was £9,403.721. vllh futher analysis in the note$ to the ae¢ounl$. Funds are allocated to specrftc reserves to enable the charity to comply with Charty Commission guidelines. In order to fulfil ils objectives, the charity musl maintain ils almshouses and adapt to changing urcum$tsn$ and accordingty the de&gnaled reserves shown provide for cydical mainlenonce and redevelopmentsl refurblshmenls. Cydical maintenance occurs on an annual basis, bul redevelopment and refvrbi$hmenls nomially only occur when properti8s become vacant. Th8 almshouses are central lo the tharty's xtivity and thgir balance sheet value is maintained in a designated resgrv8. Invostmgnt pollcy The charity's major investments are in MmerCIal properties. Funds are a150 maintsined in bank unt$ and quoted inv8slm8nts which are readily r8alisable should the need arise. The Charity's Ireehold Investment property was professionally revalued a8 al 31 December 2024 . Rl$k factors The trustees have conducted their own review of the major risks lo vthich the charity is exposed and systems have bèen estsblished lo mlllgate th08e risks In accordance wth best practice. Intemal ri$ks are mlnimlsed by the Implemenlalion of procedures for authorfs81ion of all transadons and projects and lo ensure ¢sistenI quality of delivery for all operational aspecls of the charity. Thes8 procedures ar periodically reviewed to ensure that they skn.ll meet the needs of the chanty.
DEVIZES ALMSHOUSE CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Plans for the luturo To continue lo maintsin, update and improve the charity's regdenlial and commerc1 properties and when possiL)le acquire land and woperty adjoining the current main Sile for the purpose of extending almshouse provisions. To enhance th8 chariV5 81¢jents, qualty of life and improve their environment. Consderation is lo b8 given to the use of modem technology lo incorporate viable eeo-friendly systems wrthln our properties as and when the opportunities arise. When almshouses are refurbished, the latesl design principles lo support the eldeY and disabled wll be considered and adopted where F*)ssible. In considering the fLrtur6 strategy, consideration vlill be given to an increase in the Extraorfinary Repair and Development Fund by a proportion of the surplus of 8ach financial year. Structure. govemancg and managemènl Governlng Documgnts The charity was established by a Scheme ofthe Charity Commissioners on 29th Juty 1904 under charity registration number 204453. On the 31st December 1975 the Charity Commissioners sealed a Scheme that amalgamated Devizes Almshouse Charity, Lucas Home5 and The Helm$ Memorial Cottage Homes. On 2181 June 1988 the Charity Commission sealed a further Scheme that amalgamated Devizes Almshouse Charity and The Ward Homes. Thè trustees served during the year and the date the Trustees, Report wa$ approved were.. Mr R Akerman Mr P Bennett Mr D Burgess Mrs C Blyth Mr P P Duckett Mr D S W Elliott Mr J G Jones Mr P Kent Mr C Lucas Mr S McGregor-Johnsc Miss F K Tumber Governlng Body The Charity is administered and managed by a body of Trustees comprislng the Trustees for the time being of Devizes MunicApal Charits'gs together with one nominated trustee appointed by Devizes Town Coundl. currently Miss F K Tumber. The nominated trustee is appc4nted for a fixéd four year period, and the nomination of Miss Tumber was neWed ty Devvies Councll in 2021 after a meeting at Devizes Town COU11 for a further four year period. Oryanlsation Management The Board of Tmstees meets quartedy, and a delegated Subcommittee slw¢tur@ is in plaeÈ ¥thch meets as required to deal wtth the day-tovday issues and planninglpolicy recommendations. The day-104ay management of the Ch8rity is del8gated by Trustees to the Clerk to the Trustees who works in close lia68on wth the Chairman ofTrustees and the Chaimen of various committees. New trustees attend an introductory event that includes a visit to the charity's residential ryoperties. commercial propertie5, communal facilities and offices. Current procedures. policies and responsibilili&s are explained and a fijll briefing pack provided. Further training if required is providgd as necessary. The charity takes full advantage of training seminars organised by The AlmshouseAssociation.
DEVIZES ALMSHOUSE CHARITY TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Audttor David Owen & Co were re-appointed as the charity'$ auditors during the year and have expressed their willin9ne351o continue in that ¢ap8pity- Dlsclo$uro of Infommtlon lo audltor Eath of the trustees have ¢onfimed that there is no infomiatlon of whlth they are aware whlch Is relevant to the audit, bul of which the auditor is unaware. They have fvrther mnfirmed that they have taken sppiopriate Steps lo id&nlify such relevant information and to establish that the audrior 1$ aware of suth infomiation. On beh the Board of Trustees Mrs nson Chaimi eTI stees Dated.. 22 June 26 ¢Gr
DEVIZES ALMSHOUSE CHARITY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Th8 trustees are responsible for preparing the Tru$tee$' Rewt and the financial statements In acWrd4n with applicable law and United Kingdom AccountiThJ Standards (Unhed lQngdom Generalty Accepted AceountirKJ Practice). The law applicable to tharities in England and Wales requires the trustees lo prepare financial statements for eath finanual year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these finanryal statements, the Iruslees are required to.. - select suitsble aaunting pdiues 8nd then appty them consistently., - observe the methods and principles in th8 Charities SORP., - make judgements and ests"mates that are reasonable and prudent., s&*e whether applicable aecounling $landard5 have been followed. sublttt lo any material departures (Isdosed and explaingd in the financial statements.. and prepare the finan¢iaS stslement8 on the going eoncem basls unks5 il 1$ inappropriate to pr95umè that the charity will continue in operation. The trustees are responsible for keeping SuffIent accounting records that di$dose with reasonable accuracy al any lime the finarrial position of the charity and enable them to ensure that the financial statements mplY with the Chartties Act 2011, the Charity {Accounts and Report$) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hencè for taking reas59b1e stèps for the prevention and doleclion of fraud and oth8r irregularities. The tru$tee8 are responsib18 for the malntenance and integrity of the charity and financial information included on th8 charity's website. Legislation in the United lQngdom governing the preparation and dlssemination of financial statements may differ from legislation in olherjurisdictions.
DEVIZES ALMSHOUSE CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DEVIZESALMSHOUSE CHARITY Opinlon We have audited the financial statements of Devizes Almshouse Charity Ilhè 'char[l for the year ended 31 December 2025 which comprise the Statement tsf financial activities, the balance sheet. the statement of cash flows and notes to the financial stalemenls, induding Significant accounting poliues. The financial reporting frame Ihat has been applied in their prepar8tion is applicable law and United ngdoM Accounting Stsndards, includw Financial Reporting Sland8rd 102 The Fln8nci81 Reportlng S18nd8rd applic8bl8 in the UK and Rgpublic of Ireland Iuniled lfjngdom Gen8r81ty Accepted Ac£ounling Practice). In our OFinion, the ffnancial statements.. give a true and fair view of the stste of the chanty's affairs a$ al 31 December 2025 of rts tncoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United KIngrn Generally ApIed Aeeounting Practi.. and have been prepared In a¢¢ordanrE wlh the Charities Act 2011. Ba$ls for oplnlon We conducted our audit in accordan Intem8tional Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Audrforfs rasponsibilities for the audit ol the financlal st&t8menls section of wr report. We are independent of the charty in accordance with the ethical requirements th81 are relevant to our audit of the finanuol slatemenls in the UK. including the FRCS Ethieal Standard, and we have fv1fi118d our other ethical responsibilities in accordance with Ih¢$e requiremen15. We believe that the audit evidence we have obtained is suffiuent and appropriate to provide a basis for our opinic. Concluslons relatlng to golng conc•m In auditing the financial statements, we have conduded that the Trustees. use of the going ccncem basis of accounting in Ihe preparation of the financial stslements 18 appropriate. Based on the work we have performed. we have not identffied any material unceitsinlies relating to events or conditions that, indiwdually or collectively, may cast Significanl doubt on the charity's ability lo ntinue as a gng eoncem for a period of 81 least tsvelve m¢)nths from when the financial slatements are authwi8ed for issue. Our responsibilities and Ihe responsibilitses of the truslees wth respecl to goir¥J corKern are 8ribed in th8 relevant sections of this report. other Infomiatlon The other infom)alion comwtses the irrfomiation included in the annual report cther than the financial statements and our auditorfs report Ihereon. The trustees are responsible for the other information contsined wthin the annual report. Our opinion on the financial statements (loes not eover the other infornialon and we do not express any form of assuran¢e condusion thereon. Our re$pon$ibility is to read the other information and, in doing so, consider whether the other infomation 1$ materially inconsistent the financial statements or ow knovAedge obtained in the coutse of the audit, or otheMise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 1$ a material misstatement of this otsr infomiabon, we ar8 raquirad to T8POrt that fact. We have ncthing to report in this regard. Matters on which we arg fgqulrod to rnport by •x¢eptlon We have nothing to report in respect of the following mattws In relation to whlch the Charlties (Accounts and Reports) Regulations 2008 requires us to Teport lo you if, in our opinion: the information given in the financial slatemenls is inconsislenl in any m*erial respect with the TNstees' report., or sUffiCnI accounting records have not been kept." or the financi81 ststemenls are not in agreement with the accounting records,. or we have rot received all the infoTmatkJn and explanations we requTe for our authl.
DEVIZES ALMSHOUSE CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DEVIZES ALMSHOUSE CHARITY RosponslbSlttles of tru$1o0s As explained more fijlly in the Statement of Trustees, Responsibilities, the trustee5 are responsible fof Ihg preparation of thg ffinancial slalements and for being satisfied that they give a Irug and fair view, and for such Inl8mal control as the trustees delemine is neCesry to enable the preparation offinan¢ial statements that are free from material misstement, whether due to fraud or emr. In preparing the financial stslements. the trustees are responsible for assessing the Charity's ability lo contsnue as a going conc8m, disdosing, as applicable. matters related lo going concern and using the goin9 concwn ba$1$ of accounting unless the trustees either intend to cease operations. or have no w118c altematlve but to do so. Audltovs rosponslbllities lor the audlt of the flnanclal ststem8nts We have been appointed as audiloT under section 144 of the Charitigs Act 2011 and report In aCCdance yth the Act and relevant regulations made or having effect thereunder. Our objectiv8s are to oblaln reasonable assurance about whether the financial ststements as a whob are fe from material misslalemenl, whether due lo fraud or error. and lo issue an audrtorfs report that includes our opinion. Reasonable assurance is 8 high level of assurance but is not a guarantee th an audit eonducted in accordance th ISAS IUKI will always detect a material mis$lalement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggreg81e, they could reasonably be expected to infiuen the economiG decisions of users taken on th8 basis of these financial ststements. The extent to Ech our procedures are capable of detecting Irregularities, including frau¢J. is detalled bdow. We obtained an understandlng of laws and regulati¢X$ that affect the charity, fUSIng on those tPat had a direct effect on the financial stslemenls or that had a fundamental effoct on its operations. Key I and regulations that we identified included the Charities Act. occupational hearth and employment legislation We enquired of the trustees, reviewed any correspondence with Charity Commission and reviewed trustee3 meets.ng minutes for evidènce of nonwcompliance with relevant laws and regulations. We also reviewed ¢ontrol$ the trustees have in plac8 to ensure complian. gained an understanding of the controls Ihal the trustees have In place lo prev8nt and detect fraud. I enquired of the trustees about any incirlences of fraud that had taken place during the accounting period. The risk of fraud and rn-complIaneè with laws and regulations and fraud was discussed withln the audtt team and tests were planned and perfomed to address tfvese Tisk5. We idenlrfied the poiential for fraud in the followng areas.. mi$appropii81ion of cash arKI other assets, and misstatement of the investment property valuations. We reviewed financial statements disclosures and lesled to supporb'ng documentation to assess compliance wlh relevant laws end regulations discus8ed above We enqulred of the trustees al)oul aGtual and potentk91 litigation and claims We performed analyti1 procedures to identify any unusual or unexpected relatnshIpS that m5ht Indlcate risks of material misstslement due lo fraud. In addressing the risk of fraud due to management overyide of intemal controls we tested the approprialaness of joumal entries and assessed whether the judgements made in making accounting estimates were indlcalive of a potential bias. A fjjrther description of our responsibllities is available on the Financial Reporting Counol's website ot.. https.'Il 4w.frc.org.uklauditorsresponsibilities. This description foms part of our ouditorfs report.
DEVIZES ALMSHOUSE CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DEVIZES ALMSHOUSE CHARITY Other matters Your attention is drawn to the fact that the charity has prepared ffnancSal statements in acc18n¢e with"AecounllrKJ and Reporting by Charities= Slalement of Recomfflended Practice applicable lo chaiities preparing their a¢¢ounts in accgrdan¢e with the Financial Reporting Stsndsrd applicable in the UK and Republic of Ireland IFRS 1021" las amended} in preference to the Accounkn"ng and Reporting by Ch8rities.' Statement of Recommended Practice issued on 1 April 2005 whth is referred to in the ext8nt regulation8 bul has now been withdrawn. This has been done in order for the finantial stslements to provide a true and fair view in a¢cordan¢e wth current Gener8ltyAeeepted Accounting Practice. This report is made solely to the charity's trusteès. as a tcdy, In accordance wlh Part 4 of the Charit$ IAwLrts and Reports) Regul*ion$ 2008. Our audit work has been undertaken so that we might stale lo tho charity's trustees those matters we are required to stste to them in an auditor's report and for no oth&r purpose. To the fijllesl extent permrtted by law, we do not accept or assume responsibility to anyone other than the charrty and the d)arty's tru$lee8 as o body. for our audit wort(, for this report, or for the opinions we have formgd. David On & Co Chartered Accountsnts Statutory Audltor 17 The Market Place Devizes Ilshire SN10 1HT David Owen & Co is eliglble for appolnlment as auditor of the charty by virtue of ils eligitilty for appointrnent as auditor of a eompany undLV section 1212 of the Companigs Act 20C6.
DEVIZES ALMSHOUSE CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted fund$ 2025 Unreslrfctod funds 2024 Notob Income from.. Charitable activille8 Investments 471.547 2SO,676 459,408 221.386 Total Income 722,223 680,794 Expendlture on: in Investment management 65,302 60.094 Charitable aciivilies Other expendrture 540,731 10,966 476.866 10 Total exp&ndlture 616.999 536,960 Net gainsl(losses) on investments 13 29,901 122,325 Not Income and movement in funds 135,125 266,159 R•conclllatlon of funds: Fund balances at 1 January 2025 9,268.596 9,002,437 Fund balances at 31 December 2025 9,403,721 9,268,596 Thè statement of financial activities inclLwJes all gains and losses rec¢¢Jnlsed In the year. All income and expenditur8 derive from continuing activities.
DEVIZES ALMSHOUSE CHARITY BALANCE SHEET ASAT31 DECEMBER 2025 2025 2024 Notes Fix•d assèts Tangible assets Investment propertie8 Investments 14 15 16 4.164,187 3,117,000 289,145 4.277,238 3,117,000 252,965 7.570.332 7,647,203 Current assets Debtors Cash at bank and in h8nd 17 69.488 1,826,343 56.787 1,619,121 1,895,829 1.675,908 Credltors: amounts falllng due wlthln on8 year 18 {62,440} 154,515} Net current assets 1,833,389 1,621,393 Total 898ots less cUrrt liabilities 9.403.721 9.268.596 Income funds Unrestricted fund Designatèd fiJnd$ Genetal funds 20 9,003,721 400,000 8,868,596 400.000 9.403,721 9,268,5 9,403,721 9,268.596 The financial $talemenl$ weie approved by the board of trustees and aulhorised for issue on 22 June 2026 and signed on its behalf by.. Mr P Bennett Trustee: Chair of the Finance Committee 10-
DEVIZES ALMSHOUSE CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Notes Cash Ilows from op•rating actlvltl Cash {absorbed byllgeneraled from 0ratiOnS 22 (15,568) 33,852 Investlng activitlos Purchase of tangib fixed assets Proceed8 on disposal of investm8nl property Purchase of other Investments Investment income received 121,6071 189,699) 105,000 15.5741 221.386 (6,2791 250,676 Not cash generated from Invosting a¢tlvities 222,790 231.113 Net cash used In flnanclng acllvltles Net in¢reas• In cash and cash equlvalènts 207.222 264,965 Cash and cash equivalents al Winnlng of year 1,619.121 1,354,156 Cash and cash wulvalents at end of ye•r 1.826.343 1.619,121 11
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policlos Charlty Inforniatlon DevizesAlmshouse Charty is a registered charity, number 204453. 1.1 Accountlng conventlon The finanual statements have been prepared in accordance wlh the charity's goveming document. the Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland. {'FRS 102.) and the Charrties SORP 'Aecounting and Repclrting by Charities.. Stalèmenl ol Recommended Practice applicable to charib'e$ preparing their awounts in aordOnCe wth the Financk81 Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. (effective 1 January 2019). The charity Is a Public Benefit Entity as defined by FRS 102. The financial statements have d8parte15 from the Charitias (Aceounls and Reports) Regulations 2008 only to the extent qUired lo prowde a true and fair wew. Thi$ departure ha$ involved followng the Statement of Recommended Pr8Ctice for charities applying FRS 102 rather than the version of the Statement of Recommended Practi which is referred to in the Regulation8 but which has since been withdrawn. The financial statements are prepaTed in sterling. which 15 the fundional currenGy of the charity. Monetsry amounts in these financial stslements are rounded to the nearest £. The financial slalemenls have been prepared under the historical cost convention, modified lo include the ievalualion of investment properties and certain financial instruments at lair value. The principal accounting policie5 adopted are Set out below. 1.2 Golng ¢on¢¢rn At the time of approving the financial ststemenls, the Iruslees have a reasonable expectation that the charity has adequate resources to continue In operallonal existence for the foreseeable future. Thus the trustees continue lo adopt the going concem basis of aecounling in kYep8ring the financial ststements. 1.3 Charftsble funds UnstriCted fund8 There are no specific restrictions as to the use of these fvnds. The trustees allocate out of general fiJnd8 appropri8te sums for extraordinary repairs development and land acquisition lo reflect possible expenditure in the foreseoable ftrture. Designated funds These are unrestricted fvnds earmarked by the trustees for particular purpose& 1.4 Incomlng resources Income is iecognised when the charity is legally entitled Io tt after any performance condlbons have been m&1, the amounts can b8 measured reliably, and tt is probable Ihal income will be received. Incoming resources from both almshouses and inveslmenl propety rentsls and investments are included when recebvable. 1.5 Resoufce5 expended All expgndilure is accounted for on 8n accruals basis. Resources expended inde attributable VAT %thich cannot be recovered. Governance costs are those incurred in connection wth administration of the charty and compliance with consts'tutional and statutory rgquirements. 12-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting pollcl•s Icontlnued) 1.6 Tanglble flxed assets Assets costing £500 or more are capitalised as tsngible fixed assets and are ¢8rried at cost, net of depreoation and any provlskjn for Impalrment. Tangible fixed assals are initially measured at cost and subsequently measured al cost or valuation, net of depratIOn and any impairment losses. The almshouse properties were valugd in 1991, with subsequent additions being staled at cost . The charity is taking advantsge of the FRS102 transitional exemptirm to value the propety al deemed c05t thOut adopting a policy of revaluation. Depreciation is provided at rates calculatad lo write off the cost less estimated residual value of each asset over it5 exp8cl8d useful lrfe, as follows: mhouse properties: General fabric of the building Kitchen and bathroom fixtures and fitting Central heating systems Over 50 Years Over IS years Over 15 years Almshouse equipment 10% to 25% stralght line or reducing balance basis Office equipment 25% to 33% straight line or reducing balance basi$ Freehold land and assets in th8 Course of construction are not depreci81ed. The gain or loss arising on thè disposal of an asset is delemined as the differen betsveen the salo proceeds and the carrying value of the asset and is reGognised in nel incomellexpenditurel for the year. 1.7 Investment propertlos Investment property, whlch18 property held to eam rentals andlor for Gapitl appreciation, is m8a5ur8d using the fair value model and sl8led at its fair value as the reporting end dal8. Inv8Stmenl properties are rgvalued al fair value al balance sheet dale by the Twstees based on Irrfomiation provided by the Charty's managing agents. A full professional revalualion look place during Decemb8r 2022 and the gain tsken to the Statement of Financial Aetivities. The managing agent undertook a bi-annual valuations (via a (Jesktop exercise) as al 31 December 2024, to provide updates ID freehold values. Gains OT 10s$gs arising from changes in the fair Val of investment propety a Included in Statsmenl ol Financial Activities for the period in whi¢h tw ari8e. 1.8 Flxed asset Investments Quoted inveslm?nts held a5 fixed assets are revalued at fair value at the balance sheet dale and realised gains or losses arising from change8 in the foir value of Investments are induded in Slalement cf Financial Activities for the peri¢xI in whSch they arise. 1.9 Cash and cash equlvalents Cash and cash equivalents inc1Le cash In haTrJ, deposits held at call with banks, other short.lemi liquid investments original molurilies of three months or less, and bank overdrafts. Bank overdrafts woukl be shown wthin boffowings in current li¥*)ilitses. 1.10 Rètiremfrnt bèn The charity operates a defined contributions pension scheme. Contribubons are Gharged in the accounts as they become payable in accordan wth the rules of seheme. 13-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policieB (Continu) 1.11 Taxauon The eharity is generalty exèmpt from Income Tox and CaFilal Gains Tal bLrt not from VAT. Irre¢overable VAT is induded in the wst of those items lo whith il relates. crftlcal accountlng estlmates and Judgements In the applicallon of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions aboul the carying amount of assets and liabilities that are not readily apparent from other sources. Th8 estimat8s and associated assumpbons are bas8d on histOriCAI 8xp8rianc8 and other factors that are considered lo be relevant. Actual results may differ from these estimates. The gstimates and undorlying assumptions ore reviewed on ongoing basis. Revisi¢)ns to •¢¢ounb'ng eslimales are recognised in the period in which the estimate is revrsed where the revision affects lY that period. or in the period of the r8vison and future periods where the revision affects both current and future periods. crftlc•l Judggmonts The following judgement5 {apart from those involvirrfJ estimates) have had the most significant effect on amounts rewnised in the financi81 ststements. Rèvaluatlon of Invèstm•nt propèrtlos The charity carries ils investment property al falr value, with changes Sn falr value beSng recogrised in the 8tstemenl of financial activf(ies. The investment properties are sfM)wn at their open market value, this being Iruslees, assessment of the current worth of these woperties based independent piofesslonal valualv)ns and reviewed by the trustees. CharStablo actlvttlos unstricted funds 2025 Total 2024 maintenan charge Other Income Feed in Taiiff 452,122 12,010 7,415 446.615 7,123 5,670 471,547 459.408 14-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Investments Unrestrfcled funds 2025 Total 2024 Rental mcome Income from li$t¢d investments Interest receivable 182.236 11.148 57.292 174,028 10,214 37.146 250.676 221,386 Co8t of ralslng fvnds Unrestricted funds 2025 Total 2024 Investment m na emenl Rentsl managem8nl fee Repairs and insurance Legal and professional tees 20,241 43,386 1,675 15,736 29,547 14,811 65,302 60.094 CharStable activiiiès 2025 2024 Almsho6* Staff cosls DeKxwatKJn and impaimient Travelling expenses Repairs and maintenance Water Electricity and gas General insurance and lieences Cornmunication care and telepne Annual oub"ng, Christmas gifts social expenses 91,095 122,302 29 120,616 25,429 75.919 12,498 8,6 6.375 71,990 123,830 84,072 21,587 79,003 13,810 5,894 6,386 462,869 406.552 Support costs (see note n Govemance costs1$oe note 7) 69,004 8,8S8 62,072 8,242 540.731 476.866 15-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support costs allo¢aled to a¢tlvltle8 Total 2025 Total 2Q24 Staff costs DepreThatr'on Telephone Office expenses Bonk tharges Legal fees Sundry &xpen8es Govemance 81,074 1,390 2.756 1,210 291 1.700 583 8,8S8 55,747 1.982 1,831 1,691 137 8,242 77,862 70,314 2026 2024 Governance Costs comprise: Audit fees Trustee indemrty IMur8nce Sundry expenses 6.800 756 e,550 756 936 8.858 8,242 Net movement In funds 2025 2024 The net movement in lund5 is staled after chawingllcrediting)-. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 6,600 123.692 10.966 6,550 125,812 Trust•8s None of the trustees (or any persons connected with them) received any remunerati1 during tha year. and none of them received any reimbursement of expenses. 10 Othgr 8xpend&turn Unrg$trl¢tgd Unrnstricted funds funds 2026 2024 Net loss on disposal of tangible fixed assets 10,966
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 11 Employg8S The average monthly number of fijll and part time staff durlng the year w88 5 {2024 - 51 and the average ftumber of full lime equivalent employees by function was= 2025 Number 2024 Number Almshouses Administration Total Employment costs 2025 2024 Èges and 8alaries Social security costs Other pension costs 131,000 12.677 8,492 111,282 8,958 7,497 152.169 127.737 Redundancy and termination payments totalling t11,059 were made in the rtrporbng pertod, thrOh mLrtual consent ,due lo staff restrucauring. There were no employees whose annual remunaralion was more than £60,000. 12 Taxatlon Devvzes Almshouse Charity as a registered charity and is therefore exempt from liabilty to Lat[Oft c4) its income and capitsl gains. 13 Net gain{10$98$I on Investments Unrestricted funds Total 2025 2024 Revalualion gains investments Revaluation gains on inv8Stmenl propertres 29.901 8,759 113,566 29,901 122.325 17-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 Tanglble flxed aets Alm*hoLthes Almshouje and lan oqulpment Total Cost orvaluatlon Al 1 January 2025 Additions Disposals 5,259,594 21,607 51.426 14.517 5,325,537 21,607 {36.551} 136,5511 Al 31 December 2025 5.281,201 14.875 14,517 5,310,593 Dgprgclatlon ond Impaimiènt Al 1 January 2025 Depreciation charged in the year Eliminated in respect of disposals 1.002,862 11B,167 35,68S 4,135 {25,5851 9.752 1,390 1,048,299 123,692 125.585 At 31 December 2025 1.121.029 14,235 11.142 1,146,406 Carrylng amount At 31 December 2025 4.160.172 3,375 4,164,187 At 310gcember 2024 4,256,732 15,741 4.765 4,277,238 The transitional provisions of FRS102 are being followed in respect of the revaluation of the frethold land and buildings and the valuation has not been updated. The cost or valuation of the Almshouses and Land reflects the profe35ional valuation of the properties 88 812nd January 1991 amounting lo £926,300 Icgether 4 subsequent addltlons at cost of £4,354,901 since that date. 15 Investmant PrOrty 2D26 Fair valuo At 1 January 2025 and 31 December 2025 3,117,000 The investment properties are reviewed at fair value al the balance sheet date by the trustees based on valuation infofmats'on in acrdance with note 1.7. The majority of properties were subject lo a profes81cal valuation by Carter Jonas dated 31 December 2024 and when their value amounted to £3,078,000. N Investment properties were stated on an historical cost basis rather than a fair Val basis. tre amounts would have been induded as frllows: 2026 2024 Cost 1,350,897 1.350,897 Full details of the historie41 cost Of the investment properties are unknown. Full dthls of costs are only available since 1996. 18-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 16 Flxod ass81 Invastments L15tsd Investments Cost or valuatlon At 1 January 2025 Additions Valuatbon changes 252,965 6.279 29.901 At 31 December 2025 289,145 Corrying amount At 21 December 2025 289,145 At 31 December 2024 252,965 17 Debto 2025 2024 Amounts falllng du• withln one year: Trade debtors othèr debtors Prepayments and accrued IoMe 37,076 21,664 10,746 32,038 18,156 6,593 69,486 56,787 18 Credltors: amounts falllng due wlthln one year 2025 2024 Trade creditors Other creditors Accruals and defe¢ irtome 21,531 11,513 29,396 23,686 1,853 28,976 62,440 $4,515 19 Retirement b•n•fft $¢hemes 2025 2024 D•fined contrlbution schemes Charge to profrt or1088 In respect of defined contribution schemes 8,492 7,497 The Gharty operate5 8 defined contribution pension scheme for all qualifying employees. The assets of the heme are held separately from those of the eharily in an independently administered fund. 19-
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 20 ilnrestrfctod funds The unrestricted funds of the charity also indude designated fd$ which have b88n set aside by tho trustees for specific purposes. Movement In funds Incoming Resources Transfer5 Investments Balance at 31 resources expended galnsllosse5 December 2025 Balance at 1 January 2025 Deslgnated fvnds Extraordinary repair and development fund Cyclical maintenance fund Fixed assets fund.. mshouse assets Fixed asset5 fund.. Investment propertles 1,367,358 248,176 1,615,534 107,000 107,000 4,27T,238 1134,6581 21.607 4.164,187 3.117,000 3,117,000 8,868,596 1134.6581 2e9,783 9,003.721 Gon•ral funds 400,000 722,223 (482.3411 {269.783) 29,901 400,000 9.268,596 722,223 (616,999} 29,901 9,403,721 In order lo fulfil ils objectives, the charty must maintain its almshouses and adapt to Changing ¢ir¢umstsn¢es and accordingly the designated reserves shown provide for cyclical maintenance and redevelopment relurtfyishments. Cyclical maintenance occurs on an annual basis, bul redevelopment and refurbishments nomially only occur vthen rKoperties become vacant. Fixed a55ets frjnd.. The almshouses are central to the charty's aciiwty and their balancè sheet value is maintsined in 8 designated reserve. Fixed assets fund: Investment properties long temi inveslmenls and nol easity realised. General fiJnd8. This repr8S0nls approximalety 1 years expenditure hekl in re$erve. 21 Rglated party transaGtlong The charity provide$ administrative services at a ¢o$t of £75012024 - £7501 to DevYz8s Municipal Charthe5, charity with a common history and trustees.
DEVIZES ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 22 Cash goneraled from operatlons 2025 2024 Surplus for the year 135,125 266,159 Adjustments for.. I@Strent income recognised in statement of financial *tivf(ies Loss on disp0581 of tangible fixed assets Fair valua gains and l¢)sses on investment Fwperties Fair value g8ing and losses on investments Depreciation and impaiment of tangible fixed assets 1250,8761 10.966 1221,386} 1113,5661 18,7591 125,812 {29,901) 123.692 Movements In working capital.. Ilncrease) in debtors Increase in creditors 112.699) 7.925 115,2741 Cosh (absorbed by)Igenerated from operations (15.5681 33,852 21