2021-12-31-accounts

Re9iSte(Bd Socia Landlord number.. A1070 Registered Charity nurnb￿. XK984 Roport of the Trnstees and Audited Flnancial Statements For the Year Ended 31 December 2021 For TIVEKfoM ALMSHOUSE TrUST

TIVERTON ALMSHOUSE TRUST Contents of thè Flnanclal Statements FOR THE YEAR ENDED 31 DECEMBER 2021 Pag& R8POrt of Ihe Corporat& Twstee 1-13 Statemonton Interro1 control syslems 14 Corporate Tru8tees' re¥*onSbli￿es stat8m￿l 15 1ndeP￿dentAudptsif$ report 16-18 statem￿l0f ccmprphensfve in(￿e ItndudThJ ncTrme gxperKliture 8cCOL￿tI 19 StsÉ•ma)tof finanad posityjn 20 stateM￿tOf chgnges In equltyand re8erves 21 Stslement of cashflrws 22 Notss to thgflnaniial staknents 2342

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 The Corporate Trustee presents thls report lth the f in3￿131 statements of the Ch￿ilY forthe year ended 31 December 2021. IMTRODUCTION The CO￿orate Truste& Is ple8se(I to rBport that the 8grg8d obje¢tives central to the of the Tiverton Almshouse Trust of maintaining and improviw core charitable activities, planning forlhe f ulur8 and delivering healthy financial position have been satisfied. Tiverton Almshouse Trusl is wUlat￿l by the C￿ty Commissionand the Regulator of Social Fk)U8ing Ifomiedy the Homes & Communities AgenGyl. This report includes r¢ferences lo Finar￿131 Stalemenls attach￿1 a￿1 aims lo add￿5 the regulatory uirements of the Regulator of Socid Housing Ihree economic standards.. Value for Money, GoveTnanse & Financial Viability and the Rent staTrJard. throughout. as part of the reportlng structtjre. The total incomè this year In 2021 from chwitable activities and other Income was £860.3￿ {2020-. £813.9321. The lolal Expenditure was £TT6,260 12020.. £799,382). The gain on investments was £453,485, which includ an unrealised gain of £444,153 and a realised gain of £9,￿2. The surplus for Ihe year is £527,525. CODE OF GOVERNANCE The Charitiès Code of &)vemance 2020 has been adopted by the Board in line wth Charity Commission guidance. Twerton Almshouse Trust falls betAeen th8 Codefor sm8ller8Th1 larg8r charities (defined as tumover bdow and above £1m respecttvdyl. The Board aspires to meet the recommendations set out forlarger charities whilst maintsining a level of proportionality. The Code is produced by the NCVO, ICSA, ACEVO, AssocialK)n of Chars and the Small I￿an118$ Coalition with the ovefsight ol The Charity Commission OBJECTIVES AND ACTIVITIES The objects of the fiverton Almshouse in the S¢hwo made by Chadty Cgmmission dat&J 10 Septgmber 2LX)9 {as amerKled by the Scheme ded 28 July 20141 are.. a. Ihe provision of hoUs1r￿ accommodation forpoorp￿sons not than 60 years old vkno hav& lived in the area of benelil f( not less than 2 years prk)r lo appoinlmenl. b. such ¢harflabl8 purpo8&8 forth8 bwfit of rvsidenis as the Co￿￿rate Twslee decid88 c. the relief of per80n$ resident in tha area of benefit are in financial hardship by.. making grants of money to t￿M.. or providing or paying forgoods, servlces orf&ilitigs forlh8m', or making grants to other Org￿1$8110ns or inslitulions %thich Provide goods, seNiC&S or facililBs fort￿$9 in finan¢i81 hardship. The use of Income and Capit￿ must firstly b& appli&l to meet the proper costs of administwi￿ the charity ar man￿1￿9 ils assets linsludiw ￿pair and Insura￿ of its buiidir8Js) and lo make annu81 paym8nts inlo the reserve funds consid&r8d necessary in the annual budget. The remairung income to further tho objects of thecharity are ffl￿le In the folh)wng orrjer of pdorfty: the b8nefil of th8 r85idents the relief of financial hardship of pètsons Iwing In th8 arga of beneflt Ivthich is fiv8rton and 8nviion8). The gre81est activity within tl Trust is tho ma1ntwa￿0 of its proportios. In additson lo almshouse commodation, the Trust also owns investment pn)p￿tY in TIvort0n. The bt>ard considers that the objects ar0 $1111 relevanl lo lhew0￿ of the charity. The popul*ity of th8 alms￿lEe accomrnodation, the low levd of voids aTYJ the flnanclal $￿urity of the organisation means that it achieves, and can guslain, ils objectives.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 Plans forthe futurg address how UKb$8 objectives can be taken foward lo enable b8noficiartes lo continue to benefit from th8 Twst's charitable activities as the govemment arKI soci8ty shifts lo lake care of a higher proportion of ageirE and frail older population. Publlc BÈnèflt In carrying tsut the Trust's ams objecttve$ and in measuriThJ achievem￿1$ and perfomiance, the Corporate Trustee has had regard lo the Charity Commission's guidance dated February 2014 entitled 'Publlc B@nèf les forcharities.. Given that th& TTusI'$ objective is tha rdief ol poverty (see objects above) only the benef(c asp8Ct of "public benefif requires satisfyiNJ. Tr Commission specifie5 that the purposè of the charity musl be ben8fi¢ial in awdy that 15 idenlifiable and ¢apable of b￿n9 proved by evidence W￿r8 nac&8sary not bawl on porsonal views. Thè most quantifiable measure to identify sthelher the oharily has a benefit to the local population eligiblg for accommodation is the low levd of voi¢Js y￿thin th8 almshouses. riverton AIMs￿)use Trust almshouse properties are usually fully occupied with no voids la void is deflnod as an empty f18t awaiting allocation with rK) furt1￿[ rede¢oratir¥J or refurbishment required beforg it is OC¢LJpiedl The National Almshouse Association consider5 a 5% minimum void rnle is acceptable and a void allowa￿9 of up to 12.5% may be suitable fOr$n￿lI gwups of aIms￿)uSes, gNen the specific benef Iclary group they serve. Tral would Indicate that 4 10 9 01 the Trust's properties could be void al any one lime. The Trust had no voids IhroughDul tre year in 2021, under the above definition. In line with the Trust's govemirg scheme 2009. the chaT¥iy p￿Vide$ housing for local people over 60 years okl and in f inancid need. Through regular advertisirwJ, open days. contac1v￿th Mid Devon Districtcouncil, and loca voluntary agoncies and local charities such as Churchos Housing Aetion Twst ICHAD the Trust mchas 8 wde audience. The Trust has a list of ellglbl8 applicanls ￿ltsng loraccommodalion and they a￿ from a from a wide variely of backgrounds indicalirvJ that th8 Trust is ￿chIng ils beneficiary group. Nevertheless, the Corporate Trustee strives lo rais8 thtr proflle of the Trust wthin the lown still furthèr th6 Strategic Plan has specif ic targets for ensuriThJ awareness. The rig0￿u8 application of a points system ensures each applicant mè8ts Il requi￿1 ctiteria. enables each applicant to be priOr￿Sed primarily based on financial n8ed. The applicant in grèatest naed ai the time a vacaw arise8 is off￿1 the a¢¢ommodalion regardless of how loro they have been known on the list. During 2021 nine Y￿anCieS arose (eleven In 2020)- We were able lo cary out significant refutblshment, including replacing kitchens 8nd bathrooms with these larger projects lakiro on average four-five weeks to complete. The Twsl was able lo secure resKlents immediatety as it maintains a detalled list of eligible loc people in need who had bw previously inteNiewed so that they could bo offered any vacant almshouses as soon as they were available. In some cases, in flats Ythere minimal work was n￿ded, the lumaround In the flat getllng It ready forthe new resident vrds justone Propertle¥ In totsl there 8r8 83 almshouses. arKI three untts are occupled by tvh) Rasldent Wthens and thè Housiro Manager. The almshousgs a￿ on three geogrdphically separate sites tthin Tivèrton, namely., 111 Greenway Gardens, King Street lill Slees, ArwJel Terrace Illil John Greenway Close, Gold Street The accommodation 18 LI&sIgn￿l for I￿1￿0￿Jen1 living, as residents gel okjer, the Trust continues to support tlwm far as lor￿ as possible and some resid8nts recwvg third paty care package5, sociaV¢ommunity sèrvl assistance and support from the mental health leam as r8qthred. riverton Almshouse Trusl owns the freehold of several commerciat propertles in the centre of fiverton comprfsing r8tail and rèsidential flats as ￿11 as t￿Th Offi￿ buikJirKJs kntswn as Raymond Penny House and John Greenway Building in the centre of town. The TTh￿t also Iwj ter￿e￿ Iv)uses In Weslaxa. mverton. Golng Concern After a detailed r8view and 8xaminlng major areas ￿1th could gfve rise lo slgnlflcanl f inanclal rf5k, the directors are salisfiad that no matèrial 8xposures exist ot1￿than as reflected Ihtsso Financi￿ Statements and tha Trust has adequate resources to continu8 its operations for th& foreso8ablo future. The directOf5 and managamenl team rvview quarterfy budgets with our extemal accountsnt, ￿1¢h in¢ludo a minimum fDrecast 124nonth pèriod as w911 as a programme of works for 5 years. Cash liquidity is monilorèd through ow updated summarios of c¥h and investm8nts which the board review in detail at Propety& Finar￿e meetings 5 limes a y83r and al lh6 boa maeting 4 tim8s a y8ar. We have also er¥Jag￿l an independent financial advisor frDm Stafford House Investments, Andrew Mayne, to produce an 8nnual rèport lo review al our investments in tems of risk. TIv8rton Almshouso TrLtsl is not dependent on investment in¢om8 a￿1 mathet perfomiance.

REPORT OF ThE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 We [￿91¥9 a steady income from commercial rents and Ythkty maintenance contributions f rom our81mshou8e r&sid@nts, vthich m6ets our annual runnirvJ costs. Large one-off projeGtS fEgarding pK>perty development andlor significant repairs ara review￿ against cash liquidtty and avallable funds. which do not fom) part of the trusts pemianenl endo￿ fund. Five-year qulnqu9nni￿ inspections are carried out by Assinder Tumham on all our properties on a rolling progrdmme, 50 we can plan forlarge expend iturn Riuired over coming years and factor into our budget if affordable. The board aml management team review our reseNes and investment PDIIC annually. We rèview our detail￿1 risk regisler regularfy boking at polentlal financial risk areas, particularfy considering Brexit, COVID, inflation, int8resl rate rises arNJ any impacts these would have on the Trust. We apply stress tests to potential risk scén8rios relatexl Io OLT almshouse aThl commerclal Income and expenditure and how this may affect our budg&ls and strategic objectives. ACHIEVEMENTS AND PERFORhWCE Maintaining Properties The Charity Commission Scheme clearfy states that the main object of the charity is to provide almshoLJses for a specified group of local people. h¢om8and capital mLLSt first beused to meet the propercosts ol admlnisterirg the charity and repairing. mdntalnlng and irsurirvJ the b141dirus. Total expenditure decreased by £23.122 to £776.260 in 2021. The major faclorto this d8cre8se Is repair costs. which reduced by £25,2W compared to the 2020 year. 2020 i￿lUded essentlal almshouse works and boil replacements. Note 4 10 tho Flnan¢lJ Stslements provldes a comparf$on and mole detsil Is provided below. h 2021. and In Ilne with the quinquennial surveys, the Twst undertook a budget￿ programme of works and cyclical malnlenance. All significant contracls for pmgr2mmed ¥￿)￿S and significant repair worf(s are pul out lo tender. The specification and contract administration (l￿1￿dIr￿j tender adminislralion and reporti￿) has been undertaken this year by A5sifKler Tumham, Charter￿j survey0￿. Minor routine maintenan¢e is Lmd@rtaken either by the Trust's handym8n or by one of an approved number of sub-contractors. Quotes are not r8quir8d forwork anlicipaled to be less than £3,0￿ to avoid inefficietKy and YRsted staff time and sub<onlraclortime. Sub-conlra¢tors are required to breakdovm labour aThJ p8rtS gnlries on invoic&s and, there possible. discoLrts for regular work are requested and often grdnl&l. All invoices are tlwee times - by the Finance Adminislralor, th8 Chigf Exgcutive and finally a dI￿10T bèfDre b8iro approved for payment. Al th8 erKI of the year. ajl almshouse. residentid and com11￿cIal properties were fully let apart from commercial buildiry, yther8 Ih818as8 finish￿1 aftar50 years. in early 2021. arKI property begn awaiting planning pemission forlhe Trust to redevelop the bLnlding and site, to create retal unlts almshouse home8 In tho near futLwe. Planning permission byas grantad on 26 March 2022. Malnt•nan¢• of Almshouse Prop¢rfi8s Of the £776,260 total opgratiTh) ¢osts and intere51 payabl6 In 2021 forall propertie5 (investment prDP&rtle$ and almshousès combln8dl £142,781 was spent on aImS￿)uSe mainlonance by way of piogRmmed works, general redecorallon and, whero necessary red￿OratIon and réfLrt)ishmonl of tha nine f18ls that b8c8me vacant. Within the programmed worf(s are two rolling programmes, namaly: boilèr ￿p￿¢$Ment atKI kilch8n upgrddesl bah replacement with showers at John G￿n￿aY Close and Greanvtsy Gardens. There ¥%we m boi18r replacement costs this year {2020.' £75,1411. 1*)wever, bathroom and kilchen replacements were £34,533 12020.. £80,853). Increased regulation means increased TOUtin& eh8cks, wlich continuè to p￿s￿nt additional financial cost and staff time. Th¢ two mo$1 costly regulatory fLtn¢liors rèlat8 to 18gion811a pmention 8nd lire safety. The monthly, six-monlhly. and annual checks formonilorirvJ ￿ater hygien8 Systems to reduce th& risk of legio￿[10 cost thg rrusl £5,818 in 2021 12020= £5.9491. This rtdudion is a resutt ol undertaking loss remedial work than in the prevlous yaar. ro routinely check fire detection systems the Cost in 2021 was £5,514 12020 £5.498). Where staff cary out routine checks, bul specialist services are more frequently wuired to fulfil legal obligations. The r6quiremenl to meet more robust guidance and regulations in buildings of differing ages and styles means the Trust Is reliant on speelallgt contractors lo Cary out $om8 ol the w)rks. Qwles are invited for Ihe8e work. arKI annual contracts are Ihtrn awarded. Resldents, Soti$fa¢tlon The Trust is committ&l lo improving services and to revi￿n9 ￿al are the most prominent issues arKI priorfties ftsr Clur residents by gathering th￿r Valuab￿ f8edback. We conduct an annua resldents, salisfacllon survty, results for2021 are bdow compared lo 2020 ￿ults.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 Residents Satislaction Survey 2021 2020 Satisfaction Mth overall service 1CQ% 950 Satisfaction with the overall quality of your home 100% 930 Satlsfa¢llon tsf feeling safe livirrfJ in your81msFKJuse 99% S8llsfa¢tlon that yourweekly fflaintenancè contsibution provides value for monèy s21islaction that yourulility contribution cwe provides vaueformoney 94Yo 970 95Y. Satisfaction %Mth repairs and m￿￿tenanCe 96% 95/0 Satisfa¢tion that Twerton AImS￿U$8 Twst listen lo your views acts on them 96Yo The Tnjst Is a member of a berKhm8rkiro group called Acuity lo compare the annual rosts of Trmning the almshouse properties wth similar almshouse charilie¥ and small housing associations across the country. Our level of resldenl$' satisf8ction scores very favourably ¥Mth otherorganisalions. We sitjust below the medlan for spend on rea¢tlve r8P8irs and just aboveforcyclical aThJ major repairs. We have invested in a bespok¢propety management system for the Trust arKI introduc￿1 ¢k)Ud￿ased tr systems. vthlch will help golng lon￿ard in recording more detailed data forben¢hmartiTrJ. Investment Property Malntenance Expenditure on day40￿aY maintenance on tho Trusvs investment propertles was signifioantly less than on almshouse prop8rties, which is to be expect￿ given the twancy agreomenls on tha former which oblvJe COTnmèrcial tenants to keap pff)perties in good and lenanlable repalr. In 2021 tha routine a￿1 cyclic maintenanca expenditure for th&Trusl on these pr[)p￿leS was £91,862 (2020.. £30,964}, primariw consislirg Df Sgrvicing and general repwrs and includir¥J the plan￿￿ ¥￿ths. Provision of Alm$hou$8 Accommodation Tiverton Almshouse Trust is a social TrK)using providerregisler&J vAth, and wulaled by, the Regulator of Soc Housing. The Trust is also 8 regislereij ¢harily wth the (￿aritY Commisslon. The main purpose of the organisalion is to provide housing to local people over 60 years of age and in f inanclal need. Applicatlons are encouraged f rom anyone who b81ieves they fullil the basTrc Ihre6 criteiia and arts scwtlnlsed in line wtth an Intemally approved pollcy which is ￿UlartY revied lat least every yewEI lo ertsure consistency and re16vance (see below). otrt of ourthr8e sites have a Resident Warden. fv thlrd slte, known as Slees, is a historic bullding in the town c8ntr8 comprising three flats. Residents at Slwg are not visited regularfy by a Resident Ward8n bul th& Hous& Manager wll visit as rrte5sary. This is because, in genual. residents al Slees ne￿1 to b8 more 1ndePe￿enÈ aThJ mobile due to the restrictiva historical layout. The Resident Warden's remit is to en$￿￿ the daitywell-beiro of allresidenls and a]though they are N)1 medical Irdined and do not provide personal ¢wB, ty assist residents in day-to-day living. Their role can b8 describ8J as 'being a good neighbouff. The￿ is a 24our ernergency call system within Greenwdy Gardens and Jo Greenwdy Close enabling residerrts to access emergency help at all times of the day and night. The Resident Warden5 maintsin regular contact Yith family member5 vthen necessary orwhen a residènt is Ljnwell. R8sidenl Wardens also pmvide 8 varièty of social actNities wtrwe ￿Idents are I￿v￿ed, but are not obliged, lo allend. Thése 8re hdd wthin th8 Community Room on the maln sltes. Wrth COVID restrfctions in 2021, the TTUSI has redu¢ed group numbers dovm for any aclNi¢i85 or events and maintalrd Its robust covid managernent processes to ￿$￿re the safety of residents arKI staff. There ar8 8 rn881ings 8 y88r atteNJed by appoinlod Dlr8¢tors of the Pastoral Sub£ommillee. the Chief Exacthiva, th8 Housing Managor and Resident I￿a￿J￿n$ to discuss resldent Issues and management of Iho slles. DI￿torS on thls commlttee review thg vrditing list forvocant almsFKtrUS&S and allend infomial chats wlh new appli¢anls to detomine digibilily f0ralms1￿U$e ac¢DmmotJation. With the COVID viDJs, this has prov difficult for Diwtors a￿1 the responsibility has be8n delegatéd to CEO and Hc)using Manager. Yc Is hop that Dir8ctors can b8come more c105ely involved again in the future.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 ResidETrts pay a Weekly Mainlenance Conlributionforthe(r accommodation and a ¢onlribLJtion to wat8r Sltpp and g&$ lutilily Corbtribulionl. Weekly Maintenance contributio1￿ (WMCI vary from £94.04 per week lo £110.95 per week deperKJing on the accommodation that is provided. In adllition, all resldents pay a £24.98 Utillty Contribution based on SI￿1e occupancy and £31.23 perweek b&s&J on double o¢¢upancy. The Corporate Trustee alms to keep resldent conlrTbutions as low as possible considering the rent standard provlded by the Regulator of Social Fbuslw {RSHI and equlvalenl falr rent assessments from th8 V81u811on Office Agency (VOA). Thè 18tést VOA assessment was und￿ak￿ in March 2020. In acldiuon, the Chlef Executive con8ults Mid D8von Dislrict Council on any WMC increase lo ensure that those resldenls who rwuirB ass151ance Can access 1rK)% of the rent payment through ￿uSir0 benefit if eligible. The Corporatg Trustgo strives lo ensure a fair. consistent arKI trar￿parent p￿CesS wh8n allocating almshous8 accommodation. There is an approved policy wlhin the Twst to advertiso in the local newspaper, website rf necessary, maintain regular conlacl wth k)e81 support organisations, thg Churches Housing Action Twst (CHAT) as well as Devon Home Choice (the biddirvJ port8lfor10¢8I8Ut￿rity housing and housing associalior61 Adverts are also placed in Mid Devon District Council's Trception. All applicants must complete a detailed applicalionform, includirvJ a f inanci81 Infom)atlon section ￿ be interviewed by the Housing managerand CEO. A points system is in used lo gr￿￿re GonsistetKy. Those applicants placed on the list awaiting allocation are regularfy revlewed and 8ppIic8nts are encouraged to keep irb touch with the Fk)using Man￿er. A good wottting relationshlp ￿th Mid Devon District Council and k)cal houslng charities ensures a wide-rangSng local a￿a￿nesS of the almshouses as VAI a5 vid&) p￿entatIOnS lo local groups and articles in local papers. Innovativè ways towiden the search forapplicants are put in place and once an applicant Is acceptgj in princip a priority ￿IghtIng system ensures the applicarrt in greatest [￿d is offered any va¢anGy first, in accordance wlth our goveming scheme. The continuing lack of care IK>mes wthin the Iovn atml surrouThling means that residents are slaying In th&lr homes longer than in previous times. Soci81 carg support is Th)w provided at home and hospitsl admissior generally reserved for emerg￿￿1￿5. bthich means that care agencies and health professionals ar8 frèquantly on sile and ￿ work togath8r in partnership forthe benefit of the residents. Alexandra Lodgo Planning pemiission was granted in 2015 to Thg Abbeyfield Societyfortheredevek>pment of Alexandra Lodgq an empty listed ￿uSe in gardens wlhin the town, fora 45-bed extra<are unll. The freèho￿ of the property Ls owned by fiverton Almshouse Trust and. folloving plannirvJ permission. a 250-year 18ase was signed to The Abb&yfield Society. Siwe then. prL)gress has been slow and due to financlal Issues Abbeyfield may not be ab to continue with Ihelr plans forthis sitè. Tivèrton Trust arè in communications wlh Abtseyf1￿ to see the options that they are pursuirvJ to ensure th& sile is able at some point in the f uture to be develop&J by another organisationto ultimately b￿8f1t th8 people of Tiverton. lief of Financial Hardshlp The additional oblectlves of the chartty Allow for th8 r6li8f of poverty for local people are In flnan¢l hardship by making grants of money to th&m or making grants to otherorganis8lions or inslitulions wlh similar airns. The amount of money donated to achieve t￿S objective is considered by the Corporate Twst09 al th¢ AGM each year and the donalionmay be approved toa local organisation with similaraims. No donations w8re mad? in 2021. FINANCIAL REVIEW Thè Corporat8 Trustee revlews tts reseNes aTrJ the rKJrHlesignated f unds and expendable endo¥vment lo bè used foryhe proper costs of adminisleriThJ thecharity arKJ of managing rts as5els" (Charity Commission Scheme September 2LYJ91. A Reserves Policy addresses the Expendable Endowment and designates funds to the actions approved intheslratwJi¢ pl8n. Thér8 ar8 regular Teviews of gperalional risks and requlremenls, sulflctw erves are malntalned In orderlo oddr8ss th858 requirements. As slalad in tha Inv8slm8nt Policy. the objecliveof the co￿Orate Trustee In hO￿Ing Investments ￿thIn a share portfollo Is to produce the best financial retum and C￿1181 gro¥rth vdlhln an acceptable risk and to balance the incomeand capital relum. The four risks identified in thè report1881 year still staThl. nam8ty'. l. Capital growth not keeping up with inflation thereby l¢aJing to a decline in the real valL* of inv8slmont 11. Fluctuallng Income from share portfolios ar¥J deposit accounts due lo COVID-19 parKI8mio

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 iii. Bank defau iv. The unknown effect of the brexit To limit th8 above risks the board has ddgJated certain decisiorts to the Property & Financo Sub -oommiltee I￿1¢h Consists of over ha￿ of the board's number) inclLkling albsmng those members to r84nvesl maturing f unds subject to the current Financial Services Compeisation Scheme Limit. This allows d8¢isions to lake advantage of available investment oflw5 lespecialty fixed rate bonds openfora short limel by actlng in R tim6ly m8nnor. All investments, apart from tknse held wthin share portrolios, are r￿nItor8d al every sub- committee ma8ling. Sharaholding porLfoli0s aTP managed by professional broker5 andlor f urKI managers and an annual review undertaken al the th)vember boa￿ meeting of the Corpotate TA￿te$. An extemal investment review lak place annU￿ly. The Corporate Twste8 has consider￿1 elhi¢d investmgrts in li￿ ensuriryJ that Investments are not mado into companies Mth opposite values from that of th8 Trust has th8rafor8 put r8striclions on invosting In any fund that is linked to the production orsale of TobBcco. 11 also considered companies who seek to make people l¥)meless, hoYRver. this ￿￿tIld be difficult to rnonitLir and enforce. It wvas declded not to imposethis ethical restn"ction. The Corporate Tnjslee accepts that the ethlcal values of indlvidual dlreclors must Mt compromise policy decisions. The Slalemenl of ComprehensSve kncome. amd supportiro note 2, $1)ows that Incom8 ￿e1Ved from alm8hoLl8e residents. weekly contiibutions Ilncluding service chargesl has sncre85ed by £6,673 IPA), primarily as a result of tha annual rèvi@w of charges in April.Thg Corporate Tnjsteè is mindful of maximisiw Ir￿ome Iforthe charity's futum suslainabilityl commensurdle with fuwilling the Charity Scheme objective to er￿Ure no r8sidant suffers financial hardship. Operating costs Inole 41 show $om8 etW8s from the previous year. There has been a margina incraase in the conlrdcted manag8rnenl hours. and administrative wages and sa18ry Costs increased in 2021 by £8,704, compared wlh 2020, which was more in line ￿th the 2019 year. Overall wage costs are up by £10,159 compared lo 2020. The Income from fixed asset investments Isharehokjings ar¥J deposits) decreased by £6,559 over thg year malnly due to the continued Volati￿ market Caus￿ by the COVID-19 pandemi¢. The portrolio of Investments ' valued at £3:797,008 12020: £3,359,804). The annual total r8tUTn on Ihe managed portfolio is reflectoj in Note 12. wlh redl$ed and Un￿lISed gairB of £453,485 12020.. £102,087). For 2021 the dira¢lors decided not lo ranvesl the income from m8naged portfolio bul lo recwve it as dividends and interest. The impact of llis decision ¢an be s￿￿ in l%bte 12 where income reinvested has decr88s8d f rom £16,487 in 2020 to zero in 2021. F￿M ￿vember 2021, the directors have agreed again to reinvest any income from the managwj portfolio. Rents receivable from Investment properties have decrpased to £236,815, compa￿1 to the 2020 year (£257,271). This is becauso ong Commercial property that will be redeveloped into retsil units and 8 new almshouses has been vacant si￿& tha start of2021 avrditirKJ planning pemiission. ￿lCh has now been granted In March 2022. Professlonal valuations are undertaken on ourcomrnercial and ￿sId￿ttl31 Investment prDpertles. on a five-year n)Iling programme. This year, ￿ fomial valuations 5sere carrigj out. and instead infomal valuations wgre undertaken by the corporate trus18e In 2021 on the almshouse and inveslrnent properties and they are kept al 2020 leve48. Afftshouse properties a￿ ir￿lUded under the cost model and do not form part ol the annual valuation cycle. Permanent er*Jo￿ent lidentrfied as Investm￿ properties. ￿)Usir￿J prop8rti8s and other investments agreed as such by the Charity Commission as part of their investigations prior to the merger in 2(X191 has increased from £8,610,142 10 £8,794,548, r8flècting. the unrealised gain on inv8Stmenls. other Reserves of £1,758.255 shovm in the Statement of Financi￿ Position are idanlifi￿ In note 17 and splt into..

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 The Extraordinary Repair Fund IERF) ￿kn1¢h allows for unforeseen oxp¢ndSlure necessary to cary out the Trust's objectives. 2. ProgTrmrned Works are based on five-year budget forKasl. the quinquennial surveys and conditlOn5 surveys that are carri8d out forlhe Twst on a wular basis to ensure that there is a rolllrg programtne of m&ntenance. 3. The Cyclical Maintenance fund reflects expenditure on work to maintain properties that Is undertaken every so oltan on a wular, bul rk)t annual. basis, such as redecorating alfft8hou8es when a resident mov&¥ out. The mortgage debt lorthe 2(X)4 devdopment of thirty-kn￿ nthv almshousès at John Graanway Close remains the singlg larggst financial commitment. The fina￿la7 statements sfK)w the ann￿1 inl$rest paymènt for the y8aT £10,762 and raduction in the value of the outstandiNJ mortgage of from £611,811 120201) to £579,566 in 2021. The mortgage is held in twri separate accounts. on8 fixèd until 2022 and ong variablo allowing just over haff of the sum owing lo be paid off at any lime strK)uld directors d￿M prudent to do so. PLANS FOR THE FUTURE A f ive-yearplan {2017-20221 has b*n In pl￿, the obl￿tIveS to.. Improveladapt housing to enable residents to stay as almshouse residents foras long as p0881ble. Improve warden swvices to enablo ￿IdentS to stay in their homes as long as possible. Work wlh Ihird parties to assist in providing the next step forresidenls requIrf￿ grealgr ¢8ra. Iv. To ImprDve public 8w8rprws of the Trust. includirYJ awayeness Wrthin lo¢al O￿an1$atIonS. To investigate the provision of newalmsh)uses vthere the opporturity arises. vi. To ensure ￿7 commercial properties arg fully16t and Updat￿ wtrwe necessary for new tenants. The objectives have been achievwj, wth plans lo convert the one vacant commercial property In 2022123 into r6tatl 8￿j almsF¥)use5. A new thr¢e-year St￿t￿l¢ plan is now in pL4ce for2022-2025 with th& folkjwng objectives: Malntsln - to ensure resldents are provided wth good quality homes Develop & Gollaborale- to dèvdop more quality ￿)rnes in Twerton forolder people in need, Independently as a Trust orb%ith potential partners Prof11e- lo rdise the Tntsys profi￿. ertsuring there Is an avrareness of we offerto bgneflt older people locally Investment - to invest in Ihe Trust's Properties. staff. arml techrK)logy to ensure the TNSI is as efficient arKI suSt￿nable as possibleto secure its futuw. CHARITY STRUCTURE, GOVERNANCE AND MANAGEMEI Tiverton Almshouse Trust is regulated by The Charity Commission and the Regulator of Social Housing Iformerfy the HCAI. Under th8 laller, tt is classed as a Registered Provider of social housing. In 2014 a n&w Charity Commission Sch8me changed the way the Trust was governed. Tiverton Almshouse Tru8t is a registered charity with the objects ouUin8d abov8 (s88 section 11. Tr 2014 Scheme gave pemission forthe charity to have one corporate Irusle8 rnlher than ￿e1ve individual Iruslees and. as a result, a new compay lim¥ted by guardnleè kTr)wn as Tiverton AlmshoLk8eTnJst8e Ltd was established lo be that sole Iruslets. Within Ihg company {Ihe corpordte trustee) Bre the t5%￿ve voluntary directors {previDusty called Iwsleesl. The verton Almshouse Trust Scheme provKl8s th8 corporate trustee with the sam8 power5 as before and the Artlcles of Association p￿VIde further provisions. Ihe Ir￿o￿Orated structure is more recognlsabl8 lo bankirg and commercial seclots and provides di¥ectgrs Trmth irKrea5ed Indemnlty prot￿lI0n. The director8 have a temi of appolntment of fvo years. di￿torS can be re-appolnted and there is no m8ximum rbumb8r of t8mis for r8-8ppointment. ￿tead. directots du& for￿tI1￿m￿lt on the rolatlon basls are inlervlewod by the Recnjilmenl Sub-committee under an 8gre&l procgdurg%thich rwnains the same forall directors. A set series ol seven qu9Stions probing the inlervlewee's commitment to the Charity and ils purpose, the Ilme available for th8 nacessary Workload. the skills that Can be brought lo the board and the individual's hop6s a asplration5 for the oharily forthe next five years ar8 all discussed in depth and r8port8d back to the board Bt the AGM when re-appointments are decided. In this way t￿ board can rgtain commi11gd and energetic dir￿lor￿ regardless of thgtrlgngth of t8mi.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 Piior to appointment and re-appoinlmenl directo￿ must sign the Charity Commission's Declarallon of Ellglblty to serva. At each meeting of the board and the 5ub-commitlees. all potential, real and perceived ¢onflth of Interest, loyally and perception are de¢l8red, recorded and discussed. In the event of a Conflict or IlkellFmd of a conf licl the director in question is asked to leave the room at the appropriate time or refmlns f rom voting gn the matter in question. Th8re are currently the eleveTb of the full twglve pemiittgj directors ufKler thé Artltlès of Association. The bo¥d considers that it has the nècèssary skills and aliribules ￿lt￿ut actively $eeklThJ on additional director. The internal audit of the bo8rd tsk8s pla¢e * th8 AGM in May. Dlrectors Name Position Dat• appolntedlresigned ChairTnan Reappointed 14 May 2019 Director Reappoinlsd 12 May 2020 Director Reappoint8(112 May 2020 Director Reappointed 9 May 2017 Director Reappointed 8 May 2018 Director Reappointed 14 May 2019 Appointed 21 May 2021 Appolnled 6 Juty 2021 Appolnted 26 July 2021 Restqned 12 May 2021 Resigned 16 June 2021 Resigned 20 December 2021 Skill¥ and experfènee Retired Local GovEmm¢nt Off icer Retired Busingsswoman Retired Finance Manager Retired Teaching Assistant Busin8ssman RelireLI Chaplain Retired Director of Corporate SeNic8s Retired Head Df ￿ SaNices CEO Federation of MaslerBulld¢rs Retired Operations Manager Business Ovmer Retired volunteer and Nwse John A PU￿Ord Brenda Stanley MSchael H C Biggin Janl¢e A Hutchinson John N Rendle David H Hamer Diana R H8wII Director Roger M Slickla Brian C Berry Robert J Cumes ViclL)ri8 Burston Alison W Maunder DI￿lOr Director Director Diractor Director Nom5nated dlrectors apFJolnted by Tiverton Town Council: Wallace Burke Director Rfrnomlnaled 14 May 2019 Claudette Harrow Director R￿Orni1)at￿l 14 May 2019 TO￿ Counclllor Town Councillor Offic• of the Trust The of1￿e ofthe fiverton Almshouso Tr￿st is.. The Market House. 18 Bamplon Street, Mverton, Devon EX1e 6AA. Trust Staff D Woodward N Andorson L Brooks H Evans G Stror¥J Pike Resident Wardens L P8arce E.Kerllgan (lef Execulivè Finance Adrnlrbistrator h)using M8nag s￿ret￿1￿eptIonlSt H￿￿ym￿lGardener Cleaner Residerrt Wanjen, John Greenway Close R8sident Warden. Greenyray Ga￿ern8 {Appointed 26th Octob8r20201 Advlsors to thg Trust ALKlitorn'. Accountants.. Bankers: Soll¢ltors-. Investment advlsors- PKF Francis aarf(. Centen&ry House, Exeler, Devon William Wlhets & Co.. Quayside Housg. fiverton, Devon Unity Trust Bank, 9 Brimlay PLqc&. Bimiingham Ashfor(is, (Jtham House, Tiverton, Devon Inveslgc We3￿h & knveslmenl, Keble House, Soulh8mh8y Gardens Stafford House Investments. Ainlree Housg, Taunton Exeter ComNer¢ial survoyors: Stratton Creber. 20 South8mhay Wost, Ex8t Avison Young. One KirvJsway, Cardiff Assinder Tumhain, 6n Soulh8mhay Wesl, Exeter Property Surveyors..

REporir OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 Structure of thg Trustse's Board of Dlrectors The board of directors comprises of an elected chairman WIK) arB Voted a year of offlGeat the AGM held every May. The board c)f directors meets quarterfy e￿h year at the Trust's offices whertr posslble or by vldeo Call. In addltion, there a￿ foursub-commltlees: 1. Propety & Finance vknich meets every two months 2. Fastoral lan 8xecutive commillee)vthich meets every two months 3. Policy which m8ÉtS as n8c8ssary and mt less than twice per year lin p￿ctiCe every two months) 4. Recruilmenl which mGels betw￿ ￿vember aThJ May each year priorto the r8lirem8nt by rotation at the AGM and as na￿ssary a directorvacancy arises. Board meetings arg h8ld four times each year wih an AGM in May. business may be trdnsa¢led at a boad m8eling unièss four dir8clors are ptesent as a quowm. Followng the irKorporation, directors approv8J a govemance policy covering the Wdy bU51r￿SS Is trdnsacled thln Ihe sub-committees and within the man board in lirE wlh the Articles of Association. The govemance policy was revieweij in April 2021. Dlrgctor Vacandos V8Kancies fornominated directo￿ are f illed by Tiyerton Town Council held in accorda￿e wth the ordinary practice of the Tovm Councll. They elect two coU￿1110r$ as thetr representatives on the Tru51's board and the lem is forfouryears. Thg Articles allow for retifftment by rotabon meaning that at 8￿h AGM ona4rf1h of the elected directors rellre f rom office. Reliring directo[5 can re-apply for8￿ther temi and will be asked to meet ￿1th the Recwitmenl Sub- Cotnmi118e prior to the AGM lo discuss th$ir applicalion (see above and below). The approved policy for rec￿ltir￿j new di￿10[5 is to advertise followiw a skills audlt of the boarf and includ provisions forapp0intm￿t. declarations and managing conflicts of inleresVIDyalty. Once appointed, the new direcloris encouraged to vistt all alm$￿U&e siles Ilf they have not already dor sol accompanied by the C&0 or Housing Manager. kn addition, the tw dirBcloi is invlted to sil as an obseNeT on all sub-commlttee meetings for a period of at 18ast six monihs to enable them to become familiar wth worklngs of the Trust and the day404ay Issues. After the sN-monlh inducts'on. the director is encourag&d to partlclpate ￿thIn one or more sub-commlttees lthen appointments are made al the AGM. Appolnbnent and Tralnlng of staff hA@mb8rs of stall 8r8 appointed in accordance ￿th the apprDved policy. Remuneration of all staff Is revl ewed on an annual basls In Aprfl and increases arg based upon a comparison wrf(h public sector and priv818 sector pay selllements. When available more specitic comparisons are me8Je with other almshoLJS8 or housing charities of the same size and operation. A rolling progfdmme of training is operatwj includlng fire procedu￿s, h&allh and safely risk assessments, food hygiene, f I￿t￿al￿. %K)rking 8t height, safwJuanJing, lone-workin9. mental health awareness and data protection. The Almshouse Association provides the most relevant arnl practical fonjm for directors and staff training. Applylng th6 Charfl•$ Cod• of Govwnance 2020 Thtr ¢orporale IN$lee has consl¢Jered, In detail, tl best praclice guidelinas wilhln the Code. There is an obligatlon upon charities to apply Code or explain vAry they have not. Some guldelin&s are not applied forgood ￿Son. Contracts wth local subdconlrdctors undertaking small-s¢alg roulina maintenan¢9 vA)rt are kept as verbal contracts in the interest of speed. eff iciency, and experience of comparatlV8 Costs. Regardlng director appolntments, t1￿ corporate tr￿tee considers that a restriction on letYJth of lemi would rK)t be In thÉ bèst interest of thè ovJ8nisation fortho following reasons.. There is a robust written procedure on tntsta8 appOintMe￿IS that tak8s a pragmatic view of thts slzg of Tivwton an(t thè availabiltiy of volunteer diwtors. Each director has a peer ￿VI￿W al of th￿rte[M vAth set questions relating to the skills, lime a level of commilrnent they can gNe to the Trust. Responses are considered by the Recruitment Sub-committee (which consists of diyerenl members each yearl and a recommendation is made to

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 the Board al the AGM. Past exp￿ience has shown Ihat professionals appointed as dir￿lor5 can lead to conlllcts of interest and loyalty givenlhe size gf the to￿. Sv. Consistency and local kn0￿8dgé are higNy valued by directOfS. DlrecloT5 COn5iderthat it is notthe length of tem but the lded value and input a dI￿lOrcan give lo the Trust that 15 important. In the event of a v8car￿y, directOfS V+YJukl be illlThJ to be flèxlble and &1apt current rneetlng arrangements In order to ensure 8 divetso board. vi. Applylng the Value ft>r Money Standard 2018 Tiverton Almshouse Tnjsl is a registered social provid8rand, as S￿h, publishèd annual evidence Yrfithin th￿e slalulory accounts lo enable slakeholdersto understa￿1 our perfomiance as compar&1 wllh tha metrics set OUL by the fftgulator, compare those to our peer group ajdress ary areas of underperfom18nce. rivorton Almshouse Trust has Trcently joined the Acutty Ber￿hMarki￿g G￿uP for small social knusiro providers and our second annual ber￿hM￿lng report has recently been submittod. Imprvvemenls we have made in Coll￿1￿ng and colSaling our data this year has increased the accuracy of the submitted figures. The Trust scowj very higNy in terns of resident satisfaction arvl repair5 perf0Ma￿e. Our Man￿ement of void5, ward1￿ costs and the time to lum those were at the lower end of the median but it WBS clear that there were some differerKes In how organisations account￿ forthis element of the process. Our WMC Coll￿tIOn and arrears we bdow the average and our sickness abséncè figures were the lowest thin the g roup. Our weekly sperKJ per property is in line ￿th similar costs across comparable organisatiorts. TN815 repair5 and malntenance costs ara abovg th& averago in som& cases as are our overheads blrt wh8n considered as a proportion of our lumvw, il r8tums thè Trust lo the median line. Our Major and Cyclical works are Fwgh ¢ompar&l to othworganisations in part due kthich type of services are consider Cyclical by dilf8renl Organisat￿ns.. the Tnjst has recorded the Tunstall emèrgency call system as cyclical for example. The standard refe￿ tg xtlvilles across the boarrl a￿{ I￿1(￿Je$ &tivitios r8t8ting to the TNst's Investment propgrli85 vthere relevant. There are 88ven metrfcs vlthin the standa￿. 1. R•lnvesknènt Ithe scale of investment Into exlstlng houslro, a¢quisilion or development of new tM)usiro in relation to the soe of the asset basel. This melric looks al the investment In properties as 8 parcenlage of the value of total properties held. Th& Trust did nol acquire or develop any n8W houslng in 2021 and currenlty opératès 83 social h)using units. The measure forThe Trust In 2021 is 3.53°k12020'. 5,670AI. In both years the expendilLwe on existing propertie5 has begn a combination of Programmed refurbishments of bathrooms to shower rooms and a rolling p rogrammo of repairs. The section on maintena￿ of Almshjuses conlains further ddal. 2. Ngw supply dellv•rèd {unils acquired or developeLI in the year as a proportion of existing housiro stock}. Glven th￿? we no additional units acqwrod the moasure 1$ laro 12020.. zerol. 3. G￿rIng {Proportionof borfowirKJ in relation to the 5iTr oftheasset basel. The Tnjst's borro1￿ng relates lo a MOrtg￿e taken out when the 2004 devdopmgnt of 32 houses w8s bLHIt. The loan Is valued at £579,566 al 31 Decembw 2021 represèntityj a geari￿ of 14.350h 1202QI.. 15.14¥01. The board is considering lakiThJ on a f urther loan In 2022 to lurKI a development 8nd continues to revlew annually the f inancial benef its of paying off part of the mortgage th* Is unfixed versus the Interest relum on investments. 4. Earnlngs before Intèr¥81 tsx, doprndation and amortisation major repa1￿ included Ilndl¢at8s liquidily and investment capa¢tiyl. The EBftDA MRI interest cover seeks to measure the level of surplus Ihal is generdlwj cornpa￿d to interest payable. The Trust's measure for 2021 is 220.52Wo {or 2.205 times). 2O20.'113.6￿A lor 1.136 times). 5. Soclal houslng cost per unlt The Trust's socia ￿U$1￿j cost per unit for 2021 was £1,914, 12020.. £2,937) the 8pplicabl8costs related lo management, repa&￿ arvj maintenance and s8rvice costs whl¢h was higher in 202D du& to w0￿S to rpplacing boileTS, kitchens, bathTDOtns and upgrading worf(s. 10

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 6. A Opprallng MaTgln •A (So¢lal Houslng Lettings Only> demonstrates the profitabillty of operallr as5els boforo exceptional expenses are taken into account. In calculatiro this only operatlng ¢05ts directly attribulable to sociJ hoLL8ing costs have been included. the margin forthe TN8t fr)r 2021 was 36.84°/o (2020.. 17.21 /.). B Operatlng Margln % {Overalll as ab¢veTrK)w8vw Including all operating costs agalnstSOCl81 housing Income and rents receivable from investment propertles the maryin for tho Twst for 2021 was 1.89% 12020.. -2.32°/.l. The Trusl's total exper¥Jiture (￿te 41 has d&reaseLI comparad lo 2020. 2020 also saw an increase in some5pecific¢ostsareas. pa￿Y becauso of COVD, as well as ehanges in staff irg, resulting in a higher margin this yaar. 7. Return on capltal employ•d % IROCEI the metric compares the operating surplus lo lol818S8&ts less eurrenl liabilities, the Tnjst's ROCE for2021 Wds 0.69%12020.' 0.13V.}. Managlng Risk The Corporate Tnlstee regylady wiews the potential risks lo the Assoclatlon arKI alrns to take a balanc¥J and p￿pOrtIonate view. P￿fEsSIOnal advice is taken Whe￿ necessary and regularfy. Where decisions are taken to commit signtticaTrt financlal resour¢e8. Ihe f inanclat retum Is considerad alorg th the social investment relum arKI Ihe further&r￿a of the charitable objectivgs. Nevertheless. th8 Cotporalelnjslee is acuiely avrare of thepotenti￿ risks f8cINJ theTru8t and a rigorous syst of checks and b3[ar￿eS is in place and revlewad rngulady. A detallèd rfsk registar sarves to prioritlse govemance. operational. Compliance and exlemal factors that pose thè greatest concem and a maTragemenl plan is enforced to reduce exposure. Grealest risks can be grouped ￿Cording to residual risk priority and summ8rised as follows in onjer of concem: Rsgulatory and Stutory a. Changes in govemmenl policy18aling to TwJUc￿j income. IrKr8as￿j wulalion and therefore increased expense aThJ stafl lime. b. Maximlsing the posRive impact upon benef Iclarfes but er￿U[[rO this is wlthin tho paramatets of the Charity's objects. Govemance matteTS that arise from a small staff loam (such as dapeThJence on key staff l. d. Rècognising the potenti￿ for conflicting interests and loyalties given the dlrECtors within tha corporate trustee a￿ local lay pwpleilh numerous local connections and 10£81 businesses. e. Reducing the possibiltyof unknown change5 in legislalionarKE regulation Isometimtss orfgln8tirg In Indirect departmenlsl- 11. Specific risk mitigation measures rdevanl to the Fina￿101 Statement: Fraud.. Day-104ay admlnlst¥ation procedures are undertaken to reduce the risk of fraud and certain f ￿[￿tIonS Isu¢h as payroll) are outsourced. An exlemal financial review was undertaken in 2019 and intemal revlews are uTrJertaken as good practice, also a new Fra￿ Policy and Fraud Rasponsa Plan was implemented to the robust list of policies and procedures alroady in plac8. b. Loss of Incomè IProp*tyl'. Measures are tsken to rninimise almshouse voids (see report above) by advertising and maintainirvJ closeworkiTrJ r8lationships with local org8nisations and the local authority. Commercial rent levels have droppwj in recent years due to the un¢grtain economic climate prgc9d8d by a recession, but staff strive to ensure good Worki￿ relationship s wth commercial tenants, keep the properties in good working order and keep close monitoring of rental payments to minimise the nsk of and lo maintain Continuity ol tananls. Loss of Income lolher assets).. An annu81 investment review 1$ held every Nbvember and monitored every two months by fv Property & Finance Sub-Commllle&. An approved Investrnent Policy is reviewed every year. Discretionary power has been glven to the Trust's brokers manage the largest portfolio, other investment providers rnanag8d funds or deposit accounts. The ¢orporal8 Irusleè aims for 8 wde varièty of d8POSit accounts balancing loro term and short4emi Investments arKI. as far as reasonably possible, inv8Sts more than the maxirnum covor ￿￿vided by Flnancial Services Compensallon Scheme. Unforeseen Property Repair Costs.. Quinquennial suNays aro commissioned, and the rgsulls incorporated into 8 ￿lI1r￿j programrr.e of maintenanc8 Within thè budg8t forecast. Unforeseen works arg therefore reslricled to extraordinary events {such as flDodiro bècause of a leak) and usually c0vw￿l by insurance. Routine maintenance is seen as a Core activity.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 The Chief exgcutive is responsible for the day40-day rn8nagem￿t of hèalth and saf&ly mattors and directOf6 aro also aware of Iheirslalutory duties UTvJer legislation through regular sub-commillees. Risk assessments are cathed out annualty by the property marwerlchi￿ executive and regularfy updated throughout the year In a worf(ing file. Fire risk a5se8smenls are ¢8rri8d out annudly by the PToperty managerlchief tsxecullve and every three years professionalty. A comprehenslve list of pollci&s 8nd procedures is reviesyed on a one- thrge-year rolllng programme or b@caLJse of changing leglslation or bèst practice guiddir*, ￿1cl￿ver is Ihe soonest. Regular staff meetings ensure that new procedures are Implèment￿1. Meetings wth residents are hdd annudly m81ters of heatth and safety are dlscussed and reinforced, IncludirvJ the procedure in the event of af irB. A fKredrill is hgld annudly. Resid8nts are encouraged to ask questions and provide feedback verbalty. or in writing or thorough our suggestion boxes on site. The chief executive se￿IS an annual report to all residerts with the results from th residents, satisfaction Survey. The Chief Executivè aThJ FknusirvJ Manager hold a re5idenls' fDtum each month forresidenls lo indivldualty ask questions and gIVe￿r feedback. Staffmoetings foroffice￿MP1oYee$, In¢ludro line managers happen as frequently as possible. Dlreclors and staff remain vigilant on matters o. risk and continue lo seek advice and updates from legal bod￿, the Charity Commission, Social Housing R￿jLIlat0r. and the Almshouse Association. Impacts of COVID 2021 saw us continue to adapt to new ways of s%r&rting lo ensure residents, staff and vlsitors w8r@ kept as safe as possibleduring p8fKlemic. Operationally we had already implemented $ever81 slgniflc8ntcha￿es, ￿lCh Includ8d som8 Stafl working remot8ly from hom8, residents beirwJ contacted by thelr wardens by phone more and staff and director meetings b￿r0 conducted by Vid￿ calls. The Trust risk register was updated to consid all areas of potential risk from the pandemic, both opwalionalty stralegically. The Trust continued lo re5porvJ prDactivdy to COVID P￿emiC, ￿1th our robust risk assessmants already ernbedd￿j in the Trust and pul in plaGe all ￿lditIOnal measures on top of %that we normally provide tD kaq) resldents and staff $8fe and w911. Stsff were supported wjdttional computer equlpmenl to Work rèmotely and appropriate PPE. All safely checks continu&1 in relation to firo and legionella. UrJr enl repairs continu8J th strict safety measures during any govemment restsi¢ted lockdown poriods. The staff team al the Trust wothed tI￿leSS1Y lo adapt lo the changing laFHJsc¥e and to ertsuring ￿sIdentS safety aTrJ well￿eing remained, as always, OUT priority and focus. Commerclal tenarts Mre supported tlexible paym￿1 plans to help them vA)éi thelr retall buslnessgs had to close for periods of time aTKI th8se payments have now been brought up to date. Our investmenl portfoh)s saw some volalilily but a150 Somo posltive bounc& back of the investment values. 12

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS Th6 corporate trustee of the charity whi¢h held c>ffice at the date ol approval of these Financial Statements as set out above, ¢onlirms, so far as it is aware, that.. Ihere is no relevant audit infom)ation of which the charity's auditors are unavrare., and il has taken all the sttrps that it ought lo have taken as corporate Iruslee in order to make itsdf aware of any relèvant audit infonralion and lo establish that the charity's auditors are aware of that information. Appro.￿ed at a meeting of the corporate Iruslee held on... Signed on its behalf by.. Mr J Pulford - Director (Chairman) Mrs D Woodward (Chief Execulivel 13

TIVERTON ALMSHOUSE TRUST STATEMETr￿ ON IKfERNAL COP￿RoL SYSTEMS YEAR ENDED 31 DECEMBER 2021 The corporat8 tNstee Is rnsponsiblefor maintaining a Sou￿1 SYst￿n of inlemal conlrDI which.. focuses on th8 significant risks that threaten ow8rMsallon's abilty to meet Its objectives,. and provides reasonable assurarKe of th8 saf&3uarding of assets. Th@ corporate Iruslee is also responsible for reviewThJ the effectiveness of the system of intemal ¢ontrol. The inlemal control systam is designed to manage rather than eliminate the iisk of failu￿ to achieve business objectives and can only provid8 reasonable. and tK)t absolui8, assurance against material misslalement or loss. Th8 prt>C953 forid¥rtrfylrKJ. evalLTratiThJ and Man￿1￿ th& significant risks faced by th8 charity is orooing. This process ha5 be8n in plaGe forlhe year ended 31 December 2021 and up tl) Ihe date of 8pproval of the corporate trustee's report a￿1 financial statements arKI1s wularfy revlewed by the corporate trustee. Experienced and suitably quajified man&3ement staff lake responsibilily for importa￿1 buslne89 funcliors. Apprdisal procedures have been establishgd to maintain the standards of performance. All significant new inwtialives, mglor Investments ar￿ investment projects are suble¢l lo fomi81 authorisalion procedur85. through th8 PrtTrperty arKI Finance Sub Commill* andlor the board. Trè Propety and Fina￿6 Sub Committee revie￿ reports from ser7iorstaff on behalf of the BO2￿ and from 8Xtemal Accountants and separate Auditors lo prt>viQe assurance that oontrDI procedures are in pla¢e and ara being follo￿Ed. The Property aThJ FInar￿ Sub Committee infomis the Board in this regard on a rpgular basis. Procedures have been establish&1 forinstr(utirg appropriate aclion to cOrr￿t weaknesses idenlrfied from th above report. 14

TIVERTON ALMSHOUSE TRUST CORPORATE TRUSTEES, RESPONSIBIUTIES STATEMENT YEAR ENDED 31 DECEMBER 2021 The Charities Act2011 registered 8OGial I￿vs1[￿j IwJislatlon ￿Ul1¢ th8 corpornletrustee lo prepare flnancl stalemgnls foreach financial year which give 8 tn￿ Bnd fair vi8w of the stat8 of affairs of the charity and Df ts income and expenditure forthat period. In prepariThJ these fi￿ncial StateM￿tt$. the corpordtetwstee is requirwj to.. select Suttable accounting policies and then app￿ t￿M consist8ntly; make judgements arKI estimates that are r8asonablg a￿1 pwdwrt., state whether applicable accounting standaTrls have been follow￿j, subject to any material departures disclosed and explained in the financial statemenls,. and prepare the financlal st8tem8nts on goirBJ concem basis unkns it 15 inappropriatoto prvsume that the charfty ￿17 corrtlnue In busin8ss. Tho corporate tnjsteo is responsible for k￿PIr￿ proper ￿Countir￿ recoNl8 which disclos8 wlh rèasonable accuracy at any lime th8 f inancial posttion of th8 charity and enable them lo ensure that the linancial statements comply wth the ￿antieS Act ￿11, the Housing and Reg￿rnI10n Acl 21X)8 and the Accountlng B1￿Ction for prtvale registered providers of social houslng in Ervjland 2019. The co￿Orate trustee has general responsibilty for taking rea80nable steps to safeguard thè assets of the Trusl and to prevent arKI detect fraud and other iThegularities. 15

INDEPENDEKf AUDITOR'S REPORT TO THE CORPORATE TRUSTEE OF TIVERTON ALMSHOUSE TRUST Oplnlon We have auditgd the financial statements of Tiverton Almshouse Trust forthe year ended 31 December 2021 %thlch comprisè the Slalement of comprefwsive income (including irKome and expenditure aecountl Stsl8ment of financial position. Statement ofchwes in ffjuity and reserves. Slalemenl of ca8h flovrfE afKi not to the financial statements. inc1￿￿[rY￿ a summary of significant accounling policies. Tre financial r¢portlro framèwo￿ that has been applied in their preparation is applicable law and United Kingdom Accountrg Standards, including Financi81 Repo￿ng Star￿ard 102 The FirJanGial RoK¥ortFn9 standa￿ applicable in the UK and RepublAC of Ireland (United Kingdom Gwerally Acceplwj Accounliru Practice}. Sn our opinion the finan￿al statemenls.. givea true aThJ fairview of thestate of Cawily's affairs as at 31 December 2021 and of its incoming resources arKI application of rpsources, includiTrJ its income ar￿ experwjiture, forthè year then ended., arKJ have been properfy prepaTed In accoftjance wlh United Kingdom Generally Accepted Accounllng Practi¢e'. a￿1 have been property kiraparad in accordance ￿th the Charfties Act 2011, the Housing and Regenerdlion Act 2008 and AccountirvJ Direction forpriY8te reglstered providers of social housing in Englaryj 2019. 8asl$ for oplnlon We conducted ouraudil in accordancè with htemational Staridards orbAudtting IUKI (ISAS (UK}} and applicab law, OLJr responsibilitiBs Ur￿er thosestandards are further describgd in Audilorfs responsibilities forlhe audlt of the financial stslements sectionof our report.we 8r8 ind8p8ndent of the charity in accordancewlh the ¢thi¢al requirements that are relevant to our audit of the finawia statements in the UK, including tho FRC'S Ethical Standard. and we have fulfill￿ our other othi¢al respork8ibilities in accordance wlh Ihe8o ffjquiromenls. We believe that the audit evidence V+E have obtai￿￿ is suffiaenl arvj 8ppn)priateto provide 8 basis for our opiniorL Conclusions relating to going cOn￿rn In auditing the IlnarKlal statements, ￿ have ￿r￿luded that the direclorfs use of Ihe golrYJ concwn bas￿ of accountiffj In the preparation of thef inancial statements is appropriate. Based ¢n the work have perfomieil, we have not identified any Mat￿la1 uncertainties relallng lo events or corvjwtions that. Indlvidually or collectlvdy, may cast 3ignific8nt doubl on the charity's 8bility to contlnue as a going con¢em for8 year of at least twelve months from when th& origlnal flnancial st8mants were aulhorise(I forl$sue. Our responsibilities 8nd the ￿SponSibl1111es of the c0￿crate tsustee wlh respect lo going ¢oncgm ar& desciiba In the relevant sections of this wort. Oth•r infomiation Thg corporute twste8 is responsible forthe ot￿r infornalion. other infomiation compris85 the infoffliation included in the rèport Df th8 Corporate trustee. other than the f ￿na￿la1 slalements and our audltDrfs report thereon. Our opinion on the financi81 stat8m8nts does not coverthe other informatio n and, except to the extent Othe￿Se expllcltly stated In our report. VB do not express 8ry fomi of assurance conclusion thereon. In cDnnecllon ￿1h our audlt of the financial statements, our responsibilily is to r8ad the other information and, In dDing so, consid8rwh8tthr the other infO￿aLlon Is materially i￿OnsIstenI with the financial slalements or our knO￿edge obtain8d in th& audit or olheNise appears to be materialty mSsstaled. If we identify Buch mat&rfal inconsistencies or apparent material misstalamwtts. are required to detemiine whether thwe is a m818rial misstatement in the f inancial statements or a mat*ial misslalemerbt of the other infomiation. If, based on tha work we have perfomed, we Conclude that there is a matwial misStatem￿t of this oth8r information, we are uired to rnport that facl. We have nothing to report in this regard. 16

INDEPENDEKf AUDITOR'S REPORT TO THE CORPORATE TRUSTEE OF TIVERTON ALMSHOUSE TRUST (CONTINUED) Oplnlon on other matter preserlbod by thè Charities Act 2011 In our opinion. base(l on the M)rk undertaken in the course of the audlt.. the infom)81ion glven In the DirectOf3' Reportforthe financial year forwhi¢h the flnanciBI statements are prepared Is consistent the fI￿r￿la[ statements" and the Tru5tees' Report has been prepaftd In 8ccord8ncè wth appli¢abl8 legal r8quiréments. Matters on which we aro roqulrad to report by exception We have nothing to report In respecl of the fOlbTrmr￿ matters in relation lo which the Charities (Accounts and Reports) Regulations 2Q08 requires us lo report to you if, in our opinion- Ihe infomalion given in the corporate trustee's report is inconsist￿11 in any Inal￿121 respect wth the f inan¢ial statements. or sulficienl accounting records have rK)I been kept., or the fIn8rKI￿ Stat￿mentS are ￿t in agreement ￿th accountlng records. or we have Th)t received all th8 infomiation arKI explanations we require forour audit. In addllion, have rtothir@ to report in respect of the follovArvJ matter vthere th8 Housing and Regeneration Act 2008 r8qulr8s Lts to rwort to you tf, in our opinion: a $alisfa¢tr>ry system of cont￿1 OvertranS￿li0nS has rKJt b88n mantain8d. Rgsponsibilitios of corporate trustse As explained more fully in the Corporate Truslee's Re5ponsibiltlies Statement Iset out on page 16}, th8 corporate trustee is responsible forthè preparation ol thefinancial statements aTKI forbeing satisfied that Ihgy give a true and fair view, and for such intemal control as the Corporate twslee determine is ￿￿￿$Sary to enable the preparation gf finanGial statements that are free from material miysialemenl, Ythethor dua to fraud orerror. In preparing thè financial statements. the corporate trustee Ss restkon51ble fora5se$sing the chartty's abSltty to continue as a going concem. disclosing, as 8ppli¢able, m8tt￿$ related to g01r￿ concem and USI￿ the gory ncem basis of accounlirvJ U[￿e$S the corporate truste8 either Int￿￿S lo liquidate the Ch￿ilY or lo ¢ease operatlons. or has no realistic allematlve but to do so. Audltorfs rospon$lbllltles for the audit of the flnanclal statements Our obj8cliv85 are lo obtaln reasonable assurarKe about whether the financial statements as a vthole arè f frDm matgllal misstatement, whether due to fraud or emjr, and to Issue an audilorfs r8port that includes ow opinion. Réasonab￿ assurance is a high level of assumnce. but is not a guarantee that an audit corKlucted in accordance wth EAS (UK) will ahvays detect a material mi55talemenl Yknen it exists. Misstalemenls can 8rise from fraud or error and are Gons•Jered matarial if, individually or in tho aggr9gatfy. they could reasonably b8 expected to influerKe the ecorvjmic declslons of LL88rs lak8n on basis of th@sefinancial slat8ments. Irregularities. inclL*JiThJ IrdLKI. arp instances of rn)n<ompllan￿¥thh lawE and regulation5. Wè designprocedures in line wlh our responsibilities, Outlin￿1 above. lo delecl material misstatements in respect of irregularities, including f raud. ￿ extent to thi¢h our procwJures arv capable of dolocting irregulaTilie8. Includlng fraud Is deta'led below. Sasthj on our understanding of t1￿ Tnjst aryl nature of the busirEss, we Identrfied the prfncipal risks of [￿n- compllance with laws and regvlatlons as being th05e ￿lCh have a direct impact on the preparation of It financial statements, such as The Charities Act 2006, and relevant tax legislation IVAT etc.I, as well a% legislation goveming responsibllltles as a sociat trk)using landlord. We considertd tho extent to which Th)n- compllance ￿th thè88 lab￿ and regulations may have a material eff￿1 on the financlal stat8m8nts. 17

INDEPENDENT AU￿OR.8 REPORT TO THE CORPORATE TRUSTEE OF TIVERTON ALMSHOUSE TRUST (CONTINUED) We evaluated ￿anageM￿n1'S i￿OntiveS and opportunf(ies for fraLKlulenl manipulallon of the financial slalements. In Common knith dl audits undw ￿A5 {UKI, are also reqLJir&J lo perform speclfic prot￿lu￿ to reSpOr￿ lo the risk ol management override. Based on thSs underSta￿lIng designed ouraudlt procedures loidentifyirragular£tie5. Our pro¢edur8s involv the following: Enquiries of IhDse charged with gtsvémance. regarding th￿r k￿￿edge of any ￿n•COmpliance orpotenti4 non-compliance with laws and regulatio￿ that could affect the fInar￿la1 statements,. Reviow of minutes of meetings of tFK)se charged ￿1th govemance; Evaluation of the effeclivgness of management's Cont￿18 design￿ to prevent and dèlact irregularitles incl(#ling those applicableto social hgusirKJ Landlords- Challenging a55umptlons and I￿19ements made by management in its signrficant accounting estimates- Auditing the risk of marwemenl ovenide of controls. irKluding through testing joumal entrtes and other adjustments for apprDpriaIet￿s. and evalualirvJ the busintsss rationale of significant transactions oulsKJe the rK>mial course of busine5S- Revieyrfing financial statem￿1 disclosuras and testing lo supporting docurnent8tion to assess complianc8 ith BpplicBble laws and reguLilion5. Because of the inherent limitations of 8n audit. is a risk that we will not detect all irregularities, includir¥J IfrK)Sg leading to a material misstatemenl in th8 financi￿ slatemenls. Ths risk increas85 th8 f urth¢r ￿MOVed non-compliance wth lawB and regulations is from the events ar¥J trdnsaclions reflected in the financial statements as we are less likgly to become aware of instances of non-compliancè. Thè risk of not detecting a material misstatement due lo frdud is higher tharb the risk of not detectirwJ onè resulting from error, as f rydud may involve deliberate conc8alment. collusion. omission ormisrepresentalion. A further description of our responslbllltles forth8 ajdit ol the financial statements is located on Ihe Flnanclol Reporting Council's w&)site at vhvw.frc.0vj.ukla￿lt0￿sTespOnSlbI1lties. This descriptlon foThns part of our audltorfs report. Use ot our report This report Is m¥le solaly to the Charity's corpordl8tru8lee. as a body, inacCo￿ance wth Part 4 ofthe Charilios (Accounts and Reports) Regulations 2C418 and section 137 of t1￿ Housing and Rsg8nar8t￿n Act 2008. Our audit work has been undertaken so that might 51ale to th8 Charity's corporate Irusla8 thos8 matters we are required to state lo the corporate trustee in an aLKlf(orfs rgport and f rbrno olhor purpose. To th8 fullest extonl permilled by law, we do not acGeplorassume r8sponsibilityto anyone Ol￿r¢han Ihe Charity's corporalelruslga as a body, forouraudil w)rk, forthis Trport, orf0rV￿ OpIn￿n$ h8vo formed. PKF Frdncis Clark, Slatulory Auditor Centenary House P￿InSUla Park Rydon Lane Exat8r EX2 7XE D8te'. vpl¥l PKF Francis Clark is eligible to act as an auditor in terms of $￿tion 1212 of the Companles Act 2006 18

TIVERTON ALMSHOUSE TRUST STATEMENT OF COMPREHENSIVE INCOME {INCLUDING INCOME AND EXPENDITURE ACCOUNTI YEAR ENDED 31 DECEMBER 2021 Note 2021 2020 Tumover Less.. Operating ¢osls 759,795 765,498 769,178 786,986 Op*ratlng d•ficlt 15,7031 117.8081 Income from fixed asset investments Interest receivable and similar income Interest payable and sirllilar charges Unrealisedlrealised gains and losses on investments Revaluation of investment properties 29,334 71,171 {10,7621 453,485 110,0001 30.491 14,263 112,3961 102,087 80,000 10 12 Surplus on ordinary activities for the yèar bèforfr tax 527,525 196,637 Tax on surplus on ordinary aelivitios Surplus I (deficit} for the year after tax 527,525 196,637 Total eomprèh¢nslv8 Incom• for tho yaar 527,525 196,637 Signed on behalf of the corporal& trustee on./.7.-- 5-.22. MrJP Oireclor{Chaimianl The annexed notes fomi part of these financia1 statements. 19

TIVERTON ALMSHOUSE TRUST STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 DECEMBER 2021 2021 2020 Note5 Fixed assèts Tangible fixed assets Investment propertios Other fixed assets Investments 4.040.000 2.856,676 428,163 3,797,008 11,121,847 4,040,000 2,863,414 427,240 3,359,604 10,690,258 12 Current a55ets Debtors Cash al bank and in hand 51,375 1,023,993 1,075,368 104,630 49,234 969,601 1,018,835 110.195 Crèdltors.. amounts falling duè within one year 14 Net Current assèts 970,738 908,640 Totsl a$5•ts l•ss eurrant liabilities 12,092,585 11,598,898 Credltorg.. amounts falling due after morè than one year 15 546.171 580,009 11,546,414 11,018,889 Capltal and reserves Permanent endowmtrnt Expendable endowment Income and Expenditure reserves 18 18 17 8,794,548 993,611 1,758,255 11,546,414 8,610,142 903,138 1,505,609 11,018,889 These financial statements were approved and authorised lor issue by the corporate Irusteg on and signed on ils behalf by.. Mr J Pulford - Director The annexed notes form part of these financial $181&m8nts. 20

TIVERTON ALMSHOUSE TRUST STATEMEKf OF CHANGES IN EQUITY AND RESERVES YEAR ENDED 31 DECEMBER 2021 Pamian8nt Expendable Endowmenl Endowment Oth8r Reserves Total 2020 Al 31 December 2020 8.610.142 3.138 1,505.609 11,018.889 10,822,253 Surplus foryear before gains and losses from investments 14,550 Unrealisedlrealised gains a￿1 losses on investments 194,406 9).473 168,6C6 453,485 102,086 Revaluatlon of tsngiblefixad assets (10,IXKI) (10,iKIO) eo.ooo Total comprehensive Income 184,406 9),473 252,846 527,525 196.636 Transf8rs Al 31 December 2021 8.794,548 993,611 1.758,255 11.546,414 11.018.889 Thg annexed notes fomi part of these finandal glalem8nls. 21

TIVERTON ALMSHOUSE TRUST STATEMEtr￿ OF CASHFLOWS YEAR ENDED 31 DECEMBER 2021 2020 Note Net cash flow from operating actlvltles Cash flow from inve5tlng advltles Rents received from inv8Stment properties Payments to a¢quire laThJible fixed assets Proceeds from sale of investments Purchase of inveslfflenls Interest r6ceived Divid8nds weived Net cash flow from Inygsting acovltles 51102 1295,8411 257,2Y1 1259,2581 8,517 (278,7481 11,573 30.491 1230,1541 {6.2891 26,464 6.171 29,334 55.680 Cash flow from financlng aclivities Repayment of long-lemi loar Net Gash flgvi from finan¢lng aellvltles 143,0071 143,ty)71 143,6201 143.620) Net InerÈase l {deereasel In cash and cash fjqulvalents 64.775 {569,615) Cash and cash equlvalents as at 1 January 2021 991,497 1,561,112 Cash and cash •qulvalènts as at 31 Decembw 2021 1.058,272 991.497 Cash and cash equivalents consist ofr. Cash al bank and in harKI Cash held as part of inv&slmenl portfolio 1,023.993 32.279 1,056,272 969.601 21.896 991.497 The annexed notes form part of th85ef ￿na￿la] statements.

TIVERTON ALMSHOUSE TRLIST NOTES TO THE FIPiANCIAL STATEMENTS YEAR ENDED 31 DECEP+lBER 2021 SUMMARY OF SIGNIFICAKf ACCOUTrrnNG POUCIES General infomiatlon and basls of preparation V8rton Almshouse Trust is Incorporat￿ urKler Ilw Aot 2011 a￿1 is a Reglstered Providuof Social Housing in the United Klngdom. riverton Almshouse Trust constitutes a public benefit entity as definaj by FRS 102. The Iinancial statements hav9 been Prepared in accordance wth applicable acGounlI￿ standards includiTrJ Financial Reports"ru Standard 102 The Financial RepDrtiThJ Standard AppliG8bl& in the UK and Republic of Ireland IFRS 1021, the Slat8m8nl of Recomrnended Prdctice for Social Housing Provideh 2018, and wlh the A￿oUnting DI￿110n for private wis1￿1 providers of social trKJusing in England 2019, and the Chawities Act 2011. The f inancial st8tgmenls are Prepared on a going concem basls under the hlslori¢81 cost convantion, modified lo inclthl8 c￿tsin items al fairvalue. The fina￿1￿ statements are prepared In 8tediNJ.vknich is the functional currency of Tiverton Amshouse Trust and rounded to the [￿rest £. The registered Offi￿ is disclosed inthe Report of th8 Corporate TnJste&. Hous5ng proportles Housing properties are p￿r￿1P81fy prop￿1185 available to beneficiaries of the tru51 in retum forweekly maintenance contributiorts. Fkjusing properties are t￿luded at d88med costand are reviewed for Impaimient at the end of each reporting period. Investment Propertles Investment propertie5 are principally propertles 8V8ilabb to tenants Df the trust in retum fora commercial rent. Investment p￿pertIeS are Included at valualion. repreS￿rtIng fair value arKI at each reporting dale any changes In fair value are recognised in the slat&nent of comprehensive Income. Professional valuatlons are ￿￿ertaken on a 5-year rolling cycle. Investment propertlas ar8 r6vie*wl forlmpairment at the ervj of each reportirvJ p8ri0d. Flxed assets and Dopr•dallon Other fixed assets ar& staled al cost. less ac¢umulated depreciatlon. Depreciation is charged on a straight.lin8 basis al rat6s anticipated to ￿te off the cost of the assol. at the followro annual rates.. Housing prDPgrties Freehold property Computer equlpment 33.33% Tn￿ Is no ￿ep￿￿at￿In Cha￿ed thls year against hjusiro properties or freehold property as tha cory)orat8 trust88 bdi8v&s the r8sidua values are not I0￿￿r than th8 current canylng value in the balance sheet. This oplnion is based on the vduatlon of The Markèt House offices in 2C118 and the valuation work down Dn the ￿)lL51r@ properties In 2019. k Is the corporatè tnJsle8's opinion that the local housing marf(ot remained static over the 2021 year. and they ￿1] b8 revi8wing this tlyoughout th8 2022 fInar￿la1 y8ar. Inv8stment8 Investmonls are rBcognised Initially al far value ¥thich is Tr)mially the trdnsaction price excludirg transaction costs. subseqU￿tIY they ate measur&J at fair valLTre through the sl81gment of compr8h8nsive Income. 23

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMEwfs YEAR ENDED 31 DECEMBER 2021 Debtors and credltors recèivablelpayable wlthln one year Debtors and crgditDrs payable ￿￿thin one year are ￿￿o[lIed at trnnsa¢tion price. Loans and l>orrowlngs Loans and borrowngs are initially recogniswA at Ihe transaction price includirg trdnsaclion costs and thèn SUbS￿￿entlY adjusted for principd repayments and Interest charged. Revaluation surplusgs and deficlts Whéra ma*8t value is not readily available, the Corporate ttusteè 8stimat8s marketvalue. Rev8luatlons of invastments are reported in the Stalemwrt of Comprthenswe Ir￿Ome. Loased Assets Rentals payable under operatiro leases are chargwj to thg i￿ome expondTture account on a sITaight-line basi5 overthe pertod of the lease. Govemmgnt grants A social htsusSng gmnt Was received back In 2(KM as 8 contribution lowards capital cost. The grant was prevlously deducted from the cost of the tK>using prop6rtiès. However. as the ￿UsI1vJ propertl are accounted forusing the valuation modd, grants should now be accountad lorusing the perfomiance model which means Ihat grwrts aro ro¢ognlsed as Ir￿oMe once the performanco Conditio￿ hav8 been me8t. This change has thlered ov&dl valuo of reserves. Current Taxatton No laxalion is payable by the chaity. since it has charitable status and its ￿ ivilies arè exempt from tax. Value Added Tax Irrecoverable VAT which ¢an be attribut￿ lo capital items or r￿enue expenditurg is added lo the c05t of the capttal item or expenses p￿tIcable aTrl mat￿la1. Pgnslon Costs The charity operates a dellned ¢ontsibution scheme forthe benefit of118 employees. The costs of contributions are ￿tten off through income and expendllure account in th8 yaar they are payable. Dllapldatlons Monies receivable in resp￿1 of dllapidalions are generally not account&1 for until th8y can be detemlined ￿th re8sonab￿ accuracy. Turnover Tumov8r is measured at the fairvalue of the CO￿ld¢[all0n rerrived or receivablè. Turnover reprgsBnts rental and service charges ir￿orne receivable in the year n8t of rent and service charge knsses f￿ffl almshouse vokjs. Intsrest and dlvld&nd$ rwlvable InletBst and dividend i￿ome is recogThsed as Tiverton Almshouso Trusys right lo receive paytn8nt 18 establlshed. Key Judgemerrts and ostlmates The lolltswing judgèments and estimaes have been made in the process of applying the abov8 accounllng pollcl@s that have had the most signrficant effecl on amounts recognised in the flnanclal statements: The corporate trustee has established a f ive-year cycle for investmonl properti8s to be ValU￿j by an extemal RICS qualifi￿ surveyor. kn the intervening ye￿5 the remalning properties valued by tho corporate trustee having regard to ail risks. the Y￿￿, the stsBngth of Ihe marf(el and comparison wlh 8imllar propertlos. 24

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINPJ4CIAL STATEME￿8 YEAR ENDED 31 DECEMBER 2021 TURNOVER 2021 2020 Reyts receivable exclLwJing service charges Service charges Teceivab Rent and service charge losses from voids Guest room incom8 Social Housing Tumver hveslmerrt pioperly incom8 427.262 99.507 13,789) 420,589 99,632 {8,554) 240 522,98D 236,815 759,795 511,907 251,271 769,178 UNITS IN MANAGEMEKr 2021 2020 83 Social ￿UsIr￿J foroldwpeople Warden accommodation 88 86 OPERATING COSTS Support Costs So¢1 Housing knv8Stmgwrt PrDP8rti8S Total 2020 Total 2021 Estste management costs: Wages and salaries Estste costs Repairs and maintenance Professlon8J feeg Utiiitlas Insurance Sundry expens&s WBst8 Cleaning AdminSstrativa costs Wages and salaries Staff recruitment costs Office running costs Audit services Acco￿11ancY seNicas COV1019 expe[￿8$ Pl irn%uratxè Subscripllons Bank charges Depraciation Investment mgm'l fees 50.580 101,160 99.7D5 142.781 26 942 77,452 16,528 5.327 6.721 91.862 27.741 29.419 Z34,643 54,683 IC6,871 25,150 9,158 6,762 6,923 259,843 56,382 113,424 25.172 5,877 7.187 7,914 3.831 41 928 1,9 163,583 163,583 90 25,512 3,78Q 8,324 2,078 578 3,￿2 154,879 25.512 3,780 8,324 2.078 578 3,042 23,030 3,570 13.971 578 2,295 1,060 2,807 9,492 786,986 2,104 10.149 221,117 1221.1171 2,104 10, 149 T￿,498 330,330 120,339 450,669 2f4,051 1(K),778 314,829 Apportlonment 7￿,498 786,986

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMEP￿s YEAR ENDED 31 DECEMBER 2021 OPER4nNG DEFICIT 2021 2020 Oper8tirvJ d8li¢lt is slated after charging: Operatlrwa leases - other assets 1.524 1,524 AUDITORS. REMUNEIIATION 2￿21 2020 Audit seNices 3,780 3,570 3,780 3,570 BOARD OF DIRECTORS OF THE CORPORATE TRUSTEE AND KEY MANAGEMENT PERSONNEL REMUNERATION 2021 2020 The aggregate emoluments p8yableto key management personnel exG5udiThJ employer pension contribulion5 70,540 70.590 Tre ¢hlef exe¢uttve is Th)t a member of the char(ty's deflned ¢ontt1bullon penslon scheme. However, the charity makes contributior￿ to their ptrrsonal penslon plan. DuAng the p￿70d the total amount contrfbuted to the personal penslon was £5.03212020: £4,873). Tne Board of Directors of th&corporale trustee received m expenses or remLmeratlon in year. EMPLOYEE INFORMATION 2021 2Q20 The average number of persons employed duriThJ tha y8Ar expressed in full tim8 equivalents {16 houts or more per weekl was: Offlce staff Wardens, cleaners aThJ h8rKlyman Staff costs Iforthe above po130nsl Wages aThJ salaries Employerfs N81ional IrtsUrar￿e Contrfbutions Other pension costs 233,130 17,8 13,813 264.743 219,068 20,256 15.259 254,583 During the year Dne employeeeamed more Ihan £60,000 12D20'. employ88}.

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 INTEREST RECEIVABLE AND SIMILAR INCOME 2020 Interest ￿e1Ved Miscèllaneous incom8 6.171 65.000 71,171 11,573 2,890 14,263 10. INTEREST PAY*BLE AND SIMILAR CHARGES 2021 2020 Mortgage Snteresl 10.762 12,396 10.762 12,396 11. TANGIBLE FIXED ASSETS Housing Properties kwgstmerrt PrDperties FreelK)Id Property Computer Equipment Total COST OR VALUATION At 1 January 2021 Additions Revaluation 4.040.000 2,863.414 425,(JXJ 11237 3,027 7.340,651 6,289 110,1)001 {10,OW) At 31 Decamber 2021 4,1)40,(xxI 2.856.676 425.0 15,264 7,336,940 DEPRECIATION Al 1 January 2021 Charge foryear 9,997 2.104 9.997 2,104 Al 31 De¢8mber 2021 12,101 12,101 NET BOOK VALUE At 31 December 2021 4,040,000 2.856.676 425,000 3, 163 7,324,839 At31 December 2020 4,040.￿0 2.8S3,414 425.oc 2,240 7.330,654 HOUSING PROPEKfiES usirvJ properties cornprise freehold land buildings aThJ are Ir￿lud￿ at deemèd cost of £4.fMO.Cm (￿storiC cost.. £4,288.895). 27

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 INVESTMENT PROPEIThES Tne corporate In￿lee has established a five4ear cyclefor inv8stmenl propertles to be valued by an exlem81 F￿Cs qualified surveyor. For th& 2021 year, dl investmwtt propwti8s hdd valu&J by the COTporate Iwstee on IhG bass of fairvalue as at 31 December 2021. Vdualion is represenl&l by: 2020 Hisloiicd Cost Revaluation 2%.927 2.559,749 2.856,676 298,927 2,5SS,487 2,863 414 Revaluation: 2021 2020 Balar￿e as at 31 December 2020 Nel of additions and trartsfer8 Revaluation Balance as al 31 December 2021 2,566,487 2.580,573 {94,0861 80,OfKJ 2,566,487 I10,0￿) 2.559.749

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL sTATEmE￿s YEAR ENDED 31 DECEhlBER 2021 12. INVESTMENTS HELD AS FIXED ASSETS (Financial assets measured at fairy￿￿e through the sury)lusl {defl¢llll 2021 2020 MARKET VALUE OF USTED INVESTMETrTrs At 31 December 2020 Addltions hcome NnveSt￿l Disposal proce&Js Realised gainslllossesl Unrealised gainsl{losses} At 31 Dacèmber 2021 3.359,604 3,250,522 262,261 16,487 18.5171 14,3271 106,414 3,622,840 {26.464} 9.332 444,153 3.786.625 Cash held a5 part of Investm￿rt portfolio {movementi 10.383 1263,2361 3,797,008 3.359,e04 Hlstorlcd cost 2.592,324 2.593,996 13. DEBTORS - ALL RECEIVABLE WTHIN ONE YEAR 2021 2020 Tradè debtors Social IK>using ￿nt arrears Social k)using utility aThear5 Other 1.655 4,S46 114 8,123 12,583 32,482 4,169 49,234 1,824 3.479 41.985 5,911 51.375 Prepayments a￿￿ed income Other debtors 14. CREDITORS . Amouiifs FALLING DUE wfTHIN ONE YEAR 2021 2C120 Mortgages TTrde Creditors and rents paid in ￿V¥￿e Other Credito￿ and accruals 33,395 20,531 50,704 104.630 31,802 43.437 34.956 110,195 15. CREDITORS . AMouKfs FALLING DUE AFfER MORE THAN ONE YEAR 21Y21 2020 Mortgages 546.171 580.009

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL sTATEmEP￿s YEAR ENDED 31 DECEMBER 2021 16. PIIORTGAGES {Financsal Ilabilllles me8sur8d at fwrvalue through the surplusl Ideficit}). 2L121 2020 Analysis of maturity of debt= Less than one year or on demand Between one and ￿ years Belwaen two arxl five years Afterfive years 33,395 33,948 105,297 406,926 579.566 31.802 32,394 100,871 446,744 611,811 The mortgwJes Matu￿ in July 2037. C8Pit81 is rgpayabl8 in montNy instalmenls. Ithich commenced in August 2004. Interest Is ch8rged at 2.95Yo and LIBOR +0.65%. The mortgage5 are secured on ¢￿taIn freehold housing and investment propertigs. 17. INCOME AND EXPENDITURE RESERVES Sukplus foryear 2020 Revaluation Transferred Utilised 2021 Programme ofworksfund Ethordinaryrepalrfund Cycliral maintenance fLnd Rouline works O￿Or 20.814 41,112 60,110 45.436 1,338.137 1,505,809 65.155 1.721 36821 45,992 1149.789} 165,1551 20,814 42,833 63,400 47,433 1,583,775 1,758255 133.6311 143,9951 142.781 84,040 103,717 168,606 169.439 Tiverton Almsh)th%e Tnjst has eStablish￿j a rwjular prog￿￿rne of works. Part ol oth&r Teswvas has been earmarkwj by thts corporalo trustee for a particular purpose. Such designatior￿ may be reversed by fLrtur8Tntst88 d8cisions. Expenditure is taken through the In￿M6 and 8XP8nditurn account. A transfer is th￿ mado a8 appropriate. 18. CAPITAL AND RESERVES Pemiangnt Endowment These reserves represent the current value of the Housing and hvestment Properties log8tlwrwilh the current value ol any olhei investments that were held al the dale of the mgTger and cash deposited wnh Standard Ufe on behall of Aex8rKlrn Lodge Trust as at the date of Ihg merger. Exp•ndable Endowment Th&s8 res￿e¥ rgpr8s&it the current valuo of any Investments purchased 8ln¢o the merg8r.

TIVEirroN ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEME￿ YEAR ENDED 31 DECEMBER 2021 19. LEASING COMMITMENTS Total future minimLJm laase payments urMJer n0nWca￿llab1e operating18a5e8 are as folloYrfE', 2021 202D Not later than ona y&ar 1,524 1,417 Later than five years 1,524 1.417 PENSION COSTS The charrty operalgs a defined contribution pension scheme. The assets of the scheme are hald separately from those of ¢hartty in an iThJependentty administered f und. Ihe penslon cost charge r8pr88ents contributiorts payable by the charity to the fund and aMoUnt￿j lo £8,781 1202Tr. £10,386). 21. RELATED PAirfY TRANSACTIONS A5 al the 31 D￿ember 2021 INWI dirbftots of Thverton AmsTrK)use Trustee Llmited were councillors I aTployees of related LOC￿ Authoiib&s. Any transactions with the Loc81 Authoritios at arns4e￿th on normal commercial tem15 and these Individuals were not able lo use their position to t￿r commercial advantage. 22. CONTROL The ultimate controlling party is the boaTd of dlreclors of Tiverton Almslv)u8e Trustea Limlled RECONCILIATION OF OPERATtNG SURPLUS I ￿EFICIT) TO CASH FLOW FROM OPERATING ACTIVITIES 2020 Surplus l {d¢ffi¢it} for the year Rents received f rom investment propÈrti8S Mortgag8 int8r8st paid Inlerest r8¢eiv8d DivId￿l￿S received 527.525 196,637 1257,2711 12,396 111,5731 13D,4911 2,607 10,782 {6.1711 129,334) 2,104 Depreclatlon Impalrnenl of tangible fixed assets Realised Igainl I k)ss on disposal of inveslmerts Unwlisgd {gainsl I loss on investments Revaluation on tangiblef ixed a55ets lkncreasel I do¢rease in trade and ots debtors kncrease l {decre8se) trade and oth8r creditors Nét flow from op£ratlng aclivitles 19,332) (444,153) 10.00 {2,1411 (7.1581 52,102 4,327 1106,4141 180,QOO) 118,211} 17,848} 1295,8411 31

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMEiifs YEAR ENDED 31 DECEMBER 2021 ANALYSIS OF CHANGES IN NET DEBT 2020 Cashflows NorFc8sh changes 2D21 Long-lemi bOTh0wi￿Js StrK)rt-t8wm borrowngs Total liabilities Cash 8nd cash equivalents Total {33,838) 33,838 546.171 33.395 579,566 {1.056.2721 1476,7061 31,8D2 611.811 1991.4971 1379.6861 (32,2451 (32.2451 {64.7751 {97.0201

Re9iSte(Bd Socia Landlord number.. A1070 Registered Charity nurnb￿. XK984 Roport of the Trnstees and Audited Flnancial Statements For the Year Ended 31 December 2021 For TIVEKfoM ALMSHOUSE TrUST

TIVERTON ALMSHOUSE TRUST Contents of thè Flnanclal Statements FOR THE YEAR ENDED 31 DECEMBER 2021 Pag& R8POrt of Ihe Corporat& Twstee 1-13 Statemonton Interro1 control syslems 14 Corporate Tru8tees' re¥*onSbli￿es stat8m￿l 15 1ndeP￿dentAudptsif$ report 16-18 statem￿l0f ccmprphensfve in(￿e ItndudThJ ncTrme gxperKliture 8cCOL￿tI 19 StsÉ•ma)tof finanad posityjn 20 stateM￿tOf chgnges In equltyand re8erves 21 Stslement of cashflrws 22 Notss to thgflnaniial staknents 2342

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 The Corporate Trustee presents thls report lth the f in3￿131 statements of the Ch￿ilY forthe year ended 31 December 2021. IMTRODUCTION The CO￿orate Truste& Is ple8se(I to rBport that the 8grg8d obje¢tives central to the of the Tiverton Almshouse Trust of maintaining and improviw core charitable activities, planning forlhe f ulur8 and delivering healthy financial position have been satisfied. Tiverton Almshouse Trusl is wUlat￿l by the C￿ty Commissionand the Regulator of Social Fk)U8ing Ifomiedy the Homes & Communities AgenGyl. This report includes r¢ferences lo Finar￿131 Stalemenls attach￿1 a￿1 aims lo add￿5 the regulatory uirements of the Regulator of Socid Housing Ihree economic standards.. Value for Money, GoveTnanse & Financial Viability and the Rent staTrJard. throughout. as part of the reportlng structtjre. The total incomè this year In 2021 from chwitable activities and other Income was £860.3￿ {2020-. £813.9321. The lolal Expenditure was £TT6,260 12020.. £799,382). The gain on investments was £453,485, which includ an unrealised gain of £444,153 and a realised gain of £9,￿2. The surplus for Ihe year is £527,525. CODE OF GOVERNANCE The Charitiès Code of &)vemance 2020 has been adopted by the Board in line wth Charity Commission guidance. Twerton Almshouse Trust falls betAeen th8 Codefor sm8ller8Th1 larg8r charities (defined as tumover bdow and above £1m respecttvdyl. The Board aspires to meet the recommendations set out forlarger charities whilst maintsining a level of proportionality. The Code is produced by the NCVO, ICSA, ACEVO, AssocialK)n of Chars and the Small I￿an118$ Coalition with the ovefsight ol The Charity Commission OBJECTIVES AND ACTIVITIES The objects of the fiverton Almshouse in the S¢hwo made by Chadty Cgmmission dat&J 10 Septgmber 2LX)9 {as amerKled by the Scheme ded 28 July 20141 are.. a. Ihe provision of hoUs1r￿ accommodation forpoorp￿sons not than 60 years old vkno hav& lived in the area of benelil f( not less than 2 years prk)r lo appoinlmenl. b. such ¢harflabl8 purpo8&8 forth8 bwfit of rvsidenis as the Co￿￿rate Twslee decid88 c. the relief of per80n$ resident in tha area of benefit are in financial hardship by.. making grants of money to t￿M.. or providing or paying forgoods, servlces orf&ilitigs forlh8m', or making grants to other Org￿1$8110ns or inslitulions %thich Provide goods, seNiC&S or facililBs fort￿$9 in finan¢i81 hardship. The use of Income and Capit￿ must firstly b& appli&l to meet the proper costs of administwi￿ the charity ar man￿1￿9 ils assets linsludiw ￿pair and Insura￿ of its buiidir8Js) and lo make annu81 paym8nts inlo the reserve funds consid&r8d necessary in the annual budget. The remairung income to further tho objects of thecharity are ffl￿le In the folh)wng orrjer of pdorfty: the b8nefil of th8 r85idents the relief of financial hardship of pètsons Iwing In th8 arga of beneflt Ivthich is fiv8rton and 8nviion8). The gre81est activity within tl Trust is tho ma1ntwa￿0 of its proportios. In additson lo almshouse commodation, the Trust also owns investment pn)p￿tY in TIvort0n. The bt>ard considers that the objects ar0 $1111 relevanl lo lhew0￿ of the charity. The popul*ity of th8 alms￿lEe accomrnodation, the low levd of voids aTYJ the flnanclal $￿urity of the organisation means that it achieves, and can guslain, ils objectives.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 Plans forthe futurg address how UKb$8 objectives can be taken foward lo enable b8noficiartes lo continue to benefit from th8 Twst's charitable activities as the govemment arKI soci8ty shifts lo lake care of a higher proportion of ageirE and frail older population. Publlc BÈnèflt In carrying tsut the Trust's ams objecttve$ and in measuriThJ achievem￿1$ and perfomiance, the Corporate Trustee has had regard lo the Charity Commission's guidance dated February 2014 entitled 'Publlc B@nèf les forcharities.. Given that th& TTusI'$ objective is tha rdief ol poverty (see objects above) only the benef(c asp8Ct of "public benefif requires satisfyiNJ. Tr Commission specifie5 that the purposè of the charity musl be ben8fi¢ial in awdy that 15 idenlifiable and ¢apable of b￿n9 proved by evidence W￿r8 nac&8sary not bawl on porsonal views. Thè most quantifiable measure to identify sthelher the oharily has a benefit to the local population eligiblg for accommodation is the low levd of voi¢Js y￿thin th8 almshouses. riverton AIMs￿)use Trust almshouse properties are usually fully occupied with no voids la void is deflnod as an empty f18t awaiting allocation with rK) furt1￿[ rede¢oratir¥J or refurbishment required beforg it is OC¢LJpiedl The National Almshouse Association consider5 a 5% minimum void rnle is acceptable and a void allowa￿9 of up to 12.5% may be suitable fOr$n￿lI gwups of aIms￿)uSes, gNen the specific benef Iclary group they serve. Tral would Indicate that 4 10 9 01 the Trust's properties could be void al any one lime. The Trust had no voids IhroughDul tre year in 2021, under the above definition. In line with the Trust's govemirg scheme 2009. the chaT¥iy p￿Vide$ housing for local people over 60 years okl and in f inancid need. Through regular advertisirwJ, open days. contac1v￿th Mid Devon Districtcouncil, and loca voluntary agoncies and local charities such as Churchos Housing Aetion Twst ICHAD the Trust mchas 8 wde audience. The Trust has a list of ellglbl8 applicanls ￿ltsng loraccommodalion and they a￿ from a from a wide variely of backgrounds indicalirvJ that th8 Trust is ￿chIng ils beneficiary group. Nevertheless, the Corporate Trustee strives lo rais8 thtr proflle of the Trust wthin the lown still furthèr th6 Strategic Plan has specif ic targets for ensuriThJ awareness. The rig0￿u8 application of a points system ensures each applicant mè8ts Il requi￿1 ctiteria. enables each applicant to be priOr￿Sed primarily based on financial n8ed. The applicant in grèatest naed ai the time a vacaw arise8 is off￿1 the a¢¢ommodalion regardless of how loro they have been known on the list. During 2021 nine Y￿anCieS arose (eleven In 2020)- We were able lo cary out significant refutblshment, including replacing kitchens 8nd bathrooms with these larger projects lakiro on average four-five weeks to complete. The Twsl was able lo secure resKlents immediatety as it maintains a detalled list of eligible loc people in need who had bw previously inteNiewed so that they could bo offered any vacant almshouses as soon as they were available. In some cases, in flats Ythere minimal work was n￿ded, the lumaround In the flat getllng It ready forthe new resident vrds justone Propertle¥ In totsl there 8r8 83 almshouses. arKI three untts are occupled by tvh) Rasldent Wthens and thè Housiro Manager. The almshousgs a￿ on three geogrdphically separate sites tthin Tivèrton, namely., 111 Greenway Gardens, King Street lill Slees, ArwJel Terrace Illil John Greenway Close, Gold Street The accommodation 18 LI&sIgn￿l for I￿1￿0￿Jen1 living, as residents gel okjer, the Trust continues to support tlwm far as lor￿ as possible and some resid8nts recwvg third paty care package5, sociaV¢ommunity sèrvl assistance and support from the mental health leam as r8qthred. riverton Almshouse Trusl owns the freehold of several commerciat propertles in the centre of fiverton comprfsing r8tail and rèsidential flats as ￿11 as t￿Th Offi￿ buikJirKJs kntswn as Raymond Penny House and John Greenway Building in the centre of town. The TTh￿t also Iwj ter￿e￿ Iv)uses In Weslaxa. mverton. Golng Concern After a detailed r8view and 8xaminlng major areas ￿1th could gfve rise lo slgnlflcanl f inanclal rf5k, the directors are salisfiad that no matèrial 8xposures exist ot1￿than as reflected Ihtsso Financi￿ Statements and tha Trust has adequate resources to continu8 its operations for th& foreso8ablo future. The directOf5 and managamenl team rvview quarterfy budgets with our extemal accountsnt, ￿1¢h in¢ludo a minimum fDrecast 124nonth pèriod as w911 as a programme of works for 5 years. Cash liquidity is monilorèd through ow updated summarios of c¥h and investm8nts which the board review in detail at Propety& Finar￿e meetings 5 limes a y83r and al lh6 boa maeting 4 tim8s a y8ar. We have also er¥Jag￿l an independent financial advisor frDm Stafford House Investments, Andrew Mayne, to produce an 8nnual rèport lo review al our investments in tems of risk. TIv8rton Almshouso TrLtsl is not dependent on investment in¢om8 a￿1 mathet perfomiance.

REPORT OF ThE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 We [￿91¥9 a steady income from commercial rents and Ythkty maintenance contributions f rom our81mshou8e r&sid@nts, vthich m6ets our annual runnirvJ costs. Large one-off projeGtS fEgarding pK>perty development andlor significant repairs ara review￿ against cash liquidtty and avallable funds. which do not fom) part of the trusts pemianenl endo￿ fund. Five-year qulnqu9nni￿ inspections are carried out by Assinder Tumham on all our properties on a rolling progrdmme, 50 we can plan forlarge expend iturn Riuired over coming years and factor into our budget if affordable. The board aml management team review our reseNes and investment PDIIC annually. We rèview our detail￿1 risk regisler regularfy boking at polentlal financial risk areas, particularfy considering Brexit, COVID, inflation, int8resl rate rises arNJ any impacts these would have on the Trust. We apply stress tests to potential risk scén8rios relatexl Io OLT almshouse aThl commerclal Income and expenditure and how this may affect our budg&ls and strategic objectives. ACHIEVEMENTS AND PERFORhWCE Maintaining Properties The Charity Commission Scheme clearfy states that the main object of the charity is to provide almshoLJses for a specified group of local people. h¢om8and capital mLLSt first beused to meet the propercosts ol admlnisterirg the charity and repairing. mdntalnlng and irsurirvJ the b141dirus. Total expenditure decreased by £23.122 to £776.260 in 2021. The major faclorto this d8cre8se Is repair costs. which reduced by £25,2W compared to the 2020 year. 2020 i￿lUded essentlal almshouse works and boil replacements. Note 4 10 tho Flnan¢lJ Stslements provldes a comparf$on and mole detsil Is provided below. h 2021. and In Ilne with the quinquennial surveys, the Twst undertook a budget￿ programme of works and cyclical malnlenance. All significant contracls for pmgr2mmed ¥￿)￿S and significant repair worf(s are pul out lo tender. The specification and contract administration (l￿1￿dIr￿j tender adminislralion and reporti￿) has been undertaken this year by A5sifKler Tumham, Charter￿j survey0￿. Minor routine maintenan¢e is Lmd@rtaken either by the Trust's handym8n or by one of an approved number of sub-contractors. Quotes are not r8quir8d forwork anlicipaled to be less than £3,0￿ to avoid inefficietKy and YRsted staff time and sub<onlraclortime. Sub-conlra¢tors are required to breakdovm labour aThJ p8rtS gnlries on invoic&s and, there possible. discoLrts for regular work are requested and often grdnl&l. All invoices are tlwee times - by the Finance Adminislralor, th8 Chigf Exgcutive and finally a dI￿10T bèfDre b8iro approved for payment. Al th8 erKI of the year. ajl almshouse. residentid and com11￿cIal properties were fully let apart from commercial buildiry, yther8 Ih818as8 finish￿1 aftar50 years. in early 2021. arKI property begn awaiting planning pemission forlhe Trust to redevelop the bLnlding and site, to create retal unlts almshouse home8 In tho near futLwe. Planning permission byas grantad on 26 March 2022. Malnt•nan¢• of Almshouse Prop¢rfi8s Of the £776,260 total opgratiTh) ¢osts and intere51 payabl6 In 2021 forall propertie5 (investment prDP&rtle$ and almshousès combln8dl £142,781 was spent on aImS￿)uSe mainlonance by way of piogRmmed works, general redecorallon and, whero necessary red￿OratIon and réfLrt)ishmonl of tha nine f18ls that b8c8me vacant. Within the programmed worf(s are two rolling programmes, namaly: boilèr ￿p￿¢$Ment atKI kilch8n upgrddesl bah replacement with showers at John G￿n￿aY Close and Greanvtsy Gardens. There ¥%we m boi18r replacement costs this year {2020.' £75,1411. 1*)wever, bathroom and kilchen replacements were £34,533 12020.. £80,853). Increased regulation means increased TOUtin& eh8cks, wlich continuè to p￿s￿nt additional financial cost and staff time. Th¢ two mo$1 costly regulatory fLtn¢liors rèlat8 to 18gion811a pmention 8nd lire safety. The monthly, six-monlhly. and annual checks formonilorirvJ ￿ater hygien8 Systems to reduce th& risk of legio￿[10 cost thg rrusl £5,818 in 2021 12020= £5.9491. This rtdudion is a resutt ol undertaking loss remedial work than in the prevlous yaar. ro routinely check fire detection systems the Cost in 2021 was £5,514 12020 £5.498). Where staff cary out routine checks, bul specialist services are more frequently wuired to fulfil legal obligations. The r6quiremenl to meet more robust guidance and regulations in buildings of differing ages and styles means the Trust Is reliant on speelallgt contractors lo Cary out $om8 ol the w)rks. Qwles are invited for Ihe8e work. arKI annual contracts are Ihtrn awarded. Resldents, Soti$fa¢tlon The Trust is committ&l lo improving services and to revi￿n9 ￿al are the most prominent issues arKI priorfties ftsr Clur residents by gathering th￿r Valuab￿ f8edback. We conduct an annua resldents, salisfacllon survty, results for2021 are bdow compared lo 2020 ￿ults.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 Residents Satislaction Survey 2021 2020 Satisfaction Mth overall service 1CQ% 950 Satisfaction with the overall quality of your home 100% 930 Satlsfa¢llon tsf feeling safe livirrfJ in your81msFKJuse 99% S8llsfa¢tlon that yourweekly fflaintenancè contsibution provides value for monèy s21islaction that yourulility contribution cwe provides vaueformoney 94Yo 970 95Y. Satisfaction %Mth repairs and m￿￿tenanCe 96% 95/0 Satisfa¢tion that Twerton AImS￿U$8 Twst listen lo your views acts on them 96Yo The Tnjst Is a member of a berKhm8rkiro group called Acuity lo compare the annual rosts of Trmning the almshouse properties wth similar almshouse charilie¥ and small housing associations across the country. Our level of resldenl$' satisf8ction scores very favourably ¥Mth otherorganisalions. We sitjust below the medlan for spend on rea¢tlve r8P8irs and just aboveforcyclical aThJ major repairs. We have invested in a bespok¢propety management system for the Trust arKI introduc￿1 ¢k)Ud￿ased tr systems. vthlch will help golng lon￿ard in recording more detailed data forben¢hmartiTrJ. Investment Property Malntenance Expenditure on day40￿aY maintenance on tho Trusvs investment propertles was signifioantly less than on almshouse prop8rties, which is to be expect￿ given the twancy agreomenls on tha former which oblvJe COTnmèrcial tenants to keap pff)perties in good and lenanlable repalr. In 2021 tha routine a￿1 cyclic maintenanca expenditure for th&Trusl on these pr[)p￿leS was £91,862 (2020.. £30,964}, primariw consislirg Df Sgrvicing and general repwrs and includir¥J the plan￿￿ ¥￿ths. Provision of Alm$hou$8 Accommodation Tiverton Almshouse Trust is a social TrK)using providerregisler&J vAth, and wulaled by, the Regulator of Soc Housing. The Trust is also 8 regislereij ¢harily wth the (￿aritY Commisslon. The main purpose of the organisalion is to provide housing to local people over 60 years of age and in f inanclal need. Applicatlons are encouraged f rom anyone who b81ieves they fullil the basTrc Ihre6 criteiia and arts scwtlnlsed in line wtth an Intemally approved pollcy which is ￿UlartY revied lat least every yewEI lo ertsure consistency and re16vance (see below). otrt of ourthr8e sites have a Resident Warden. fv thlrd slte, known as Slees, is a historic bullding in the town c8ntr8 comprising three flats. Residents at Slwg are not visited regularfy by a Resident Ward8n bul th& Hous& Manager wll visit as rrte5sary. This is because, in genual. residents al Slees ne￿1 to b8 more 1ndePe￿enÈ aThJ mobile due to the restrictiva historical layout. The Resident Warden's remit is to en$￿￿ the daitywell-beiro of allresidenls and a]though they are N)1 medical Irdined and do not provide personal ¢wB, ty assist residents in day-to-day living. Their role can b8 describ8J as 'being a good neighbouff. The￿ is a 24our ernergency call system within Greenwdy Gardens and Jo Greenwdy Close enabling residerrts to access emergency help at all times of the day and night. The Resident Warden5 maintsin regular contact Yith family member5 vthen necessary orwhen a residènt is Ljnwell. R8sidenl Wardens also pmvide 8 varièty of social actNities wtrwe ￿Idents are I￿v￿ed, but are not obliged, lo allend. Thése 8re hdd wthin th8 Community Room on the maln sltes. Wrth COVID restrfctions in 2021, the TTUSI has redu¢ed group numbers dovm for any aclNi¢i85 or events and maintalrd Its robust covid managernent processes to ￿$￿re the safety of residents arKI staff. There ar8 8 rn881ings 8 y88r atteNJed by appoinlod Dlr8¢tors of the Pastoral Sub£ommillee. the Chief Exacthiva, th8 Housing Managor and Resident I￿a￿J￿n$ to discuss resldent Issues and management of Iho slles. DI￿torS on thls commlttee review thg vrditing list forvocant almsFKtrUS&S and allend infomial chats wlh new appli¢anls to detomine digibilily f0ralms1￿U$e ac¢DmmotJation. With the COVID viDJs, this has prov difficult for Diwtors a￿1 the responsibility has be8n delegatéd to CEO and Hc)using Manager. Yc Is hop that Dir8ctors can b8come more c105ely involved again in the future.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 ResidETrts pay a Weekly Mainlenance Conlributionforthe(r accommodation and a ¢onlribLJtion to wat8r Sltpp and g&$ lutilily Corbtribulionl. Weekly Maintenance contributio1￿ (WMCI vary from £94.04 per week lo £110.95 per week deperKJing on the accommodation that is provided. In adllition, all resldents pay a £24.98 Utillty Contribution based on SI￿1e occupancy and £31.23 perweek b&s&J on double o¢¢upancy. The Corporate Trustee alms to keep resldent conlrTbutions as low as possible considering the rent standard provlded by the Regulator of Social Fbuslw {RSHI and equlvalenl falr rent assessments from th8 V81u811on Office Agency (VOA). Thè 18tést VOA assessment was und￿ak￿ in March 2020. In acldiuon, the Chlef Executive con8ults Mid D8von Dislrict Council on any WMC increase lo ensure that those resldenls who rwuirB ass151ance Can access 1rK)% of the rent payment through ￿uSir0 benefit if eligible. The Corporatg Trustgo strives lo ensure a fair. consistent arKI trar￿parent p￿CesS wh8n allocating almshous8 accommodation. There is an approved policy wlhin the Twst to advertiso in the local newspaper, website rf necessary, maintain regular conlacl wth k)e81 support organisations, thg Churches Housing Action Twst (CHAT) as well as Devon Home Choice (the biddirvJ port8lfor10¢8I8Ut￿rity housing and housing associalior61 Adverts are also placed in Mid Devon District Council's Trception. All applicants must complete a detailed applicalionform, includirvJ a f inanci81 Infom)atlon section ￿ be interviewed by the Housing managerand CEO. A points system is in used lo gr￿￿re GonsistetKy. Those applicants placed on the list awaiting allocation are regularfy revlewed and 8ppIic8nts are encouraged to keep irb touch with the Fk)using Man￿er. A good wottting relationshlp ￿th Mid Devon District Council and k)cal houslng charities ensures a wide-rangSng local a￿a￿nesS of the almshouses as VAI a5 vid&) p￿entatIOnS lo local groups and articles in local papers. Innovativè ways towiden the search forapplicants are put in place and once an applicant Is acceptgj in princip a priority ￿IghtIng system ensures the applicarrt in greatest [￿d is offered any va¢anGy first, in accordance wlth our goveming scheme. The continuing lack of care IK>mes wthin the Iovn atml surrouThling means that residents are slaying In th&lr homes longer than in previous times. Soci81 carg support is Th)w provided at home and hospitsl admissior generally reserved for emerg￿￿1￿5. bthich means that care agencies and health professionals ar8 frèquantly on sile and ￿ work togath8r in partnership forthe benefit of the residents. Alexandra Lodgo Planning pemiission was granted in 2015 to Thg Abbeyfield Societyfortheredevek>pment of Alexandra Lodgq an empty listed ￿uSe in gardens wlhin the town, fora 45-bed extra<are unll. The freèho￿ of the property Ls owned by fiverton Almshouse Trust and. folloving plannirvJ permission. a 250-year 18ase was signed to The Abb&yfield Society. Siwe then. prL)gress has been slow and due to financlal Issues Abbeyfield may not be ab to continue with Ihelr plans forthis sitè. Tivèrton Trust arè in communications wlh Abtseyf1￿ to see the options that they are pursuirvJ to ensure th& sile is able at some point in the f uture to be develop&J by another organisationto ultimately b￿8f1t th8 people of Tiverton. lief of Financial Hardshlp The additional oblectlves of the chartty Allow for th8 r6li8f of poverty for local people are In flnan¢l hardship by making grants of money to th&m or making grants to otherorganis8lions or inslitulions wlh similar airns. The amount of money donated to achieve t￿S objective is considered by the Corporate Twst09 al th¢ AGM each year and the donalionmay be approved toa local organisation with similaraims. No donations w8re mad? in 2021. FINANCIAL REVIEW Thè Corporat8 Trustee revlews tts reseNes aTrJ the rKJrHlesignated f unds and expendable endo¥vment lo bè used foryhe proper costs of adminisleriThJ thecharity arKJ of managing rts as5els" (Charity Commission Scheme September 2LYJ91. A Reserves Policy addresses the Expendable Endowment and designates funds to the actions approved intheslratwJi¢ pl8n. Thér8 ar8 regular Teviews of gperalional risks and requlremenls, sulflctw erves are malntalned In orderlo oddr8ss th858 requirements. As slalad in tha Inv8slm8nt Policy. the objecliveof the co￿Orate Trustee In hO￿Ing Investments ￿thIn a share portfollo Is to produce the best financial retum and C￿1181 gro¥rth vdlhln an acceptable risk and to balance the incomeand capital relum. The four risks identified in thè report1881 year still staThl. nam8ty'. l. Capital growth not keeping up with inflation thereby l¢aJing to a decline in the real valL* of inv8slmont 11. Fluctuallng Income from share portfolios ar¥J deposit accounts due lo COVID-19 parKI8mio

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 iii. Bank defau iv. The unknown effect of the brexit To limit th8 above risks the board has ddgJated certain decisiorts to the Property & Financo Sub -oommiltee I￿1¢h Consists of over ha￿ of the board's number) inclLkling albsmng those members to r84nvesl maturing f unds subject to the current Financial Services Compeisation Scheme Limit. This allows d8¢isions to lake advantage of available investment oflw5 lespecialty fixed rate bonds openfora short limel by actlng in R tim6ly m8nnor. All investments, apart from tknse held wthin share portrolios, are r￿nItor8d al every sub- committee ma8ling. Sharaholding porLfoli0s aTP managed by professional broker5 andlor f urKI managers and an annual review undertaken al the th)vember boa￿ meeting of the Corpotate TA￿te$. An extemal investment review lak place annU￿ly. The Corporate Twste8 has consider￿1 elhi¢d investmgrts in li￿ ensuriryJ that Investments are not mado into companies Mth opposite values from that of th8 Trust has th8rafor8 put r8striclions on invosting In any fund that is linked to the production orsale of TobBcco. 11 also considered companies who seek to make people l¥)meless, hoYRver. this ￿￿tIld be difficult to rnonitLir and enforce. It wvas declded not to imposethis ethical restn"ction. The Corporate Tnjslee accepts that the ethlcal values of indlvidual dlreclors must Mt compromise policy decisions. The Slalemenl of ComprehensSve kncome. amd supportiro note 2, $1)ows that Incom8 ￿e1Ved from alm8hoLl8e residents. weekly contiibutions Ilncluding service chargesl has sncre85ed by £6,673 IPA), primarily as a result of tha annual rèvi@w of charges in April.Thg Corporate Tnjsteè is mindful of maximisiw Ir￿ome Iforthe charity's futum suslainabilityl commensurdle with fuwilling the Charity Scheme objective to er￿Ure no r8sidant suffers financial hardship. Operating costs Inole 41 show $om8 etW8s from the previous year. There has been a margina incraase in the conlrdcted manag8rnenl hours. and administrative wages and sa18ry Costs increased in 2021 by £8,704, compared wlh 2020, which was more in line ￿th the 2019 year. Overall wage costs are up by £10,159 compared lo 2020. The Income from fixed asset investments Isharehokjings ar¥J deposits) decreased by £6,559 over thg year malnly due to the continued Volati￿ market Caus￿ by the COVID-19 pandemi¢. The portrolio of Investments ' valued at £3:797,008 12020: £3,359,804). The annual total r8tUTn on Ihe managed portfolio is reflectoj in Note 12. wlh redl$ed and Un￿lISed gairB of £453,485 12020.. £102,087). For 2021 the dira¢lors decided not lo ranvesl the income from m8naged portfolio bul lo recwve it as dividends and interest. The impact of llis decision ¢an be s￿￿ in l%bte 12 where income reinvested has decr88s8d f rom £16,487 in 2020 to zero in 2021. F￿M ￿vember 2021, the directors have agreed again to reinvest any income from the managwj portfolio. Rents receivable from Investment properties have decrpased to £236,815, compa￿1 to the 2020 year (£257,271). This is becauso ong Commercial property that will be redeveloped into retsil units and 8 new almshouses has been vacant si￿& tha start of2021 avrditirKJ planning pemiission. ￿lCh has now been granted In March 2022. Professlonal valuations are undertaken on ourcomrnercial and ￿sId￿ttl31 Investment prDpertles. on a five-year n)Iling programme. This year, ￿ fomial valuations 5sere carrigj out. and instead infomal valuations wgre undertaken by the corporate trus18e In 2021 on the almshouse and inveslrnent properties and they are kept al 2020 leve48. Afftshouse properties a￿ ir￿lUded under the cost model and do not form part ol the annual valuation cycle. Permanent er*Jo￿ent lidentrfied as Investm￿ properties. ￿)Usir￿J prop8rti8s and other investments agreed as such by the Charity Commission as part of their investigations prior to the merger in 2(X191 has increased from £8,610,142 10 £8,794,548, r8flècting. the unrealised gain on inv8Stmenls. other Reserves of £1,758.255 shovm in the Statement of Financi￿ Position are idanlifi￿ In note 17 and splt into..

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 The Extraordinary Repair Fund IERF) ￿kn1¢h allows for unforeseen oxp¢ndSlure necessary to cary out the Trust's objectives. 2. ProgTrmrned Works are based on five-year budget forKasl. the quinquennial surveys and conditlOn5 surveys that are carri8d out forlhe Twst on a wular basis to ensure that there is a rolllrg programtne of m&ntenance. 3. The Cyclical Maintenance fund reflects expenditure on work to maintain properties that Is undertaken every so oltan on a wular, bul rk)t annual. basis, such as redecorating alfft8hou8es when a resident mov&¥ out. The mortgage debt lorthe 2(X)4 devdopment of thirty-kn￿ nthv almshousès at John Graanway Close remains the singlg larggst financial commitment. The fina￿la7 statements sfK)w the ann￿1 inl$rest paymènt for the y8aT £10,762 and raduction in the value of the outstandiNJ mortgage of from £611,811 120201) to £579,566 in 2021. The mortgage is held in twri separate accounts. on8 fixèd until 2022 and ong variablo allowing just over haff of the sum owing lo be paid off at any lime strK)uld directors d￿M prudent to do so. PLANS FOR THE FUTURE A f ive-yearplan {2017-20221 has b*n In pl￿, the obl￿tIveS to.. Improveladapt housing to enable residents to stay as almshouse residents foras long as p0881ble. Improve warden swvices to enablo ￿IdentS to stay in their homes as long as possible. Work wlh Ihird parties to assist in providing the next step forresidenls requIrf￿ grealgr ¢8ra. Iv. To ImprDve public 8w8rprws of the Trust. includirYJ awayeness Wrthin lo¢al O￿an1$atIonS. To investigate the provision of newalmsh)uses vthere the opporturity arises. vi. To ensure ￿7 commercial properties arg fully16t and Updat￿ wtrwe necessary for new tenants. The objectives have been achievwj, wth plans lo convert the one vacant commercial property In 2022123 into r6tatl 8￿j almsF¥)use5. A new thr¢e-year St￿t￿l¢ plan is now in pL4ce for2022-2025 with th& folkjwng objectives: Malntsln - to ensure resldents are provided wth good quality homes Develop & Gollaborale- to dèvdop more quality ￿)rnes in Twerton forolder people in need, Independently as a Trust orb%ith potential partners Prof11e- lo rdise the Tntsys profi￿. ertsuring there Is an avrareness of we offerto bgneflt older people locally Investment - to invest in Ihe Trust's Properties. staff. arml techrK)logy to ensure the TNSI is as efficient arKI suSt￿nable as possibleto secure its futuw. CHARITY STRUCTURE, GOVERNANCE AND MANAGEMEI Tiverton Almshouse Trust is regulated by The Charity Commission and the Regulator of Social Housing Iformerfy the HCAI. Under th8 laller, tt is classed as a Registered Provider of social housing. In 2014 a n&w Charity Commission Sch8me changed the way the Trust was governed. Tiverton Almshouse Tru8t is a registered charity with the objects ouUin8d abov8 (s88 section 11. Tr 2014 Scheme gave pemission forthe charity to have one corporate Irusle8 rnlher than ￿e1ve individual Iruslees and. as a result, a new compay lim¥ted by guardnleè kTr)wn as Tiverton AlmshoLk8eTnJst8e Ltd was established lo be that sole Iruslets. Within Ihg company {Ihe corpordte trustee) Bre the t5%￿ve voluntary directors {previDusty called Iwsleesl. The verton Almshouse Trust Scheme provKl8s th8 corporate trustee with the sam8 power5 as before and the Artlcles of Association p￿VIde further provisions. Ihe Ir￿o￿Orated structure is more recognlsabl8 lo bankirg and commercial seclots and provides di¥ectgrs Trmth irKrea5ed Indemnlty prot￿lI0n. The director8 have a temi of appolntment of fvo years. di￿torS can be re-appolnted and there is no m8ximum rbumb8r of t8mis for r8-8ppointment. ￿tead. directots du& for￿tI1￿m￿lt on the rolatlon basls are inlervlewod by the Recnjilmenl Sub-committee under an 8gre&l procgdurg%thich rwnains the same forall directors. A set series ol seven qu9Stions probing the inlervlewee's commitment to the Charity and ils purpose, the Ilme available for th8 nacessary Workload. the skills that Can be brought lo the board and the individual's hop6s a asplration5 for the oharily forthe next five years ar8 all discussed in depth and r8port8d back to the board Bt the AGM when re-appointments are decided. In this way t￿ board can rgtain commi11gd and energetic dir￿lor￿ regardless of thgtrlgngth of t8mi.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 Piior to appointment and re-appoinlmenl directo￿ must sign the Charity Commission's Declarallon of Ellglblty to serva. At each meeting of the board and the 5ub-commitlees. all potential, real and perceived ¢onflth of Interest, loyally and perception are de¢l8red, recorded and discussed. In the event of a Conflict or IlkellFmd of a conf licl the director in question is asked to leave the room at the appropriate time or refmlns f rom voting gn the matter in question. Th8re are currently the eleveTb of the full twglve pemiittgj directors ufKler thé Artltlès of Association. The bo¥d considers that it has the nècèssary skills and aliribules ￿lt￿ut actively $eeklThJ on additional director. The internal audit of the bo8rd tsk8s pla¢e * th8 AGM in May. Dlrectors Name Position Dat• appolntedlresigned ChairTnan Reappointed 14 May 2019 Director Reappoinlsd 12 May 2020 Director Reappoint8(112 May 2020 Director Reappointed 9 May 2017 Director Reappointed 8 May 2018 Director Reappointed 14 May 2019 Appointed 21 May 2021 Appolnled 6 Juty 2021 Appolnted 26 July 2021 Restqned 12 May 2021 Resigned 16 June 2021 Resigned 20 December 2021 Skill¥ and experfènee Retired Local GovEmm¢nt Off icer Retired Busingsswoman Retired Finance Manager Retired Teaching Assistant Busin8ssman RelireLI Chaplain Retired Director of Corporate SeNic8s Retired Head Df ￿ SaNices CEO Federation of MaslerBulld¢rs Retired Operations Manager Business Ovmer Retired volunteer and Nwse John A PU￿Ord Brenda Stanley MSchael H C Biggin Janl¢e A Hutchinson John N Rendle David H Hamer Diana R H8wII Director Roger M Slickla Brian C Berry Robert J Cumes ViclL)ri8 Burston Alison W Maunder DI￿lOr Director Director Diractor Director Nom5nated dlrectors apFJolnted by Tiverton Town Council: Wallace Burke Director Rfrnomlnaled 14 May 2019 Claudette Harrow Director R￿Orni1)at￿l 14 May 2019 TO￿ Counclllor Town Councillor Offic• of the Trust The of1￿e ofthe fiverton Almshouso Tr￿st is.. The Market House. 18 Bamplon Street, Mverton, Devon EX1e 6AA. Trust Staff D Woodward N Andorson L Brooks H Evans G Stror¥J Pike Resident Wardens L P8arce E.Kerllgan (lef Execulivè Finance Adrnlrbistrator h)using M8nag s￿ret￿1￿eptIonlSt H￿￿ym￿lGardener Cleaner Residerrt Wanjen, John Greenway Close R8sident Warden. Greenyray Ga￿ern8 {Appointed 26th Octob8r20201 Advlsors to thg Trust ALKlitorn'. Accountants.. Bankers: Soll¢ltors-. Investment advlsors- PKF Francis aarf(. Centen&ry House, Exeler, Devon William Wlhets & Co.. Quayside Housg. fiverton, Devon Unity Trust Bank, 9 Brimlay PLqc&. Bimiingham Ashfor(is, (Jtham House, Tiverton, Devon Inveslgc We3￿h & knveslmenl, Keble House, Soulh8mh8y Gardens Stafford House Investments. Ainlree Housg, Taunton Exeter ComNer¢ial survoyors: Stratton Creber. 20 South8mhay Wost, Ex8t Avison Young. One KirvJsway, Cardiff Assinder Tumhain, 6n Soulh8mhay Wesl, Exeter Property Surveyors..

REporir OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 Structure of thg Trustse's Board of Dlrectors The board of directors comprises of an elected chairman WIK) arB Voted a year of offlGeat the AGM held every May. The board c)f directors meets quarterfy e￿h year at the Trust's offices whertr posslble or by vldeo Call. In addltion, there a￿ foursub-commltlees: 1. Propety & Finance vknich meets every two months 2. Fastoral lan 8xecutive commillee)vthich meets every two months 3. Policy which m8ÉtS as n8c8ssary and mt less than twice per year lin p￿ctiCe every two months) 4. Recruilmenl which mGels betw￿ ￿vember aThJ May each year priorto the r8lirem8nt by rotation at the AGM and as na￿ssary a directorvacancy arises. Board meetings arg h8ld four times each year wih an AGM in May. business may be trdnsa¢led at a boad m8eling unièss four dir8clors are ptesent as a quowm. Followng the irKorporation, directors approv8J a govemance policy covering the Wdy bU51r￿SS Is trdnsacled thln Ihe sub-committees and within the man board in lirE wlh the Articles of Association. The govemance policy was revieweij in April 2021. Dlrgctor Vacandos V8Kancies fornominated directo￿ are f illed by Tiyerton Town Council held in accorda￿e wth the ordinary practice of the Tovm Councll. They elect two coU￿1110r$ as thetr representatives on the Tru51's board and the lem is forfouryears. Thg Articles allow for retifftment by rotabon meaning that at 8￿h AGM ona4rf1h of the elected directors rellre f rom office. Reliring directo[5 can re-apply for8￿ther temi and will be asked to meet ￿1th the Recwitmenl Sub- Cotnmi118e prior to the AGM lo discuss th$ir applicalion (see above and below). The approved policy for rec￿ltir￿j new di￿10[5 is to advertise followiw a skills audlt of the boarf and includ provisions forapp0intm￿t. declarations and managing conflicts of inleresVIDyalty. Once appointed, the new direcloris encouraged to vistt all alm$￿U&e siles Ilf they have not already dor sol accompanied by the C&0 or Housing Manager. kn addition, the tw dirBcloi is invlted to sil as an obseNeT on all sub-commlttee meetings for a period of at 18ast six monihs to enable them to become familiar wth worklngs of the Trust and the day404ay Issues. After the sN-monlh inducts'on. the director is encourag&d to partlclpate ￿thIn one or more sub-commlttees lthen appointments are made al the AGM. Appolnbnent and Tralnlng of staff hA@mb8rs of stall 8r8 appointed in accordance ￿th the apprDved policy. Remuneration of all staff Is revl ewed on an annual basls In Aprfl and increases arg based upon a comparison wrf(h public sector and priv818 sector pay selllements. When available more specitic comparisons are me8Je with other almshoLJS8 or housing charities of the same size and operation. A rolling progfdmme of training is operatwj includlng fire procedu￿s, h&allh and safely risk assessments, food hygiene, f I￿t￿al￿. %K)rking 8t height, safwJuanJing, lone-workin9. mental health awareness and data protection. The Almshouse Association provides the most relevant arnl practical fonjm for directors and staff training. Applylng th6 Charfl•$ Cod• of Govwnance 2020 Thtr ¢orporale IN$lee has consl¢Jered, In detail, tl best praclice guidelinas wilhln the Code. There is an obligatlon upon charities to apply Code or explain vAry they have not. Some guldelin&s are not applied forgood ￿Son. Contracts wth local subdconlrdctors undertaking small-s¢alg roulina maintenan¢9 vA)rt are kept as verbal contracts in the interest of speed. eff iciency, and experience of comparatlV8 Costs. Regardlng director appolntments, t1￿ corporate tr￿tee considers that a restriction on letYJth of lemi would rK)t be In thÉ bèst interest of thè ovJ8nisation fortho following reasons.. There is a robust written procedure on tntsta8 appOintMe￿IS that tak8s a pragmatic view of thts slzg of Tivwton an(t thè availabiltiy of volunteer diwtors. Each director has a peer ￿VI￿W al of th￿rte[M vAth set questions relating to the skills, lime a level of commilrnent they can gNe to the Trust. Responses are considered by the Recruitment Sub-committee (which consists of diyerenl members each yearl and a recommendation is made to

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 the Board al the AGM. Past exp￿ience has shown Ihat professionals appointed as dir￿lor5 can lead to conlllcts of interest and loyalty givenlhe size gf the to￿. Sv. Consistency and local kn0￿8dgé are higNy valued by directOfS. DlrecloT5 COn5iderthat it is notthe length of tem but the lded value and input a dI￿lOrcan give lo the Trust that 15 important. In the event of a v8car￿y, directOfS V+YJukl be illlThJ to be flèxlble and &1apt current rneetlng arrangements In order to ensure 8 divetso board. vi. Applylng the Value ft>r Money Standard 2018 Tiverton Almshouse Tnjsl is a registered social provid8rand, as S￿h, publishèd annual evidence Yrfithin th￿e slalulory accounts lo enable slakeholdersto understa￿1 our perfomiance as compar&1 wllh tha metrics set OUL by the fftgulator, compare those to our peer group ajdress ary areas of underperfom18nce. rivorton Almshouse Trust has Trcently joined the Acutty Ber￿hMarki￿g G￿uP for small social knusiro providers and our second annual ber￿hM￿lng report has recently been submittod. Imprvvemenls we have made in Coll￿1￿ng and colSaling our data this year has increased the accuracy of the submitted figures. The Trust scowj very higNy in terns of resident satisfaction arvl repair5 perf0Ma￿e. Our Man￿ement of void5, ward1￿ costs and the time to lum those were at the lower end of the median but it WBS clear that there were some differerKes In how organisations account￿ forthis element of the process. Our WMC Coll￿tIOn and arrears we bdow the average and our sickness abséncè figures were the lowest thin the g roup. Our weekly sperKJ per property is in line ￿th similar costs across comparable organisatiorts. TN815 repair5 and malntenance costs ara abovg th& averago in som& cases as are our overheads blrt wh8n considered as a proportion of our lumvw, il r8tums thè Trust lo the median line. Our Major and Cyclical works are Fwgh ¢ompar&l to othworganisations in part due kthich type of services are consider Cyclical by dilf8renl Organisat￿ns.. the Tnjst has recorded the Tunstall emèrgency call system as cyclical for example. The standard refe￿ tg xtlvilles across the boarrl a￿{ I￿1(￿Je$ &tivitios r8t8ting to the TNst's Investment propgrli85 vthere relevant. There are 88ven metrfcs vlthin the standa￿. 1. R•lnvesknènt Ithe scale of investment Into exlstlng houslro, a¢quisilion or development of new tM)usiro in relation to the soe of the asset basel. This melric looks al the investment In properties as 8 parcenlage of the value of total properties held. Th& Trust did nol acquire or develop any n8W houslng in 2021 and currenlty opératès 83 social h)using units. The measure forThe Trust In 2021 is 3.53°k12020'. 5,670AI. In both years the expendilLwe on existing propertie5 has begn a combination of Programmed refurbishments of bathrooms to shower rooms and a rolling p rogrammo of repairs. The section on maintena￿ of Almshjuses conlains further ddal. 2. Ngw supply dellv•rèd {unils acquired or developeLI in the year as a proportion of existing housiro stock}. Glven th￿? we no additional units acqwrod the moasure 1$ laro 12020.. zerol. 3. G￿rIng {Proportionof borfowirKJ in relation to the 5iTr oftheasset basel. The Tnjst's borro1￿ng relates lo a MOrtg￿e taken out when the 2004 devdopmgnt of 32 houses w8s bLHIt. The loan Is valued at £579,566 al 31 Decembw 2021 represèntityj a geari￿ of 14.350h 1202QI.. 15.14¥01. The board is considering lakiThJ on a f urther loan In 2022 to lurKI a development 8nd continues to revlew annually the f inancial benef its of paying off part of the mortgage th* Is unfixed versus the Interest relum on investments. 4. Earnlngs before Intèr¥81 tsx, doprndation and amortisation major repa1￿ included Ilndl¢at8s liquidily and investment capa¢tiyl. The EBftDA MRI interest cover seeks to measure the level of surplus Ihal is generdlwj cornpa￿d to interest payable. The Trust's measure for 2021 is 220.52Wo {or 2.205 times). 2O20.'113.6￿A lor 1.136 times). 5. Soclal houslng cost per unlt The Trust's socia ￿U$1￿j cost per unit for 2021 was £1,914, 12020.. £2,937) the 8pplicabl8costs related lo management, repa&￿ arvj maintenance and s8rvice costs whl¢h was higher in 202D du& to w0￿S to rpplacing boileTS, kitchens, bathTDOtns and upgrading worf(s. 10

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 6. A Opprallng MaTgln •A (So¢lal Houslng Lettings Only> demonstrates the profitabillty of operallr as5els boforo exceptional expenses are taken into account. In calculatiro this only operatlng ¢05ts directly attribulable to sociJ hoLL8ing costs have been included. the margin forthe TN8t fr)r 2021 was 36.84°/o (2020.. 17.21 /.). B Operatlng Margln % {Overalll as ab¢veTrK)w8vw Including all operating costs agalnstSOCl81 housing Income and rents receivable from investment propertles the maryin for tho Twst for 2021 was 1.89% 12020.. -2.32°/.l. The Trusl's total exper¥Jiture (￿te 41 has d&reaseLI comparad lo 2020. 2020 also saw an increase in some5pecific¢ostsareas. pa￿Y becauso of COVD, as well as ehanges in staff irg, resulting in a higher margin this yaar. 7. Return on capltal employ•d % IROCEI the metric compares the operating surplus lo lol818S8&ts less eurrenl liabilities, the Tnjst's ROCE for2021 Wds 0.69%12020.' 0.13V.}. Managlng Risk The Corporate Tnlstee regylady wiews the potential risks lo the Assoclatlon arKI alrns to take a balanc¥J and p￿pOrtIonate view. P￿fEsSIOnal advice is taken Whe￿ necessary and regularfy. Where decisions are taken to commit signtticaTrt financlal resour¢e8. Ihe f inanclat retum Is considerad alorg th the social investment relum arKI Ihe further&r￿a of the charitable objectivgs. Nevertheless. th8 Cotporalelnjslee is acuiely avrare of thepotenti￿ risks f8cINJ theTru8t and a rigorous syst of checks and b3[ar￿eS is in place and revlewad rngulady. A detallèd rfsk registar sarves to prioritlse govemance. operational. Compliance and exlemal factors that pose thè greatest concem and a maTragemenl plan is enforced to reduce exposure. Grealest risks can be grouped ￿Cording to residual risk priority and summ8rised as follows in onjer of concem: Rsgulatory and Stutory a. Changes in govemmenl policy18aling to TwJUc￿j income. IrKr8as￿j wulalion and therefore increased expense aThJ stafl lime. b. Maximlsing the posRive impact upon benef Iclarfes but er￿U[[rO this is wlthin tho paramatets of the Charity's objects. Govemance matteTS that arise from a small staff loam (such as dapeThJence on key staff l. d. Rècognising the potenti￿ for conflicting interests and loyalties given the dlrECtors within tha corporate trustee a￿ local lay pwpleilh numerous local connections and 10£81 businesses. e. Reducing the possibiltyof unknown change5 in legislalionarKE regulation Isometimtss orfgln8tirg In Indirect departmenlsl- 11. Specific risk mitigation measures rdevanl to the Fina￿101 Statement: Fraud.. Day-104ay admlnlst¥ation procedures are undertaken to reduce the risk of fraud and certain f ￿[￿tIonS Isu¢h as payroll) are outsourced. An exlemal financial review was undertaken in 2019 and intemal revlews are uTrJertaken as good practice, also a new Fra￿ Policy and Fraud Rasponsa Plan was implemented to the robust list of policies and procedures alroady in plac8. b. Loss of Incomè IProp*tyl'. Measures are tsken to rninimise almshouse voids (see report above) by advertising and maintainirvJ closeworkiTrJ r8lationships with local org8nisations and the local authority. Commercial rent levels have droppwj in recent years due to the un¢grtain economic climate prgc9d8d by a recession, but staff strive to ensure good Worki￿ relationship s wth commercial tenants, keep the properties in good working order and keep close monitoring of rental payments to minimise the nsk of and lo maintain Continuity ol tananls. Loss of Income lolher assets).. An annu81 investment review 1$ held every Nbvember and monitored every two months by fv Property & Finance Sub-Commllle&. An approved Investrnent Policy is reviewed every year. Discretionary power has been glven to the Trust's brokers manage the largest portfolio, other investment providers rnanag8d funds or deposit accounts. The ¢orporal8 Irusleè aims for 8 wde varièty of d8POSit accounts balancing loro term and short4emi Investments arKI. as far as reasonably possible, inv8Sts more than the maxirnum covor ￿￿vided by Flnancial Services Compensallon Scheme. Unforeseen Property Repair Costs.. Quinquennial suNays aro commissioned, and the rgsulls incorporated into 8 ￿lI1r￿j programrr.e of maintenanc8 Within thè budg8t forecast. Unforeseen works arg therefore reslricled to extraordinary events {such as flDodiro bècause of a leak) and usually c0vw￿l by insurance. Routine maintenance is seen as a Core activity.

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 The Chief exgcutive is responsible for the day40-day rn8nagem￿t of hèalth and saf&ly mattors and directOf6 aro also aware of Iheirslalutory duties UTvJer legislation through regular sub-commillees. Risk assessments are cathed out annualty by the property marwerlchi￿ executive and regularfy updated throughout the year In a worf(ing file. Fire risk a5se8smenls are ¢8rri8d out annudly by the PToperty managerlchief tsxecullve and every three years professionalty. A comprehenslve list of pollci&s 8nd procedures is reviesyed on a one- thrge-year rolllng programme or b@caLJse of changing leglslation or bèst practice guiddir*, ￿1cl￿ver is Ihe soonest. Regular staff meetings ensure that new procedures are Implèment￿1. Meetings wth residents are hdd annudly m81ters of heatth and safety are dlscussed and reinforced, IncludirvJ the procedure in the event of af irB. A fKredrill is hgld annudly. Resid8nts are encouraged to ask questions and provide feedback verbalty. or in writing or thorough our suggestion boxes on site. The chief executive se￿IS an annual report to all residerts with the results from th residents, satisfaction Survey. The Chief Executivè aThJ FknusirvJ Manager hold a re5idenls' fDtum each month forresidenls lo indivldualty ask questions and gIVe￿r feedback. Staffmoetings foroffice￿MP1oYee$, In¢ludro line managers happen as frequently as possible. Dlreclors and staff remain vigilant on matters o. risk and continue lo seek advice and updates from legal bod￿, the Charity Commission, Social Housing R￿jLIlat0r. and the Almshouse Association. Impacts of COVID 2021 saw us continue to adapt to new ways of s%r&rting lo ensure residents, staff and vlsitors w8r@ kept as safe as possibleduring p8fKlemic. Operationally we had already implemented $ever81 slgniflc8ntcha￿es, ￿lCh Includ8d som8 Stafl working remot8ly from hom8, residents beirwJ contacted by thelr wardens by phone more and staff and director meetings b￿r0 conducted by Vid￿ calls. The Trust risk register was updated to consid all areas of potential risk from the pandemic, both opwalionalty stralegically. The Trust continued lo re5porvJ prDactivdy to COVID P￿emiC, ￿1th our robust risk assessmants already ernbedd￿j in the Trust and pul in plaGe all ￿lditIOnal measures on top of %that we normally provide tD kaq) resldents and staff $8fe and w911. Stsff were supported wjdttional computer equlpmenl to Work rèmotely and appropriate PPE. All safely checks continu&1 in relation to firo and legionella. UrJr enl repairs continu8J th strict safety measures during any govemment restsi¢ted lockdown poriods. The staff team al the Trust wothed tI￿leSS1Y lo adapt lo the changing laFHJsc¥e and to ertsuring ￿sIdentS safety aTrJ well￿eing remained, as always, OUT priority and focus. Commerclal tenarts Mre supported tlexible paym￿1 plans to help them vA)éi thelr retall buslnessgs had to close for periods of time aTKI th8se payments have now been brought up to date. Our investmenl portfoh)s saw some volalilily but a150 Somo posltive bounc& back of the investment values. 12

REPORT OF THE CORPORATE TRUSTEE YEAR ENDED 31 DECEMBER 2021 STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS Th6 corporate trustee of the charity whi¢h held c>ffice at the date ol approval of these Financial Statements as set out above, ¢onlirms, so far as it is aware, that.. Ihere is no relevant audit infom)ation of which the charity's auditors are unavrare., and il has taken all the sttrps that it ought lo have taken as corporate Iruslee in order to make itsdf aware of any relèvant audit infonralion and lo establish that the charity's auditors are aware of that information. Appro.￿ed at a meeting of the corporate Iruslee held on... Signed on its behalf by.. Mr J Pulford - Director (Chairman) Mrs D Woodward (Chief Execulivel 13

TIVERTON ALMSHOUSE TRUST STATEMETr￿ ON IKfERNAL COP￿RoL SYSTEMS YEAR ENDED 31 DECEMBER 2021 The corporat8 tNstee Is rnsponsiblefor maintaining a Sou￿1 SYst￿n of inlemal conlrDI which.. focuses on th8 significant risks that threaten ow8rMsallon's abilty to meet Its objectives,. and provides reasonable assurarKe of th8 saf&3uarding of assets. Th@ corporate Iruslee is also responsible for reviewThJ the effectiveness of the system of intemal ¢ontrol. The inlemal control systam is designed to manage rather than eliminate the iisk of failu￿ to achieve business objectives and can only provid8 reasonable. and tK)t absolui8, assurance against material misslalement or loss. Th8 prt>C953 forid¥rtrfylrKJ. evalLTratiThJ and Man￿1￿ th& significant risks faced by th8 charity is orooing. This process ha5 be8n in plaGe forlhe year ended 31 December 2021 and up tl) Ihe date of 8pproval of the corporate trustee's report a￿1 financial statements arKI1s wularfy revlewed by the corporate trustee. Experienced and suitably quajified man&3ement staff lake responsibilily for importa￿1 buslne89 funcliors. Apprdisal procedures have been establishgd to maintain the standards of performance. All significant new inwtialives, mglor Investments ar￿ investment projects are suble¢l lo fomi81 authorisalion procedur85. through th8 PrtTrperty arKI Finance Sub Commill* andlor the board. Trè Propety and Fina￿6 Sub Committee revie￿ reports from ser7iorstaff on behalf of the BO2￿ and from 8Xtemal Accountants and separate Auditors lo prt>viQe assurance that oontrDI procedures are in pla¢e and ara being follo￿Ed. The Property aThJ FInar￿ Sub Committee infomis the Board in this regard on a rpgular basis. Procedures have been establish&1 forinstr(utirg appropriate aclion to cOrr￿t weaknesses idenlrfied from th above report. 14

TIVERTON ALMSHOUSE TRUST CORPORATE TRUSTEES, RESPONSIBIUTIES STATEMENT YEAR ENDED 31 DECEMBER 2021 The Charities Act2011 registered 8OGial I￿vs1[￿j IwJislatlon ￿Ul1¢ th8 corpornletrustee lo prepare flnancl stalemgnls foreach financial year which give 8 tn￿ Bnd fair vi8w of the stat8 of affairs of the charity and Df ts income and expenditure forthat period. In prepariThJ these fi￿ncial StateM￿tt$. the corpordtetwstee is requirwj to.. select Suttable accounting policies and then app￿ t￿M consist8ntly; make judgements arKI estimates that are r8asonablg a￿1 pwdwrt., state whether applicable accounting standaTrls have been follow￿j, subject to any material departures disclosed and explained in the financial statemenls,. and prepare the financlal st8tem8nts on goirBJ concem basis unkns it 15 inappropriatoto prvsume that the charfty ￿17 corrtlnue In busin8ss. Tho corporate tnjsteo is responsible for k￿PIr￿ proper ￿Countir￿ recoNl8 which disclos8 wlh rèasonable accuracy at any lime th8 f inancial posttion of th8 charity and enable them lo ensure that the linancial statements comply wth the ￿antieS Act ￿11, the Housing and Reg￿rnI10n Acl 21X)8 and the Accountlng B1￿Ction for prtvale registered providers of social houslng in Ervjland 2019. The co￿Orate trustee has general responsibilty for taking rea80nable steps to safeguard thè assets of the Trusl and to prevent arKI detect fraud and other iThegularities. 15

INDEPENDEKf AUDITOR'S REPORT TO THE CORPORATE TRUSTEE OF TIVERTON ALMSHOUSE TRUST Oplnlon We have auditgd the financial statements of Tiverton Almshouse Trust forthe year ended 31 December 2021 %thlch comprisè the Slalement of comprefwsive income (including irKome and expenditure aecountl Stsl8ment of financial position. Statement ofchwes in ffjuity and reserves. Slalemenl of ca8h flovrfE afKi not to the financial statements. inc1￿￿[rY￿ a summary of significant accounling policies. Tre financial r¢portlro framèwo￿ that has been applied in their preparation is applicable law and United Kingdom Accountrg Standards, including Financi81 Repo￿ng Star￿ard 102 The FirJanGial RoK¥ortFn9 standa￿ applicable in the UK and RepublAC of Ireland (United Kingdom Gwerally Acceplwj Accounliru Practice}. Sn our opinion the finan￿al statemenls.. givea true aThJ fairview of thestate of Cawily's affairs as at 31 December 2021 and of its incoming resources arKI application of rpsources, includiTrJ its income ar￿ experwjiture, forthè year then ended., arKJ have been properfy prepaTed In accoftjance wlh United Kingdom Generally Accepted Accounllng Practi¢e'. a￿1 have been property kiraparad in accordance ￿th the Charfties Act 2011, the Housing and Regenerdlion Act 2008 and AccountirvJ Direction forpriY8te reglstered providers of social housing in Englaryj 2019. 8asl$ for oplnlon We conducted ouraudil in accordancè with htemational Staridards orbAudtting IUKI (ISAS (UK}} and applicab law, OLJr responsibilitiBs Ur￿er thosestandards are further describgd in Audilorfs responsibilities forlhe audlt of the financial stslements sectionof our report.we 8r8 ind8p8ndent of the charity in accordancewlh the ¢thi¢al requirements that are relevant to our audit of the finawia statements in the UK, including tho FRC'S Ethical Standard. and we have fulfill￿ our other othi¢al respork8ibilities in accordance wlh Ihe8o ffjquiromenls. We believe that the audit evidence V+E have obtai￿￿ is suffiaenl arvj 8ppn)priateto provide 8 basis for our opiniorL Conclusions relating to going cOn￿rn In auditing the IlnarKlal statements, ￿ have ￿r￿luded that the direclorfs use of Ihe golrYJ concwn bas￿ of accountiffj In the preparation of thef inancial statements is appropriate. Based ¢n the work have perfomieil, we have not identified any Mat￿la1 uncertainties relallng lo events or corvjwtions that. Indlvidually or collectlvdy, may cast 3ignific8nt doubl on the charity's 8bility to contlnue as a going con¢em for8 year of at least twelve months from when th& origlnal flnancial st8mants were aulhorise(I forl$sue. Our responsibilities 8nd the ￿SponSibl1111es of the c0￿crate tsustee wlh respect lo going ¢oncgm ar& desciiba In the relevant sections of this wort. Oth•r infomiation Thg corporute twste8 is responsible forthe ot￿r infornalion. other infomiation compris85 the infoffliation included in the rèport Df th8 Corporate trustee. other than the f ￿na￿la1 slalements and our audltDrfs report thereon. Our opinion on the financi81 stat8m8nts does not coverthe other informatio n and, except to the extent Othe￿Se expllcltly stated In our report. VB do not express 8ry fomi of assurance conclusion thereon. In cDnnecllon ￿1h our audlt of the financial statements, our responsibilily is to r8ad the other information and, In dDing so, consid8rwh8tthr the other infO￿aLlon Is materially i￿OnsIstenI with the financial slalements or our knO￿edge obtain8d in th& audit or olheNise appears to be materialty mSsstaled. If we identify Buch mat&rfal inconsistencies or apparent material misstalamwtts. are required to detemiine whether thwe is a m818rial misstatement in the f inancial statements or a mat*ial misslalemerbt of the other infomiation. If, based on tha work we have perfomed, we Conclude that there is a matwial misStatem￿t of this oth8r information, we are uired to rnport that facl. We have nothing to report in this regard. 16

INDEPENDEKf AUDITOR'S REPORT TO THE CORPORATE TRUSTEE OF TIVERTON ALMSHOUSE TRUST (CONTINUED) Oplnlon on other matter preserlbod by thè Charities Act 2011 In our opinion. base(l on the M)rk undertaken in the course of the audlt.. the infom)81ion glven In the DirectOf3' Reportforthe financial year forwhi¢h the flnanciBI statements are prepared Is consistent the fI￿r￿la[ statements" and the Tru5tees' Report has been prepaftd In 8ccord8ncè wth appli¢abl8 legal r8quiréments. Matters on which we aro roqulrad to report by exception We have nothing to report In respecl of the fOlbTrmr￿ matters in relation lo which the Charities (Accounts and Reports) Regulations 2Q08 requires us lo report to you if, in our opinion- Ihe infomalion given in the corporate trustee's report is inconsist￿11 in any Inal￿121 respect wth the f inan¢ial statements. or sulficienl accounting records have rK)I been kept., or the fIn8rKI￿ Stat￿mentS are ￿t in agreement ￿th accountlng records. or we have Th)t received all th8 infomiation arKI explanations we require forour audit. In addllion, have rtothir@ to report in respect of the follovArvJ matter vthere th8 Housing and Regeneration Act 2008 r8qulr8s Lts to rwort to you tf, in our opinion: a $alisfa¢tr>ry system of cont￿1 OvertranS￿li0nS has rKJt b88n mantain8d. Rgsponsibilitios of corporate trustse As explained more fully in the Corporate Truslee's Re5ponsibiltlies Statement Iset out on page 16}, th8 corporate trustee is responsible forthè preparation ol thefinancial statements aTKI forbeing satisfied that Ihgy give a true and fair view, and for such intemal control as the Corporate twslee determine is ￿￿￿$Sary to enable the preparation gf finanGial statements that are free from material miysialemenl, Ythethor dua to fraud orerror. In preparing thè financial statements. the corporate trustee Ss restkon51ble fora5se$sing the chartty's abSltty to continue as a going concem. disclosing, as 8ppli¢able, m8tt￿$ related to g01r￿ concem and USI￿ the gory ncem basis of accounlirvJ U[￿e$S the corporate truste8 either Int￿￿S lo liquidate the Ch￿ilY or lo ¢ease operatlons. or has no realistic allematlve but to do so. Audltorfs rospon$lbllltles for the audit of the flnanclal statements Our obj8cliv85 are lo obtaln reasonable assurarKe about whether the financial statements as a vthole arè f frDm matgllal misstatement, whether due to fraud or emjr, and to Issue an audilorfs r8port that includes ow opinion. Réasonab￿ assurance is a high level of assumnce. but is not a guarantee that an audit corKlucted in accordance wth EAS (UK) will ahvays detect a material mi55talemenl Yknen it exists. Misstalemenls can 8rise from fraud or error and are Gons•Jered matarial if, individually or in tho aggr9gatfy. they could reasonably b8 expected to influerKe the ecorvjmic declslons of LL88rs lak8n on basis of th@sefinancial slat8ments. Irregularities. inclL*JiThJ IrdLKI. arp instances of rn)n<ompllan￿¥thh lawE and regulation5. Wè designprocedures in line wlh our responsibilities, Outlin￿1 above. lo delecl material misstatements in respect of irregularities, including f raud. ￿ extent to thi¢h our procwJures arv capable of dolocting irregulaTilie8. Includlng fraud Is deta'led below. Sasthj on our understanding of t1￿ Tnjst aryl nature of the busirEss, we Identrfied the prfncipal risks of [￿n- compllance with laws and regvlatlons as being th05e ￿lCh have a direct impact on the preparation of It financial statements, such as The Charities Act 2006, and relevant tax legislation IVAT etc.I, as well a% legislation goveming responsibllltles as a sociat trk)using landlord. We considertd tho extent to which Th)n- compllance ￿th thè88 lab￿ and regulations may have a material eff￿1 on the financlal stat8m8nts. 17

INDEPENDENT AU￿OR.8 REPORT TO THE CORPORATE TRUSTEE OF TIVERTON ALMSHOUSE TRUST (CONTINUED) We evaluated ￿anageM￿n1'S i￿OntiveS and opportunf(ies for fraLKlulenl manipulallon of the financial slalements. In Common knith dl audits undw ￿A5 {UKI, are also reqLJir&J lo perform speclfic prot￿lu￿ to reSpOr￿ lo the risk ol management override. Based on thSs underSta￿lIng designed ouraudlt procedures loidentifyirragular£tie5. Our pro¢edur8s involv the following: Enquiries of IhDse charged with gtsvémance. regarding th￿r k￿￿edge of any ￿n•COmpliance orpotenti4 non-compliance with laws and regulatio￿ that could affect the fInar￿la1 statements,. Reviow of minutes of meetings of tFK)se charged ￿1th govemance; Evaluation of the effeclivgness of management's Cont￿18 design￿ to prevent and dèlact irregularitles incl(#ling those applicableto social hgusirKJ Landlords- Challenging a55umptlons and I￿19ements made by management in its signrficant accounting estimates- Auditing the risk of marwemenl ovenide of controls. irKluding through testing joumal entrtes and other adjustments for apprDpriaIet￿s. and evalualirvJ the busintsss rationale of significant transactions oulsKJe the rK>mial course of busine5S- Revieyrfing financial statem￿1 disclosuras and testing lo supporting docurnent8tion to assess complianc8 ith BpplicBble laws and reguLilion5. Because of the inherent limitations of 8n audit. is a risk that we will not detect all irregularities, includir¥J IfrK)Sg leading to a material misstatemenl in th8 financi￿ slatemenls. Ths risk increas85 th8 f urth¢r ￿MOVed non-compliance wth lawB and regulations is from the events ar¥J trdnsaclions reflected in the financial statements as we are less likgly to become aware of instances of non-compliancè. Thè risk of not detecting a material misstatement due lo frdud is higher tharb the risk of not detectirwJ onè resulting from error, as f rydud may involve deliberate conc8alment. collusion. omission ormisrepresentalion. A further description of our responslbllltles forth8 ajdit ol the financial statements is located on Ihe Flnanclol Reporting Council's w&)site at vhvw.frc.0vj.ukla￿lt0￿sTespOnSlbI1lties. This descriptlon foThns part of our audltorfs report. Use ot our report This report Is m¥le solaly to the Charity's corpordl8tru8lee. as a body, inacCo￿ance wth Part 4 ofthe Charilios (Accounts and Reports) Regulations 2C418 and section 137 of t1￿ Housing and Rsg8nar8t￿n Act 2008. Our audit work has been undertaken so that might 51ale to th8 Charity's corporate Irusla8 thos8 matters we are required to state lo the corporate trustee in an aLKlf(orfs rgport and f rbrno olhor purpose. To th8 fullest extonl permilled by law, we do not acGeplorassume r8sponsibilityto anyone Ol￿r¢han Ihe Charity's corporalelruslga as a body, forouraudil w)rk, forthis Trport, orf0rV￿ OpIn￿n$ h8vo formed. PKF Frdncis Clark, Slatulory Auditor Centenary House P￿InSUla Park Rydon Lane Exat8r EX2 7XE D8te'. vpl¥l PKF Francis Clark is eligible to act as an auditor in terms of $￿tion 1212 of the Companles Act 2006 18

TIVERTON ALMSHOUSE TRUST STATEMENT OF COMPREHENSIVE INCOME {INCLUDING INCOME AND EXPENDITURE ACCOUNTI YEAR ENDED 31 DECEMBER 2021 Note 2021 2020 Tumover Less.. Operating ¢osls 759,795 765,498 769,178 786,986 Op*ratlng d•ficlt 15,7031 117.8081 Income from fixed asset investments Interest receivable and similar income Interest payable and sirllilar charges Unrealisedlrealised gains and losses on investments Revaluation of investment properties 29,334 71,171 {10,7621 453,485 110,0001 30.491 14,263 112,3961 102,087 80,000 10 12 Surplus on ordinary activities for the yèar bèforfr tax 527,525 196,637 Tax on surplus on ordinary aelivitios Surplus I (deficit} for the year after tax 527,525 196,637 Total eomprèh¢nslv8 Incom• for tho yaar 527,525 196,637 Signed on behalf of the corporal& trustee on./.7.-- 5-.22. MrJP Oireclor{Chaimianl The annexed notes fomi part of these financia1 statements. 19

TIVERTON ALMSHOUSE TRUST STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 DECEMBER 2021 2021 2020 Note5 Fixed assèts Tangible fixed assets Investment propertios Other fixed assets Investments 4.040.000 2.856,676 428,163 3,797,008 11,121,847 4,040,000 2,863,414 427,240 3,359,604 10,690,258 12 Current a55ets Debtors Cash al bank and in hand 51,375 1,023,993 1,075,368 104,630 49,234 969,601 1,018,835 110.195 Crèdltors.. amounts falling duè within one year 14 Net Current assèts 970,738 908,640 Totsl a$5•ts l•ss eurrant liabilities 12,092,585 11,598,898 Credltorg.. amounts falling due after morè than one year 15 546.171 580,009 11,546,414 11,018,889 Capltal and reserves Permanent endowmtrnt Expendable endowment Income and Expenditure reserves 18 18 17 8,794,548 993,611 1,758,255 11,546,414 8,610,142 903,138 1,505,609 11,018,889 These financial statements were approved and authorised lor issue by the corporate Irusteg on and signed on ils behalf by.. Mr J Pulford - Director The annexed notes form part of these financial $181&m8nts. 20

TIVERTON ALMSHOUSE TRUST STATEMEKf OF CHANGES IN EQUITY AND RESERVES YEAR ENDED 31 DECEMBER 2021 Pamian8nt Expendable Endowmenl Endowment Oth8r Reserves Total 2020 Al 31 December 2020 8.610.142 3.138 1,505.609 11,018.889 10,822,253 Surplus foryear before gains and losses from investments 14,550 Unrealisedlrealised gains a￿1 losses on investments 194,406 9).473 168,6C6 453,485 102,086 Revaluatlon of tsngiblefixad assets (10,IXKI) (10,iKIO) eo.ooo Total comprehensive Income 184,406 9),473 252,846 527,525 196.636 Transf8rs Al 31 December 2021 8.794,548 993,611 1.758,255 11.546,414 11.018.889 Thg annexed notes fomi part of these finandal glalem8nls. 21

TIVERTON ALMSHOUSE TRUST STATEMEtr￿ OF CASHFLOWS YEAR ENDED 31 DECEMBER 2021 2020 Note Net cash flow from operating actlvltles Cash flow from inve5tlng advltles Rents received from inv8Stment properties Payments to a¢quire laThJible fixed assets Proceeds from sale of investments Purchase of inveslfflenls Interest r6ceived Divid8nds weived Net cash flow from Inygsting acovltles 51102 1295,8411 257,2Y1 1259,2581 8,517 (278,7481 11,573 30.491 1230,1541 {6.2891 26,464 6.171 29,334 55.680 Cash flow from financlng aclivities Repayment of long-lemi loar Net Gash flgvi from finan¢lng aellvltles 143,0071 143,ty)71 143,6201 143.620) Net InerÈase l {deereasel In cash and cash fjqulvalents 64.775 {569,615) Cash and cash equlvalents as at 1 January 2021 991,497 1,561,112 Cash and cash •qulvalènts as at 31 Decembw 2021 1.058,272 991.497 Cash and cash equivalents consist ofr. Cash al bank and in harKI Cash held as part of inv&slmenl portfolio 1,023.993 32.279 1,056,272 969.601 21.896 991.497 The annexed notes form part of th85ef ￿na￿la] statements.

TIVERTON ALMSHOUSE TRLIST NOTES TO THE FIPiANCIAL STATEMENTS YEAR ENDED 31 DECEP+lBER 2021 SUMMARY OF SIGNIFICAKf ACCOUTrrnNG POUCIES General infomiatlon and basls of preparation V8rton Almshouse Trust is Incorporat￿ urKler Ilw Aot 2011 a￿1 is a Reglstered Providuof Social Housing in the United Klngdom. riverton Almshouse Trust constitutes a public benefit entity as definaj by FRS 102. The Iinancial statements hav9 been Prepared in accordance wth applicable acGounlI￿ standards includiTrJ Financial Reports"ru Standard 102 The Financial RepDrtiThJ Standard AppliG8bl& in the UK and Republic of Ireland IFRS 1021, the Slat8m8nl of Recomrnended Prdctice for Social Housing Provideh 2018, and wlh the A￿oUnting DI￿110n for private wis1￿1 providers of social trKJusing in England 2019, and the Chawities Act 2011. The f inancial st8tgmenls are Prepared on a going concem basls under the hlslori¢81 cost convantion, modified lo inclthl8 c￿tsin items al fairvalue. The fina￿1￿ statements are prepared In 8tediNJ.vknich is the functional currency of Tiverton Amshouse Trust and rounded to the [￿rest £. The registered Offi￿ is disclosed inthe Report of th8 Corporate TnJste&. Hous5ng proportles Housing properties are p￿r￿1P81fy prop￿1185 available to beneficiaries of the tru51 in retum forweekly maintenance contributiorts. Fkjusing properties are t￿luded at d88med costand are reviewed for Impaimient at the end of each reporting period. Investment Propertles Investment propertie5 are principally propertles 8V8ilabb to tenants Df the trust in retum fora commercial rent. Investment p￿pertIeS are Included at valualion. repreS￿rtIng fair value arKI at each reporting dale any changes In fair value are recognised in the slat&nent of comprehensive Income. Professional valuatlons are ￿￿ertaken on a 5-year rolling cycle. Investment propertlas ar8 r6vie*wl forlmpairment at the ervj of each reportirvJ p8ri0d. Flxed assets and Dopr•dallon Other fixed assets ar& staled al cost. less ac¢umulated depreciatlon. Depreciation is charged on a straight.lin8 basis al rat6s anticipated to ￿te off the cost of the assol. at the followro annual rates.. Housing prDPgrties Freehold property Computer equlpment 33.33% Tn￿ Is no ￿ep￿￿at￿In Cha￿ed thls year against hjusiro properties or freehold property as tha cory)orat8 trust88 bdi8v&s the r8sidua values are not I0￿￿r than th8 current canylng value in the balance sheet. This oplnion is based on the vduatlon of The Markèt House offices in 2C118 and the valuation work down Dn the ￿)lL51r@ properties In 2019. k Is the corporatè tnJsle8's opinion that the local housing marf(ot remained static over the 2021 year. and they ￿1] b8 revi8wing this tlyoughout th8 2022 fInar￿la1 y8ar. Inv8stment8 Investmonls are rBcognised Initially al far value ¥thich is Tr)mially the trdnsaction price excludirg transaction costs. subseqU￿tIY they ate measur&J at fair valLTre through the sl81gment of compr8h8nsive Income. 23

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMEwfs YEAR ENDED 31 DECEMBER 2021 Debtors and credltors recèivablelpayable wlthln one year Debtors and crgditDrs payable ￿￿thin one year are ￿￿o[lIed at trnnsa¢tion price. Loans and l>orrowlngs Loans and borrowngs are initially recogniswA at Ihe transaction price includirg trdnsaclion costs and thèn SUbS￿￿entlY adjusted for principd repayments and Interest charged. Revaluation surplusgs and deficlts Whéra ma*8t value is not readily available, the Corporate ttusteè 8stimat8s marketvalue. Rev8luatlons of invastments are reported in the Stalemwrt of Comprthenswe Ir￿Ome. Loased Assets Rentals payable under operatiro leases are chargwj to thg i￿ome expondTture account on a sITaight-line basi5 overthe pertod of the lease. Govemmgnt grants A social htsusSng gmnt Was received back In 2(KM as 8 contribution lowards capital cost. The grant was prevlously deducted from the cost of the tK>using prop6rtiès. However. as the ￿UsI1vJ propertl are accounted forusing the valuation modd, grants should now be accountad lorusing the perfomiance model which means Ihat grwrts aro ro¢ognlsed as Ir￿oMe once the performanco Conditio￿ hav8 been me8t. This change has thlered ov&dl valuo of reserves. Current Taxatton No laxalion is payable by the chaity. since it has charitable status and its ￿ ivilies arè exempt from tax. Value Added Tax Irrecoverable VAT which ¢an be attribut￿ lo capital items or r￿enue expenditurg is added lo the c05t of the capttal item or expenses p￿tIcable aTrl mat￿la1. Pgnslon Costs The charity operates a dellned ¢ontsibution scheme forthe benefit of118 employees. The costs of contributions are ￿tten off through income and expendllure account in th8 yaar they are payable. Dllapldatlons Monies receivable in resp￿1 of dllapidalions are generally not account&1 for until th8y can be detemlined ￿th re8sonab￿ accuracy. Turnover Tumov8r is measured at the fairvalue of the CO￿ld¢[all0n rerrived or receivablè. Turnover reprgsBnts rental and service charges ir￿orne receivable in the year n8t of rent and service charge knsses f￿ffl almshouse vokjs. Intsrest and dlvld&nd$ rwlvable InletBst and dividend i￿ome is recogThsed as Tiverton Almshouso Trusys right lo receive paytn8nt 18 establlshed. Key Judgemerrts and ostlmates The lolltswing judgèments and estimaes have been made in the process of applying the abov8 accounllng pollcl@s that have had the most signrficant effecl on amounts recognised in the flnanclal statements: The corporate trustee has established a f ive-year cycle for investmonl properti8s to be ValU￿j by an extemal RICS qualifi￿ surveyor. kn the intervening ye￿5 the remalning properties valued by tho corporate trustee having regard to ail risks. the Y￿￿, the stsBngth of Ihe marf(el and comparison wlh 8imllar propertlos. 24

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINPJ4CIAL STATEME￿8 YEAR ENDED 31 DECEMBER 2021 TURNOVER 2021 2020 Reyts receivable exclLwJing service charges Service charges Teceivab Rent and service charge losses from voids Guest room incom8 Social Housing Tumver hveslmerrt pioperly incom8 427.262 99.507 13,789) 420,589 99,632 {8,554) 240 522,98D 236,815 759,795 511,907 251,271 769,178 UNITS IN MANAGEMEKr 2021 2020 83 Social ￿UsIr￿J foroldwpeople Warden accommodation 88 86 OPERATING COSTS Support Costs So¢1 Housing knv8Stmgwrt PrDP8rti8S Total 2020 Total 2021 Estste management costs: Wages and salaries Estste costs Repairs and maintenance Professlon8J feeg Utiiitlas Insurance Sundry expens&s WBst8 Cleaning AdminSstrativa costs Wages and salaries Staff recruitment costs Office running costs Audit services Acco￿11ancY seNicas COV1019 expe[￿8$ Pl irn%uratxè Subscripllons Bank charges Depraciation Investment mgm'l fees 50.580 101,160 99.7D5 142.781 26 942 77,452 16,528 5.327 6.721 91.862 27.741 29.419 Z34,643 54,683 IC6,871 25,150 9,158 6,762 6,923 259,843 56,382 113,424 25.172 5,877 7.187 7,914 3.831 41 928 1,9 163,583 163,583 90 25,512 3,78Q 8,324 2,078 578 3,￿2 154,879 25.512 3,780 8,324 2.078 578 3,042 23,030 3,570 13.971 578 2,295 1,060 2,807 9,492 786,986 2,104 10.149 221,117 1221.1171 2,104 10, 149 T￿,498 330,330 120,339 450,669 2f4,051 1(K),778 314,829 Apportlonment 7￿,498 786,986

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMEP￿s YEAR ENDED 31 DECEMBER 2021 OPER4nNG DEFICIT 2021 2020 Oper8tirvJ d8li¢lt is slated after charging: Operatlrwa leases - other assets 1.524 1,524 AUDITORS. REMUNEIIATION 2￿21 2020 Audit seNices 3,780 3,570 3,780 3,570 BOARD OF DIRECTORS OF THE CORPORATE TRUSTEE AND KEY MANAGEMENT PERSONNEL REMUNERATION 2021 2020 The aggregate emoluments p8yableto key management personnel exG5udiThJ employer pension contribulion5 70,540 70.590 Tre ¢hlef exe¢uttve is Th)t a member of the char(ty's deflned ¢ontt1bullon penslon scheme. However, the charity makes contributior￿ to their ptrrsonal penslon plan. DuAng the p￿70d the total amount contrfbuted to the personal penslon was £5.03212020: £4,873). Tne Board of Directors of th&corporale trustee received m expenses or remLmeratlon in year. EMPLOYEE INFORMATION 2021 2Q20 The average number of persons employed duriThJ tha y8Ar expressed in full tim8 equivalents {16 houts or more per weekl was: Offlce staff Wardens, cleaners aThJ h8rKlyman Staff costs Iforthe above po130nsl Wages aThJ salaries Employerfs N81ional IrtsUrar￿e Contrfbutions Other pension costs 233,130 17,8 13,813 264.743 219,068 20,256 15.259 254,583 During the year Dne employeeeamed more Ihan £60,000 12D20'. employ88}.

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 INTEREST RECEIVABLE AND SIMILAR INCOME 2020 Interest ￿e1Ved Miscèllaneous incom8 6.171 65.000 71,171 11,573 2,890 14,263 10. INTEREST PAY*BLE AND SIMILAR CHARGES 2021 2020 Mortgage Snteresl 10.762 12,396 10.762 12,396 11. TANGIBLE FIXED ASSETS Housing Properties kwgstmerrt PrDperties FreelK)Id Property Computer Equipment Total COST OR VALUATION At 1 January 2021 Additions Revaluation 4.040.000 2,863.414 425,(JXJ 11237 3,027 7.340,651 6,289 110,1)001 {10,OW) At 31 Decamber 2021 4,1)40,(xxI 2.856.676 425.0 15,264 7,336,940 DEPRECIATION Al 1 January 2021 Charge foryear 9,997 2.104 9.997 2,104 Al 31 De¢8mber 2021 12,101 12,101 NET BOOK VALUE At 31 December 2021 4,040,000 2.856.676 425,000 3, 163 7,324,839 At31 December 2020 4,040.￿0 2.8S3,414 425.oc 2,240 7.330,654 HOUSING PROPEKfiES usirvJ properties cornprise freehold land buildings aThJ are Ir￿lud￿ at deemèd cost of £4.fMO.Cm (￿storiC cost.. £4,288.895). 27

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 INVESTMENT PROPEIThES Tne corporate In￿lee has established a five4ear cyclefor inv8stmenl propertles to be valued by an exlem81 F￿Cs qualified surveyor. For th& 2021 year, dl investmwtt propwti8s hdd valu&J by the COTporate Iwstee on IhG bass of fairvalue as at 31 December 2021. Vdualion is represenl&l by: 2020 Hisloiicd Cost Revaluation 2%.927 2.559,749 2.856,676 298,927 2,5SS,487 2,863 414 Revaluation: 2021 2020 Balar￿e as at 31 December 2020 Nel of additions and trartsfer8 Revaluation Balance as al 31 December 2021 2,566,487 2.580,573 {94,0861 80,OfKJ 2,566,487 I10,0￿) 2.559.749

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL sTATEmE￿s YEAR ENDED 31 DECEhlBER 2021 12. INVESTMENTS HELD AS FIXED ASSETS (Financial assets measured at fairy￿￿e through the sury)lusl {defl¢llll 2021 2020 MARKET VALUE OF USTED INVESTMETrTrs At 31 December 2020 Addltions hcome NnveSt￿l Disposal proce&Js Realised gainslllossesl Unrealised gainsl{losses} At 31 Dacèmber 2021 3.359,604 3,250,522 262,261 16,487 18.5171 14,3271 106,414 3,622,840 {26.464} 9.332 444,153 3.786.625 Cash held a5 part of Investm￿rt portfolio {movementi 10.383 1263,2361 3,797,008 3.359,e04 Hlstorlcd cost 2.592,324 2.593,996 13. DEBTORS - ALL RECEIVABLE WTHIN ONE YEAR 2021 2020 Tradè debtors Social IK>using ￿nt arrears Social k)using utility aThear5 Other 1.655 4,S46 114 8,123 12,583 32,482 4,169 49,234 1,824 3.479 41.985 5,911 51.375 Prepayments a￿￿ed income Other debtors 14. CREDITORS . Amouiifs FALLING DUE wfTHIN ONE YEAR 2021 2C120 Mortgages TTrde Creditors and rents paid in ￿V¥￿e Other Credito￿ and accruals 33,395 20,531 50,704 104.630 31,802 43.437 34.956 110,195 15. CREDITORS . AMouKfs FALLING DUE AFfER MORE THAN ONE YEAR 21Y21 2020 Mortgages 546.171 580.009

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL sTATEmEP￿s YEAR ENDED 31 DECEMBER 2021 16. PIIORTGAGES {Financsal Ilabilllles me8sur8d at fwrvalue through the surplusl Ideficit}). 2L121 2020 Analysis of maturity of debt= Less than one year or on demand Between one and ￿ years Belwaen two arxl five years Afterfive years 33,395 33,948 105,297 406,926 579.566 31.802 32,394 100,871 446,744 611,811 The mortgwJes Matu￿ in July 2037. C8Pit81 is rgpayabl8 in montNy instalmenls. Ithich commenced in August 2004. Interest Is ch8rged at 2.95Yo and LIBOR +0.65%. The mortgage5 are secured on ¢￿taIn freehold housing and investment propertigs. 17. INCOME AND EXPENDITURE RESERVES Sukplus foryear 2020 Revaluation Transferred Utilised 2021 Programme ofworksfund Ethordinaryrepalrfund Cycliral maintenance fLnd Rouline works O￿Or 20.814 41,112 60,110 45.436 1,338.137 1,505,809 65.155 1.721 36821 45,992 1149.789} 165,1551 20,814 42,833 63,400 47,433 1,583,775 1,758255 133.6311 143,9951 142.781 84,040 103,717 168,606 169.439 Tiverton Almsh)th%e Tnjst has eStablish￿j a rwjular prog￿￿rne of works. Part ol oth&r Teswvas has been earmarkwj by thts corporalo trustee for a particular purpose. Such designatior￿ may be reversed by fLrtur8Tntst88 d8cisions. Expenditure is taken through the In￿M6 and 8XP8nditurn account. A transfer is th￿ mado a8 appropriate. 18. CAPITAL AND RESERVES Pemiangnt Endowment These reserves represent the current value of the Housing and hvestment Properties log8tlwrwilh the current value ol any olhei investments that were held al the dale of the mgTger and cash deposited wnh Standard Ufe on behall of Aex8rKlrn Lodge Trust as at the date of Ihg merger. Exp•ndable Endowment Th&s8 res￿e¥ rgpr8s&it the current valuo of any Investments purchased 8ln¢o the merg8r.

TIVEirroN ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEME￿ YEAR ENDED 31 DECEMBER 2021 19. LEASING COMMITMENTS Total future minimLJm laase payments urMJer n0nWca￿llab1e operating18a5e8 are as folloYrfE', 2021 202D Not later than ona y&ar 1,524 1,417 Later than five years 1,524 1.417 PENSION COSTS The charrty operalgs a defined contribution pension scheme. The assets of the scheme are hald separately from those of ¢hartty in an iThJependentty administered f und. Ihe penslon cost charge r8pr88ents contributiorts payable by the charity to the fund and aMoUnt￿j lo £8,781 1202Tr. £10,386). 21. RELATED PAirfY TRANSACTIONS A5 al the 31 D￿ember 2021 INWI dirbftots of Thverton AmsTrK)use Trustee Llmited were councillors I aTployees of related LOC￿ Authoiib&s. Any transactions with the Loc81 Authoritios at arns4e￿th on normal commercial tem15 and these Individuals were not able lo use their position to t￿r commercial advantage. 22. CONTROL The ultimate controlling party is the boaTd of dlreclors of Tiverton Almslv)u8e Trustea Limlled RECONCILIATION OF OPERATtNG SURPLUS I ￿EFICIT) TO CASH FLOW FROM OPERATING ACTIVITIES 2020 Surplus l {d¢ffi¢it} for the year Rents received f rom investment propÈrti8S Mortgag8 int8r8st paid Inlerest r8¢eiv8d DivId￿l￿S received 527.525 196,637 1257,2711 12,396 111,5731 13D,4911 2,607 10,782 {6.1711 129,334) 2,104 Depreclatlon Impalrnenl of tangible fixed assets Realised Igainl I k)ss on disposal of inveslmerts Unwlisgd {gainsl I loss on investments Revaluation on tangiblef ixed a55ets lkncreasel I do¢rease in trade and ots debtors kncrease l {decre8se) trade and oth8r creditors Nét flow from op£ratlng aclivitles 19,332) (444,153) 10.00 {2,1411 (7.1581 52,102 4,327 1106,4141 180,QOO) 118,211} 17,848} 1295,8411 31

TIVERTON ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMEiifs YEAR ENDED 31 DECEMBER 2021 ANALYSIS OF CHANGES IN NET DEBT 2020 Cashflows NorFc8sh changes 2D21 Long-lemi bOTh0wi￿Js StrK)rt-t8wm borrowngs Total liabilities Cash 8nd cash equivalents Total {33,838) 33,838 546.171 33.395 579,566 {1.056.2721 1476,7061 31,8D2 611.811 1991.4971 1379.6861 (32,2451 (32.2451 {64.7751 {97.0201

Private & Confidential

Tiverton Almshouse Trust Market House 18a Bampton Street TIVERTON Devon EX16 6AA

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE T 01392 667000 F 01392 667001 pkf-francisclark.co.uk

Our Ref: 10103EX/NXH/NXH 6 April 2022

Dear Sirs/Madams

In accordance with our normal practice we are writing to draw your attention to various matters which arose during the course of our audit of the charity’s accounts for the year ended 31 December 2021.

1. Expected Modifications to the Auditors’ Report

There are no expected modifications to the auditors’ report.

2. Identified Misstatements

All identified misstatements, except those we consider to be clearly trivial, were discussed with Doreen Woodward. All adjustments have been made to the accounts so there are no remaining unadjusted audit differences.

A summary of adjustments posted to the draft financial statements during the course of the audit (which reduce the surplus by £31,351 in total) is shown in the attached appendix.

3. Significant Deficiencies in the Accounting and Internal Control Systems

As you are aware from our letter of engagement, our audit procedures were directed towards testing the accounting systems in operation upon which we have based our assessment of the accounts. In assessing whether a deficiency is significant we consider the likelihood of an error arising in the accounting system and its potential magnitude. Whilst we did not identify control issues that we would consider to be significant deficiencies, we have the following observations.

The accounting software used has a bank feed that imports transactions directly from the bank. Two transactions in the year had been duplicated causing the bank code to become out of sync with the amounts held in the bank account. Whilst this is a very unusual error, we would recommend reconciling the balance in the software with the actual balance in the account.

4. Qualitative Aspects of the Entity's Accounting Practices and Financial Reporting

The following qualitative aspects of the entity’s accounting practices and financial reporting were discussed and agreed at our closing meeting on 5 April 2022:

Fixed Assets – Significant Components

Historically major components of social housing properties have not been separately identified and depreciated over their individual useful lives. This was discussed with the Trustees last year, and it was agreed that it would not be practicable to perform a retrospective review for significant components but that future fixed asset additions would be reviewed to ensure significant components are separately identified. This will need to be considered for capital works in 2022.

Depreciation of Freehold Property and Housing Property held at cost

Freehold property and social housing property is not depreciated on the basis that the residual value is not materially different from the carrying value (and therefore depreciation would be immaterial). The Trustees agreed to review this annually to ensure that residual values are not significantly different to the carrying value which might give rise to the need to apply a depreciation charge. Paragraph 10 of the Letter of Representation confirms the fact that the trustees have considered this and are happy that any depreciation charge would be immaterial to the financial statements.

5. Other Matters Required by Auditing Standards to be Communicated

There are no other matters that we are required by Auditing Standards to communicate to you.

6. Audit Independence

No non-audit services have been offered to the charity during the past year.

The contents of this report are subject to the terms and conditions of our appointment as set out in our engagement letter of 1 March 2021.

This report is made solely to the Directors of the corporate trustee of Tiverton Almshouse Trust as a board in accordance with our engagement letter. Our work has been undertaken so that we might state to the Directors of Tiverton Almshouse Trust those matters we are required to state to them in accordance with International Standards on Auditing (UK and Ireland) in this report and for no other purpose. To the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the Board of Tiverton Almshouse Trust for this report or for the opinions we have formed. It should not be provided to any third-party without our prior written consent.

If we can be of any further assistance, please contact Neil Hitchings.

Yours faithfully

FRANCIS CLARK LLP

E-mail: [e-mail]

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Appendix- adjustments posted to draft financial statements	Profit impact £ +/(-)
Adjustment for credit notes raised post year end on 2021rent/maintenance contributions	(4,693)
Correct Xero bank accounts duplicates	1,445
Mid v Bid price on COIF investments	(1,673)
Adjustment to valuation on John Greenway Building	(10,000)
Accrual for December 21 flat refurbishment	(16,430)

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