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 d*ed 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 submes wthin the Iov*n 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 extrar 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 St*utory 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 pwple*ilh 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 st*8mants 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. V*B 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)nmial 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 d*ed 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 submes wthin the Iov*n 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 extrar 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 St*utory 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 pwple*ilh 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 st*8mants 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. V*B 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)nmial 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: mail@pkf-francisclark.co.uk **2** |**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)| **3**