Registered Social Landlord number: A1070
Registered Charity number. 206984
R8port of the Tru8t6es and Audited Flnancial Statements
For tho Year Ended 31 December 2024
For
TIVERTON ALMSHOUSE TRUST

TIVERTON ALMSHOUSE TRUST
Contents of the Financlal Statements
FOR THE YEAR ENDED 31 DECEMBER 2024
Page
Report of the Corporats Trustea
1-12
Stalement on Internal control 5yStams
13
Corporate Trustsgs, resFY)nsybillties statement
14
Independgnt Auditovs report
15-17
Statement of oompTrh8n5ive Income (Includlng Incom8 and expendlturg account)
18
Stat8ment of financlal posltlon
Statement of changes in equity and reserves
20
statament of cash flow8
21
Notes to th8 financlal stataments
2241

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
The Corporate Trustee presents Ihis report with th8 financial statements of the charlty for tha y8ar ended 31
DeGember 2024.
INTRODUCTION
The Corporate Trustee Is pleased to report that thg agreed obJectives central to the work of the Tiverton
Almshouse Trust of maintalnlng and improving core charilable activities, planning for the future and delivering
a healthy flnancial pJsition have been satisfied,
llverlon Almshouse Trust Is regulated by the Charity Commission and the Regulator of SoGlal Hoijslng {formerly
the Homes and Communltles Agency),
This report inGludes references to the Financlal Statetnents attached and aims to address the regulatory
requir@ments of the Regulator of Social Houslng three economic standards: Value for Money, Governance and
Financial Viabllity and the Rent Standard, throughout, as part of the reporting structure.
Total income in 2024 from charltable activitles and other income was £938,160 (2023: £865,144), The total
expenditure was £940,394 (2023: £1,321,489), The gain on Investments was £226,163, whlch Includes an
unrealised gain of £105.782 and a realised galn of £120,381. In 2023 there was a deficit of £70,146. The surplus
for the year 2024 was £293,92g. The deficit In 2023 was th8 r8suIt of important repalr and malntenance works
ft)r the upkeep of the Trusys porttolio of properties.
CODE OF GOVERNANCE
The Charities Cod8 of Governanc8 2020 ha8 been adopted by the Board in lin8 with Charlly Commisslon
guldance. Tiverton Almshouse Trust falls between the Code for smaller and larger charitigs (defined as turnover
below and abov8 £1 m respectively). The Board asplres to meet the recommendations set out for larger charltles
whilst maintaining a level of proportionality. The Code Is produced by the NCVO. ICSA, ACEVO. Assoclatlon of
Chairs and the Small Charities Coalition with the overslght of The Charity Commission
OBJECTIVES AND ACTIVITIES
The objects of the Tiverton Almshouse Trust In the Scheme made by the Charty Commission dated 10
September 2009 (as amended by the Scheme dated 28 July 2014) are:
a, the provlsion of houslng accommodation for poor persons not less than 60 years old who have lived in
the area of benefit for not less than 2 years prior to the appointment.
such charltable purpose5 for the benefit Df th8 residents as the Corporate Trustee decldes
th8 rellef of persons resident In the area of bgnefit who are in financial hardship by.,
maklng grants of money to th8m,' or
providing or paying for goods. services or facilities for them,. or
making grants to other organlsations or institutions whSch provide goods, services or facilities
for th08e In flnancial hardship.
The use of Income and capltal must firstly b8 applled to meet the proper costs of admlnist6rlng the charlty and
managing Its assets (including repalr and insurance of its buildings) and to make annual payments Into the
reserve funds considered necessary in the annual budget.
The remainlng income to further the oblects of th6 charlty are made in the following order of priorlty.,
th8 benefit of the resldents
th& r81i8f of financial hardshlp of persons Ilving in th8 aroa of benefrt (which Is Tiverton and environs).
The greatest activty within the Trust is the malntenance of Its properti88. In additlon to almshouse
accommodation, the Trust also owns Investment property In Tiverton.

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
The Board considers that the objects are stlll rel8vant to the work of the charlty. The popularfty of the almshouse
accommodalion, the low level of voids and the financial security of the organisation means that it achieves, and
can sustain, its objectives.
Plans for the future address how those objectives can be taken fomiard to enable beneficiaries to contlnu8 to
benefit from the Trust's charitable activities given the growing population of elderly and frail people.
Public Benefit
In carrying out the Trusvs aims and obj8Ctives and in measurlng ach5ovements and performance, the Corporate
Trustee has had regard to the Charity Commission's guidance dated February 2014 entitled °Public Benefit=
rules for oharities". Given that the Trusl's objective is the relief of poverty (see objects above) only the benefit
asp&ci of°public benefrt. requires satisfying. The Commlsslon Specrfies that the purpose of the charlty must be
beneficial in a way that is identifiable and capable of b8ing proved by evldence where necessary and not bas&d
on personal views. The most quantifiable measure to identify whether the charity has a benefit to the local
populatSon eliglble for accommodatlon is the low level of voids within the almshouses.
Tiverton Almshouse Trust almshouse properties are usually fully cccupied with no voids (a void 18 defined as
an empty flal awaiting allocatlon with no further redecoratlng or refurbishment required before it is occupied).
The National Almshouse Association consid8rs a 50k minimum void rate Is acceptable and a void allowance of
up to 12,50/o may be suitable for small groups of almshous8s, given the specific beneflclary group they serve.
That would Indlcate that 4 to 9 of the Trust's prop8rlies could be void at any one tlme. The Trust had 99,250/0
QGCUP8ncy throughout the year In 2024 under the above definition,
In line with the Tnjst's governing scheme 2009, Ihe charity provides housing for local people over 60 years old
and in financial need. Through regular advertlslng, open days, contactwith Mid Devon District Council, and local
voluntary agencies and local charltie8 such as the Churches Housing Actlon Trust (CHAT) the Trusl reaches a
wide audience. The Trusl has a list of eligible applicants walting for accommodat5on and they aro from a from a
wlde variety of baGkground8 indicating that the Trust is reaching its beneflciary group. Nevertheless. the
Corporate Trustee strives to raise the proflle of the Trust wlthin the town stlll ftjrther and a new StrategiG Plan
for 2025-28 has speGific targels for ensurlng wider awareness. The rigorous appllcatlon of a polnts sysfiem
ensures each appliGant rn8@ts the required criferia, enables each applicant to be prior5tlsed primarily based on
financlal, housing and social ne8d. Th8 appliGant In great8St need st the tlme a vacancy arlses is offered the
accommodatlon regardless of how long they have been known on the list.
Durlng 2024, 14 vacancles arose (10 in 2023 and 15 in 2022). The Trust was able to carry out signlfioanl
refurblshment, including replacing kitchen and bathroom projects taking on average four weeks to complete,
The Tru8t Secured new residents Immediately as it malntains a detailed list of eligible local people in need who
had been previously Intervi8wed so that they can be offered any vacant almshouses as soon as they 8re
available. In some cases, in flats where mlnimal work was needed, the turnaround to get it ready for the new
resident was 4 weeks.
Properties
In total there are 85 alrnshouses, ong unit at Greenway Gardens is occupled by a Resident Warden. The
almshouses are on three geographlcally separate sitss within Tiverton, namely:
(i) Greenway Gardens, King Street (40 unts)
(li) Slees, Angel Terrace {3 unts}
(iii) John Greenway Close, Gold Street (42 units)
The accommodation is designed for indepgndent livlng, and as resldents get older, the Trust continues to
support them for as long as Frf)sslble, some residents recelve third paty care packages, sociavcommunty
services assistance and support from the mental health team as requlr8d.
Tiv8rlon Almshouse Trust owns the freehold of several commercial properties in the centre of Tlverton
comprising r8tail and residential flats as well as two office bulldlngs known as Raymond Penny Housg and John
Greenway Building in the centre of town. Th@ Trust also owns investment properties in Westex6, fiverton.
Golng Concern
After a detalled review and examining major areas whiGh could give rlse to slgnlftcant financial rlsk, the D1￿ctOrS
are satlsfied that no materlal exposures exlst other than as reflected In these Flnanclal Statements and the Trust
has adequate resources lo continue Its operatlons for the foreseeable future.

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
The Directors and managemenl leam revlow bl-monthly budgets with the external accountant, whlch Include a
mlnimum forecast 12-month perfod as well as a programme Df works for five years. Cash liquidlty Is monitored
through updated summarl2s of cash and investments whlch in 2024 the board revlewed quarterly in detail.
Th8 Trust receives a steady income to meet annual running Gosts from commercial rents 8nd the weekly
maintenance and utilities contributions from our almshouse residents. Large one-off projects regarding property
development andlor slgn5ficant repairs are revlewed against cash liquidity and available funds, which do not form
part of the Tnjsts pemianent endowed fund. Flve-year inspections are in place for all the Trust's properti8s on a
rolling programme, In order to plan for large expenditure required over coming years whlch can be factored into
the budget If affordable. In 2024 valuatlons were completed by Stags Estate Agents of Tiverton of Raymond
Penny House and Slees. The Board and management team review reserves and investmgnt policies annually.
A detalled rlsk register Is reviewed by the Board quartedy, looking at potential flnancial risk areas. inflation,
interest rate rises and any Impacts these would have on the Trust. The Trust applles stress tests to potential
risk scenarlos related to our almshouse and commercial income and expenditure and how this may affect
budgets and strategic obj8CtIv8S.
The Board and managament team r8vlew our reseNes and investment pollcles annually. W8 revlew our detailed
rlsk register regularly, assessing pot8ntial financial risk areas includlng inflation, interest rate rises and any
Impaots these would have on the Trust. Th8 Trust applies stress tests to potential risk scenarlos related to our
almshouse and comm8fGial income and expenditure and how this may aff8Gt our budgets and strategic
obleotlves.
ACHIEVEhryENTS AND PERFORMANCE
Malntaining Prop8rti68
The Chartty Commisslon SGheme clearEy slates that the maln oblect of the charity is to provide almshouses for
a specffled group of local people. Income and capital mu8tfirst be used to meetthe prop8r costs of adminlsterlng
the charlty and repairing, maintaining and insuring the bulldlngs.
Total expenditure decreased by £191,095 to £940,394 in 2024. The major factor that influ8nced this decreas8
was a reduction in repalr costs, which totalled £149.968 compared to 2023. Note 4 to the Financlal Statements
provldes a comparlson and more detail is provided below.
In 2024, and In line with the quinquennial surveys, th6 Trust undertook a budgeted programme of works and
cycllcal malntenance. All significant Contracts for programmed works and signrficant repair works. where
applicable, are subject to tender. Minor routine maintenance Is managed by th8 Trusvs Repairs and
maintenan￿ Manager or by on8 of an approved number of sub-contractors. Quotes are not required for work
anticipated to be less than £3,000 to avoid inefficiency and wasted staff time and sub-contractor time. Sub-
contractors are required to breakdown labour and parts entrles on Involces and. where posslble, discounts for
regular work are requested and often granted. All invoices are reviewed thr8e times befDre payment,. by the
Office Manager, the Chief ExeGUtive and finally a Director before being approved for payment. At the end of the
year, a11 almshou8e, resid8ntial and comm8rclal properties were fully let.
Malntenanco of Almshou8e Proportigs
Of the £940,394 total operating costs and Interest payable In 2024 fi)r all properties (investment pmpertles and
almshouses comblned) £277,088 was spent on almshouse maintenance by way of programmed worf(s, chapel
upkeep and renovation, replacement bathrooms and kitchens, external red8coration and where necessary,
redecoratlon and refurbishment of the ten flats that became vacant.
Increased r8gulation means increased routine checks, which continue to incur additional financlal cost and staff
time. Tha two most costly regulatory functions relate to leglonella pr8vention and fire safety. The monthly, six-
monthly, and annual Ghecks for monitoring water hygiene systems to reduca the risk of leglonella cost £5,736 in
2024 (2023.. £7,564).
In 2024, th8 cost for tha routine checking of fire detectlon systems was £4,722 {2023 £2.480). These checks are
carried out by staff and specialist provlders fo ensure the Trust fulfils its legal obligatlons. The requirement to
meet more robust guidance and regulatlons in bulldlngs of dlfferlng ages and styles means the Trust Is reliant on
specialist GonlraGtor8 to carry out some of the works. Quotes are Invited for these works and annual contracts
are then awarded.

REPORT OFTHE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
2024 Resid8nt8' Satisfaction Survey
Thg Trusl is committ￿1 to Improving servlces and to reviewing what are the most promlnent Issues and prlorit5es
for our resldents by gathering their valuable feedback. The Trusl conducted an its annual residents, satisfaction
survey June to S8Ptembor 2024.
In 2024 the Twst presented an updated, 'fit for purpose, set of qu@stlons to all almshouse residents.
Summary of responses as follows:
70 out of 92 (769/0) of alrnshouse resldents completed the Survey,
96% of responders sald that they would recommend TIv8rton Almshouse Trusl accommodation.
Of the 13 questions in tha guNey requiring a satisfaction rating, 950A responded as either satlsfled
or very satisfied.
Investment Property Maintenance
Expenditure on day-to-day maintenance on the Tmst's Investment properties was significantly less than on
almshouse propertles, which Is to be expected given the tenancy agreements on the former which oblige
commercial tenants to keep properties in good and tenantable repair. In 2024 the routine and cyclical
maintenance expenditure for the Trust on these propertie8 was £52,226 (2023: £51,535), primarily consisting of
servicing and general repair8.
Provislon of Almshouse Accommodatlon
Tiverton Almshouse Trust 18 a soclal houslng provider registered wlth, and regulated by, the Regulator of Social
Housing. The Trust is also a registered charty wlth the Charity Commlsslon. The maln purpose of the
organisation is to provide housing to local p80ple over 60 years of age and in flnancial andlor social need.
Applications are encouraged from anyone who believes they fulfil the basic three criteria and are scrutinised in
Ilne with an intgrnally approved policy whlch is regularly reviewed to ensure consi8t8ncy and relevance.
One of our two maln sltes, Greenway Gardens, has a Resldent Warden. The third site, known as Slees, is a
historic bulldlng In the town centre comprlslng three flats. Residents at Slees are not visited regularly by a
Resident Warden but the Housing Manager wlll vlsit as necessary. In general, resldents at Slees need lo be
more independent and mobile due to the restrictive hlstorlcal layout of the property.
The remit of the Wardens is to ensur8 lh8 pastoral and dslly well-being of all residenl5. Wardens do not provide
Pgrsonal care but can assist residents in day-tOp4day livlng. There Is a 24-hour emergency call system (Tunstall)
within both Greenway Gardens and John Graanway Clos@ sites, ensbllng resldents to access emergency help
at all times of the day and night. The Wardens maintain regular contact with family member8 when necessary
or when a residenl is unwell. Wardens also provide a variety of optional social activlli6s, held in the communlty
rooms at each of the two maln sltes.
The Trust holds quarterly Board meetings, attended by appolnted Directors, the Chlef Executive Officer and any
required invited guests (for example, the Twsvs accountant) when relevant almshouse resldent issues are
shared with the Board.
In 2024, almshouse residents paid a Weekly Maintenance Contribution (WMC) for their aGcornmodation plus a
contribution to the supply of water and oas utlSStles (UC}, WMC ranged from £469.63 per month to £638.91 per
month depending on the accommodation provided. In addltion, all residents pald a (UC) based on single
occupancy at £123.88 per month and £154.52 for a couple.
The Corporate Trustee alms to keep resident contributions as low as posslble consldering the rent standard
provided by the Regulator of Social Housing (RSH) and 8quival8nt fair rent assessm8nts from the Valuation
Office Agency (VOA). In addltlon, the Chief Executive consults with Mid Devon District Council on any WMC
Increase to ensure that those residents who requlre assistance can access 1 OODA of th& rent payment through
housing benefit if eligib18. In addition, any WMC increases are capped at the previous years, CPI for S8ptember
+10A.
The Corpor8Ée Tru8t8e strives to ensure a fair. consistent, and transparent process when allocating almshouse
accommodation, Therg is an approved policy within the Trust to promote fts servlces vla the Trust's webslte and
to maintain regular contact with IoGal support organisations such as Éhe Church88 Housing Actlon Trust (CHAT)
as well as Devon Home Choice (the bidding portal for local authortly housing and housing associations).

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
Promotional mater5al Is located In Mid Devon DistriGt Council's reception. All applicants complote a detailed
application form, includlng a flnanolal information sgction and are intervlawed by the Housing Manager and
CEO, A polnts system Is in use to ensure consistenGy. Those applicanfs placed on the list awaiting allocation
are regularly reviewed and appllcants are encouraged to keep in touch with the Housing Manager.
A good worklng relatlonship with Mid Devon District Counci1 and local houslng charltles ensures a wide-ranging
local awareness of the Trust's almshouses which includ8s articles in the local paper and an active, increasing
use of soclal medla. Innovative ways to widen th8 search for appllcants are always considered. OnGe an
applloant Is accepted in principle a priority weighting system ensures the applicant in greatest need is offered
any vaoancy flrst, In accordance with our governing scheme.
The continuing lack of residential care homes and the limited availablllty of rental property wlthin the town and
surroundlng area means that our resld8nts are Staying in their homes longer than In prevlous times. Soclal care
support Is now provided at home and hospltal admissions are generally reserved for emergencies, whlch means
that care agencles and health professionals are frequently on site and we work together In partnershlp for the
benefit of the residents.
Alexandra Lodge
Plannlng permissSon was granted in 2015 to Abbeyfield, formally The Abbeyfield Soclety, for a 45-bed extra-
care unit at Alexandra Lodge. The freehold of the prop8rty is ¢)wned by Tiverton Almshouse Trust and following
plannlng pernilssion, a 250-year lease was asslgned to Abbeyf181d. Progress has been slow and the site is now
In a state of severe disrepair in the maln due to the laGk of action of Abbeyfleld In the re-development of the
slte. Abbeyfield has declared that they no long8r see the development as a viable proposition. Tiverton
Almshouse Trust is in communlcation with Abbeyfield to b8St understand future options that ensure the Sbte is
able at some point In the future to be developed by another organisatlon, ultimately to benefit the people of
Tiverton.
Post year end (12 March 2025) the freehold of the Alexandra Lodge slte was sold at auction for £159,000.
Rellef of Financlal Hardshlp
Addltlonal objectlves of the charity allow for thg rellef of poverty for local people who are In financial hardship
by maklng grants of money to them or making grants to other organisatlonB or Institutions with similar aims.
The amount of money donated to achieve thiB objective is consldered by the Corporate Truste@ al the AGM
each year and a donation may be approved to a local organisation wlth similar alms. No donations W8re made
In 2024. However, a revised policy was agreed in prinoipal at the November Board meeting with the aim to
distribute ftve grants in 2025 to the value of a maximum £500.00 each.
FINANCIAL REVIEW
The Corporate Trustee revlews ils reserv8s and the non-d8signated funds and expendable endowment to b8
used for.the proper costs of administering the charlty and of managlng its assets. (Charity Commlssion Scheme
September 2009). A Reserves Policy addresses the Expendable Endowment and deslgnates funds to the
aotlons approved in the strategic plan. There are r8gular revlews of operatlonal risks and requirements and
sufficient reserves are maintalned to address these requlrements.
As stated in the Investment pollcy, the objective of the Corporate Trustee In holding investments within a shar8
portfolio is to produce the best financial return and capital growih within an acceptable risk and to balance the
income and capital retum,
The four risks identified in the report last year Still stand, namely:
i. Capital growth not keeping up wlth Inflation thereby leading to a decline in the real value of theinvestment
11. Fluctuating income from share portfollos and deposit accounts due to the wider economic environmant
iii. Bank default
iv. The unknown effect of the current flnancial economlc situation
To limit the above risks, the Board has delegated cerlain decisions to the Finance and Property Commlttee
(which Gonsists of over half of the Board's number) Including allowing those members to re-lnvest maturing
funds subj@ct to the current Financial S8rvices Compensation Scheme Limit. This allows declsions to take
advantage of availabl8 investment offers (especially fixed rate bonds open for a short time) by actlng in a timely
manner. All investm8nts. apart from those held wlthln share portrollos, are monitored at every committee
meeting,

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
Shareho1dlng portFolios aw managed by professional brokers andlor fund managers and an annual revSew is
undertaken at the November board meeting of the Corporate Trustee. An external investment review takes
plats annu811y,
The Corporate Trust8e has Gonsidar8d ethical investments to ensure that investments are not made in
companies with values not aligned to those of the Trust and has therefore put restrlctions on Investing in any
fund that Ss Ilnked to the production Dr sale of tobacco.
It also considered companies who seek to make people homeless, however, this Is difficult to monitor and
enforce, It was decided not to impose this ethlcal restriction. The Corporate Trustee accepts that the ethical
values of Indivldual dlreotors must not compromlsa policy decisions.
Th8 Statement of Comprehensiv8 Income (and supporting note 2) show that Income re￿1V9d from almshouse
residents, week5y contrlbutions {including service Gharges) has increased by £42,911 {8,950/D), prlmarlly as a
result of the annual revlew of charges In April. The Corporate Trust2e Is mlndful of maximlsing Income (for the
charity's future sustalnabilty) Gommensurate wlth ￿lfIllIng the Charity Scheme objective to ensure no resldenl
suffers financial hardship.
Operating costs (note 4} show sotne changes from the prevlous year. Overall wage costs are up by £5.695
compared to 2023. The Increase is as a result of Gost-of-livlng wage iricreases and Xmas bonus payments made
to staff during Ihe year,
The income from fixed asset Investments (shareholdings and deposits} increased by £5,181 over th8 year
despite the contlnued volatll8 markèt caused by the war in Ukraine. The portFollo of Investments Is valued in
2024 at £4,012,280 (2023. £3,775,269}.
The annual total return on the managed portfolio is reflect8d in Note 12, with realised and unreallsed gains of
£226,163 (2023.. £273,699 gain).
R8nts reGeivable from inv8Stm8nt properties have Increased by £17,822 to £247,461, compar8d to the 2023
year {£229,639).
Professlonal valuatlons are undertaken on our Gommercial and r88idential investment properties, on a five-year
rolllng prograrnme. Thls year, formal valuations were Garried out on the Trust's two investment propertles in
Westexe Scuth and The Market House. Almshouse properties are included under the cost model and do not
form part of the annual valuation cycle.
Permanent endowment (identrfied as investment properties, housing propertles and other investments agreed
as such by the Charity Commission as part of their investigatlons prfor to the merger In 2009) has increased
from £8,744,381 to £8,948,953, reflecting, an upwards revaluation and unrealised galns on Investments, less a
disposal of a hlgh reputational risk Investment property.
Other Reserves of £1,355,213 shown In the Statement of Flnancial Posltion are identifi8d in note 17 and spllt
inlo:
1. The Extraordinary Repair Fund (ERF) funds the unforeseen expenditure necessary to carry out the
Trust's DbjectiV8s. It also Includes Programmed Works, whlch are based on the flve-year budget
forecast, the quinquennial surveys and condition suN8yS that are ¢3rried out for the Trust on a regular
basis ID ensure that there is a rolllng programm8 of maintenance.
2. The Cyclical Mslntenance {CMF) fund provldes monies for work to maintain properties that Is
undertaken every so often on a regular, bul not annual, basis, such as redecorating almshouses when
a residenl moves out.
3. Routine works include routin8 maintenance of the Trusf 8 properties to ensure they remain safe, secure
and fit for purpose.
The mortgago debt for the 2004 development of thirty-two new almshou8es at John Greenway Close remains
the single largest financial commitment. The financial statements show the annual interest payment for the year
£23.639 and reductlon In the value of the outstanding mortgage of from £521.072 in 2023 to £492,391 In 2024.
The mortgage is held in two separate accounts, one flxed until 2032 and one variable allowing just over half of
the sum owing to be paid off at any time should Directors deem it prudent to do so.

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEM8ER 2024
PLANS FOR THE FUTURE
In November 2024, the Board tatrfied the Trust's new Strategic-Plaft 2025-28 'Putting Your Trust In Us,.
Thi5 new strategy maps out the Trust's vlslon and purpose for thè next 3 years with the following 4 strateglc
objectlves agreed:
1 . Service delivery to meet needs and expectations.
2. A 'frt for purpose, propety portfollo,
3. Ensurlng financlal stabllty.
4. People at the heart of everythlng we do.
CHARITY STRUCTURE, GOVERNANCE AND MANAGEMENT
Fiverton Almshouse Trust is regulated by The Charlty Commission and the Regulator of Soolal Houslng
(formerly the HCA). Under the latter, it is classed as a Regist&r8d Provider of Soclal Houslng. In 2014 a new
Charty Commission Sch8me Ghang8d the way the Trust was governed. Tlverlon Almshouse Trust Is a
registered Gharity with the objeGts outlined (see section l ). The 2014 Scheme gave perm5sslon for the charlty to
have one corporate truste8 rather than twelve individual trustees and, as a result, a new company15mlted by
guarante8 known as Tiverton Almshouse TTU8tee Ltd was established to be that sole trustee.
Within th8 company (the corporat8 trustee) are the seven voluntary dlrectors (prevlously call8d trustees). The
Tiverton Almshouse Trust Scheme provides th8 corporate trustee wlth the same powers as before and the
Articles of AssoGiation outlines iys provisions. The incorporated 8tnJcture Is more recognlsable to banklng and
ommercial sectors and provides directors with incr8ased Indemnity protectlon.
Dir8Ctors have a term of appointment of five years. Directors can be re-appolnted and there Is no maxlmum
number of tsmis for re-appointment. Instead, Directors due for r8tirement on the rotation basls are Intervlewed
by delegated members of the Board under an agreed procedure which remalns the same for all directors.
Prior to appolnlment and re-appointment directors must sign the Charty Commission's Declaration of Ellgibility
to serve. At each meetlng of the board all potential, real and perGeived conflicts of interest, loyalty and perception
are declared, recorded and dlscussed. In the event of a confliGt or likelihood of a confllct the director In Question
Is asked to leave the room at the approprlate time or refrains from voting on the matter In question.
At the end of 2024, the Board had seven Directors (out of a maximum of twelve permitted under its Articles of
Assoclatlon). The Board has a wlde range Df the necessary skills and attributes bul will actively be seeking
additlonal Dlrectors In 2025. The intemal audit of th8 board takes place at the AGM In May,
Dlrectors
Name
Diana R Hewitt
John A Pulford
Roger M Stickland
Brlan C Berry
Steve Esau
Richard R Ives
Posltlon Date appolntedlreslgned
Skills and exp8rionce
Chair
Appointed 21 May 2021
Retired Dlreotor
Director
Reappoint8d 14 May 2019
Retired Loc81 Government Officer
Director
Appolnted 6 July 2021
Retired Director
D1￿CtOr
Appointed 26 July 2021
CEO Federalion of Master Builders
Director
Resign&d 26 February 2024
Retired Surveyor
Director
Appointed 20 Nov6mbar 2023 IT Consultant
Nominated directors appointed by Tiverton Town Councll:
Timothy Bridg@r
Director
Appointed 20 November 2023 Town Councillor
Leslle Cruwys
Dlrector
Appointed 20 November 2023 Town Councillor
Office of Ihe Trust
The office of the Tiverton Almshouse Trust Is..
The Market House, 18 Bampton Street, Tlverton, Devon EX16 6AA.

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
Trust Staff
Patrick Dummett
Nicola Anderson
Nlcola Askew
Gavin Strong
Lorna Murphy
Monica Pike
Shelley Alford
Chief ExeGutive Officer
Offlce Manager
Housing Manager
Repairs & Maintenance Manager
Administrator
Housekeeper
Finance Admlnlstrator
Wardens
Llsa Brooks
Erin Kerrigan
Ward&n, John Greenway Close
Resident Warden, Greerway Gardens
Advlsors to the Trust
Auditors:
Accountants..
Bankers:
Sollcltors..
Investment advisors:
Commercial surveyors:
PKF FranGiS Clark, Exeter, Devon
Wither8 Steele, Tiverton. Devon
Unity Trust Bank. Birmingham
Ashfords, Exeter, Devon
Rathbones, Exeter, Devon
Stratton Creber, Exeter Devon
Avison Young. Cardiff
Stags, Tiverton Devon
Alder Klng, Exeter Devon
Crofts, Taunton Somersel
Assinder Turnham, Exeter Devon
Consultancy, Cullompton Devon
HR Dept, Taunton Somerset
IT Champions, Exeter Devon
Propety Surveyors..
Haalth & Safefy Consultants
HR & Employment
Structure of tha Trustee's Board of Dlreclors
The Board of Directors comprises an elected chairperson who Is voted a year of Offi￿ at the AGM held every
May. The Board of Directors meets quarterfy each year at Ihe Trust's offic8s where possible and by video
call. No business may be tr8nsact8d at a bosrd meetlng unless four dlrectors are preserrt ss a quorum.
In 2024, the Trust made the decision to disband the sub-committee structur8 due to the reduced number Df DireGtoi
numbers and so as to ensure that the governanc8 Structure is more 8fficient and effective.
A group of Directors will continue to meet in November to agree remuneration recommendations to the Board,
Following Ihe incorporation, DireGtors approved a govemance policy covering the way business is transacted
wlthln and in line wlth the Articles of Association. The governance pollcy was reviewed In April 2021.
Dlrector VaGanci88
The Articles allow for retirement by rotation meanlng that at each AGM one-fifth of the elect8d directors retire
from office. Retiring directors can re-apply for another t8nn and will be asked to meet with delegated members
of the Board, prior to the AGM, to discuss their application.
Vacancies for nominated Directors are filled in accordance with the ordinary practlce of the Town Council. The
Town Council submit two ccuncillors as their representatives on the Trust's board, their terrn is ft)r four years.
The approved policy for recruiting new Directors is to advertlse widely and Includos a skills audit of the board
with provisions for appointment, declarations 8nd managing conflicts of Interest and loyalty.
Appolntmenl and Tralning of staff
Members of staff are appointed in accordance within the approved recrultment policy. Remuneration of all staff
is reviewed on an annual basls and increases are bas8d upon a comparison with publlc sector and prlvate sector
pay settlements. When available more specffic comparisons are made with other almshouse or houslng charities
of the same size and operation. A rolling programme of training Is operat8d induding fire procedures, cyber
seGurity, health and safety rlsk assessments, food hyglene, first-aid, working at height, safeguardlng, lone-
working, mental health awareness and dats protectlon. The Almshouse Association provides the most relevant
and praotlcal forum for Directors and staff trainlng.

REPORT OF THE CORPORATETRUSTEE
YEAR ENDED 31 DECEMBER 2024
Applying th6 Charltles Code of Govemance 2020
The Corporate Trustee has consldered, In detail, the b8St practice guldellnes wlthln the Code. There is an
obligation upon charitles to apply the Code or explain why they have not,
Some guldellnes are not applled for good reason. Contracts with local sub-CDntractors underlaking small-scale
routlne malntenance Work ar8 kept as verbal contracts in the Inter88t of speed, &ffici8nGy, and 8xperi8nce of
comparative costs.
Regarding Director appointments, the Corporata Trustee reviewed th& maxlmum length of Director
appolntments to ensur8 the Trust Is followlng best practlce guidanGe, being mindful of the balance betr4een
continuity and the n88d to ensure that the skills, exp8rience, and kn￿edge amongst Directors are refreshed
on an ongoing basis.
Applying the Valug for Money Standard 2018
Tiverton Almshouse Trust Is 8 reglstered soclal housing provlder and, as such, publlshes annual evldence
withln these statutory accounts to enable stakeholders to understand its performance as compared with the
metrlcs set out by the regu5ator, cornpared to those in Its peer group and addresses any areas of
underperformanoe.
Tiverton Almshouse Trust Is a member of the Acuity B8nchmarking Group for small soclal housing provlders
and a second annual benchmarking report has recently been submitted. Improvements mad8 in colleGting and
collating our data this year have Increased the accuracy of the submitted figures.
The Trust scored very hlghly In terms of resldent satisfaction and repairs performance. Management of voids,
regarding costs and the time to turn these arDund, were at Ih8 lower end of the median but it was clear that
there were some dlfferences in how organlsations accounted for this element of the process.
WMC collectlon and arrears were below the average and our spending per property is in line with similar costs
across comparable organisations.
The Trusl's repairs and malntenance costs are above average in some cases, as are overheads. But when
consldered a5 a proportlon of our lurnover, it retums the Trust to the median Iln8.
Our Major and Cycllcal works are high compar8d to other organlsatlons in part due to th8 type of sèrvic88 whlch
are consldered. Cycllcal Is defined by different organisations" for example, the Trust has recorded the Tunstall
emergency call system as cycllcal.
The standard ￿fer$ to activitles across the board and includes activltles relating to the Trust's investment
properties where relevant.
There are seven metrics within the standard..
1. Rèlnvestment (the Scale of investment into existing hous1ng, acqulsition or development of new
housing in relation to the slze of the asset base). This metric looks at the investment in properties as
a percentage of the value of total properties held. The Trust did not acquire or develop any new
houslng In 2024 and currently operatss 84 social housing unlts. Thè measure for the Trust In 2024 is
6.8goh (2023: 7.69°h), In both years tho expendlture on existlng properties has been a combination of
programmed installation of wlndows, external palntlng, refurblshments of bathrooms to shower rooms
and a rolllng programme of repairs. The section on Maintenance of Almshouses Contains furtherdetall.
2. New supply dellvered (unlts acquired or developed in the year as a proportion of existing houslng
stock). Glven there w8r8 no additional units acqulred the measure is z8ro (2023: zero).
3. Gearfng (Proportlon of borrowlng in relation to the slze of the a3set base). The Trust's bomwing relates
to a mortgage taken out in 2004 when the new development of 32 houses was built. The loan is valued
at £492,391 at 31 Decemb8r 2024 r8presenting a gearing of 11.880/0 (2023: 12.57% ). The board
continues to revlew annually the financial benefits of paying off part of the mortgage that is unflxed
versus the Interest and return on investments.
4. Earnlngs before Interest, tax, depreciation and amortlsatlon major ropalrs included (Indicates
Ilquidlty and investment capacity). The EBITDA MRI Interest cover seeks to measure the level of
surplus that Is generated compared to interest payable. The Trust's measur8 for 2024 is 35.70%.
2023: negative 1,037.190/0 (or 10.37 times).

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
5. Social housing cost per unit The Trust's social housing c08t per unlt for 2024 was £3,522, (2023.,
£3,990) the applicable costs related to management, repalrs and maintenance and servlce.
6. A Operallng Margin Yo (Social Housing Lettlngs Only) d8monstrates tha profrtability of operating
assets before exceptional expenses are taken into account. In calculating this only operating costs
directly attributable to soclal houslng costs have been included, the margin for the Trust for 2024 was
25,2g% (2023: 10.90Yo),
Op8rating Margln 0% (Overall) as above however including all operatlng costs against social housing
income and rents receivable from investment properlies the margin for the Trust for 2024 was
negative 5.000/0 (2023: negative 34.800/0). The Trust's total expenditure (nota 4) has decreased
compared to 2023.
7, Return on capital employed Q/0 {ROCE) the m@tric Gompares the operating surplus to total a85ets less
Gurrent liabilities, Ihe Trust's ROCE for 2024 was negative 0.02% {2023= neg8tlve 3.g9% ).
Managing Rlsk
The Corporate Trustee und8rtak8s a quarterly review of the potential risks to the Trust and aims to take a
balanced and proportionate view. Prof88sicnal advlGe is taken regul8rfy where necessary.
Where decisions are taken lo commit slgnrficantfinanclal resources, the flnancial return Is Gonsidgred alongside
the 8OCI81 investment return and the furlherance of the charilable objectives.
Neverlhe18SS, the Corporate Trust88 Is aGUtely aware of Éhe potential risks facing the Trust and a rlgorous
syslem of ohecks and balances is in place and revi8wed regularly. A detalled risk reglster s8rv88 to prioritise
governance, operations, compllance and external factors that pose the greatest Goncern and a management
plan is drawn up to reduce exposure, Greatest risks can be grouped according to residual risk priority and
summarised as follows In order of concern,,
Regulatory and Statutory
Changes in government poliGy leading to reduced income, Increased regulatlon and therefore
inGreased expensg and slaff timg.
b. Maximising the positive impact upon benefiGiaries but an8uring this is within the para￿eterS of
the Charity's oblects.
c, Governance matters that arise from a small staff team (such as dependence on key staff).
d. Recognlslng the potential for confllctlng Interests and loyalties given the dlrectors within tha
corporate trustee are local lay people with numerous local connections and local buslnesses.
e. Reducing the possibility of unknown changes in legislation and regulation.
Specific risk mitigation measures relevant to th8 Financial Statements:
a. Fraud,. Day-to-day administratlon procedures are undertaken to reduce the risk of fraud and
certain ￿nCtionS (such as payroll) are outsourced, Internal financial reviews are undertaken as
good pracllce uslng a Fraud Pollcy and Fraud Response Plan,
b. Loss of Income (Propety): M8asures are taken to mlnlmlse almshouse volds (see report above)
by advertising and maintsining close working relationships wlth local organlsatlons and the local
authority. Commercial r8nt18vels have romalned static in recent years due to the uncertalri
economi¢ climate preceded by a recession, but staff strive to ensure good working relationships
with comrnercial tenants, keap the properties in good working order and keep close monitor5ng
of rental payments to mlnlmlse the risk of arr&ars and to maintain continulty of tenants.
c. Loss of Income (other assets).. An annual investment review is hèld every November and
monltored quarterly at Board meetings,
An approved Investment Pollcy is reviewed every year. Dlscretlonary power has been given fo
the Trust's brokers who manage the largest portfolio, other investment provlders are managed
funds or d8POSIt a¢counts. The Corporate Tnjstee alms for a wlde varlely of deposit accounts
balanGing long term and shorl-term investments and, as far as reasonably possible, Invests no
more than the maximum cover provided by the Financial Services Compensation Scheme.
d, Unforeseen Property Repair Costs: Quinquennial surveys are commlssloned, and the results
incorporated into a rolllng programme of maint8nance within the budget forecast. Unforeseen
works are therefore restricted to extraordlnary events (such as flooding becaus8 of a leak) and
usually covered by insurance. Routine maintenance is seen as a core activity.
10

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
The Chief Executlve Is responsible for the day-towday management of health and safety matters and Directors
are aware of their statutory legal duties under legislatlon through regular Board meetings. Health and safety and
flre risk assessments are carried out annually by wr Consultancy.
A comprehenslve Ilst of polici8s and procedur88 is revlewed on a one to three-year rolling programme or when
legislatlon or best practice guidelines change, whiGhever Is the soone8t. Regular staff meetings ensure that ngw
procedures are understood and implemented.
Flre drills are held annually at the Tru8Ys two main slles and central office.
Residents are encouraged to ask questions and provlde feedback verbally, or in writing or thorough suggestlon
boxes on slte. The Chief Executive sends a report to all residents wrth the r&su5ts from the residents, satisfactlon
survey, Th8 Chief Executive holds a residents, drop-ln each month on bolh of the large almshouse sltes for
resldents to individually ask questions and give thelr feedback.
Staff meetSngsfDr all &mployee8 take place monthly with the management team also meeting on a weekly basis.
Directors and staff remain vigilant on matter8 of rlsk and contlnue to seek advice and updates from legal bodles,
the Charity Commission, the Social Houslng Regulator, and the Almshous8 Associatlon.
11

REPORT OF THE CORPORATE TRUSTEE
YEAR ENDED 31 DECEMBER 2024
STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS
The Corporate Trustee of the charity whlch held office at the date of approval of these
Financial Statements as set out above, confirms, so far as It Is aware, that:
there is no relevant audit information of which the charIt￿S aud itors are unaware. and
it has taken all the steps that it ought to have taken as Corporate Trustee in order to make itself
aware of any relevant audlt Informatlon and to establlsh that thè charlty's auditors are aware
of that Informatlon,
Approved at a meeting of the Corporate Trustee held on. {)
Signed on its b8half b
Mrs Dlana R Hewitt- Director {Chalr}
Mr Patrick R Dummett (Chief
Executlve)
12

TIVERTON ALMSHOUSE IRUST
STATEMENT ON INTERNAL CONTROL SYSTEMS
YEAR ENDED 31 DECEMBER 2024
The Corporats Trustee Is responsible for malntaining a sound system of Internal control which:
focuses on the signif￿ant risks that threaten the organi5atlon's abilty to meet Its objectlv6s' and
provides reasonable assurance of the safeguarding of assets.
The Corporate Trustee Is also responslble for r8viewlng the effectlveness of the system of int8rnal control,
The internal control system Is deslgned to manage rather than ellmlnate the risk of fallure to aohigve buslness
objectives and can only provide reasonable, and not absolute, assurance agalnst mat6rlal misstatement or loss,
Th8 process for idenlifying, evaluating and managing the 8ignifTcant rlsks faced by the charlty is ongolng, Thls
process has been in place for the year end8d 31 D8C8mber 2024 and up to the date of approval of the Corporate
Trust88's report and financial statements and is regularly reviewed by the CorporateTrustee.
Exp8ri8nced and suitably qualif18d manag8m8nt staff take responslblllty for Important business functSons.
Appraisal procedures have been established to maintain the Standards of performance.
All significant new inltiatjves, major investments and investment projects are subject to formal authorisation
procedures, through the Financg and Propgrly Committee andlor the Board.
The Property and Finance Committee reviews reports from senior staff on behalf of the Board and from the
8Xternal accountants and separate auditors to provide assurance that control procedures are In place and are
being followed. The Property and Finance Committee inform5 the Board in this regard on a regular basls.
Procedures have been established for instituting approprlate action to correct weakness88 id8ntrfied from the
above report,

TIVERTON ALMSHOUSE TRUST CORPORATE TRUSTEES,
RESPONSIBILITIES STATEMENT
YEAR ENDED 31 DECEMBER 2024
The Charities Act 2011 and registered soclal housing legislation require the Corporate Trustee to prepare
financial statements for each financial year which glve a true and falr view of the state of affairs of the charity
and of Its income and expenditure for that period.
In p￿parIng these financial statements. the Corporate Trustee Is requlred to..
select suitable accountlng pollcies and then apply them ccnslstently.
make judgements and estlmates that are reasonable and pwdent,
stale whether applicable accounting standards have been followed, subject to any material departures
dlsclosed and explaln&d In the financial statem8nts', and
p￿pare the financlal statements on the golng concern basis unless It Is inappropriate to presume that the
charlty will continu8 in business.
The Corporate Trustee Is responsible for keeping proper accounting records whlch disclose with reasonable
accuracy at any time the financial position of the charity and enable them to ensure that the financial statements
cotnply with th8 Charities Act 2011, the Housing an(J Regeneration AGt 2008 and the Accountlng Directlon for
private registered providers of 8oclal houslng In England 2022. The Corporatg Trustee has g8neral responsibiltty
for taking reasonable steps to safeguard the assets of the Trust and to prevent and det8Ct fraud and other
irregularities.
14

INDEPENDENT AUDITOR'S REPORT
TO THE CORPORATE TRUSTEE OFTIVERTON ALMSHOUSE TRUST
Oplnlon
We have audited the financial 8tatement8 of Tlverton Almshousè Trust for the year ended 31 December 2024
which compri88 the Statement of comprehensive Sncome (Includlng incoTne and expenditure account).
statemenl of financial posltlon, Statement of changes In equity and reserves, Statement of cash flows and notes
to the financial 8tatements, includlng a summary of significant accounting policies. The financial repDrling
framework that h28 been applled In thelr preparation is appllcable law and United Kingdom Accounting
Standards, including Flnanclal Reportlng Standard 102 Th& FlnanGlal Reporting Standard appliGablg in the UK
and Republlc of Ire18nd (Unlled Kingdom Generally Accepted A¢counting Practice).
In our oplnlon the flnanclal ststements..
give a true and fair view of the state of the Charlty's affairs as at 31 December 2024 and of its incoming
resources and application of resources, Includlng Its Income and expenditure, for the yaar then endad,.
and hav8 been properly prepared in aooordance with Unlted Kingdom Generally Accepted Accounting
Practice; and
have been properly prepared In accordance with the Charities Act 2011, the Houslng and Regeneration
Act 2008 and the Accountlng Dlrectlon for prlvate registerod providers of social houslng in England 2022
Basls for oplnlon
We conducted our audlt in accordance with Internatlonal Standards on Auditing (UK) (ISAS (UK)) and appllcable
law. Our responslbillties under those standards are ￿rther described in the Auditorfs responslbilities forthe audit
of the flnancial statements section of our report. We are Independent of the charity in accordance with the ethlcal
requirements that are ￿levant to our audit of the financial statements in th8 UK, including the FRC'S Ethical
Standard, and we have fulfSlled our other ethical responsibilities in accordance wlth these requlrements, We
believe that the audit evldence we have obtalned is sufficient and appropriate to provlde a basls for our oplnion,
Concluslons relatlng to golng concern
In audltlng the financial statements, we have concluded that th8 director's use of the golng Gon￿rn basls of
accountlng In the preparation of the financlal statements is appropriate.
Based on the work we have perfomied, we have not idantified any materlal uncertaintles relating to events or
conditions that, individually Dr collectlV81y, may Gast significant doubt on the charity's abS1ity to continue as a
golng concern for a year of at least ￿e1ve months from wh8n the original flnancial statsments wwe authorised
for issue.
Our responsibilities and the responsibiliti8s of the CorporateTrusteewith respectto going Goncern are described
in the relevant section5 of thls report.
other informatlon
The Corporate Trustee is responsible forthe other information. The Other informatlon comprises the information
included in the report of the corporate trustee, other than the financial statements and our auditor's report
thereon. Our opinion on the flnanclal statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financlal statements, our responsibility is to read the other information and,
in doing so, consider whether the other Informatlon is materially inconsistent with the financial statements or our
knowledge obtained in the audit or othemlse appears to be materially misstated. If we Identify such materlal
Inconsistencies or apparent materlal mlsstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the
work we have performed, we conclude that there Is a material misstatemsnt of this other information, we are
requlred to report that fact.
We have nothlng to. report In this regard.
15

INDEPENDENT AUDITOR'S REPORT
TO THE CORPORATE TRUSTEE OF TIVERTON ALMSHOUSE TRUST (CONTINUED)
Oplnlon on other matter presGrlbed by the Charities Act 2011
In our opinion, based on the work undertaken In the course of th@ audit..
the information given in the Dir8Ctor8' Report for the flnanclal year for whlch the financial statements
are prepared is consistent with the financial 8t8tementS', 2nd
the Trustees, Report has been prepared in accordance with appllcable legal requlrements.
Matters on vA)Ich we are requlred to roport by exception
We have nothlng to report in respect of Ih? following matters in ralatlon to whiGh the Chariti95 {Accounts and
Reports) Regulations 2008 requlres us to report to you If, In our opinion..
the Information given in the Corporate Trustee's report is Inconsistent in any material respect with the
financial slatements. or
sufflcient accounting records have not been kept,. or
the financial statements are not in agreement with the acGounting records; or
we have not received all th@ infomiation and explanatlons we require for ouraudit.
In addition. we have nothing to report in respect of the following matter whore the Housing and Regeneration
Act 2008 requir8S US to report to you If, In our opinion:
a satl8factory system of control Over transactlons has not been maintained.
Respon8ibilltles of Corporate Trusté8
As explalned more fully in the Corporate Trustee's Responsibilities Ststement (set out on page 16), the
Corporate Twstee is responsible for the preparation of th8 financial statements and for being satisfied that they
glve a true and falr view, and for such internal control as the Corporate Trustee determine is necessary to enable
the preparation of flnanclal statements that are free from material misst8t8ment. whether due to fraud or error.
In preparing the flnancial statements, the Corporate Trustee is responsible for assessing the ch8rlty's ability to
continue as 8 golng concem, disclosing, as appllcable, matters related to going concern and us5ng the going
Goncern basis of accounllng unless the Corporate Trustee elther intends to liquidate the charity or to cease
operations, or has no r8alistic allemative but to do so.
Auditor's responsibllitles for the audlt of the tlnancial statements
Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of 8ssuran￿ but is not a guarantee that an audil Conduct￿ in
accordance with ISAS (UK) will always detect a material mi88tatement when it exists. Misstatements can arise
from fraud or error and are consider8d material if. individually or ln the aggregate, they could reasonably be
expected to influence the economic decisions of us8rs taken on the basis of thes8 financial statements,
Irregularlties, including fraud, are Instances of non-compllance wlth laws and regulations. We deslgn procedures
In line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to whl¢h our procedures are capable of detecting irragularlties, including fraud Is
dètalled below.
Based on our und8rstandlng of the Trust and nature of the buslness, w8 identified the princlpal risks of non-
compllance wlth laws and regulations as bging those which have a dlrect impact on the preparation of the
flnanclal statements, such as The Charities Act 2006, and relevant tax 18gislation (VAT etc.). as well as
leglslation governing responslblllties as a sooial housing landlord. We considered th8 extent to which non-
compliance wlth these laws and regulations may have a material effeGt on the financial statem8nts.
16

INDEPENDENT AUDITOR'S REPORT
TO THE CORPORATE TRUSTEE OF TtVERTON ALMSHOUSE TRUST (CONTINUED)
We evaluated management's inc8ntives and opportunities for fraudulent manlpulation of the financial
statements. In common wlth all audits under ISAS (UK>, we are also required to perform speGffl¢ procedures to
respond to the rlsk of management override.
Based on this understandingw8 designed our audit procedures to Identify Irregularities, Our procedures Snvolvgd
the following..
Enqulrfes of those charged ￿th governance, regarding thelr knowledge of any nonthcompliance or potential
nonrfompllance wlth laws and regulations that could affeGt the finanoial statements.
Review of minutes of meetings of those charged wlth governance.
Evaluation of the effectivenèss of managem&nVs controls desvJned to prevent and detect Irregularltles
including those applicable to social housing landlords.
Challenglng assumptions and judgements made by management in Its slgnificant acoountlng estimates.
Auditing the risk of management ove￿Ide of controls, including through testlng Joumal 8ntries and other
adJustm8nts for appropriateness, and evaluating the busine8s ratlonale of slgnfflcant transactions outside
the normal Gourse of busines5.
Revlewlng financial ststement disclosures and testlng to supporting documentation to assess compllan
with applicable laws and regulatlons.
Because of the Inherent IlmStatlons of an audlt, there is a risk that will not detect all irregularitles, including
those leadlng to a materfal mlsstatement in the finanGial statem8nts. The risk of not detecting a material
mlsstatement due to fraud Is hlgher than the risk of not detecting one resulting from error, as fraud may involve
dellberate omlsslons, colluslon, forgery, misrepresentations, or th8 override of internal controls. We are also
less likely to become aware of Instsnc&s of non-complianGe with laws and regulatlons that are not closely related
to events and transactlons reflected in the financial statements.
A further description of our responsibilities for the audit of the financial statements Is located on the Financial
Reporting Council's websits at www.frc.or
.uklauditorsres
on8ibilltles. Thls descrlptlon forms part of our
auditor's report.
Use of our report
This report is made solely to the Charity's corporate truste8, as a body, in accordance wlth Part 4 of the Charities
{Accounts and Reports) Regulations 2008 ancl section 137 of the Housing and Regeneration Act 2008. Our
audit work has been underlaken so that we mlght state to the Charity's CO￿Orate trustee those matters we are
required to stale to the corporate trustee in an auditor's 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 Charltvs Corporate
Trustee as a body, for our audit work, for thls report, or for the opinions we have formed.
pEfrk
PKF Francis Clark, Statutory Auditor
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE
Date: 6 A4.
-lQ"Lr
PKF Francls Clark Is eliglble to act as an auditor in terms of section 1212 of the Companies Act 2006
17

TIVERTON ALMSHOUSE TRUST
STATEMENT OF COMPREHENSIVE INCOME (INCLUDING
INCOME AND EXPENDITURE ACCOUNT)YEAR ENDED
31 DECEl4lBER 2024
Note
2024
2023
Turnover
Less: Operatlng.costs
887,414
916,755
818,327
1,107,788
Oporatlng doflcit
(29,341)
(289,461 }
Income from flxed asset investments
Interest recelvable and similar income
Interest payable and similar charges
Unrealisedlreallsed gains and losses on investments
Profltl(lossl on disposal of Investment properties
Revaluation of properties
36.863
13,883
(23,639)
226,163
31,682
15,135
(23.701)
273,699
(190,000)
112,500
10
12
70.000
Surplus on ordlnary actlvltles for the year before tax
293.929
{70,146}
Tax on surplus on ordlnary activities
Surplus l {defl¢lt) for the year after tax
293,929
(70,146)
Total comprehensivg inGomo for th8 year
293,929
(70,146)
Signed on behalf of the corpcrate twstee on..,..,..
Mrs Dian8 R H￿tt- Director (Chair)
Thè ann8x8d notes form part of these finanoial ststements.
18

TIVERTON ALMSHOUSE TRUST
STATEMENT OF FINANCIAL POSITION YEAR ENDED
31 DECEMBER 2024
2024
2023
Notes
Flxed as8ets
Tangible fixed assets
Investment properties
Other fixed assets
Investmènts
11
11
11
12
4,144,378
2,589,176
425,305
4,012,280
11,171,139
4,144,378
2.519.176
426,577
3,775,269
10,865,400
Current assets
Debtors
Cash at bank and in hand
13
41,951
597,389
639,340
106,297
42,802
632,043
674,845
99,971
Cr8dltors: amounts falllng due wlthln
on8 yoar
14
Net currant a880ts
533,043
574,874
Total a8Sgts108S Gurr8nt liabilities
11,704,182
11.440,274
Credltors: amounts falllng due after
more than one year
15
463,492
493,513
11,240,690
10,946,761
Capltal and reserves
Permanent end0￿Ment
Expendable endowment
Income and Expenditure res@rv88
18
18
17
8,948,953
936.524
1,355,213
11,240,690
8,744,381
933,480
1.268.900
10.946,781
These financial statements were approved and authorised for issue by the corporate trustee on
and Signed on Its behalf by..
Mrs Diana R Hewitt- Director
The annexed not8s form part of these fEnancial statements.

TIVERTON ALMSHOUSE TRUST
STATEMENT OF CHANGES IN EQUITY AND RESERVES
YEAR ENDED 31 DECEMBER 2024
Permanent Expendable
Endowment Endowment
Other
Reserves
Total
2023
Al 31 December 2023
8,744,381
933,480
1,268,900 10.946,761
11,016,907
Deficit for year before gains
and losses from Investments
(2,234)
{2.234)
(266,345)
Unrealisedlreallsed galns and
losses on Inv8Stments
134,572
3,044
88,547
226,163
273,699
Revaluation of tanglble fixed
assets
70,000
70,000
112,500
ProfiVIos8 on di8P08al of
Investment propert188
(190.000)
Total comprehensive income
204.572
3,044
86,313
293,929
(70,146}
Transfers
At 31 December 2024
8,948,953
936,524
1,355,213 11,240,690
10,946,761
The annexed notes form part of these financial statements.
20

TIVERTON ALMSHOUSE TRUST
STATEMENT OF CASHFLOWS
YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
23
N8t Ga8h flow from operating activities
Cash flow from invosting activitios
Payments to acquire tangible fixed 8ssets
Receipts from sale of flxed a88ets
Proceeds from investments
Purchase of investments
5nt6r&8t rac8lV6d
Divldends received
Net cash flow from Investlng actlvltl
(22,112)
(339,638)
{825)
260,000
61,210
(108,204)
15,005
31,682
258,868
681,566
{697,070)
13,763
36,863
35,122
Cash flow from flnanGing activlties
Repayment of long-lerm loans
Net cash flow from flnanclng actlvltles
(52,321)
(52,321)
(51.544)
(51,544)
Net increas61 (decreaso) in cash and cash equival8nts
(39.311)
{132,314)
Cash and cash equlvalents as at 1 January 2024
651,813
784,127
Cash and cash equivalents as at 31 Dec8mber 2024
612,502
651,B13
Cash and cash oquivalents consist of:
Cash at bank and in hand
Cash held as parl of inve8tm8nt portfolio
597,389
15,113
612,502
632,043
19,770
651,813
The annexed notes form part of these flnanclal statements.
21

TIVERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED
31 DECEMBER 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General information and basls of preparation
Tiverton Almshouse Trust is incorporated under the Ch8rities Act 2011 and is a Reglstered Provider of
Soci81 Housing in the Unlted Kingdom.
Tlverton Almshouse Trust constitutes a publlc benefit entity as d8fin@d by FRS 102.
The financlal statements have be@n prepared in accordance wlth applicable accounting standards
Including Financial Reporting Standard 102 The Financlal Reporting Standartl Applicable In th8 UK and
RepubliG of Ireland {FRS 102}, the Statement of Recommended PraGtice for Swlal Housing Provid6rs
2018, and ￿1th the Accounting Direction for private registered provlders of soclal housing in England
2022, and the Charities Act 2011,
The financ5al statements are pr6pared on a going concern basis under th6 historical cost convention,
modified to include certain items at fair valu8.
The financial statements are prepared in sterling, which is the funclional Gurrency Of Tiverton Almshouse
Trust and rounded to the nearest £.
The registered offlce Is disclosed In the Report of the Corporate Trustee.
Houslng properties
Housing properties are prlncipally properties available to beneficiaries of the trust in return for w@ekly
maintenance contributions.
Hous5ng propert188 are includ8d at deemed cost and are r8viewed for impairment at the end of eaoh
reporting period.
Investment Properties
Investment propertles are principally propertles available to tenants of the firust in return for a
commerclal rent.
Investmenl properties are included at valuatlon, representing fair valu8 and at each reporting dat8
any changes in fair value are recognised in the statement of compr8h@nsive income. Professional
valuations are undertaken on a 5-year rolling cycle.
Investment propertles are reviewed for Impairment at the end of each reporting period.
Fix8d assets and Depreclatlon
Other fixed assets are stated at cost, less accumulated depreclation. Depreclatlon is charged on a
stralght-line basis at rates anticipated to write off the cost of the asset. at the following annual rates.,
Houslng & fr8ehold prop8rtie8
Computer equipment
33,330h stralght line
There Is no depreciation charged thls year against housing properties or freehold property as the
oorporate trustee belleves the residual values are not lower than Ihe current carrying value in the
balanc8 sheet. This oplnlon is based on th8 valuation of The Slees In January 2025. It is the corporate
trustee's opinion that the local housing market retnained static over the 2024 year, and they will be
reviewing this throughout the 2025 financlal year.
Invéstments
Investments are recognised initially at fair value which is normally the transactlon pr1￿ excluding
transaction costs. Subsequently they are measured at fair value through the statement of
comprehensive income.
22

TIVERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED
31 DECEMBER 2024
Debtors and creditors rec8ivablelpayable wlthln oné year
Debtors and credltors payable wlthln one year aré r8¢orded at transaction price.
Loans and l)orrowings
Loans and borrowlngs are Inltlally recogn5sed at the transactlon price including transaction Gosts and
then subsequently adjusted for prlnolpal repayments and Interest charged.
Revaluation surpluses and deflclts
Where market value Is not readily avallab18, the corporate trustee estimates market value. Revaluations
of Investments are reported In the Statement of Comprehensive Income.
Leased Assets
Rantals payable under operating leas8s are charged to the income and expenditur8 account on a
straight-line basis over the period of the lease.
Government grants
A social housing grant was received baok in 2004 as a contrlbutlon towards the capltal cost, The grant
was previously deducted from the cost of the houslng properties, However, as the housing properties
ar8 accounted for using the valuation mi)del. grants should now be accounted for using th8 performan
model which means that grants are r8cognised as Income once the performance conditions have been
meet. This change has not alt8r8d the overall value of reserves.
Current Taxatlon
No taxation is payable by the charlty, since it has charftable status and its aGtivities are ex8mpt from
tax.
Valu8 Added Tax
Irrecoverable VAT whlch can be attributed to Gapital items or revenue expenditure Is added to the cost
ofthe capltal Item or expenses where practicable and material.
Pen8ion C08ts
The charlty operatss a deflned contribution scheme for the benefit of its employees. The costs of
contributlons are wrltten off through the income and expenditure account in the year they are payable.
Dilapidation8
Monies receivable in r8sp8Gt of dilapidation8 are generally not accounted for until they can be
determined with reasonabl@ acGuracy.
Turnover
Turnover Is measured at the falr value of the consideration re￿ived or receivable.
Turnover represents rental and service charges income receivab18 in th8 year net of rent and aervlce
charge losses from almshouse voSds.
Interest and dlvldends recalvable
Interest and dividend inc>)rne is recognised as Tiverton Almshousg Trust's right to receive payment is
established.
Key judgements and estimates
The following judgements and estimates have been made in the process of applying the above
accounting policies that have had the most significant effect on amounts recognised In the financial
statements..
The corporate trustee has established a flve-year cycle for investment properties to be valued by an
external RICS qualified surveyor. In the Intervening years th8 remaining propertie8 are valued by the
corporate trustee havlng regard to all risks, the yield, the strength of the market and comparison with
similar propertles.
23

TIVERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED
31 DECEMBER 2024
TURNOVER
2024
2023
Rents recelvable excluding service oharges
Service charges receivable
Rent and servico charge losses from volds
Guest room income
Social Houslng Turnover
Investment property Income
521,069
122,218
(5,899}
2,565
639.953
247,461
887,414
478,760
112.700
{6,042)
3.270
588,688
229,639
818,327
UNITS IN MANAGEMENT
2024
85
2023
84
Social housing for old8r people
Warden accommodatlon
86
86
OPERATING COSTS
Support
Costs
Social
Houslng
Investment
Propèrtles
Total
2023
Total 2024
Estate management GO8ts:
Wages and salaries
Estate costs
Repairs and maintenanca
Professional fees
Utilltles
Insurance
Sundry expenses
Waste
Cleanlng
Administratlvo Costs
Wages and Salaries
Staff costs
Offic8 running costs
Audit servic8S
Accountsncy service8
COVID19 8xpens8S
Pl insurance
SubsGriptions
Bank charges
Depreclation
Bad debt
Investment mgm't fees
55,514
21,553
77,067
75,898
277,088
24,044
89,909
12,832
5,620
7.661
5,441
52,226
39,844
9,948
11,760
4,127
329,314
63,888
99,855
24,592
9,747
7,661
9,486
479,282
9g,049
109,741
29,659
10,207
7,063
7.863
4,045
223,832
150
31,921
8,200
10,721
223,832
150
31,921
8,200
10,721
219,306
33,851
8,400
9,605
100
578
3,509
934
2,267
578
3,478
1,042
1,272
3.317
10,636
295,145
(295,145)
578
3,476
1,042
1,272
3,317
10,636
916,755
9,780
1,107,788
478.109
158.636
636,745
143,501
136,509
280,010
Apportlonment
916,755
1,107,788

TIVERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED
31 DECEMBER 2024
OPERATING DEFICIT
2024
2023
Operating defloit is Stated after Gharging.,
Operating leases - other assets
2,017
1,524
AUDITORS, REMUNERATION
2024
2023
Audlt services
8,200
8,400
8,200
8.400
BOARD OF DIRECTORS OF THE CORPORATE TRUSTEE AND KEY MANAGEMENT
PERSONNEL REMUNERATION
2024
2023
The aggregate emoluments payable to key
management personnel excludlng employer
penslon contributions
74,866
72,358
Th8 Board of Directors of the corporate trustee rece5ved no 8xpenses or remuneratlon in the year.
EMPLOYEE INFORMATION
2024
2023
The average number of persons employed during the year
expressed in full time 8quivalents (16 hours or more per
week} was:
Office staff
Wardens, cleaners and handyman
10
Staff costs (for Ihe above persons)
Wages and salaries
Employer's National Insurance Contribution5
Other pension costs
281,042
25,857
14.000
300,899
256,475
24,381
14,348
295.204
During the y8ar one employee earned more than £60,000. No employeg earned more
than £60,000 in 2023.
25

TWERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED
31 DECEMBER 2024
INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
Interest received
Miscellaneous income
13,783
12D
13,883
15,005
130
15,135
10.
INTEREST PAYABLE AND SIMILAR CHARGES
2024
2023
Mortgage interest
23,639
23,701
23,639
23.701
TANGIBLE FIXED ASSETS
HousTng
Properties
Investment
Properties
Freehold
Property
Computer
Equipment
Total
COSTORVALUATION
At 1 January 2024
Additions
Revaluation
4,144.378
2,519,176
425,000
19,016
7,107,570
70,000
70,000
At 31 December 2024
4,144,378
2,589,176
425.000
19,016
7.177,570
DEPRECIATION
At 1 January 2024
Charge ft)r year
17,439
17,439
1,272
At 31 December 2024
18,711
18,711
NET BOOK VALUE
At 31 December 2024
4,144,378
2,589,176
425,000
305
7.158,859
At 31 December 2023
4,144,378
2,519,176
425,000
1,577
7,090,131
HOUSING PROPERTIES
Housing properties includes freehold land and buildings, which are included at deemed cost of
£3,962,000 {historiG cost: £4,210,895).

TIVERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED
31 DECEMBER 2024
INVESTMENT PROPERTIES
The corporate trustee has establlshed a flve-year cycle for Investment properties to be valued by an
extemal RICS qualffled suNeyor.
The freehold interest in Raymond Penny House, Tiverton were valued at 24 January 2025 by an extgrnal
valuer Matthew Wilcox MRICS of Stag8 Estate Agents. The valuatlon was prepared in accordanGe with
the requirements of the RICS Valuation - Global Standards, SORP and FRS102.
For the 2024 year, all other investment properties held were valued by the Co￿Orate trust8e on the basls
of fair value as at 31 December 2024.
Valuation is r8presented by:
2024
2023
Historlcal cost
Revaluatlon
296,927
2,292,249
2,589,176
296.927
2,222,24g
2,519,176
Revaluation..
2024
2023
Balance as at 31 December 2023
Revaluation
Dlswsals
Balance as at 31 December 2024
2,222,249
70.000
2,559,749
112,500
(450,000)
2.222,249
2,292,249
27

TIVERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTSYEAR ENDED
31 DECEkqBER 2024
12.
INVESTMENTS HELD AS FIXED ASSETS
(Flnanclal assets measured at fair value through the surplusl (deficit))
2024
2023
MARKET VALUE OF LISTED INVESTMENTS
At 31 December 2023
Additions
Disposal proceeds
Realised gainsl(losses}
Unrealised galnsl{losses)
At 31 December 2024
3,775,269
697,070
(e81,566)
120.381
105,782
4,016,936
3.491,472
108,204
(61,210)
5,474
268,225
3,812,165
Cash held as part of investment portFolio (movement)
(4,656)
{36,896}
4.012,280
3,775,269
Historical cost
2,769,242
2.628.806
13.
DEBTORS-ALL RECEIVABLE WITHIN ONEYEAR
2024
2023
Trade debtors
Social housing rent arrears
Social houslng utility arrears
Other
3,599
813
1,085
3,564
5.262
31,938
5,602
42,802
20,710
14,309
24,626
3,016
41,951
Prepayments and accrued income
Other d8btors
14.
CREDITORS. AMOUNTS FALLING DUE WITHIN ONEYEAR
2024
2023
Mortgages
Trade creditors and rents paid in advance
Other creditors and accruals
28,899
21,720
55,678
106,297
27,559
22,433
49,979
99,971
15.
CREDITORS- AMOUNTS FALLING DUE AFTER MORE THAN ONEYEAR
2024
2023
Mortgages
463,492
493,513

TIVERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED
31 DECEMBER 2024
16.
MORTGAGES
{Flnan¢lal Ilabllities measured at fair value through the surplusl (deflcit)}.
2024
2023
Analys18 of m8turlty of debt..
Less than one year or on demand
BebNeen one and two years
Between two and flve years
After flve years
28,899
30.238
99,465
333,789
492,391
27,559
28,827
94,769
369,g17
521,072
The mortgages mature in July 2037.
Capital is repayable in monthly instalments, which cornmenced in August 2004, Interest for both
loans in calculated based on SONIA and include an Adjustment Spread.
The mortgages are secured on ￿rtaIn freehold housing and Investment prop8rt16S.
17.
INCOME AND EXPENDITURE RESERVES
Surplus
for year
2023
R8valuation
TranSfe￿d
Uti118ed
2024
Exiraordlnary repair fund
Cycllcal maintenance fund
Routine works
Other
100,726
7e,602
57,251
1,034.321
1,268,900
144,556
43,103
292,026
(479,685)
245,282
79,854
59,814
970,263
1,355.213
(39,851)
1289,483)
329,314
(2,234)
(2,234)
88,547
88,547
Tiverton Almshouse Tnjst has &stablished a regular programme of works.
Part of other reSe￿0S has been earmarked by the corporate truste8 for a partlcular purpose. Such
designations may be reversed by future Trustee decislons.
Expendlture Is laken through the income and 8xpendlture account. A transf8r Is then made as
approprlate,
18.
CAPITAL AND RESERVES
Permanent Endowmont
These reserves represent the hlstoric value of th8 houslng and investment properties together with the
current value of any other investments that were held at the date of the merger and cash deposited wlth
Standard Llfe on behalf of Ajexandra Lodge Trust as at the date of the merger.
Expendable Endowment
These res8rv6s represent the current value of any investments purchas8d since the merger.
29

TIVERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED
31 DECEMBER 2024
19.
LEASING COMMITMENTS
Total future mlnlmum lease payments under non-canc8llable operating leases are as follows:
2024
2023
Not later than one year
2,017
1,524
Total
2,017
1,524
20.
PENSION COSTS
The charlty operates a d6fined contribution pension scheme. The assets of the sch8me are held
separately from those of the charity in an independently administered fund. The pension cost charge
represent5 contributions payable by the charlty to the fund and amounted to £14,000 {2023,. £12.063).
21.
RELATED PARTY TRANSACTIONS
As at the 31 December 2024 two dlrectors of Tiverton Almshouse Trustee Limit8d were councillors I
employees of related Local Authorities,
Any transactions with the Local Authoritles were at arms-length on normal commercial terms and these
individuals were not able to use thelr postt5on to thelr commerclal advantage.
22.
CONTROL
The ultlmate controlling party is the board of directors of Tlverlon Almshouse Trustee Limited
23.
RECONCILIATION OF OPERATING SURPLUS I (DEFicin TO CASH FLOW FROM
OPERATING ACTIVITIES
2024
2023
Surplus l {defi¢lt) for the year
Mortgage interest paid
Interest received
Dlvldends received
293,929
23,639
(13,763)
(36,863)
1,272
(70,146>
23.701
(15,005)
<31,682)
2,267
Depreciationlimpairment of tangible fixed assets
Reallsed (gain) I loss on disposal of investments
(Proftt}Iloss on dlsposal of investment properties
Unreallsed (gains) I loss on investments
Revaluatlon on Investment properties
(Increase) l decrease in trade and other debtors
Increase l (decrease) In trade and other creditors
Ngt Gash flow from operating activities
(120,381)
(5,474)
190,000
(268,225)
(112.500)
14.730
67,304)
(339,638}
(105,782)
(70,000)
851
4,986
(22,112)

TIVERTON ALMSHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR E￿DED
31 DECEMBER 2024
24
ANALYSIS OF CHANGES IN NET DEBT
2023
Cashflows
Non-cash
changès
2024
Long-term borrowings
Short-term borrowings
Total liabilltles
Cash and cash equivalents
Total
493,513
27,559
521,072
651,813)
{130,741)
{30,022)
30,022
463,491
28,900
492,391
(612,503)
(120,112)
28,681
(28,681)
39,310
10,629
31