THE DAVENPORT HOTrIES TRUSTEES, REPORT AND FINANCIAL sTATEIENTs PERIOD ENDED 31 LURCH 2024 Chthty Nutnb¢r 215415
THF, DAVETrIPORT HOfvIES REPORT OF THE TRUSTEES lor the perIod ended 31. March 1024 Thc Ttustces have adopted ¢heprovi5LODS of the Siatcmetlt of RecouMneod¢d Practice (SORTr)'knwunting aod ReportULg by Ch&riti¢s' IFRS 102) in preparing the arhnud rwrt snd fjnancial gt8tement$ Df the Charity. The fiDan¢ittI ytatemcnts hhve been prep4red in accordCe wlth th¢ ¢0lting polici set out In notes ¢0 the Ccounrs and comply with the Charity'& 8oveming do¢u]nMI, thr Charitie9 Act 2011 alld AcctsuDting alld RepOn1 by CharitiCB.' St&l¢nieiLI of RBconThieDded Pr&¢ttc¢ applicable 10 cb3nuas pr¢purittg thtir acc(IUDt8 io accordance with the Fin&n¢ial R¢porring Standard applicoble in the UK at)d Republic of Irel8md published on 16 July 2014. Refereoee ind Admlnlitrdve tnforrnitlo The TrE is r¢Ki4ter¢d with the Chariiy Commi8sioN re8i$tratioo Dumber 215415. The Tnts( h88 been &c¢¢pl È chArity by HM Revenue & Customs aad &u¢h its Incom¢ attd c&pit&l ¥•it are exempl frcm t&xatsoo. Th¢ Charity's princip AddrcBS is 30 Beniloy Heath Colle8, Tilehouse Crteen LAne. Knowlo, Solihull, B93 9EL Trusteei The Tntyt H410 acied in tho period Are.. Pre8ertt tenll of olfice èxpircs., r)oMd John Cvrn¢y - Lh&irmaD Kevill Cooke JaA Cove SieplLCTr Lbarlo8 Goodchild Michael Frnnk Hoiford CTrah4m McGuinn¢$6 EiliT4b¢th Myry Spencer Sirnon Wi]Ico¢k 18 July 2027 18 September 2028 20 Aprd 2027 24 F¢bru8ry 202J 26 April 2026 04 September 2024 01 August 2028 31 OGtober 2027 MrMcGuiDne88 ¢ea%d to be a Tru8tee on 17.4.2023. Mr Cooke w18 appointed aB a T¢u8teB on 18.9.23 The preAettt Truyleety are member8 of tE]e local ¢ommimiiy who arc in sympathy with th¢ awtJ5 of the Charity. They ate local people of integrity wh08¢ dereftt ?xperiences combine add to the ChaTit*$ i¢tsvi¢ie8 &t Other Advlseri HSBC BAllkPlc of pn Box 68, I30 New Street B2 4ru W&llAc¢ Robiti8on And N£oryan, 4 Dwry Lene, Solihull, West Midland8, R913BD Evelyn Partner8 InYedkne MattaEement LLP. l4th Floor, 103 Colmor¢ Row, Bimiiti8h&n, B3 3ACI. Solieitor3'. Investmeni mager8.. Auditor . W. HinkA LLP of l9 Highfield Road, Edgb8stoTh Bimjingham, 315 3BH 8¢t4d u auditor durinB the peri¢)d and prop)se thcnryelv for rtrwpDintsnent for ihe Current fthallcid year.
THE DAVED4PORT HOMKS REPORT OF TEtE TRUSTEES lor the perlod ended 31° MArch 2024 {eonthiutdl Structhr¢, Covern•nee MageMent Governlng Document The Charity 18 Kovern¢d by & SrlLO]ne cmted on 6 August 2003 llder an Order from the Charity Comrnission for Ellgland aDd Wales under the pow¢r given in the Chariiies Act l993 attd 18 knowtt u The DaV¢ll Hom 1215415). Tht ourr¢nt S¢h¢ra¢ 8oYeLTB the ¢baritle8 previou81y known 8B The Davenport HomvA {2l5415),' and Thr Samuel Wel$h Memotial Home5 (2169351. R¢¢rul¢w¢at Ind AppolnimeTh¢ ofTruste¢J The brdy of Trast¢E8 ¢tsn818ts, whcn complet¢, of ryo¢ le8J than iix and llnl more thun ¢igh¢ competent p¢r80ts8. Each Trustee is &ppoixied for & terni of five y¢on by 4 r¢solution of the Trustee8, Upon the COttLpl¢tiollof their lenD of 01¢¢ any competent Thjstee may be reappointed, Rlsk MAnigem¢nl Th¢ rl$k$ to which th• Charity is expo8ed 8re underregular review. Polibi¢s have been adopted to tnAbgate potential risks to rhe Charity, its Rcsidents and En)ployee8, Oblectlvej The objt8 of th¢ Charity, L8 8Ct out ltt the Jaie8L S¢tLeme, la) the PTQVi910rt of housiDg aKomtDodBtion for beD•fi¢i4ries' And (bl 9uch Ch1(ble purp08¢8 for ¢he b¢nefit of the rc5idents Hs the Trustce8 dceide, Tb¢ Tru5tecs h&ve ref¢ryed to the guidance bonLiined in the C'harity Commt8glOll'8 general guidance oa public b¢n¢fit when r¢viewitt8 dic Chlty,& aims &fjd obJ¢ctiV¢8 and planning activities. Ill ptIcular. the Tru&tees have con8idered how planoed aGtivltie8 will conttibuto to the alma objeciiv¢g 8et. Pubile Bert¢llt The Ch8Tity provides a¢coMt[Lod1On thoge who uttable to olford comme141 r¢nts. Ir ILtlaS ¢loJe onlact with th¢ residenl¥, enauring tbit thcir health ld wolf8rc are protcctcd. Ori*lllJAtlonAI Striicture All matt¢rs oEpoliey and ttwiagemertt of the Charity are deterniined by the TnJst¢e$ at their regular meetings, which takc place four lim¢8 eath year. Inforniai rnccungg 8180 t8ke placc, more frcqu¥ntiy, to r¢vi¢w oll8oin8 opera¢ioDAI u(knri8ed by th¢ S¢herne the fn]stw baye &ppoitited apart lime Tru31 AdrDitsi8tratc¢lPTOPCTty Maoager, I general t£Thns the day io d&y admiThiytration of the Ch8rity i8 carrird out by th¢ Tru81 AdmiAi81tator who attend8 ChTruStCC6, meeting to report ott ail in)portallt matter5 deal¢ with 8in¢¢ thc I( meeting. Th¢ Tru$tces cstabliyhed a wcb8ite at ]¥wJVJ0rLall4[I updaied durillg yearunderreview. Th¢ Trusteeu hava appoiDied a Liaison Officer who Ss & part time employee to adminL%¢er the geo¢ral wdeare and envirotjmmt oC&iL residents on a day lo day basis. Sh¢ reports weekly lo thc Trnst Administrator Dnd 8roup of TnJstce8. or niore frentlY if Th¢GS8ry, ou any matter requiring atlenljon by the Tnstee8. tn addition. shc altrnd8 each fonn meeting of the TtU8tees 10 report On &rnor6 gen¢r&l bd&is fynd to taL"e partin the di8CU85ions of the Truste#8 ott tsu mattery relevant to the general Welfa of th¢ residents. whi¢h has been revi8¢d and
THE DAVENPORT HOMES REPORT OF THE TRusfEES for the peAod ended 31" Mar¢h 2024 l¢ontlnu¢d) OrgalllsatlonAI Strnetwre (contlnued) tndividual Trustff6 make themselves available regularly to meet the Trust AdThTDistr&tor, the Liei¥on OtTicer and te8idents to ¢nJure thAt &ll rnattcrs of concern are deAIt with promptly. Certaill TN$i¢e8 Witb sp¢ciaIist knowledge andexperi¢nc¢ attend tbe Sil6 KguIr]Y to 8dvi8e, within the bounds of their spcciali¥l experti8e, ort action it IS ]KfC68ary for the Tn¥t¢¢8 to th. PropErty. legal financial matrs dealt widL iu this way. AchlevemeDty PerfunnJD¢• And FlnanclAI Rtvlew It jg the attn of the Charity, both presentIy and in the tyre, to provide comfortable and well-maintained prtIc3 for the us6 of r&4idents alld 10 provide & secure and pea¢efvl ¢nvir()nment in which they may Ilvo. Th¢ cban.ty pres¢llY ha8 adequllte finan¢iai re80urcoy and pl8ll8 inpla¢e t(t amble the Chan"ty to meet these objcGlives. All cottsge8 8nd flats have bt4ll occupiod throushout th¢ y¢Jx ex¢ept for Short periods between the d¢parNrt and pTrival of betseficiarie8 and wh¢re rOtbishen1 ha8 been taking pl¢. Th¥ Tru¥tV¢8 4Te pl¢wd that the social wolfare of the resident8 18 beirts mairtthined by th¢ a¢tivitiu of the Liai8on OfQ¢erand of the re81dent8 ihems¢lve8. These llGtivitios nornially include sooiAI functions it Btniicy Heath Coltases, trÈpJ to local plaBcs of intere8t and 4 Cl)ri5tmas luncbo¢>rt. A programme io upgrnde the kIhen8 and batbroDmo of rhe Cbarity'8 older cott&¥eH is almost complwe, with just 2 cottAge5 QU181andiDg, Thc fJn&ttcia] 8tatements di8cIoBe dethi18 of th¥ fittllttGi transa¢ii0tt8 for the p10d and it wlll be ¥ecn that 4tl¢r providitt8 foi tli¢ upk¢ep ofthe thBhou¥e¥, ben¢fit¥ for r6yidets gov¢rntttt¢ aod costs of g¢nerating fu]th. thcre wa5 a deficit of £23,567. Durin8 the period th¢r¢ ha8 b¢ell increuye In the m4rket value of the Charity'8 invethenlN result the value ofdic CIwity'5 Funds &t 31.arCh 2024 was £5,343,867. The Trus arE of tbe opinion that the Balatt¢e She#t dis¢los¢$ ndS adequate for the puryM)6e of fidfilliDg the oblt8ationg of the Charity. fnv¢stment Pou The S¢hetne imposes re61ricttot)s on the inYe8tmeLt powers of th¢ Tru8tee8. Th¥ Trusiees have approved 1nvrgjts8lll policy that requir the productson of ott odequate iftcome retyrn ¢oa8i$ieni wilh e4 requiremcul ¢0 maintain the real Value of the cDpits] of the Chariiy. The Tru5tee8 bave bppointed Evelyn Por¢ner8 Inycstmcnl M08eMent LLP of14th Floor, 103 Colmor¢ Row, Bimiingbatu. B3 23G to act Jnveslment Manag¢r8 lo tho Charily wilh fiLll di8cretiouTrry power5. Their rfOrn)allQe 15 motLitored using the FTSE All sba tnd¢x 86 a benchmark Rmerw Poucy Thc invesknents of the Ch8ri¢y prcduee income which, togeth¥r with tho re9idents' Weekly Moinlenon¢e Cotttribution, 18 Lorttmlly norc tban that necess to cover the costs of admini$t¢ring alld mAiJJiailling the preBEDt thhou8e8. It 18 the TNstee8 policy to rBtain m &moullt approxirnatin8 to tho esiamatcd tot81 operatios exp¢JJ8e5 for the lortbcoming yéar in the unrestrict Income Fund. Flld9 $urplu5 to theso requirethettts Lre trall5ferred to a funddesisnated to mert developtycDts. The Trn5trcs are con8tantly considering ways in wkn'ch tbese 8uTlua Sd¥ may be u8ed io ire the number of almshou5c uni15 Opcrnted by tkn Charity or t arry oul major i]nproveixLents to exi8Eio8 aG¢onynodatiOD.
'I'IiE DAVENPORT HOLK
REPORT OF THE TRUSTEES for the perlod ended 311t 2024 l¢onll4*ed)
for Futw¢ Terlod8
The Tru$lc
INDEPENDE AUDrfoR'5 REPORT TOTHE TRUSTEES OF THE DAVENPORT HOMES Opwiian We haveaudited the finanaal statements of The Davenport Homeslthe'charftfl forthe period ended 31 fvlarth 2024 whlch compriseof thestatement of Flnanaal Athfjes, 8alance Sheètand notes to the finallaal 5tatementy Incluthngslgnlncantbccownwng PDlks. The flnandal reportIfraMew0rk that has been applied in their preparaticnig appllcable law and united Kid0M Account1 Standards, IndudlrÉ FinclaIReportthg Stsard 102 The Financk71RepoityStondordopplKobleln the UKundRepubllc oflrelond (United ngdorn Generally Accept Accounting Prathlcel. In ouroplrlontheflnandal stslements.. 8fve a true and fairvlewofthestate ofthe tharltrf5 affa as at31 Marth 2Q24. ard tsf Its IrKomlfi8 resour and èpplcatlon ol resourc& lrtiudln8 Its Income and expenditure, forthe pedod then ended,. have beenproperty prepared in acCdanCeWith Unlted Kingdom GeneralAccepted Prèrtlce. and hwe bepre In acmrdancÉwlth the requlrementsoftheCharitie5kt 2011. Basts foroplnl We conducted ourJdlt In accordance wlth Intern3tbnal Standards en Aud& IUKI IISAS IUKII and appllcable law, Our responsllllttle5 under thosestsndards are furtherdescribed in the aUditor¥espDnslbllses lor the a11 of theflnancll statementssection of our rewrt. Weare independeniofihe chadiyln ac£ordance wlth the ethlc?l Tequirementsthai are Televat)t to our audlt ofiheflnanclal ststements In the includln8the FRCS Ethi1 Standard, ard we have fL•lfilled our otherethlcal rsw&bllifje5 In accordance wlth th&%e requlrements. We tellevethatthe audlt ev1derewe have trbtalned i%5ufflcierst a1 •pproprbieto provlde¥ basL% for ouroplnlon. co5$ rdatlngtO8olngtonc•rn In auditln8 therancIal statements. we haveconduded that th• truSe%, e0f the 8oln8 concern bas15 o1accounth In theprlparatlon of the flnarKlal statements Isapwoprf?te. Based on the work we have wforrned, we havenot kdentlfled affly materlal unortalnYe5 tsjatlngtts Èvents oi condltlons thal ndIdual tsrcdrecthve. may casts11f1COfttd0Ubt on thechartty's ablllty to CDnVnue as a 8olngconcerTr fora perSod of at least mnth5 from when the flnanclal ststemantsarè authorf5ed for Issue. r reSps111t1es and therwonsi1itjes ofthetrustees wlth respect to go11 concwn we dwlbed In the relevantsectlons of th report. other lftfomulon The other Informatlofi tomprlsesthe Information included in the tru5tb' annual reFN)rt , other than the fln?ncial statements and our audltorfs ieportthereorn. Thetrustees are re5ponslble forthè tsther Infomiatlon. rOpInIon on the nnantlal staternents does notcoverthe othÈr Infomlatioftandwe do noteyess anyforrn ofassuTanceconclu51on thereon. Ourresponsibllbtyls lo read theother Informatlon and, In doln8 50, conslder whethertheother Infofmati(n15 materlalty hcDrfj15tentwlth thefinanclal staiemwts orthJrknowled8e obtalned In the course of rheaudltor otherwappea1O be rnatèrlally misststed. If we Identlfy suth matedal inconsbterKies or apparent material mi55taternents, we arerequlred to determlnevthether th15 gfves wlse to a materlal m155tatementin the finarrial statementsthemselves. If, based onthework we haveperformed, we conc1Je that there Is mattrlal mi55tatemwt olthL5 Otherinformètlorn we are qUIred to report that facL We have DotNnB to report In thls re8ard. Mattetson whlthwe arerequlred to rqp)rt byexcep We have nothlng to report in respect of tho followSn8 matters in rdatlry) towhlth the Charttles IAcccKJnts and Reportsl Re8ulatknn5 28 requ1 usto repjrttoyou If, sn ouroplnlon: the Inlormatlon glven In thetrustee5' report15 mojnsistent in anymBterlal respettwth thehnandal ststwnents,'or suffident acceuntlng rocorrts have notbeen kept,. or thefinalal statements are not In reeMentWr(h theacccwntin8 records,. or we have not récefved all the InformJtlon and 2yplanalonswe requlreforeur audlt. Re5poThslbllR50f trustees As explain rnorE fully in the INst, responslbllltie5 *atemenL the trustees are res$ef0rthepprats0n of the flnarnoal Slaternents and ft5rbeing5at15fied that theyth a trueand hirwew, and for suth internal corntrol as the trustees deterrnlnek necessaryto enablethe preparation of flnanaal statementsthatare free frum material mi&5taternen¢ whetherdue to fr8ud or errw. In prepamgthefinancil 5t?tements, the trustees arere5ponsfalefor assesslngthecharfpls al1¥ to ¢ontlnue&% a gohg cOnrTh dlsdosin& as applTrble, matters related togolng concem 3nd ugngthe gging COer ba515 of accountlngunl&ss the trustees dther intend to Ilquldatethe charlty orto cease OPall(S. or have norealisdca1ternaVebuttQdo50.
INDEPEND£KfAUDrrows REPORTTOTHE TRusfEES OF THE DAVENPORT HOME5 Icontlnuedl Ast{ reSponbIl[•Sf0r th• audrtof tho Ilnanclal tements We havebeen appolnted a5 auditor uThkrsecth>n 144ofthe Charkn'e5Act 2land reportin aCcOrthnWfth theAttand relevant re8ulètiorts made Orbn8 effett thereunder. Qur oblettlves aretoobrdin oasonable assuran abotrthvhetherthe finanaal statement5¥ awhole arefreefrom mawal mlsstatemenL whetherduetj ltsud or errcr, and ta i9sue anauthtorfs reportthatinclude5 our oplnlon, Reasonable assuran Is a hl8h level of asswrance, but Isnota 8uaranteethat an aUdIttd¢[e h) accordancewlth ISAS IUKI WUI alway5 detecta matuial mwtatementwhen it $ts. Mlsstaternents arlse from fraud worand èreconstdered tErIal if, IndidUallYOr in the ag8reEate. they could rsonablYbe experted to Influence the economic derl4lotts tsfUSe taken on the b3sLs of Ihese ftrtandal ststernts. Irrwlarftles, Includlng fraud, are Instances of non-compllance wtth laws and re8uladons. Wede5ign prOdureS In linewth our responslbllltles, outllned above, to detect material rnlsstatements IrT respect of irre8ularllles, indudlng fvaud. The extentto whlGhtyJr prOdUr we capable of detecung Irregularlties, hdudlng fraud Is detalled below.. We entified areas of laws re8ulail¢Sthat coukl reasonably be eKpecLed to have a materfal effectcnthe flnandal statefflenisand sojssed the pollae5 and protsdures re8ard1ngcomLlnCe. Spedtkareas consldered were as follows.. ulringwlth managementand thrsto 1n an understsndlngof Ihetharfty ltsdflncluthngopwayons. financlal fepgttn8and known fraud or wror. EvBluatlng and under5tandlngthe Internal control sysiem. Performinganalytical procedures as expecteLJ 0runexpert varlances In account balances or dasse5 of transsappear. Te5Yng cbcumentatlon surtIng account bilano5 ty d•sse$ of transactlons. In8 tothelnherentllmltatronsoFan audlt, therelsan unavolthble rwkthatwe may not havedetecd all Irr4ul8rlles Indudln8those iEadlng to rnaterlal m155tatéments In the flriartllil staiem8nt5 or non4ompliance wlth re8u18t1ts evpn IhouBhwe have property puinned aNJ performed ouraudltln attordènce %4lth adngstandard5, Th15 rlsk Incmse5 the morethat complI£@th a kaw reguSatlon15 removed from the event5 and iransathn5 reflerted In theflnandal 51atements, as wewlll beless Ilketyto become awafè¢f instancesof non<ompllance. Tha Ask is aLso 8reater re8ardln8 IrregularleS due to frawj ratherljban erior, as fraud InvoeS Intenn31 ¢on¢ealmen4 forgery, cc41uslon, ern10 ormisrepresentatloTh Afurtherdesthptlon of our respOnbIlItIES Is avaSlable on theFRCs Webte at.. nc audl -f r.n)Is dltIon forms part Dlour auditorfs report. We communlcatewlth thasè charged wih 8Dvemance regardln& among other matter5, the planned scopeard tlming oliheaudltaTrd slgnlflcantaudlt finLln8s, Includlng any8Cant deficlende51n Sntwrtal control thotwe Identify durlng our audlt. Use olourreport Ths report L% Thades¢lèto the tharltvs tru5tee5, as a bth, In %cordance wlth Part4 afthe Charltles (Accounts and fteportsl Regulatlons Ouraudltwork has been undertaken sothat we ml8hl State to the charivs irustee5 thosematrers we are rewired tostsreto Ihem an aud05 reportand forno Dtherpurpose. To the fulle51 extent permltted by law, wedgnot aCpt or assume respinslIItytOytsne otherthan thethartty and the chari¢Vstrusts as a body, forour *Jdltworlforthls repvrL or lortheepbniu we hav¢frned. JW Hink5 LLP 0)arted Accountants and Statutory Auditor5 19 Highfield Road Edgbaston Birmlntham Westmhllands B15 38H
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THE DA YENPORT HOMES BALANCE SHEET at 31 March 2D24 31 Mare 2Q24 5 Aprll 2023 Flxed A&5ets TaDgible assets (Note ?) Invt¢ts (Nots 8> 2,067,916 3268,927 2,092268 3,076,034 3,336,843 5,168302 CurtEUt AfisE D¢btors (No* 9) BaDk alld ¢a8h 13.076 24,149 7.090 33.580 37.225 40,670 ta88 Liabilities Atnounts falli08 the within one y•ar INote 10) 30,201 18.953 Not CuTrrnl A&49ts 7,024 21.717 Nei Awts £5,343,867 £5,190,019 Fund8 (Note Lll IOme Uore81ftCtol Income De&1ted for A]m$hou$ 89,799 113,366 89,799 113,366 Capitsl Expendable Endowment Pernient F.ndowment utitiged for Alntthou8cB 3,186,152 2.007,916 2,984,385 2,Q92 ?68 5.254,068 5,076,653 £5,343.867 £5,190,OI9 The noies on pa¥e$ 10 10 17 f4mi part of these fJn&o¢id 8tat¢m¢nts. Approved by the TTU$te¢g ¢n 4th Nov¥mber 2024.. D. J. CORNEY frx J. COVE M. F. HOIFORD MTS M SPENCER S. C. GooH[LD S. WILLCOCK K. COOKE
THE DAVENPORT HOMES N(VtES TO THE FllYANCIAL STATEMENTS for tbe perlod ended 31 March 2024 l. Summ&ry rjf 41gnlfitittt 4¢cowitiug Poli¢itt (i) GeTherAI Infornutlon and bfish of pr¢par4tlo The Dthvenport Hfmi¢8 is an unincoryornted tharity registered in EDgland And Wale8. Th¢ address of ¢be office is given in the Ref¢reace and AdmiDi5trdtivc InfoTThaiion section p&ge l of these financi41 stst¢m¢ots. The tharitys principal activiti are the provision of IM)u&ing ¢0mOdati The ciwily ¢0tt9tiMte8 a publi¢ bellefit entiry u defill byFRS 102. Tre finan¢ial $tht¢m¢nls have b¢en prepared in &ccordance witb AGcouDtin¥ and Reportitig by ChIlle8. Statcme4Jtof Reeottllnended Practice appti¢abk to to Gh8Ti1i preparin8 their accoun(s in Accordance with the Flnanci&l Reptrrtin8 Stsndard appticable irt the Uttited Kingdom aJd R¢pubts¢ of tnland (FRS I02} i88ued Oll 16 July 2014, the Chariric8 A¢¢ 2011 UK Generty Acc¢pwd Pw¢icv it 4pplles from l JallU 2015. The fin4n¢ial ststement¥ have been prep2red ¢0 Siv¢ A'ttue atld fai view Ind have departed from the chttle& lAc¢oUn and Rq)offs) Regularions 2008 only to the ¢xt¢ni required to provth a'truc and fair view,. Th"B depamirc hal involved fallowlng the Accounttng and Roponin8 by CIMtlties'. Si&tetnent oeRe¢omn)eDded Practice appIlble to char21ie$ prep¥rin8 their wcounts LD ae¢tsrddttce with the Firtdts¢i&l Rcportin8 StAttdard applicable ill th¢ UK ond Republi¢ of Ireland (FBS I021 iswed on 16 July 2014. The finAll¢iAI 8tat¢m¢nts are pr¢p4r¢d on 4 80in8 wncern bL4ia under the hiylorical cost Conveation, modified to illclude cettsin items ai fair value. Th¢ financial 81At¢menrs are prepared ill 8terling which 18 thc tIonal currcttcy of the chtirity. The 8iRttificaDt o¢countiDg policie8 applied in the pr¢para¢ion of Ibe$¢ fu0¢11 8iawmenl$ are 801 out b¢low. Th¢s¢ poli¢ies hJve be¢tt cotl818tendy applied to all yeors presented unle88 othorwis¢ ststed. Ib) Vuttdi Unrestricted fund8 Ire 4vailabl¢ for use al the dIreoll of the tnLs¢c¢s in rther¢t tsfthe general obje¢tive8 of the clwrity. tk8igDat¢d fiinds 4r¢ th09e fund¥ which are unrtri¢lcd ill llature but which have been de8L8nAt¢d by the Tru8*e8 bo ud in a parti¢ular Illan¢r. Re8tri¢led fund8 4re furtds which are to be itt CordanCe with 8peeific rc&lri¢tious iinposed by donors or which have been raiwj by the ¢lwily for particular purtK)SeB. The ¢08t of rnising and administering fund8 are charged 4gaitt8t the specrfic The Charity h88 no trict fi¢iid8. Endowment fvrtd5 represent thoge &8uets which TnV8t be held pern8nenttyby the charity. Jncome arisiDg on the elldownent fid8 CHnb¥ used accordlrtce wxtb th¢ objcGts of tlL¢ charity attd ib itt¢lud¢d unrestrictcd in¢offir. Atty capitsl gain8 or losscs arising forni parlof the lld. Charges or le$ advice rdating to the fund ar¥ ¢h¥xgfxI winst th¢ fimd. io-
THX DAVENFORT HOMES NOTKS TO THE F]NAYL CIAL STATEMENTS for the period end¢d 31 MArch 2024 IGontiDu¢dl (c) tncome reeo¥JLition Ail illGomEng re8ources are in¢118& in the Statement of Firtgncial Adivitie8 (SDFA) the Charity is le¥a]ly ¢otiiLfl 10 the try¢om¢ after any perforllwi¢e ¢oadiiion5 have been mc4 the amouttt be measured reiiably and il is prob&ble that the iDcom¢ will b¢ receivcd. Inv¢sull¢ni incom¢ 18 eam¢d through holdin8 188els forillvestmenl purpDK8 sueh As shaT¥'Y 1 property. It 1clude1 dividend8, illi¢r¢81 attd renl. Where it is rt¢t pra¢uBable to identify invesim¢ni ruana8cm¢nÉ costs iocurred withtu a scheme with r¢asonable AKuwy th¥ inv¢Junenl iticom¢ is reportcd nei of these colts. li IA included when the 8TrOUlll can bc meo8ured reiiibly. IDlerest inlome is recogned u8ing the offectivo inter&8t method and dTvidend Alld rejii inGome is reco8tii¥ed •$ th¢ ¢haTtty's nght ro receive paynettt i$ ¢$18blished. (d) Expettdlture To1t10 All ¢xp¢ndittwe 16 tccounled for ott arL aC¢nl8 bag1$ tyttd hws blen cl888ifLedundcr th¢ headitt8s that aggregate all co8ts r#lated to the category. F.xpendiluT¢ i¥ reco8niscd whern there 13 4 legal or ¢on$tru¢llve obligation to makc payra¢nis ta third paff i0¥, It is probable tlvli th¢ ¢itltym¢ni will b¢ r¢quired and Ihe amount of the obli4aliu4 call be measured r¢114bly. Ir 16 ¢ateguru4ed under the following hoading8'. - Expenditure on charitsbl¢ aGtivitstt includes the upkeep of a]JD3houseq attd benefits forresldents a8 w•ll 98 the &dmthi¥tr&live costs. . Other expenditure presents thos# il¢m$ not fallill8 into the cateiories bov¢. Irre¢overnble VAT ig ch8t8ed a8 an expen 4gilnst the nctivlty forwhith exdIt41T¢ 4r08e. (el GowerNanc¢ ¢o$tJ GovemAn¢¢ ¢osl$ includ¢ those eosis I8$Iated with maeting (he onstittjtinnal and 5rAtylory requir¢m¢nlg of th¢ cjjarily ld iticknde aecouorancy fee8, audit fees pJTrd coats linkrd to the 8tr4kgio manA8etsJ#nt oftheeharity. ID Tangible 5•IetJ Purcbage8 of land and building5 are capitsli8¢d at Gosi. AsBetg douai¥d to the truNt or acqibired &t lesg than iheirairrent vthe Te capiialssed ai tlie curr¢ni value at Ilie date of aL(iiiisiiiun. Subsequent expenditure on a fi.xed &$5¥1 that ctthanc¢s the value of Ehe a¢1 15 Gapilali8ed, Ally fLXtureg and fittiTrg5 wuired on the I1¢111 purch8s¢ or erection of a buildin8 8Te ¢apilali8¢d part of tlie knilding Loyls. Al] replaccmeDts orrtUreS and fi¢iings arE ¢lwgcd As a r¢v¢mi¢ expense.
TH& DAVENPORT IIOMES NOTES TO THE FINANCIAL STATEMELN'rs for tbe perlod ended 31 Mareh 2024 Iwntinued) (O Ta8ibl¢ amets (Contitm) Pur¢h&8es Of fiUnire othEr equipmettt alld any fixtures and fi'ttings deened to be additions, &$ di&iin¢i fron repIacements, are capiidi8ed if the initial COBt of the &SgBI cxcttds £2,000. Othcrwi8¢ the c08¢18 freated as A revgllue expe08¢. D¢preciauott writtoll off fixod 8&8ets It rFL¢8 appropriate to their usefjjl economic live8. Th¢ rate8 used are.. Fr¢¢knld land Nil Freehold I)IdIng$ 1% per annum (Estiraaled life of 100 year51 FurnityJr¢ & equipment 20U/o per anllum (Estimated £¢ of S year81 ThaTw$tees review t&e carrying vAlue4 of all fixed asscts e year and in ca8¢ where tho net ¢arrying vlllue of an asjet ts gknr Ibom its recovenble arllount all irnp4innent charge 18 ruadt lo wri* down tho ¢arrying v8lu¢ ¢0 the lower rKove¥able amouut. (s) Illveitrnonts Inveotments are Teoo8ni8¢d Inltially ai fair vAlue which 18 IrnIallY tranliOn price excludll¥ tr#Jl8actioTh cuyl&. Subsequently, they ar me&4urd gt fair vAlu¢ with changcy recoKni8ed in'llet gatsk8lllos$eql on investnLent8' in the SOFA if the share5 are publicly traded or their fair VAlue Ca (pth¢nVI b¢ me&#ured reliably. other inv¢$tsllrnts are n#sUred a¢ ci)¥110&g impairment. Cumnl &58¢1 IAv¢gtstwts are shor¢ tenn higbIy liquid investments and llre held al fair vplue. These include on deposit Attd cabh equivolents with a ntsEwity of ie8$ than on¢ y¢qT. l Debtorn alld credltori ree¢lvabielp•yxblo wlthln one yefjr D¢btor8 creditors with no Rthted interoBt r&te and receivable or payable With year are recorded 8t trs&Cu0ll price. Any louses arising from irnpairnicnt are recogniscd in expgndibjre. (l) Tax The clkority 18 an exempt tharity within th¢ me8nti)8 of ¥¢hedule 3 of the Ch&ritie8 Ac¢ 20114Ld IS COUBidered to P&Ss rhe tests set out ill Parnph I Schedule 6 Fin8o¢e Act 2010 and therrforE li meets the dcfinilion of a eharity for UK corporation lax pllrPw. U) Gothg concerA The fuwlcial Statements have beeo prep9r¢d on a 80in8 con¢¢rn basis &8 the uste¢8 b¢liEvr that no thaterial uneertftitttiti exisL Tb6 Inte¢S Iw CODsidered th¢ IEVEI of fund8 held and the expecteAI level of income and pellditutr for 12 month8 fro authoriging the9e fiuon¢ial gtsiemetits. The budgcted illcome and cxp¢nditure is sutTJciellt with thc level of rerVeS for the ¢bwYty to be Able to continue e$ & going oonc -12-
THK DAVELYPORT HOME3 NOTES TO THE FINANCIAL STATEMEf4TS for theperlod emded 31 March 2024 (contitiue&) ta¢om¢ Irom operitltt8 activiti 2024 21123 Coutiiburion8 ftorn re8idonts Weekty maintell8nce ¢hargeA Oas charges CofttributK)ns toward8 ciffi¢e co81$ Other illcome 170,262 4,466 2,OQO 49 174,021 3,433 2.000 24 £176.777 £179.478 from fundi held by Inveitment m18¢ 2024 2023 Tn¢oJn¢ from tnycstments listed on & recogttl8ed 8w¢k excInge 86.076 80,210 IlltEreNt OD fjJod8 held on d¢y)sit £86,076 £80,210 4. Clarltable ¢xp¢ndllure 34 2023 Upk¢ep of Almshou and be¢fits for re3id¢Dts Hcating and lighting Water rates and ¢QUll¢il thx IDBuran Depr¢¢iauoii of buildin89 Rcpairs 8nd r¢newa15 EquIp[ncc Property Estate cxpen$¢s Sal&Ti¢S und pcLsioo ¢olltribution8 Offjce expenBe$ Sulldry cxpcnsea 10,569 10,169 3,529 24,352 6,262 9,824 3,760 24,352 960 92.031 28.643 50,228 5,489 3,516 1,971 114J50 27,444 49,483 £229,486 £242,831 ch8<d asainst Perni&nont Elldowin¢nt Depre¢ia¢ion Chllr8ed against UDrestrict¢d Incots All other ch8ri¢able cxpon8e5 24,352 24.352 205,134 218,479 £229.4S6 £44?,831 Governattce £osts 2024 2023 Accountsncy and audit f¢¢s Ttee8, indenwiiy insur&ncc Other professional fees 9,702 1.765 16,561 11,550 1.880 684 £28,098 £14.1 14 13
THE DAVE[RT HOMFS OTES TO THE FINANCIAL STATEMENTS for Ihe period ended 31 March 2024 (continued) Remuner•tloJL Hnd other beneflts Nooe of tb¢ Trte86 rec¢iv¢8 f¢mulleratioll orother bertefits frotn the Tnwt. Dur8 the p¢riod D. Comey reKived £470 (2023 £4201, M. HolfDrd receivtsj £20912023 £7) and M. Spenccr recciv¢d £299 (2023 £Nil) iti roirnbursement of outof pocket pen8•S incured on beh4lf for th¢ Tnt. During the period th¢ avernge nutnber of employee8 w88 1 fvll-tiroe and 2 paTI.time {2023 1 full.tillLe and 2 part-timc). Th¢lr total rett)UAeration WAS £50228 (2023 £49,483). Tnble ftsed 4ivts Freehold knd aj <n8hou8v8 buili th¢rts)n Ld Bulldlny Tfrtal CoBt At 6 April 2023 85,296 2,589.090 2,674,586 Addition8 At 31 March 2024 85,296 2,589,090 2,674,386 Depreciation Ai 6 April 2J23 382,118 582,118 Charge for the poriod 24J52 24,352 At 31 Mfjrch 2024 606,470 606,470 WrItn down value at 31 March 2024 £85,296 £1,982,6•0 £2.067,916 Wrlttets dowi v8]ué 115 April 2023 £85,296 £2,006,972 £2.092,268 Charity'8 freehold land buildings are stated al hi8toricol ¢os¢ leB$ 8CLumulNted depreci&tii)n. Higtorical tost include8 expeJ]diture that is dircctly attributable io briag thr land and buildw to a eortdltion Dec08$8ry lor it lo be ¢apable of operAting in the n14nneT llltOd by the Tru8te¢g. D¢pre¢i&t4on is ¢harged a¢ 1% of ¢o$l* per attnut 14-
TBE DAVENPORT HOML E40TES TO TJIE FINANCIAL STATEMENrs for the perlod ended 31 March 2024 {£ontuJued) InvulmeNts 2024 2023 axt Df inve8tsllenL4 litsted on ro]8td Swck Exchange At 6 Apri] 2023 Purchases Co8t of 2,377,734 455,610 (373,493) 2227,467 460,038 1309,7711 At 31 March 2024 2,459,851 2.377,734 Surplw on rcv4Euation At 6 April 2023 Eitmitwled oll sale$ Adju8tsneui for Ihe period 615,472 986,215 {l2,542) (164,941) 163,061 {205,802) At31 March 2024 765,991 615,472 Market Value &131 marc 2024 £3,225.842 £2.993,206 Invesimentl 8t i¥lJrket Valv ¢omprl8ed: (lovernm¢nl 8tock (Xher red int¢rest securili¢$ Equitie8 and unit trug1$ 102.918 276,410 2,84fi,5l4 166,023 2,770.857 3,225,842 43,085 2,993.206 81.8?8 Unittvested ca8 £3,268.927 ,076.034 Ai 3 l Mflrcl) 2()24 the Ttusi hId nu invebimenES which individually representod iiiexcLS$ of 5Yo of the total value of the porifolio. The f8ir value oEli$loJ inve¥irn¢nl¥ È.4 d¢l¢rmined by refereuce 10 tho quoted pnce for ideDiical assct$ w an mTrrlcct at th¢ balance sheet dai All inve8ttll¢nts are ULTied It tboir fair vAlue. Inve&tments equi¢ie8 and red interest securitics arc all traded in quotcdpublic markets, primarily the London Siock Extihange. Floldings in ¢otwiion invcslment Fund8, uni( and open-CDd¢d inve¥trnnl conJpani&$ ur¢ al tlic bid pri¢e.'I"hc h&si$ of lair Illu¢ for qiiotcd invc5uneti¢8 is equivaleni (o Ibe markci v8lue, u4ing the bict pri¢¢. L*8tl $ales and purthases are 0sl6¢d at the dlte of trade at C08t (that their transaction value). 15-
]IIE DAVKNPORT EOMKS NOTES TO THE Fll¥ANCTAL STATEMENTS for the perlod ended 31 M&rch 2024 Icothtinued) tnvestmellts (corttitiucdl Tlre main risk to the LThErity frotn ffftau¢id iDStnuuent8 li¢8 in tbe bitiaiion of WICal0 inve8tm¢tst muk£ls alld volatibLy in yield. The Charity is rcltant on dividsnd yield to its work. LiquidAty risk ts bntiGip8ied to be Imv 88 ajl assets arc traded. The Charlty's jllveslm¢n are rnainty traded in marf(¢ts with 8ood liquidity and high trllding volum&4. Thc Charity Iw tto tnotgrial illvesthi¢nt holdiAg$ Its markets $ubJect to exchange controls OT tr&din8 reBtri¢tiorL4. The Charity thage$ these ittv05ttnenl ri8k8 by retsillill8 expert advistts and op¢rJtin8 on lnwtnntpolIGY th41provid for a high dcgm of diveThifie&tLOn Df holding8 Wlthm inve5tmeM ola88e8 thai ar¢ quoied recognised stock ¢xchan8es. The Charity doeu not make use order1voti9 Bod 8imilarcomplax fmancilll irL4tNn)ènts a8 it tAke4 the view th4t inv¢Btments are held for tkneir IDthger term yi¢ld totsl bi8tOri¢ 8tudieB of quoted finallCl iL%ttum¢nl8 h&ve showts Ihai volatLlity ill 8JLy particulor S ycar period will llormally b¢ corrted. Debto 2024 2023 Dlvid¢lld$ and IAter¢8¢ th ttallsit Sulldry and PropoyllMt8 1,855 11,221 5.122 1968 £13,076 £7,090 10. Uihllld¢8: Amounts f•llln8 d¢ wlthln one y•llr 2n24 2023 Aeerna18 30,201 18,953 £30,201 £18,953 11. Fllod• The Tntst h&8 four fill8. two of whickn ar¢ Capitht the Exp¢thble Endowment Fund and the P¢mwtwnt Enduwmeni Yund and two of which arc incotlle OJud8, the Designated for Alm8hou5¢8 Fulld the Unrestrictd Income Fund. ThE EKpendubl¢ E4thwmaot Fund r¢preJeoL4 th¢ 8¢n¢ral capital of thc Trt. the fro]IL whi¢h provides the chari8 illcoming resoureL8. The Pcrniallent Endowment Fund beellutiiiseA for the acquigitioll of aimshou8a, Iwd and bltildingg and distribud. The UDregtri¢tsd Income Futtd represents the gener81 uoallo¢atBd in¢ome of the thlty. During the year tb8 TrLkgte&q tr80afett¢d a netatnount of £50,851 from theUrre*tricted Jncoll Fund ID the Expeodable EDdowtnent Fulld. 16-
THE DAVENPORT HOMF r40TES TO THE FINANCIAL STATEMENT8 for the perlod eJLded 31 Mareh 2024 leontinued) 12. Analys1$ of awti between DeJlgDAted lllcomt Unreitrlct¢d come Alm¥bou# Total D¢btor8 Uninve8kd ¢ Bat snd 13,070 82.775 24.149 13,076 82,775 24,149 120.000 120,000 s.. Lsabiliti¢8 30,201 30,201 £89.799 £89.799 Cipltsl Expendibl• P•rm•neMt EndowThen¢ Endoivment Tol Twible wets Li8t¢d iavestmLm Lnlnv¢gtsd c&8b Blnk Gash 2,067,916 2.067.916 3225,842 139.690) 3,22J,842 139.690) £3,186,15? £2,067.916 £5,254.068 13. Rel•ttd party trAniftetlotti DurTll8 th¢ year Iru¥t received £2267 (2023.. £22731 iu rwr of oifice reotal and t¢l¢phooe, from thc W. E. CTharitable TLUJt, a Irtt of whicb D. Corneyj trustC¢, 18 Also a trustee. At tho yoar end Ibore IB a debtor from tho W. E. Dunn CharitAble TN8t of £247 (2023.. £267). 14. Y¢*r end th•ng¥ The trte¢S hav¢ Qletskd to change the year end fr¢)m 5th April lo 311t M8xch to with moni ettd reporring and admini8trative purposes. A8 & re&ulL the oomparatiV¢ iDlom)atiotL pre8cnted in th¢ linancial 9t&tements (including the related notes) moy ttotbe etttircly comparnbl¢ in ery rejpec 17-