THE DAVENPORT HO.NIES TRUSTEES, REPORT AT4D FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Chmrlty Numb¢T 215415
THE DAVENPORT HOMES REPORT OF THE TRUSTEES for the year ended 31 M*rth 2025 The Trnstee8 have adopted the provisious of th¢ S¢aicm¢nt of Recommended Ptsctice (SORP) IAccounting and Reporttilg by Chariiies, (FRS I02) in prrparing thc onnua] report and fill8ncial staternents of the Charity. Th¢ fall¢l1 ststettients havc bttn prepared in accordance with the acwwiling policies Set out in notes to th¢ a¢count8 atLd ¢omply with th¢ Choriry's goveming documenL the Charitie5 2011 and Accountillg and R¢portittg by ChltIeS.. Siatemcnt of Recommended Praciicc Applib]e to charities preparing their accounts in a¢cordancc with the Financia] Reponing Standard appli£able the UK aDd Republic of trel&nd published on 16 July 2014. Reference Adtnlnlstratlv¢ InformAtiott The TnL8t is registcred the Chartty Comtni8sion. registration number 215415. The Tjust has been aecqited a ¢hariiy by EIM kn¢nue & Customs and &8 such IL8 iAeome 4ttd Capi1 gatns are excmpt from taxation, The Charity'$ prIn¢1p addrw is 30 Bentley Heath CotiaEes. Tilehou8e Green Knowle. Solihull, B93 9EL Trustees Tbe TN3tee8 who acied An the y¢ar ore.. Pregent wm of offi¢e ¢xpire8.' David Jolm Corw - Chairnwi Keyin Cooke Jan Cove St¢phcn Charlc5 Good¢hild Mi¢ha¢l Frk Holford Elizabeth Mary Spenc Simon Willcock 181k July 2027 18th Septcrnber 2028 201& April 2027 24th I.¢bnry 2030 26th ApTiI 2026 5, Junc 2028 3 IM October 2027 The pregenl Tru8tCC8 are rncmber3 olthe local Co0U1 who are in sympathy with the aim5 of the Charity. They are local people of illte8rity whose different ¢xp¢ri¢DC¢S combine and add to th¢ CharitY8 acliYitie8 management. Other Advlyer$ Banker8." Solicitors.. Inve$¢ment Murtag¢r8: HSBC Battk PIC of PO Box 68, 130 New Street. B2 4JU Wallace Robinsoll and Mor8lln. 4 Drury Lan¢, Solibull, West Midl8nd9, B913BD Eve1) Partners Illvestment Managetnent LLP, 14¢h Floor, 103 Coljnore Row, Birn]ingham, B3 3AG. Shona Culler Limited Chart Accowitants, Grove Fam) Burtg41ow, Lin¢omb, Worceskrskn. B3 3AG Accountants Audltor J. W. Hit]ks LLP of 19 Higbfield Ro, Edgb&3ton, BIrningha B15 3BH acted &8 audiwr dunog the period and proptsse than5elves for rwppointment for the cutrent yfar.
THK DAVENPORT HOMES REPORT OF THE TRUSTEES for the year pnded 31° MaTch 2025 {CODtiDued) Structurfy Governance and Mwgem¢nt Governlng D¢xllment The Charity is govemed by 8 Schem¢ rnted on 6 August 2003 under an Order from the Charity Commission for Eng]and and Wales under the power given in the Cburitie8 Act 1993 and is known as Th¢ D)venport Homos (215415). current Sche9 goven)s the chariiies previously known &8 The Davenport Home3 (215415). alld The SaL1 We15h meOrial Honjes (216935) Rttruitment and Appolntment of Tru8tee8 The body of Tru8te¢s ¢onsist$, whcn complete, of not less dwi fuur and not more tlJAn eight compctent persons. Each'1'LIee is appointed for a tem of five ycars by a rrAolution of rbe TDJsiee8. Upon the completion of their tenn of office any competeni Truste¢ may b¢ rwpointed. Rlsk MAllA8emenl The risL8 to which the Charity is exposed are und¢r tEgUlarv[ew. Policies havc bccn adopted to miligate poientitil risks to th¢ Chariry. its Residents and Employ¢es. ObJecdveg The obj¢¢t$ of thc Charity as set out in the la( Scheme. are (4) the provision ofhousin8 acconunÉ)daiion for benLficiaries' and Ib) su¢h ¢haritable putPO8ey for the benefit of the residenLs as tbe TnLStee8 decidc. The TnLStLLS have referred to ¢h¢ guidHnLc conthine4J in the Chariiy Com18s1on'5 8eneral 8uidance on public benefit when reviewing tbc Chariiy9 Aim$ ond obj¢¢iiv¢s a[ plannin¥ tUre activiti. In particular. the Twstcos hav¢ con$id¢red lW planned acuviti&8 will eontribu to the aims and objectives set. Publle Beneflt The Charity provide$ accommodation to those who are uoable ty alTord wMMeIal renis. li maintains c108e coniaGt with the rcsidcftts, ensuring that their health and welfare are protect Organljatlonal Structure All maltets of l1¢Y mauagerneDt ofthe Charity are detern)ined by thc Tn]%tccs at th¢ir regular meetings, which take place four tim¢J e4¢h year. Infonnal meetings also tske place, morc frequcntly, to review ODgoin8 operational igsue6. As authoru8ed by the S¢heme the Tte£S bave appointed a part time Trust AdIllitralorTrropety Manager. In general tem8 the day io day admini8tratian af the Charity is carried out by the TnLSt AdniinistratOT who attend8 each Trustees, meeting to report on all important matt¢rs dealt with since the last meetin8. The Trystees have ¢sthbli5hed a website at wwW.davenknU ÉuLuk. which has been revised And updated during the year der review. The Tru8tee8 have appointed a Liaistin Officer who is &Part lime employee to administer to the general welfare and ¢nvironmtht of all residents on a day to day bo8i8. She rtS wc¢kly to the TTU5t Adminiytrator and a sroup of Trustee8. or more frequent]y if necessary, on any lltter requiring art¢nlion by the Ttee8. In addition, 5h¢ attends ea¢h forllthl meeting olthe TnIs to retA)rt on a more general basis and to take part in the discussions of the TnLSte&4 on all llLatter8 rel¢v¥rtt to th¢ general welfare of the residcllts.
THE DAVENPORT HOLEs
REPORT OF THE TRUSTEES lor the year ended 31" Marth 2025 {ntinued)
Organlsattonal Struetur¢ (Continued
Individual Trusiees make themselves availabl¢ rcgularly to meei the TnLSt Adlllinistrdtor, the Liaison o£ficer
and residents to eJNYe all matters of corLC¢rn or¢ dcott with pmmpdy. Certain Tmsiecs with speoialist
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THE DAvEfipoRT HofrfES BIPORT OF THE TRUSTEES for the year ¢nded 315t March 2025 (contlllued) Pl5 for Future Perlod$ The Tntee$ plan to continue to opernte th¢ $bOu and will consider way8 in wbich surplus fiuLdB can be utilised to fiwther the objects of the Charity. StAtemeDt of Trugteeg, Re8ponsibilitieJ for the Ilnandal statements The Tru8¢ee8 are responstblc for preparing the Trustres. Report aud the statemeuts in accordance with appli¢abl¢ law and United Kingdom Accounting Stslldards (United Kingdom Gw¢rally Accepted Accovntill8 Praclice). Thc law applicable to Clwitie4 in ErtElattd & Wfti&q wires the Tnte¢S to prepare financial ststements frjr ea¢h fmatt¢ial ye4r which give a trne at fair view of the stste of the Chgrity's affaiTS atsd of the incoming resources and appli¢4ti0tt of resources of the Chariry for that perio In preparing th&qe fthancial 8thtemettt8. the Tn1¢¢$ are requircd to.. l?) Select suithble accouniing poltcies omd apply th¢m ¢0oSiStentiy' Ib) observe the inethods and principle5 in the Charities SORP. le) make judgernents and ¢8tirnales thBt are rt&8onable and pntht; Id) 8tate whether applicable a¢countsn8 Stsndard5 have been follow•1 SUbjt to any material depa[llcs disclosed and ¢xplaiu¢d in th¢ fan¢t87 s¢a¢ethents" and (e) prepare the financial sthtements (>tt o going ¢onccrn basis unlcAS it iy ¢onsidereA inappropriaie lo assume that thc Twst will ¢Otstinue. The Tru8tees ore re8pt)n$ible for keeping properarcoun¢ing Tec()rds that disclLW with reasonable accuracy ai any time ihe ruwla1 position of the Charity And enable th¢m to eLsure that the financial statements comply with th¢ Cbari¢i¢5 Act 2011. the CbaTity (Accounts and ReFort8) Re8ulation8 2008 and the provi8lOll8 of the S¢heme. The Trustees are alyo responsible for safeguarding the 188¢ts of the Ch7¢Y and for takillg reasonable steps for the ptYven¢ion and detection of fraud and oih¢r irreguloriLies. Approved by the Trustees on 20, October 2Q25 und ilgned on thelr behalf by: D.J. CORNEY Chairnian
Independ¥nt Auditorfs Report to the Trustees ofThe Davenport Homes Op¥iion We have audited the finanual statements of The Davenport Home5 lthe'dTrriVI forthe year ended 31 March 2025 which comprfseofthe statement of Financlal ActIti, BalantÈShÈetand note5 tothe finanaal 5tatema)ts, uiduding slgnlflcantaccountSng pollo. The financial repOn8frarnewoIkthat has been applied intheirpreparation i%applicable law and Untted ngdOM AttountlngStand3rds, including Flnancial Reporting Stsndard 102 Ihe FAn0rJcAoIRelw5tondafttapPlkoble In the UKortdRepublK oflrelundlunited Kd0M General Accepted Attounting Pra¢tlcel. In our oplnSon theflnanclal stat£fnents: givea truè falrvtew ofthèstate of the tharrws affaits a5at 31 Marth 202S. and oflts Incomlng resour and applkatlon of resources, kncluding Its income and expenditure, fortheyear then ended; have been prowly prepared in accordancewlth Unlted ngdorn GeneraltyAccepted Accounting Practke,. and have been prepared In accordante wlth the requlrernentsofthetharities Act 2011. BaslsforoFAnlon We conducted ouraudil In accordance with Intemational Standard5 on Auditlng IUKI IIsA5 IUKII and applicable law. Our re4)onslbilities under those 5tsndards are fvrther described In the auditor re5pon5ibilities for theaudlt of the flnandal statements settlon of our report. We are IndependtOf the tharlty In accordan vAth the elhlcal requlrements that are relevant to our audlt of the finandal statements In the UK Includin8 the FRCS Ethical Standard, aNJ wehavefvlfllledour other ethtal responsibllitits in accordan with these requirements. We bellevethatthe audit evideno we haveobtained i55uflldent and approprlateto provide a basis for our oplnlcn. Conduslonsrelatln8tO80kn8 concun In audltlng the flnanclal ststements, we have crnduded thatthetrustee< use ofthe golngconcern basls of accountknB in the preparatlon of the finatKlal ststeMts Is apryoprtate. 805ed on thework we have performgj, we have rKt identified any matwlal unc¥tslntles relatln8to trftntstyconditlons thaL Indlvldually Of11e¢leIy, may cast slgnthcant doubl on Ihetharitvs ablllty to continueas a golngtoncem fora perlod of at least eIe months from when the flnandal statements ale authorlsed for kssu Our reSpC55b1lItles and Ihe respjnslbllldes of the trwsteeswlth respect tO8olr8concem are desulbed In the relevant seci1c4 of thlg report. Otherlnlomiatlon The other Information comprlses ihe InfMalkln Indud&J In the trustee5' amual report. other than the financl31 ststemenls and our auditorfs reportthereon.The trustees are responsible for theother Infomiation. OUr0Fnion an the finandal statements does not coverthe other Information and we do rnt expfessanyfom of assurdnce condusbn thereon. Our responslbility is to read the other Information ar¥J, kn doIS0, tonsidwwhethertheotherinformatp)n Is materbally Inconslstenl wlth thetlnancial StateMts or our knowledge obtained in thecourseof tho audSt oroiherwlse appears to be Material misstated. If we Idenrifysuch materfal knconsSstend2s orapparent material misstatements, we are requIr1 to determkne whether th15 8Sve5 riseto a material misststement in the financial ststoments themSee$. If. basLxl on the wcrfkwe he performed, we condude that the isa material misstatement of this other informat, we are required to report that fact. We have nothlng to report In thls re8ard. Matters rm we are requlred toreptyt byexw We have nothlng to report In re5pectof the fo11thrMarts in relatntO which the (hdties (Aeeounts and Reports) Regulations 2CA)8 requlre us to report to you If, In ouroplnk)n'. the Informadon wven in thetru5tees' rwt 15 In(onsb5tent any nkiterial rwwkhthe flnaNlal statements,. or suffi¢lt accounUnB records have not kept. or the finanaal ststements are not in a8Teement with the3CCJnt[r8 records.. c we have not recerved all the Informatlon eXplanaonS we re(wireforour aud Responslbllltlesof trust8•s As explalned more fully In the trusteg responslbiliti&s statemenL the twsrees a respL)nsible ts the preparation of the flnanclal statements atKI for bekEs3tlsfied that theYe a true and fairwew, arKt for suth intemal control as thetrustee5 determine is neceSry to enable the preparntion offfinanoal statementsihat are free from material mstatemen[ whether dueto fraud or err. In pparjngtheflnanUa1 statements, thetrustees a rost¥)nsible forasswwwthe tharitvs ablllty tocontinue as a going concem, disclosln& 85 appllcable. matters related to goln8 concem and us•)gthe8oin8cOern basil of accountkng unless the trustees either thtend to Ilquidatethe tharity orto cease operatloll5, or have no realistic altnate to do so.
Independent Audltorfs Report to the Tru5tee5 of The Davenport Homes Icontlnuedl Audltor relnSIbIlItIeS1Ortht audttof thefknarKlal stater We have been apw)Inted as audttor urKler 144 of theCharltiesAct 2011 and reportin aC0)rdanwIth the Att and idevant regulations made orhavlng effect thereunder. Ouroblectlves at0 obtsin &sonable3$sU8bOWhetherthe finanaa15tstements asa whdearefreefrom material m15Statement. whotherduèto fraud ttr error, andto issue an auditorfs rwl that indudes our oplnion. Reasonable assurants Is a hl8h level of a55urance, but IS nota guarantee that an audtt conducted in ac07rdan ISA5 IUKI wlll a3¥5 detett a materkal misstatement Wh It exists. Misststernents can arise from fraud or erroraryl are considered mateyal if, ialdUally0r1n the aggregate, they could re350nably be expected to Influen the economlcdedslons ofusers taken onthe bas ofthesefinandal ststernents. Irregularitle5, includingfraud, are Instances gf non<ompliancewlth laws and re8ulatlons. We design procedures in line our respons1Ittles, outlined above. to detect material m1ssta1emts in re5pectof Irregularles. Induding fraud. The extentEO whkh our pr¢ttdures are capable of detectln8 IrreBuLarlttes, Sndudingfraud is detailed bdow: We identified areas of laws and regulatlons that could reasMatyy be expectedto havea materjal effect on thefinanaal statements and dlscussed the poliaes and procedures regardlngtompliance. Speafic areas consldered were asfollM- EnquirinBwiih Managrent and other5 logaln an understsndln8of thed)arfty ltsdf Including opwation5, financlal repordn8and known fraud orerror. Ewaluatlng and undetstsndingthelnternal CCtrOl system. Performin8anatytical procedurÉs as e%pected or Unexpectedvari?n in acmunt balan or Class oftranslons appear. Teslng documentstion suppOrtir account balan ordasses oftran5actions. Owln8 to the Inherent Ilrnltatlons of an audit. thweiq an unmldatre rtskthat we maynot have detected all Irregularle5 Includlngthose leading to materlal mlsstatements In thefinanoal ststements or rTh<oMplI wlth rewlvJn, ev though we have properly planned and performed our audlt In accorda¢Ke with auditirE5tandard5. Thls rfsk Increases the rrore that compllance wlth a Liw or regulatlon s refTrMd from the ents and transactkin5 reflected in the flnanclal statements, a5 we wll be less to become aware of instances of non<0m4ae. The rtsk Is also greater re8ardin8 lrye8ularftles occurrlngdue to fraud talher than error. as fraud Invo htent¥)nal conoalmenL fery, cdlu51on, omis5Son ormisrepresentatlon. Afvrther descriptlon of our re5ponslbilitle5 bavalableon the FRCswebsite at.. auditors audit- uditor-S- re5 n51bilitie5-for. -re5 f f.Thls de5LYlption forms part of our ?udltorfs port. We communlcatewlth th05e tharged th goVernanregarln& am0 other matter4 the planned scope ar tlmlng of theaudltand sl8nSflcant audlt flndSn8s, IncluthnB any 5knilkant derene5 In Intemal ccffltrol thatwe 1dtIfyUrIng ouraudlt. Useofour report This report Is rnade Sole to the tharlvstrustees. &q a bc#. In acctydance Part4 ofthe Charities (Accounts and Reports) Resulatlons 2008. raudItwork has been undertaken sothat we mwdht state thetharitV5 tru51ees those matters Wea requlred to state tothern In an auditorfs report and for other purpose. To the fiJ51est extent pemiitted by law, wedo not ac£ept or assume respJnslbllity to anyone otherthan the tharlty and thechariV5trustees as a body, forj1 audll wort forthis reporL or forthe opinlons we haveformed. nsllN'I JW Hink4 LLP Chartered Accountants and StatutoryAudhors 19 Hlghfleld Road Edgbaston 8irmingham West Midlands 38H Da..-.....................
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THE DAvEOT HOMES BALANCE SHEET at 31 Mreh 21125 2025 2024 Fixcd Ass¢ts TattgiTr)le a&8¢ts (Note 7) Inve8trllents (Note 8) 2.169.331 3.326.022 2,067,916 3,268,927 5,495.353 5,336,843 Dcbtors (Note 9) Bank and cash 4.230 32.007 13,076 24,149 36.237 37,225 Less Liabilitics Amounts falling due within on¢ yeor (Not¢ 10) 23.296 30,201 Nct CurT¢nt Assets 12.941 7,024 Net As8ets £5,508294 £5,343,867 FuDdy (Note I l) Incollle Unre8tri¢ted Income DeS1821¢d for Alutshowes 111.384 89,799 111,384 89,799 Capitsl Expendable Endowmenl Pennallent Endowment utilised for Atm8bou8e8 3.227,579 2,169.331 3.180,152 2.067,916 5,396.910 5.254,068 £5.508.294 £5,343,867 The notes on paB&8 10 to 17 forni part of these fmancial statements. Approved by the Trustee8 1)n 20th OctoEr 2025: D. J. CORNEY Mrs J. COVE M. F. HOIFORD Mrg M SPENCER S. C. GOODCHItD s. wtLLC( COOKE
THE DAVENPORT HOMES r4oTES TO THE FLNANCIAL STATEMEFM for the ye¥Lr ended 31 Tr14rch 2025 l. Swllmiry of $iguificant accounting Policles la) GenerAI informatton and basig ofprepar8tioD The Davenport HOM is an Ullinco4M)rntsd charity regisred in EnglatLd And Wales. The addre58 of the office is given in the Reference and Administrative InfoTmatioll section page l of these financial siatements. Thc charity's principal activities are tbe provision of bousing comMOdatIon. The charity ¢()nstitutes a public benefit cntiry &5 deftned by FRS 102. The financi StateMts hav¢ be¢n prepared in accordancc with Accounting and Reporting by Charities.. StaitrtDellt of Recommended Practice applic&ble to to chariti¢8 pr¢paring theiraccounts in accordance with the FinanGi Reporting Standard applicabl¢ in the iinited Kingdom and Republic of Ireland IFRS I02) issued on 16 July 2014, the Ciwiiies Aci 2011 attd UK Generally Aceepted Pra¢ti¢e as it applies from l Janullry 2015. The fin8nci81 ststements have been pwered to gtve a'tswe end foi view and have depdrted frorn the Chariiies (Accounts and Rwrts) Regulations 2008 OT]ly io tts¢ ¢xt¢nt required to provide a'ttue and fair view. Thi8 dcparture has involved loUowin8 the A¢coun¢ing and Reporting by Chariti¢S.' Statement of Rccommcnded Practice apphcabl¢ to chariti¢ prq)aritig their a¢counts in Accordance with thc Financial Reporting Standard applicable in the LK and R¢publi¢ oeireland {bRS 1021 issued on 16 July 2014. The fjnanciai $ia¢ements are prepared on a goin8 concern b&8i8 under th¢ historical cost nVentiOn. mcKlified to irt¢lude certain ttcms at fglir valu¢. Th¢ financial statemen18 prepared in 8iLYling whi¢h 1$ the fun¢uonal Curren of th¢ chaTi¢y. The 8ignificTI accountill8 policie8 applied in the prep4r4tion of th¢6¢ rinancial siatemenly Are Set oui below. The8e poiieies have been e(m8i51cntly appli to 4]1 ye4ry presented unle55 otheNise state (b) Trund¥ Unreytricted are available for at the di%retion of the trustees in furtherance of the general obj•xtiVes olthe charity. De8ignY4ted ndS are thos6 fimd3 which are uftr¢stricted in nature lut which havc bccn designated by the TnleeS to be 5¢d in u parti¢ul4r Restricd fvnds are ffijnds which ore ¢0 be used in ac¢ordance with specific r¢8triction8 xmpcKd by dollors or which have raiscd by the charity forparti¢ular purposes. The CO of rat8ing and adlterIng such fiuKis are charged against th¢ specific fuo(L The clmrity Iw no tricted lld$. Endowwertt funds represent those as8et8 w.¢ must held pe[uLent1Y by tbe Gkwity. In¢ome arising on the endowment funds can be used in accordance with the objects of the clthrity aryd is included unrestrlcted income. Any capital gaias or1058es arisitig Fo1 part of the fund. Ch¥rg&s or leg advice rclating to tILe fvnd are charged agaitist thc fitnd. io-
TItE DAVENPORT UOMES NOTES TO TRE FINANCIAL STATEMENTS for the year ended 31 MArch 2025 {ctsn(inuedl (e) tncome recognition All incoming rssources are illclltded ill the Statemcllt of Financial Activities {SoFAI wh¢u th¢ ¢h8rity is legally entitled io the income after ally perforni&nce conditions have been MCL the amount c4n be measured reliably and it i8 probable thai the ttieome will b¢ r¢¢¢ived Ittve8tment iticorne 15 oarned through ]Iding wets for investment purposes sueh as slLare5 and propety. It includes dividends, iDwesi and residents, onthly COTJtributions. There it 18 llot practic&ble to ida)tify investjnent nagement costs incutyed withill a seheme with reasonable accuracy the inVlIn¢t iucome is reported nct of these costs. It is included when tb amuLLni can b? m¢wed lIablY. loteresi income is recognised u8tng th¢ effective interest method, dividend inwme aDd r¢sidenls' monthly conrributioL8 are reco8ttiqed &q the ¢b4rity'S rigb¢ to receive payment is estsblishcd. (d) Lxpendlture reeognltlo All ¢KpEndi¢ure 18 aCCOUllt&l for OD an accruals bASiS and h&q be Clalfied under the h¢3ding8 that aggregate all costs relaied to the category. ExpendJ"ttve ig re¢ogtits¢d wh¢r¢ th¢r¢ is a l¢gai or constrpjcuve obligauott to make payments to third partie8, Lt is probabl¢ that th¢ settlLmertt will be required and the amount of the obli8ation can be measur reliably. It cate8oriscd under the followrtig h¢ading8'. - Expenditure on charitsble activities Includes the upkeep of abn8houses aud bencfii8 forffsidents as well a8 the Administrative cos1& - Otb¢r expenditure represents those items llot f]Ing into the ¢ategorie8 above. Irrecovernble VAT 18 Charg &8 an expens¢ against the acliviry for which experAditure aroye. (e) Governanee costs Governance costs include those costs a&80ciated with tneetin8 the con¥titutional and $¢atu¢ory requirements of The chariry and include ccountancy fees, audit fees gnd ¢osts linked to the stra*gic management of the charity. (0 Tfinglble gsseti Purchases of land alld buildin88 are capitalised at ¢osi. Awls don&ted to the Iwt or acquired at le&8 than their current value are capiliXed at the currwt value a¢ the date olacquisiuon. Sub8equent expenditure on a fixryl that enhances the value of the asset 18 capitalised. Any fixtures end fitting5 acquired on the initial purclwe or erection of a building are capital]sed &s p8rt of thc buildill8 W8ts. AU replameots of and fittings are charged as a revenue expeDSe. li
THE DAVENJ PORT HOMES NOTES TO THE FINANCIAL STATEME.NTS for the vear ended 31 MArch 2025 {continued) ID Tanglble assets (conttnued) Purchascs of furniDJn amd other equiprnenl ond any fLXtures and fittithg8 drn¢d to be addiitOL8. 88 distinct from replacejnents. ue capitalised if the initial cost of tbe a&8et exceeds £2,(KM). Othenvise the cost 1$ treated a8 a revenue expeJL8e. Depreciation is writtell off fjxed assets at rn¢es appropriatc to their usefid ee4Trnornic Itve& The ra used are: Frechold land Fr¢¢Ild bUdIng9 Iyo per aiiiiiiln (E4lirnated life of100 years) Furniture & w1pmt 200A per atjnum (Eqtitn8t¢d lifr of 5 years) The Tru8tee8 review tILe cm)in8 V41ue5 of all fixed assets eaeb year and in any case wbrre the net cwing value of an &sset 1$ higher its rc¢over8ble amount an charge is made to write dowtt the net ¢aryin8 value to the lower tecoverable amowiL (g) lllve8tmeDts Invesknents are r¢wgnised initially at fAir vAlue which is nomthlly the transaction pricc excluding trarL4&clion costs. Sub5equendy. they are me&yured at fair valuc with changes r¢¢ognised in'net gall{105&esI on AnvesuThents' in th¢ SOFA if thc shares are pubii¢ly traded or theiT fair value can otherwise be me&sured rejiably. Othcr inve8thlts are zn¢asured &t coyt le88 impairnienL Current asset investment8 are short tern) highly liquid invesknents and are held at Eair vulue. The8¢ include cash on deposii and cash equivaients with a nlrity of less than one year. (h) Debtors And ¢r¢dlior8 re¢¢Sv8blelpayAble Ivlibkn One year Dcbtors and nlitor8 With no ststed interes¢ rn* and re1VAble or payable within one year arc w¢ord¢d at transaction price. Any loxsefj arising from impAim)ent are recognised iti expcndittwe. (l) Tax The charity is an eMpt ¢lwity within the meaain8 of schedule 3 ofthe Charitlcs Act 2011 and i8 con5idcred ¢0 the tests set out in Paragraph I Schcdule 6 Finance Aci 2010 and theref(Trre it meets the definition of a olwity for UK Corporation tsx pu. (i) Going con¢eTQ The fit]Ancial Statements have been prepared on a going cott¢ern b&8is a8 the trustees believe that no material uncertainrtes exist. The Inlets bave ¢onsidered the level of ttds held and the expect level olincome and expenditure for 12 months from authorising tbese financial ststcments. The budgeted illcotnE and expenditure is sufficient with the level of reserve8 for the charity to be able colltillue a goillg wncenL -12-
THE DAVENPORT HOMES NOTES TO THE Fif4ATr4CIAL STATEIIEliTS for the year ended 31 NIarch 2025 {coDtinued) tncome from oper#tillg activltles 202S 2024 Contributions from residents Maintenance ¢harg&s Gas cbarges Contribuiions towards office costs Other tticome 194577 3.603 170,262 4,466 2,000 49 52 £200,232 £176,777 Income from funds held by Investment tllADagers 2025 2024 tn¢ome from inveytmcnts listed on a recogni9¢d slock ¢x¢hangc 85,804 86.076 Int¢t on funds held OD deit £85,804 £86,076 ChArltable expendlntre 2025 2024 Upk¢¢p of almshouses and benefits for residents Eleating lighting WalLr rates and eoun¢il tax Insur¢¢ DepoitIOn of building8 Repairs and reoewals Equipment Property F3lat¢ ¢XPeDses Salaries and penyiort Colltributions Office expenses Sundry expe 10,023 4,783 3,492 25,622 10,569 10,169 3,529 24.352 1,324 58,531 32,036 53,182 5,914 5,856 960 92,031 28.643 50,2?8 5.489 3.516 £200.763 £229.486 Ckargcd agflinst Pernent Endowm¢nt Depreciation Ch2ryed agaiL$t Unrestricted tDcome All other charitable expe8¢8 25,622 24,352 175,141 205,134 £200.763 £229,486 GovernAnee costs 2025 2024 AccDuntallcy and audit fe43 Tru8t¢e8' indemniiy iL8urance Ot1 professional fee8 10.302 1,746 8,757 9,702 1.765 10,561 £20.805 £28,028 13-
DAVENPORT HOMES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Icolllinued) RemullerAtlon other benefits None of the Tnutees n¢eiv&s remuneration or otheTben¢fits from the TrusL During tILe year D. Corney CeiVed £638 (?024 £470). K. Cooke r¢ceiv¢d £1,383 (2024 £Nd), S. Goodchild rec¢ived £347 (2024 £Nil). M. H0]fO received £Nil (2024 £209) ond M. SPetr received £Nil12024 £299) in rein)bursement of out of wckei expense8 incurred on behalf for the TrtLyL [rIng the year the average numberof ejnployees w&s l fijll-time and 2 p8rt-time {2024 1 fijll-time atld 2 port-time). Their totsi ren]uncration w&s £53,182 {2024 £50.228). T&nglble flxed assets Fr¢¢hold land and u]wshouKs buili thereon Lnd Bulldlll%$ Total Cost At l April 2024 85296 2.589.090 2.674,386 AddiuoD8 127,037 127,037 At 31 Mar¢h 2025 85296 2.716.127 2,801,423 Depreciation At l April 2024 606,470 606,470 Char8e for the peric 25,622 25,622 At 31 Mir¢lJ 2025 632,092 663,092 Written dowij Yalue 8131 Mareh 2025 £85.296 £2,084,035 £2,169,331 Written down Value al 31 Mawh 2024 £85,296 £1.982,620 £2.067,916 The Charity8 freehgld laod Ond buildings are slated at historie41 c081 a¢cLUlad deprlation. Historical cost iludeS ¢xpcrLditure that is dittctly aitribvtable to bring the land and buildin8Y to a eondition neeesw f(Trr it to b¢ capable of operating in the rn8nn¢r inlended by the Trustres. Depreciation is charged at l•/y of cost> per annum. l4-
THE DAVENPORT HOLlffS NOTES TO FINAPICIAL STATEMENTS for the period eDded 31 Mareb 2025 (coniinuedl Inveltments 2025 2024 Cogt of inVlMents lisied on ognised Str)ck Fx¢hangc At l April 2024 Purchases Cost of 8a]es 2,459.851 509.865 (474,331) 2.377.734 455,610 (373,493) At 31 Mar¢b 2025 2,495.385 2.459,851 Sutplu8 on revaluation At l April 2024 Eliminated on 1¢5 Adjusttnent for th¢ period 765,991 (92,746) 125,061 615.472 (12,5421 163,061 At 31 MarGh 2025 798J06 765,991 Markei Value at JI M8r¢h 2024 £3,293.691 £3,225,842 Invcs¢m¢nts at MArket valtr ¢ompTtsed: Gov¢rnmcnt yiock Other fixed in¢Lrest secvritie8 Equities and uttit trusts 198,235 275.023 2.820,433 102,918 276,410 2.846,514 3,293,691 32,331 3,225,842 43.085 Uninvesced rash £3.326.022 £3268,927 At 31 March 2025 ¢he Trust held the following investh)¢nt whi¢h individually repr&seThted in ex¢¢s8 of 5(/*• of the kntsl value of the wrtfolio. Vanguard Fund$ PLC 2,625 units Market Valuc £213,695- 6.49Y• The fair value of listed itiv¢8tm¢nts 18 detsrnjiaed by refrIae to the quot pri¢¢ f(Trr idenli¢al a&se(8 in an active Tn4rk¢t 4t ¢he balance sheet date. All investsnen¢8 ure rIed at their fair vaiuc. tnvattuents in equitie8 and [Lj interest seeuritio4 arc a]1 traded ill quoied public wrk¢ts. prirnaTily the L4)nth)n Stock Eleb¢. Holdings in common inve8tmeDt fjJlld8, uttit trnsts and open-ended investtllent wnpani¢s are at the bid price. The basis of fair value for qu011 inkeslmellts is equivalent to the market v1Ve, using the bid price. Ass¢t Sales and purchases recognised at the d&te of trade at cost (that is their traDsaction value). 15-
THE DAVENPORT HOMES NOTES TO THE FINANCIAL STATEMENTS for tILe year eDded 31 March 202$ (continued) Investments (Continued) The nill iisk to thc Charity from fujancial itiStrwlleDts lies in the co]nbination of uncertain invasm)ent markets vo]atility in yield. Th Clwity is reliattt on divid¢nd yi¢ld to fmance its work. Liquidiry risk i8 anticipated io be low as all A&g¢ts are traded. The ChariW8 itivestments are maillly traded in markets with good liquidity atsd high tradittg Yolumes. The Charity has no matrrial investment holdings iti markeL8 subject to exclwjge controJ5 or tradillg restrietitsns. The Charity manage5 these investment ri8k5 by retaini expert adviser5 and oper4ting un invcstment policy that providu for a hj'gh degree of diversification of holdings within invesmeni cla&w thaf are quoied on recognised 510ck eKGhanges. The Cbarity docs not make uye of derivatives atsd similar complex financial instruments as ir lak the view that itivesttn¢nts are held for their longer tenn yield tota] rcNrn and hi810ric sdI¢S of quoted financial itt8trumcnts have shown that volatility in ally part1¢u1 5 yew pcriod will twrnlllly be correcte Debtor• 2025 2024 DividendA al inierest in transit Sundry and Prepayments 1.700 2.530 1,855 11.221 £4,230 £13,076 10. Ll•bllltle$: Amounts falllng due wlthlTr one year 2025 2024 Accnthls 23.296 30201 £23.296 £30.201 11. Fllndj The Tru.4t h&8 four funds, two of whi¢h are capital nds, the Expendable Endowment Fund alld th¢ Permanent Endowment Fund and two of which Are income funds. the Designated for Almshouses Fund and the LtrICted Income Fund. The Expendable EndowÈnent Fund represents the Eclleral ofthe TNs¢ the ittcome from which provides the Cb&rity'y incoming re80urccs. The Perrllanent Endowment Fund has been utiliyed for the 8¢qui8ition of a]mshouses, land aod buildings and cannot be di8tribut&L During the year a transfer of £127,037]]as been m•le from tbe Expendable Endowmcnt Fulld to th¢ Pemwietst Endowment Fund to match the expeadilure c4)italised. The Unrcstricted Income Fund wresents the general unallocatcd income of the Charity. Durin8 the year the Tnkn trallSferd a net arn(WDt of £66,008 from the Unrcslricted Income Fund to the Expendable Endowment Fun 16-
THE DAVENPORT HOMES r40TES TO THE FtNANCL4L STATEWENTS for th¢ year ended 31 Mareh 2025 (CODlinlled) 12. Anolysi5 of i8sets betweell fuTrd DeslElIAted lor Almshouses Income Unrestricted Iucorne Tot&1 Debtor# Uninvested cLgh Bank and c&sh 4,230 98.443 32.007 4.230 98,443 32,007 134.680 134,680 Less.. Liabilities 23.296 23,296 £111.384 £111,384 CAplt41 Expendable Pemanent Endowment Endowment Totgl Tangible a&4et$ Ligted inve8lmLm Uninvested cash Bank and ¢a8h 2.169,331 2,169J31 3293,691 (66,112) 3,293.691 (66,112) £3,227.579 £2,169.331 £5,396,910 13. Related party trATr8a¢tlons Durin8 thc y¢ar the received £2,247 (2024.. £2267) in Tespect of otTiGe rental and ielephone, frotn the W. E. Dunn Charitable Tnts4 a tswst of wbieh D. CorDey. ttwltt, is also & trustee. At the year end there is a debtor frotu the W. E. Lkn Charitsble Tht of £243 (2024.. £247). 14. YeRr end cb*tt¥e tts the prior period the trustees eleet¢d w ¢bange the year end frotn 5th April to 31rt March to ali8n With month end reporting and adrninistrdtiY¢ purposes. As a resulL the comp4Trtive infornitttion presented in the fJnan¢ia] statements (iti¢luditi8 th¢ related notes) may not be entilY coraparable in every respecL 17-