THE HERMITAGE ALMSHOUSES TRUST CHARITY NO: 231011 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE HERMITAGE ALMSHOUSES TRUST INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Trustees, Report Independent Examinerfs Report Income and Expenditure Account Balance Sheet Notes to the Accounts THE HERMITAGE ALMSHOUSES TRUST THE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustees: (as at 31 March 20251 Mrs. R Black (Chairperson) Mr. C Hopkins Mr. C Kennedy Mrs. S London (Clerk to the Trust) Mrs. C Mills Revd J Mintern Mrs. K Pear Dr H Powell Mr. N Tatman THE HERMITAGE ALMSHOUSES TRUST THE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trust The Hermitage Almshouses Trust is a registered charity. No 231011, under the Charities Acts of 1992 and 1993. The property owned and administered by the Trust consists of nine self-contained bungalows, suitsble for both single and double occupancy and a Wardens House. No rent is charged. However, dues are charged monthly in order to contribute towards the running costs of the properties and their environment. Overall objectives of the Trust To provide accommodation for retired professional persons who are unabSe, due to lack of capital, to purchase their own home, or have difficulty securing suitable rented accommodation. Overall objectives of the Trust in the year 202412025 To continue to maintain and improve the fabric of the buildings and to improve the comfort of the residents without the need to increase the dues in disproportion to the cost-of-living index and improve safety standards where possible. To maintain our ongoing record of care and support of all residents. Achievement of objectives in the year 202412025 The roof space above all the units have had the loft insuSation replaced and upgraded to improve the themial properties and to reduce ￿e1 consumption and hence environmental impact. Work was begone on the refurbishment of one of the units, although the bulk of the cost for this will fall into 2025126. Sue London Clerk to the Trust (HARITY COMMISSION FOR ENGLAND ANO WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustees The Hermitage Almshouses Trust On accounts for the year ended 31°, March 2025 Charity no (if any) 231011 Set out on pages Pages 1-7 of draft annual accounts and supporting information provided. I report to the trustees on my examination of the accounts of the above charity ("the Tnjsfi for the year ended 3110312025. As the charity's trustees, you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Charities Ad 2011 ("the Act"). Responsibilities and basi5 of report I report in respect of my examination of the Trusl's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination which gives me cause to believe that in, any matenal respect.. the accounting records were not kept in accordance with section 13Q of the Charities Act, or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable requirements n￿rnIng the fom and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Date: 2Th May 2025 Signed: Name: Jacqui Letsome Relevant professional qualification{sl or body {if anyl- Associatlon of Accounting Technicians- Intermediate IER Oct 2018 Address: Volunteer Centre West Berkshire Broadway House, 1-8 The Broadway Newbury RG14 1BA IER Oct 2018 THE HERMITAGE ALMSHOUSES TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 UNRESTRICTED FUNDS 2025 2024 Income Resources Deposit Interest Grants Received Legacies & Donations Investment Income Rental {Wardens' House) Residents. Dues Sundry Income 558 714 11077 10104 42758 80 10054 9816 41498 104 Total Income Resources 64577 61586 Resources Expended Bank Charges Building Refurbishment Electricity Emergency Call Service Garden Maintenance Heating Oil Insurance maintenan￿ & Renewals Salaries Subscription Sundry Expenses Water 61 23861 1125 563 5540 9982 2091 13385 2520 353 425 1923 61 13782 1326 564 6210 7658 2166 5778 2766 343 564 1410 Total Resources Expended 61829 42628 Net Incoming (Outgoing) Resources before Transfers 2748 18958 Net Incoming (Outgoing) Resources for the year 2748 18958 Gainsl{Losses) on Investment Revaluation {18977) 31507 Net movement in funds Balance brought fotward at 1 April 2024 (162291 4*988 50465 446523 Balance carried forward at 31 March 2025 480759 496988 THE HERMITAGE ALMSHOUSES TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed Assets Tangible Fixed Assets Investments 47764 388320 47764 407297 436084 455061 Current Assets Cash at Bank Cash on Deposit 12175 32500 9427 32500 44675 47927 Total Net Assets 480759 496988 Funds Unrestricted Restricted 480759 496988 Total Funds 480759 496988 THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting Policies {a) The Accounts are prepared under the historical cost convention, except that investments held as fixed assets are stated at market value. They are also prepared in accordance with applicable accounting standards and the Statement of Recommended Practits for Accounting by Charities. Ib) Granls receivable Grants made towards the cost of acquiring fixed assets are capitalized and written off over the useful life of the assets as recommended by Standard Accounting Practice 4. Other grants of a revenue nature are included in the income and expenditure account in the same period as the expenditure to which it relates. Ic) Depreciation Depreciation is not provided in respect of the freehold propety which is repaired and maintained on a regular basis as required. The Trustees consider that the value of the property is in excess of the cost figure shown on the Balance Sheet (dl Transfer be￿een funds Transfers are made from unrestricted funds to restricted funds to the extent that expenditure is in eX￿sS of income. Tangible Asset Freehold Property 2025 2024 Freehold Property Cost at 1 April 2024 and 31 March 2025 47,764 47,764 Net Book Value At 1 April 2024 and 31 March 2025 47,764 47,764 The Freehold Propety consists of nine freehold almshouses and a kn bed roomed house. THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Fixed Asset Investments 2025 2024 Units Opening Valuation at 1 April Cash Added to Investment Portfolio 19933.68 407297 345790 30000 407297 375790 Gainl{Lossl on Investment Revaluation 18977 31507 Closing Valuation at 31 March 19933.68 388320 407297 The book cost of the Investments is £312,914 (2024 £312,914). Investments are in Income Units of the COIF Charitiés Investment Fund managed by CCLA Fund Managers Ltd Approved by the Trustees at their meeting on 10 September 2025 and signed on their behalf by: Mrs. R Black Trustee Mrs S London