2024-12-31-accounts

THE ALMSHOUSE ASSOCIATION ANNUAL REPORT 2024 *¥ •• PROVIDING GUIDANCE, SUPPORT AND REPRESENTATION TO ALMSHOUSE CHARITIES SINCE 1946 ALMSHOUSE

THE ALMSHOUSE ASSOCIATION Billingbeer Lodge, Maidenhe8d Road, Wokingham, Berkshire RG40 5RU T.. 01344 452922 E- almshous•supporl@almshouse$.org W.. www.almshou5es.org ReoBtered Chanty No 21S668 kealstered Companu No. OA67e214 Rou•l Patrons Klng Chorl•$111 HRH Th• Duk• of Olouc•t•r KG OCVO Th• Board of Trustees 2024 Arnb•888dors Andraw 8arne5 ' john 8Toughtttn IP Ed Christian 18ppolnled 12 Klarch 2025. preMouslyF&GP oNul cli￿ Cook Rob Dougla5 C8E OL '# Ellzabeth Fathl" Wlllle Hartley Russell hAVO DL IChglrm8nl Davld Heaiey Paul Mullls # Trlcia Scouller'# Adam Sgdgwlck Aargaret stawart '# The Baronass 8skewall DBE HonF8A FRSA Peter Barton DL The Rt Hon. th8 Lord B8ith Ilargaret C8sely-Hauford CBE Tony Colllnson OBE FIH S<evin Crossiey-Holland FRSL 08n Crulcksh8nk ludlth Donovan CBE Robert Durlg OBE FRICS AThYrew Grgnl OL The Rl Hon. the Lord Mackay of Ciashfern KT PC QC FkSE Slr hAichael hAcWllliam KCMG f¥4A BLIIt The Duke and Duchess of Northumberiand The Baroness Palsley of St fjeoroe'5 The LDrd Shipley 08E Simon Smith The Lord Tever50n Slr J3mg9 Tldmarsh KCVO hABE Sir Stanlgu Wells CBE Pel8r Wyman CBE DL Ire$i9n8d 4 December 20241 Quenlln Elston I'FinBllc8 8nd G8ner81 Purposes Subcomrnltt8• IF&GPI) I#Tho Leonard H8ckett Klemori81 Trusti Advlsoru 8odu Professor Cameron Swift Richard Waitè Chlaf ExètLJtive Nlck Phllllps Head of Member Servic8S julian Marc28k ,4onor8ry Tre8surer Hoa(l of Finance ich381 Drake Slmon Llng FCA ' A￿•tors.- Buzzacoll Audlt LLP 130 Wood Street, London EC2V 60L 8ank•ra.. Coutts & Co Sl Martin's Office, 440 Strand, London WC2R OQS In￿s1M•nt manqg•r.. Waverlon Investment Management Ltd 18 B8bmaes Street. London SW1Y 64H ré Itopl. HRH Th• Duk• of Gku¢•st•r rK•fv•• • book ot drewlngj Irom the chIldr￿ of PoLnd M8adow, BnKkham. Surr•y. tth Ilgftl.. Phll Sw••¢ r•8ld•nt •nd ￿￿•￿1 vgt•r# 100 u•8rs 01¢ Munlclpel Charftle¥ of Strntrord-upon-A¥on. bdow Inghtl.. Openlw at Unlt8d St Sa￿￿.9 ApF49by Blu• dwolDpmDrt Southw•rk.

The natlonal membership organlsatlon provldlng guldance, support and representatlon to Independent almshouse ch8rltles across the UK ALMSHOUSES AND THE ALMSHOUSE ASSOCIATION Alm¥hous•s are a form of 3elf-suffl¢l•nC iow-cosl ch4rltabl• houslng, held In trust for io¢•l p•opl• In houslng nwd. Th• Almshouse A¥$oclallon w8$ •St4bll8h•d In 1946 to ralse th• proflle of the •lmshous• movem¥Thl. support all member •lmghouse harltlok In th•lr mlsslon to provlde homt$ •nd foster a sens• of communlty foi r051dents, whll>t Also helplng to s•l•ouard h15lorleal bulldlngs Bnd promotè th8 d•v•lopm•nt of mor• #nd bett•r •lm$hou•• communltl•s. Est8bll$hod through phllanthropu. managed and run bu Ind¢p•ndont Almshousè charltl•s 8nd1od bu lo¢•1 voluntwr tIU8t••s. almshou$•s •re th• Oldest form of charltabla hou8lng.. th•lr hl•lory can be tr•c•d b•ck Dv•r e thousand y••r. Alm8hou8•8 8r• unlqu• In a l•g•l s•nse and hiv• • sharod omphasls on •ncouraglng comp•nlonhlp •nd communltu. Through ralslng •w•ren¥$$. fundr•l$lng. d¢n8tlon$ •nd l•g•cloB. the Agsaclatlon 18 worklng hird wlth •lmshous• cherltl•*, local authorltl•s •nd th• Govornm•nl to m•k• It po$sIb￿ for m•ny mor• Almshou$•s to b• bulll lo $ocur• affordable houslng lor poopl• In houslng no•d today and for g•nor•tlon• to com•. In th• UK todoy. around 36,000 p•opl• Ilv• In •lm¥hou¥e dwelllngs, wh•r• th•u l••d Ind•p•nd•nt ond lulfllllng IIvo8. bulld frl•ndshlpi, Improv• th•lr wellb•lng. and •nJoy • ••n8• Ot s•¢urlty wlthln th•lr communltl••. CONTENTS CHAIRMAN'S REVIEW FINANCIAL REVIEW 2024 18-17 CHIEF EXECUTIVE'S REPORT TRUSTEES, RESPONSIBILITIES STATEMENT 17 THE ALMSHOVSE ASSOCIATION MEMBERSHIP AUDITORS. REPORT 18-19 STRUCTURE. GOVERNANCE AND MANAOEKIENT OF THE ALMSHOUSE ASSOCIATION Publlc B•n•flt The Leonard Hack•tt M•morl•l Tvu•l stat•m•nt of Rlsk Str•t•gu to 2030 Pollcy A Thd Engio•m•nt WR SERVICES M•mb•r •nqulrl•• Ind wpporl Momb•r chèrlty h••ith ch•ck• Tr4lnlng •nd •v•nt• Grants and 104n• Ingurance FINANCIAL STATEKIENTS st•t•m•nt ol Fln•ncld Actlvltl•8 8114nc• Sh••t Sl•l•m•nt of Ca#h Flow• Accountlng Poll¢l•8 Not•9 to th• Fln•n¢l•l StAtwn•nts 20-35 20 23-25 26-35 THE ALMSfrMJUSE ASSOCIATION 2024 AWARDS 38-37 DOWAIIONS ANO SUPPORT 37 10-15 io 10 THANK YOU... 38-39 PANEL OF CONSULTANTS 40-43 12 12 13-15 ADVERTISEMENTS 44-58 fjRADiJATES OF 2024 Insld• b•ck cov•r Supportlng th• •lmshouM mov•m•nt OUR VISION - for the 81mshouse model to be recognlsed as the exemplar form of communlty houslng

CHAIRMAN'S REVIEW It Is wlth much pl•8sure that w4 present Th• Almshouse Assoclatlon s Annu81 Report and Accounts for tho uoar ended 31 Do¢emb•r 2024. In my first full year bs Ch81rmBn ol The Almshouse Association, I have been inspired bu the tent. passion and h$rd work of our Executive Team Sn strrving our rrernber- ship. The depth and breadth of expertisè defines us as an organisation and enables us lo make a lasting. positive impact on the alm5￿USe movement, our héritage and people's lives. 2024 has been an exceLient year for the Associetlon and one of slgnlfi¢ant Irnpect for the movement 85 a whole The work of Assoclation Is Invaluable. We have the powe¥ to Influence onE of the most Important Issues of our tlme - affordgble housing th81 beneflts mental health and wellbeing through the almshouse vement's historic charity model of good neighbours living independènt livas, in a secure, heritage environment. Therg are over 1,600 almshouse charltiès In England Asswigtion by the end of 2027 whlch rn8u entAII a 8nd W8les providing $8fe 8nd w8rm home5 for 8roJnd furthef rn￿est increase in subscriptions in that year. 36,000 residents. The almshousB rnovernent accounts y frèeing up our reserves, the Association can assist lor 1% of 811 charities in England and Wales and the those morp ch8lleng$cJ glmshouse ch8riti8s who requlre oldest charitles In England and WBles are almshouse grants 8nd 8ddltlonal SUPForl lo carru out essential charltias. The work of the movament Is governed bu repairs and improvements. sorne 8,000 trustees who give q8nerou51y or thelr lima Thg Association is a charity Ih8t is well placed to do Ind are pivotal in ¢reatlng ¢ommunllles within th8 morè lor Its members, our heritage and for 8lmshouse Indivlduel rnember charities residents, 8nd it has a role to play in addressing some of The Assoclation's cffice located al 8llllngbear Lodge the key issues foclng sociètu. We must 811 work together aThJ adloinlng house naar Wokingh8m, w8re glfted to lo preserve and prDmQte ¢Uf 8lmshous8s, hwllsgè and thè Association by the Isle L8ongrd Hackètt, one of th8 traditions. I want to ensu￿ Ihgt thè Ass¢¢i8tion, whl¢h founders and Genoral Secrglary of the Associatlon. Is privileged to b8 able lo take such a IonG view, plays Th8 Association outgrew these offices some year5 090 leading role in reelising these ambltlon5. and as a result the Boerd took the decision to identllu Thls year we have given more locus to looking forw9rd new off Ices that w￿jId servè the Association for future nd ensurlng the A550clgtlon, 8nd 811 that we do on d8cades. thalf of our members, Ss hare lor generblions to come. Wè ware loftunale to Identify an axcellent set of The Association, led bu Nick Phillip8, Chief Executive. h85 freehold offices, contained in two building5, in central n working diligentlu to Windsor. The new ottl¢es offer twlee the aceommoda- pgrsuade Gov8rnmgnt to tlon, heve p8rklng for staff 8nd vlsllors ard we hope to recogn15e almshouses as offer more semlnars and training events at our new 'alfordable housiThJ' in heacJqL￿r1erS in the futurg. The new ofticgs will also government legislation. provide the Ass(Kiation with addition81 leltlng income. Our members Mave bBen most The move to Wind50r will help 'fulure prc¥)I' the helpful in conlActing their Associ8tlon. 811owing It to grow organlc811y end lo offer locBI MPS, notgbly $rt£r the g bro￿ler range of servlces to our memb6rs. The Board Ggn8r81 Election in lulu Ovef hès thèrefore decSd*1 to sell the officés and housè 81 100 MPS h8ve supported our Billingbear 8nd the expectpd proceed5 will b￿dI￿ ¢over cause lor glmshouses lo be the cost ol the n8w freehold offices in Windsor, which recognised 8S '8ffDrd8ble the Board unanirnously agreed should te n8m8d houslno,. The proposals 'L8onard H8ck8tt House,. were not integrated into the Ontt of mu objectives on bètoming Chairman was to revised pollcy, however our pul the Association on a more secure finar￿181 foollng. discussions are on-going. For manu ye8rs, the Association has only covered about One im￿)rtant development h81f its rosts through membership ¥LJbscriptions and we have been promotirKJ this w85 not SU5tain8ble as we were relying on using n 2024 has tAen Memb8r Charity H8alth Checks, en long-lerm rp5erve5. The Association's I￿e1 and rangp of services and guidance have increased signlficanlly over niti8tive we hope lo roll out to 811 members by 2030. the past lew years 8nd, 85 such. the Board felt th8t it I would encourage you lo partlClP8te in this initietive W85 nÈcèssaru to increase membership subscriptions During the year we were informed that His Majesty Tke such that in 2024 yjbscriptlons covered 70% of our Klno had agreed to continue as our Royal Patron. The King running costs. l am delighted to report that the vast has ￿en an active SUPFM)rter of the Associ81ion over majority of members SUP[￿rted Ihls increase. We lost many years and we continue to 5ubmlt new architec- small numbèr ol members due to the Sncrèas8 and lural dev8lopmenls to him for the 8nnual Patrorfs we hopè over time we can persua(Jè them to rejoin. Award. We are also fortunate to have HRH The Duke of The Bogrd's alm is to cover the njnnlno costs of th Gloucester as a Royal P8tron and he visited alMsh￿jseS ,Eli ove Dr Latnn SulllvHn. MP Icontrol •nd Cllr Dan181 Adewd? KlnA Mayw of Orgve6hAm I￿￿tI wlth As•Gcl•tlon Ch?Irm•rn WIA1•HWt￿U RUSMII •t H¢nry Plnnock •rtd Vl¢¢wl• •nd Alb•rt lA•n￿rt•1 Ch•rfttL l5rnvo5•￿ K•nt.

in Cambridgeshire and Surreu during the uear. I would also like tD recognise our Ambassado￿ who do so much on behalf ol thg movem£nt without thalr IW continuing support and encouragement, our achievements would not be what they are would like 8150 lo thenk Nick Phillips and thè Executive Team lor their CDmmltmBnt in Implementing our strategy lo 2030 and thèir thoughtfulness arourd the w8yS the Associatlon contlnu8lly strives lo be a leading mernbership or9anisatiDn. The team at 8111ingbe8r has delivered a great performance over thp uear and this Annu81 Report Is a wonderful trlbute to their dedlcalion, imaolnètion ènd shper herd work, I thank them for everythlng thay 8chleved in 2024. In addition, I woul(J liké to expr?55 rny gratllude to all our Board membèrs for their f3nl8stic work throughout the year, helplng lo pul member Iruslees gt the he8rt ol evèruthlno we do and making sure we are alwaus guidèd by the experlences of thg trustegs, clerk8 9nd resldents we exist lo support. There have bgen some changgs at Board Level. At th8 end ol the uear, Rob ODugl85 retired 8s a Board member after nine Years of service We will miss Rob's excsilenl contribution and wlse counsel. Wè gre delighted lo welcome Ed Chrlstign to the Boafd In 2025. For several yèars Ed has sèrvèd as e co-opted mem- ber of the Finance and Gen8ro1 PufPQSe5 Subcommittee will be joining the Board as TreaSU￿r. John will t8ke up thi5 Posltion from the AGM In hjne. Whilg drslting thls summary, it is wlth great sadness that I musl rèport our dear fri8nd and long-lerm &lms- house champion, Rlchard Knipe, has died. His support to his own almshouse charity in Spblcling, to the 808rd and lo Nick and the teem over manu ue8rs has been of irnThasurable value. We will all miss hlm gre8tly. IIM Klno Ch•rlea 111 l•rt ts nght.. HRH rh• Duk• ¢1 Olouu•t•r wlth Wlll• H•rtlw ￿￿•• •nd Alm•hoiJs• A85gclatton CEQ I￿￿ Phllllp•. One of the most enjoyable and rewarding parts of my job as Chairman is vlsitlng our mèmber charities throughout the country and meetlng them at seminars. We have an excellent network and collaborative nature and l sm looking forward to VlSlting mgmber charltles, if asked. Equally, we have 8n import8nt partneishlp with City and provlnci81 Ilveru companies, m8ny with 8 long tr8dilion of almshouse provlsion. Tha support and encouragement thet livery compania5 providè is centrsl to our mission l am pleased to report thp A5SOCiation has applled to the Collegè ol Arms lor 8 Grant ot Arms. The Arms should be granted toward5 the of 2025 or eerlu In 2026 and will reflect our heritage, work and servlce lo the communitu, Finally, I want lo thank all our mambers and Regional Pear Representatives for their support of the Associatlon. We ere now better placed then ever lo make thg most of bèing an Associ8tion, working together as a socl$l movement, made up of the national ch8rlty 8nd èlmost 1,600 member charltles Your commitment h85 never been more import8nt and nothing w(KJld be possible without it. Thank you for b8ing part of our vital work Your membership and supp)rl are the future of the Association and I hope to see many of you at Mgmbers Day In central London on 19 lune 2025. As we pmoress throuoh the next uear with our renewed vision, we have 8 clear set of objectives 2nd a pl8n of action to lulfil our mission. I have no doubt the Assoclation will continue to be a thriviryJ hub ol creativity, activity and Innovation both for the nation and our member cherities. In this Annu81 Report, you can read more 8bout our hiÈvÈrnent5 and the pr￿eSSeS we have put in pi8rp to succeed in our ambition to provide more lor our members. You can also read about our future plans and slr8tegy to 2030. Th15 report CDnt8ins our full financial report and èccounts, ss well ss leg818nd administrativg Inform8tion about our Asso¢i3tlon. l commend this report to you. Wlllle Hartley Ru55811 Chairman of The Almshouse Assoclatlon rwt. wiitl• H•rtl•y RugMII wlth a r••ld•rt ol tho WornhlpfLA Cttmyny of Fr•rn•work Knltt•rn alrn8housrt O•dbw L•lc•$t•r. lgft.. W1411e H8rt¢•y Ru8seU at Th• Frl•ndly Almghou8•9 In Loftdon SW9 wlth Ileftl loln Walk•r. truit•• andlrighti F•ll¢lty StOn•hI￿ Chlr. and has gDt to know the Assctiation well. We look forward to benèfitting from his financial expert15e. Over the course of 2025 and 2026 we will be w￿lcoM1n0 8 further six new Irustegs to thg BD8rd who arè actively rnoviru through an induction process. At our AGM Dn 19 June 2025, Simon Ling wlll step down as our Tre85urer having formerly been our He8d of Finance. l am deliuhted to rep)rt that John Graham, formèriu Fin8nce Olrector at the NSPCC and then the Royal Britlsh Legion.

CHIEF EXECUTIVE'S REPORT W• are 811 too aw•re of the desperate ond urgent noed lor affordable houslng. Therg ar8 Increaslng numbers ol oldgr peopl• 8nd young famllles wlth low or no Income flndlng them$elves ln posltlons of houslng nead, uncertalntu and Isolatlon. Homelessness, poor houslno and lonellness Impact thousands In our soclotu. Some have b••n •bl• to flnd • stable hcm• •nd warm communlty In the almshouse world. largely Ihank$ to the lantastlc work of clerks, wardens and some 8,000 trustegs of our m¢mbershlp. In 2024, The Almshouse Association member charities faced significant str3tegic challenges. A su￿tantIaL change In legislation, fundirvJ 8t)d st3tutory requirements, rising bullding costs, difficultu in recrulting trustees, Increasingly IT8il residents snd the responslbllity of pr8sgrving historic bulldlngs all contributed to the piessur8s felt by trusteas. Desplle these challenges, they work tirel8ssly to preserv8 anty msintain these wonderful buildlngs and, most importantly, foster vibr8nt communities, ensuring that every residènt has a warm horne and good neighbour. Led by our Ch8irrnen, Willie H8rtleu Russ&11, th8 Boèrd to move on ils position. In discussion with our members, ol Trustees reviewed the p18nned str8tegu t8kino the the Association put forward 8 propos81 for 8 Code or Association lo 2030. The stralegu is considered lo be Conduct and mambershlp of an OmbJdsm8n Scheme, rotJst and the Board is contident that It responds whl¢h en ov$rwhalming 98°A of our membership Iwho cleerly to the ch8lleng8s det8118d abov8. responded to our survey) supportècj. This work will need •LvvB18tt. Wlll For¥tv. KIP Woklny wlth A•sucltlon CE4 Illck PhllllpB It an •lrn¥houM Inlorm•tlon drcp Irf lor MP• •nd tholr st•fl •t Port¢ulll8 Hous¢ W•itmln•t•r. 8t￿4 rvJht.. Lunch wlth r•std•nt• of w•￿rI. ￿M•hOUs•1. London. right.. Nkk Phllllp¥ W•4 4 gU•¥t •p••k•i •t th• Wornhlpful Cornynu of W•av•r8' Ch•rt•r Olnn•r. DuriryJ 202L, in support Df our tru5tee5 over 1,000 to continue in 2025. clerks, the te8m has responded lo over 3,800 enquiries In sddltion, furth8r on 8 v8riety of matters ranging from 18gal and building legislation is issues to frail resld8nt challenoes. Bxpected In the Our work with thè Govèrnm@nt tontinuos Currently, social houslng sector alrnshouse charities are excluded frorn Section 106 and almshouse fundlng, a local alfDrdable housing fund, beceuse the charities will neecl to decide whether they wish to be definition ol 8fford8ble h(xJsing in thè Nstional Planning scciel houslng provlders or a unlque form of charitu that Policy Frarnpwork INPPFI exclude5 all but larger has been in existence for Dver 8 thous8nd years. reglstered housing aSs￿ratiOnS and is not designed for The Assoclation Is grateful for the support recelve gm811 charities. The only available option for almshouse from a number of org8nis8tions including the Cherily haritles who w15h ta b? recDgnised and recelve this Commission, the National Housing Federation, the suppart is for thern to become Registerèd Providers, Regu181or of Soci81 Housiw, Homes England and Houslno which, we feel, is disproporlion8te and onerous in view LIN. We remain comrnitled to collaborating with all of the 8veragg size of almshouse charities. parties to see the proposed amendment in Government In 2024, the Agsocialion engegeo dlrectly with the new guidance c?pted 8nd 5ucc6ssfully implemented. Government, raising numerous question5 to Ministers The Associetion was honaured and delighted when His in The House of Comrrnns seeking to the Current Majesty The King confirmed the continuance ot his role NPPF and include almshouses in the deflnitlon of s The Rou81 Patron of The Almshouse Asso¢iation affordable h)using. This, togethèr wlth the dedicated support of HRH The MPS have suggested that wlthout some form of DukE of GLwce5ter whose vi51ts to our members are accreditation or 95surance, the Government Is unlikely always 8 gre8t honour. Is a wonderful morale boost for

both the Associ8tion and our mèmbèrs. Both His Mai&sty The King 8txJ HRH The Duke of Gloucester Insplre invDSvem8nt In the almshouse MoVe￿Ont. hèlping to r8ise the profile of alrnshouses in the local ¢ommunitu and on a national level. During 2024. the 8BC, ITV, Channel S and nation81 newsp8pers h8ve all covered the great work of almshouse charllies. As ￿11 as making warm and wonderful news storiès, believe that much of the awareness of thè alms￿use Mr￿￿1 comes from sound research. In prevlous uegr5, we h8ve funded Independent research reve¥ling that residents of almshouses can live up to 2.5 year5 longer in almshouses compar￿1 to thos •trow.. HRH Tb• Ouk• ot Glwc•st•r lriohtl It Glrton Town Chiiltu'• •￿Id-WITh￿l￿O P￿￿1¥￿￿J• •lm•hou d•v•lopm•ntln C•rnbrld04 vthh Itrom leftl Chwlty Chalr, Ann 8pnn•tl.. A••ocl•tlon CEQ Illrk PhlUlp• •nO A*8orl•tlon Ch•IrM•￿ WTlll• H•rtl•y Ru$8811. left.. R•M•rch Gmup •Xp￿TrO Hopton• Alm•houi• Southw•rk, London. marketing. PR. events, fundr81slng and engagernent ere second to Th)ne in their professionalism and commitment. We have 8 formidable team who wlll see thg Association develop and almshouses proparlu racognised gs the 8xempl8r form of community h¢uslng. The team wlll work with our members to protect and contlnLJe thls unique form of charltable houslng for the next century. Wg aro delighted that more housing chariligs ar8 converting to almshouses 8nd Joining the Association network to which theu are most welcome. Despite the gtrong dÈm8nd for Accommodation in almshouse DmmLJnitie5 and the or¢wlng aw8rene55 of the unique and lrnp8ctfJl n8ture of almshouse5,1 am saddened that no new almshouse charities have been established since 1983. We will persist In advocatlng lor change and 8im to establish è nèw oeneretion of almshouse$ addressing loc81 housing rEeds AlongsidÈ working with the Government lo support our memters. we continue lo strivg to provide the best servlce.. trainlno, guidance, help deGk, wèb support. st8nd8rds of Alm5hou5e M8nggernent guid8nce manu81, model policies and ternplates, legislation updalgs. semlnars and regionol meetings. We alweys rernember that The Almsh)use Associatlon was estab1I5hed by our membgrs lo provide support services. r815e the profile of almshouses, Influer￿8 policy end maintain proce55es. policies and standards on which members can fely. We are all focused on making the Ilveg of our trustees and clerks e8sier, to protect the charity status of almshouses snd raise 8lrnsh(xJses high in public and politlC81 awareness. Our members are our customers and we are committed to serving you so that you mey In turn support the residents of your almshouses. Nlck Phllllps Chlel Executlve of The Almshou58 Association Iivlng in similar forms ol housing. This u09r wa heid the flr9t ol our research workshops bringing together 8 group of people interested In 8lmshouse resÈarch from the UK'S top unlversltles, The Dunhill Medical Trust and acadgmlcs frcm overgeag. This has l¥J t) the develop- ment of furthèr research into the a1rn5house model for the future. Additlonal fundlng is still being sought lo 8dv8nce this irnporlant work. The Assocl8tion flnish9S yè8r in a swnd flnancial position. Investment vèluslions, which have been on somèthing of a roller coaster over the last lew years, closed in 8 good posltion. While fundraising remains e challenge, it is showing som8 51gns of improvemÈnt. The lundrelsing strstegu of working closely with our Vice P8lrons is provino to be a valuable approach. Almshouses ar£ arnong the lew organi58lions Ihal continue to operate in the s8me way they wera originally intended c&nturies ago. PrEserving the heritage of almshous&s 15 8n irnport8nt espect ol our strategu. Thè Association is working with key partners at The National Trust, Historic England, English Heritage, The Church Comrnissioners. The Duchy of Cornwall, The Grosvenor Estate aThJ many others to investigate matters such as emerglng EPC regulation5 and their Imp8Ct on old end Ilsted building5. Th8 Assoclation w85 created lo help make the lives or trustees easier. The Association staff are dedicated, proactive and innovative in thelr drive to support trustees and clerks. &Jr specialist t88m5 in finance,

THE ALMSHOUSE ASSOCIATION MEMBERSHIP M•mb•rshlp Total rwmb8r of mpmb•rs Total numbor ol slt•s Memb•ws g•lnqdlllo•ilm•rq•rl 1,5S2 Member charltles 311271 18PWOXiFn8te flguresl Tot•1 dwelllngs Tot•1 r•sld?nts Charltl•$ wllh 4 w•rd•n 21324 31466 671 Charlty type Ch#r1t•b￿ eomynu Ilmlt•d by gu•r•nl•• Ch•rltabie In¢orpoi•t•d Oro•nl•atlon ICIOI Unlncorpor•l•d 46 103 1.403 Almshous85 wlth Ilstedlconservatlon area status R•gl•t•r•d Provld•rs 283 517 Almshouse charltles bu slze dw8llngs ovgr Ifl) 36 400 dw￿1￿￿5 51-100 61 dwdlngs 21-YJ 223 300 ¢J¥WIIknos 11-20 253 200 dwdlhos 6-10 37 dw8ilh 537 8S 61 35 dwelllnos 0 1LKI 2fKI ?00 IDQ soo 600 Grad8 ￿ Grats Il. Gr8J811 Con5ervatitsi Income at a glance 2024- total.. £1,268,016 2023 - total: E893.489 Glft¥ •Thd dun•tlons m M•mb•rÉ' 8ub•crlptlon¥ • oth•r Chr1tb￿ •ctlvltl•8 11 Inv•stm•nt Incorn• E255.672 ox B9.182 21% £215.544 f7X £625.285 9% £36l210 40X £191161 22x 171.515 £14B.K18 17X 2024 2023

STRUCTURE. GOVERNANCE AND MANAGEMENT OF THE ALMSHOUSE ASSOCIATION A I￿$￿0￿$r The AlmshDUSP Ass(Kiatlon Board is responsible for shaping and reviewing strstegy. The Board delÈgatÈs authority to d8ilv8r that strAtégy lo th? Chief Executive Offlcer and staff. The Bo8rd Is supported through Subcommittees that Include, Fin8nce 8nd General Purposes (chaired by Andrew BarnÉsl and Nomlnatlons (chaired by Paul Mulllsl. other Bpecial purpose subcommilts85 msu evolvè and be developed 10 8ddr8ss particular issues. The Board rpvl&vs the strategy in detail at the annual AwÉudau and considers the current strategic position. as well as new or developing risks. Now appolntees to the Board At the end of 2024, Rob Douglas stepped down frorn the B08rd after nlne years of dedicated service. Throughout his tenure he provided gre8t insight and imeoin8lion in solving challengas for the Association and its mèmbers. Rob served on variou5 Sutcommittees and, most notably, oversaw the Support to manu 81m5hou8e charities under Thè Leonard Hackett PAemorlal Trust whlch supports glmshouses 8$ 8 'truste$ of last resort,. Ov?r the next tew years, the Associ$tlon wlll see a rot8tion of truslges retire at thg end of their set term of ofllc8 It¥Jpically three terms of threè ue8rs1. In preparation, Paul MLJllis, Ch8irman of the Nominations Su1￿0MmItte8. was asked by the 808rd to develop 8 formal process for identifulno and recrultlng potenligl new trustees. After wlde-ranglNJ adverlislng carnpeign designed to ap￿91 lo dlverse wlent181 appllcants, we were overwhelmed with the quslity ènd scale of applications. A team from tho Nominatlons Subcommittee Intervlewed 8nd offered positions to six new truslegs of exceptlon81 calibre. These trustees wlll loin the Board 85 observers lor two meglings before committing to joln for the longer term. In sdditlon, the Nomin8tlons Committee and &08rd have b8en plè8s8d to appoint john Gr8h8m as tho Assoclatiw's new Treasurer with effect from tha AGld on 19 Junè 2025. John, torrrrlu Finance Director 8t the Roual Brlllsh Legion and the NSPCC, is also gxpected to become a trustee. PUBLIC BENEFIT The Almshouse Association wa5 eslablish&J In 1916 to supp)rt elmshouse charitles in two fundamental w8yS'. ra1￿ thè profile of the almshouse model and support trustee5 in their role, The Assr￿latIOn Is also gI￿n the remlt to commission research, draft pollcles for members, set st8nd8rds to help memberg, develop temp18tes, c8rry out Irainlno, spe8k to and influence government ￿lItY where St irnpacts membèrs, rèpresent the alrnshouse movemènt throuoh public engagement. hold nEtworklng events, provlde gr8llts nd loans, raise Income through fundraiglng and Investments end support the malntenance of almshouse bulldings. The result of achieving this means that around 36,000 residents havè ttter-informed and suppprled board5 of trustees runnlng almshouse charities. THE LEONARD HACKETT MEMORIAL TRUST Th• L•onard H8¢kett Mernorl•l Trust ILHklTI •x18tg to promote and advanc• th• ch8rltable work of Th• Almshou58 Assoclgtlon. It16 an Ind•p•nd8nt ch•rlly led by volunte•r Iru$tg08 wlth th• ml$•lon to gUPPOrt almshousg charltl88 that ar• fAlllno to d•llv•r sultoble homes to th•li re8ld•nts. LHMT ha$ been managlng th• cons•rvatlon ond refurblshrnent ol tho 17th C•ntUfU ¢h•rllu. Edmund S•wy•r Alrn$hou$•$ In KgtterSng. Followlno th• succossful compl•tlon or th• work, naw trust••s ar• b•lng sought. LHIAT18 currèntly r•vl•wlng how It can add groat•r Imp•ct foi ff*mber ¢h•rltl•$. p•rtl¢ularly locu$lno on th qrowlng number ot •mall ¢harItI￿ f•clng bulldlng •nd gov•rn•nc• ch•ll•ng•8. "LHMT has been the vlt81 trustoe ol18$t re$ort. Th1$ model may need to change to become more effectlvo •nd add èvan grèatèr Impact In the future." Trlcla Scouller. Chalr of Th• Leonard Hackett Memorlal Trust

STATEMENT OF RISK Th• 8o•rd Is ultlm•t•ly r•spon$lble for 'rlsk'. Day-to-dau r•sponslblllty for rlsk 19 overseen by the Chl•l Executlve officer 8nd senlor staff gt Thg Alm$hou$• Assocl&tlon. but the 8o•rd malntalns a ko•n watch on the Rl$k R•glst•r. r8gul•rlu challenglng and revlewlno the hlghost prlorlty rl$ks. TlJ• R•g181or Is upd8tgd and r•vl•w•d 4t •v•ru Bo•id and Fln•ftce and G•nernl Purpa•$ Subcommlttee meetlng. Thg Assocl•tlon'$ prlnclpal rlsk areas a5 follows.. Asp•ct K•¥ Rlsk D•Krlptlon Mitlg•tlon Op•r•tlon•l nformatio Technology. Utilising the Custorrr Relatlonshlp Manaoèment system, wpbsitè an melntaining good communlcation with members through the webslle and èmaSls pL8CèS high degree of reliance on robust IT syslerns, IT support uutsourced to a spaclalist provider. Regular comrryJnlc8tlon vAth the IT provider. Cyber Essentl81s securitu process in Flace. Regul8r seEurlty l&sllng by IT support. Emergency back-up pl8n In place Op•i•tlon•l Procedural and Systems documantation. Lxk ol gwafeness of Pr￿edur¥S ond pollcias. The 808rd and staff h8V8 access to the ASs￿l8t10n's ￿￿1[CU docurnents. Ongolng ccrnpliance reviews. Regular review of ￿tiCIeS 8nd pr￿•JUr&s. Reaular sènior le&Yef8hip team m8etings. Loss of lundralsing and Investment In¢amg. Incom8 requlred to gjpport functlons. Subscriptlons hlslorlcally havg not covered operatlng costs. In¢reos8d demand on charit8ble trusts that f￿S on awarding grant5 to chartties. Awarding grants and loans lo ￿￿MberS in need will ba Influenced by our ability to replace funds. Fundraising Admlnlstrator engaging with donors and tru5t5. m$m￿rG. fe89 rwigwed to ensure the AS5￿18t￿on remains Ilnan¢ialL sust8in8bl8. R•put•tlon•l New and exlstlng Government pollw ImrBclSng Hloh level engagement with Peers. MPS gov6rnm8nt policl8s members 8nd the As50clatlon. ènd clvll servants. Olrect engagement negativelu Pollcles that may W88ken the wlth the *retaru of Statè. ImpBcling members. integrlty of the ¢h8Mtu model. Cleer key mess8g&s on trAh8lf of our memters. Consult wlth the Charttu Commlsslon lo engjre inteorfty of the 8lmshJus8 modd. R•pulatlon•l PDor memter charity governance. ember ch8ri1i8s not providlng gn acceptable St?rKl8rd of ?ccommodatlon and support their residents. embers not eng&Jing with support frorn th8 AssDclation. Poor goveTnarKe throuth 18ck of truste8S. Accredlted tr8inlng proJr8mme open to 851 MeM￿rg. Accredited Onli￿ tr8lnlnq. Focus on Nlentifying those members who might requir8 additionel support. De￿lopl[￿j support to attract n8W trust88S to the movement.

STRATEGY TO 2030 The str8tegu to 2030 is regularly reviewed in detail bu the Board to assass the chsnglng needs of members and wider exlèrn81 èvents. The current stretegy has been tested and found to be sound, however 8 greater emphasig has been placed on 5UPPOrting charities in th8ir mission lo rècrult n6W trustees. This agpect has bèen driven by feedb8ck from members, p8rticu18rlu srn811er cherities in Th• Alm8hou2• AsM¢l•tlon Oo•rd of Trust¢• •nd S•nior L8•d•r8hlp t•am at th• A¥soclotlon m8•t to plan • 50-yeJr str•t•g¥ lor •1rn6hou$•8 t th• Innu￿ 84M¥d 8owdBn H[¢ Glouc•st•r, In October 2024. ft to rlght.. A880clatlon CEQ Nlck PhlllJp& tnJ¥ti•¥.. Rob Dougl•4 Slmgn Lln& P•ul MulU4 MaryJ•r•t St•wart 0￿￿tIn Elffstorn John 8rouohton. Trkl• Scoull•r. Llz FathL Éxgcutlvo A561st8nt to CEq W•tor4 tr￿t••ts.. AThJr•w ?4rn•& Arlam S•dgwlck. Wllll• H•rtl•u Ru8••N ICh•lmMnL O•¥ldH•4l•kt •nd AuLKl•tlon Hud ol Fln•w Allk• Or•k•. rur81 are8s who contlnue to struggle to recruit new trustees B8sed on Inform81ion reFurled in Mernbar ChBrlty Health Checks, insufficiènt rÉcruitm¢nt of skilled trustees continues to pose the grestest threat to the 5us18ln8bility of many chsrities. Wp heve been tasked wllh supporting membèrs strangthgnlng th8lr recrultment process. Other key features ol the strategy, as reviewed Ihls year, includes tha addllion of a new CPD accredited recruitment workshop, wider engagement with philanthropu to sèè naw èlmshousé ch8ritlès èstablish8d. upgr8ding and simplitying access to Standards of Almshouse Management, dp?nlng Influence with local government and arnen¢Jlng the National Plannlng Pollcu Framework to Include 8lmshouses in the delinitlon of atlordable housing. It was recognis8d Ihsl the follDwlng 85pects of the strategy remaln imporlenl but yet to be gchieved.. Codg of Conduct launch. targéted proflle raising and incrèased support for charltieg hoidlnq hlslorlc bulldSngF, POLICY AND ENGAGEMENT The move of the Government over the 1851 five years ha5 been towards gre8ter regul81ion of the housing sector. Alrnshouses gre, flrst snd forem¢sl, rharities and are governed by the rlgorous guidance of the Charlty Commission. As would t* expected, almshouses are subject to all the standard Ilre and health and safetu regulations. We have worked wllh the Government to tru to amend the Ngtlongl Pl8nnlng Policy Fr8mework lo includè almshtsusè$ as a recognlsed form ol allordable houslng. Thls Iram8- work is t8ken 8s a defining statement by loc81 government in supporting aflordable housing with Section 106 funds and oltrer locel government pollcles such as Selectlve Llcenslno. Since almshDuses ere the oldest forrn of affordable hJJsing, il s•èm5 unreoson8ble tor our members lo be excluded. Following the introduction of the Social Houslng Act 2023. the Implicstions for member5 who have become Registered Provldeis (Rsgu￿te￿j havè bèen slgnificanl. Th& Act requires all serylcè providers, which include clerks, to become qualitied to d£greè lèvèl In a Chartered Institute ol Housing qualification and tor dirèctor5 to lake a rnore strategic based housing qualSficatlon. WÈ hsvÉ worked hard with the leBm in Government Nlck Phllllm CEO wlth N•ll Coul¢ developing the guldance around Ihls pollcu to seèk a sènsiblè èxemption IAP lor 8•rmondgw énd Old Southw•rk lor tru51ees and clerks of small almshouse ch8rilies, •t th• HOU$￿ of Parllam•nt. The qualification rgquirptnent 18 disproportionate for all but a few almshouse charities and does not include a module mflecting the running of 8 charity. We await the outcome of the con5ultatlon,' wè are hopeful that our involvemènt has lèd to a review ol the 'no exemptiorf st8tement in the Act. Our work with Dther consullalions on behslf ot members is lime-consumSng but essentl81 If we are to protact the charity model of almshovs8S. We have deYelDFEd strong partnership alliances in our work 8nd we are supwrted by Peer5 and other organisations. The National Hovslng Federation, Housing LIN, the Cherity Comm1> sion, The Regulator of Social Housing, the Hwsing OmbJd5man S8rvlc8, England. ACRE 8nd RABI h8ve all worked to supwrt The Alrnshouse Assoclation in ch8rnpioning our members. Nlck Phllllp4 CEO •nd Jullan M•rrzaL He8d of Member S$rvlc•$ r8n tr•lnlng 4l•y on •1m$l￿Se governonce for ChArttu Commlsslon at•ff.

OUR SERVICES Member enqulries and support Guldlng and supportlng our members on a broad range of toplcs hAember almshouse charities email or telephone The Almshouse Association for guidènee on issues theu fece in tfir d8iJ-lo-day running on a wide range Df subjects from governance to rèsldÉnt Issues as well as properlu and energy matters. In cases where Members rsquirs spocialisl professlonal advice, the servic?s ot our Panel ol Consultants are cslled ￿￿n. Th8 Association's Sland8rds of Almshouse Menegernent IS V81ued by the mgmbership as a key reterence menu&l, along with our Model policlÈs and templates. These are regU￿rIY revlewed to ensure they are up-lo-datg with new and ch$nglng Iggislalion and contlnue to meet the needs ol our members. 8lntalning close, on-goinll communl¢8tion with our membershlp Is prl¢rity. Great Imporlgnce is placed on the Assoclation's website, rnemb8rs forum, The Almshouses Gazette end 8-bulletSns. ToJether they provide 8 cornprehenslvtr range ol Inform£lion and guidence on which our members relu. Our 188m ol Regiongl Psar Repr8sont8tlves providas additional support by visiliThJ ch8ritie5 and actlng as a vital link trElween membèrs and tho Association The Association recognises the signltlC8nt ch811enues fsced by some charitles, Inclu¢Jing difficulties in rècruiting trustees, securing f¢Jndlng, and eddressing the malnten8nce ol aaeing buildings. We are aware these orpènisations rgquirg additionel support, although limited cèpBcity or a lack of IT skills within 8 lew charlties can make enaeoement and assistance more cornplex tg8m works with the trustee5 to help turn the charity round to sustainable future and to help 889e the worry of the trustees. Mernbershlp enquirle5 bu type., Accommodatlon Fin•nc• Oov•rn•n¢• H8•lth & S•f•ty L•nd & Bulldlngs Lo•n8 & Gr•nt• Pollc1•9 Resld•nts stiff oth•r 560 173 351 53 116 152 389 155 1.721 Tot•1 •nqulrl•$ r•c•lv•d In 2024 1861 Gazette Gazette Gazelle Gazette Member charlty health checks Supportlng the smooth and efflclent runnlng of almshouse charltles 232 charltu health checks 41 slte vl8lts ember Cherily Heelth Check5, togpther with guidance notes, were introduted to assist members in measuring and monitoring thèir performance. Fd￿￿k is provided In the form ol a short report to each charltu wlth the bAember Services te8m on h8nd to providè one-to-one assistance. It is encouraging to see the positive Imp* this is making to our mernbers. 55 charities are currentlu receiving additional guidance frorn the Assoclation and with wr support In 2024, 76 cherities have once 898in becDmé successful. well-governed ch8rities. It is the Associ8tion's goal that all member charities are successful and well-govèfned by 2030.

Tralnlng and events Dellverlng tallored tralnlng for almshouse charltles and connectlng trustees, clerks. CEOS and wardens Our CPD-accredited 'The AlmslK)use Way. course. which provides training for trustees and clerks, as well as those wishing lo u￿ate I￿1r knowledag, continues to be popular wlth most courses oversubscribed. Thè coursè hes beèn run across the country from Hartlepool to Redruth èn(J Abergele to Maidslone and, in rèsponse to demand. 20 more courses a￿ planned for 2025. Semlnars f¢r tru5tpes end clerks were held in Dxford, Tunbridge Wells, Leicester ènd Shrewsbury. R8olonsl K4eetlngs. whlch were elso held across the country, conllnue to be populer Further Support for members Is providgd through webinars, which in 2021 covered a rango ol topics including safeguardlna, The Charities Act 2022, setting asidg rosld8nts' appointmènts, mexim15ing weekly maintenance contrlbutions gn updating antl modernlslng govgrning documents A new CPD-8¢credlted'Trustee Recrultrnent Workshop, was launched at the beginning of 2025 guidlng members through 8 robust rgcruitmènt process The workshop allo￿ trustoes to dpvelop more larget£d recruitment pl8n to lind those 441 8luslvg trustees with 8 renge ol skills. knowledge and expBrlenc8S Ih8t will help maln18in and strengthen almshouse charities Into th8 futur9. ss 25 Th• Alm•hou8• Way cours•s wlth 380 •tt•ndw• 4 s•mln•rg wlth 141 attende•• 5 r•glonal m••tlnq• lora•nl$•d tyj th• As•ocl•- Ilonl wlth 108 attend••• 5 w•blfi•r• wllh 638 •tt•ndM• 1,200 onlln• tr•lnlng courn•g compl¢t•d These various courses and events highlight the extent lo whlch trustees. clerks and scheme managers value the opportunity to network and share common Sssues, To this end, the Assoclation rem8ins committed to org8nlslThJ such events in thè future. Th• Alm•hou8• Wau tr•lnInq •t st O•¥ R•drutt¥ Comw•ll1gLwl In S•pt•mb•i 2024 ind •t Ab•r0￿4 North W•l•i Ibelowl In lun• 2024.

Grants and loans Flnanclally asslstlng wlth the cost of rep8lrs. remodelllng, refurbishlng and bulldlng new almshouses The Almshouse Ass￿l8t10n offers qrents ot up to E2S.000 to member charlties that are in urgent need of fln8nci91 gJPPOrt and who would be un8ble to afford to repay a108n. L08ns ol between £25,001 gnd £1th),000 can also bo 8ppll8d (or. All 108ns ara rep$yablo ovttr S 10-uè8r period end are offered On an Interest-free basis. Apert from a one-off administration fee calcu18ted 8t 5% of th8 amount ioanod, whlch is pald as part of th8 loan Instalment repayments, thore afg no other costs attached. Grants tot•lllng £60.000 •ward•d to 3 member charltl•s Lo•ns totalllng £813,667 avMrd•d to 13 m•mbor ¢harltl•¥ Grants mado bu The Almshouse Assoclatlon In 2024 Ab•fqwyngw•gun Alm•hou• Chirlty Gwyn•dd l•sus Hospltal Kant Lawrence Shefirt Alm%hou8•$ Warwlckghlre Th• Elbwrn IA•morlo1 Houilng Trut £10.OOD 2,000 £2S.000 t25,OOD Abovf.. L•wr•n¢• Sh•rlfl Alm•hots1•¢ Rugby c•lv•d a grant to wpport •nibllno work• prlor to th• rnmod•fiinp ol th•li 11 •lrnBhouB•B. 8glow.. Th• Earl of sout￿MM0n Tnmt r•c•lv•d • lo•n to •uppor¢ th• eonv•rslon of • ground floor d•y room, no long•r In u••. to • on•-b•drogm •lm9houi•. Insurance M•mb8r• 8r• dlglbl• to loln th• compr8h•nslv• •lmshous• Insuv•nc• sch•m• •dmlnlstered by two m•ln brok•r•'. fjrout InsuMnc• Brok•rs Llmlled IGroull. whlch18 ￿rt of the g•n•t•ct Group. who$• •lmghou$¥ poll¢lg$ •re und•r- wrltt•n bu Rouql & Sun AKI•wK• InwJr•nc• Ltd IRSAJ Loans made bu The Almshous• As$ocl•tlon In 2024 Charlly of Thomas Amphlèti North8mptonshlr• £S,3 Or R•dc11118 Almshouge Oxlord5hire f42.000 Rowl•nd Hlll •nd Vugh•n Alm$￿U¥• ¢harlly Wddle$ex £15.528 Sh•pp•rd's Almshous•8 Hampshire £105000 The Almshou6• c￿rItY of Slr John ONi•y st•ffordshlr• E5I5QO Th? Berry Houslng Trust Kent £24250 Th• Ch•rlty of Sarah Barnard Essex £2Q2SO Th• Eart ol Soulh•mpton Tr￿t Hampshlre £w&ooo The Elbryjrn M•mori•l Hou51ng Trust Hertfortshlro E?&7SO The Frart& G•èrlfto Almshws• CMrftu OxlDrd6hlrn E51.352 The lam86 Charltle$ Blrmlngh¥m £74550 Th• Wllll•m Holm•$ Aimghoug•S Derby5hlre £52,500 Thums Whit• t￿tage Homes120161 Ch8rlty WoTcester5hlre £1303 Vlscount•5s B*￿Ingtorf1 Homes for Di5adv8ntaaed Ex-S8rvl¢• P•rsonMI CIO Brown & Brown Ipr￿lOUS1Y Hloos In$urancg Servlc•s Llmlt•d prlor to It$ rebr4ndlng on 3 March 20251, whou pollclas or8 und•rwrltten by Etel•$l4$tlc Insuranc• Offlco plc. Durlng Ihe u•4r, Tho Alm$htyJsg Agsocl?tlon r8c•lv8d donatlons 01 £30,000 Irom Grout. E30.0 from RSA •nd £2Q836 from Brown & Brown. Wlllghlr E105.000 12

Supporting the almshouse movement Spreading the word In 202£, The Almshouse A550C18tion secured oood coverage in n8tional and regionalliocal press, surpassing 2023 achièvements and reflecting growing awareness of the movement. The Assoclstion CEO was also called upon by TV channels to act as th8 spokespèrson foi alrnshcuses on tOPlCS such 85 50c181 hou51ng, the affordable hausing crisis 8nd'retired and rentina,. Publlclty •98C On• Mornlng L￿• • Ch•nn•l 5 • ITV London N•w• • Th• Tlrrffls • Th• T•l•grnph • Fln•n¢lal • Norfolk Lif• • Country Llf• • In•ld• Hou8lnq Nlck PhlHlp4 CEO on BBC On• MpFnlni LIM 10 S•pt•mb•r 2024 G8inlng recognltlon and support Oui soclal m•dla accounts have 9?en 6 h•althy gfowth In lollowers. Thay contlnu• to be a gre•t pl•tform, not onlu lor hlohllghtlng almshou6• ch•rltu n•ws 8nd slorl•s 4nd •ng•glng wlth MP$ •nd $ectDr 1•4ders, but also for camp•lgns such •8 'WIII You'11oqocle•l. tru8t•• recrultm•nl, Natlonal Pi•nnlng Pollcu Fr•m•work eh•nq•s, and communl¢•tlng th8 A88ocl•llon'$ comm•nt$ on houslng and leglslallorb. • W?bslte us•rs In 2024 - 81.000 Llnk•dln - 49% Incr••8e In lollowers • W•bilt• vl•ws In 2024- 521,000 • F•c•book - 27% Incrgase In follow•rs In6tagr•m - 17% Incr•8se In follow•is P41 Engagement and promotlon WE have tracked growlng Interest In almshouses through Increased wèbglte vSslls and posltlvè leÉdb8ck from members on our supportivè CDntent. We 6xpèri8nced 8 75% intrèase in thÈ numbér of Visitors to our webslte after our 88C One intèrview on how almshouses are providlng affordable homes for older people. Members of the publlc wlshlng to flnd out sbout almshouses or the AssDCi8tlon need unlu tupe the WDrd 'almshouses' into thelr sèarch englnÈ and The Almshouse As50Cl8tion can conslstently be found on page one of browser segrchgs. Th1$ is givlng greater recognition for our brandlng. W• ore •ctSvelu ancouraglng m•mbers to us• Tho Almshous• A$4oclatlon Member loao on th8lr wèbsltes. soclel medla, promotlonal materlal or statloneru. It Is Important to us that our logo represents • shared sense of communlty reflectlng our commltment lo excellence 8nd th• prlde we 811 take In our oll•ctlv8 mlsslon to.. K4EM8ER 'Create affordable, warm and safe homes in friendly communities for people in housing need. preserve the legacies of the almshouse movement and protect our national heritage.. 13

Supporting the almshouse movement Ambassadors Our Arnbass8dors are a great support to the team here at the Assoclation in our ongDing quest to ralse the profile ol the almshouse movement. We were thrllled to have Peter Barton 18ke p8rt in our special summer vent at The Chaiterhouse as well as the inclusion of his insightful articlè In the Autumn Friend5 N8wsletler where he sha￿d his appreciation for the heritage and communlty spirit of almshouses Ambassador, Simon Smlth continued to deliver his renowned talks on almshousés throughout 2024. Alm$houi• A•iocl•tlon Arnb8659dor. Slmon Smlth •t th• Wloglftton Hlttrru so¢l•t￿ H•rt4 Aprti 2024. Royal vlslts Cxjr Roug1 Vice Patron, HRH The Duke of Gl(yJcester demonslratad thg Roual Famlly's commltment lo almshouses through two Slgniflcanl visits Qlrton Town Charlly's innovative Passivh8US-Standard development and The Poland Trust's Pcland Meadow, a new deve5opment that supports Ioc81 Young families thruuoh ¢onated18nd and innovatlvg fundina. Both shlne 8 Ilghl on the progressiveness of the almshouse movgment and underllne thtr importance of phllanthropu. rilll 11 H17H Tho Ouko of 61oucwt•r •nJc¥•d t•q and c•k•• wlth gu••t• Jurlny a vlilt to Glrton Town h•rlty •lmhouM4 Juh• 2 Youno tamlll•s wer• •xclt•d to m••t th• Ouk• wh•n h• vllt•d th•lr hom•• 4t W•nd Al••dow, S•pt•mbw 202& Galnlng support Phllanthroplc glvlng and g8neralional legecies pl8U6d an important role in our engsgement str8tegu for 2024. Durlng the summèr, The Almshouse Association brought together $ gr(￿p of distlngulshed guest8 8t The Ch8rt8rhcuse In London lor an efternoon of inspirational talk5 Imm phllanthroplsts, charlty CEOS and 81mshouse residents. Their words unders¢or&d thè almshouse movement's direction lor the future and hlghlightèd how almshouses h8ve profoundly changed people's lives. The event sparked renewed intere51 In partnering with thè Assoclation to relse awareness and support futurè dévèlopments. Established in Novembpr 2023, our Friends ot The Almshouse A5SOClation club Is growing and bringing tooethèr Indivlduals who all share e p855ion for almsh(xJses. In 2024, our friends were given two behind-thg-scenes almshouse tour5 8fKI two issue5 of our Friends in Alms newsletter. We also expanded ou( scopg to include Corporate Friends and were pie85ed to welcome two businesses intD our urowing community. left.. rh• Charterhou8¢ London. right.. Alm$hgus• A$$oclatlon Frt•nds tour. Alorden Coll•o4 Ocob•r 2024.

Fundralslng and legacy programme We rn8de good pr¢yJress in our fundralslng efforts In 2024. We fcrused on broadening our outreach to new trusts and foundatlDns, resulting in more funding aptAications. This 8ppra8ch has helped raise awareness of the crltlcal work The Almshouse Associatlon undÈrtak 8nd, elong With the continued gener051ty of existing donors. hss contrlbuted to a more su5t8in8ble fundlng base. We havg also orDwn Vice Patron network of Influentl81 supporters to help adv8nce our fundraising efforts and strengthèn our reach. Our legacy cgrnpaign continues eThl we grè seeking to encourage people to support the Associat￿n wlth e bequest. These futur8 contri￿tIonS will be pivotèl ￿n securing the long-term futurè of thè AssociÈtlorf5 loans and grants prograrnme. allowing us to continue to 8SSlSt member charities in maintaining and improving th8ir 8lmshoLJses and ensuring our work berEfits future generations. Research The Almshouse A5SOCl8tlon's InaL￿ural Research Workshop In JaNJ8ry 2024 confirrned the growing interest in th& almshouse model and Its positlve Impact on r?5idents. Over 30 researchers from 8cross the LIK and Europe explore(J k8y toplcs, includi architecturè. community dyn8mics, historu and the role of govèrnancè In resldents, wellbeing. The outcome w8s an aoreement on further research to Strengthen evidence SUp￿rtIng almshouses, 8idlno thair eXpans￿n and Infiuenclng pollcy. ••••r¢h Work•hoA i•hu4ry 2024. The Great Almshouse Census allowlng us to speak wlth conlldence and authorltu about the almshous• movement Our enoegement wllh MPS, councSllors, Peers, pl8nngrs 8nd the press has sh¢)wn The Almshouse Associatlon that robu6t data Is cruc181 to support our campalgns lo preserve the unique ch8r8cter of alrn5hou5es and ensure they are recognlsed bu the Governrnent 85 8 genuine lorrn ol affordable houslng. Addilionallu, wé must contlnue evolving our services to 8ddre55 both current and future needs - slmpllfulng thè roias of Irust8É5 and clerks while, In collaboration with our rnerntErs, sheping 8 Sustainable, long-t8rm vislon. To speak wlth confid8nce about the 81rnshouse mod61 and thosg It serves, we ne9dèd lo undertake 8n almshousa cgnsus, somethlng we do not belleve had ever been gttempt8d SI￿& thè glm$hpuse movèmant began over thousand ypars 8go. So, Iow8rds the ènd 012023. we sènt out our first cpn5us questionnèlro, 11 was Important we recelved responses trom as m8nu 81mshouse chèrltles as possible - bla. small, Dld and n8W. Wa usèd èll means ol communlcatlon avallgble lo us - post, em811, webslte, flyers, meeting5, Irainlro seminars, telepho￿ and, after six months. we had recelved r8skh)nses from 50% of our membershlp. 100'A would hwe gSven us the perfect picture bul 9)% h85 given u5 a go￿ indicator of where we Stand and where we need to L. M•nu th8nk# to •ll the alm$hous8 charltlés who support•d thls Important c8mp819n. What the census showed us • Malorltu of trust••g •r• •g•d b•tween 80-80. pr•s•ntatlon from all but on• •thnlc group on tru¥t•• board•. • Re8Sd•nt• Irom all •thnlc groups Ilv• In alm8house8. • Most common benfyflclaru condltlons were Ilnancl•l need and Ilvlnq locally. • 50% of almshouse charltle$ havo elght or lfrw•r dw•lllngs. • We•klu Malntenance Contrlbutlons for a 1-bedroom almshou8• dw•lllng range from £124 to £143. On average, ther8 hav• bwn 100 set 951des a yeAr. 72% due to the resldent no longer belng able to Ilvo Independently and In 28% of ¢8se$ the re•sons clted were arre•rs or antlsoclal behavlour. • 6X of Chalrs pr•dl¢t•d th•t In the next ten ue•rs th•lr charltu wlll •lth•r hav• m•rged or cloud. • Approxlrnatelu 1.100 unlts af• plannéd to b• bullt In the next flve Years. 15

FINANCIAL REVIEW 2024 Overview 2024 2023 ncome to cover some of the shDrtfall between members, subscriptions and the annuel cost of running the Associ8tion. A designated terminal reserve fund of £460,000, equ81 to about half the total annual expenditure. is held lo cover the cost of any liabilities Érising in th8 8vent of the termination ol activiti8S The ASS(￿lation'S Strategy Plan on p8ge 9 sets out the Associatiorfs plans to enhance the support provided to member charities and to develop services During the uear £25,972 0¢ the reserve w85 Utilised, le8ving a reserve ba19nce of £305,521. The remainder of the unrestricted funds constitute the Association's freè reserves, which amount8d lo £327,588 and is less than four month's running costs. During the yegr. the Association 8¢quired 8 new slte in Windsor which, Including 8ssociated professional fees, 8mounled to £1.543,295. In these financial statements the building lo be occupied by the Association has been Included in tangible fixed assets 8mountlng to £777,430 and the building that will be Bvaileble ID b& sub-let hes been included in investment pro￿rtIeS 8rnounting to £765,865. During 2025 the Wind50r slte will be refurbisheo and once slafl have ten relocated, the 8X15ting Woklngham slte will be sold. Incomo 1R6&016 891469 Exp•ndllut• 1112&7951 11.03S9071 N•t Incom•ll•xF•ndltur•l bolor• Inv•%lwMnt g•ln 14l221 114U381 The Statement of Financial Actlvities shows th8t The Almshouse Associatlon's net Income bafore nvestment qalns for 2024 was £142,22112023 net loss £142,138). Nèt gèlns on Invastrrenls Omountgd to £B87,12412023 £870,3561. Total funds as al 31 Oecember 2024 were E13,701,678 12023 £12,672,333) divldsd bètwèen unrèstrlcted, restrlcled and endowment fvnds. 01 th81 tot81. £9,254,S2212023 £9,159,86011s invested in varioLJS lorms and E3,483,S1212023 E3,277,2761 had been lent lo member ch8rllie5. Nét Income before Investment galns was £114,530 in rgspact ol unrestrlct8d funds, net income of £25.127 re181ing to restr￿ted funds 8nd income of £2,564 In respect ol endowmènt funds. Totsl income of £1,268,016 w85 up 41,9% prlm8rily dua to an increase in hAembers' gJbscripllons up £263,067 on last uear and additional public lundr8ising of £66,200. Dividend5 receivable Irom investments were up 10.SY. due to a recoveru in dlvidend yields on the Assoclaliorfs investmgnts. 2023 had teen 8ffeeted bu thè cost ol Ilving erisls and Èn increese In en9rgu prlces due to the w8r in Ukraing. Tot81 expeTrJilure of £1,125.795 wes 8.7% hloher than the previoJs gear mslnlu due to an Increase in staff costs to support msmber sarvlces and professlonBI fees to support the almshouse rnovement in parliam8nt8N and 5tatutoru law discussions. There continued lo be a high level of grant and Ican application5 from members, a5 members look￿ to impwove or develop almshouse5 lollDwing a slowdown in work during the Covid paThYemic Restrlcted funds Income from 811 sources emounted to £208.96412023 158,8301. this incrgase w85 prlm$rilu duè to hlgher publi¢ fundraislrYJ donatlons, Pestricted funds are held lo provide108ns and gr8nts to member ¢hèritlgs lor glmstrDu5e improvement or dÉvgloprnent. As set out in Note 9 to the tin8nCI81 statements, some of thesè funds ar9 lor specified elm5house5, groups of almshouses and region5, wllh thè remainder 8vallsble to all rrmbers. EndDwmenl fLJnds are held to provide income for speclfic purposès. Lo8ns and grants are provided lo members when other sources of funding have been fully explored Thp poliry Is that loans are interest-free snd generally rep8ysble over a 10-year periad, and grants of up to £25,ODO a reserved for those charities that 18ck the resources to undertake 8 108n. A key objective of the Assoclatlon's fundraising campgign is to increase the level ol reslricled funds from whl¢h loans and grants are made. In 2024, £745,38012023 E777,7671 was 8dvanced In new loans and at the end of thè year the total value of loans provided and outst8ndlng was £3,463,512. This figure includes en administration fee of SX whlch is added to offset sorne of the Assotiation's costs. The totgl grants made in 2024 were £73,815 compared wlth f 54.S90 in 2023. Unrestrlcted funds Unrestricted funds ère those 8vellable for 8nu purpose consistent with the Association's objectiv85. Income from 811 sources amounted to £1,056,488 12023 £732.4201,. 59°A was derived from members, 5ubscriptlQn5, 12% from publi¢ fundraising, 10°A from investment income and the balance raised mainly through services to member charities. Reserves are held to ensure continuity of serv1ce to members and to provide investment income. A designated investment fund which 8mountetJ to £2,767.691 on 31 December 2024 w95 held to generat8 16

Investment policy and performance Trustees. Responsibilities statement Wavèrton m8nag85 the inVest￿nt funds for tha Assoclatiori 8S 8 single amalgamated fun comprlsing the Invested portion of unrestricted. restricted and endowment funds. During the uegr, the maikat v£iue of investments generally Inci6ased wlth improved investor confidence os Inflatlon r&ttrs reduced and with the prospsct of higher investment ieturn5. Overall, there w8S an inv¢slmwt )8in of £887,124 or 10.5% for tha ygar. Det8ils ar8 shown in Note 6. Investmènts also generated £215,544 ol divi¢Jend and other investment income, whlch was £22.383 hloh8r th8n the prevlous y88r malnly due to an Increase In dividend yl8lds. Restricted funds not uel allocgted to Interest-free IE)8ns for members are held 89 Investments or on 5hcrt-terrn cash dep)slts to the extant thèt the are required tor luture108ns to our member charitles. Of th8 total unullllsgd restrlct&J funds of £4,123.663 as at 31 Decern￿r 2024. approxlmately 4Y• was held In the form of c$sh dpposlts end the remainder held in th8 discr8tlonaru rnan￿ed p)rtfolio. We continue lo pursue 8 bal8nc8d investment strategy which has helped to mltlggle 3galn51 fin8ncial market volatllity. The Assoc181ion has str8teg￿S in place lo man898 Its shtsrt-lerm cash needs and takes a lono-tarm view of its inv8Strnents. The trustees of Tke Alrnshouse Association Ithe 'charitable company'l for the purposes of company law, are responsible for preparing the trustees, report and the tlnancial statements In atcordance with applicable law and rsgulations. Company law reoulres the trustees to prepare linanc181 statements for each financial year. Under that law. thè trustees have elected to prepere the linencial ststèrnents in accordsnce with Unlte(J KingdDm Generglly Accepted AccountirwJ Pr8Ctice Iunited Kingdom Accounting Standards anrj appllcable lawl. UrKler cotnpanu 18W the trustees must not approve the financial statements unless Ihgy are satisfied that they givg a true gnd Iglr view of the state of 8fl8lfS of the charitable comp8nu and of the income and expandltura of the charltablè company for that perlod. In preparing these flnenci815tatements, the Iruste8s arg raquir&d to,, select suitable 8ccounting policies and than apply them consistently,. make judgements and estlm8tes Ihet gre r88sonablè 8nd prud8nt.. • stata whether applltablp UK Accountlng Standards have been followed, Subject lo &nu m8teri81 dep8rtures dlsclosed and explaingd in the fin8ncl81 slalements,. gnd prepare the fln8ncl81 statements on the golnp concern b8sis unless it Is inappropri8te to presum8 th81 the comp8ny will continue in business. Th* trustees are responsible for keeping adequate accounting recor¢Js Ihal are sufliclenl lo show and explaln the charitable company's transactions 8nd d15clase with reasonablè accuracy sl tlme the Ilnancial position of thè ttsmpany and eneble them to ensure th8t the Ilnanci81 statements complu with the Companles Act 2006, the Charities 8nd Trustee Investment Iscotlandl Act 2005 8nd th8 Charities Accounts IScotl8ndl Regul8tions 2006. Théy 8re also responsible for safeguarding the assets of the company and hence for t8king re850nable steps lor th8 prevention end detection of fr8ud and other irregularitles, The Irusteeg are responsiblè for thè malntenan¢e end intggrily or the corporate and fin8nclal informstion included on the charilabie company's website. Leglslation n th8 United Kingdom governing the preparation and dissemin8tion ol financial stetements mau differ from legisiatlon In other lurisdictlons. Plans for future perlods In fesponse to cost of living and legislstlve changes, the Association continues to review its 8clivilies proactlveiu lo ensure continued support to members. The trustees h8ve reviewed its rlsks and cancluded th8t given the charity's flnancial and opÉr$tion81 posllion.11 can contlnue to SUPPDrt dm5houses now and for the forgseeeble future. IAr Slmon J Llnp FCA Honorary Tre89Jrer Mr R D Harti•u Ru$sg11 Chairm8n Mr A B•rn•s TTUStee 17

AUDITOR'S REPORT Independent audltor's report to members of The Almshouse Assoclatlon Oplnlon W• hv• audltad th• flnanclal stat•m•nti ol Th• Almshou•• Assocl•tlon Ilh•'chaflt•bl• camponu'l for the year ended 31 D•cemb•r 2024 whlch comprl8è the 8t•l•m•nt ol Ilnancl•l actlvllleB, Iho balanc• sh••( ond slatemgnt ol c•$h Ilow& th• pflnclp•l •ccountlng pol1cl￿ and thA not•s to th• flnanclal 8t•l•m•nt6. The fin&ncl¥LI r•portlng fr•m•work that h•• b••n •pplled In th8lr pr•par•tlon 18 lppl1cab￿ law ond Unlt•d Klngdom A¢countlng St•nd•rdi. Includlno FIn•l￿1￿ R•portlng Sland•rd 102'Th• Flnancljl R•portlnq Standard appllcabl• In t UK and R•wbllc of Ir•i•nd' IUnll•d Klngdom O•Mr•lly Acc•pt•d Accauntlrwj Proctl¢•l. In our oplnlon. th• fln•ncl•l 8t•t•m•nts.. • lllv• • tru• •nd l•lr vl•w of th• $14t• of th• ch•ilt•tsl• comp•ny'• •ff•lrg •$ •1310•c•mb?r 2024 ond of Iti Incom• •nd •xp•ndltur• lor th• y••T th•n •nd•d; • h•v• b••n prop•rly pr•p•Md In accoid•nc• wlth Vnlt•d Klngdom G4n•r4ily Ace•pt•d Accountlng Pr•cllc•.' 8nd • hav• b••n pr•p•rgd In •ccord•ne• wllh th• r•qulr•m•nt¥ of th• Comp•nl•• Aet 2008. B•81$ for oplnlon We conducted our eudlt In occord8nce wlth International Standards cn AudltSn9 IUKI IISAS IUKII and applicablelgw. Our res￿nSIbIlitieS under those standards are further d8scrib9d In the eudllor's reS￿￿51b11itles for the wdlt of thè financl81 statements sectlon of our report. We are indeFendent of thè ch8ril8ble compenu In accordancg with thè ethlc81 requirernents that ar8 relevgnt to our audit of the fln9nci&l slglements In the UK, Ineludlng th8 FRC'8 Ethical Standard, and we hav8 fulfilled our other ethical responslbilities In 8c¢crd8n¢e wlth these requlremenls. We believe that the audll evldence we hgve ¢btalned Is sufftlent end $pproprl8t6 to provido 8 b8sis for our oplnlon. Conclu¥lon8 relatlng to golng concern In 8uditirrfJ the flnenclel st8temenls. wè h￿? concluded that the truste8s' use of the going concern basis of 8ccountlng in the prgparÉtlon of the financi81 statements Is appropri81p. B85ed on the work we hgve performed, we have not Idenllfl8d anu m8ter181 uncert81nlies rel81ing to events or condltions that, individually or collectively, mau c85t significant doubl on the ch811table comp8nU'S abilltu to contlnu8 as a going concern for a Ferlod of et leèst twelve month5 from when the flnancial stalernents ere authorised for issue. Ouf responsibllities and the respjnslbilities of the trustees with respect to golng concern are describaj in the re(evant sectlons ot thls report. Our responsibllltu IF to road the other informtion end. in doing 50, consider whèth8r the other information Is materi911u Inconsist8nt with thè flnanclal statements, or our kn¢wledge obtalned in the course of thè 8udlt or otherwise appeers to bo maler1811u missteted. If we Idgnllfy such malerlal Inconslstencias or apparanl m8terial m15St8tements, we 8re required to d8termlne wh8ther thls glves rlse lo a materlal misstatement in the fin8nci81 sl8lem8nts Ihernsplves. If. b8se¢ on the WDrk we hav8 parformad, we ccnclude thet ther8 16 8 matefiel mlsstaternenl ol this other Information, wg 8re requifed to report Ih8t ts¢t. We h8ve nothlng lo report In thls rggard. Oplnlons on oth•r matters pr•scrlb•d bu the Companlè$ Act 2006 In our opinion, based ¢y) the w￿k undert8ken in the course of the audit.. the Inform8tion givèn in thè trusleas, report, which 1$ also thè dlreclors, rep¢rt for the purp￿e9 01 cornpeny18w. fc¢ the flnanciBI year for which th8 financial st8temenls are prepared is consistent wlth the fin8nci81 s18t8mentS,' 8r the trustees. ieport, whlch Is elso the directws, report for the pur￿se5 of companu law, has b88n prepar£d Sn 8¢cordènce wlth 8ppllcable18gal r￿uIrementS. atters on whlch we are requlred to report by exc8ptlon In the light ot knowledge 8nd understandlng of the charitable ¢ompgnu end its environment obtained in the course of the audit, we h8ve not IdentS1ied malerla misstatements In the tru5teps' report, We have nothlng to report in respect of the following matters in reiotion to whlch the Companies Act 2006 requlres us to report to you if, in our opinljn.. equ8te accountlng records have not kep¢ or teturns gdequ8te for our audit have not teen received from branches not visited by us.. or the financial StBte￿ntS ere not In agreemnt wlth the occountlng records and returns." or other Informatlon The other information comprises the inform8tion Included in the 8nnu81 report and finar￿181 statements, other than th• finan¢i•l stgtements and our auditcf's rèport therec￿. The trustees are resFonsibie for the other Inforrnstion contained within the annu81 report 8nd fln8ncl81 statements. Dur opinion on the financial state￿ntS dDe5 not cover the other Informatlon and, except to th8 extent otherwise èxpllcitly stated in our report, we do not express any form of assurÉnce conclusion thweon. 18

certain disclosures of trustees, rèmunèr8tlon specified by 18w gre not m8tJe, or we have not received all the infDrm8tion and expl8netions we reouire for our audit,. or the trustees were not entllled to pre￿￿e the financial 5talEments In sccord8nce with the small Companies, regime and take advantage of the srnall companies, exemptions in prgparing the trugleeg, report and frorn the requirEmenl to prermrè 8 Strat￿1¢ report. with laws and reoulatlon and remained alèrt throughout our 8udit to any irKlications of non-cotnpliance, with areas of highest risk cornmunicated to all members of the audlt team. The ch8ritabl? comp8ny Is subject to laws 8nd rgavlations directlu 8ffectlno the fln8nci81 statements Including financial reporlirHJ legislation and tax8tion legislation which we assessed compliance with as pgrt Df our review of rel8ted fin8nCI81 st8temenl Items. This includes the Charities Act 2011 and Companiès Act 2006 as ￿ferenCe& above. Other laws and regulÈtions of which complianca was considèred hlgher risk las non-compliance could 188d to material misstatement of the tinancial gt8lementsl included anti-bribery reuulatlons. Èmplwment law, health and satètu leg1518tion 8nd dat8 protéctlon règu18tions. We considered areas which could be most SUSC9Ptible to frgud or misslalgment. which Included the use of Journals and su3pense $¢counts, msnagement override of controls end our 8udit work ha5 been performed to ensure that these areas have been tested on 8 58mpie basis, Intluding the u58 of data analutics lo review lor unusu81 Ir8ns8Cth)n5. Owlng lo the inherent limit8tions of an audll. thère is an un8voldsble risk that we mau not havp detected ? materigl misst8tem8nt within the fin&nci81 slate- ments while perlorrning our audit in accordance wlth applicable audit gt8nd8rds Irregular11ias may invDIv8 8 collusion, forgsry. Intènllon81 omissions, misrepresenlation5. or override of intern81 controls. We are not responsible tor preventing non-complignce and cannot bè axpgctèd to d9tecl non-compliancè with all 18ws and regu18tions. turlher description of our resty)n51bilities is av8118ble on the Finsncial Rèporting Council's websitÈ al vvwitr trc.oro ￿k1(Jac11¢0r This descr￿pIlon 1￿m5 P8rt of our auditor's r8Fort. Responslbllltles of trustees As explained more lully in the trusteès. rèsponsibilltles statemènt, the trust8es (who are also the directors of the ch8rit8ble ccmpany for the purposes ol cornpany lawl are responsible for the pr8paralian of the tin8nciÉl statements and for beino satlsfied thet they glve 8 true and fair view, and for stjch Internal control as the trustee5 determine is necessaru to enable the preparation ol Ilnanci81 slal8ments that Brè frèe from m8lerlal misstatement, whether due to fraud Jr ?rror. In preparing the fln&nciel st8lements, the truslges are r￿pOnSIble for ass8ssing the chariloble company'g ability lo continue ag a going concern, dis¢losino, as applicable, matters related to going concern and uslno the going concern b8SIs ol accounting unless the trustees either intend lo liquidate the charitable company or to cè8se oper8tions. or have no realistic altgrn8tive but +0 d¢ $0. Audltor's r•sponslblllllès for the audlt ol the Ilnanclal statements Our objectives are to obtbin roasonable assurance about whethèr the financial statements as a whole are free from materi81 mlsst8t?m8nt, whether due to fr8ud or error, and to ISSU£ Sn autJilor'5 report Ih8t Includes our opinlon. Re8$0nable aS￿renCe Is e high level of assLJrance bul 15 not a guarsnlge that an audit conducted In èccordance with ISA5 IUKI will 21way5 <Jètect a m8teri81 rn155t8lernenl when it exists hAi5518lements can èrise from Iraknd or error and are considered materi81 if, Indlvidually or In the 3ggreg3te, they CDuld reeson8bly be expected lo influence the econornic decisions of usèrs taken on the basis of these fin8nCI81 st8temEn15 Irreou18rltles, including fraud, are Instences of non-cornpliance with Isws aThJ regulatlons We desion procedures In IlnE with Dur responsibilities, Dutlined above, to detect material misstalemenls In respect of irregularities, including freud. The extent to which our procedures are c8p8ble of detecting irregu18rities, includino fraud is detailed below. We identified areas DI laws and regulations that could reasonably be expected to have a m8teri81 Effect on the financial statements for charitable companies operating within this sector, through our own experience as well as throuoh d15cbssion with management and thosp charged with governance and inspection ol regulatory and leg81 cortespond2nEe We reviewed policies and procedLJres regarding compllance Use of our report This r&port Is made solely lo the ch8rllgble componu's embers, as 8 body, in E£cor(Jance with Chapter 3 of P8rt 16 of the Cornpanies Act 2006. Our audit work hss been undertaken 50 that we might stète to the ¢harit8- ble company'5 members th05e rnatters we are requlred lo stale lo Ihern in an auditor's ￿pOrt and for no othèr purpose. To the fullest ?xlent permitted by Isw, we do not accept or 8ssume responsibilitu lo anyone other than the charitatde comp6ny and the chariteble com- P8ny's members es a body, for our audit work, for this rewrt. or for the opinions we havE formed. 13 Julie 2024 Edward Flnch (ser￿or Statutory Auc*torl Fcf on b6h811 of Buzzacoll Aucll LLP, Statutory AuLIt 130 Wood Street, London EC2V SOL

FINANCIAL STATEMENTS Statement of Flnanclal Activltles ISOFAI for year ended 31 December 2024. Incorporatlng an Income and Expendlture Account Not•s Unr•%trlcted R•strl¢t•d Endowm•nt lunds fund• lund* Tot41 2024 Tot•1 2023 Incom• •nd •ndowm•nts from.. Gifts, donations end legacies Charllable ectivitles Investments Tot•1 151,999 796,800 107,6 101,110 2,564 255,672 7%.BOO 215,544 1268016 1B9,182 511,126 193,161 893 469 208,964 564 Exp•ndllur• on.. Raislng funds Ch8ritabLe 8¢tlvltles Totul 1SS,856 786,102 941.958 S2,274 131,563 183837 208,130 917,66S 1,125,79S 111,935 893,972 1,035,907 N•t Incom•ll•xp•ndltur•l b•lor• Inv•$tm•nt galn 114.530 25,127 2,564 142.221 1142,4381 Net galn on Investments 313958 374,864 198 302 887124 N•t Incom•ll•xp•ndltUfg1 and n•t mov•menl In lund• 28,488 399,991 200,866 1.029,345 727,918 R•conclll•tlon ol fund• Tot81 fund belancgs brought forwsrd at I lanuaru 3432 312 7187184 2 052 837 12 672333 11944 415 Fund b•l•nc•• c•rrl•d forw•rd at 31 D•c•rnb•r 3860,800 7,597,175 2,253,703 13,701,678 12,672,333 The comp8f8tlve Stat8m8nl of Financial Actlvities Is shown In Note 13 to tha accounts. The total Sncome for Comp8ni8s Act purpose5 excludes £2.56412023.. £2,2191 income ￿ endowment funds which Is gn Increase in endowment capltal. The a¢¢ompanylng notos form 8n integral parl of these financlal slaterN&nts. There arg no recognised gains End losses other th8n those stat8d atOVO. il thè Income and expenditure is trom contlnuiThJ operetlons. 20

Balance Sheet As at 310ecember 2024 Not•$ 2024 2023 Flx•d •5￿18 Tangible assgts Investments 786,062 9.254,622 10,040.6 12,162 9,159,860 9.172,322 Tot81 fixed assets Curr•nt •si•t• Logns lo mèmber ch8rltles- Recoverabl8 within on8 u88r Rgcoverablg alter on9 ye81 other debtors Cash at bank and in hand Total curr8nl assets 10 575,351 a888,158 388,338 570,072 4,421,922 510,881 2,766,3gs 439,726 511.991 4,228,993 Cre4ltors.. amounts falllng due wlthln ontr year 1760,9281 1728.9821 Net current assets 3,680,994 3,500,011 Tot81 gssglslgss curront Ilabillt18S 13,701,878 12,672,333 Total nol •sB•tg 13701878 12 672 333 Th• fundi of th• ¢h•rllu'. Endowment funds R8Strttgd funds 9, 10 2,253.7 7,587,175 9,840,878 2,C62,837 7,187,1B4 9,240,021 Tot￿ rastrlctad funcls Unr8slrlcted funds Ger￿ra1 Designated.. Investment reserv8 Terminal reserve strelegic plan reserve Total unrestrlcted funds 327,S88 187,086 2,767,691 460,000 305,521 3 860 800 2,453,733 460,000 331,493 3,432,312 lotol chorlty fund* 13701678 12,672,333 The 8ccompanulng notes form Bn Integral part of these finer￿la1 statements. The fln$n¢lal stetements on pages 20 to 35 were approved ￿ the Board on 12 M8rrh 2025. Mr R O Hartl•u Ru88•11 Chairman Mr A Barn•8 Trustee The Almshouse Asscriation Registered company numtrEr 04678214 21

FINANCIAL STATEMENTS statement of Cash Flows For thé year ended 31 December 2024 2024 2023 C•8h flows from oper•tlng QCtlvltl•• N•t c4$h used In oporatlng actlvltl•# C•sh flows from Inve5llng actlvlll•s Divldends and interest from Invéstmènts Purchase of property. pi8nt and equlpment Purch85e ol Investment prDkErtu New Loans made Repayments of loans mad8 PrDGeeds from sala of Investments Purchasa of Inveslm8nts N•1 c••h provld•d b¥ Inv•stlno ¢tlvlti 17,442 11756241 215,54 1781.0311 1765.8651 1745,3801 559.144 2.432,510 1910,2161 193,161 14,0141 115,9851 1777,7671 51B.880 1,703,63B 12,329,0071 17110941 An•lyl• ol ch•ng•s In net cash Ch•ng0 In c•¥h •nd r•sh •qulv•l•nt8 Jn tlJ• r•portlng p•rlod C8sh and cash equiv81ents at the beginning of the reporting pariod Ca6h and ¢•sh •qulv•l•nt• •1 th• •nd ol th• r•portlng p•rlod 22,148 605.789 627,937 1886,7181 1,492,507 R•con¢lllatlon of n•t Incomo to net Cosh flow from operatlng actlvltles Not IncDm•ll•xp•ndltui•l for th• loporllng p•rlod l•• p•r th• slat•m•nt of financlal •cllvlll•61 Adlu8tm•nl• for-. Depreclalion charges IG8inl on investments Dlvidends and interest from Investments 08creesell1￿re￿seI in debtors Increese in creditors N•t c•ih used In operatlng a¢tlvltle• 1,029,345 727.910 7,431 1887,1241 1215,5441 51,388 11,139 ie70.3581 1107,9321 256768 1175 6241 Analusls of cash gnd ce$h •qulval•nts Cash 8t bank end in h8nd Cesh held for investment Tot•1 c•sh •nd c4¥h equlv8l•nt• 570,072 57.865 511,991 93,798 605789 The Associ8tlon does not hold anu external dgbl, lor that reason a sepaf8t8 8n8lusis of the chaTrJe in net debt has not been prepared. 22

ACCOUNTING POLICIES 1 Accounting pollcles The principal accounting policios adopted, judgements, and key sources of estimation uncertainty in the prepèration of the fin8nclal statements 8re laid out below. Assessment of golng concErn Tho truste8s have ass8SS8d whether th8 usa of the going concern assumption is appropriat8 in preparlng these fln8nci81 statements. Th trustees h8ve made this assessment in respect of a period of one year from the date of 8pproval of thes8 accounts. The trustees of the charity have concluded that there 8r9 no materi31 uncertaintles reLatsd to events or conditions that may c8St significgnt doubt on th8 ablllty of the charitu to continue 8S a golng concèrn. Th& trustees 8re ot thé opinlon th8t the charitu will h8V8 sufficient resource5 to meet its 118bililies as they fall due. The most significant 8re88 01 judgement that 8ff8Ct items in the financial 5t8tementS are detailed 8bove. With regard to the next accounting period. the year ending 31 December 2025. the most significant areas that affgct the carrying vglue of thfj assets held by the chèritu are the levgl of Inv8Stment return and the perlDrmance of th Invastmènt markets Isee the 'lnvestment pollcy 8ncJ performancè. section ot the Financi81 Review and the St8tement of Risk section of this Annual R8port 2024 of Th8 Almshouse Association for more Inlormationl. Fund ateountlno Besls of preparatlon These financial statpm8nts have beèn prep8r8d for the uear to 31 Decernbér 2024 under thè historical cost convention wlth itèm5 recognised at cost or tr8ns8Ctlon value unless otherwise stated in the relevant 8ccountlng policie5 below or in the notes. They have been prepared in accordance with Accounting and Reporting tiy Charities.. Statement of Recommended Practice applicable to charities preparlng th8ir accounts in accordance with the Flnancial Reporting Stand8rd applicable In th8 United Klngdom and R8public of Ireland ICh8rit18S SORP FRS 1021, the Flnancial Reportlng Standard applicable in the UK and Républic of Ireland IFRS 1021 end the Comp8nles Act 2006. The charity constitutes a publlc benellt entity as defined bu FRS 102. The fln8ncl81 statements are presented in sterling and gre rounded to the ne8rest pound. Crltlc•l Qccountlng •stlm•teS and are8S ol judgement Prep8r8tlon of the flnancial statements requlres the trustees ènd management to m8k8 signlficant Judgements and estimates. Thè currènt èconomlc clim8te rem8ins challenging 8nd It Is not Fosslble to ev81uate ell the potential ImplicatlDns fDr the ch8ritu'S 8Ctivltles, benefic18ries, funders, suppllers 8nd the wider economy. Estimates used in the accounts, particu18rlu with respect to the v81ue of listed investments 8nd Investment propertles (see note 61 are subject to a greater degree of uncertainty and volatility. A5 set out in these accounting policies under 'Assessment Df going concern,, the trustees have considered it is appropriate for the ch8ritu to continue to prepare its accounts on the going concern basis. Tha items in the financial statements where these judgements and e5titn2tes have been mad8 inclLJde'. detèrminino the bbsis for allocating support costs,. estimating the us&ful economic life Df tangibl8 fixed 8ssets," end determining the valuation of the Investment property. General unrestricted funds 8ré 8v811gblè for use at the discretion of the Executive Committee in furtheranc8 of th? general objective5 of thB Association. Designated unrestrScted funds relate to amounts set aside bu the Board wbthln unrestrlcted funds fDf 8 particular purpose. Detai15 Df thesé deslgnated reserves are set out in the financial statements. Restricted funds 8re funds subject to restrictlvé condbtlons imposed by donors or by the natu of the 8ppe81. The purpose and use of the re5triEted funds are set out in the financial statements. Endowment funds are permanent C8Pltal funds where there is no power to Convert into income. The income from thern is classified as invest- rnent income. and as unrestricted or restricted depending upon the terms Df th8 er)dowment. cuntiwed overleaf 23

ACCOUNTING POLICIES I ¢ontlnu•dl Income recognltlon Expendlture and the basls for apportlonlng costs Income is reccgnised in the period In which the charity has entitlement to the Ir)come and the amount can be measured reliably and it is probabl8 that thè Income will be received. Income is d8f8rr8d only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified th8t the income Is to be expended in a future accounting period. Income comprises donalions and legacie5, subscriptions, incom8 from s8minars, income from the sale of publlcations, Interest and investment income and sundru Income. Don8tions ar8 recogr)ised when the charity h8S confirmation of both the 8mount and settlement dattr. In the event of donations pledged but not recelved, the amount is accrued for where the receipt Is considered prob8ble. In the event that donation Is subject to conditions thgt rgqulr8 8 level of performance before the charity is entitled to the funds, the income Is def8rr8d and not recognised until glthef thosa condition5 8re fully met, or the lulfllment of those conditions Is wholly within the control of the charitu it Is probable Ih8t those corndltlDns will be fulfilled In the reporting period. In 8ccord8nce with the Charities SORP FRS 102 VDlunteer time is not recognised Legacies are included in the statement of fln?ncig1 activities when the charity is entitlad to th8 legacu, the executors have est8blished that there are sufflcient surplus assets In the estate to pay the legecy, and any conditions att8ch8d to the legacu are within the control of the charity. Income frorn other chgritable activities, includlnu membership. serninars 8nd publications. is recognlse(I to the extent th8t it is probable that the economic benefits will flow to the charltu and the revenue can be measured reliably. It is measured at the f?ir value of the consid8r8tion received or receivable, excluding any discounts or rebates. Dividends are rBcogni5ed once the dividend has been declared Bnd notific8tion has beèn recelved of the dividend due. Interest on funds held on deposit is Sncluded when receivabl8 and th8 amount can be me8sured reli8bly by the charity,. this is normally upon notifi- cation of the intèrest pald Dr payable bu the bank. Liabilitles ar8 recognised as expenditure gs soon gs there is 8 leg81 or constructive obligatlon committing the charity to make a pa¥ment to third partu, it is probable that a transfer of aconomic b8nefits will b8 required I￿ settlement and the 8mount of the obllgation can be mèasured reliably. Expenditure comprlses the followiThg'. the cost of ralslng funds includes the salaries, diroct costs ar)d overhè8ds associated with ggnerating volunt8ry incom@.' and the costs of ch8rltable activities comprlse expendlture on the ch8ritu's primary charitable purposes as described in the trusteeg report. Grants Payable are included in full in the statement of fin8nclal activitie$ whan approved and when the reclpient has either recelved th8 funds or been Informed of the d8cislon to make the grant and has satlsfied all relatéd conditions. Allocotlon of support and governance costs Support costs represent indirect charitable expenditure. In order to carru out the prlmaru purposes of the charilu it is necessary to provlde support in the form of personnel development, Ilnancigl procèdures, provision of offlce services and equiprnent and a suitabLe worklng environment. Governance costs comprfse the costs involvlng the publlc accountabilltu of thè charlty lincludlng audit costsl and costs in respect to its compliance with regulation ar)d good practice. Support costs and governance costs are apportion8d Dn the basls of time spent by indlvidual staff members on these activities. Tanglble flxed assets and dèpr8cl8tlon Tangible fixed as58t5 ere stated gt cost, less depreciation. Depreclation is provided on all tangitrAe fixed assets, other then freehDld land, at ratps calculated to wrlte off the cost. less estimgtgd residual velue, of such 8ssets on ? straight line basis over their expected useful life, 8s follows.. Freehold buildings - 50 years Computers - 5 years Furnlture and equipment - 7 uears 24

Llsted Investments Cash at bank Listed investments arÈ a form of basic financi81 instrum8nt and are initially recognised at their transaction valuè and subsequentlu measured at thelr falr value as at the b818ncg sheet date usino the closing quoted m8rket price. R8alis8d and unre81ised gains lor losses) are credited lor debited) to the statement of financi818Ctivities in the year in which thpy arise. The charity does not acquire put options, derivatives or other complex financial instruments. As noted abovg, the m8in form of financial risk faced by the ch8rltu is thot Df vrlatility in equitu markets snd inv8Stment markets due to wider economic condStions, the attitude of investors to Investment rlsk, and changes in sentlment concernlng equllies and wlthln partlculér $8ctors or sub sectors. Cash at bank and in hand represents such accounts and instruments that ar8 available on demand or have a maturity of Isss than three months from thg dat9 of acquisition. DepOS￿t5 for more than thr8e months but less thgn one year are disclosed as 5hort-term deposits. Credltors Creditors and provisions are recognised when there is an obligBtion gt the balance sheet date as 8 result Df a past event, it Is probable th8t a transfer of gconornic beneflt will be rGquired in settlement. and the amount of the sgtllement can be 8stim8tgd reliablu. Creditors and provisiDns are rgcognlsed at the amount the ch8rity anticipates It will pgu to séttle the debt. They have bsen di5countgd to thè pres8nt vélue of thg futura cash paument where such discour)tlr)g 15 m9tfrrial. Investmènt propertl•s The investment property is h81d for the long-term rental yields and is not occupied bu the Association, InvÈstmeTrt propertlQS 8rg initially measured at cost, including related transaction costs 8nd where applicable, borrowlng costs. After initial recognition. Investmer)t propértlés grÉ carrled at fair value. Fair value, which has baen estimated by th8 trustees, is based on recent market pric8S gnd takes into account rent81 income and currènt market condltlons. The valu8tlon forms thé basis for the carruing amount In the Ilnancial statements. Changes falr values 8re recorded in the Statement of Financial Activities in the year in which they erise. Sub5equgnt expenditure is capitalised to the oss8t's carrying amount only when it Is probable that future economic benefits assoclated with the expenditure will flow to the Association and the rest of th& item can be rneasured reli8bly. All other repairs and maintenance costs gre expensed when Incurred. V•lu• Add•d Tax The AssociatSon is not registered for VAT purposés and all costs and expenditure incurred are inclusiv8 of VAT. unless otherwise indicated, Pènslon8 Thé Association contrlbutes to deflned contribution schemas for most current emploue&s. Contrlbutlons ere recognlsed in the statement of financ181 actlvities when they fall due. stDcks No value is placed on stocks of books and publlcatlons held for distribution or rgsale. The cost is written oft in the uoar of purch8se and sales are Included in the year of receipt. Tax As a ¢hBritu. the Association is èxempt from taxatlon of income and galns fèlllng within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 19S2 to the 8Xt8nt that they are applied to its charitable purposes. No tax charge has arlsen cjuring th9 year. Debtors Debtors are recognised 8t the settlement amount, less any provision for non-recoverability. They have beBn discounted to the present value of the future cash receipt where such discountlng is material, with the exceptlon of loans to member charities. As these loans fall within the exemption from discounting to present v?lue available to publlc benefit entities, these loans ar9 held at the settlement amount. 25

NOTES TO THE FINANCIAL STATEMENTS 2 Income and endowments from: Year ended 310ecember 2024 Unr•strlct•d fundg Restrl¢t•d funds Endowment funds Total 2024 Girt$, donètlons and l•gAcl Public fundrglsing Members, donations Associate members, sub5CriPtions other voluntary income 125,932 6,856 101.110 227,042 6,856 19,210 151998 2,564 2564 21.774 ChArll&bl• ocllvltl•$ embers, subscriptions Panel rnembers. and other subscriptlons Servicès to mambgr charlli8S Confer$ncÉ, trsinlng and seminar fees Sele$ of Gazeltas and publlcellons Rent r9¢91vable 625.28S 15,249 34,75S 61,855 19,833 39,823 796,800 625,285 15,24S 31.755 61,855 19,833 39,023 796 800 Inv•¥lm•nt• Dividends 8nd dlstrlbutlons receivabl$ Interest receivable 101,669 6,021 107690 105,648 2,206 1078S4 207,317 8,227 Y••r •nd•d 31 D•c•mb•r 2023 Unr•¥trlct•d fund$ R•strlct•d fund8 Endowm•nt luhd• Total 2023 Glfts, don•tlon$ •nd 1•gaclo8 Publt lundreisSng ember5' donations Associate memb8rs' subscrlptlons other volunt8ry income 96,1&2 8.389 1,780 15,952 122,263 64,7(K) 160,842 8,389 1,780 64,700 2,219 189,182 Charltabi• •¢tlvltl•$ Members. 5ub5criptions Panel mernbers, 8nd Dther subscriptlons Service5 to member ¢harities Conferènce, training and semlngr fees Sale5 Ot Gszettes and publlc8tlons Rent recelvgble 382.218 13,33S 37,037 63.568 20,310 11,658 511,126 362.218 13,335 37,037 63,568 20,310 14.858 511126 Investments Dividends and dlstthbutlons receivable Interest racelvable 95,489 3,542 99031 92,145 1,985 187,634 S.527 193161 26

3 Expenditure on: Unr•slrlct•d lundg R•slrlct•d funds Total 2024 Unr•$trlcl•d funds R•$trlct•d funds Total 2023 Ralslng lundg staff costs (Notè 111 Dther dlrect costs Investment mangJemenl 8nd cuslodu fee5 Support costs IN019 41 30.778 8,027 25,116 55,894 8,027 5,972 28.919 5,972 28,919 31,069 85.982 27,158 58,227 85.982 208130 28,529 55.417 118 837 23,098 51,627 55,417 141 $35 52 274 23098 Ch•rlt•ble •ctlvltl•s Grants made Sl8lf costs (Note 111 Other dlrect costs Support costs INot8 41 73.815 21,571 36,177 73,815 313,25 151,486 379,110 917,665 54,590 54,590 2,6&8 328,964 22,623 1S1,378 319,040 893.972 291,683 115,309 379,110 786.102 286,316 138,7S5 3&9,040 774.111 131,563 119,861 4 Support costs Total ￿ppOrt costs afKI Ihelr 8lloc8lion (see Note 11 were.. Sl•lf Olh•r costs Tot•1 2024 St•ff co•t% other cogtg Tot•1 2023 RalslnG funds Chèritable activllie5 39,312 173,334 212,6&6 46,670 205.778 252,416 85,982 379.110 &65,092 28,328 178,420 206,748 27,oe9 170,620 197,709 55,417 3&9,0&0 404,45 2024 2023 The atrrt)ve costs Include,. Depreciation Legal and professlonal cost$ Auditor s remuneratlon, Includlng expenses and VAT, for audltin9 the financisl st&tgmènt$ 7.431 59,785 13,079 45,258 12,294 5 Tanglble flxéd assets Fr••hold prop•rty Fr••hold prop•rly Furnllurè And IWlr)dsoil Iwoklngham - •qulpm•nt h•ld fol 8•1•1 Tolal Cost At Ilgnugry 2024 Additions DispDsals Al 31 D•c•mb•r 202 D•pr•clètlon At 1 january 2024 Ch8rge foi the year DIS￿SaI5 t 31 Docèmbèr 2024 Nel book velues At 31 December 2023 At 31 Dec8mbor 2024 118,372 138,38S 254,757 3,601 781,031 132,8221 Ik.B221 107164 1002 966 777,430 118 372 118,372 123.923 242,295 7.431 7,131 132,8221 132,8221 98,532 216,904 118,372 12,462 777430 The Executive Committee hEs estimated that the Wokingh3m freehold property held for sale h85 a current market value of r¥Jt less than f5%I.000. taking into account informal yolessional advice and prevailing local market co￿lt10n$. Thè Wlndsor freehold protwty Furchosed ¢Juring ttr￿ year was valued by an indèpend8nt Chartered gJrveuor who has confirm* th8t the proFerty's bcok v81ue Is en appropriète estlmate of fcs market valuè. 27

NOTES TO THE FINANCIAL STATEMENTS 6 Investments 2024 2023 Invèslm•nt$ Il$tod on 4 r•cognls•d stock •xch•ng• arkel valug on 1 january Add.. Additions at cost Lass.. Disposal proceeds Net geinllloss) on revaluatlon and other movements Mark&t valué at 31 Decembèr 8,350,077 910,216 12.432,5101 887124 7,714,907 6,854,352 2,329,007 11,703,638) 870,356 8.350,077 C•sh and s•ttl•m•nts pgndlng hold •9 part of th• InV￿tM•fit poilfollo Inv••tm•nl Prop•rty at valu•llon Iwlndsorl 765,865 Invo8tm•nl Prop•rty at v4lu•llon IWoklngh•m - h•ld lty 8al•l 715 98S 715985 Inv•stm•nt• h•ld 9.254,622 9,159.860 Llst•d Inv•9tm•nt• •t co•t 6.203,960 7.268,844 Ll•t•d lThv••tm•Trl• Iworldwld•l Equities Alterngtlves Flxed Income C8sh held bu brokers for Invastm8nl 6,236.661 644.927 833,319 57865 7,772,772 8,517,963 763,988 1,068,126 3798 8.443,875 The Wlndscfj investThnt property 15 gn offlcè buSldlng and thg Wokinghgm Investn￿nI p¥operly is a dwelling house, whlch forms part of the Associ8tlon's propertu at Sllllngb88r Lodge and Is let on 8 short-term basls. Tho op8n market V81ugs for Investment purposes has been eslim8ted iyJ thè trustges The 8illlngbe8r Liyjoe buildings in Wokingham are on the mèrkèt for sale. Al 31 Oecember 202&, the invèstmènt portfolio included the lollowlng Inve5trr*nts whlch represent a materi81 prO￿rtIOn ol the portlolb es a whole. M•rk•t valu• J6 ot portfollo UK Tre8suru 4.25% Index linked 0711212019 HilBchi NPV Mlcrosolt Corp Amerlcgn Express Visa Wavorton GLob81 Strsteale Fund A Waverton Sterling Bond Fund A 266.70S 259,931 235,57 229,976 227.310 219,965 214,174 2.86% 2.B1% 2.55% 2.48% 2.&6'A 238% 2.31% At 31 December 2024 and 2023, the Associ8tlon was the teneficiel hDlder of th8 whole of the issued shared c8PIt81 IE11 of BiUirwJbear Enterpr15es Llrnited. g dorm8nt company. 7 Other Debtors 2024 2023 Debtors Prgpaurnents and gccrued Incorne 265.180 123,1S8 325,784 113942 439.726 28

8 Credltors.. amounts falllng due wlthln one uear 202 2023 Trade creditors Accruals and deferred incom8 Tex and Soci81 Security Oef?rr8d inco 9,955 8,799 12.555 689,629 760,928 9,664 29,610 11,376 678,332 728,982 B•l•nc• at 1 Januaty 2024 Amount redlted to Incom• Incom• Bal•nc• It Involced In 31 Dec•mb•r r•spect of 2024 nèxt u••f 689,629 08ferr8d Incomg 678,332 1678,3321 689,629 9 Funds Y••r •nd•d 31 D•¢•mb•r 2024 Balanc• •t 1 J•nu•ry 2024 Incorn• Exp•ndltur• Inv•stm•nt 8l&nc• *t galns 31 D•cemb8r Ind tr•nsl•rs 2024 Endowm•nl fundg CJ gnd El Melbourne Fund Sl John's Houslng Assoclatlpn Fund The Almshouse Christmas Fund 398,025 1,277.225 377,587 20S2 837 2,564 37,598 124,035 438,187 1,&01.260 41&,256 2 253 703 198 302 R•gtrlcl•d funds Held for almshousè Improvem9nt and support g6n8r811u'. The AlmshovsÉ Assoclation The Thomas Groves Trust for Almshouses 2,822,088 372,365 3,191,153 113,109 301 113,410 1168,6421 1,221 2,807,776 372,182 3.179,958 1169,1261 41,221 Held for srecilled reclplents or alm5hous8 groups 117,560 The Edward Kemp Almshouse Trust 885,932 The Jubilee Cott8ges Trust g1,705 The Craymèr London Trust 416,7&5 The Alfred Wilson Charity lor Almshouses Trust 77,447 The Almshous8 Chrlstmas Fun The M8ru Joan Hawley Fund 117,560 3,208,771 91,365 464,185 76,907 110 448,319 7587175 66,863 13,&401 13401 16001 15401 19,4511 13401 11838371 259,416 9,843 38,197 9,561 9,287 208 964 403,342 7187184 36.030 374 864 Uni•strlcted lunds Gener81 funds Designated fundg.. Investment reserve Terminal reserve strategic p18n reserve 187,086 1,OS6.488 1915.9861 327,588 2153,733 460,000 331,493 3432 312 1,056488 12,672,333 1,268.016 313,958 2,767,691 460,000 305,521 3,850.800 13,701,678 12S,9721 19&1,9581 11,125,795] 313,958 B97,12 Total funds 29

NOTES TO THE FINANCIAL STATEMENTS 9 Funds IcontlTru•dl Y•8r •ndgd 31 Dec•mb•r 2023 Baianee at 1 J8nuAry 2023 Incom• ExwndltUf• Inv•stm8nl Bgl•nc• at 98lns and 31 D•c•mb•r transfprs 2023 Endowm•nt lund• Cl and EJ Nlelbourne Fun(1 st lohrfs Houslng Assoclotlon Fund Thè AlrnshtKJS8 Christm8s Fund 359,135 1,156,250 341,823 1,857208 2,219 36,671 120,975 35,764 193.410 398,025 1,277,225 377,587 2 052 837 2,219 R•8trlct8d lund8 Held lor 8lmshouse ImprovemBnt end support generally. The Alrnshouse A$S￿letIOn The Thomas Groves Trust for Almshouses 2,8&3.473 372 436 3,215,909 75,549 414 75,963 1127,8351 14851 1128,3201 30.901 2.822,088 372 36S 3,19&,I53 30.901 Hpid for specifled reclplents or almshousè grDUPS 117,560 Tha Edward Kemp Almshousg Trust 2,578,206 Th8 Jubllea Cottages Trust 92,025 Th9 Craumer London Trust 371,515 Th8 Allred Wilson Ch8rlly for Almshouses Trust 77.967 Tho Almshouse Christmas Fund 1.319 The Maru loen H8wl8u Fund 360,465 6 814 996 117,560 2,88S,932 91,705 416,745 77,447 57,986 13.2801 13201 IS601 15201 19,6391 13201 1142 9591 253,020 8,536 37.254 9,29) 8,055 158830 35,142 403,342 7187184 Unr•Blil¢t•d lun Gener81 funds Deslon8tÈd funds.. Investment reservè Terminal reserve stratÈaic plan reservg 344,146 732.420 1799,4801 190.OCOI 187,086 2,133,104 370,000 424,961 3 272.211 11,964.415 320,629 90,000 2,453.733 460,000 331,493 3 432 312 12,672,333 193.&681 IB92,9481 11.035,9071 732,£20 893,469 320 629 870,356 Total fund• Endowmonl funds The income of the Cl and EJ Melbourne Endowment Furd mau tr)e used lor 8nu purwsgs thet are 'ex¢luslvely charitsblg., and is, Ih8refore, classified as unrestricted. The incorne of The Almshouse Christrnas Fund 15 to be used to provide gifts at Christmas to resid2nts of the 81mshouses ol nwmber charit195 and unspent income Is ¢1g$slfiéd as a restricted fund. The income of the St john's Housing Asso¢lation Endowrnent Fund may be used for any purposes that are consistent with the object5 of the donoi, namely the accomrrndation and support of older people. 30

9 Funds Iconllnu•dl k•8trlcl•d funds The restricted funds lothÈr than unspent income of the Chri$tm8s Fund) comprise funds heid for almshous8 improvements and SUPFK)rt. SDrne of these funds are held lor specified recipl8nts or almshcAJse groups sp8cifled by the donor, as loliows". The Thomas Groves Trust for Almshouses is heid for thè benèflt ot almshouses 8TrJ thelr occup8nts, The Edwsrd Kèmp A1rn5house Trust is held for the relief ol persons in hardshlp throughout the country wlth 8 particular prgtèrence for those in Herllord, under the amended Scheme terms agreed by the Charitu Commissionafs in Itjnè 2014. Th• lubi18e Cott8ges Trust Is heid for the relief of poverty in the County of Suftolk. In partlculer by bulldlng or repelrlng almshouses, under the terms ol g S¢h9mè linallsèd by thÈ Charlty Commissionèrs in Awil 2007. Th8 Creyrrer London Trust Is held for tho buildlng or r8palrlng of almshous&s In Wlltshira, under th8 terms DI the Wlll of Mary Evelyn London d8ted 28 August 19S2. The Alfred Wllson Ch8rltu for Aimshou5es Trust is held for the rellef of poverty in the counties of L8ncashlrè and Wesl Yorkshire, in partlculBr by building or repairing elmshDuses, under the terms ol a Scherne Ilnalised by the Ch8ritu Commissioners In Decgmt4r 2008. The Mary 108n Hawley Fund Is held for th8 baneflt ol 3lmshwse ch8rStles connected wlth the Church of England. Unr•8tilcted lunds Unrestrlct8d funds ¥r• 8v¥il8ble for 8nu purpose approprlatg to Assoclation's charilgtle objects. The Board has d&sign8ted 8 sum of £2,767,691 to be set eslde wlthin unreslrlcted funds for investment to generate divldend Income to subsidise membèr sub5crlptions, a sum of £460,OCM) to cover the cost of any Ilabilitigs arising In the event ol the termln8tion of activlties and a sum of £305,5218s a Strategic pien reserve. 31

NOTES TO THE FINANCIAL STATEMENTS 10 Analusls of nat assets by fund Year ended 31 D•c•mb•r 2024 Unr•strlct•d lunds G•n•ril D•slgn•t•d Rgitrlct•d lund• Endowm•nt lund Total lund• Tanglble tlxed asset5 Investments Cash and deposits Loans lo rnembei charlties (sèe below) other current assets lexclLJdlng 108nsl, less IlabllStles 786.062 241,19S 413,548 785,062 9,251,622 570,072 3.463,512 2,767,691 4,052,704 156,$2 3,463.512 2,193,032 765,521 3,533,212 185 5651 7.597.175 1372 S901 13,701,678 327,598 2,253,703 Unregllsed galns Sncluded &bov8 57.588 660,814 967.624 523,608 2,209.634 Y••r •nd•d 310•cemb•r 2023 Unr•stilct•d fund• D•lgn•t•d R•strl¢t•d fundi Endowm•nl fund• Total Tanglble fixed assets Investments Cash and deposlls Loans to mémber charltleg19eg beiowl other current assets lèxcluding108nsl, less Ilabllltles 12,482 142,064 391,583 12,162 9,159,860 511.991 3.277.276 3,215,226 3,777.840 120.a08 3,277,276 1,994,730 1359,0231 187086 11.660 7187184 58,107 2 052,837 I289,￿) 12,672,333 3 215 226 Unreallsed gains Included 8tr 643,3 748 921 39S438 1815 8SS The total unrealised galns 8S at 31 December 2024 ¢onslltute movgmgnts on rev81uatlon and are as lollows,, 2023 Unr•dl8•d g•lns Included 4bov?'. On Investments On investment property Total unr••lls•d golng •t 31 D•c•mb•r 1.568,820 640,814 2 209,634 1,175.041 840.814 1,81S,855 R•conclllatlon of rnov•m•nt¥ In unrtrolls•d g•ln$ Unrealised galns at 1 january Less.. in respect to disposals in year 1.B1S.855 1493,3451 1.322.510 887.124 2 209634 941,916 3,583 945,499 870,356 1815855 Add.. net Ilossesllgains arising on rvo81uation during the y88r Total unreallsed galns It 31 D•c•mb•r 32

10 Analusls of net assets bu fund Icontlnuedl Logns to mernber charities iNJ.' The Almshousè Assoclatlon The Thomas Groves Trust for Alm*hous•s The Edward Kèmp Almshous• Trust Olh•r fundB Tot•1 At 118nu8ru 2024 Loans msde Loans repald At 31 Oecember 2024 2,335,630 729,852 1&31,2701 2,631,212 131,514 750,388 15,528 193,8021 672,114 59.744 3,277.276 715,380 15S9,1UI 3.463.512 119,1631 112,351 114,9091 44,835 Oue wlthln ono uear 448.924 16,275 95,355 14,800 57S,354 Commitments The Assocl8lion was, at 31 Dec8mbor 2024, committed to makè availablè lo th8 trustees of mèmtxr Èlmshous8 charit￿$108n9 af E506,26212023.. £&03,2211. 11 Employees and emplouee costs 2024 2023 Salar18S Social security costs Empiouar's pension contrStrAJtlons 493,754 44,286 43.754 581,794 45S,661 39,793 39.362 531,816 Full-tlma equlvglent numter ol emplouees 10.4 The 8bove Costs were &ll¢c81od to., Numb•r Employ•• co•1• 2024 2023 2024 2023 r48lslno fund5 Costs ol charitable 8cllvilles Support ¢osts 0.9 5.3 55.894 313.255 272,64S 581,794 5,972 328.964 199,880 S34,816 5.6 9.9 An gverage of 1412023.. 131 persons were errployed during the ugar. One had rèmun9ration in the rangè £100,000 to £110,00012023.. £90,000 to £100,000 onel in the year. gnd thè Assoclatlon contributed £10,20212023.. £9.7161 towards 8 pension schemp for that emplouee. The trustees do not rg¢glve anu remungration. The tot81 cost of emplouing key management in the perfod amounted to £226,58312023.. £223.3831. Key mBnegeThnt remuneration Is 8pproved by the Board of Trustees. Travel expenses for mègtings of £1.64512023.. £1,849) were reimbursed to three12023.. three) Irus16es. P¥n$lon fund contrlbutlons All current employees are ellgiblè to be members of defined contribution scherr￿s, and contributions are eccounted for wtren paid. 33

NOTES TO THE FINANCIAL STATEMENTS 12 Related Partles Ourlno 2024. six12023.. fivel trustees of the ASS￿l8th0n w8re also trustees ol The Leonerd H8cketl Mamorial Trust, whlch act￿ as sole trustee ol one12023.. one) rrÈmber almshouse cheritu. This ¢harltu had loans and other 8dv8nces from the Association, as follows.. 2024 2023 The Charity of Edmund S8wuer12287981 27,159 27,680 The names of the dlrectors ¢f Tha Leonard Hackett Memori81 Trust, who are 811 also directors of The Almshouse A$S￿l8th0n, Ore listed In th91 company's Dlr8Ctors' Report. At the end of tha ue8r Th8 Leonerd H8ck8tl Memorlal Trust hgd an outstgnding 8dv8n¢e of £30,1&012D23.. £27,D361. The Assoc18tlon provided manegement servl¢es lo The Leonard Hgckett Merncffl81 Tnjst end The Charltu of Edmund Sawy8r. Durlng th8 year the AssoclBtlon ¢hgra£d £3,06012023.. £2,880) to these charilles tQW8rds its adminlstr&lion costs. embers of the 3o$rd of Trusteès are CDnngCt8d wllh member almshouee ¢harltles, but do not partlclpete in decision5 concerning th0￿ chsritigs. Mr A Sedgwick is a trusteg of the Lady Anne Wlndsor Charity whl¢h h8$ an Interest free IoBn tr￿ thè Associatlon 8m)untlng lo £6,30012023.. £10,￿01. Durlng th8 uegr, the Assocl81ion p8Sd £2.131 In re$r￿t of Charltu Trustee Assurance12023., £2,099).

13 Cornparative Statement of Flnanclal Actlvltles ISOFAI st•t•m•nt of Flnlnclil A¢tlvltl•s ISOFAI for year ended 31 Dec•mber 2023, Incorporatlng an Income ¥nd Expendlture Account Notes UnrestTlct•d funds Restrlcted funds Endowm•nt lund$ Tot•1 2023 Incom• ind ondowm•nts from: Glfts. don8tions 8nd leJacies Chorll8bie 8ctfv1t￿5 Investments Tot•1 122,263 511,126 99,031 732,120 64,700 2,219 189.182 511,126 193,161 893,169 94,130 158,930 Exp•ndltur• on: Relslng funds Charitable actlvlt18S Tol•l 119,837 77£,111 892,948 23,098 119,861 142,95S 141,935 893,972 1,035.907 N•t l•xp•ndltur•lllncomo balorè Inv•stm•nt gilnlllos•l 1160,52BI 15,871 2,219 1142,4381 Net galn On 5mestments 320,829 3S6,317 193.410 870.3S6 N•1 Incom•llexp•ndltur•l •nd n•t mov•m•nt In fund• 160,101 372,188 195,629 727,918 R•conclll•tlon of funds Total fund balances brought forward 8t 1 lanu8fU 3.272.211 6,B14.996 1,857.208 11.944,415 Fund b•l•n¢M c•rrf•d lorw•rd •t 31 O•c•mb•r 3,432,312 7,187,194 2,052.837 12.672,333 35