The Almshouse Association Annual Report 2025 THE ALMSHOUSE ASSOCIATION The nation81 voice of almshouse charities since 1946 (J M&G 11 •¥ The Almshouse Association is the national representative and support body for aLmshouse charities in the UK. COVER IMAGE. CDrntTKviitu ypirft- Th• M8tthgw Chubbs Altn5hcoJ5e5 Ch?rV( Cwkérn• Icrjdit.. Jeff Hutycnl THE ALMSHOUSE ASSOCIATION Wo champlon the Ilfe-ch*nglng Impact of almshou395 and the dedlcatlon of th• trustees. clerks, staff and volunt••rs who 5UStaln them. Our mlsslon Is to se• almshousos recognlsed as an •xemplar form of cornmunlty houslng. We help to support the preservatlon of listed almshouse buildings, recognising the archltectural Énd historic81 significance they hold arKJ their enduring place at the heart of local communities. We support and inform research rel8tlng to the almshouse model, collaborating with sector partners as a centre for research and insight, helping to ensure the continued relevance and resilience of almshouses for future generations. Our role is to ensure that serving as a trustee or clerk is accessible, rewarding and effectlve In an increasingly complex regulatory environment. We guide on 8118spects of almshouse management, deliver CPD-accredited training, support vulnerable charities through targeted funding and set and promote the standards of Almshouse Management. We raise the profile of almshousès, representing the sector at Ioc81 and n8tional government level. WWW.8lmshouses.org THE ALMSHOUSE ASSOCIATION L•Jnard Hackett Hou88 17-21 victor￿ Street Wndsor. Berkthire SL4 1HE T.. 0134& I￿22 Im5knusE5upwrt@olrrfjhou5•s.oro W.. alms￿￿se$.0rQ 4*iciTIA ET Ho$P11hiis￿+ R•gl2tw•d Chirw No.. 245668 R•ql#tw•d Compiny No. 0&678214 ROYAL PITRONS NORARY TREASUTtER HM Klng Ch8rt*s111 HRH The Ouke of Gloucast8r KG r￿v0 Simon Lina. ImtirnO19 kno John Gr4h•m' l•prKAnt•U 19 KY• WJ251 THE OOARO OF TfiusTEES- 2025 ADVISO￿ BODY Prof85sry Carr*m Sw5rt Richard Welto CHIEF EXECUTIVE HEAD CF FINANCE Mlch8el Dr8ke An&gw Earnès- Ivicè Cngirl John Broughton IP Ed Christsan" l*kw*knd 1?M•rch2 Cifv8 CDok P•tir Edw&rds'14pront￿ 12 uw¢h202 Quentln Elsto EIIz8tÉttt Fathl. Ili8 Hartley Ru8sall WO DL. ICh8lrm8nl Davhl H88leu stuart Hclurynd 12m#￿Tr2 Pwl Wllls Rwd Cancfi Jndr•w I￿￿1￿1￿12￿￿1th2 Trlci8 Scouller. Aoam ￿0W￿k M8rgarEt stBW•rt' I￿til￿ ty *Jr*20251 aaire WarrEn [￿int￿l 12Mwth2LTr51 rFh•nc• &*c0mffl￿tleffIOH] HEAD OF MEMBER SERVICVJ IIBn klBrtzBk AUDITOR Bu22XOtt Audlt LLP, I￿ Streat Lwtknn EC2V 6( ANKESI Coutts & Co, St M8rtirf8 Offlts. stra LcnLbn WC2R OQS VE5Tk4ENT ￿N￿GER W1M We81th Men￿ernent Limited 16 B8bm#gs Str*t, Londm gN1Y 6AH Annual Report 2025 Contents THE ALMSHOUSE SSOCIAI ICII Chalrman's revlew..........................................................-................. Chlef Executlve's report...........................-..........................-..........-. .12 The Almshouse Assoclatlon rnernbershlp..............-................ .16 2025 at a glgnce............ . How the Assoclatlon 1$ gov•rned and managed for publlc good 17 .18 stratggy to 2030 .. .20 statement of f19k........................................................................................... .. 21 R•pres•ntlng aur m•mb•rs In poll¢y and polltlc81 affalrs...... .22 Empowerlng and supportlng our members.. .. .24 Vlslblllty. Influence and Impact.... .28 Fln•ncl•l r•vl•w 2025...................................................................... 32 Trustees, r•sponslbllltl•s stgtement....... Audltor's roport .. .34 .35 Flnanclal statements... .38 Not•s to th• flnanclal st4t•m•nts .41 Spotllght on axcollence The Almshouse Association Awards 2025..............-..-.............-..........-... 58 Thank you .64 Oonatlons. support and sponsorshlp................ .66 Panel of consultants ..... .-...-....-. ....-...-..........-...-... .67 Advertlsements... ... .72 -. )lJp THE ALMSHOUSE ASSOCIATIQN SECTION ONE Chalrman's r•vl•w...................................................................... Chlof Exocutlv•'s roport........................................................... 12 Tho Alm8hDus• Assoclatlon m•mb•r8hlp........................16 2025 at a gl•nc•..........................................................................17 How th• A$$ocl•tlon Is a¢v•rn•d •nd managed for publlc good..... stratogy to 2030........................................................................... 20 stal•m•nl of rlsk......................................................................... 21 R•pr•s•ntlno our m•mb•r$ In p¢ll¢y ind polltlcal alfalrs.............................................................................. 22 Empow•rlng and supportlng our rnomb•rs..... .24 Vlglblllly. Influenc• •nd lrnpact..... .28 Chairman's review WILLIE HARTLEY RUSSELL Chairman The Almshouse Association It is with great pleasure that we present The Almshouse Assoclatlon's Annual Report for the year ended 31 December 2025. This has been one of the most transformative years in the Association's history and places us in a strong position for our 80th anniversary in 2026. ,,11 r[,, SeckfDr Dprs ?nps A d•finlrw th•m• ol th• y••r h•• b*•n our work to lost•r w •lrong•r 69n$• of 'l•rnlly' •c1068 th• alm*hou*• mov•m•nl. &y d••p•nlng CDll•bor•tlon b•tw••n m•mb•r oro•nlsatlons. ¥h•rlng •xp•rtl•• Iftd promotlTrg mutu•l support, w• •f• r•lnlortlng th• prlnclpl•• on whlch th• mov•rn•nt w•• lound•d. Th1¥ I￿rI￿ purpo•• 1% IncrM•lnolu vS•lbl• through our n•twork•, •v•nt• *nd p••r #upport, It •qulpB w•ll to f4c• I￿￿r• ch*ll•ng•i tog•th•r. The Association is a charity that is well placed to play a role in addressing some of the key issues taclng soclety today. This th@m8 w45 centr31 to our ￿eMberS Oau where wo refiect8d on the scalo 8nd 51gnitic8nc8 of wr coll8Ctive'f8mllu': oround 1,600 chariti85 pfDviding svf• 8nd warm homes for ¥pproxlmai8lu 34,000 resldents. represoniing around 1% of 811 chèrities in Fnqland and Wales. In a Chèiienolno ¢xt•rn818nvironrnenl. this coll£rtlve Identity is ono of our grg8195t 5trwgfhs. It was gr￿t to see our IA&mbers 08y so well aitènd•d, dernonstratino the secror s èppetite to come t¢gÉthpr, 5h8r8 le8rninq end celebrate th8 unioue contflbution of gimshouse rh8iilRs. I thank 811 those who contributed to Its 5UCEPS5. 2025 has been a year of ochlev8ment, ¢h8nq8 Ènd reflxtion Al a lime when domand for high-quallty, V8lue-led housing has nevEr been grE8ter. the Asso¢l8tion h85 continued to evolve to better serve Its members to 5tr8ngthen the collective ¥C￿ce Df thp altnshou5e moveThnt. Sl CfOSS HospilAI. Winthp51e SEcfioN ONE A mÈjor operational milestone w8S the successful rel￿atiOn of our he8dqu8rt8rs from Wakingham to Windsor, which was ￿￿￿fUlL￿ managed ar￿ acttieved wlth minimol disruption to members. Qur M•adquart8rs provldes 8 more fl8xiblg and offettive base for staff. 5uprorting mfyyern wau5 of working aryl enh8nting fyjr ￿gI11￿n¢e. kl•mb•r i•rvlc•8 r•m•ln at th• h￿rE of •v•rythlng w• do. l am p188S8(J to report anoth2r uear of exc811ent delivery, with stronu feedbock hiohlight1ng the profe551on8115m ond Èxpartise of the me￿￿[ Sèrvlttos t&am, led by Jullan Marczak. Eng89gment across training, guidance 8nd communications remains hioh, reflectlno the inEreaslw compi8xity of th8 legisl8tiv8 and rgoulatoru Ènvlronm8nt. The sso¢latlon ¢ontlnu&s to play a le8dlng role in dl$¢u$slons on 8fforaabl8 housing ènd the c8r# of oldw people. Looklng ih•ad to 2026, w8 plan to str8ngth8n member support lurther bj offering propertu and building suprNJrt to assist with planriing, Ilstgd bulldlrwj and EPC Is5U•S. Initlallu suprM)rted by voluntoer ChBrrBrqd SurvÈyors. the longer-term emDition Is lu èmplou further expertise to provlde SP8cl8llst piannlnq bulldlno i•g41 •dvlce the ch8rllyol16abglLq SophhLaHnder, Mgnnlrttr** Policy enq8gomgnl rgm8ins a slonlfic8nl Strand of Dur work. Nick Phlllips has represented the Assoc18tlon tlrel8851y In We5tmlnstor. p$rt¢ulaily In r8181ion lo th8 Nat￿n81 Planning Pollty Fra￿￿Work 8nd the R8nt8r5' Riahi$ Sill, ensuring th8t tha dlsrinctlvo role of elmshouse3 Is uDd8rstood cross the politlc81 slleclrum We also continuB to m8lnt8in a strong worklng rel8tlonship with th8 Ch8ritu Commission thrDuoh our MÈmor8ndum ot Und$rstonding and 8g8in provided specl811st tr8lnlng to Commlsslon staff during the ue8r. In èdditlon. w• were 8t th8 vawu8r(J of sBtting up th8 Ch8rilu Housinp A1118nce. an inltl8tivB started b¥ the Association Th8 Asso¢i8tion rttm&ins in sound fin8nci31 lealth Prudent financial management h85 en8bled u5 to Invest In service5 while meintaining 8ppropdÈte r858rv85, thgrebu providlng a strong tound8llon for the future HowBvqr, subscription Income doe5 not ypt fully CDver runnlng c03tS. 8nd the B08rd Is minded to Increase 5ubscription5 from 2027 to ensure long-term sust81n8bilitu, while rocognising the pressures facing membpr5. W# also plan to launch a fundr8ising app?al In 2027. with the aim ot otterlng onÈ-off orants to support essential Impr0￿m￿tS to our member5. 8lm5hous8s wlthout access to endrywments ..Ch1ldivn￿ Mor*s'iYe8'dDh Alm5h¢uge5.Tho Great Shplford Willaup'ChalFu."Poyal Oppn Dgu. Iuiu 20¥J 10 larl of Soul Durlng the y•èr we w•re honourbd ta bè granted 8 C08t ol Arms by th8 Colleg¢ of Arms, o fltllng wau to mark our 80th annlversary The 808rd also tts)k lIr￿ lo Iwk aheèd, holdlnu sn 8w8yd8U to cl8rify pr￿rItIeS 8nd sh£rp8n Dur ambltiDns. I IhanK my fèlitrN truste@5 tor th•ir commitmeni and Support, 8nd we ￿0K forward lo lurth 51r8nqthenino the 908rd In 2026. A5 gppfDgrh Dur 80th 8nniversaru11 is fittlno thet w wlll r81urn to Sovthwerk Catn¢drg1, wDety th$ Association lirst met as the London Almshouse Committee In 1946, for 3 Service ol ThaDksgiving. am confident tha+ 2026 will b8 Ix)th a cd8br811on Df Dvr history and 8n opportunitu to ortl¢ulat8 a i enow&a visiort for the tutur•. Inspir8tlDnal 188dershlp. Michael Drake lor his 3tewardshlp of our finances. Julian Marczak for h15 Outstanding support to mambprs, 8nd Anggla Wgtgrs lor hgr pivotal rolg in th office relDCBtlun I corrimend this report to ypu. The JMm8nw8e A86CtlatvJn CoBt 01 *rn5 Wllll• Hgrtl•y Russqll Cheliman. The Almshouse Agsoclellon Chief Executive's report NICK PHILLIPS chlèf Executlve The Al￿￿hoU* Assx.1gtloft 2025 has marked a defining moment for the aLmshouse movement Offlclgl Opènlng 4f App￿b￿ BIU Unlt4d St 5o¥iDuf6ehBrlty, Sout Icrodii.. 8enoii Gfog4n-Avlgwnl Jr 20?3 to Siratogg identif led tkie founding of f ive nei alm>hoLise ch£ritiC)S. Th• *wardlfto ol tm stlrllng Pr12• tts ol tsur m8mber's fl•gshlp alm$hou¥es 1$ nat tsnly c•L8bratlon of out8tandlno archltectur• but PDw•rtul •cknowiedg•m•nt Dr wh4t almBhou%gs h•v• qul•tly rnod•ll•d fDf c•ritur1•5. that thoullhttul d•slan. communlty and human dlgnltu b•lono It th• c•ntr• ot houglng. Ag th• ludo88 r•lloct•d on th• m•rging of b••uty and soclal purpos9, It 5g•ms th*t th• InltlAI thousind u••rs of • youd rnlldvl f•k•8 tlm• to b• r8cognl88dl In 2026. Th8 Almshous8 Assoc1811on celebrates Its 80th 8nniverggru. Over the last eioht de¢aoe$, our T8mber cnarities h8V8 journeyed from beiryj con511Jere4 85 8 '1851 refuge. to becomlng exemplar modgls of aspirBtion81, CDmmunitu-anchorwd living. In 2025 èlone, n8tionai medie fepeateOIu SPCtliqht8d 8lmshouse3 85 a model for tac8vei81 cases, we Hctpd as an IntErmedi8ry between tr.ste8S 8nd residenis, hei)Inu o reSOlve d15PUt95 8nd restore Eonstructive relatlonstrips "Th8nk yau ¥0 Much lor uour email and for th• valuabl•- •s AlwBysl ould•nc• r•g•rdlng th• do¢um•ntallon r•qulr•d for our r981dont's mov• from oni alrnshou5• to inoth•F.- klEMBER CIIARITV As part of our 8rnbitlon for all mBmb•r charitiqs to b8 cansideiec goo r gKC8llenr bu 2030. we continued t= promot8 c)mpletion ot Ch8rilu ￿e81th -hecrfs, Supportèd Ihrou-h one.to.on8 guidanc8. Th•s& 15se5srnentS have enabled cn8fi4ies lo Idènrifu are&s ror Improvgmenl and 5trengtnen overall e,'lectiveness for resid8nts' tsen•rit We h8V8 81s0 expanded our Iibraru of vfrrifieo lèmpla'.8 ￿lIcIes. enOor58d t.-roagh our ongolng E0118t¢rarion wil* thq Charitu Cowmis51cn. This feiationship con.ripdes tc orovide memoè'.s wlth croTpl. authoritative govep78-ce auid8nce. Our Chier Maculivè, ￿Ick Phillip$, #Na ol M8mc8r $8rvic85, lulièn M8rcz8k, wèr8 ègaln Invitga tyy t￿@ Lomm15SK)n lo train C?se Officers. W8 91$0 devaioppa 8 close workiNq relali-n5hip with thè Ha￿SIng Ombudsm8n. In¢L￿dIng g Ug¢icaled W8Dln8r i? guid8.Tr8nbers on compi8inl-h8ndlirg r8qknir8ments "without your org•nli•tlon glvlnq us thlt v*luibl• backlno wlth gur ¢lfllcultlgs •nd provldlng procodur•l guid*n£•. our work would b• v•ry dlfflcult Ind••d,- klEk4BER CHARITY Dau 20 Our w8￿￿51t8 hou588 tne Star*#rd5 DI Almshobs• Manageméni guid&Thce mènLei model Pollcles ona templa%8S. guidancè on=urr&nt Issuas, po,Icy and legisla*ive updales. frequently 8srfeé questlons and m?Tbers iorum. Through In8 Almshouses oaz8tte. @mb8rs ano ap 8xtensi¥B orogr8mrn• Ot cour58$, sÉmlnèrs and regional meerings, we ensurgd mombors rem81ned info"med, connetrÈd and well 5uppartqd throughou: the yeer Members logged In the Associ8tion's website =ver 35.000 times during 202& ?mbers requirlng mor• Int6islw sup¢ort rècèivèd erson81 visils-r online meeiings with Issotiatlon $tB',' Th&s@ 8ng8g8men15 suooofled governanc8 reiorm, i-dSiè8 re¢rui4*fynL Improvement5 to r&sideThts' a¢￿0,￿￿oda1IO￿ In sorYÉ cases we 8rrap.geo iÈmoDrary clErks Ip helo cherilies reg8in st8bilitu ano comoii8nce. "H•lping ch•rlly to updote Its governance, brlnu *tCDunts and roturns UP to date, and complu wlth $•f•ty rogulatlons w•$ hupd¥ r•w•rdlnq." CLERK SUPPORT OFFICER "Th• n•tworklng Is w Import•nl and hugelu ben•llcl•l.- "Sup•r •v•nt. Grmt tts *tt•né in •￿nt wh•r• p•ttpi• w•r• $0 •no¥g•d •nd wllllng lo shar• •xp•rl•nc•s." MEM8ER CHARITES. BEDFONT SEMINAR, 9 OCTO8ER 2025 25 SECTION ONE Training Trustee R•crultment Workshop esDondlno to members. c811s for help to recru trustees, our Cpo-accredited Trust89 Rgcruitm•nt Workshop w8s launched nationally In 2025. worksnops wÈrÈ d81iver*J. with 106 d818g8te5 atlèndino from 77 charitles The course guides charttles through 8 robust recruitment prwp55 dÈ51gned to attract trustees wlth th• skills, knowièdoe and Iivad experkpnce required fD Onsurg compllance and lon9- Six months after ottending, p8rtkipant$ reperttd strong outcomes "Blnoal W• found th• rtght p•opl•." "W• ar• on th• bilnk ol •nntsuTr¢lno slx n•w truBts•g1" -Th• r•sour¢•• w•r• • Gad•end- w• •lr••du h•v• two promlBlng appllc•nt•." Yrusioe t IVprtshoA gaifrtyr> W4ld¢ii. )￿Qu9t The Almshouse Way Our flagship course. Th8 Almshouss Way, conlinuod Its success nationwloe, with venues trequentlu over8ubscribed Ourlng the Vg8r, 21 courses were IJ￿1¥￿r8d, wltn 329 trustees and clerks 8ttpnding Irrr 191 cherlties. A further 22 courses are pl8nn$d for 2026 You don't know what you don't know - the Association is an incredlble resource." Partlclpants conslst$ntlu empThesiyd the Importance ol knowlng Whgrè lo flnd rollable guldonco. Includin9 the sianaards ot Almshous8 Management guid8nc• m&nuÈl and Haalth Check tools -All n•w truvtms *h0uW •tt•ftd thls ¢ourn• Is Soon •1 poislbl•." "Not only • v•ry ui•ful tr•lnlno cours• but on• th•t w•• moBt •nlou•bl• wlth good n•iworkino." "I hav• b••Tr • tiust•• far 25 ¥••rs •nd leoin•d murh.- BDth courses place strong emphasis on peer 188rning an(J networking. which m8mbeis consistontlu rnte 8$ on8 or the gr88t85t bBngflts In 2025, our anlinB tralnirvJ off•r was e%p8nded with 11 edditlonBI SDft skills course5 8nd memtser5 complet2d 1,299 onllne cours8s durtng th8 U88r. tlhe 26 -,ur rD%rnoèr¢ Loans 8nd grants awarded during 2025 Refurbishment of 19 almshouses 1198 sno Roofing works benef iting 28 properties In loans were awarded to 21 member charities Replacemont windows in 18 homes External works to 14 properties r)O,000 Fire safety improvements in 13 properties One extension and five new almshouses In grants were awarded to two member charities Purchase of one additional propertu 99 "It fv•l• Ilk• I'v• bttn glv•n • br•nd-n•w hom4 but It Btlll h•B All th• warmth •n¢J hlgtory I IDV•." REs￿ENT "W• •r• d••plu or•t•fvl... th• gr•nt sKur•d th• futur• ol Cott•g• Na.3." MEIIBER CHARITY almshouse propertles across 15 countles beneflted from thls flnanclal support, dellverlng meanlngful Improvements Wlndow r4p811 •* Tha Aimshou of St thB B?pt151 & St john Evanqeiljt, Shwborn iry THE ALi4SHOUSE..AsSociATION- ANMJAL REPORt 2025•W*X-"2w .. &CTION 0￿¢ Visibility, inf luence and impact It has been a year of raising awareness, advancing research and refining our fundraising message, leading to appearances on television, radio and in the national press and influencing Government policy. PR and engagement 2025 w•¥ q plYpt•l yi•r for publlt •Trg*gernent, d•iiv•rlnq •xc•ptlonal vl#lblllty'. N8tion81 coverage on The One Show 88C R8dio & and 8gC R8dio LoThlw. Countru'ile, WomBn & Hom8 8nd leqding n8tlon81 n•wspapgrs journalists. phllanthropists. InvestDf5 and oru6p¢ctlv• rè51denl$ strong 8o¢lal medlè growth and $8Ctor pr￿5 enqaoemenl lost8red wlder co118bor8llon Enhancgd Gowrnment and rolaliDnships advancèd tn* propos￿ Inclusion ol almshouses within the N8lion81 Planning Polky Fr8mwNork, Duk•&a tgr h Octob 20e5 ts Apkq•bU IM, 13rArth Westrnlnster roundtable and tho Charlty HousSno Alllance In Novemb8r 2025. Thg Almshouse AssociBtIoii conwngd g lgndmsrk WÈstminster roundtablE. bringlng t(¥Jether Governmènt. raguiator8 8nd chgnt8bl8 houslng providers to ad¢r8ss future priorities and refums needpd to 5UPPDrt charilu housing Thè rnndtable hlGhlignted rhot a 5uppDrtivE Irarrwrk for ¢harlly houslng would deliv8f.. ILMSHOUSGS TkWH THE AGES reduced dem8nd on s￿181 housipg. w8lf8r8 and Social ￿gre, gener8ting maicr state sayinos proportion8tE. 5treamlinEd r8gulstlon CHA preventative Iccal sol¢Jtion5 improvpd WEllbeing Bnd reduced NHS P¢BS5urÈ Be Part of the Alllance PfOtectlDn of historic fKJusing 88sets. The lrfent tnarked the La￿[?ch of thg Charit Housiw Alliance, intBndBd tD PfovidB a unilled vaice fur charitable hausing acrDS5 pDIIcy ano funoinu dlscussions. e IiuuStN dcross Ihe Roual vlsits Three Roual vi51ts In 2025 5ignilic8ntlu boosted visibilitu. Tne Richmond Ch8ritieg, Richrrwjnd GrBal ShqlfDrd VillBge Charity. Cambrldgg Urnitea st Saviour s Charity, Southwark Our Roy81 Pgtron, Hkl King Ch8rlgs 111, gnd Roy81 Vice Pgtron, HRH ThE Duke of Gloucèster. contlnue to provide Invaluèble support, raising 8warene5s. morale and credibility across the movem8nt 1otEw Im6housp4'. lord Research Over tne past aeeaLle, rese8r¢h commlssion8d by the Associ8tlon h86 5h8ped policu. d8monstr8t£d social walu8 8nd 5tf9ngth8ngd governance practice. Building on thp suc=•ss of our E75.000 rbnl 8w8ra in 2025 Irom Knowl8du8 Transfér P8rlner5nlP, Wg will Bxpan(J r•se8rch activity ta underpin evidence.lèo ¢dvoc8cu ènd lonG-18rm sust8in8billly. halr ol The Gr•41 ont ChI￿ri￿p kr* of Glett*5tBr IL8g• d'tbmrnwrDr* ly 20Ès'"> Together for our future: fundralslng and support Fundrglsing rgmains e554ntial to providing i¢an5 and gr8nts to m$mbgr ch8rltl•s lor 8lm5hDUS& Impro¥8menl ar d&v8lopm&nl We op8r8t? In line with the D81a Prot8Ctlon Act 2018 8nd clo not 58nd dirpct mail or emalls to mgmteis ol the public lor Ihe purposes Df fundraisino. Th& AssDClation 15 regist9fgd with th? Fundr9ising R4gulgtDr 8nd SDldes the Coae of Fundralsing Prty¢tite. which outllnes the standards 8xpeclèd ol all chÈrltablo funaraislng organlsalions across th¢ UK We are not aware of èny complaipts m8de In respect ol fundralsinp activili85 during the ue8r Our fun¢r8151ng 8Ctivities 8re closel¥ monitDred Dy tha Board who regulartu rBVleW and oDprovu the lunorèisina strat8¢u In response to a knnanging fundr21s1ng environmgp,t. during Ihe'jear we '.etin8d our m8558ging and 5trenuth?ned our relationships with support2rs I(￿rS arg3nis8d through Fri¢ftds of Th¢ Almsh¢usè Asso¢iatk)n Club. which bnng5 :ogether 5upportErs, partners an¢ 4dvtKgtes ot the Blmshouse movement. proved Invaluable In strengthenlno re18tionshlps. expanding networks 2nd welcoming new supporters. ThE Igunch of our leg8Cy C8mP8ign with Farwwill marked 8 major milestonfj, wltn the first legacy pl&Jgfj received durlng the yBfjr. 29 THE ALklSHOUSE ASSOCIATION 30 SECTION TWO Flnanclal rqvlew 2025....-.. ..32 Trustees. r•sponslbllltl•s statem•nt................................... 34 Audltor's report...... .35 Fln•ncl•l $tat•m•nts................................................................. 38 Nol•s to th• Iln•ncl•l st•t•m•nts . ,41 sEcrioN TWO Financial review 2025 Overvlew 2025 2024 Incamo 1,246,153 1.268,016 Expwdltuifj N4t IncorTri aafor• n•t Qsln on s•1? of pr4p•rty In¥•strrnnt pol 56,041 142,221 LoDnB to rn•Fnts•i ¢h•ilti•• ￿￿19ndIng 3.Bl2.647 3.483.51E The Stetement of Fin8nc181 Actlvltlos shows thot Th Almshws• A550flation's not Incomè bofDre net gain on $8ie of pruperty Bnd Investment q81n for 2025 was E56.04112024. f142.2211. Net 981n5 on Ilstwj Invp5tm•nts arnounted to £1,033,74&12024- £887,1241 and thp gBln on the Sa￿ of the Wukiwham 51te amowtèd ID f6&2,6S4. Total funds es at 31 D8C8mber 202S w&re £15.&34.117 IW24.. E13,701.6781 dlvided betwe?n unr?stricted, restricted and enoDwment fund5 Of th&t totèl, 9,926,58412024 £9,254,62211s Invested In v8rlous fDrms Bnd f 3,812,64712D21.. E3,463,S121 had been lent to member charitles. Unrestrlcted funds Unrestricted tund8 are those 8vallabi8 tor 4ny purpos8 CDn515tont with the Assoclatlon's ¢bjèctlves. Income from ali sour¢e5 amounted to E1.126.291 1202& E1,056,4681,. 57% w8s derlved Irom m8mbers' subscriptions. 1>A from Pjollc fundraislng, 7% fram investment Income and the b8lanr8 r8ised m8inlu through 5Brvlcqs to mamber cherities. rhA Assocl8tion's r8serv8s polficy Is 69t b¥ thj trust905 to ensur? continuitu ol servic8 to member5 8nd to providB Inve5tm8nr In¢om• Thg policy Is set to d•lBrfflints • reBllstlc 18vEI of rèsèrv8s. by asse5slng the level of rlsk Èsgocièled wlth the main Incomt and expenditure streams and Iikelu SDuf¢45 of funds 8V8llabi8 In an èm8roon¢u. The tNste•s b8118ve th8t the resgryes pollgy and posltlon Is prooortlon8t8. Net Incorr* ￿ftsre nèt odn oft $8le ol properlu Èn Investment ggln wo5 £123,126 In resp8ct of unrestrlcted funds, not Bxp8ndituri of f69,563 ￿lating to r￿trIctEd funds end Income of £2,479 In respect of 8ndowment funds A desiqnared Investmenr fund, whlch 8mount$d to É2.363.373 ss at 31 D8cemb8r 2025, wvs hBld ro generate Income to covsr som¥ of th$ shortfall b&two8n rrembBrs' subscriptions and th@ Bnnual cost of running the Assoclatlon TDtql incomp of f1,2&6,153 was down 1.7X primarlly due to a oecre8s8 In publlc fundr81slng of £63.693 8nd Investment Income or £29.765. These d8creas95 werB offsèt by an Increase in Incom8 from charitable activit185 ot £69.399. A deslgnat8a fixed èsset resorve fund ar￿UNtIN9 to £1.409,195 h85 D8en estsblished m8inlu rO￿tIng to the in¥estmpnt In the Windsar affice Dlvldends r$coivablo from Inv8StmBnts w&re down 13.0% du• to the sale of Investments to fin8nce the purchase of the WIr￿s0r site However the market V81ue of Investments Incr8858d due to Strona InvB$tmont returns during IfÈ wear A d8signgtÈd tprmirtgl r#sgrv& funrt of £610.[￿0. equ81 to about hvlf thp tut81 annu81 expenditure. Is held to Cover th8 tost of any11obllltles 8rislng in tho event of th t4rmination of actk¢ities Total expeNJiturE of £1,190,112 w8s 5.7% hlGher th8n th8 rovio¢Js year, melnly due lo costs Incurred relatiry to the move from Wokingham to Windsor, the hosting Df the 2025 Memters Oay and oth8r inflationaN incre85es. The A55DCi8tIOn'5 Str4tEgu to 2030 on page 20 sets out the Assac18tlorts pian$ to ènh8nce the suprort provided to memter charities and to dwelop services. During thtt uear there was a cr*it to this reservg Df £4.963, 1è2ving reserve b81ancg of £310,484. Thpro continued to bè o high levol of grant and loan pplicatiun5 from members, as mernbers looked to Impr(we or develop almshouses. 32 The remainder of the unrEStrlcted funds constitute th8 5SOClations fr8e r￿erveS, which amounted to £196,262 and is less than three mDnthg running costs. Investment pollcu and performance WIM man8ges the Inveslment fLfftds lor the charlt as a single amalgamatod fund comprising th8 inv8Sted portion of unrestricted. ￿stricted and èndowrnent funds. During th8 year the m8rk8t Vdlue of investments generally Increased with improved investw contidence. Over811, there wa$ on investment uain of £1,033,7&4 or 13.4Y. for the year. Oetails are shown in Ntrl• In 202&, the AssQKlat￿n acqulred the 51tÈ in Wlndsor. Thp AssDciatians new office bJilding w85 refitted 8nd th8 carruiTrJ value ol Ihe buildlnu as at 31 Derember 2025 8mountgd to É1.354,213. In additlon, a sÈcorxl bulldlng on the sit2 has bBgn 5ub-Ist which wll provide a source of Income for the AssD¢i3tlon In the tuture. The value of this In¥estm8nt propertu 8rnount$ to £846.468. Inv85tment5 also generated £186.925 of dwidend 8nd Dther In¥B5tmgnt incoffl8, whkh w85 £28,619 Iow8r th8n the pravious y88r m8inly due to the $818 ol Investments to finance the purchasè of the Windsor site. During 2025, the A5SOClatiorfs previojs office sit8 In Wokinoh8m was sold and thlg r6all$8d 8 £6&2,651 book profit. Restricted fund5 not uet 811oc8ted to Interest-free 10gn5 for Fnembers 8rE held 45 investmgrits Of on short-term cash dtsposlts to th• &xtont th3t thgu grg r8quir*J lor futUfe108ns to our member charitie5. Of the tot81 uDutili58d restrict?d funds ot £& 209.386 as at 31 Dgcpmb•r 2025, 3pproKlmktoly &% was hgid in th form of cash deposits and the r8maind8r h8id In the discretionary m8naq8d pjrtfolio. We continue to pursue a Dolancod Invgstmgnt 6tr8tBgu whlch has helped to mitlo8le against rinancill m8rk8t vol8tllity. The A55OC18tion h8S Strategies In plece to m•n8lle It5 5hort-t¢rm c85h ne8d5 and t8ke5 8 low- term vl•w of Its Invèstm#nts. Restrlct8d funds Income froTn all sources amounted to E117,3841202&.. 208,9641,. thi5 decrease w88 prlm8rily du& to Iow8r publlc rundr8lsinu dOn8t￿n5 Restrlcted funds are held to prrNld8 ioèn$ •nd orent5 to mgmb8r charities for almshouse improvement or dpvelopmpnt A5 set out In Note g to the financi8t Stateff￿nts. stsm8 of th959 fun(J5 8re for specitled elmshou5es. groups of 8lmshous?s and règlons, wlth the remelnder 8v8ilabLe to all members. Endowmènt funds ore held lo provld• IncomB for specitk purposes. Loans and grants arè provideo to memuers wh8n other 50urc8s of fu￿1n9 hewe be8n lullu explored. Tho oolicu15 that loan5 ar? interest-fre8 and g8n8rally repayabl8 ovpr 10-y&ar pèriod, ond grgnts Df up to £2S,000 are reserved those ch8rltles thgt leck the 1•50urc8S to underteke loan. A key objective ol th8 AssDclatlon's lundr•islno carnpailln Is to Incre8S8 the lev$1 Df restricted funa$ from whlch 10gn5 8nd grants are made. Plans for f uture perlods In reswjnsè ID the cost of lfving and leoislaiive changgs, th8 As50clation continues to proaclivgly revlew Its activitie5 to ensure cOntin￿d 5UPPOrt to members. Thj truste8s hav8 rvrfl8w8d Its risks and concluded th81 given thè charity's fin8nci818n(J oper8tion81 posltion. It C8n contlnue to support almshouses and for th• roresagatlo futuro. Loans •nd ur•nts made 2021-2025 klr IDhn Or4hom Honor8ru Tr885ur8r Loans Grants 2025 £970.1¢0 £98.6SQ 202 £745,380 £73.015 2023 E777.787 £54,590 2022 892.B38 f71.B35 2021 £494,932 77,220 In 20>, £970,80012024. É7&5.3801 was advanced In n IDans at the end Df the ye8r the total value of luan5 provlrjsfj and outgtgnding w8s £3.812.647. This figure Include5 an admlnistration rep of 5% which is added to oftset some of the Assuciatluns cast5. The totgl gr9nts made In 2025 were £88,650 comp8red with £73,815 In 2024. ".￿ffjE ILIIgHLdJSE A¢SQ"1aTtON. A14NVAL 33 SECTION TWO Trustees, responsibilities statement The trustee5 of The Almshouse Association (the 'charitable company'l for the purposes of company law, are responslble for preparing the trustees, annual report and the flnanclal statements in accordance with applicable law and explalned In the flnancial statements In accordance wlth applicable law and United Kingdom Accounting standards (United Kingdom Generallu Accepted Accountlng Practice). Companu law rffjuires the tru8t8e8 to prepar8 fln8ncl81 8tat8m8nts for each tSnanci81 u8ar. Und8r companulaw the truste85 must not appr￿9 the tin8ncièl st$t8m•nt$ unleys theu 8r8 satisfied thBt tttgu glvÉ H tru8 and foir vl8w of th8 state of 8ffalrs of the chartt8bi8 company 8nd of th8 InCoM￿ng r8sourc8s and applic8tion pf resour￿5. includinq the incorro ènd expendlture, ol th• ch8rlt8blB comp8nu for th8t Dgriod. The tru5te8s Bre responslble fty keBplng prop*r accountlng rerord5 thot disclose wlth reasonBbie Bcturacu at Bny tlm• tTho fin8ncig1 pu51tion ol the ch8rit8b18 company aTrJ to •nabl* them to ensur? that the occounts comrly with the Compan185 Act 2006. They 8r8 also r8sponsibie for safeguarding the 8$5et5 of the char￿￿b￿ comp8nu Bnd h8nce for rgBsDfiBb10 St•P5 for th• prwentlon a 48t8¢tlon of Ir8ud 8nd oth8r Irr8gu18rltles. In W•￿rIng th• flnArKIAI •t•t•m•nti, th• tru•t••s •r• r￿uIred to.. The tru8teeg report has been pr8P8red In xcordBrKe wlth the provlsions 8ppllcable to componl•s ontitl8d t¢ Erwll companlos. PXB Wptlon 5tht sultabie pccountlng pollcl•s and thgn gpply them consistÈntlu,' Ènd Th• tiustM8 of th• ch•rltgbi• company who h•id ofiic• 4t lh• d4t• ol •pprov•l of thlg trustg•¥' r•port onflrrn thit.. ODserv8 the method8 and prhclFl•$ In Ac¢ountlng and Reportiw bu Chgrltles Stat$m•nt ot RecommeThYed Practicu ISORPI,. Ind so fèr 8S thÈu 8r8 8were. th8f8 Is no rele¥8nt 8udlt Information n88ded by tha chèrlt8ble company's auditor5 In connectlon wlth preparlng tmgir repDrt of whkh the ch8rlt8ble comp8nu s audltors are unaware, and m8k8 ludgements and e5tlmat&8 that arg roa80nabl• ar￿ prudent," ènd stat8 whol￿r sp￿1¢•ble accountlno st8ndard& have beèn ffollow8d. subj8ct to Sny mal8ri81 depèrturgs disclosed ar￿ expl8lr*d in th? fina￿181 8tètem8nts. and thiu have 811 taken steps that they ouqht to have t8ken a8 8 trustee In order to make thems8lve5 aware of any relevant 8udlt informatbn $nd to $st8Dllsh that th? charitable cornp8nu 8 8udltors arÈ Bwor• Of thgt information pr8p8r8 the fin8ncig1 stat8m8nt$ on the golng corKern bssis unlBSS It Is InèppropriÈte to presume thèt the chantu wlll contlnu8 In busln89$. Mr R D H*rt￿￿ Rusffdl Chairman Mr A l B•rn•• Vice Cheir and Trkjstgg 34 Auditor's report Independent auditor's report to members of The Almshouse Association Oplnlon Wa have audlted the financlal state￿￿￿t$ of The Almshouse Ass(£￿tIon Ith8 'charitabl$ eofflpanu'l fpr the u88r ended 31 December 2025 which comprrAe th• $tatem8nt of fln8ncial 8Ctivities. th8 balance sheet. nd statemènt of cash flows, thg prlncipgl accounting poiicias and tha notes to th8 financlol statBmenl5. Concluslons rèl8tlng to golng concern In auditino the fin8nci81 statements, We h8ve canclud8d Ih8t the trustees. use ot the golng concern bèsis of accounting in the pr?paration ot the financial st8tB wgnt5 Is oppropriqte. B88ed on Ihe wgrk we have perforrned, we ho¥9 not identified anu m8terl81 U￿ertaInt1eS relatiThJ to 8venls gr condltluns that Indivldually or ¢o118ctlV81y, mau ¢g$t signlticent doubt on the ¢h8fltabl8 ¢ompanu's obilitu to continue 8S 8 golng conc8rn tor o period of at leg$t tw8lv8 rrwjnths from when the fln8ncl81 staterrvants ore authonsed for1s5ue, Our rgSPOnsibilitl85 8nd the responslbllltl¢s of th• tNsts¥s with r•sp•¢t to oolno concern 8rg degcrlbAd in th¢ relwant slctbns of this report Thg fln8nc181 rBportlng fr8rnewDrk that has been Ippl￿d in their prepgration15 8ppIic8bl8 18W 8nd Unlted Kingdom Accuunting sto￿ards, In¢iudlng FID8ncl81 Reportlng Standard 1D2 'Th8 Finen¢i81 Reporting St*nd4r pplkablv in the UK and Republic Df Ireland. IUnlt8d Kinudom fjener8llu AccoptBd Accountlng Pr8Ctlcel. In our oplnloTh, th• fiTh•Thcl•l •t•t•m•nl*.. VIV8 8 true end f81r wi￿ of tha stet8 of the chafltsble tompany's affèlrs 4$ at 31 D•¢•mb•r 2025 8nd of Its income and 0x￿n￿ltur9 for th$ Ugar then ended.. oth•r Informltlon The other Information ¢omprl$es the Informgtlon Included in thè annual report and flnsnclal stat8m8nt$, cther than the financial statement8 ano our euditar, r•port th•r•on. h8Vg bg4n properlw prep3r8d In 8CCDrdanc• wlth Unit8d Kingdom GenBrHllu Accept8d Accountin Practlca,. 8nd The trustges ere responslble tor th& other information cont8in8d wlthin the 8nnu81 report 8nd fln8nc181 5t8tement5. Our oplnlon on th8 flnanclal 5t8t8m8nt5 4005 not cover the other inforTnatlDn and, 8xEept to thp extent ot￿rwiSe Bxpllcltlu stated In our report. W8 do not express lorm of ossurèn¢8 concluslon thgr•on. heve been pr8pared In accordanco wlth thg rgqulrements ot the Companies Act 2005. B8sls for oplnlon We conducted our audlt in accord•nc• wlth Int•rnatlonèi Standards on Audlting IUKI IISAS IUKII ond 8PPlicable18w. Our regpmsibilities under those st8nd8rds èr• turther d85crlb8d In the audltor's responglbllitles for the 8udlt of the finencibl stat8ments sectlon of our report. We ¥e Indep8nd8nt of thè ch8rit8ble company In accord8nc8 wlth th8 Bthlcal rBqulrBment5 that are relevant tD our audit of tho fI￿ne101 stat8Thnts in tho UK, in¢l¢Jdinu the FRC'S Ethic81 Standard, 8nd we have fulfilled our cth?r 8thlc81 re5ponsibllities In 8ccordancè with th8se rpouirem8nts. We believe Ihat the audit avldtrnce w& 8ve obt8in8d is sufficient 8nd appropr18te to prowhle a Si5 for our opiniDn. Our rasponslbllltu Is to r•Ad th• oth•r Inform•tlon •n¢, in doinB so. consider whether the other Information ig mat?ri8llu Inconsistent with the fin8ncial staiernents. or our knowledg8 Dbtalned In the cour58 of the 8udlt or othefwisg appears to bo m8tgr1811y misst8t8d. If we Identify gJ¢h mBteri81 In¢ons15tenties or opparent materlal mlsslatem8nts, we ère requ1￿d to determlna whether this glves rfse to a mat&rlal misstatemttnt in the financl81 statements themselves. If, based on the work we have performed. we conelude that there Is m8t8rlal misstat•mBnt of thi5 Other Inrormatlon, w 8r• r94uir8d to r8PDrt thBt fBct. We have nothlng to report In thls reg8rd. 1,11 I￿L PEpQP.-, ?LIo? 35 Opinlons on other matters prescrlbed bu the Companles Act 2006 Responslbllltles of trustees As exp￿1￿8￿ morg fully In th& Iruste8s' resrN)nsibllities 5talamgnt, the trustee5 Iwho are also the directors of the charitablè comp8nu for the purposes ot company IBWI ar8 responsSb18 for the prep8r8tion of th$ financial statements and for being satistied that they oivè true ar￿ fair vivw, and for such Inteinal ¢ontrol 8S the tru5te95 dgtgrmino Is ngcessaru to enable the ptypgratian of flnanclal statements that ar8 fr88 frDrn material misstatement. wh8th8r due to fraud or error. In our oplnlon, baE•d on th• work und•rt•kin In th• cour9• of th• audlt.. the 1ntorm8tlDn glvgn In the trustees, report, whlch Is als9 thE directDrs' report for th? purposes of ompanu law, tor the financial ue8r for which the tlnancial st8tementS 8re pr8p8red15 conslst•nt wlth the financiol st8t8Tnents, jnd thè trustees, repurt, which Is 8180 the director r$port tor the purposes of company Uqw. h8s bB8n pr8pèred In accorda￿8 Wlth applicab￿L8￿aI requiremants. In preperlng the fln8nc181 statgrnonts, the trust8ÈS 8r8 iesponsible lor 85se55ing thB ch8ritable company's abllitu to contlnue Bs e going CDncern, disclosina. •s appllcable, m8tter8 re18t8d to golng conc8rn 8nd ushg the going concern basi5 of 8ccaunting unl•s$ th8 trustees either Intend to Ilquldate thp charit8bl¢ company or to cease Dp$r•tlofts. Or have no r88118tlc 81ternatfve but to do so. Matters on whlch we ar• requlred to r•port by •xceptlon In th8 Ilght cl thB knowledg• and und8rslanding of the ch8ri1gblo company ond Its environrnent obt81n8d in thè CDuf58 af th8 audit, we have not Identifled met8rl81 misstat8ment8 In th8 trustg0s' report Wè nothiw to r8PDrt in re5P?ct of thg fplltswlng m8t18rs In relatlon to which tho C¢mpani8s Act 2006 requiros us to report to ugu ￿r, In our oplnlon.. Audltor's responslbllltles for the audlt of the flnanclal stat8ments Dur Dbj8cIIv95 are tD abtain rÈasunab18 8$suranco about whgthef the fin8nci81 st&t8rnentS as 3 whole re frpg from m8t¢rial m13St8tement. wh8th8r du• to fr8ud or èrror, 8nd lo Issu8 an 8udltor's rewrt th4t Includes our opinion Re8SDnable assuranc8 Is & high level of assur8￿￿ but15 not • ouorgntee that an 8udit c¢nduct8d In 8ccord8nCB Wlth ISAS IUKI wlll always dgte¢t a material mlsslalbment when it exlsls. 8d8qUBt8 accuunting recurd5 h8Vo not b88n kept. or return5 adequBtp for our audir nav8 not beén r8ceived from brenches not visited by u8. or the fln8ncl•l statement5 ar8 not in 8oretrment wit the eccountino records 8nd reiurns,. or Mlsstet8mentS C8n arlse Irom fraud or orror ond 8r• consld8red m8lerlal If, Individuallu Dr In tho agofègattt, th8u could reason8blu bè *XWted to Influence the economic d¢c151DnS Ot users takèn on the b8sls ol th•s• fin8nri815tat¢ments. rt8ln ¢i5closur*s of truste8s' r8muner8tlon specitied bu law ar8 not made, or we h8¥e not rec8iv8d all th• Information ènd expi8n8tion5 w8 requlrB for our audit,. or thg trustgès werè not entitled to prep8re the Ilnanc181 stetements In 8ccordance wth th8 small companies regime and f8k8 adv8ntèoe of the smdl comp8nies' ?x8mptions in prgparing the trustees, reporl and from the requirement tu pr8pare 5tr8tvgic report. Irrugul8rit￿s, Includlng froud, ore instancas of non- compliancè wlth laws and fegulatlM8. We d8sion procEdures In line with our resp)nsibilities, outlir*d ab(we, to d8t8Ct mater181 mlsstat8ment5 in rospert of irregularities. including fraud. Tho èXtBnt to whlch our procedvres 8r8 csp8ble ot deterting irreuu18rities. Including freud is deta118d b8low 36 TWE ILKI￿O¥s￿ ¢SV.IATIQN . JWqlIlV&L REPOII 20e5 We Identifled ar88s of laws and regulBtion5 that could rs3son8bly bs èxpécteo to h8¥8 a materi81 effect on the financi81 starements for charitable componies operating within this sector. through own expeNence ès weil as through discussion with management and thos8 harged with gDvernanc8 8nd in5P8Ction of regu18tory and leg81 corresrM)noence We revlewed Wil¢les and procedures regarding compllance wlth laws And regulation and r8m8in8d 81ert throughout our 8udit to 8nu indi¢etions Df non-compliance. with areas of highest n8k communic8tÈd tD llll memb8rs of the oudit 18am. Use of our report This r&port Is mode 5018lu to thg chBrltgbl8 compgny's members, 85 a tK)dy, ln accordance wlth Chapter 3 of P8rt 16 of the CoMpan￿S Act 2006 Our audit work has bsgn undert9kÉn so th8t we might state to tk hgdtablp company's memb?r5 those matters we are requirèd tu state to them In an auiJltor'5 report and fur no oth?r purposa. To the full8St ext8nl permitted by law. we do not accept or 85surne responsibilitu to 8nuone othsr than the ch8rltable companu gnd th8 charitable CDmpaDy'5 mBrnbers 85 a body, for our Budit work. tor thls report. or for the oplnkjns we h8ve f¢rm&Y, Th• charitable ccKnp8nu Is subject to laws 8nd r&oulotions directly affrftinq the fln8ncl81 st8tements Includlnq fin8ncl81 ￿￿)rtIng leglslation Ènd laxotlon leqislatiM whlch we 8ss8ssed comp118nce with as port pl our revièw of related financial statement items. TDIS Includes thè Chgrltlp5 Act 20118nd CornpBni95 Act 2006 8s ref8r8nced 8bove. Other LgW8 and rgjulations of whl¢h compiignc• wa5 considered hiqher rigk las non- compii8ncB could ie&d to rnBtBrlal misst8ternent of th financl81 st8t8rnentsl Includ8d enti-bribgru reaul8tions, employment Lqw. health and sgfety lèglslation and dota prUt*tt￿Th rtraulotittns. P•t•r K4•ck•r•th IS•nlpr St•tutory Audltorl For Bnd on bBholl of 8uzz•cott Audlt LLP, St•tutsru Audllor 130 Wood Street. London EC2V 60L We conshjered are8s whlch COU￿ b8 mosl susc8Ptiblg to fraLJd or mi55t8lement. which included the use ol journg15 snd suspense Bccounts, m8n8Q8ment overnde of controls and (xjr OULlit work h85 bef n pBrfDrmed tD ensure Ih8t these areas hÈvA bggn testgd on a sam￿0 be5is. ircludiw the use ol date analytlcs to revièw for unusual trèn58Ction5. 11 202 Owing to th8 inh8reDt lthitations ot qn •udit, th$ro Is 8n un8void8ble rlsk that we mau nol havB d8tèctid material ml55t8iement wlthln the fln8nci81 statements while pgrforming our 8udit in accordance with appllcaOI8 8udit standards Irr?llulryrities m8y Involve 8 colluson, foroery. Intentional omlssion5, mi5rsprsspntations. 01 ow8rrid8 of Internal controls. Wé are not rE5pon51blB tor preventlng non-compllanc8 and cannot b8 expecled to detect non-cornpliance wlth 811 laws and regulalion& turther doscrlPtIDn of our r85PDnsibilit18515 8vall8ble on thtr Flnantlèl Reporting Council's wgbsitB gt Th15 d85criplion forms of uur auditor's rep￿t. TWE aLvSH(yJg£ rLSsoo&noN. 4NNU*L REgPW ao<5 37 SECTIOM TWO Financial statements statement of Fln8nclal Actlvltles ISOFAI tor uear ended 31 December 2025. Incorporatlng an Income and Expenditure Account Flotes Unrestricted Restricted Endowment funds fund8 lund8 Total 2025 Totsl 2024 IKom• TrorTr. 176,697 14,000 2.478 193.175 255.672 c￿[11•bI• Ktl¥ltl•i 825,376 020.376 756,977 Inveslrrnnts 123,218 103.394 226,602 255,367 Vol•l 1,12B,291 117.384 2,478 1.248.159 1,268,018 Exp•ndltur• orn. Ral•ino lund¥ 181.439 26.406 Z07.84S 208,130 ChHr114blo xtl¥lll•¥ 021,726 160,541 •82.267 917.685 1,003,165 186,947 1,125.785 N•t Incam•ll•xp•ndltur•l t4lM• n•1 g•lrb Dn ol propvrty •nd Inw•lrn•nl q•ln 123,126 169,5631 2,470 56,011 142,221 N•1 g•ln on Jo1• of Frq•hdd propgrty IWokkngh•ml S79,036 579.038 702,162 169,5631 2,478 135,077 141221 N•t g41n ¢n s￿• ol h¥•sIm￿l pioyrtw IWcl¢lWrnl 62.614 63,618 N•i g•ln ￿ Inv•Atrr*n 242,734 504,421 288,589 1.03),144 807,12& N•t Inconwll•xp•ndltur•l •nd n•t mD¥•rn•rt In lund¥ 1,008,514 434,858 28g,OB? 1.732.435 1,028,345 R•¢•n¢lll•llon ot I￿n￿l Talol fund baLryn￿l forwwd it1 Jlnuwy 3,860,900 7,597,175 2.253.703 13,701,679 12.87a,333 Fund b*i•nc•* t*rii•d lorw•M •t 31 D•¢•mb•r ,869,314 8,022,033 2.542,770 13.701.878 Thè ¢omparative Statement of Financlal Actwiti85 IS Shown in Note 13 to tho 8ccounts. The total Income for Compsnies Act purposes ey¢ludes E2,47812D24.. £2,56&1 lrtomo on AndNrn•nt runds whlch Is an increase in Bndowmgnt cap4tal. Th? 8tcompanylng notes form 8n Inteara part of th858 financial 5t8t8ments. ThBre ar8 no r8cogn158d g$lns ond losses other than those stat8tt above. I the incorrB and expBrKJiturE is from continulno owr8tions. 38 N AIIM'UAL RE-OrtT 202¢ Balance Sheet as at 31 December 2025 Notes 2OaS 202 Flx•d ••Mts T?nU1b￿ asEet5 1,4D9,1115 786.062 InvKtnints .926.5q4 9,254,622 T•t•l Ily•d ••••¢• 11.335,779 10.040,68 Currwrt ••ll•l• Lojns lo mwt•r tharlths- R•co¥•rnbi• wlthln om ymr 62B,56D 575.354 RqccrArdbi• afigr on• ￿•r 3,196,087 2,888,15 othw dvblDr4 414,077 38B.339 •t bink •nd In h￿1 677.571 570,072 Tol•l ¢urMt ••Mt8 4.1104.Z95 4,421,922 Llqbllttl cr•d￿or¥.. ¥wJnt¥ f￿hn9 ¢u• vlthln u•ar 1•05.8571 1780,9281 N•t 0￿rnnt 4*i•ti 4,ODa,338 3.660.894 Tat•i •v•t• ¢urr•nt 11obllltlg9 13,701,878 13,701.878 7h• funth •1 th• ¢h•rliy'. 9,10 Er*tywrn•nt fLrto 2,542,770 2,253.703 RMtrlct•d fundB 1,022.033 7,587,175 TO*￿ rWtrlCt￿ lunth 10.564,90? 9.840.078 L*nAtrfcl•d funds Q•n•r41 198.282 327.589 D￿8￿￿•t•d.. FIX￿ ￿￿•t r•wrvv 1.409.195 V•Blrn•nl r•••r¥e 2,343,373 2.767.691 Twminql rqMrv• 610,000 460,000 stratAglc r•Hr¥• 310,414 305.521 Tot•1 unr451rklod lunds 4.888.314 3,860,800 Tot•1 ¢h•ilW luna# 13.701,¢79 Tho acc(￿p9￿lng notBS form an Integr81 part of thesB fln8ncl* st8tem2nts. The fln8ncl81 statAments on 38 to 55 ￿ra 8pprDvÉd tyu thw 808rd 11 Merch 202& klr R O H•rtl•u Russ•il Ch8irn8n Mr A J BRrn•s Vicé Ch8ir and Tru5t* The Almshous• As50ci8tittn RÈglsterÈd compaw numbEr 06678214 39 SECTION TWO l Fin£Dti71 St- m8ni$ statement of Cash Flows for the year ended 31 December 2025 2025 2024 ¢••h nows fmrn •pJr•¢lrwJ •¢tlvlWo¥ Net ca6h In tswoting Adlvltl*B •gh Ilow¥ Iworn Investlng •ctlvltles 1486.4101 116B.7941 oly￿￿[¥1￿ kntFr09t tr￿ Inv•gtm•Trts 226,602 1635,6921 180.6031 215,544 Purchas• of propwtw •no •quiwr•nt Jrch898 ¢f In¥￿tment prop¢rl PwwE0d5 IrDm DI prDwrly ocqads frcffl 01 In¥•stm•nts I765￿651 1,3S•.202 2.032.145 2,432,510 F4Jrth•se of In¥8¥tment¥ Nat c•sh WDvI￿bY Inv•itlng Kttvlll•• 751,628 190,942 C•Bh tltyw• fvom nnlnclng •rtlvltirt An•iyil$ ol ¢h•n9Bs In npt c• Ch•tw• In ¢*•h ¢Mh •qulv•l•nl• In lh• Mportlno p•rfod CAsh Ind c•sh •quivalqnts llt Ihll ￿llInnIng ol th rlportlnu Fe￿>$ C••h ¢••lJ •qvlv•l•nt• qt fh• •nd of th• rnportlng p•rfod 2•3,216 22,148 605,789 627,937 627.•J7 811.153 Reconclllatlon of net Income to net cash flow from oporatlng actlvltlos K•t Ineom• fw r•portlwwrtod p•r th• it•t•m*nt of Iln•nel*t let1￿1th#1 Adj￿Im•ntl Iw.. In2,439 1,029.345 D•pr*¢htbn th•rg•g 11.998 7,431 G•ln on UK• of prop•rt¥ G•lM on Inw•tm•nt• 1642,154 Dfvld?ndB end int•rMt Inwitftwnis 12216021 NTrw lo•DA mAd• 1745,3801 559,144 p•urMnl6 01104n$ m•d• lkncrqAg•lldKrrA•o hi dthDr 6t1.865 125,7391 51.388 Incr•4￿ In cr•dllory 45.029 31,946 N•t r•ih ui•d In wr4tlho *¢tlvltJ•• Analusls of cash and cash equlvalents CB5Th It b4nk 4rx1 h haThJ 677,571 570.072 Cash hqid far Inyqstmgnt 213.582 57.865 Totsl •ndc•Jh eqUIv•￿n¢• 091,IS3 627,937 The A8soEi8tion doe5 not hold any 8XtBrnèl (￿bt, ror that r•aw a $8par8te anaiusls or chorye In net dgtst h8s not tr￿en prep8r￿. 40 HE ILFY iFObCE JsoofiAl￿IQ tsI.IK.UAL REPORT ?0?5 Notes to the financial statements Accauntlng pollcles The prlnclpal accountlng pollcles adopted, Judgements 8nd key sources of estlmatlon uncertaintu in thg preparation of the financial statements are lald out below. Basls of preparatlon A8sessrnent of golng concern The8e flnancial 8t8tem8nts have been prtpered for thg yq•r tu 31 Dpcember 2025 under th8 historic81 ¢ost convention with it11rn5 recogni5ed ot cost or trans8Ction value unless otherwise Stateo In th8 relevant 8ccountlno policies b81ow or In the notes. They hovg boon prop8red In 8ccor(Jance wlth Accounting and Rewrting by Charit￿S StAt4m•nt of RAcomm•nd4d Pr8Ctlce applicable to charities pr8P8ring th8lf accounts In è¢cor(Jance ￿th the Flnancial Reportlno Standerd AppIIc8bl8 In th• LJnltBd Klngdom and R8public of Ireland (Cherities 50RP FRS 1021, the Fin8nc181 Rewrtlng standard Bpplic8ble in the VK and Rewblic of Ire18nd (Fks 1021 ènd the Comp•nl•$ Act 200& The charlty conslituies è publlc benefit •ntity dèfln4d bJ FRS 102. The flnancl81 statements are pr8s8nted In xterllng Bnd •re rounded to th* n•wrqst PDund. Thk trust#es h8vB 8SS9558d Wh8ther u58 of ttr going concern assumption is appropriatè In prepsring th￿ tinaKI819tatem8nts. The trustees have made thlg 855BS5msnt In respect of 8 p8rlod ot Dll8 V88r trorn the date Dr approval of thes? arcounts. The trustees of the charity have concludad that thgf8 8re nD m8teri81 uncertaintles rei8ted lo 8vents or canditlons that meu cast slgnificant doubt on tho 8bilitu of the charity to continue 86 8 goiw Concern. The tru8t8e5 8r8 of the opinion thet the charlty wlll haw sufflci•nt r•50urc?s to m8et it5 liabilit1•5 8S thsy fall du8 Th• most slgnlflcarTrt 8reBS Ot juduomEnt that 8lfect items In th8 fin8ncl81 EtBtements are detailed Bbove. Wlth regard to tho n8Xt accountlng period, the ueor endiw 31 Oecember 2026. the m05t signific8nt areas tnet atte¢t th• ¢arrulno v8luo DI th8 8S5$ts hBld by charlly ère the18V810l investment return 8n¢ the performance of the Inv￿lMent market9188e th• 'Inv95tment policu and th8 p8rformanc8' section of the Flnancl81 Raview 8nd tho Stjternent of Rlsk s•ctlDn of thls Annu81 Report ?O?S of Th* Almshouse Assoc18tlon more Inform8tlonl. Crltlcal accountlng estlrnata8 8nd are88 of ludgernent Prapar8tlon of the fln8nrial st•tThnt5 requlros the tru8t8es man8g8menl to mak• signiflcqnt judoementS 8nd estimates. The curr•nt economlc ¢lim8t8 r8rn81ns chall?nqlng and It Is not p)sslbl8 to evoluote 811 tho QOtent181 Impllc8tlon5 for the ch8rlty s 8clivitles, blnqtlciarigs, fund8rs, Suppliers and the wider economy Estimates used in the o¢counts, pgrricuiariy wlth respect to the voluB of list8d Investmènts and investment propertie5 (see Note 61 are subject to a ¢egreg Df unc8rtainty and volatility. As s&t out In th￿e •¢¢ounting p(AiciB5 und8r Ass855ment of qoing concqrn,. th& trusto*s have consider$d if is approtyi8te for tho ch8rtty to contlnue to prèpgrg Its gccounts an thB uLAng conc8rn b8s15. The ￿t￿m5 In th8 fin8ncl81 st8tem&nts where th858 judgerr*nts and 8Stim8tes h8¥e tr￿en mgde includ8". Fund accountlng GenBrql unrostncted lunds 8rè av8llèbLe for u58 at th8 Ols¢rotlon of tho E¥8cutlV8 Cornmlttea in further8nce of the general obiectlves of the Asso¢l#tlon. Deslgnoted unrestricted funds r$iote to amounts s$t aside bu the Board ￿rythin unrestricted lunds for p8rtlcular wrpose. D8t8iIs Df these designated reseptss ar8 Sat out In the flnancial statem?nt5. Re5tncted turKJs are funds subject to r8Strlctlve ¢onoition$ imposo(J by donDf5 or by th8 n8ture of th appgal. wrpD59 3nd use ot thg r8Str￿ted fund5 8re set out in th8 fiTrBnci81 ststements dotgrmlnlng th8 b8515 fDf 8IIoc8tlnll support C05ts,- Endowment funds are perman•nt capital funds whor• there is no wwer to convert Into income The income from them 15 c185slfied 8s investment income, 85 unrestri¢tgo or rastri¢tod dO￿nding up)n the torms of the endawrn2nt. estlmatlny the useful Bcomrnir lifB of t8ngiblg flxgd assets,. 8nd determining the v8lu8tion of the InvestrrÉnt property. rLPf JL? SEcfioN TWO Income recognltlon Expendlture and the basls for Apportlonlng cosls Incoma Is rocognised in th8 P8riod In whlch the charltu has entitlernent to the income ancl thg gmount C8n b8 measured rdi8trAy and It Is probable that the IrKome will be rPcfy￿ed Incotne Is dèfgrred only when the chartty has to fulfll condltlons before becoming entit￿ to it or where the thjnor or fund8r h8s sp8cifKd that the 1ncome is to b? expended in B futur8 8ccountity perl(Kl. Li8bilitl8S 8re recognis8d as expen(Jiture a5 soon as t￿re 15 a 18g81 or constru¢tiVE oblloation commltting t1￿ ch3rlty to m&kÈ È poymont to a third party, It Is probable that a transfer of Èconomic benefits will b8 quired In Sett￿ment 8nd the arTh)unt of the obligation Can be rr*agured re118bly Incttrnk cttmprlses donations and leg8c18S, subscThptions, income from seminar5. incom8 from the Sa￿ of wblications, inter8St investment income 8nd sundry I￿orne. Exp•ndltur• comprl*M th• followlng.. tho cost of raislng funds Includes the s8lar188, direct costs and overheads associated with qeneraling voluntaru income. an thp cost5 Ot ch•fltgblq •ttkrfltles ¢omprlse expÈnditure on the ch8rity's prlmaru ch8ritabi8 purpD38S as described In the truste* r8PDrt. Or8nt5 pauable ar8 i￿Luded In full In the statèrr*nt of tln8nci814¢tlvlti*s when opproved ènd when th8 r•¢lplent has èither re£eived the funds or been Inforrr*d or th8 dec1610n to make the grant and h88 S8tls118d all r8L4tgd conditbns. r#Jn•tlons re¢oonised when the ch8ilty h88 CDnflrm8tion of both the amount 8nd settlement d8t8. In the event of donetlons pledged bul njt rpc8lv8d, t amount Is accrued lor where rocelpt b consSdor8d pnbgbi8. In the event thtyt B donation Is subject to ¢ondltlDns th8l requlre 8 level of p8rtormance befor8 th8 charlly 18 entitled to th8 fund5. th• income is deferrod and not recrynlsed untll elth8r thos8 ¢onrI￿lOng 8re fullu rn8t, or thè fulfllm•nt of those condltion$ Is whoilu wlthln the control of the ch8rlty and It IB prob8bl8 that those conditlon5 will be tulfllLed In th• report1ng pthod. n •rcordancv wlth thi Ch8rltl•s SORP FRS 102 ¥olunt88r tinw is not recognlgfrd. AIIoc8tlon of SUPPOft and governance costs Support costs rèpr85&nt Indirect charltable expendltur8. In Drd8r to C8rry ￿t the prlmary purpD885 of th8 ch8rlty It Is n8C8S58ry to provldfj support In the forrn of pJrsonn?I deveioprnent. fina￿18[ proc8dure5, pfDwisiDn of ortice sorvlces and $qulpment and o sultable Wofklng gnvlronm•nt L898cIBS are Includ8d In the 5t8tsm•nt of flTr#nclal activitles when th8 chBrltu1s •ntitl•d to the bg8cy, the •xttutor5 have Bst4bllshEd th8t th•r* ar• sufticient surplus osset8 In the &st8t8 to pay tr￿ leg8Cy, and 8nu Co￿lth0n$ 8tt8ch8d to the IEgacu 8re wilhln th8 control ot the charlty. Incom• from other chomtobkg 8Ctkwltl8s. Ir￿lUdIng mgmbqrshlp, seminars and publlc8tlons. Is r8cogni88d to thg &xtgnt that it Is probable Ih8t the economic &r￿fItS will flDW to the ch8ritu and th• rtsvenue can m8a5urpd rellebly. It Is meè5urBd Bt tho f8lr valu8 of tho considoratlon re¢eivfjd or r8c&lvBblè, •xcluding aw dlscount5 or r•bAt&s ovBrnanc8 Costs compr169 th8 Costs Involvlng the publlc occount&blllty ol lh8 ch•rity Iincludlng wdll costs) 8nd Costs In resp8Ct to its compllance with regulatlon and good practlce. Support cost5 and governunce cost5 8rè gpportion•d on thè b8S1S Ot tlmo spont ￿ Indhldu•l st8ff members on tho58 OCtlvltlg5. T•nglble f Ixed assets and depreclatlon Ofvidend5 ar? recognlsod once the d1v1de￿ been declared and notKlc8tlon h8s b88n fecelvthfj of the divld&nd duk. Tangible tIX8d 8558t5 are stgtgd 8t tost, lèss depr6riation. 0gprgci8tion 15 pfDvidgd an all tÈngibl8 fi¥Ed 055et5. Dther thBn freehold 18nd. at rates ¢olculatÈd to wrltè off th8 Cost, less eslimat8d residual vAluè, of such assets on a strabht line basls over their expected useful life, as follows. Freehold bulidlng5 50 uè8rs Computsr5- S year5 Interest on fund5 heid on dgp051t is included wh*n receivvble th? •muunt C8n be measured re118bly by th8 ch8ritu. thls Is norm811y upon notific8tion or th8 Int*rost pald or payable by the b8nk. Furnlture and equlpmwt 7 ue8rs 42 Llsted Investments Cash at bank Llsted investments are a form of basic financlai instwmBnt 3nd 8re init1811y recognisèd at th8ir transèctiori value end subsequently measured at th8ir fair value as 8t the b818nc8 sheet datè uslna the closino quoted markgt pdce. Re81ised 8r)d unreallsed gglns I 1055e51 ar2 credited lor debit?dl to thg statgmgnt of tinarLial 8¢tlvities In the ue8r In which th8u arise C&sh Ot bank end in hand wmsÈnts such accounts and Instrumenls Ih8t are 8va118ble on demand or have 8 maturity ot less th8n three rrw)nth5 from the d8t8 of écquisltion. De￿$11$ for more than three rnonths Dut less than ye8r have been disc10s8d as short term dgp051ts. Cr•dltors The charity does not 8cquire put optlons. dÈrivatl¥e$ ¢r othv complex fina￿181 in$trurr￿nts. Creditors and provislons gre r#ognlsed when tttere Is an obligation 8t the bslence sheet date 8S 8 result of 8 P85t event. It Is probable th8t a tran5f8r of economlc b￿n￿fit will be required in settlerrrtynt, and th8 grnount ol tha settiem8nt can bè estimated reliably Cr8ditors 8nd prowlslons are r8cognised 8t the amount the charitu 8nticlpatJs It will p8u lo s?ttlo tho debt Thou hav been di$¢ounred to the present Y8lue of the future cash payment wh8fe such d16countino Is m8terial. As noted sbova, th• maln farm of flngnclgl r15k t8ced by the charity is that of volatility In equilu markets and investment markets due to wder economic conditions. the 8ttltud@ Df InvgstDrs ta Investmgnt d5k, and changBS In sentlm8nt concernlng tyulties énd wlthin portlculor Sectors or sub sectors. Investment propertles The In¥8stment property Is h•id for thg IDng-t8rm rent81 yl8lds 8nd Is not occupl8d bu th8 A$S￿l8t10n. InvestmBnt properties are Initially me8gJred 8t cost. Including re￿ted tr8n58Ctbn c05tS end where applic8bl8. tsorrowlno ost5. AflBr inltlel rerognitlun, Invostrwnt prop8rtl88 ore c8rried at fair v8lu8. F8lr value. whleh h8S DÈen estimated by the trust8es. Is based on recent market prlr*s take5 into 8CCDunt rental Income and current merket cDndltions. Th8 v81Uatlon forms the basis the C8rrylw amount In ttte flnonclal statements. Chan095 in 181r v8lu8S 8r8 recorded in the Statement of Fln8rTrrlal Activities In the ue8r In whlch theu arise. Sub5gqUent eXPBndlture is caplt811sed to th• 86set's carrylng 8fflDunt only when it 15 prob8ble that future economic bènefits a$S￿l&ted with the $xpen(Jiture will flow to th8 A6soclotlon and th8 rest of the Item con O• me8sur8d reliably. All other repair5 and malnt&ngnc• costs 8r8 expensed when incurred. Value Added Tax Th• Association16 not reglotored for VAT purpos•s and 011 ¢05ts Ènd exoenditure in¢ury8d or• Sncluskfft of VAT, unl•s$ otherwise indicatèd. P•nslon$ The Association cmtribute5 to defkngd contribution $¢h$mes for m06t current enplDye•s. Contrlbutions ar8 r8coonlsed In thÈ statemènt of 11Th8ncl¥l 8ctlvlti6s whtrn th8u fall du•. stocks No valug Is ple¢•d on $tock$ ut books orwj publi¢atlon$ held IDr dlstributlon or re-sale. The c05t Is wrltten otl In th8 year ot purcha58 and sales are includ8d In the y88r of receipt. Dobtors Tax As a Charltu. th$ Association Is fjxempt from taxotion of In¢ome and gelns follino within se¢tlon 505 of the Taxes Act 1988 or section 256 of th8 Takatlon ot Chargeatl8 Gains Act 1992 to th* extent that they 8rÈ 8pplied ta Its chèrlt8blÈ purposès. No tax charg8 has arisen durlno th• yoar. Debtors arg f@cogn￿5@d st the Sgttlem8nt 8mwnt, le88 anu prurfislon for non-rècov8r8bllity. They have bepn dlscount8d to the pr8sènt Volu8 OP the future ¢8sh receipt where Such discountlng Is materlal. wlth the txc8ptiDn of loans to mernber charities. As trÉse108ns fBII wifhln the exemption from discounting to pres8nt Value available to public benefit entities, these loan$ aro held at the Settle￿nt arn￿nt. THE ALVEHryUSE ￿850(1&-.1￿l 414WAL PEPQW. e02 43 SECTION TWQ Income and endowments from: Y•ar •nd•d 31 December 2025 Unrestrlct8d funds Rastrlcted funds ETrJowm8nt rund5 Tot*1 2025 GIll*d￿•t￿n¥ •nd *q4¢111 P￿t41C lundrsising 149.349 14,ODO 163.34• .773 .773 other Incarn• 20,575 2,47B 23,053 178,657 14.000 2.478 193,175 Ch•rft*bi• a¢ll¥lti wb#crlptloD¥ P4nd M￿bIl¥ 4TrJ ot￿r lubECr￿1ll S•r¥tes to m•rt4r ch•rlti•J 837.195 18,219 46,228 92,265 32,&8 137,199 18,215 41,219 Confer•nc4 trainlnp •nd swnlnw Iq•5 Slli•u ol ODz•tt•B •no pu￿¢¥t￿nI 92.21S 32,464 826,378 26,371 In¥wtm•nt• DI￿d•Qd¥ •nd d11t￿￿tIanS roc•l¥•tl• 78,228 102.191 180,409 39,6n 3#.677 knt•r•sl rnc•lY•LI• 5.313 1,È03 103.384 6.sie 123,218 226.602 Y••r •nd•¢J 310•¢•mb•r 202 Unrogtrl¢t•d lund$ Restrlct•d lunds Endowm•nt lunds Tot•1 2024 It4 dun•th)ni l•g#l•i Publ* lundrnlilng 125.932 227,042 e,856 21,774 Mwnbw¥ donllkns 6.B56 Oth•r YE4unt•ty 15,210 2,5e4 2,58 255,672 t•bl• Kllv5ti 4emb•r* wbicrl*lon• P4n•l rn•mbvrF' oit4r $ube¢rlpti 5•rYk￿ to ch8dtl&* 625,285 15.Z49 825,205 15.2&9 34.ns 34,755 conte￿[4 rynd ￿￿Inar (995 81,855 19,833 81.OSS 19,833 ot G•z•ttw •nd pubU¢8tlon¥ 756.977 756.977 trr*n Diw(knnd¥ dlgtrfthtlon5 recefva 101,669 39,823 10%648 07,317 Ront rfj¢thv8bio 39,823 htllrllsl r•cofvAtI 6.021 P.208 8,227 255.367 147.513 107,854 ￿_￿'s￿lI)Ll£- s¥S¢Ott I -I-TIIN . ANI.,U'IL RE?ORT-02i Expendlture on: Unr85trlcted Re5trlcted fund8 lunds Total Unr8Strlcted 2025 funds R88trlcted fund$ Total 2024 R4lslDo Iwd¥ st•lf costs INol• 111 59,134 59.13£ 30,77B 25.116 5*894 ot￿r dlr•¢t C06tB 7,309 7.309 .D27 8,027 Inv•51m•nt rnDnwmant And t$9• 2<,997 26,406 S1,103 31,069 27,1SO S8,227 gJpwt co•tA INtsl• 41 9,999 89.999 B5.992 95,982 181,439 26,406 207.84S 155.858 52.274 208.130 Ch•rfl•bkn •ctlYllI•# 5r4nts Thd• 88.65 7181S 73,815 sto11 ¢0$18 INot• 111 2sg,248 60,2SI 319.499 291,883 313,254 oth•T dlr•Et coEtE 11.640 148,787 115,309 31177 151,4B8 Sjpport ¢rAl$ IN¢t• 41 425,331 425.331 379,110 379,110 821,728 160,541 992,267 706,10E 131.563 917,665 Support costs Tat•l wpporl ¢o•ts •Thd th•li •lloc•tlon li•• Nut• 11 w•r•'. 5tAff cost$ other ¢osts Total 2025 Sl•ff tosts oth•r casts Tgt•l 2024 Islng I¢￿• 43.37S 46.624 09.999 39,312 46.670 85,982 Ch?rita￿ Ktfvitl•s 204.986 220.345 425,331 173,33 205.77e 240.361 286.969 515.330 212,646 252.446 465,OS2 Th• •bov• ¢o#t8 Includ•.. 2025 2024 oopwkntio 7,431 and pr¢mo88￿r￿l co4t8 66.010 59,7BS ferrui4r•tion. thcl￿dIng •XPV￿•A Arrfl VAT, fw •uOltlno th• fIn•nCl￿ st•tqmvn15 13,079 Also Ir*iud•l In the above 8r8 Governance costs amountlng to E19,45112021.. E16,8551. -4E ALki.571 48,789 12,555 T•x 4Th15￿1￿ S•¢urlty O•l•rrod Irum• 14,573 702,171 619.629 ios,Isp 760,928 88iance qt 118nuary 2025 Amount crqdlted to Income Incom8 Involc•d In re5FeCt DI n8xt yoar 31 D•c•mb•r 2025 •rr•J IrKorr•. wbBcilplloM othw In￿rn￿ Involcod In ￿¥•nE• 689,828 1889,6291 702.871 702.871 THE ALKISh￿UsE ASSOCIATIDN. ANNJIL REp[￿T 2025 Endowment funds The Cr8umgr London Trust is held for the tsullding or palrlng of #IMSh￿s￿S in Wiltshire, und$r th¢ tÈrm5 of the will ot M8ry Evelyn London dated 28 August 1992. Th8 Alfrpd Wllson Charlty for Aimshws8s Trust Is h8ld fur the rell8f Df poverty in thp counties af Lanca5hirE and West Yorkshirq In r￿rtICUlar bu buildino or repairino 8lmshouses, und8r the terrn5 of a Scheme fin8118ed bu thB Chgrlty Comfflisslangrs in D￿0mb￿r 2Tr)8. Th8 Income of the Cl and El Melb)urne Fund may b8 usgd for gny purrrt)sss thet Aré 'exclusiv8ly ch&rit8blo', ond is thÈrefore cla551fl2d as unrestricted. rh8 income of the St John's Houslng Assoclatlan Fund may b9 Usgd tor 8ny wrpose5 th8t 8re ¢onsist8nt with the object5 Df the donDr, n8melu the 8fCDmrnod8tion and Support or the eld8rlu. Thg 108n H8wl8y Fund Is h?Id for th8 berY4flt ot almshouse ch8dtles connected wlth th8 Church of England The income of The ￿MShOU$e Christmas Fund is to be used to provlde olfts at Chrlstmas to re51dents Df the 8lm8houses Df membèr chorlt18S, 8nd unspent income Is classifi8d as a restrlctsd fund. Unrestrlcted funds Restrlcted funds nrestrlEtgd furKJ5 are avg118bl• for onu purpos• eppropriate to the Associ6tion's charitafAe ¢bl*ts. Thè re$trlct•d fun0$ lothgr th8n unsp•nt IncDme of Th• Almshous¢ Christm9$ Fundl ¢¢mpris8 funds hgld for alm8hwse Improv8menls 8nd support SOME of thes• fund6 are held for sp8cill•J r8cIpi8nt8 or 81mshous8 aroups spècified bu th? dornr, 85 foll￿￿5 The Board h88 designated a sum of £7,409.195 to be s8t a55d8 repr859ntlng the amwnt the charlty has Invest8d In T8n9lblB I￿e￿ 85sets, 8 svrn of £2,343,373 to b8 59t 8slde wlthln unrestricted funds for Inv8Stm•nt lo ge￿rst6 dividend Incorne to subsidise member subscriptions. sum 01 £610,000 to cover the C05t of aw Ilabillties 8rlslng in the e¥enl of the terryin8tiw of actfvitl85 8nd 8 Sum of f310,48& fis 8 StrBteglc pl8n ris•rv@. Th8 Thomas Grov8s Trust for Alm5hDU5qS Is h•ld for thi benefit ol almshouses and their occupBnts. Thj Edward Kemp Almshouse Trust Is h8ld for the r8li&f of persons in har(Jshlp throughout the countru with a porti¢ul8r prgtpr•nc8 tor IhDSg In H8rttgrd, und$r t￿ am8nd8d Sch8me t8rms ÈorÈ8d bu th8 Charlty Commissioners In lun8 2014. The lubb￿8 Cott8g85 Trust Is h81d for the relltf of pmrtu In th8 tountw af Suffolk, In psrtlculgr by bulldlnll Dr r&pairing ?Imshous9s, und•r tm l•rm$ of 8 Sch•m8 Ilneiised by the Charity Commissioner8 In April 2007. SECTfoN TWD 10 Analysis of net assets by fund Unrqstrlctgd lund R•strfct4d Endowm•Tht fund3 Total fund* Y••r •nd•d 31 D•t•mbw 2025 General Deslgn8tsd TwvJlbl• flx•d 4$00 1.409,19S 2.3413n 1,409.155 046.46 4.257.125 2,479,618 9.926.584 C•gh d*posll¥ L￿ to member choritiell IM• LolDwI 527.5 149,981 677.571 3,812,647 3,812.647 Other [wxc￿lI¥j i0￿￿LI*jI Ill￿1￿119 11.177,7961 920.494 83,1SZ 1351,8ODI 186.262 .673.052 B.022.033 2.5&2,77D 170,103 471,130 8SS,$00 98,S30 1.195.751 Unrnstrl¢t•d funth R•$trlct•d ETrJowm•nt fuTra6 runds Total V••r •nd•d 31 D*c•mb•r 2024 Ggn¢ral Dgslgnatad T•nobi• ILY•d*￿•t8 796.082 786,082 241.195 l787.691 &,OS2.70 2,193,032 0,254,622 •¥h •nd d•p￿ltI 413,548 156,524 570,072 nu tD m•mhr chirftl•i [••• b•bwl 3,463,512 3,464512 otmr curMI ••••t• 1•xclud￿ I¢•￿1, i•M Il•bKItI 765,521 105.S851 Bo,￿7 1372.SgDI 3È?,508 3,533,212 7,587,175 2,251703 13,701,678 UnrnAiIMd gAlni hicluthd 57,588 680,814 967,624 523,60e 2,209,834 The total unrealJ88d q81n8 89 8t 3108Camt*r 2025 con5titut• rrnv•m•nt6 on rev8lu8tlDn and ar• 85 foliow$'. 2025 2024 unr••lIs￿ g•ln• Incbjthd *bo¥•.. On Inwjstmvnts 1,995,751 1.S68,820 640,814 Tahi unr••119•d galm •l 31 Oqcqmbw 1.985.751 2,209,634 R•toftclll•tl•fi ol mowm•nt• In ¥nr••ilMd g•lni Lknr•aI18￿ al l J4nwu 2,209,634 1,8)5,855 L088.. In rewt to dl8pa¥sl81r* th• y94r 11.247,627 1453.3451 901.001 1,322,510 Add. net 0￿n5 •rislng un rev*ulltlw during yew 1.03).7& 887.124 T￿1 gvln• at 31 DK•mb•r 1.995.751 2.209,834 52 THE ALNJ. JHCUSE ASfDCItsTIO￿I AIqTrIL4L PE?nRT 2Di- lotdw to',he riThaTrci21 Staiomont¢ Funds Y••i •nd•d 310K•mb•r 2025 88L8nce 8t 1 Januaru 202S IrKomB Exp8ndltur8 IrwgStmgnt 84l•nc• •t a8ins and 31 Decornbor transt8rs 2D25 d EJ M•lbJJrm Fuid 38.167 2,478 54.338 495,00) st knhrfs HDus*y AsstxIAlknn Fw 1,401.280 179,256 1.58D,516 Tho AItTMhou8• ChrfBtmss Fuid 414,256 52,995 487.251 2.253.703 2,478 298,589 R.542.770 R•*￿thd fvJv*a• H￿d for ￿rr￿Shoul• hmprc¥•Th*int SUFWt owwr•llu'. The AIrnBthuw Auocl•tlc47 2,807.778 20,BOg 22,È38 è.724.297 Th• Thom•s Or¢v•¥ Irust lor Aim8hLXJeeU 372,182 299 371,89 3,179,058 20.908 22,238 3.096.295 for 4pxltl•JrqcWwls ar •lmthM• gr 117.560 117,560 Ih• Edw•rd K•rnp Aimth(rtJg• Trtht 3,208,771 87,524 13.S401 374,910 ?,647,865 Th* )JJHw Cotl•g•s TruEt 91,36S 14s,J401 46.025 Th• Q•yrw Lorn*n Tru8t 464,195 9,94Q 55,201 eg,7Q6 Th• ￿rnd Wl•on for AlrrrthfyJ￿ TN 78,907 15801 76,347 Th¢ knhouw Chil•lrn•s Fund 110 9,633 Th• JO￿ H•%Yi•u Fund 8,319 9,379 52,072 509.430 7,587.175 117,3B4 1196,9471 504,421 8,022.033 UnM•trl¢t•d ftw Gor•i•l fund• 327,58 1,121,J28 1249,4991 IP6,26a D•&lqrwtthl fund*.. Flxgd •08rt r￿gr¥• 1,409.195 1,405,195 Inv•Btrn•nl r•Mr¥• 2.787,691 2.34J.373 T•rmir4Jl rng•rwe 460,000 150,000 610.000 Slr•t•ulc pi•n r•s•r¥• 305,521 4,963 310.484 3,860,800 1,126,291 085,388 .1$9,314 Tutai 13,701.878 1,246.153 1,67B.350 rHE ALMSHfjL6E &SSOCI&TIQNI _ ANNuaL PE)OP.-, 20! 49 SECTION IWO Funds contlnued Y•8r •Thdod 31 Doc•mb•r 2024 8al8nc8 at l JaryJ8ry 2024 IrKom• Expendltlwe Inv•5trnent gains and 310￿ernber transfers 2024 EfidWm￿1 lund• CJ •nd El MltxThJrn• Fu 358.025 2,564 37.558 430,187 St knhrfs HousiTrJ Aesoci•tion Fund 1,2n,225 124.035 1,401.280 Ih• ljmshwsw ChrlslTD&F FurYJ 377.587 36.66 414.258 2.052,837 2,564 198,302 2,253,703 R••Ifi¢￿ foi •lmihoug• 1ryrLNqrn￿ Ind wJFpJrt Ihg AimBhwqo AgBac￿lOn 2,8#2.08 41,221 2,807,778 Th• Ihom•• Gr¢)v•$ Tru•t lor 372,365 3DI 372,192 3,194,453 41,221 1179,668 H•id lor 8F4chflgd rgclp*nt4 Cf AlM￿u*• groupB 117,580 Thi Ed￿r￿ K•mp Alm•houM Trymt 2,885,832 66,863 13.4401 259,416 3,209.7T1 Thi lubll••Cott•oM Irult 91,705 81,385 T￿ Crnumir LoTrJ)n Tru8t 16,745 9,943 38.197 46&.185 Thi Aifr•d Cmrliu fttr Alm•hroJ•rt Tru 77.447 15401 78,907 Th• AirMhou•• Chrlilrn•* FuThJ 5.561 I￿n H•w￿￿ Fur 403,342 9,287 36,030 448,319 7,187,184 20fj,9$ ?74,864 7.587,175 UThr•1trid￿ tur O•n8rd fund$ 107,Q86 1.056,49B 1915,5861 327,588 Dq8lwot•J iLhndB.' Invmlrrffjnt 1•s•rv• 2.463,733 313,958 2.767,091 Tgrrnind reswY• 4eO,000 460,000 str•teglc pl•D rqvw 331,493 125.9721 305,521 2.432,312 1,056,480 913,958 3,560,800 Tot•1 luTrJi 12.672,393 1.268,016 11,125.79SI 887,121 13.701,878 50 Loan8 to membv chwrlt195 by.. Th8 Almthws? ASS￿l8t[C Th8 Thomas The Edward Kemp Groves Trust Almshouses ror Almshou88S Trust other fund5 Tot•1 At i i•nwu a25 LoAfbS rn￿9 2,634,212 308,446 872.114 44,835 3,463,512 662,352 198,SOqI 970,8oa Lo•n8 rop•ld At 31 Decerrt*r 2r*5 2,450,888 96.076 1,235,860 29.925 3,912,$47 DLV wlthln otw w•r 484.425 16.275 139,350 8,51U 626.510 Commltm•nt• The A55ocS4tion w•$. at 310o¢ember 202S, ¢¢rrmStted to rnèke av8i18bi8 to th8 trustees of rr*mt*r 8lm5hDU5• chqrbti96 an$ of E790,19212Q21.. E506,2621. 11 Employees and employee costs 2025 2024 528,417 <93,754 Socl•l Mcurty coot• 53,020 44,286 Émplou•¢# contr1tr￿1lCTh* 7.557 43.7S 62lJ.994 S81,754 Full tlm• •qulv•l•nl numt* of •mpiw 10.6 10.4 Nurn￿r Empl¢u•• ¢o$ts Th• •bov• C￿1• w•r• •lDr•t•d to.. 2025 2024 2025 2024 59,134 55,894 Coot8 of charl14b￿ xtMtl•• 319.499 313,255 pporl c05ls 48.381 21E.845 10.1 10.4 626.994 581,794 An BverBoe of 1412024.. 141 ￿r$￿￿5 wvrp Èmoloy8d durlng the u88r. On8 hed remun8r8tlon In the rang8 É100.000 tD £110,ODO1202I. £100,000 to £110,000 one? In the yeer, gnd th8 Assoclation contrlbuted £10.59512024.. £102021 tDW8rd$ p•nslon schAm# for that •mp5ou••. The trustees ckJ not rece*ve anu remureratiN. The tot81 cost of emrAoylno key management in thB Period 8mounted to £232,32712024.. E226,5B21 K@u manègement rernuwratlon Is re￿eWed and 8pprov8d annu8llu by thB Board of Trustegs, Rerrnnerallon Is IIDked to d regular and obj#rtiv• systBrn of pprform#ntè rwl*w. Tr8v818XP8ns8s for rniotlngs of £2IE912024.. £1.6451 wer8 relmMr8èJ to slx12024.. threel tru8te88. Penslon fund contrlbutlon$ All cUr￿nt employees 8re eligible to be ff*mbers of defined contribUt￿n schgrne5. and contributions 8rE JccrAJnted for when peld. I JLKrfSACMJgE A-Sc.C'.thTIO￿J REPQRT ?025 SEC110N TWO 12 Related Partles UurlThJ 2025, slx1202&.. th1 trusts88 of the As8oclation were 8180 trust8es of ThA Lw)nard H8ckett Memori81 Tru9¢ which acted 8s soi8 trustee of one12024. one) memtrer 8imshou68 charitu. This ch8ritu hed108ns 8nd other advances frcm the Association. 8$ fouows.. 2025 202 Ch•rltU DI Edmund S•wyw IE287*1 28.262 27,159 namB8 Dr th8 dirgctors ol Th8 LwnBrd Hgck¢tt Mgmorl41 Trust, who Bre 8118150 dlrertors of The ALmshDUSè As5txl4tbn. arÈ listed In that companu's Dlr8¢tDrs' R8POrt. At th8 end of thg year The Leon8rd Hackett Mwnorlal TNst h8d an outstandlng adv8nc• of Q2.91812024.. £30,1401. Tho Assoclation provi#8d m8n8a•rrnnt s•rvlces to The Leon8r*J Heck•tt Trust 8nd The Ch8rltu of Edmund Sawyer. ￿rIna the wr tr￿ As8w18tlon charged £2,690 12021.. £3.0601 to th858 ch8rltles towards Its 8drninlstrBtlon rost8. •mber5 Df the BDOrd of Trustees •r• conn•ctad ￿￿th ￿rnber •lm5house Eherltle5. t￿t do wt pgrticlpate In declslDns concBrnlnG tMs& chBNt188, Mr A Sedgwlck Is a 8 truste? of the Ladu Anne Wlndscf Charltu whlch has an IntereBt frB8 ban frcrn thB Assoclatlon 8mountlng to Él10012024.. £6,3001. Durlr¥J year, tm Assttiotlon pold £3,27S In respect ¢1 Tru8t8e Indemnlty In￿rancI 12024.. £2.1311. THE 4._￿lS￿Ougt ASSOOATIOM- ANTrIIJ4L fiEpoRf 702? 13 Comparatlve Statement of Flnanclal Actlvlties ISOFA) st•t•m•nt ol FlnerKlal Actmtles ISOFAI for ue8r 8nd•d 31 DecEmÈor 2024, irKorrorating an IrLome and Expenditure Accgunt. MotsB Unr•stflct•d fund$ RAstrlct8d fund$ Endowment fuThYs Total 2024 I￿orn9 •ThY wbYowfn•nl• fran Gifts, dllnothins and ￿9￿1•* 151,998 2,564 255.672 Ch•rlt•bL• x11￿11•0 756.977 758,977 InY•otrnthiti 147,513 107,85 È5S,367 I,OS6,418 208,9B4 2,564 1,280.D16 Exp•ndllur• rffi.. R•i*ing funds 155.8se SÈ,274 200.130 Ch8flt•tA• •ttbvlt 786,102 131.563 917,e6S Tot•1 911,958 193,837 1.1È5.795 N•t 11K￿￿• b•l•r• Ihvtstmqrtt y•1nB1I￿1•J 114,530 25,127 Net u•lnq on Inv•AtrNnt• 313,9S8 374,B64 190.302 007,124 N•t I￿¢m• •nd Mt ffrtv•m•nt In I 429.488 399.991 200.86e 1.029,345 R*tohclll•tloTh ol lund• Tol•l fuTrJ b￿￿￿t rarwArd ot 1 J•rvJBry 1432,312 7.187,184 2,OS2,837 1E,B72.333 Fund bd•rrt•8 lorw*rO •t 31 ￿c•m￿ar 3,860,8fAI 7,507,175 2,253,703 13,701,679 THE ALklSH4USE ASiOCIAT',OP! ANN'UJIL REPORT ?025 55 THE ALMSHOUSE ASSOCIATION