2025-12-31-accounts - The Talbot Village Almshouses Trust

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The Talbot Village Almshouses Trust Financial Statements Year Ended 31 December 2025

Charity registration number: 249348

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The Talbot Village Almshouses Trust

Financial Statements

Year Ended 31 December 2025

Contents
	Page
Charity Reference and Administrative Details	1
Trustees’ Annual Report	2 - 4
Independent Examiner’s Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Financial Statements	8 - 14

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The Talbot Village Almshouses Trust

Charity Reference and Administrative Details

Year Ended 31 December 2025

Charity registration number	249348
Address	White Farm
	Talbot Village
	Bournemouth,BH10 4JA
Trustees	Nicholas Ashley-Cooper, The 12thEarl of Shaftesbury
	Sir Christopher James Lees Bart, Chair
	Cecilia Mary Bufton
	Mary Elizabeth Riall
	Sir George William Owen Tapps Gervis Meyrick Bart
	Richard Anthony Cutler
	Aldred Drummond (Appointed 23rdMay 2025)
	Nicholas Allen (Appointed 23rdMay 2025)
	Casper Rock (Appointed 17thJuly 2025)
Independent examiner	Daniel Tout FCA
	PKF Francis Clark
	Towngate House
	2 – 8 Parkstone Road
	Poole
	BH15 2PW
Chief Executive	Ian Cheung
Solicitor	Lester Aldridge LLP
	Russell House
	Oxford Road
	Bournemouth
	BH8 8EX
Bankers	Handelsbanken
Investment managers	Rathbone Investment Management Ltd
	1 Curzon Street
	London
	W1J 5FB
Other Advisors	Fowler Fortescue

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The Talbot Village Almshouses Trust

Trustees’ Annual Report

Year Ended 31 December 2025

The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Trustees of the charity

The Trustees who have served during the year and since the year end were as follows:

Nicholas Ashley-Cooper, The 12[th] Earl of Shaftesbury Sir Christopher James Lees Bart Cecilia Mary Bufton Mary Elizabeth Riall Richard Anthony Cutler Aldred Drummond Nicholas Allen Casper Rock

The Trustees act in an entirely voluntary capacity, and their roles are unpaid. The Trustees of the charity are also Trustees of Talbot Village Trust.

Objectives and activities

The Trust's powers are set out in a Scheme approved by the Charity Commissioners on 14th November 1995, and has an incorporated trustee body, as amended on 11th November 2021. Under that Scheme the Trust has powers to support the Talbot Village Almshouses.

The Trustees have prepared a five-year rolling plan which is reviewed once a year, incorporating the continued support of the Almshouses, by which they keep under review their constitutional and administrative structures and responsibilities. The main elements of this plan are the charity's ongoing objective to maintain a constant level of accommodation at a high standard.

Public benefit statement

The Trustees have given due regard to public benefit when planning the charity's activities, in accordance with the Charity Commission's Guidance on Public Benefit.

The charity achieves its principal objects and purposes through the continued support of the Almshouses. These benefits are directly related to the aims of the charity and are fully compliant with the Charity Commission Principles on Public Benefit.

Achievements and performance

The Trust continues to manage Almshouses at Talbot Village, Bournemouth which was part of the original endowment. It is the Trustees' policy to maintain and preserve the properties to a good standard.

Compliance inspections and planned preventative maintenance checks were maintained throughout the year.

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The Talbot Village Almshouses Trust

Trustees’ Annual Report

Year Ended 31 December 2025

Financial review (including reserves policy)

During 2025 the Trust's financial advisers continued to actively manage the Trust's invested funds in accordance with the Trust's policy of trying to achieve a fair balance between capital growth and income. The capital value of the Trust's invested securities increased from £159,356 to £186,753.

Total income for the year was £48,880 (2024: £49,842). Of this, £6,824 (2024: £6,090) was generated from the Trust's invested funds. The balance of £42,056 (2024: £43,752) is attributable to grants and donations received from the Talbot Village Trust. (See Note 2).

The Trustees endeavour to maintain sufficient reserves to support 1 to 2 years' future potential expenditure, subject to the support they receive from the Talbot Village Trust. At the year end, unrestricted reserves were £173,867. Reserves currently meet this objective.

Plans for future periods

The Trustees will continue to implement their five-year plan in relation to their ongoing support of the Almshouses and investment performance, the plan is reviewed annually.

Structure, governance and management

The Chairman is responsible for overseeing the management and administration by the Trust Executive as directed by the Trustees.

There are two general meetings of the Trust each year. Special meetings are arranged when appropriate.

Trustees undertake an annual review of the major risks to which the Trust is exposed and the procedures currently in place to mitigate these. The management of these and any other risks will be kept under annual review. The Trust is a member of The Almshouse Association.

The Trustees have a strategy which comprises:

An annual review of the principal risks and uncertainty that the charity faces;
The establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and
The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

This work has identified financial, management and compliance as areas of risk however due to the Trustees' conservative investment policy and use of specialist external advisers it is felt that these risks can be effectively managed.

The Trustees keep under review any gaps in the range of skill sets present on the Board and recruit for specific areas of experience and expertise keeping in mind the need to meet diversity in all its forms. All new Trustees are provided with the Trustees Handbook, which includes the Charity Commission Schemes and policy documents, together with other important documents including the Charity Commission publication "The Essential Trustee". New trustees are also invited to tour Talbot village in which the Almshouses are located as part of their induction.

The Trustees are kept up to date of their responsibilities by the professional advisers as appropriate.

Investment powers

The Trust is subject to the provisions of the Trustee Act 2000.

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The Talbot Village Almshouses Trust

Trustees’ Annual Report

Year Ended 31 December 2025

Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Details of the independent examiner and their responsibilities are referred to on page 5 as part of the Report of the Independent Examiner to the Trustees.

On behalf of the board

The 12[th] Earl of Shaftesbury, Chairman

Date: 15 May 2026

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The Talbot Village Almshouses Trust

Independent Examiner’s Report

Year Ended 31 December 2025

Independent Examiner's Report to the Trustees of The Talbot Village Almshouses Trust

I report to the Trustees on my examination of the accounts of The Talbot Village Almshouses Trust (the Trust) for the year ended 31 December 2025.

Responsibilities and basis of report

As the Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Daniel Tout FCA (A partner of) PKF Francis Clark, Chartered Accountants Towngate House 2 – 8 Parkstone Road Poole BH15 2PW

Date: 18 May 2026

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The Talbot Village Almshouses Trust

Statement of Financial Activities

Year Ended 31 December 2025

Note Income: Charitable activities 2 Investments Donation 3 2 Total income Expenditure on: Charitable activities 4 Total expenditure Net gains / (losses) on investments 12 Net income / (expenditure) Transfers between funds 12 Net movement in funds 12 Reconciliation of funds: Total funds brought forward 12 Total funds carried forward 12	Unrestricted funds Endowment funds 2025 Total 2024 Total £ £ £ £ 26,351 - 26,351 27,713 6,824 15,705 - - 6,824 15,705 6,090 16,039
	48,880 - 48,880 49,842 53,111 - 53,111 44,377
	53,111 - 53,111 44,377 20,573 - 20,573 5,772
	16,342 - 16,342 11,237 - - - -
	16,342 - 16,342 11,237 157,525 4,762 162,287 151,050
	173,867 4,762 178,629 162,287

All income and expenditure derive from continuing activities.

The notes on pages 8 to 14 form part of these financial statements.

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The Talbot Village Almshouses Trust

Balance Sheet

Year Ended 31 December 2025

Year Ended 31 December 2025
Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Net assets Charity Funds Permanent endowment fund 12 Unrestricted funds 12 Total charity funds 12	2025 £ 186,753 186,753 6,576 1,810 8,386 16,510 (8,124) 178,629 4,762 173,867 178,629	2024 £ 159,356
		159,356 6,170 1,166
		7,336 4,405
		2,931
		162,287
		4,762 157,525
		162,287

The financial statements were approved and authorised for issue by the Board.

Signed on behalf of the board of Trustees

The 12[th] Earl of Shaftesbury, Chairman

Date: 15 May 2026

The notes on pages 8 to 14 form part of these financial statements.

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The Talbot Village Almshouses Trust

Notes to the Financial Statements

Year Ended 31 December 2025

1 Summary of significant accounting policies

(a) General information and basis of preparation

The Talbot Village Almshouses Trust is a registered charity, registration number 249348, registered in England and Wales. The address of the charity is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are described in the Trustees’ annual report set out on pages 2 - 4.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis and under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Endowment funds represent those assets which must be held permanently by the charity, principally fixed assets, tangible and investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent.

Dividend income comprises dividends declared during the accounting period. Income from short term deposits is accounted for by reference to the amount receivable, calculated on a daily basis. Rental income is accounted for on the basis of the amount receivable for the financial year on an accruals basis.

Income from charitable activities includes grants paid from the Talbot Village Trust and Almshouses rents due during the accounting period. These are recognised on a receivable basis. Income from endowment funds is unrestricted.

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The Talbot Village Almshouses Trust

Notes to the Financial Statements

Year Ended 31 December 2025

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 5.

(f) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(i) Alms Houses

The Talbot Village Alms Houses are included on the balance sheet of the connected charity (see the Trustees report), The Talbot Village Trust, within its tangible fixed assets and shown at their existing use value as determined at 31 December 2000.

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The Talbot Village Almshouses Trust

Notes to the Financial Statements

Year Ended 31 December 2025

2 Income from charitable activities

Grant equivalent to occupational charges received from Talbot Village Trust Donations received from Talbot Village Trust	2025 £ 26,351 15,705 42,056	2024 £ 27,713 16,039
		43,752

Income from charitable activities was £42,056 (2024 - £43,752) all of which was attributable to unrestricted funds.

3 Income from investments

Dividends – equities Interest	2025 £ 6,824 0 6,824	2024 £ 6,059 31
		6,090

Income from investment was £6,824 (2024 - £6,090) all of which was attributable to unrestricted funds.

4 Analysis of expenditure on charitable activities

Charitable activities	Support costs Total 2025 Total 2024 £ £ £ 53,111 53,111 44,377
	53,111 53,111 44,377

£53,111 (2024 - £44,377) of the above costs were attributable to unrestricted funds.

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The Talbot Village Almshouses Trust

Notes to the Financial Statements

Year Ended 31 December 2025

5 Allocation of support costs

Support cost Basis of allocation £ Governance See note 6 Other See below Total Analysis of other support costs Establishment costs Repairs and maintenance Sundry and other Legal and professional fees Total Governance costs Accountancy fees Independent examiner’s fee	Total 2025 Total 2024 £ £ 1,700 1,800 51,411 42,577
	53,111 44,377
	Total 2025 Total 2024 £ £ 10,210 1,215 39,975 36,582 23 612 1,203 4,168
	51,411 42,577
	Total 2025 Total 2024 £ £ 285 300 1,415 1,500
	1,700 1,800

6 Governance costs

7 Independent examiner’s remuneration

The independent examiner’s remuneration amounts to an independent examination fee of £1,415 (2024 - £1,500) and other services of £285 (2024 - £300).

8 Trustees' and key management personnel remuneration and expenses

The Trustees neither received nor waived any remuneration during the year (2024 - £nil).

The Trustees did not have any expenses reimbursed during the year (2024 - £nil).

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The Talbot Village Almshouses Trust

Notes to the Financial Statements

Year Ended 31 December 2025

9 Fixed asset investments

Cost or valuation At 1 January 2025 Additions Disposals Revaluation At 31 December 2025 Impairment At 1 January 2025 Written off Written back Eliminated on disposals At 31 December 2025 Carrying amount: At 31 December 2024 At 31 December 2025 Investments at fair value compromise: Equities 10 Debtors Prepayments and accrued income	Listed investments £ 159,356 6,824 20,573 186,753 - - 159,356 186,753	2025 £ 186,753 186,753 2025 £ 6,576 6,576	2024 £ 159,356
			159,356
			2024 £ 6,170
			6,170

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The Talbot Village Almshouses Trust

Notes to the Financial Statements

Year Ended 31 December 2025

11 Creditors: amounts falling due within one year

Trade creditors Accruals and deferred income	2025 £ 13,744 2,766 16,510	2024 £ 1,145 3,260 4,405

12 Fund reconciliation

Unrestricted funds

Unrestricted	Balance at 1 January 2025 Income Expenditure Transfers Gains / (losses) Balance at 31 December 2025 £ £ £ £ £ £ 157,525 48,880 (53,111) - 20,573 173,867
	157,525 48,880 (53,111) - 20,573 173,867

Endowment funds

Permanent endowment	Balance at 1 January 2025 Income Expenditure Transfers Gains / (losses) Balance at 31 December 2025 £ £ £ £ £ £ 4,762 - - - - 4,762
	4,762 - - - - 4,762

Fund descriptions

a) Unrestricted funds

Unrestricted funds are for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

b) Endowment funds

Endowment funds represent fixed assets held permanently by the charity, freehold property and investments. Income arising on the endowment funds is used in accordance with the objects of the charity.

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The Talbot Village Almshouses Trust

Notes to the Financial Statements

Year Ended 31 December 2025

13 Analysis of net assets between funds

Fixed assets Cash Other current assets Total	Unrestricted funds Endowment funds Total 2025 £ £ £ 181,991 4,762 186,753 1,810 - 1,810 (9,934) - (9,934)
	173,867 4,762 178,629

14 Related party transactions

Talbot Village Trust supports its connected charity (see the Trustees’ report), The Talbot Village Almshouses Trust by way of a grant and donation. The grant and donation for the year amounted to £27,712 and £15,705 (2024: £27,712 and £16,039).

At the year end an amount of £5,050 (2024: £5,050) was due to the Talbot Village Almshouses Trust from Talbot Village Trust in respect of transfers of Almshouses occupational charges less accountancy fees paid by Talbot Village Trust on behalf of Talbot Village Almhouses Trust.