Reglstered Company Number-. 2647631 IEn813nd and Wales) Registered Charity Number; 1004537 Avocet Trust Report of the Trustees and Consolldated Financial Statements For the Year Ended 31 March 2025 11111111111 Fawley Judge & Easton Chartered Certlfled Accountants I Parliament Street Hull HUI 2AS *AEHHIHIB* 1511212025 COMPANIES HOUSE A15 Avocet Trust Contents of the Flnanclal 5tatement$ for the Year Ended 31 March 2025 Report of the Trustees Ito5 Report of the Independent Audito 6t08 Statement ol Flnanclal Actlvltles 8alance Sheet5 Ioto 11 Cash Flow Statement 12to13 Notes to the Cash Flow Statement 14 Notes to the Flnantlal Statements 15to24 Avocet Trust Report of the Trustee$ lor the Year Ended 31 Mar¢h 2025 The trustees present their report and linanclal statements for the year ended 31 Mirth 2025. rhe financial statement5 have been prepared in accordance with the accountSnB pollcles set out in note 1.1 to the financlal statements and comply wlth Avocet frust'5 8ovefnance documents. the Companles Act 2006 and "Accountlni and Reponln8 by Chgrltles.. Statement ol Recommended Practice appllcable to charitles preparlng thelr 4¢¢oynt5 In accordance wlth rhe FinancSal Reportln8 Standard appllcable in the UK and Republlc of Ireldnd IFRS 1021~ las amended for accountin8 perlod5 comrnencin8 from I january 20161 Oblertl¥e5 and actlvStles Avocet Trust's objectlve5 Ore set out In the company's Memorandum and Articles of As50clatlon and are as follows:. The rellef ol vulnerable adults who afe dlsabled or otherw15e dlsa(Ivantaged by the prov151on of laclllties Includlng houslng a55igned io meet thelr needs. The ielief of persons particularly young persons who are homeless or threatened with homelessness by provldin8 or assisting in providin8 accommodation and support for such persons. Durln8 the past financl•l year, the Charlty has contlnued to carry out lis oblertlve5 91 provldlnB c•re and support for those people who are dlsadvanta8ed. There has been no'¢hanBe In these durln8 the year. The Trustee5 have paid due reiard 10 8uldance issued by the Charity Commisslon In deciding what a¢iivllies the Avocet Trust should undertake. The maln cllent group whlch Avocet Trust supports the profound learnln8 dlsabllSties whlch bre often assoclated wlth physlcal dlsablllty and other health problems. We also look altef Clients on the autlst5¢ spertrum. 'The main objectlve Is to continue with our fundamental Bim to a5$1St client5. many with Ilmlted communication 5ki11s, to be 3ble to express thelf needs and wants and to have enloyable company and support from stalf they Ilke and trust. The strateiles employed to •chleve the Charlt¢s oblectlv•s Jre to.. Offer opportunltle5 for cllent5 to Ilve In a quallty envlronment throuBh the purchaslnB of domestlc propertles appropriare to the client's needs. Provide hl8hly Qualified staff speclficèlly employed io support cllents to reallse thelr Interests and choices in their personal life and to maximise client's personal developments. Provide lull and vèlved Ille opporrunities throuqh communlty Involvement and inte8iatlon ènd by creatini opponunilles and cholte for Avocet'$ clients. The major areas of acrlvlty ère.. The malorlty ol Avocet Trusi's income Is 8enerated by re51dentlal cllents housed in well.appolnt?d domesllc housln8 of hl8h standord. Jpproprlate to our cllent's need5. We ensure that cllenrs are comfortable ond secure in a pleasant èfid welcomSn8 envlronment. Cllenis are able to stay In the house of thelr cholce or to move to a rnoie approprlate accommodatlon as thelr needs chan8e. A¥￿et Trust Report of the Trustees for the Year Ended 31 March 2025 Athle¥emenis and performance A•sld•ntlal Care Seryk•s Aesidential care servlces continue to be to a high st3ndard led by the Head of Services logether with Deputy Head ol ServiceslResponsible Individual who oversee a tearn of dedicated Registerecl Managers. Cafe Quallry Commlsslon Icaci ratin85 remaln Bood for many the trust's residentlal service5 Wlth ¢ontlnu?I work bein8 uftdprtiken to ensure compliance levels ar• ichleved. As mentloned wlthln the $ummary of this narrative felattonships wilh the local authorities IHLtrII City Councll and the East Rlding ol Yorkshlre Council) remain good as well 8$ partnership workin8 Wlth the Natlonal Health Servlce INHSI. M•tth•ws Ent•rprlse Tr¥M Imtri The Matthew's Enterprlse Trust (MET) i5.the Avocet Tru5Y5 Oay servlc• for vuln•rable Jdults provldlni vital Ilfe skills J5 well as a hub for the trusV5 resldentlal clients. Following some notjble work the functlon now makes a surplus and Is not rellant on the Avocet Trust for financial 5UStainabiltty. The MET Mana8¢r has led some 5ubstantlal chan8es over the past two years wlth lurther oblectlves.to be achieved 3$ part of the overall Avocet Trust development plan, The trust's finance5 are now in a good p13ce lollowln8 some conslderablework over the past two years led by the trusfs Financlal Controller. Clear Ilnlncial feporrln8 Contlnues io be In place Includlnl clear cash flows and easy to undersiond flnanclal management Information. Thls Is In turn enable the trusvs SMT to make informed and controlled de£lsions whlch are not to the detriment of the organisatlon a5 a whole. SpendSn8 Is now locused and a118ned wlth requlremenis of the Avocei Trustrs oblectlves. Th55 ln lurn 5UPPQrts clear caplt•l expenditure schemes which lorm part of the organisation's aligned objectives. Relarlonships wlth the trusys bankin8 partners remaln strong wlth the or8anls3tSon bein8 firmly financially sustainable. Ilum•n R•￿￿1¢•* The trusi's human resource's lunrtlon remalns reslllent to challen8e which Is clearly apparent from a recrultment per5pectlve. Recrultment ¢hallen8es have been met wlih a very successful overseès worker sponsorshlp scheme which lor the flnanclal year b•lng r•port•d h•5 pljced the trust In Sts best posltlon lor ye81s. Thls Is In turn has fesulted In a more settlèd stèff team and Improved employee retention rates. Avocet Trust Report of the Trustees for the Year Ended 31 March 2025 TralnlnB The Avocet Trust provides the majority of Its trainlng internally by the skilled professionals whlch are employed or engaged by the organisation. Due to the nature of the organlsation considerable mandatory tralnlng Is an absolute requirement and Is completed effectively. Some refresher tralnin8 Is now also undertaken online whlch in turn Is cost effective and efficient a5 It can be completed 'in house, at any of the trust's care facilltles. The Avocet Trust remains focused on its core oblectlves which are providing excellent residential services for vulnerable adults supported by the provision of the MET day seNice. Followin8 such a structured approach the Avocet Trust remains in a good position to develop following good pro8ress for the financlal year of 2024-25, but also in a 8ood place in order to face any challenges in the future that it may encounter. Flnanclal revlew The financial year to 31 March 2025 results shows surplus of £29,476 20241£43,738I. This Improvement together with an Improved cash posltlon reflected the Trustee's policy as detailed in thelr 2024 report, The continued financlal dlsclpllne of the budgetary and cash management is now established and will aid the continuing servlce delivery of the Trust moving forward. Net assets at the year end were £4,139,278 wlth lendlng decreaslng to £1,610,474 a8aln reflectln8 the dlsp05al of surplus assets being used to Improve the financial robustness of the Trust. Rlsk The trustees have a55e5sed the major rlsks to which Avocet Trust Is exposed and are satisfied that systems are In place to mltl8ate exposure to the major rlsks. The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to 8lve assurance against error and fraud. The Trustees have a risk management strategy that encompasses the revlsed Statement of Recommended Practice1SORPI Issued by the Charlty Commlsslon in March 2005 and Includes a requlrement that the Report of Trustee5 should include.. An annual review of the risks the Charity may face, including financlal, 8overnance, operational or reputational. The establishment of systems and procedures to Identify, assess and mltl8ate those rlsks identified In the plan In accordance wlth Avocet Trust's charitable oblectives. The Implementation of procedures designed to minimise any impact on the Charity should those rlsks materialise. The Trust has well developed mana8ement procedures, 8overnance protocols and has a systematlc pro8ramme of revlew In place. In addltlon, the Trust has achieved a number of natlonally reco8nlsed accreditations, Including the Contractors Health & Safety Assessment Scheme {CHAS), Posltlve about Disabled People. The Fund-Raisin8 Standards Board. It is also registered with the Brltish Quality Foundation. Avocet is also re8lStered with the New Deal Employment Agency. It is Avocet's policy to 8ive full con5ideratlon to applications for employment from disabled persons when a disabled person can adequately fulfil the requirements of the job. Avocet Trust Report of the Trustees for the Year Ended 31 March 202S Should an existin8 employee become disabled, it is the Charity's policy to provide continued employment under normal terms and conditlons and to provlde trainin8 and Career development and promotlon wherever p055ible. Structure• governance, and management Avocet Trust 15 a company limited by guarantee which is governed by Its Memorandum and Articles of Association dated 20, September 1991 and amend to allow for current 8overnance arrangements on 22nd November 1995 and 16th October 2006. It is a charity registered with the Charitie5 Commi55ion. The trustees, who are also the directors for the purpose of company law, and who served during the year were.. Mr C M Brown Mr A D Tearle Mrs J Comerford Mr C Leferve Mr R Dibb Mrs J G Hyam Mr I Spibey Ms J Dawson Ms J F Hounsome As set out In Article5 of Assoclatlon the trustees wlll remain in offlce until an Annual General Meetin8. At the annual General Meetin8 of the company one third of the trustees shall be eli8ible for re-election as a trustee. The retiring trustee shall, If offerin8 to be re-elected be deemed to have been re-elected. The aforesaid statements can be viewed in full and complete wlthin the Article of Assoclatlon. When conslderln8 the appointment of trustees, the board has re8ard to the requirement for any speclallst knowledge and skills requlred by the trust. None of the trustees has any beneficial Interest in the company. All of the trustees are members of the company and guarantee to contribute El In the event of a winding up. The Board of Trustees, whlch must have a mlnlmum of five member5, adminlsters the charlty.. they are responslble for the polices, activlties and assets of the charltv. The board meets quarterly, to enable it to fulfil Its responsibilities, review developments and make policy and strate8lc declsions. Such strategic declsions include, for example, agreeing the trusts business plan, new contracts of employment and staff training strate8ies There are a number of Trust Board sub-committees each chaired by a trust board trustee to address speciflc areas of the trust'5 business. The standlng Trust Board sub-committees include business development, health & safety, quality assurance, human resources, risk management. finance. and ICT. There is also a parents and relatives sub-committee as well as a Staff Consultative Committee. The day-to-day management of the Charity and the Implementation of its policles are delegated to the Dlrector of Operatlons and members of the senior management team. To facilitate effectlve operations, the Director of Operations has dele8ated authority, within terms of delegation approved by the trustees, for operational matters including the management of client services, finance, employment, and other related activitles. Related parties Avocet Trust has a subsidiary company, Kingfisher Housing (Hull) Limited. The principal activity of Kingfisher Housing (Hull) Limited is that of holding investment property for rent to Avocet Trust, and its client's. Avocet Trust Report of the Trustees for the Year Ended 31 Marth 2025 Publlc Benefit Statement The public benefit Lxsmmitmenl of the Trust Includes th6 provision of financial support for a Short Slay Respile s6Nicè. The inillal provlslon of.thls servic8 was lo provide resplle service for hard pressed families. It has be8n successlul In Ihls regard. When necessary Ihe Trust wlll provid6 fund5 to acc8s8 Ihls servlce 81 a dlscounled rai8. Statement of Trustees IlesponslbllltSes The frusiees, who are elso the dlrettors of Avocei Trust for the purpose of company law. oo resporislble for prepaflni the Trustees, fteport and the flnanclal statements in accordance with applicable low and Unlred Klngdom Accounlln8 Standaf65 (United Kingdom Generally Accepted Accounting Practicel. Company Law requlres the trustees to prepare fln3nclal statements for each financial year which give a tiue and fair view ol the state ol affairs of the Avocet Trust and ol the incomln8 resource5 and oppllcatlon of resource5, Includln8 the In¢orne and expendlture, ol the ¢harlt8ble company for that year. In preparln8 these financial statements, the trustees are req(tired to: select suitable accountin8 policies and then apply them conslstentlv, observe the methods and prlnclples In the Charities SORP. make judgements aftd esllmatès that are fea50nable and prudent,. Ind prepare the flnanclal statements on the goln8 concern basI5 Ltrnle55 Itls Inèpproprlate 10 presume that the Avocet Trust will contlnue In operatlon. The trustees ar• responslble for keepln8 adequate accountln¥ record$ that dlstlose wlth reasonable accuracy at any tlme the flnanclal p051tlon Of the Avo¢er Trust and enable th£m to ensure that the fSn•ncial 5tatement5 comply wlth ihe Compjnles Act 2006. They are also re5ponslble for sale8uar¢Jing the osset5 of the Avocei Trust and hence lor taking reasonable sieps for the preventlon and detectlon of fraud and other Irre8ularltles. In so far Is the Trustees are aware.. there Is no relevant audlt Informatlon of whlch the charitable company'5 audltor5 are unaware.. •nd the Trustees have taken all step5 that they ouBhr to have raken to make themselves •wore ol any relevBnl audlt InlormatSon and to establish ihat the auditors are aware of that Informatlon. The Trustees, report wa5 approved by the 80grd of Trustee$ on 13¢h November 2025 Mr A TeaTle- Truslee Avocet Trust Report of the Audltors for the Year Ended 31 March 2025 Oplnlon We have audited the Broup and company flnanclal statemenis of Avocei Trust (the 'pafeAt compan*) and Its 5ubsidSaries Iihe group) for the year ended 31 March 2025 which comprise the statement of fln3n¢lal actlvltles, the balance Sheet. the statemeni of cashllows and the notes to the flnancial statements, Includln8 518nfflcani accountin8 polioes. The financlal reportin8 framework that has been applied in thelr preparatlon is appll¢able law and United Kln8dom Accountln8 Standards Iuntted Kln8dom Generally Accepted Accountin8 Practices, including Financial ReportlnR Siandaid 102. In OUT oplnlon, the flnanclal stètementi.. 8ive a true and falr view of the state of the Iharitable companWs aff?ifS as of 3.1 March 2025 and of its incoming resources and applicatlon of resources, for the year then ended,. have been properly Pfepèred in accordance wlth Unlted Klngdom Generally Accepted Accountin8 Practlie.. and have been prepafed In accordance with the requlrements of the Companles Act 2006. Basls of oplnlon We have condtscted our audit in accordance wlth Internatlonal.SièDdaids of Audltini IVKI IISAS IUKII and applicable law. Our responsibilltles under those Standards are furthef described In the Auditorfs responsibllltles for audlt ol the nnanclal statements section In our report. We are independent of the AVo￿t Trus1 In accordance wlth the elhlcJl requirement5 that are relevant to our audit of the financial statements In the UK. including the FRC'5 Ethical Standard, and we have fullllled oui other ethlcal re5ponsibllltles In accordance wlth these requlrements. We belleve that the audlt evldence we have obtained Is sufflcient and appropriate to provide a basis lor our opinion. co￿lUSIOnS rel*ln8 to 8olni.con(ern In •udltln8 the financlal statements, we hève concluded th•t the Trustee5' use of the Roing conc•fn bisis of ac¢ountin8 in the prep•r4ilon of the fln¥nclal statemen151s •pproprl)t•. Based on the work we have performed, we have not Identlfled any materlal uncertolntles relatln8 to events or ¢ondltlons ihaL Indlvldually or collectively, may ¢ast slgnlflcani doubt on the Avocet Trusvs abillty to conlinue as a 8oin4 concern for a perlod of ai least twelve months from when the tlnJn¢lal statements are authtsrised for Issue. Our responslbilities 4nd the re5ponsibilitie5 of the tiustees wlth respect to 4oln8 concern are des¢rlbed In the relevant sectlons of thi5 report. Other Inform•ilon The other Informatlon comprise5 ihe informotlon Included In the annual report other than the Ilnanclal 5raiements and our auditorfs report thereon. The trustees are responsible for the other information contalned within the annual report. Ouf opinion on the financial statements does not cover the other information and we do not express any form ol assurance conclusion thèreon. Our responsSblllty1s to rèad tht oth•r Informatloh and, In dolni so, conslder whether the other Informatlon Is m•terlallv Inconslstent wlth the financlal stalement5, or our knowled8e obtalned in the course of the audit. oi otherwise appears to be m)terially misstated. 11 we identlfy such rnaterlal Snconslstencles or apparent materlal misstatements, we are required to determine whether thls eive5 rlse to a material mls$t8tement in the financlal statements themsefve5. If, based on our work we have perforrneil, we (onclude ihat.there Is i mèterlal mlsstitemttnt of thls Informatlon, WÈ are requlr¥d to report that face. We have nothlng to report. Avocet Trust Report ot the Audltors for the Yeai Ended 31 March 2025 Matt•r5 on whkh we are requlred lo report by eNceptlon We have nothing to report in respect ol the following matters In relation to whlch the Charltles (Accounts and Reportsl Regulations 2008 require us to report to you If, In our opinion.. the informatlon"8lven in the financial statements is inconsl$teni In any material respect with the Trustees. report,. or sufficlent accountln6 records have not been kepi.. or the Ilnancial statements are not Sn agreement wlih the accounting records,. or we have not recelved all the informatlon and.explanatlons we requlre for our audiL Responslbllltles of trustees As explaSned more fully In the statement of Trustee5' responslbS1ities, the trustees. who are also the dlrector5 of the Avocet Trust for the purpose of company law, are responsible lor the preparètion of the flnanclal statement5 and for beini sailsfied that they glve a true and faSrvlew, •nd for such Internal control Js ihe iru51ee5 derermlne15 necessary to enable the preparation ol Ilnancial statements that are free from materlal mlsslatement, whether due ro fraud OT error, In preparing the flnancial ststementl, the trustees are responsible lor as5e551ng the Avocet TIu5t's ability to contlnue a$ a 8Oln8 concern. di5closinB, as applicable, matte15 related to goin8 concern and uslng the 8olng concern basis of accounting unless the tNstees either intend to Ilquldate the charitable company or to cease operation5, or hove no realistic alternative but io do so. Audltor's r•spon￿bIlItIeS tor th• audlt of th• flnanclal siat•m•nli We have been appolnted as audltor under seclSon 144 01 the Chafltles Act 2011 and report In a¢COTdance with the Art ar)d relevant re8ulatlon5 made or havlng effect thereunder. Our oblectlves are io obialn reasonable assurancÈ about whether thè flnantlal statements as a whole art free from material mlsstatement, whether due to fraud or error. and to issue an audltor'5 report that Includes our opinion, Reasonable assuranc• Is a hl8h level of assufance but Is not a luaraniee rh¥t an audlt conducted In accordance wlih ISAS IUKI wlll always detect a materlal mlsstètement when It exists. Ml55tatemenls can ar15e Irom fraud or error and are considered m8terlal If. Individuallv or In the a8ire8ate, they could reasonably be expected to Influence the economlc decisions of users taken on the bas15 01 these flnanclal statements. Extent to whlch the audit was consldered capable of detertlng Irre8ularllles, Includlnl fraud Irregularllles, Includln8 fra¢Jd, •re Instances of non-cornpllance with Ibws and re8ulatlons. We desl8n procedures In Ilne wlth our r•$ponslbllities, outlined above, to detect malerlal mi55tatements in respect of Irre8ularilies, IncludlnB fraud. The extent to whSch ovr procedures ale capable of detectln8 Irregularltles. Includln8 Iraud, Is detailed below. We consldered the nature of the cornpany's Industry and Its control environrnent and reviewed ihe companvs documentatlon of thelf policies and procedures relatin8 to fraud and Compllance wlth laws and regulatlons. We also enqulred of management •bout thelr own identill¢atlor* ar*d assessment of the risk5 of irre8ylaritie5. We oblalned an understandln8 of the le801 and regulatory Irameworks thai the Company operites In, and ideniilled the key laws and regulitlons that.. had a direct effect on the determlnatlon of mater141 amounts and dlsdo$ures In the flnanclal statements, These included UK Companies Act and tax leg151atlon,' and do not have a dlrect effeu on the flnanclal statements but compllance wlth whith rnay be lundamental to the compan(s abllity to operate or to avold a material penalty. A¥ocet Trurt Report of the Audltors .for the Year Ended 31 March 2025 We dls£u55ed among the audlt engagement team re8ardln8 the opportunitles and Incentlve5 that may exlst wlthln the or8anlsatlon for fraud and how and whére Iraud mi8ht occur In the flnanclal statements. In common wlth all audlts under ISA$ IVKI, we are also requlred to perform specific procedurès to respond to the rlsk ol management overrlde. In addressina the risk of fraud through management override of controls, we tested the approprialeness of journal entrles and other adjustments.. assessed whether th•judgements made in rnakln8 accountini esilmaies are Indicative of a potential bias,. and evaluated the buslness rationale of any slgniflcant transactions that are unusual of outside the normal COLrrse of bu51ness. In additlon to the above, our Procedures to respond to the risks Identifled Included the followin8'. revlewin8 finantlal statement dlselosures by te5tin8 lo supportlnB documentatlon to assess compliance with provisions of relevant laws and regulations described a5 havln& a dSrect effect on the fin•nclal statements,. performlng analytical procedures to identify any unusual or unexperted relatlonshlps that may indicate rlsks of malerial mi55tatemenl due to fraud,. and enquiring of mana8ement concemlng actujl and pDientlJl Illigatlon and dalms, and Instances of non. compliance with laws and regulations A further descriptlon of .our respon51bilities Is èvallable on the Flnanclal Reportlng Councll's webslte at: https'.Ilwww -Qf8.uVauditorsresponslbllities. Thls descriptlon forms part of our audirol$ report. nathan Leothley IS*nlor St•tutory Audltgrl for •nd on behalf ol Fawley Jud8t & Easton Ch•rt•rnd cert11￿d A£counl*llts Slatutory Audttov I Parllèment Street Hull HUI 2AS 13th November 2025 FawleyJud8e & Easton Is ellglble lor appolntmtnt as audltor ol the Avocet Trust by vlrtutol Its eliilblllty for appointment as audltor ot a company L4nder of section 1212 01 the Comp•nle$ Ath 2fyJ6. Avocet Trust Consolldated Statement of Flnanclal Artivities and Income Expenses ft>r the Year Ended 31 March 2025 2025 2024 Unre5lrlc¢ed funds Total fund5 Total funds Notes INCOMING RESOURCES Incomlng le50￿1£e$ fft)m.&•n•fal•d funds Investment Income IncomlnB resources from charltable aciivities General Grants 8,030,039 8,030,039 7.018,422 49,974 Total Incomlni resourc•s 8.030,039 8,030.039 7,068,396 RESOURCES EXPENDED Costs of generatlnz funds Fundra151ni tradlng: cost of qood5 sold and othef Costs Charltable actlvltles General Gov•rnanc• colts 7,819.973 139,281 7,819.973 139,281 7.032,101 138,993 Total resour£es expended 7.959,254 7,959.254 7.171.094 Rev3luatlon Gain/lLossl on disposal ol flxed asset NET INCOMING RESOURCES 36,008 177,3171 29,476 36,008 177,3171 29.476 252,650 1193,6901 143,738 RECONCILIATION OF FUNDS Fund balan¢e$ l Aprll 2024 4.109,802 4,IOY,802 4,IS3,540 TOTAL Fuf40S.CARRIED FORWARD 4,139,278 4,139.278 4.109,802 CONTINUING OPERATIONS All Incoming resources and resources expended arlse from contlnuini activilie5. The notes form part of these financial Statements Avocet Trust Charlty Balance Sheet at 31 March 2025 2025 Total funds 2024 Total funds Note5 FIXED ASETS Tangible assets Investments io 12 4,351,818 io 4,746,195 li 4,351,828 4,746,206 CURRENT ASSETS Debtors Ca$h at bank and In hand 15 926.470 537,375 1,4SI,685 85,6 1,463.BdS 1,537,345 CREDITORS Amounts falllng duè wlthln one year 16 11,034,777) 1986,5091 NET CURRENT ASSETS 429 TOTAL ASSETS LESS CUftIIENT LIABILITIES 4,780,896 5,297,042 CREDITOAS Amounts fallin8 due after more than one year 17 1814.5921 11,354.5021 NET ASSETS 3,966.304 3,942,540 FUNOS Unr.estricted.funds 3,966,304 3,942,540 TOTAL FUNDS 3.966.304 3,942,540 The hn•ntlal statements were approved by the 8oard of Trustees on 131h November 2025 and were $18ned on Its behall Bv Mr A Tearle-Trust*• The notes form part of these financial statemenis io Avocet Trust Consolldated Balance Sheet at 31 March 2025 2025 Total furtds 2024 Total funds Notes FIXED ASETS Tan8ible assets Investment property io 13 4.351,B19 1,08S.000 4.746.196 1,645.000 5.436,819 6,391.196 CURRENT ASSETS Debior5 Cash at bank and In hand Is 581,589 550.977 597.007 86.528 1.132.567 683.535 CREDITORS Amounls lallln8 due wlthln one yoir 16 11,109,055) 11,024.3851 NEf CURRENT LIABIUTESIASSETS 23,S12 1340.8501 TOTAL ASSETS LESS CURRENT LIABILITIES 5,460,331 6,050.346 CREDITORS Amounts fJlling due aftef more than one year 17 11.321.053) 11.940,5441 NEW A55E75 4,139,278 4,109,802 FUNDS Unrestrlcted lunds 20 4,139,278 4,109,802 . TOTAL FUNOS 4.139.278 4.109,802 The flnanclal statements were approved by the 8oard of Truslees on 131h November 2025 and wer* s18ned on Its behalf Bv Mr A Tearle- Tiustee The notes form parl of these flnancial staternents li Avoeet Trust Consolldated Cash Flow Statement for the Year Ended 31 March Z025 2025 GEoup 2024 Group. Notes Cash used In op•ratln8 •rt1¥1ty Interest paid 229,638 1150.6201 79,018 365,279 1202,9721 162,307 Caih Ilows from Investlni actl¥lty Proceeds on dlsposal of fixed assets Proceeds on dlsposal of investment propertv Pur¢ha5e of tan8ible fixed assets 222,052 579,890 67,926 315.519 102,501 26,247 C•$h pro¥ld•d by (used In) In¥estlni artl¥ltl•> 869,868 444,267 Cash Ilows frorn flnandni actlvltv Repayments of bank loans Repayment of borrowings Increase in bank overdraft 1410.3441 174,0931 1409,2381 1120,6771 C*sh used In flfianclhi *dl¥kl•s 1484,4371 1529,9151 Incfe•sellOecreèsel Sn cash and cash equlvalents In the yeai Cash and ush •qulv•l•nts at th• b•#lnnlni of th• y••r Total cash and cash equl¥alents at the end of ¢he year 464,449 76.659 06,528 9,869 550,977 86,S28 12 Avocet Trust Notes to the Cash Flow Statement for the Year Ended 31 March 20Z5 RECONCIUATION OF NET INCOMING RESOURCES TO NÉT CASH INFLOW FROM OPEIiATING ACTIVITIES 2025 2024 14et Incomin8 resources Aevaluation Oepreclatlon ¢har.8es Loss on disp03al of flKed assets Decreasellincreasel In deb(ors IDecreasel/increase in credltors (Decreaselllncrease In deferred Income Interest paid 29,476 I36.￿8} 87,303 77,317 15,407 188.9331 15,5441 150,620 143,7381 1252,6501 45.732 153,054 50.226 207,512 2,171 202,972 Net ￿$h outnow from operètlnl actlvltles 229,638 365,379 13 Avocet Trust N￿e5 to the Flnancial Statements for the Year Ended 31 March 2025 ACCOUNTING POUCIES Charlty InformatFon Avocet Trust Is a prfvate company Ilmlt*d by guarantee Incorporated In En8land and Wales. The re8lstered.offtce15 Clarence House. 60-62 C13renco Street, Hull, East Yorkshire, HU9 IDN. At£ountln2 con¥entlon The financial statement$ have been prepared in accordance wlth the Avocet Tru51'$18overnin8 documentl, the Companies Act 2006 and "Accountln8 and Reporiin8 by Charities.. Statement of Recommended Pracllce applScable lo chafltSes preparin8 thelr accounls in accordance.with the Financial ReportlnÉ Standard appllcable in the UK and Republic of Ireland. IFRS 1021. las amended for accountlng periods cornmencing from l January 20161. The Avocet Trust Is a Public Beneflt Entity as defined by FAS 102 The flnanclil staiements ire prepared In sterlSn& whlch Is the fun¢tl¢nil currency of the Avocet Trust. Monetary amounts In these Ilnanclal st4tement5 are rounded to the nearest £. The financlal statements have been prepared under the hlstorlcal cost conventlon, modified to Include th• revaluation ol freehold propertles and to Snclude Investment propertles and certaln financS8l Instruments at falf value. The prlnclpal Kcountine polkle5 adopted •re set out below, The company Is a quallfylng entity for the purposes of FAS 102, belnB a member of a group where the parent of thbt 8roup prepares publicsy available consolldated financial statements, Includln8 thls company, whlch are intended to 8ive a true and lèlr view ol the assets, liabilities, flnancial posltlon and proflt or loss ol the group. The company has therefore taken d¥anta8e ol exemptlons Irom the lollowlni dlsclosure requirements lor parent company Inforrnation pr•$4nted wlthln the consolldated flnanclal st•temtnis', sectlon 4'Statement of Flnan¢lal Posltlon'_ Reconclll3tlon ol ihe openln8 and c105in8 number ol share5. Section 7 'Statement ol Cash Flows'_ Presentatlon of a statemeni of cash flow and related note5 and dlsclosuies. S¢rtlor* IJ '8aslc Fln3nclal Instruments, and Sectlon 12'0ther Flnanclal In¥tTyment Issues, _ Carryln8 amounts, Interest Incomelexpense and net 8aln3/losses for each cateBOry of Ilnanclal Instrument,. bas15 of determlnlni falr value5. detalls of collateral. loan delaults or breaches, detJ115 of hedges, hed8ln8 falr value changes recognlzed in proflt or loss and In other comprehensive income. Sectlon 26 'Share based P•ymenV - Shafe.based payment expense char8ed to profit or loss, re¢onclllatlon of openin8 and closln8 number and wel8hted avera8e exerclse prlce of share option5, how the falr value of options 8ranted was measured. rneisurement and ¢arryln8 amount ol 1Sabilitles lor ci$h.settled share-based pJyment5. explanatlon of fflodlfications to arrangements. Sectlon 33 'Related Party Oisclosuies'_ Compensation for key man•8emenl personnel. Golng Concern The financlal statements have been prepared on J 8oin8 concern basls. The Trustee5 contlnue to be ¢¢nfldent that both the Charlty, operatlng In its own ri8ht and Its tiadin8 ssJbsldlarle5 wlll achSeve thelr forec¥sts lor the next twelve months. The Trustees ale also aw3rt ol thelf contlnued dependen¢e on th¥ rants and contracts Issued from the Publlc Sector ar*d contlnue to seek other loims of Income by moxlmi5ing thelr resovrces and Infrastructure. A moetlng has taken place between Avocet Trust and Hull City Councll to review the fvndin8 currently rec•iv•d from Hull C￿v Council. Hull City Council are attemptln8 to reduce the amounts paid to Avocet Tfust for thè care ol cllents. Whllst this would hève a negative lrnpact on Avocet Trust the Tr4JStees believe that the Charity can continue to operate. 14 Avocet Trust Notes to the Flnanclal Statements - ¢ontlnued for the Year Ended 31 March 2025 Basis ol Consolldatlon In the parent company Avocet Trust. the tost ol a buslne$5 comblnation is the falr value at the acquisitlon date of the assets given, equity instruments issued, and liabilities incurred or a$5umed, plus costs dlrectly attributable to the business comblnatton. The excess of the cost of a buslness comblnation over the fair vallte of the identSfiable assets, liablllties and contlD8ent Ilabilitle5 aiquired 15 r￿O￿nized as 8oodwlll. The cost of the combination includes the. estlmaied amount of contln8ent ¢onslder&tlon that Is probable and Can be measured reliably and is adjusted for chan8es in contin8ent considofatlon after the acqulsition d8te. Provisional falr values recognlled for bu5ine55 combinatlons In previous perlod5 3re 3djusted retrospectively for flnal falr values deiermlned in the 12 months following the acquisition date. Investments In subsidlaries, joint ventures and associates are accounted for at cost less irnpairment. Kln8nsher HousSn8 (Hull) Llffllied ha5 been Included In ihe 8roup flnanclal statements uslng the purchase method of accountin8. Accordln8ly, the Broup statemen of flnanclal ocllvltles and statement of cash flows Includes the results and cash flows of Kintfisher Houslnl (Hull) Llmlted fof the 12-month perlod from Its acquSsillon. The purchase conslderation has been allocated to the assets and Ilabllltles on the basls of fair value at the date of acquisition. Entltles other than subsldlary undertaklngs or loint venlures, In whlch the group has a partlcSpating interest and over whose operatlni and flnanclèl pollcies the 8roup exerclse$ a si8nill¢ant influence. are treated as assoclates. In the group financial staternents, •Jsoclates are accounted lor u51n8 the equity method. EntStles in whlch the group holds an Interest. and whlch are jolntly controlled by the group and one or more other venrurers under a contractual arrangement are treèred as lolnt ventures. In the group Avocet Trust, Joint ventu￿$ are accounted for uslnB the equity method. Inromlni r•sourc•s Income Is reco8nlsed when Avo¢el Tiust Is le8ally entltled to it alter any performance ¢oDdltlons have been met, the amount5 can be measured rellably. It is probable that Income will be recelved. Cash donations are recolnlsed on recelpt. Other donations are recoir115ed once the Avocet Tfust has been notlfled of the donatlon ur)less perlormance condltlons requlfe deferral ol the amount. Income tax recoverable Sn relallon to dcnatlons recelved under Glft Ald of deed5 of covenanl is feco8nised at the ilme of the donation. Legècles are recoBnlsed on recelpt oi orherwSse If Avocet Trust has been notified of ?n Impending di5trlbulion, the èmouni Is known. and recelpt15 expected. If the amount Is not known, the legacy15 trealed as a contln8ent 55et. Turnover is measured at the falr value of the con51deration recelved or fecelvable and represents amounls recelvable for goods and seivlces provided In the normal couise of buslness, net ol dlscount5. VAT, 3nd other sales related taxes. Resources Expenditure is accounted for on Jn 8¢cruals b•sls and has been classlfled under headln85 that a88Te8ate all cost related to the cate8ory. Where costs cannot be dlrectly attrlbuled to partlcul3r headlngs, they have been allocated to artivitie5 on basis consistent with the use of re50urce5. Grants offeied 5ublecl lo condltions whlch have not been met at the yearend date are noted a5 a commltment but not accrued as experhdlture. 15 Avocet Trust Notes to the.Flnanclal Statement5- continued forthe Year End•d 31 March 2025 Governance costs Governance cost5 are those c051s whlch have been identrfied ès constltutlonal and statutory requirements, as opposed to generating funds, service delivery, and proyammes of project worl. Governance co$t$ include le8al advlce and audit of the statutory accounts. Tanglble tl¥ed assets Depieclatlon Is provlded at the followlng annual rates In order to wrlte off each asset o.ver Its estlmated usoful life. Fixtures and ntiln85 Motor Vehicles -25% on reducing'balance, 20% on cost -25% on eost Impalrment ol Ilx•d 45S•ts At each repor(ino end date, Avocet Trusi Tevlews tho tarrying arnounts of its tanilble assets to determine whether ther.e is any indication that those assets have sulfered an Impairment1055.11 any such indication exists. the recoverable amount of the a55et 13 estlmated in order to determlne the extent of the ImpalrmeTrt los$ Ilf artyl. IntanBlble a55et5 wlth Ind¢flnltQ Useful Ilves and IntanBlble assets not yet wallable for use are tested for Impairment ¥nnu)Ily, Ind whenever there Is an Indlcatlon that the Isset may be Imp41r￿. Cash and cash equbvalentS Cash and cash equlvalents include cash In hand, dep051t5 held at call with banks. othef short.tenn Ilquld investments with ori8lnal maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowln8s In current Flnèficlal InJtrumentS The Avocet Trust has elerted to apply the provisions of St￿10￿ 11 'Baslc Financlal Instruments, and Sectlon 12 '0ther Flnancial Instruments15sues' of FRS 102 to all of It5 financlal Insirument5 Flnanclal Instruments are reco8nlsed In Avacet'TfUSI'S b¥lanc• $heei wh•r* A¥ocel Trust becomes party to the contractual provlslons of the Instrument. Flnancial assets and liabililie5 are offset, wlth the net amount5 presented in thelinantial statements. when there is è le8allv enforceable ri8ht to set off the reco8nised amounts and theie is an Intention to settle on a net basis or to reali5e the asset nd settle the lTrablllty slmultaneouslv. Baslc financial i15S*t5, whlch include debtors and cash )nd bank balances. are Inltlally measured al tr¥n5actlon prlce Includln8 transactlon costs and are subsequently carrSed at amortised cost usln8 the effective Irsterest method unless the arrangement constltutes a financlng transaction, where the transactlon is measured at the present value of the tuture recelpts discounted at a rnarket rate of ir*teresL Flnancial assets classlfied ès receivable withln one yèar are not amortised. B•$l¢ Iln•n¢l•l Il*bllltl•i Ba51c financial Ilabilities, Includlng cfeditors and b•nk loans are Inilially reco8nised at transartlon prlce unless the arran8ement con5tltutes a ftnanclng transactlon. where the debt Instrument 15 measured at the present value of the luture payments dlscounted at a market rate of Intere51. Flnanclal Ilabllltle5 classlfled as payable wlthln oneyear are not ainort15ed. Debt Instrumenis are subsequently carrled at amortlsed cost. usln8 the effectlve interest rate Method. Tiade ueditois are obli8ations to pay lor 8oods or seryices that have been acqulred In the ordlnary COLtrse of operailons from supplier5. Amounts payable are classified as current liobllStles Sf payment is due wlthln one year or le55. 11 not, they are presented a5 non.curfent liablllties. Trade credito¥s are reco8nised Initially at transaction price and subseqLtently rnea5u￿d at amortised cost using the effective interest method. 16 Avocet Trust Notes to the Flnanclal Statements- contlnued forthe Year Ended 31 March 2025 Deleco￿lthOh o( ftnanc4al Ilabllitles Fbnanclal Ilabllllles are derecoini5ed when Avocet Trust's contra¢tu31 obligations explre or are disch3r8ed or cancelled. Employee beneflis The cost of arky unused hollday entltlement Is recognlsed in the perlod In which the employee's servlces are iecelved. Termination benefits are reco8nlsed Immedlately as an e¥pense when Avocet Trust Is demonstrably committed to ter.mlnate the employment ol an employee or to provide termination beneAts. Investment property Investment property Is shown at mosi rectnt valuatlon. Any a8gre8ate surplus or deflcll arlslng from changes In rnarket value Is transferred to a revaluation reseNe. TaMatSon The charity is ¢xempt from corporatlon tix on Its charltable actlvltles. Fund attouritln8 Unrestricted fvnds can be used'ln accordance with the charitable obledlve5 at the.di5cretion of the Trustees. Re5trlcted lund5 can only be used lor pèrtlcular restrltted purposes wlthln the objects of the charlty, Restrlctions arise when speclfled by the donor or when funds are r•lsed for particular re5trlctecl purp05e5. Further emplanatlon of the nature and purpose of eich fvnd Is Included In ¢he notes to the financial slalemenis. Hlre purchaje and lè•slni commltments Leases are classlfled as finance leases whenever the terrn5 Of the lease transfer substanll)Ily all the rlsks and rewards of ownership to the le55ees. All oihef leases are cla55lfled a5 operallng le?ses. Assets held under flnance leases are re¢o8nlsed a$ Jssets at the Iowef of the assets lalr value at the date of Inceptlon and the present value of the minimum lease payments. The felated Ilablllty Is Sncluded In the balance sheet as a finance lease obllgatlon. Lease payments afe treated as con515tln8 of capltal and Interest elements. The interest is charged to net Incornellexpendlturel foi the year so JS to produce 3 constant perlodlc rate ol Interest on the remalnlni balance of the DelerTed yant Included in creditors Is a provlslon for deferred Income in respect of a grani recelved from SEIF. The deferral is beSn8 amortised at a rate whlch matches the depreciaiion of the assets purchased with the grant. INVESTMENT INCOME 2025 2024 Interest recelvable - tradln8 17 Avocet Trust Notes to the Flnanclal Statements- contlnued for the Year Ended 31 Marth 2025 INCOMING RESOURCES FROM CHARITABLE ACTIVITES 202S 2024 Artlvbtv General General General General DSS Income Resldents Income Resplte & Sessional Income Sundry Income 7.398,420 169,348 375.853 6,561,468 159,098 310,705 FUNDRAISING TRAOING: COST OF GOOOS SOLD AND OTMER COSTS 2025 2024 Fundralsln8 costs CHAAITA8IE ACIVITIES COSTS Grant fvndln8 Dlrect Costs of actlvltles Tota15 Core fesldenllal servlces 7.819,973 7,819.973 GOVERNANCE COSTS 2025 2024 Accouniancv Leial lees Audltors, femuner4tlon 13.584 121.173 4,524 20,526 111,567 6,9C 139.281 138,933 18 Avocet Trust Note5 to the Flnanclal Statements - contlnued lor the Year Ended 31 March 2025 NET INCOMING/IOUTGOINGI RESOURCES Net resources.are stated Jfter char8lng/lcredltln81.' 2025 2024 Audltor5' remLtnerJtlon Depreciation- owned assets Hlre of plant and"machlnery IProfitllDeficit on disposal of fixed asset 4,524 87,303 12,220 149,418 8.400 45.732 10,732 102,828 TRUSTEES. REMUNERATION AND 8ENEFITS There were no Trustees, remunefatlon or other beneflts for the year ended 31 March 2024 nor lor the ¥ear ended 31 March 2025, Tiustees. exponses There were no Trustee5' expenses pèld for the year ended 31 March 2024 nor for the year ended 31 March 2025. STAFF COSTS 2025 2024 Wa8es and salaries 422 5 752 036 The overage rnonihly number ol employee5 durln8 the year was as follows.. 2025 2024 Residential carè Admlnlstratlon 273 li 266 li 277 No member of staff was pald in exce55 £60,000, In the followlr*i bands.. 2025 2024 £70,0th)-£80,000 19 Avocet Trust Notes to the Financial Statements- contlnued for the Year Ended 31 March 2025 io. TANGIBLE FIXED ASSETS- Chaflty Freehold Flxtures and Propertv fittln8S Motor vehicle5 Computers Totals COST At l Aprll 2024 Additions DIsp05als 4.607,6 254,634 27.510 112,668 40,076 40,S27 340 5.015.429 67.926 1375.lJOOI 1375,0001 At 31 March 2025 4.232,6CiI 282,144 IS2,744 40.867 4,708.355 DEPRECIATION A't l April 2024 Charie for ytar Ellmlnated on disposal R•valuatlon 138.059 62,557 105,280 17.407 25.895 7,339 269,234 87,303 At 31 March 2025 2￿.016 122,687 33.134 356,537 NEf 8OOK VALUE Al 31 bAarch 2025 4,232,600 81.S28 30,057 7,633 4,351.818 At 31 March 2024 4.607,6¢XI 116,575 7,388 14,632 4,746.195 ii. TANGIBLE FIXÉO ASSEfs-Group Freehold Flxtufés and Propeity fiitln81 Motor vehlcles Computef5 Totals COST At l Aprll 2024 Addltions Dlsposals Re¥aluatlon 4,607,600 254.634 27.510 117,414 40,076 40,528 340 5.020.176 67,926 1375.0001 1375.0001 At 31 March 2025 232 57 490 DÉPRECIATION At l Aprll 2024 Charye lor year EllmlnBted on dlsposal IlevaluatSon 138.059 62,SS7 110.026 17,407 25,895 7,339 273.980 87,303 At 31 March 2025 NET 800K VALUE At 31 March 2025 4,232.600 81,528 30,057 7.634 4,351.819 At 31 March 2024 4,607,600 116.575 7,188 14,633 4,746,196 20 Avocet Trust Notes to the Flnanclal Statements - contlnued for the Year Ended 31 March 2025 Included in CO￿ of land and buildings is fr¢ehold land of £194.OLKJ. Land and btslldln8s wlth a ¢3rryin8 value of £4.607,600 were revalued on 24 February..2023 by Lamber Smlth Hampion Chartered Surveyors and on 23 May by Eddlsons Chartered Surveyor5 both independent valvers nor connected wlth the charity on the basis of mafket value. The valuation conforms to international valuation standards and was based on vecent market transactions of simllar propertles. FIXEO ASSET INVÉSTMENTS Shares In gr0￿p undertakinBS MARKET VALUE Al l Aprll 2024 and 31 March 2025 io NET BOOK VALUE Al 31 March 2025 io At 31 March 2024 io There were no investment assets outside ihe UK. The cDmpanV5 inve$tm•nts at the balance sheet date In the Share capltal of companles Includè the following.. Klnefisher Houslni (Hulll Lld- 10 shares of £1 Nature of buslness.. Property management Class of share.. Ordlnary holdlni 100 2025 2024 4gre8ate capital and reserves Prolltlllossl lor the year 172,983 5,711 167,262 144,7501 Investments, which represent shares held In the Subsidiary company. are Stated at ¢05t. IP4VESTMeNT PROPE 13. Total COST OR VALUATION At l A'pfil 2024 Dlsposals Ilevèluallons 1,645.OOJ 1560,0001 Ar 31 M3rch 2025 NET BOOK VALUE At 31 March 2025 1.085,CQO At 31 March 2024 1,779.(KJO 21 Avocet Trust Note5 to the Flnanclal Statements - contlnued lor the Year Ended 31 Maich 2025 14. INVESTMENT PROPERTY- contlnued Included. In cost or v?1uèt￿ft ol INve5tment property Is freehold land of £462.98812024.. £462,988) which is not depretiated. Cost or valuation at 31 March 2025 Is represented by., Falr ¥alu* Additions Disposals Revaluation 1,645,000 1560,0001 1.08S.000 2025 2024 Cost 1,293,396 1,454,154 A88re8ate depreclatlon The falr value ol the Investment property has b••n •rrlved at on the basi5 of a valujilon cairied out. on 30 May 2023 by Eddlsons Chartered Survtyors, who are not connected wlth the charlty on behall ol the chèilty bankers. The valu4tSon was made on an open market basls by relerence.to market evldence of the traftsaction prlces of slmllar propertles. 15. OE8TORS Group Company 2025 2024 2025 2024 Amaunt falllni due wlthln one year.. Trid& debiors Amounts owed by 8roup unikrtakln8S Other debtors Prepayments S15.709 532.643 515,729 344,031 4.792 61,918 532,643 852,359 1,104 65,S79 3,963 61,917 11,21SI 65,579 581,589 597,CQ7 926,470 1,451,685 16. CREDITORS: AMOUNT5 FAWNG DUE WITHIN ONE YEAR Group Companv 2025 2024 2025 2024 8ank loans and overdrafts Trade credltors Soclal sKurily and othei iaxe$ Deferred income Accruals Other creditors 289,421 90,698 186,946 44,672 82,375 41 1,109,05S 110,274 137,648 293,609 50,216 28,635 215,143 90.698 186,946 44,672 82,375 414 1.034.777 72.398 137,648 293,609 50,216 47,723 1,024,385 986,509 22 Avocet Trust Notes to the Flnanclal Statements- contlnued for the Year Ended 31 Marth 2025 CRELIITORS: AMOUNTS FALLING OUE AFTER MOAE THAN ONE YEAR Group Companv 2025 2025 2024 2024 Bank loans 1,321,053 1,940.544 #14,S92 1,354,502 1321053 814 592 1354 502 18. LOANS An analysls of the maturity ol loans is 8lven below: Group Companv 2025 2024 2025 2024 Amounts fallln8 due wSthin one year: 6ank loans 289,421 110,274 215,143 72,398 Amounts lallln8 due.. Bank loans- 1-2 years Bank loans- 2-5 years Bank loan5 after 5 year5 289,421 578.842 452,790 110.274 220,554 1,609,716 215.143 430,286 169.163 72,398 144,796 1,137,308 1,321,053 1,940.544 814.952 1.354,502 19. SECU(tED DE87S The followlnB secured debts are Included wlthln credltors.. Group 2024 Company 2024 2025 2025 6ank loans 1,610,474 2,020,818 1,030,095 1,426,900 Tht Co-operatlve 8ank and Unlty Trust Bank hold o le8al chaf8e over the property of Avocei Trust and Klniflsher Housin6 Llmlted The bank also holds a speclflc char6e over the book of debts of iht compar)v. 23 Avocet Trust Notes to the F5nan¢ial Statements - ¢ontlnued for the Year Ended 31 Ma¢th 2025 MOVEMENTIN FUNDS Net movemenl At V4124 In fvnds At 3113125 Unrèstrl¢ted funds General fund 4,109,802 29,476 4.138.278 TOTAL FUNDS 4,109,802 29,476 4,130.278 Wet movement Sn funds, Includéd in the above are as follows: Incomin8 Resources reiources expended Net &ainsllos5 Movement in funds Unrostfletsd hsnds General lund 47 21. CONTINGENT LIABILITIES In addltlorb to the securlty over the issets of the Company descrlbed above, the Co.operatlve 8ank plc also holds a first le8al char8e over the assets of Avocets subsbdlary company KITh￿1$her Hou51n8 IHulll Llmlted. 22. RELATED PARTY DISCLOSUAES Kingf15her Housln8 IHulll Ilmlted I"Klngflsheff I Ss a wholty owned subsidlary of Avocet Trust. Klfigflsher purchased several houses from Avocet Trust In a previous year and Avocet Trust made a loan to Kingnsher lor that purpose. The loan Is subject to an a8re•meni settlnd out repJymtnt terrns. In addltlon. Avo¢et Trust has mode an Informal loan bv way of inter