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2025-12-31-accounts

THE HOSPITAL SATURDAY FUND

(A Company Limited by Guarantee)

REPORT AND GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

Dee Wright, Charity & Events Manager, The Hospital Saturday Fund & Jayeola Disu, Finance Administrator, HSF Health Plan, presented a £10,000 grant to Victoria Sumner, Philanthropy Manager and all the team at Hospice UK. The grant will go towards the Frailty Care programme which will upskill hospice staff and foster system-wide collaboration.

UK Registered Company Number: 6039284 UK Registered Charity Number: 1123381 Ireland Registered Charity Number: 20104528

THE HOSPITAL SATURDAY FUND

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

CONTENTS Page
Officers and Advisers 1
Report of the Board of Trustees 2 - 14
Independent Auditor’s Report 15 - 17
Consolidated Income Statement 18
Consolidated Statement of Financial Activities 19
Group and Charity Balance Sheets 20
Group Statement of Cash Flows 21
Notes to the Financial Statements 22 - 44

THE HOSPITAL SATURDAY FUND

(A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES

YEAR ENDED 31 DECEMBER 2025

OFFICERS AND ADVISERS

Chair Mr J Greenwood
Vice Chair Mrs J L Dalton LLB (Hons)
Other Trustees Mr M Davies
Mr D.Fox (until 22 May 2025)
Mr C Healy
Mr J G Minett (from 16 June 2025)
Mrs. L Tomlinson ACII
Mr D Thomas
Dr A M Zammit
Group Chief Executive Mr P W Jackson MSc BA (Hons) DChA
Company Secretary Mrs Pauline Jones CertPFS
Patron Ms L Garrett CBE FRAM
Principal Bankers HSBC Bank Plc,
London Commercial Banking Centre, Level 6,
71 Queen Victoria Street,
London,
WC2R 1DJ
Solicitors Joelson Law (UK)
2 Marylebone Road,
London,
NW1 4DF
Independent Auditor MHA
6thFloor,
2 London Wall Place
London
EC2Y 5AU
Investment Managers LGT Wealth Management UK LLP
14 Cornhill
London
EC3V 3NR
Registered Office 24 Upper Ground
LONDON SE1 9PD
Telephone: 020 7202 1365
Fax: 020 7928 0446
Email: charity@hsf.eu.com

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THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES

YEAR ENDED 31 DECEMBER 2025

The Board of Trustees is pleased to present the 17[th] Annual Report comprised of the Report of the Board of Trustees and Strategic Report and the audited financial statements for the year ended 31 December 2025.

STRATEGIC REPORT

Summary

The Hospital Saturday Fund has been helping people in times of illness or medical need since 15 June 1873. In those days there was no NHS and very little government aid for those who needed it most. This led the Victorian social reformer, the Twelfth Earl of Meath, and others to establish The Hospital Saturday Fund to give working people an opportunity to contribute to the costs of running their local hospitals, so named because Saturday was the traditional pay-day when people were more likely to have a few pennies to spare. Over the years leading to the formation of the NHS in 1948, HSF gradually became a health cash plan but maintained its charitable support for hospitals and medical charities.

The Hospital Saturday Fund is now a grant-making charity which donates to medically associated charities for care and research, and to some individuals with health problems throughout the UK and Ireland. The Hospital Saturday Fund is also the parent of three trading subsidiaries The HSF Health Plan Ltd, HSF Health Plan Malta Ltd & HSF Assist Ltd which generate the income from their trading activity to fund the grant-making. HSF Health Plan Ltd is a company limited by guarantee which provides a range of health cash plan schemes throughout the United Kingdom and the Republic of Ireland. HSF Health Plan Malta markets health cash plan schemes in Malta. HSF Assist Ltd provides an employee support telephone service to corporate clients.

Services Agreement

A Services Agreement between the Charitable Company and HSF Health Plan Limited has been entered into so that staff and resources will be provided to the Charitable Company by the Trading Company.

OBJECTIVES AND ACTIVITIES

Charitable Objects

The Charitable Company’s principal objects as set out in its Memorandum of Association are:

“the relief of sickness and suffering and giving of help to those who are aged, infirm, unemployed or in need and who require Medical Relief as hereinafter defined or who are pregnant and for the promotion of medical research for the benefit of the public in the United Kingdom of Great Britain and Northern Ireland, Eire, the Channel Islands, the Isle of Man and Malta.”

Impact

The Trustees of the Charitable Company are aware of their duties under the Charities Act in regard to public benefit. Each Trustee is aware of the general public benefit guidance from the Charity Commission. They aim to discharge that trust by making grants to a great number of medical charities which benefit a wide section of the general public in both the United Kingdom and Ireland. The Board has set in place monitoring and evaluation procedures to review the impact of the work to ensure the aims of the Charitable Company are being met. The trading activities of the subsidiary companies enable The Hospital Saturday Fund to continue its charitable activities.

PRINCIPAL ACTIVITIES AND ACHIEVEMENTS IN THE YEAR

The Grant Making Committee continued to operate with the knowledge that however ‘deserving’ some charities and individuals appeared in their applications, there was not enough money to respond to each one and careful, fair and responsible decisions had to be made. This care was demonstrated in the time taken to examine applications on behalf of individuals and the submissions from charities and by responding as fairly as possible.

Grants made in the year

During 2025, HSF processed 1,168 applications on behalf of individuals and, after careful assessment by the Grant Making Committee, 542 were awarded a grant making a total of £489,683 (2024: £395,028) for the year. A further total of £1,886,384 (2024: £1,845,683) was awarded to 552 medical charities, hospices and hospitals including the special medical school grant. The following pages show a chart and table analysing the grants made in the year by type and by geographical spread. Following these charts are examples of the feedback received from recipients which emphasise the public benefit achieved by the grants.

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THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

PRINCIPAL ACTIVITIES AND ACHIEVEMENTS IN THE YEAR (continued)

Annual Receptions

The Board endeavours to hold a Reception each year in order to present grants in person to representatives of medical charities, hospices and hospitals. The Trustees held a reception at the Mansion House in Dublin on 27 February 2025. A total of €122,000 was donated on that evening to Twenty-six charities based in Ireland. The event was hosted by Emma Blain, the Lord Mayor of Dublin, Vice-President of The Hospital Saturday Fund who attended the reception and presented the grants.

The Trustees also held two further charity receptions. A reception took place on 3 June 2025 at the Casino Maltese, Valletta, Malta. A total of €30,000 was donated on that evening to 6 charities based in Malta.

A reception also took place on 20 November 2025 in Playfair Library, Edinburgh, hosted by The University of Edinburgh. A total of £130,000 was donated on that evening to 27 charities based in Scotland. Gavin Hastings, the former Scotland, and British and Irish Lions Rugby Captain attended the reception and presented the grants.

The following pie chart shows grants awarded by type of charity for the year ended 31 December 2025

The vast majority of grants awarded were for £2,000 (or €3,000), with 19 lesser donations being made. During 2025, 533 higher grants ranging between £2,000 and £10,000 (or €3,000 and €13,500) were awarded to charities where a specific need was deemed by the Committee to warrant a larger award.

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THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

PRINCIPAL ACTIVITIES AND ACHIEVEMENTS IN THE YEAR (continued)

The Committee endeavours to ensure that not only is there a wide geographical spread within the grant making but, within the charities supported, there are many different types of illness, disability, care, research and age groups represented.

Further details of the grants given can be found in Note 8 of the accounts on page 33.

Grants are made to both local and national institutions. The following pie chart shows grants awarded by region for the year ended 31 December 2025.

Organisations receiving grants ranged from Sense Scotland, S.M.I.L.E. Counselling, Galway Hospice Foundation, Crann Centre, Great Western Air Ambulance, Aston University, Marie Keating Foundation, Hospice Malta, MOVE Against Cancer, Strode Park Foundation, Simba Charity, Shaftesbury, Queen's University of Belfast Foundation, Respect, Jersey Hospice Care, Healthbus Trust, Ehlers-Danlos Support UK, Chariotts, Mesothelioma UK, NF2 BioSolutions UK & Europe, Middlesex Association for the Blind, ellenor, Irish Dogs for the Disabled, Ashford Place, Capability Scotland, Headway Suffolk, Young Epilepsy.

Grants to hospitals were for specific projects, equipment or designated charitable funds.

Fund Raising

The Group does not fundraise externally or use any professional fundraiser or any commercial participator in raising its funds.

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THE HOSPITAL SATURDAY FUND

(A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

PRINCIPAL ACTIVITIES AND ACHIEVEMENTS IN THE YEAR (continued) Evaluation process

In meeting the Charities Act requirement to demonstrate public benefit through the grant making process, Trustees consider not only the recipient charities and their applications but also the impact the past awards have had. As such, the Trustees ensure that feedback from recipients is obtained where possible and reviewed for evidence of the grant being used for its correct purpose. In fact, the Trustees commissioned an independent review of the Charity’s grant making process. The review was carried out by a MSc Student from Centre for Charity Effectiveness, Bayes Business School, City University of London. The review was extremely positive, and the Trustees discussed the report’s recommendations at their Board meeting on 25 March 2024. This review forms part of a series of reviews which have been carried out over the past few years on this area.

Condensed versions of updates received from grantees are available on our website: https://www.hospitalsaturdayfund.org/news-archive. Amongst others, updates on the website relating to work supported by The Hospital Saturday Fund in 2025 refer to:

In addition, The Hospital Saturday Fund receives many letters of appreciation from grantees. The following are quotations taken from letters sent to the Charity following grants being awarded to each:

FitzRoy

Your most recent award, which launched our Assistive Technology Library last Spring has helped people like Shirley at Donec Mews in Hampshire to gain skills, grow independence and communicate. I'm delighted to share the attached pictures of Shirlie and her new robotic dog ‘Goldie’ who has very recently arrived from the Tech Library, bringing such joy and companionship to Shirlie’s life – all thanks to your support. Shirlie is just one of the many people whose life has been touched thanks to your commitment to our work.

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THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

PRINCIPAL ACTIVITIES AND ACHIEVEMENTS IN THE YEAR (continued)

Facial Palsy

One of the most valued aspects of the Family Day was the chance for people to meet others who truly understand the challenges of facial palsy. Many shared how much it meant to meet peers with similar experiences, helping them feel less isolated and more confident. We are hugely grateful to the dedicated staff and volunteers as well as our amazing funders, the Hospital Saturday Fund and Sayvol, who made the day possible. Events like this remind us of the power of community and the importance of supporting one another on the journey with facial palsy.”

St Clare Hospice

Thank you so much to the HSF for their contribution towards the purchase of a Cooling Blanket. When a person dies it is important that their body temperature is kept below a certain level, to preserve the person's appearance, condition and dignity. The new blanket will allow families to spend longer with their loved ones after they have died, which we know for many people is so important, and really helps the grieving process.

Edinburgh Children’s Hospital Charity

The projected numbers of children who will benefit will only move upwards, though there will never be lots more, as the types of epilepsy which can be treated with LITT are so rare. It is so important to be accessible for all the children who may benefit as they grow and for all people in all of Scotland. We are so thankful for the support.

Down Syndrome Centre Ireland

Our summer workshops are over for another year, and thanks to you and everyone in HSF for the €3,000 grant we were able to make lots of memories for all the children who attended. Here are some of the feedback from the parents and some photos. As you can see from the photos they all had a wonderful time.

Playing with other children and socialising with their peers. Because as he gets older he has less chances to play with children of his age.

He was so excited going into camp I think he loved every part!! I’ve noticed his confidence has greatly improved since attending.

Migraine Association of Ireland

Greetings from the team at Migraine Ireland! We wanted to reach out and personally thank The Hospital Saturday Fund for awarding our cause with a grant this year. As a non-profit, we heavily rely on the generosity of organisations like HSF to keep our operations running. Since receiving a grant from HSF earlier this year, Migraine Ireland has been able to provide improved services to our community while now simultaneously exploring new avenues of supporting patients. Migraine is a grossly misunderstood neurological disorder and is much more than “just a headache” as society would often deem it. HSF has not only supported us with finances, but also with visibility. Migraine Ireland greatly appreciates HSF for recognising the severity of migraine and seeing it as a cause worth supporting! Thank you!

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REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

PRINCIPAL ACTIVITIES AND ACHIEVEMENTS IN THE YEAR (continued)

Individuals have also expressed their gratitude and there are extracts from letters below:

Mobility Scooter

Living rurally, Calvin found that he had to travel precariously along the road with no path in a wheelchair. He wanted to know how he could raise the funds to buy a mobility scooter. Calvin worked Citizens Advice Bureau over the course of over six months in order to secure the funds for a scooter worth around £2,500. `I can’t thank everybody enough for all their help in getting me - mobile again, I thank them from the bottom of my heart.’ Supporter: Citizens Advice Bureau

Physiotherapy Sessions

Thank you to the HSF for funding my physiotherapy sessions. My everyday living has improved. The staff in Axon Rehab are very supportive of my injury, and I got the best possible treatment that could be given. I would love to continue my physiotherapy/rehab with them. Individual Grant Recipient

Hydrotherapy Treatment

BP has finished her hydro and did use all of the money awarded appropriately. The hydro centre contacted us with feedback prior to the completion of the sessions.

It is our understanding that she now has a tailored water programme which she can carry on in the local swimming pool. This is a great forward outcome from the fund.

It is due to the Hydrotherapy sessions that she now has improved her water confidence and increased her wellbeing. Supporter: Help and Care

Specialised Adapted Chair

So, a special big thank you to everyone involved in donating towards the chair with is life changing for Amanda. She got her new chair last week and I met with Billy from mobility Scotland & the care team who will be assisting with her transfers. Everything went well and Amanda was overjoyed with her new chair, getting wheeled through to her lounge for the 1st time in almost 2 years. Amanda & her Mum were both in tears of joy. She felt very safe & comfortable in it and Billy done a detailed demonstration for all the carers & care manager, displaying the ‘all singing and dancing’ things it does. Next step now is to get a tilt and space wheelchair and to get Amanda visiting the hospice hub ASAP! Supporter: St Vincent's Hospice

Wheelchair

Tasmin is 40yr old with Multiple Sclerosis, who needed a grant to purchase a wheelchair, which would help prevent the feeling of isolation and enable Tasmin to get out and about in the community and stay as independent as possible.

“Tasmin is grateful for the help she’s had from The Hospital Saturday Fund “This has opened back the world to me! Supporter: Sandwell MBC

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REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

PRINCIPAL ACTIVITIES AND ACHIEVEMENTS IN THE YEAR (continued)

Shower unit in wet room

Thank you so much for the recent generous £439 grant from The Hospital Saturday Fund towards Ben’s home disability adaptations project – ‘Independent life for Ben’, being supported by Sullivan’s Heroes charity. The project involves demolishing the garage at Ben’s home and building an extension to create a ground floor wet room to include level access shower, toilet, wall hung basin and changing table together with creation of a combined ground floor bedroom / safe space. This specific donation will be used towards the shower being installed in Ben’s new wet room. Our thanks to all involved, from Sullivan’s Heroes together with Ben and his family – this donation will make a positive and lasting difference to Ben’s life, health and well-being. Supporter: Sullivan's Heroes

Access Ramp

I wanted to share the positive impact the recent installation of the drop-down path has had on Teresa’s daily life. The new pathway has significantly enhanced her independence, ensuring a safer and more efficient environment for her. Additionally, this improvement has greatly increased her ability to be supported to evacuate quickly and safely in case of an emergency, providing both peace of mind and a tangible benefit for her well-being.

Thank you for your support in making this essential change happen. It is a step forward in creating a more accessible and secure space for everyone. Supporter: SOS Kilkenny

Orthopaedic Mattress

I just wanted to express my sincere gratitude for my wonderful new mattress you provided for me. It has made such a difference in my bed transfers, making it much easier for me to act independently due to its better height and firmness. I am thrilled. Thank you so much for your help. Individual Grant Recipient

Twenty-seven Scottish charities received grants at the University of Edinburgh. £130,000 was donated to medical charities and organisations. Gavin Hastings, the former Scotland, and British and Irish Lions Rugby Captain attended the reception and presented the grants.

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THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

State of affairs

The Group Statement of Financial Activities for the year is set out on page 22 and shows net outgoing resources before investment gains and losses for the year of £1,598,417, (2024 outgoing resources of £1,814,206). Net movement in funds for the year amounted to a profit of £91,012, after investment gains of £1,736,811 resulted in a net asset position as at 31 December 2025 of £45,208,180 (2024 Restated: £45,117,167). Of these funds, £23,147,533 (2024: £23,552,855) is represented by the net assets of the trading subsidiary.

The trading company HSF health plan Ltd’s total loss for the year was £340,197 (2024: Profit £2,616,633). Total premiums (less Insurance Premium Tax) for the year were £35,835,993. Benefits payable (including Personal Accident premiums and helplines) for the year were £26,962,715 and represented 75.2% of premium income. The Directors consider the overall state of affairs to be satisfactory in difficult market conditions.

The trading company HSF Assist Ltd’s total profit for the year was £36,720 (2024: £25,488). Total income for the year was £68,748 (2024: £52,993). The Directors consider the overall state of affairs to be satisfactory.

For the charity alone, total income for the year amounted to £3,176,338 (2024: £3,343,451) including gift aid from the subsidiary companies of £1,166,868 (2024: £2,105,109). Grants totalling £2,456,062 (2024: £2,035,613) were made during the year. After charging the grants and crediting the gift aid payment and realised and unrealised investment gains the endowment fund increased by £154,752 to £18,644,308.

The Trustees are satisfied with the net asset position of the group at the year end and are confident that sufficient funds will be available to meet the future needs of the Charitable Company.

Reserves Policy

The Trustees have established a policy for retaining reserves both in light of the risks the charitable group faces and the Trustees’ strategic priorities for their grant making activities. In essence the principal purpose of the reserves are to provide a capital base from which income would be earned to finance the grant making activities. The Trustees’ reserve policy is to maintain an expendable endowment at a level of no less than £5m and no greater than £25m, this is to ensure a prudent approach to the risks faced by the Charity and also to ensure the continued level of the Charity’s grant-making. This approach has been put in place by the Trustees to avoid the situation where its annual grant-making is reduced or ceases, if the Charity fails to receive a Gift Aid donation from its Trading Subsidiary for a number of years. The Trustees have the powers to approve expenditure from the expendable endowment capital in certain circumstances; however, these are likely to be limited to grant making activity where unrestricted reserves are known to be insufficient to meet the cost of particular grants specifically approved by the Trustees. The charity received large gift aid donations in 2021 & 2022 for the profits made by the trading subsidiary HSF health plan Ltd in the trading years of 2020 & 2021, which was due to the exceptional circumstances that have resulted from the Covid-19 pandemic. However, given we are forecasting that the long-lasting effect of the pandemic and also now the effect of the current inflation situation will likely result in quite low gift-aid donations over the next three years, also as the two largest of the three trading subsidiaries have committed to upgrading its Policyholder Database to improve the level of service provided to their customers, the Trustees are not expecting a large increase in the grant making as a result of the 2020 and 2021 gift aid. Therefore, this will be used to fund the next three years’ grant making.

The charity plans carefully to ensure that it budgets in accordance with expected income flows but inevitably short-term fluctuations can occur. In light of this policy residual free reserves will be held at a level sufficient to cover the operational working capital needs of the charity and to provide for short term fluctuations in either falls in investment income year on year, and/or falls in profitability of the trading subsidiary. For clarity trading reserves have been separated from free charitable funds.

At the end of the year free reserves totalled £3,416,202. This is a small increase in the level compared with last year of £3,074,621. The Trustees, having reviewed their strategy, are satisfied that the policy is appropriate and satisfied with the level of free reserves. An external review had been carried out in 2019 by a City of London University student, who found our current Reserves Policy is fit for purpose. The policy is reviewed annually by the Board of Trustees to ensure its continuation or to review if there are any required changes to the policy or reserves held and this was approved at the November 2025 Board meeting.

The trading subsidiary HSF health plan Ltd holds reserves of £19,510,549 (2024 Restated: £20,012,362) and the trading subsidiary HSF health plan (Malta) Ltd holds reserves of £3,877,492 (2024: £3,811,238). The trading subsidiaries requires reserves of this level to meet its Solvency II requirements as an insurance provider.

9

THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

Principal Risks and Risk Assessment

The Board of The Hospital Saturday Fund regularly assesses the risks to which the Charity is exposed. It agrees how best these risks may be mitigated and the Charity takes the appropriate action to manage these risks. The risks and associated mitigations are all recorded on the organisation’s risk register.

The Charitable Company’s principal risks are the inability of the investment portfolio to generate income, the failure of its Trading Subsidiary to generate sufficient profits, which support the Charity’s annual grant-making and the withdrawal of the UK from the EU and the potential impact on the way the charity is able to operate in the Republic of Ireland. All of these principal risks along with others are monitored closely and where possible control and mitigating action plans are put in place and these are monitored quarterly by the Boards.

The Risk & Compliance Committee of the Charitable Company’s Trading Subsidiary monitor the Company’s risk exposure in all areas including investment, operational, financial, human resources, sales and business continuity, with the Committees also monitoring their own areas of risk as well. It advises the Board on risk management and policy, while it also keeps under review the effectiveness of these areas. The Chief Risk Officer (CRO) is the Executive Director accountable for enabling the efficient and effective governance of significant risks, and related opportunities, for the Trading Company and this role is the responsibility of the Managing Director. The Chief Risk Officer reports to the Risk & Compliance Committee quarterly to assist the committee with actively monitoring the risks and ensure the controls and appropriate monitoring systems are in place, the CRO is also accountable to the Board of Directors.

The Trading Company has produced various risk registers for the different parts of the business and these are kept under constant review by the various Committees and Board to manage and mitigate risks. Risk & Compliance Committee meet regularly to review and monitor these and reports to the Board. The Board are satisfied with the Risk management policies and procedures in place.

The main activity of the Trading Company is operator of a medical cash plan and with this business activity, comes the need to take risk. We monitor the profitability of schemes and the claims data regularly, taking action when required and deemed necessary. The scheme premiums are rated on detailed analysis of historic claims data. Under the insurers regulatory regime, we also consider and diligently monitor a wide range of other risk including market, liquidity, interest rate, insurance, operational, concentration, climate among others, this is done by regular consideration of the ORSA (Own Risk and Solvency Assessment), further information on some of these risks can be found in Note 21 and Note 22 of this document.

Solvency UK

Following the UK’s exit from the European Union, the Solvency II regime has transformed into Solvency UK during 2025. The most significant requirement under Solvency UK is the submission to the Prudential Regulatory Authority (PRA) on a regular basis (usually annually) of the Own Risks and Solvency Assessment (ORSA), following approval of the Board. The ORSA was approved at the Board meeting in November 2025 and was subsequently submitted to the PRA. The Board will continue to monitor this activity and ensure the company continues to satisfy their solvency requirements.

Investments & Investment Policy

Under the Memorandum and Articles of Association, the Trustees of the Charitable Company have the power to make any investments which the Trustees see fit.

The Trading Company’s Investment Policy is linked to the Prudential Regulation Authority solvency requirements. Its Investment Policy reflects a low to medium risk profile, which is similar to that of the overall Charitable Group. The Charitable Company’s portfolio produced a net gain of £2,331,796 on the investments held. Both the Trading Company’s & Charitable Company’s Investment Policies are reviewed annually by the Charitable Company’s Investment Committee.

The Charitable Company follows a composite benchmark of a weighted index of the markets represented within the adopted asset allocation, i.e. the index relating to the specific asset class is multiplied by the percentage, which that particular asset class represents of the whole portfolio, and then these are added together to create the composite benchmark.

The Charitable Company’s investment performance in the year under performed the benchmark by 2.6% with the portfolio performance figure of 10.5% against a benchmark of 13.1%. The investment policy adopted by the Charitable Company is a long-term policy which covers a 10 year time horizon but due to the investment policy switch to Abrdn which took place in January 2022 we are only able to measure the performance since the inception of the portfolio with Abrdn.

10

THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

The Charitable Company’s ethical investment policy is that no investment may be made in any company that derives any of its income from tobacco manufacturing or earns more than 10% from tobacco related products. To further enhance the Charitable Company’s ethical investment policy all holdings in the portfolio held with LGT Wealth are held in Socially Responsible and Sustainable Strategy. Since April 2018, the strategy invests in companies that are exhibiting a highly sustainable approach to their business looking at environmental, social and governance criteria. This investment strategy was introduced when working with UBS and has continue under Abrdn / LGT Wealth.

Remuneration policy

The Board of Trustees is satisfied that the Trading Subsidiary’s staff salaries are benchmarked against market levels, using salary surveys and job comparison searches obtained from reputable recruitment agencies. The Trading Subsidiary’s Human Resources Committee monitor and review on an annual basis.

Post Brexit – Third country branch

To maintain our long-standing provision of service in the Republic of Ireland (ROI), since 1949, the Board of Directors and Senior Leadership Team, in consultation with their advisors, liaised closely with the Central Bank of Ireland (CBI) to continue trading in ROI following the conclusion of the transition period on 31[st] January 2020. On the 4[th] of January 2021 the CBI issued the company with a letter and certificate of authorisation confirming the company’s status in Ireland as a Branch in the state of a Third Country Insurance Undertaking. The company has operated under these new regulatory arrangements throughout 2025.

FUTURE PLANS

The Trustees hold a Reception each year in order to present grants in person to representatives of medical charities, hospices and hospitals. One such event was hosted at the University of Plymouth in Devon on 25 March 2026. Twenty-four charities were presented with grants on this occasion and the event was hosted by Professor Richard Davies, the Vice-Chancellor of the University of Plymouth.

In 2026, it is expected that grants awarded to medical charities, hospitals and hospices will be in the region of £2,500,000 and recipients are already receiving funds. This will be even more appreciated as charities experience a decline in funding, generally, during these difficult times.

The Charity relies on the success of its Trading Subsidiaries, HSF Health Plan Ltd, HSF Health Plan (Malta) Ltd and HSF Assist Ltd, not only to maintain but potentially to increase the size of its expendable endowment and therefore to increase the amount of charitable grants. The Trustees look forward to extending their grant making in the long-term resulting in a greater contribution to the work of the medical charity sector.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Association

The Association performs an important role in the overall governance of the Charitable Company and the governing document is the Articles of Association dated 16 October 2019 and amended 16 October 2024. The Members of the Association are responsible for electing the Board and Honorary Officers of the Charitable Company.

The Association comprises up to 100 Members (excluding Honorary Officers) whose services will, in the opinion of the Board, be advantageous to The Hospital Saturday Fund. Appointment is for a period of three years, but renewable. From time to time the Board recommends to the Association that some Members should be elected for their lifetime, in recognition of particular service. The President, Vice Presidents and Life Members of the Association are listed below.

President The Right Honourable The Lord Mayor of London Vice-Presidents The Right Honourable The Earl of Meath The Right Honourable The Lord Mayor of Dublin The Right Honourable The Lord Provost of Glasgow The Right Honourable The Lord Mayor of Belfast Mr K R Bradley MCMI

11

THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

Life Members of the Association Mr. K Lawrey JP LLB MA MSc (Econ) Barrister (Gray’s Inn) Mrs Natalie Bennett Mr. T A Botly Mr. M J Boyle FCA Mr. R Dool Mrs. M Rogers (from 27 February 2025) Professor P W Palmer BA(Hons) PhD FCIS FIIA DChA FRSH Mr. A M Rees LLB BA FCIPD Mr. J Randel (from 22 May 2025) Mr. W N Smith Mr. G Tomlinson (from 27 February 2025)

The Association held its Annual General Meeting on 22 May 2025 at the Plaisterers' Hall, London. The President and Vice Presidents (listed above) were elected. Recognising that some civic offices change hands at times of the year not close to the Fund’s AGM, authority was given to the Board to invite the successors of those elected to serve in the appropriate Honorary Officer capacity.

At this meeting Mr John Greenwood was re-elected as Chair of the Association and Board, also at this meeting Mr Cal Healey and Mr David Thomas were elected for a three-year term as Trustees.

Board of Trustees

The Board comprises the Chair and seven other Trustees. The Trustees are also Directors of the Charity for the purposes of the Companies Act. The Chief Executive and the Company Secretary attend Board Meetings.

At each Board Meeting, Trustees receive reports from the Board of HSF Health Plan Limited and annually they appoint two Members of the Association, who are not Trustees, to attend the Annual General Meeting of HSF Health Plan Limited with full voting rights.

The Trustees are covered by qualifying third party indemnity insurance, paid by HSF Health Plan Limited, which was in place throughout the year and remains in force at the date of this report.

At each Board Meeting, Trustees receive reports from the Board of HSF Assist Limited and HSF Health Plan (Malta) Ltd. Following the introduction of the Charity Governance Code in July 2017 and further updates in 2020, The Charity has sought to follow the principles throughout its Governance structure and processes.

Appointment, Induction and Training of the Trustees

Trustees are appointed to the Charity Board through a nomination and election process by the Members of the Association. They are appointed for a term of office of three years. The Association Members, by virtue of the Articles of Association, decide who serves as Non-Executive Directors of HSF Health Plan Limited and who should serve the Grant Making Committee.

On appointment, all new Trustees receive thorough induction and training, which includes receiving detailed information about the Charity via a Trustee Manual, including its Memorandum and Articles, latest accounts, latest financial reports and minutes of recent Trustees’ meetings. In addition, new Trustees attend an induction process at head office, where they are briefed by the Chief Executive and key staff on all aspects of the Charity’s operations, staffing and organisation management. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Trustee training is provided by the Charitable Company as required. Trustees are encouraged to attend appropriate external training courses / seminars to enhance their expertise and are required to undertake the Association of Financial Mutuals / Chartered Insurance Institute health cash plan training module which concludes with an examination. Those who serve the trading company are also encouraged to attend external training appropriate for Non-Executive Directors managing an insurance company regulated by the Prudential Regulation Authority.

Board Responsibilities (including section 172 statement)

The Board are aware of their responsibilities under Companies Act 2006 Section 172, which confirms that the directors must act in the way they consider to be in utmost good faith and would be most likely to promote the success of the company for the benefit of its Policyholders. They have considered this in light of its particular structure and relationships by having regard (amongst other matters) to the likely long term consequences of any Board decision, acting in the interests of the company's employees, and the need to foster the company's business relationships with suppliers, customers and other key stakeholders. The impact of the company's operations and business activity on the community and the environment, should ensure that the company continues to maintain a strong reputation for high standards of business conduct, noting that the company primarily seeks to generate funds for its parent charity to be applied to its charitable purposes. Relevant aspects of this are noted elsewhere in this report

12

THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

Grant Making Committee, Policies and Procedures

The Committee meets every quarter and reports directly to the Board. In addition to the two Trustees elected as Chair, Mr Dominic Fox (until 22 May 2025) and Mr David Thomas (from 16 June 2025), and Vice Chair, Mr Cal Healy (until 16[th] June 2025) and Dr Anna Maria Zammit (from 16 June 2025), the Committee includes appointed members Mr Andrew Gilbert, Mr Paul Jackson, Mrs Pauline Jones, Mr Keith Lawrey, Mrs Carol Murphy, Mr Cathal Nolan,, Mr Andrew Tee, and Mr Glyn Tomlinson (until 22 January 2025). Mr Thomas was elected Chair and Dr Zammit was elected Vice Chair of the Grant Making Committee on 16 June 2025.

Grants are awarded to national and local medical charities, hospitals and hospices throughout the UK, Ireland and Malta. Grant making guidelines for both individuals and organisations (medical charities, hospices and hospitals) are drawn up and approved by the Board. For individuals this means that applications are only accepted through a third party who has some involvement in the care of the applicant, e.g. doctor, social worker or another charity, and the demonstrated need is required to have a strong medical connection. Hospitals are required to state a particular capital project or charity within their hospital to receive their grant. Detailed guidelines for our grant making policy are available on our website www.hospitalsaturdayfund.org.

The Grant Making Committee members and Trustees of The Hospital Saturday Fund take the opportunity to visit charities or attend their receptions in order to gain a greater overall knowledge.

Auditor

The auditor, MHA Audit Services LLP, trading as MHA, has been reappointed.

13

THE HOSPITAL SATURDAY FUND (A Company Limited by Guarantee)

REPORT OF THE BOARD OF TRUSTEES (continued)

YEAR ENDED 31 DECEMBER 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report, Strategic Report, and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees have also applied the basis of preparation FRS102 ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ and FRS103 Insurance Contracts. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Trustees is aware at the time the report is approved:

ON BEHALF OF THE BOARD ON 14[th] May 2026

JOHN GREENWOOD Chair

MARK DAVIES Trustee

14

HOSPITAL SATURDAY FUND YEAR END 31 DECEMBER 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE HOSPITAL SATURDAY FUND

Opinion

We have audited the financial statements of The Hospital Saturday Fund (the ‘Parent charitable company’) and its subsidiaries (the ‘Group’) for the year ended 31 December 2025 which comprise the Consolidated Income Statement, the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Financial Reporting Standard 103 Insurance Contracts (United Kingdom Generally Accepted Accounting Practice) and the Charities Statement of Recommended Practice (SORP) 2019.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

15

HOSPITAL SATURDAY FUND YEAR END 31 DECEMBER 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE HOSPITAL SATURDAY FUND

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and Parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement in the Trustees’ Annual Report, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group and Parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group and Parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

16

HOSPITAL SATURDAY FUND YEAR END 31 DECEMBER 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE HOSPITAL SATURDAY FUND

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of this report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sudhir Singh FCA (Senior Statutory Auditor)

For and on behalf of MHA, Statutory Auditor London, United Kingdom

Date:14 May 2026

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

17

THE HOSPITAL SATURDAY FUND

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

2025 2025 2024 2024
Notes £ £ £ £
TECHNICAL ACCOUNT GENERAL BUSINESS
Earned premiums
Gross premiums written 2 36,460,809 33,800,417
Change in the gross provision for unearned premiums (405,041) (87,036)
--------------------- ---------------------
Gross premiums earned 36,055,768 33,713,381
------------------------ ------------------------
Claims incurred
Gross claims paid 21 (27,091,458) (24,658,571)
Change in the gross provision for claims outstanding 52,926 199,307
---------------------- ----------------------
(27,038,532) (24,459,264)
Net operating expenses (8,775,743) (9,434,555)
---------------------- ----------------------
Balance on the technical account for general business 241,494 (180,438)
NON-TECHNICAL ACCOUNT
Investment income
Income from financial investments 3 890,695 958,202
Interest receivable 3 42,670 30,305
Realised (losses) - financial investments 11 (47,383) (551,967)
Unrealised gains - financial investments 11 1,736,811 3,227,361
Investment expenses and charges (290,998) (274,177)
---------------------- ----------------------
2,331,795 3,389,724
Other income
Donations and legacies received 3,750 10,476
Other charges – charitable activities (2,456,062) (2,035,613)
---------------------- ----------------------
(2,452,312) (2,025,137)
--------------------- ---------------------
Profit before tax 120,977 1,184,149
--------------------- ---------------------
Taxation 15 (29,965) (322,860)
---------------------- ----------------------
(Loss)/Profit for the year after tax 91,012 861,289
=========== ===========

The profit on ordinary activities before tax is wholly attributable to continuing activities.

The notes on pages 26 to 46 form part of these financial statements.

18

THE HOSPITAL SATURDAY FUND

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

2025 2025 2025 2025 2024
(Restated)
Unrestricted Charity
Charity Trading Expendable
Endowment		 Total Total
Notes £ £ £ £ £
Income and endowments:
Donations and legacies 3,750 - - 3,750 10,476
Trading activities 7 - 36,056,004 - 36,056,004 33,713,381
Investment income 3 485,664 341,262 - 826,926 988,507
------------------- --------------------- ------------------ --------------------- ---------------------
Total income 489,414 36,397,266 - 36,886,680 34,712,364
------------------ --------------------- ----------------- --------------------- ---------------------
Expenditure on:
Raising funds – trading activities 5 (19,725) (35,805,091) (76,111) (35,900,928) (34,390,005)
------------------- ------------------- ------------------- ------------------- -------------------
Amounts available for charitable
application 469,689 592,175 (76,111) 985,752 322,358
Charitable activities 8 (2,584,169) - - (2,584,168) (2,136,565)
------------------- ------------------- ------------------- ------------------- -------------------
Net
(outgoing)		 resources before
investment gains and losses (2,114,480) 592,175 (76,111) (1,598,417) (1,814,206)
Gift aid donation - (1,141,379) 1,141,379 - -
(Loss) on revaluation of tangible assets 9 - - - - -
Realised investment loss 11 - (38,352) (9,031) (47,383) (551,967)
Unrealised investment gain 11 - 182,235 1,554,577 1,736,812 3,227,361
Transfer between funds 15 2,456,062 - (2,456,062) - -
---------------------- --------------------- --------------------- --------------------- ---------------------
Net movement in funds for the year 341,582 (405,322) 154,752 91,012 861,188
Funds brought forward (restated) 3,074,620 23,552,855 18,489,693 45,117,167 44,255,979
--------------------- --------------------- --------------------- --------------------- ---------------------
Funds carried forward at
31 December 2025 3,416,202 23,147,533 18,644,445 45,208,180 45,117,167
========== ========== ========== ========== ==========

The notes on pages 26 to 46 form part of these financial statements

All transactions are derived from continuing activities.

The statement of financial activities includes the income and expenditure account.

All recognised gains and losses are included in the statement of financial activities.

19

THE HOSPITAL SATURDAY FUND

COMPANY NUMBER: 06039284

GROUP AND CHARITY BALANCE SHEETS

AT 31 DECEMBER 2025

2025 2024 2024
(Restated)
Group Charity Group Charity
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 3,220,664 - 3,324,730 -
Intangible assets 10 64,787 103,268
Investments 11 41,070,208
38,085,430		 39,272,622 36,342,384
---------------------- ---------------------- ---------------------- ----------------------
44,355,659
38,085,430		 42,700,620 36,342,384
CURRENT ASSETS
Debtors 12 3,037,302 30,380 2,873,709 14,886
Cash at bank and in hand 4,818,176 3,434,664 5,996,710 4,627,789
---------------------- ---------------------- ---------------------- ----------------------
7,855,478 3,465,044 8,870,419 4,642,675
CREDITORS: amounts falling
due within one year 13 (5,948,344)
(76,699)		 (5,124,987) (49,001)
--------------------- --------------------- --------------------- ---------------------
NET CURRENT ASSETS 1,907,134 3,388,345 3,745,432 4,593,674
TOTAL ASSETS LESS
CURRENT LIABILITIES 46,262,793
41,473,776		 46,446,053 40,936,058
DEFERRED TAXATION 15 (1,054,614)
-		 (1,328,886) -
---------------------- ---------------------- ---------------------- ----------------------
NET ASSETS 45,208,180
41,473,776		 45,117,167 40,936,058
===========
===========		 =========== ===========
Representing:
FUNDS
Unrestricted funds
- General funds 16 3,416,202 19,664,308 3,074,621 19,664,308
- Trading funds 16 23,147,533
-		 23,552,853 -
Expendable endowment fund 16 18,644,445
21,809,468		 18,489,693 21,271,750
---------------------- ----------------------- ---------------------- -----------------------
45,208,180
41,473,776		 45,117,167 40,936,058
===========
============		 =========== ============

The financial statements were approved and authorised for issue by the Board of Trustees on 14[th] May 2026 and were signed below on its behalf by:

JOHN GREENWOOD Chair

MARK DAVIES Trustee The notes on pages 26 to 46 form part of these financial statements.

20

THE HOSPITAL SATURDAY FUND

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

2025 2024
(Restated)
Notes £ £
Reconciliation of net movement in funds for the year
to net operating cash flows
Net movement in funds for the year 91,012 861,188
Taxation (331,510) (6,801)
Exchange (gains)/losses 120,754 -
Unrealised (gains) on financial investments (1,736,811) (3,227,361)
Realised losses on financial investments 47,383 551,967
Income from financial investments and interest 3 (933,365) (988,507)
Depreciation and amortisation 4 254,865 248,177
Decrease/(Increase) in debtors (163,594) (527,385)
Increase in creditors 610,402 941,032
------------------- -------------------
Net cashflow from operating activities (2,040,864) (2,147,690)
========== ==========
Cash flows from investment activities
Income received from financial investments 3 890,695 958,202
Interest received 3 42,670 30,305
Purchases of tangible fixed assets 9 (12,602) (165,828)
Purchases of financial investments (12,402,261) (7,602,337)
Proceeds from sales of other financial investments 12,317,239 7,948,499
------------------ ------------------
Net cashflow from investing activities 835,741 1,168,841
========== ==========
Net (Decrease) in cash and cash equivalents (1,205,123) (978,849)
Cash and cash equivalents at 1 January 5,996,716 7,101,472
Exchange gains/(losses) on cash and cash equivalents 26,583 (125,913)
---------------------- ----------------------
Cash and cash equivalents at 31 December 4,818,176 5,996,710
=========== ===========
Analysis of cash and cash equivalents
Cash at bank and in hand 4,818,176 5,996,710
---------------------- ----------------------
Total cash and cash equivalents 4,818,176 5,996,710
=========== ===========
ANALYSIS OF CHANGES IN NET CASH
At 1 January
2025		 Cashflows Exchange gains At 31 December
2025
£ £ £ £
Cash at bank and in
hand		 5,996,710 (1,192,509) 13,975 4,818,176
---------------------- ---------------------- ---------------------- ----------------------
Total 5,996,710 (1,192,509) 13,975 4,818,176
=========== =========== =========== ===========

There was no net debt in the current and prior year

21

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

The Hospital Saturday Fund is a charitable company limited by guarantee and is incorporated in the England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are that of a grant giving charity.

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 Standards applicable in the UK and Republic of Ireland (FRS 102 & FRS103), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

These accounts consolidate the accounts of the Charitable Company and its wholly owned non-charitable trading subsidiaries companies HSF health plan Limited, HSF Assist Limited and HSF health plan (Malta) Ltd. As permitted by Section 408 of the Companies Act 2006 and in accordance with paragraph 397 of the Charities SORP 2015, no separate SOFA has been presented for the Charitable Company alone.

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

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.

a) Gift of investment in HSF health plan Limited

The investment is carried at the Trustees’ estimate of valuation of the company at 1 April 2007, the date of gift from the company, less any provision for permanent diminution in value. In 2021 the Trustees’ acquired a further subsidiary of HSF health plan (Malta) Ltd and this is carried at the Trustees’ estimate of valuation of the company at 13 January 2021, the date of the investment in the company plus the valuation of the additional investment in 2022.

b) Income

All income is included within the Statement of Financial Activities (SOFA) where the charity has legal entitlement 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.

Income in the year represents donations, income of the trading subsidiaries and investment income. All income is accounted for on a receivable basis.

Premiums

Gross premiums represent income from policyholders for the year, excluding insurance premium tax and including amounts due on 31 December. Earned premiums represents gross premiums as adjusted by the provision made for premiums received but not earned at the balance sheet date.

All premiums arise in the United Kingdom, Ireland and Malta.

c) Fixed Assets

Other Fixed Assets are stated at historical cost less accumulated depreciation. Costs include expenditure directly attributed in making the asset capable of operating as an asset.

Depreciation is provided on all tangible assets at rates calculated to write off the cost or valuation less estimated residual value of assets in equal instalments over their expected useful lives. Assets costing below £1,000 are expensed to the SOFA in the year of acquisition. The rates used are as follows on a straight line basis:-

Freehold property 2% Furniture, fixtures and fittings 20% Computer equipment 25%

Intangible fixed assets relates to computer software that is depreciated on a straight line basis of 25% per annum.

22

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES (continued)

d) Investments

Investments are recognised initially at fair value which is normally the transactional price, in accordance with the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' subsequently they are reserved at fair value. Listed Investments are measured at fair value at each reporting date, with changes in value recognised in the reporting period in which they arise. This approach represents a mark-to-market basis of accounting. The basis for determining the fair value is the quoted market price in an active market; which is level 1 of the fair value hierarchy. Investments in subsidiaries are recognised at cost value. The Group does not hold unlisted assets.

Unrealised gains and losses represent the change in fair value of listed investments during the reporting period that has not been realised through disposal.

All movements in fair value, including both realised and unrealised gains and losses, are recognised in full in the Statement of Financial Activities (SOFA) in the period in which they arise.

Realised gains and losses on investments are calculated as the difference between net sales proceeds and market value at the previous financial year-end or cost if the investment was acquired subsequently.

e) Interest Receivable

Interest receivable is recognised in the Statement of Financial Activities in the year in which it is receivable using the effective interest method. Interest income is recognised using the effective interest method and dividend income is recognised as the company’s right to receive payment is established.

f) Pension Costs

The Group makes contributions to employees’ group personal pension plans. The pension cost charge charged to the Statement of Financial Activities in the year represents contributions payable by the group to the group personal pension plans in respect of the year.

g) Redundancy

Redundancy costs arising from periodic reviews of staff levels are charged against profit in the year in which legal or contractual recognition occurs.

h) Expenditure

Expenditure is accounted for on an accounts loss and classified under functional headings on a direct cost basis. Expenditure is recognised where there is a legal or contractual obligation to issue a payment to a 3[rd] party, it is probable trust settlement will be required and the amount of the obligation can be measured reliably. Support costs are those costs which do not relate directly to a single activity. These include some staff costs, costs of administration, internal and external audit costs and IT support. Support costs have been apportioned between fundraising costs and charitable activities on an appropriate basis. The analysis of support costs and the bases of apportionment applied are shown in note 4.

i) Claims Incurred

Claims incurred represent benefits payable to policyholders for the year and include a provision for claims in respect of the year to 31 December settled after that date.

The Company’s policies allow claims to be made up to 6 months after the date of receiving treatment, so the claims provision includes a component in respect of IBNR. The provision is calculated with reference to previous claims experience.

j) Fund accounting

Unrestricted funds comprise accumulated surpluses on general and trading funds.

General funds comprise the accumulated surplus from the Statement of Financial Activities which are neither restricted nor designated funds. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company.

Trading funds are the accumulated trading surpluses and revaluation surplus of the trading subsidiary.

Expendable endowment funds arise where the terms of the gift aid donation stipulate that the funds are to be treated as capital but may be expended at the discretion of Trustees within the objects of the charity. Accordingly, the Trustees have the right but not the duty to expend the capital as they see fit.

23

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES (continued)

k) Operating Leases

Rentals costs payable under operating leases are charged to the Statement of Financial Activities over the period of each lease.

Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are recognised in the Statement of Financial Activities.

Non-monetary assets and liabilities measured at historical cost are translated at the exchange rate at the date of the transaction.

Non-monetary assets and liabilities measured at fair value are translated using the exchange rate at the date when the fair value was determined. Exchange differences arising on translation are recognised consistently with the movement in fair value and recognised in the gains/losses in investments and revaluation of tangible assets within the Statement of Financial Activities.

m) Grants

Grants are recognised in the accounts when awarded by the Grant Making Committee and committed to and the recipient has been notified of the award. The grants are awarded at the discretion of the Trustees within the objects of the Charitable Company.

n) Financial instruments

The company enters basic financial instruments transactions that result in the recognition of financial assets and liabilities like debtors arising out of direct insurance operations, trade payables, loans to related parties and investments in non-puttable ordinary shares. The company has applied the requirement of Section 11 and 12 of the FRS 102 framework for the measurement of its financial instruments. Financial instruments are initially recognised at their transaction cost.

Basic financial instruments are subsequently measured at amortised cost using the Effective Interest Rate (EIR) The EIR is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument.

Equity instruments and non-basic financial instruments are subsequently measured at their fair value.

The company holds the following types of financial instrument.:

24

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES (continued)

o) Provisions Provision is made at the year-end for the estimated cost of claims incurred but not settled at the balance sheet date, including the cost of claims incurred but not yet reported to the Company. The estimated cost of claims includes expenses to be incurred in settling claims and a deduction for the expected value of recoveries. The Company takes all reasonable steps to ensure that it has appropriate information regarding its material claims exposures. However, given the uncertainty in establishing claims provisions, it is likely that the outcome will prove to be different from the original liability established.

Provision is also made at the year-end for the estimated unearned premium income at the balance sheet date. The Company takes all reasonable steps to ensure that it has appropriate information regarding its material unearned premium exposure. However, given the uncertainty in establishing unearned premiums provisions, it is likely the outcome will prove to be different from the original liability established.

The group requires management to make significant judgements and estimates in the preparation of the financial statements. The items in the financial statements where these judgements and estimates have been made include as follows:

Estimate - Land & Buildings - the fair value of the freehold property has been based on the value provided by an independent chartered surveyor in 2025. The valuation has been carried out in compliance with the RICS Valuation – Global Standards (Effective 31 January 2025). In conjunction with external valuation advice obtained, management have also reassessed the value in prior years and have restated the previously reported balance

q) Employee Benefits When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The Charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

r) 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. The taxation charge arising in the year relates to the operation of the Trading Subsidiaries.

s) Deferred Tax Deferred tax is generated from the activities of the charity’s trading subsidiaries. Full provision is made for deferred tax assets and liabilities within the accounts in respect of all timing differences, which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. A net deferred tax asset is recognised only if it can be regarded as probable that there will be taxable profits from which the future reversal of the underlying timing differences can be deducted.

t) Going Concern

The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charities ability to continue as a going concern. This is based on the value of investments held and forecast future cashflows. The charity therefore continues to adopt the going concern basis in preparing these financial statements.

25

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

2. PREMIUM INCOME 2025 2024
£ £
Total direct insurance premiums 38,383,177 35,534,751
Less direct insurance premium tax (1,922,368) (1,734,334)
------------------ ------------------
Gross direct premiums written 36,460,809 33,800,417
========= =========

The Company is engaged in only one class of business, Accident and Health, providing a range of health cash plan schemes. All premium income relates to direct insurance business arising in the United Kingdom, Republic of Ireland and Malta. All premiums received are individual periodic premiums with are based on non-participating contracts.

2025
£
United Kingdom
16,436,696
Republic of Ireland
19,873,086
Malta
151,027
------------------
Gross premiums written
36,460,809
=========
3.
INVESTMENT INCOME
2025
2025
2024
Charity
Group
Charity
£
£
£
Income from financial investments
480,011
890,695
569,080
Interest receivable
5,653
42,670
13,147
------------------
------------------
------------------
485,664
933,365
582,227
=========
=========
=========
4.
NET INCOME FOR THE YEAR
2025
£
The net income for the year is stated after charging:
Depreciation
216,084
Auditor’s remuneration:
Audit of the charity
13,650
Audit of the subsidiaries
66,000
Operating leases
138,122
=========
5.
ANALYSIS OF TOTAL RESOURCES
Direct
Grant
Support
EXPENDED
costs
funding
costs
£
£
£
Raising funds
Charity
95,836
-
-
Subsidiaries
27,144,734
-
8,660,357
Charitable activities (Note 8)
-
2,456,062
128,106
----------------------
----------------------
----------------------
Group Total
27,240,570
2,456,062
8,788,463
===========
===========
===========		 2024
£
15,115,230
18,601,333
83,754
------------------
33,800,317
=========
2024
Group
£
958,202
30,305

------------------
988,507

=========
2024
£
248,177
13,000
50,300
120,800
2025
Total
£
95,836
35,805,091
2,584,168
----------------------
38,485,096
===========

26

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

5. ANALYSIS OF TOTAL RESOURCES Direct Grant Support 2024
(continued) costs funding costs Total
£ £ £ £
Raising funds
Charity 125,702 - - 125,702
Subsidiaries (restated) 24,459,264 - 9,373,822 33,833,086
Charitable activities (Note 8) - 2,035,613 100,951 2,136,564
---------------------- ---------------------- ---------------------- ----------------------
Group Total (restated) 24,584,966 2,035,613 9,474,773 36,095,353
=========== =========== =========== ===========
ANALYSIS OF SUPPORT COSTS 2025 2024
Total Total
£ £
Policy Services 391,349 388,188
Staff Costs 5,970,004 5,393,601
Property Costs 388,929 358,395
Sales & Marketing Costs 527,761 449,522
Administration Costs 1,424,841 1,397,876
Governance Costs 739,434 645,128
Exchange Variance (683,719) 848,587
Tax Movement 29,965 322,860
---------------------- ----------------------
Total 8,788,563 9,804,157
========== ==========
ANALYSIS OF GOVERNANCE COSTS 2025 2024
Total Total
£ £
Internal Audit 78,602 71,738
External auditors’ remuneration
-
Audit services		 65,000 59,700
Governance and professional support 595,831 513,690
---------------------- ----------------------
Total 739,433 645,128
========== ==========

6. STAFF COSTS

Charity

The charity employs no staff, all staff are employed by the trading subsidiaries – HSF health plan Limited & HSF health plan (Malta) Ltd.

2025 2024
£ £
Wages and salaries 5,064,448 4,290,648
Social security costs 607,175 489,657
Pension costs 538,637 613,297
-------------------- --------------------
6,210,260 5,393,602
========== ==========
The average number of persons employed during the year was:
Sales 22 20
Administration 66 59
------------- -------------
88 79
====== ======

27

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

6. STAFF COSTS (continued)

TAFF COSTS (continued)
2025 2024
The number of employees whose annual emoluments exceeded £60,000 were:-
£60,001 - £70,000 7 9
£70,001 - £80,000 4 2
£80,001 - £90,000 4 3
£90,001 - £100,000 4 5
£100,001 - £110,000 2 1
£110,001 - £120,000 1 -
£140,001 - £150,000 - -
£150,001 - £160,000 - 1
£160,001 - £170,000 1 -
£170,001 - £180,000 - -
£210,001 - £220,000 - -
£220,001 - £230,000 - 1
£230,001 - £240,000 - -
£240,001 - £250,000 - -
£250,001 - £260,000 1 -
£260,001 - £270,000 - -
£290,001 - £300,000 - -
£310,001 - £320,000 - -
£360,001 - £370,000 - 1
£370,001 - £380,000 1 -
====== ======

Contributions totalling £364,252 (2024: £347,557) were made to group personal pension plans in respect of the 21 (2024: 23) employees above.

None of the trustees were remunerated during the year for their services as trustees of the parent Charitable Company. Expenses totalling £6,621 (2024: £34,319) were reimbursed to seven trustees (2024: eight) of the parent Charitable Company for travel, accommodation and subsistence.

Key Management personnel for the Hospital Saturday Fund are only the Trustees as the Charity does not employ any staff. Key management personnel within its trading subsidiary HSF health plan Limited are the Non-Executive Directors, Executive Directors and Head of Departments and total salary and benefits provided total £1,488,406 (2024: £1,330,678).

Included within Staff Costs are £nil in non-statutory payments (2024: £10,500) and £25,073 in statutory redundancy payments (2024: £7,000).

Six Trustees received remuneration during the year for performance of their duties as Directors of the trading subsidiary HSF health plan Ltd. In accordance with the Charity Commission advice the two Trustees who are not remunerated, form the Remuneration Committee:

emunerated, form the Remuneration Committee:
2025 2024
£ £
Mrs J L Dalton 11,810 10,649
Mr M Davies 16,979 15,417
Mr J Greenwood 13,566 10,107
Mr J Randel - 12,065
Mr C Healy 4,202 -
Ms L Tomlinson 15,531 2,852
Mr D Thomas 4,390 9,536
---------------- ----------------
Total remuneration 66,478 60,626
======== ========

Contributions totalling £Nil (2024: £Nil) were made to personal pension plan in respect of none (2024: none) of the Directors above.

28

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

7. RESULTS OF SUBSIDIARIES

HSF Health Plan Limited is a wholly owned subsidiary of The Hospital Saturday Fund. HSF Health Plan Limited, incorporated in the UK (number 00030869), is a health cash plan organisation and donates its surplus annual taxable profits to the Charity under Gift Aid. HSF Health Plan Limited’s registered office address is 24 Upper Ground, London SE1 9PD. The results of HSF Health Plan Limited are detailed below:

2025 2024
(Restated)
PROFIT AND LOSS ACCOUNT £ £
Premium income 35,835,993 33,582,224
Claims paid and reinsurance (26,962,715) (24,423,987)
Net operating expenses (9,603,955) (8,623,844)
---------------------- ----------------------
Balance on the technical account for general business (730,677) 534,393
---------------------- ----------------------
Investment income and gains 438,595 2,419,064
Other income - -
---------------------- ----------------------
(Loss)/Profit before taxation (292,082) 2,953,457
=========== ===========
(Loss)/Profit for the year after taxation (340,197) 2,616,633
=========== ===========
BALANCE SHEET
Fixed assets 22,308,815 22,284,239
Net current liabilities (1,740,020) (921,764)
Deferred taxation (1,058,246) (1,350,113)
----------------------- -----------------------
NET ASSETS 19,510,549 20,012,362
=========== ===========
FUNDS
General reserve 19,510,549 20,012,362
---------------------- ----------------------
19,510,549 20,012,362
=========== ===========

HSF Assist Limited is a wholly owned subsidiary of The Hospital Saturday Fund. HSF Assist Limited, incorporated in the UK (number 08139547), is a helpline organisation and donates its surplus annual taxable profits to the Charity under Gift Aid. HSF Assist Limited’s registered office address is 24 Upper Ground, London SE1 9PD. The results of HSF Assist Limited are detailed below:

SF Assist Limited are detailed below:
2025 2024
PROFIT AND LOSS ACCOUNT £ £
Premium income 68,748 52,993
Helplines and counselling (20,057) (19,472)
Other admin costs inc gift aid donation (11,972) (8,034)
---------------------- ----------------------
Profit for the year after taxation 36,719 25,487
=========== ===========
BALANCE SHEET
Net current assets 36,720 25,489
----------------------- -----------------------
NET ASSETS 36,720 25,489
=========== ===========
CAPITAL AND RESERVES
Share capital 1 1
Profit and loss account 36,719 25,488
---------------------- ----------------------
36,720 25,489
=========== ===========

29

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

7. RESULTS OF SUBSIDIARIES (continued)

HSF health plan (Malta) Limited is a wholly owned subsidiary of The Hospital Saturday Fund. HSF health plan (Malta) Limited, incorporated in Malta (registration number: C 93406), is a health cash plan organisation. HSF Malta’s registered office address is No. 4 Triq Sant’ Andrija, Valletta, VLT 1341, Malta. The results of HSF health plan (Malta) Limited are detailed below:

plan (Malta) Limited are detailed below:
2025 2024
PROFIT AND LOSS ACCOUNT £ £
Premium income 151.263 81,137
Claims paid and reinsurance (75,935) (38,251)
Net operating expenses (426,424) (375,768)
---------------------- ----------------------
Balance on the technical account for general business (351,096) (332,882)
---------------------- ----------------------
Investment income and gains (60,333) 390,738
Other income 262,009 250,000
---------------------- ----------------------
(Loss) / Profit before taxation (149,420) 307,856
=========== ===========
(Loss) / Profit for the year after taxation (131,240) 321,623
=========== ===========
BALANCE SHEET
Fixed assets 3,446,617 3,410,307
Net current assets 367,779 371,840
Deferred taxation 63,097 23,090
----------------------- -----------------------
NET ASSETS 3,877,493 3,805,237
=========== ===========
FUNDS
General reserve 3,877,493 3,805,237
---------------------- ----------------------
3,877,493 3,805,237
=========== ===========
8. GRANTS Grants to Grants to Support 2025
Institutions Individuals Costs Total
During the year the following grants were made: £ £ £ £
Medical charities 1,985,426 - 103,558 2,088,984
Hospitals and hospices 95,239 - 4,968 100,207
Welfare grants to individuals - 345,397 18,016 363,413
Other medical/welfare related organisations 30,000 - 1,565 31,565
-------------------- -------------------- -------------------- -------------------
2,110,665 345,397 128,107 2,584,169
========== ========== ========== ==========
Grants to Grants to Support 2024
Institutions Individuals Costs Total
During the year the following grants were made: £ £ £ £
Medical charities 1,525,845 - 78,175 1,604,020
Hospitals and hospices 137,242 - 6,132 143,374
Welfare grants to individuals - 341,291 15,249 356,540
Other medical/welfare related organisations 31,235 - 1,396 32,631
-------------------- -------------------- -------------------- -------------------
1,694,322 341,291 100,951 2,136,565
========== ========== ========== ==========

30

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

9. TANGIBLE FIXED ASSETS Charity Charity Group
Furniture
Computer Freehold Fixtures and
Equipment Total property Fittings Total
COST OR VALUATION £ £ £ £ £
At 1 January 2025 (restated) 12,000 12,000 3,100,000 803,277 3,915,277
Additions in year - - - 12,602 12,602
Disposals - - - (220,732) (220,732)
Revaluation - - - - -
------------------ ------------------ ---------------------- ---------------------- ----------------------
At 31 December 2025 12,000 12,000 3,100,000 607,147 3,707,147
------------------ ------------------ ---------------------- ---------------------- ----------------------
DEPRECIATION
At 1 January 2025 (restated) 12,000 12,000 - 578,847 590,847
Charge for year - - 99,900 116,184 216,084
Disposals - (220,548) (220,548)
Revaluation (99,900) (99,900)
------------------ ------------------ ---------------------- ---------------------- ----------------------
At 31 December 2025 12,000 12,000 - 474,483 486,483
------------------ ------------------ ---------------------- ---------------------- ----------------------
NET BOOK VALUE
At 31 December 2025 - - 3,100,000 120,664 3,220,664
======== ======== ========== ========== ===========
At 31 December 2024 (restated) - - 3,100,000 224,430 3,324,430
======== ======== ========== ========== ===========

HSF Health Plan Ltd owns a freehold property at 24 Upper Ground, London SE1 9PD which is used for the Group’s own activities. The property was valued on 31 December 2025, the fair value of the property was £3,100,000 on an open market basis by an independent valuer, Allsops chartered surveyors. At the date of the revaluation, the directors believed the property had a useful economic life of at least 50 years. The historical cost as of the 31 December 2025 was £822,500 (2024: £822,500).

During the year the Group identified that the carrying value of its freehold property at prior year reporting dates was overstated. A valuation of the property was undertaken as at 31 December 2025, following an inspection carried out on 18 December 2025, with the valuation report received on 7 January 2026.

The valuation indicated that the fair value of the property at the prior year reporting dates was lower than previously reported. The resulting reduction in value relates to prior periods and has therefore been treated as a prior year adjustment and the comparative figures for 2024 have been restated. The adjustment has been reflected in these financial statements and recognised in equity (see note 26).

31

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

10. INTANGIBLE ASSETS

10.
INTANGIBLE ASSETS
Cost Computer
Software
£
At 1 January 2025 1,451,222
Additions -
Disposals -
At 31 December 2025 1,451,222
Depreciation
At 1 January 2025 1,347,654
Charge for the year 38,781
Disposals -
At 31 December 2025 1,386,435
Net Book Value
At 31 December 2025 64,787
At 31 December 2024 103,268

Software has been reclassified as an intangible asset in 2025 having previously been reported as a tangible fixed asset.

11. INVESTMENTS
INVESTMENTS 2025 2024
Group Charity Group Charity
£ £ £ £
Market value at 1 January 39,272,622 36,342,384 36,760,996 35,053,243
Additions 8,616,337 3,510,818 7,198,642 2,953,194
Disposals (9,358,306) (3,313,349) (7,914,377) (2,522,713)
Unrealised gains 2,539,555 1,545,578 3,227,361 858,660
---------------------- ---------------------- ---------------------- ----------------------
Market value at 31 December 41,070,208 38,085,431 39,272,622 36,342,384
=========== =========== =========== ===========
Historical cost at 31 December 31,988,547 34,438,815 34,601,828 34,601,828
=========== =========== =========== ===========
At market value
United Kingdom investments (listed) 6,591,536 3,236,036 5,117,913 3,160,914
Overseas equity investments (listed) 23,113,176 11,672,287 22,670,765 10,022,842
Bonds (listed) 9,227,415 2,778,040 8,284,870 2,597,365
Property and Infrastructure (listed) 1,481,609 734,759 2,589,201 896,955
Cash Fund (unlisted) 656,472 - 609,873 -
At cost value
Investment in HSF health plan Limited (unlisted) - 15,865,576 - 15,865,576
Investment in HSF health plan (Malta) Ltd (unlisted) - 3,798,732 - 3,798,732
---------------------- ---------------------- ---------------------- ----------------------
41,070,208 38,085,430 39,272,622 36,342,384

=========== =========== =========== ===========

The investment in HSF health plan Limited represents the reserves of HSF health plan Limited at the point at which the ownership was donated to The Hospital Saturday Fund. The consolidated statement of financial activities includes unrealised gains of £1,736,811 (2024 gains of: £3,227,361) and realised losses of £47,383 (2024 losses of: £551,967)

32

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

12. DEBTORS 2025 2025 2025 2024
Group Charity Group Charity
£ £ £ £
Insurance operation debtors 1,417,244 - 1,815,968 -
Other debtors 153,919 - 294,015 -
Prepayments and accrued income 1,466,139 30,380 763,726 14,886
--------------------- ------------------ --------------------- ------------------
3,037,302 30,380 2,873,709 14,886
=========== ========= ===========
=========
13. CREDITORS: amounts falling 2025 2024
due within one year Note Group Charity Group Charity
£ £ £ £
Insurance operations provisions 13 4,739,852 - 4,188,430 -
Trading operations creditors and accruals 317,173 - 494,852 -
Other creditors and accruals 652,730 76,699 532,914 49,001
Taxes and social security 238,589 - (91,210) -
-------------------- ----------------- -------------------- -----------------
5,948,344 76,699 5,124,987 49,001
========== ========= ========== =========
14. MOVEMENTS IN INSURANCE OPERATION PROVISIONS
2025 2024
Claims Provision £ £
Claims provision brought forward (including IBNR) 3,214,753 3,414,060
Payments during the year in respect of those provisions (3,002,413) (3,301,694)
Adjustment to prior year’s provision (212,340) (112,367)
Movement in provision during the year 3,361,134 3,214,753
------------------ ----------------
Net loss provision carried forward in respect of outstanding claims 3,361,134 3,214,752
========= ========
2025 2024
Unearned Premium Provision £ £
Unearned premium provision brought forward 973,677 885,641
Premiums during the year in respect of those provisions (973,677) (885,641)
Movement in provision during the year 1,378,718 973,677
----------------
----------------
Net loss provision carried forward in respect of unearned premiums 1,378,718 973,677
========= ========
Net loss provision carried forward in respect of insurance operations 4,739,852 4,188,430
========= ========

The provisions detailed above would be expected to be materially realised within six months of the year end due to the nature of HSF Health Plan Ltd and HSF Health Plan (Malta) Ltd’s business and the terms and conditions of their policies.

33

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

15. DEFERRED TAXATION Liability on Short term Fixed asset - Losses and
Property Timing timing other Total
revaluation difference differences deductions
£ £ £ £ £
At 1 January 2025 (Restated) (364,573) 40,061 (41,872) (962,502) (1,328,886)
Profit and loss account - (10,307) (4,680) 289,259 274,272
Other comprehensive income - - - - -
------------------ ------------------ ------------------ ------------------ ----------------
At 31 December 2025 (364,573) 29,754 (46,552) (673,243) (1,054,614)
========= ======== ========= ========= ========
Liability on Short term Fixed asset - Losses and
property timing timing other Total
revaluation difference differences deductions
£ £ £ £ £
At 1 January 2024 (Restated) (495,823) 66,035 (31,283) (499,564) (960,635)
Profit and loss account (Restated) - (25,974) (10,589) (462,938) (499,501)
Other comprehensive income 131,250 - - - 131,250
------------------ ------------------ ------------------ ------------------ ----------------
At 31 December 2024 (Restated) (364,573) 40,061 (41,872) (962,502) (1,328,886)
========= ======== ========= ========= ========

Reversal of deferred tax liabilities in respect of property revaluation is uncertain due to its dependency on prevailing market conditions. In the calculation of the deferred tax the future tax rate of 25% has been taking into consideration.

been taking into consideration.
The tax charge in the Income Statement is made up as follows. 2025 2024
(Restated)
£ £
Corporation tax (see below) 29,965 322,860
Movement on deferred tax provision on property revaluation - -
----------------- -----------------
29,965 322,860
======== ========
The tax assessed for the year differs from the standard corporation tax rate in the UK of 25.0% (2024: 25.0%).
The differences are explained below:
UK Profit on ordinary activities before tax (292,081) 2,953,457
Corporation tax at the standard rate of 25.0% thereon (2023: 23.52%) (73,020) 738,364
Effects of:
Amounts not deductible for tax purposes 2,596 3,961
Fixed asset differences 59,206 24,976
Losses carried back - -
Dividend and distribution income (85,571) (86,560)
Adjustment to tax charge in respect of previous periods – deferred tax (212,855) 329,857
Deferred tax (charged) directly to equity - -
Foreign tax paid 333,017 -
Other differences 24,742 (59,468)
Adjustment for profits gift aided to parent, charged to reserves - (518,125)
------------------- -------------------
UK Corporation tax on profit 48,116 336,824
========= =========

34

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

15. DEFERRED TAXATION (continued)
2025 2024
(Restated)
£ £
The tax assessed for the year differs from the standard corporation tax rate in the Malta of 35.00% (2024: 35.00%).
The differences are explained below:
Malta Profit on ordinary activities before tax (149,420)
307,855
Malta Corporation tax at the standard rate of 35.00% thereon (2023: 35.00%) (52,297)
107,749
Effects of:
Amounts not deductible for tax purposes (10,404)
3,007
Dividend and distribution income - -
Capital loss on sale of securities 29,989
Unrealised gains on investments 29,467 (124,524)
Prior year adjustment (14,934)
-
------------------- -------------------
Malta Corporation tax on profit on ordinary activities (18,179)
(13,768)
========= =========
UK Corporation tax on profit on ordinary activities 48,116 336,824
Malta Corporation tax on profit on ordinary activities (18,180)
(13,964)
------------------- -------------------
Corporation tax on profit on ordinary activities 29,965 322,860
========= =========
16. MOVEMENT ON FUNDS MOVEMENT ON FUNDS
At 1 Movement in funds Gains on Balance at
January Incoming Resources Investments/ 31 December
Unrestricted 2025 resources expended Property Transfers 2025
funds £ £ £ £ £ £
General funds 3,074,621 489,413 (2,603,894) - 2,456,062 3,416,202
Trading funds 23,552,855 36,397,366 (35,805,191) 143,883 (1,141,380) 23,147,533
---------------------- ---------------------- ----------------------- ------------------- --------------------- ----------------------
26,627,476 36,886,779 (38,409,085) 143,883 1,314,682 26,563,736
=========== ========== =========== ========= ========== ===========
Expendable
Endowment 18,489,693 - (76,111) 1,545,546 (1,314,682) 18,644,446
========== ========= ========= ========= ========== ==========
Total funds 45,117,168 36,886,780 (38,485,196) 1,689,429 - 45,208,180
=========== ========== ========== ========== ========== ===========
At 1 Movement in funds Gains on Balance at
January Incoming Resources Investments/ 31 December
Unrestricted 2024 resources expended Property Transfers 2024
(Restated) (Restated) (Restated)
funds £ £ £ £ £ £
General funds 2,629,959 592,703 (2,183,654) - 2,035,613 3,074,621
Trading funds 23,782,752 34,018,400 (34,162,943) 2,019,755 (2,105,109) 23,552,855
---------------------- ---------------------- ----------------------- ------------------- --------------------- ----------------------
26,412,711 34,611,103 (36,346,596) 2,019,755 (69,496) 26,627,476
=========== ========== =========== ========= ========== ===========
Expendable
Endowment 17,843,170 - (78,613) 655,640 69,496 18,489,693
========== ========= ========= ========= ========== ==========
Total funds 44,255,881 34,611,103 (36,425,210) 2,675,395 - 45,117,168
=========== ========== ========== ========== ========== ===========

35

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

16. MOVEMENT ON FUNDS (continued)

Expendable endowment fund

The principal purpose of the expendable endowment fund is to provide a capital base from which income is earned to finance the grant making activities. The Trustees have the powers to approve expenditure from the expendable endowment capital in certain circumstances however these are likely to be limited to grant making activity where unrestricted reserves are known to be insufficient to meet the cost of particular grants specifically approved by the Trustees. Transfer of funds represents the gift aid donation from trading subsidiaries to The Hospital Saturday Fund and the drawdown of expendable endowment to fund grants awarded in the year. The Reserves Policy is to maintain the Expendable Endowment at a level no less than £5m and no greater than £22m.

Trading fund

The principal purpose of the trading fund is to generate and provide income to the charity through its trading subsidiaries activities. The fund represents the current balance sheet value of HSF health plan Limited, HSF Assist Limited and HSF health plan (Malta) Ltd.

17. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted funds Unrestricted funds
Total General Trading Expendable
Fund balances at 31 December 2025 Funds Fund Fund Endowment
are represented by £ £ £ £
Tangible fixed assets 3,220,664 - 3,220,664 -
Intangible assets 64,787 64,787
Investments 41,070,208 - 22,399,125 18,671,083
Cash at bank and in hand 4,818,176 3,434,664 1,383,512 -
Net current (liabilities) (2,911,042) (18,461) (2,865,943) (26,638)
Deferred tax (1,054,614) - (1,054,614) -
--------------------- ---------------------- --------------------- ---------------------
Total Net Assets 45,208,179 3,416,203 23,147,533 18,644,445
=========== =========== ========== ==========
Unrestricted funds
Total General Trading Expendable
Fund balances at 31 December 2024 Funds Fund Fund Endowment
are represented by £ £ £ £
Tangible fixed assets (restated) 3,324,430 - 3,324,430 -
Intangible assets 103,568 103,568
Investments 39,272,622 - 22,594,546 16,678,075
Cash at bank and in hand 5,996,710 3,108,735 1,110,598 1,811,618
Net current (liabilities) (2,251,276) (34,114) (2,251,402) -
Deferred tax (restated) (1,328,886) - (1,328,886) -
--------------------- ---------------------- --------------------- ---------------------
Total Net Assets 45,117,167 3,074,621 23,552,854 18,489,693
=========== =========== ========== ==========

The Trading and Total Funds includes non-distributable reserves of £Nil (2024: £Nil) due to inclusion of the revaluation reserve. The balance on the revaluation reserve at year end was £2,353,427 (Restated 2024: £2,337,428) arising from the revaluation of tangible fixed asset property in the subsidiary, HSF Health Plan Limited.

18. PENSION COSTS

HSF Health Plan Ltd makes contributions to group personal pension plans. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable for the year by the trading subsidiary to the personal pension plans and amounted to £538,637 (2024: £505,048).

At the balance sheet date, there were outstanding contributions of £76,625 (2024: £75,337)

36

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

19. OPERATING LEASE COMMITMENTS

At 31 December 2025, the Group had annual commitments under operating leases which expire as follows:

2025 2024
Land and Land and
Buildings Other Buildings Other
£ £ £ £
Within one year 34,010 129,863 3,865 107,210
In the second to fifth years inclusive 110,534 227,743 - 105,207
---------------- ---------------- ---------------- ----------------
144,544 357,606 3,865 212,417
======== ======== ======== ========

20. CONTINGENT LIABILITIES

No provision has been made for any levy which the trading subsidiary, HSF Health Plan Ltd may be called upon to pay under the provisions of the Policyholders Protection Act 1975 as the likelihood of this arising is considered to be remote. The maximum amount of any such levy in respect of the current financial year would be £352,032 (2024: £336,656).

HSF Health Plan Ltd determined in 2026 that the Irish approved body status of The Hospital Saturday Fund lapsed in 2023. Approved body status allows Irish non-individual donors to claim tax relief on qualifying charitable donations to the Irish charity. Consequently, the charitable donations made to the Irish charity in 2024 and 2025 may not be tax deductible.

HSF Health Plan Ltd has taken advice from an Irish tax advisor and their opinion is that due to the circumstances leading to the approved body status lapse, the charity will be able to re-apply for the Irish approved body status and the tax deductions in respect of 2024 and 2025 will be allowable retrospectively.

The potential additional tax liability in respect of 2024 and 2025 should the Irish approved body status be found to not be allowable retrospectively is estimated by the HSF Health Plan Ltd to be approximately £450,000.

21. NATURE AND EXTENT OF RISK ARISING FROM INSURANCE CONTRACTS

This section has been broken down into the key natures of risk arising, these are Market, Underwriting, Counterparty Default, Operational and Insurance.

Market Risk

Key Risks

The key drivers of the charge are asset class spread and equity risks. HSF Health Plan’s asset portfolio contains a relatively conservative mix of bonds and equities.

Controls

To minimise risk and secure long term growth and inflation protection a diversified spread of assets in the form of property, equities, fixed interest securities, pooled funds and bank deposits are held currently using two fund managers, three banks, the High Court of Ireland and HSF itself. No derivatives, options, or stock loans are underwritten or directly held, although some pooled/hedge funds will have some exposure.

Risk Appetite

HSF Health Plan’s appetite for market risk is relatively medium to low. The tolerance limits for Market Risk are detailed in HSF Health Plan’s Risk Appetite document. As at the date of this report, there are no known breaches of market risk tolerances and the business is expected to remain within appetite over the life of the business plan.

Underwriting Risk Key Risks

Controls

The short-tailed nature of its liabilities offer a predictable and stable book of reserves which render a risk profile commensurate with its risk appetite. The main driver of HSF Health Plan’s Underwriting risk is the exposure to catastrophe risk which is generated due to the health nature of the insurance policies sold. HSF Health Plan has

37

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

21. NATURE AND EXTENT OF RISK ARISING FROM INSURANCE CONTRACTS (continued)

robust underwriting controls to mitigate its exposure under catastrophe risk and align it to its risk appetite and strategic business plan. Re-Insurance was used to remove all risks associated with the personal accident as a third party underwrites this while this was insured by a third party. This remained in place until the 31 January 2021, after this date the underwriting of the personal accident was brought inhouse to the company, due to this being similar to existing underwriting risks it was not assessed as a significant risk and continues to be.

Risk Appetite

As at the date of this report, there are no known breaches of underwriting risk tolerances and the business is expected to remain within appetite over the life of the business plan.

Counterparty Default Risk

Risk Capital

HSF Health Plan’s Counterparty Default Risk (CDR) draws a capital charge of just over £0.6m (2024: just under £0.5m), which equates to approximately 25% of its undiversified capital charge.

Key Risks

The main driver of the CDR is HSF Health Plan’s cash at HSBC, Lloyds Bank, AIB, UBS, Brewin Dolphin and LGT Wealth which is unrated.

Controls

Risk Appetite

HSF Health Plan’s tolerance thresholds for CDR is documented in greater detail in its Risk Appetite document. As at the date of this report, there are no known breaches of CDR risk tolerances and the business is expected to remain within appetite over the life of the business plan.

Operational Risk

HSF Health Plan’s policy is to maintain an acceptable balance between the risk of operational failures, and the need to operate efficiently and prudently to ensure that contributions represent good value for money to policyholders. Appropriate precautions are taken to manage/control risk here, and compliance/internal/business audits are undertaken from time to time on material activities and areas of potential concern. This is deemed to be adequate given the nature, scale and complexity of HSF Health Plan’s business.

Sensitivity

Assumptions and sensitivities

The risks associated with the non-life insurance contracts are complex and subject to a number of variables, which complicate quantitative sensitivity analysis. The Company uses several statistical and actuarial techniques based on past claims development experience. This includes indications such as average claims cost, ultimate claims numbers and expected loss ratios. The key methods used by the Company for estimating liabilities are expected loss ratio and benchmarking.

HSF Health Plan’s management has considered a number of stress and scenario tests designed to provide a reasonableness check of the core-modelled results and more generally, the Risk Management Framework. A key test was performed to determine whether losses resulting from any of the extreme events scenarios (assumed to be equal to or greater than 1 in 200 year events) would require capital holding in excess of the Solvency II Standard Formula model output; and hence whether HSF Health Plan would need to either increase its capital buffer or alter its modelling methodology and assumptions.

These tests are intended to be pragmatic illustrations of the major impact of an extreme adverse event or events rather than an attempt to model every possible consequence.

Profit/Loss before tax Accumulated Fund Accumulated Fund
2025 2024 2025 2024
(Restated) (Restated)
£ £ £ £
Before sensitivities (292,082) 2,953,457 20,281,405 20,996,074
Reduction in business volumes by 15% (5,723,273) (2,096,079) 14,850,213 15,946,538
Reduction in investment market values by 25% (5,869,285) (2,617,603) 14,704,201 15,425,014

38

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

21. NATURE AND EXTENT OF RISK ARISING FROM INSURANCE CONTRACTS (continued)

The conclusion from these tests was that HSF Health Plan currently holds adequate capital to absorb the shock from various extreme natural catastrophic events, which it is exposed to on a net basis from writing health insurance. In all the scenarios tested (which can be deemed to be extreme and fall under stress tests), HSF Health Plan remains solvent and fulfils obligations to its policyholders. However, if such events did occur HSF Health Plan may need to raise further capital, introduce reinsurance, or reduce operations.

Insurance Risk

HSF’s policy is to offer no insurance policy or renewal options beyond a month or two, and to manage the benefit/contributions levels to achieve over the long term a small surplus of contributions over claims and business costs. The Company has a risk associated with the claims technical provision which is calculated based on the requirement for claims to be submitted within 6 months of the date of treatment, by using two previous year’s figures analysis to produce a trend and utilise this trend to calculate the current year’s provisions. From 2021 there has also been an inclusion in the claims technical provisions for the Personal Accident claims following this coming in-house in February 2021. Due to this being a new area of business for the company and also due to the larger value differences between claims the provision has utilised 5 years of historical data to generate a weighted average which is then multiplied by the number of open claims at the year end with a further inclusion of an additional value for claims which have been incurred but not received.

Concentration

The Company writes non-life insurance on a monthly renewable base. The Company’s primary insurance risk exposure is pandemic risk from widespread diseases. The concentration of non-life insurance by type of contract is summarised below by reference to liabilities:

Gross claims
2025 2024
£ £
Direct Insurance 27,091,458 24,658,571
27,091,458
24,658,571

22. FINANCIAL RISK MANAGEMENT

Liquidity Risk – HSF Health Plan Limited only

The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows.

The following table shows details of the expected maturity profile of the Company’s undiscounted obligations with respect to its financial liabilities and estimated cash flows of recognised insurance and participating investment contract liabilities. Unearned premiums are excluded from this analysis. This table includes both interest and principal cash flows.

39

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

22. FINANCIAL RISK MANAGEMENT (continued)

2025
Trade and other liabilities
Outstanding claims
2024
Trade and other liabilities
Outstanding claims		 Less than 1
month
£
-
1,517,581

1-3 months
£
-
1,358,706
3 months to 1
year
£

280,798

475,621
3 months to 1
year
£

280,798

475,621



1-5 years
£
-
-

5+ years
£

-

-

5+ years
£

-

-


Total
£
280,798
3,351,908
1,517,581 1,358,706
756,419		 -
-		 3,632,706
Less than 1
month
£
-
1,452,128


1-3 months
£
-
1,300,106
3 months to 1
year
£

443,440

455,108

898,548




1-5 years
£
-
-

5+ years
£

-

-

-



Total
£
443,440
3,207,342
1,452,128 1,300,106 898,548 - - 3,650,782

Credit Risk – HSF Health Plan Limited only

The objective of the Company is managing its credit risk exposure is to ensure risk is managed in line with the Company’s risk appetite. The Company has established policies and procedures in order to manage credit risk and methods to measure it. The Company’s maximum exposure to credit risk for insurance receivables would be 15% of net premiums earned, £5,375,399 (2024: £5,037,768).

The following table shows the carrying value of assets that are neither past due or impaired and the ageing of assets that are past due but not impaired. No assets have been impaired.

Credit Risk as at 31
December 2025
Insurance receivables
Credit Risk as at 31
December 2024
Insurance receivables		 Neither past
due nor
impaired
£
-
-
Neither past
due nor
impaired
£
-
-		 Past due less
than
30 Days
£
Past due 31
to 60 days
£
Past due
61 to
90 days
£

1,190,765
226,479
-
1,190,765
226,479
-
Past due less
than
30 Days
£
Past due 31
to 60 days
£
Past due
61 to
90 days
£

1,475,208
340,724
-
1,475,208
340,724
-		 Past due
more than
90 days
£
-
-
Past due
more than
90 days
£
-
-		 Total
£
1,417,244
1,417,244
Total
£
1,815,932
1,815,932

Interest Rate Risk

The company’s exposure to interest rate risk is limited to the effect of interest rate changes on the value of fixed income investments.

40

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

22. FINANCIAL RISK MANAGEMENT (continued)

Market Risk – HSF Health Plan Limited only

The Company is exposed to price risk arising from fluctuations in the value of financial instruments because of changes in market prices and the risks inherent in all investments. The Company has no significant concentration of price risk. The Company maintaining an appropriate mix of investment instruments to manage the risk.

The Company’s sensitivity to a 0.5% increase and decrease in market prices is as follows:

2025 2024
£ £
0.5% increase
Movement in bonds 11,760 23,839
Movement in equities 66,037 61,763
---------------- ----------------
0.5% decrease
Movement in bonds (11,760) (23,839)
Movement in equities (66,037) (61,763)
------------------ ------------------

The Company’s method for sensitivity to interest rate fluctuations has not changed significantly over the year.

Fair Value

i. Financial instruments carried at fair value

The following table presents the carrying value of financial instruments measured at fair value at the end of the reporting period across the three levels of the fair value hierarchy defined in FRS 102 para 34.22, Financial Instruments: Disclosures, with the fair value of each financial instrument categorised in its entirety based on the lowest level of input that is significant to that fair value measurement. The levels are defined as follows:

Level 1 Level 2 Level 3 Total
£ £ £ £
Equities 12,551,538 - - 12,551,538
Bonds 5,352,768 - - 5,352,768
Other 648,036 - - 648,036
Cash Funds 656,472 - - 656,472
__ __
Total Financial Instruments 19,208,814 - - 19,208,814
------------------- ------------------- ------------------- -------------------

The carrying amounts of the financial instruments carried at cost or amortised cost approximate to their fair value mainly because of the short maturity of those instruments.

Currency Risk

Foreign currency risk, as defined by FRS 102/103, arises as the value of future transactions, recognised monetary assets and monetary liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates.

41

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

The Company’s sensitivity to a 1.0% increase and decrease in exchange rate against GBP is as follows:

----- Start of picture text -----
USD EUR CHF SGD HKD JPY SEK CAD
Exposure Exposure Exposure Exposure Exposure Exposure Exposure Exposure
£ £ £ £ £ £ £ £
1% increase in rate vs GBP 2025 62,166 78,911 2,955 1,792 930 754 3,963 4,292
2024 67,799 76,656 2,206 1,128 707 657 2,492 4,686
1% decrease in rate vs GBP 2025 (62,166) (78,911) (2,955) (1,792) (930) (754) (3,963) (4,292)
2024 (67,799) (76,656) (2,206) (1,128) (707) (657) (2,492) (4,686)
----- End of picture text -----

23. CAPITAL MANAGEMENT

The objective of the Company in managing its capital requirements is to ensure that it will be able to continue as a going concern and comply with the regulators’ capital requirements of the markets in which the Company operates, while maximising the return to HSF Health Plan Ltd through the optimising of the capital. The capital structure of the Company consists of reserves.

The Company was in compliance with capital requirements imposed by the regulators throughout the financial year.

The capital requirement of the Company is determined by its exposure to risk and the solvency criteria established by management and statutory regulations. The table below sets out the statutory minimum capital requirement and the Company’s available capital.

he Company’s available capital.
2025 2024
(Restated)
£ £
Statutory minimum capital requirement 3,454,571 2,817,099
Total available capital resources 20,086,411 20,233,401
--------------- ---------------
Statutory Minimum Capital Solvency Cover % 581% 718%
======= =========

42

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

24. RELATED PARTY TRANSACTIONS

No trustee or other person related to the charity had any personal interest in any contract or transaction entered by the charity during the year (2024: £Nil).

Donations totalling £1,437 (2024: £nil) were received from two Trustees during the year.

The charity received Gift Aid donations during the year from its trading subsidiaries totalling £1,166,868 (2024: £2,072,500).

25. PRIOR YEAR ADJUSTMENTS

A valuation exercise was carried out on the Company’s London office building by a professional valuer, Allsop LLP in December 2025. This exercise indicated a value of £3,100,000, compared to a carrying value of £4,595,400 at 31[st] December 2024.

Further work by Allsop indicated that the devaluation occurred primarily in 2023, with an estimated valuation of £3,625,000 at 31[st] December 2023 and an estimated valuation of £3,100,000 at 31[st] December 2024.

The Company has therefore restated the results for 2024 to reflect the correction of the valuation and the associated impact on deferred tax entries.

The following table summarises the impact of the adjustment on the comparative figures in the financial statements.

2024 Adjustment: Adjustment: Adjustment: 2024
Deferred tax
Reported Property
revaluation		 on unrealised
investment		 Restated
gains
ASSETS
Investments
Land & Buildings 4,595,400 (1,495,400) - 3,100,000
Financial investments 39,272,622 - - 39,272,622
Debtors 2,873,709 - - 2,873,709
Other Assets 327,998 - - 327,998
Cash at bank and in
hand		 5,996,710 - - 5,996,710
TOTAL ASSETS 53,066,439 (1,495,400) - 51,571,039
LIABILITIES
- General funds 3,074,621 - - 3,074,621
- Trading funds 25,558,216 (1,021,650) (983,712) 23,552,854
Expendable
endowment fund		 18,489,693 - - 18,489,693
Provision for deferred
tax		 818,924 (473,750) 983,712 1,328,886
Creditors 5,124,987 - - 5,124,987
TOTAL
LIABILITIES		 53,066,441 (1,495,400) - 51,571,039

43

THE HOSPITAL SATURDAY FUND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

26. POST BALANCE SHEET EVENTS

There were no significant post balance sheet events.

44