HUGH SEXEY'S HOSPITAL REPORT OF THE VISITORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Company Registration Number 06906918 Charity Registration Number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Page Report of tha Visilois Independent Auditoes Report 10-12 statement of financial adivities 13 Balance sheet 14 Cashffow Stslemenl 15 A¢counting policies 16-17 Notes to the financial statements 18-25 Pag8 1 Company gistratiOn number 06906918 Charity registration nurnber 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2025 The trusle&s, who a known as the Visitors, are pleased to present their annual report together wlch the financial statements of the charity for the year ending 31 October 2025 which a also prepared to meet the requirements for a directors, report and ac¢ounts for CDmpanies Act purposes. The financial statements comply with the Charitie8 Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R8POrting Standard applicable in the UK and Republic of Ireland IFRS1021. REFERENCE AND ADMINISTRATIVE DETAILS Registered Office Hugh Sexey's Hospilal, High Street, Brulon, Somerset. BAIO OAS Visitors (all are Trustees, and Directors of the charitable company): Nicholas Mann (Appointed Chair 17 February 2026) (Appointed 17 January 20251 Dr Susanna Davidson Julia de Salis Rupert While James Buxton (Resigned 17 February 2026} Jonathan Duffy IAppointed 3 October 20251 Janet Montgomery {Resigned 24 Apiil 20251 Ann Lee (Resigned 4 September 20251 Edward Hobhouse (Resigned 4 April 20251 Ethrd Bond lan Hepburn Emily Showering Dan Bradshaw Mary Clare Rodwell Matthew Rawlingson-Plant Melinda Baker (Appointed 17 January 20251 Officers and Advisors The Master Helen Rogerson Finance and Adminislralion The Trust Partnership 6 Trull Farm Buildings. Telbury, Glos. Lanil Ag8nts Fowler Fortescue The Old Dairy, Fonlhill Bishop, Salisbury. Investment Advlsers Sarasin & Partners LLP Juxon House, 100 St Paul Churchyard, London. Bankers CAFBank Ltd, 25 Kings Hill Avenue, West Malling, Kent. Auditors Sumer Audilco Limited. County Gate, County Way. Trowbridge, Wiltshire,BA14 7FJ Solicitors Loxleys, Langford Mill, Wotton-Under~Edge, Glos. Stone King, Upper Borough Court, Bath Page 2 Company registration number 06906918 Charity regislr81i¢n number 1120351
HUGH SEXEY'S HOSPITAL {A charitable company limitèd by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT Hugh Sexey's Hospital is a oharitable company incorporated and registered with the Charity Commission (1730357) on 15 May 2999. The chanty is administered in accordance with a Charity Commission Scheme dated 23 November 2009. The ch8rit8ble company kt70wn as Hugh Sexey's Hospital (company giStratIon 06906918) is limited by guarantee and was registered on 12 May 2009. The Trustees of the charity, who are known as the Visitors, are also all directors of the charifable company. There are curr&nlly twelve Visitors, whiGh 811ows for succession planning and a diverse skill set commensuratg with the oharity's wide range of inv8Stments, which includ8 an estat8 gifted by the original benefactor, Hugh Sexey, in 1638. Visitors a appointed in accordance with the provisions of the chantable companys Articles. All Visitors give their time voluntarily and receive no benefits from the charitable company. As part of the induction process, new Visitors are brief&d on the background and history of the Hospital 8nd their responsibililies under charity law by the Ghair and the Master. A file of relevant documents is provided, and all Visitors are encotjraged lo altend The Almshouse Associalion Sen7in8rs and take part in 8d-hoc webinars provided by a number of org8nis8tions. Th8 Visitors, who are all unremuneraled, meet four times a year there are sub-committees covering House (Residents), Buildings. Finance, Estate matlers. The Visitors receive regular reports from the Master, Finance Manager, Land Agents, and Investment Advisers, and make sll policy deGisions. Ther& are five staff members.. the Master (who acts as the operational manager), Warden, Assistant W8rden (this post was m8de redundant in Febnjary 2026), Housekeeper and Garden8r who are all employed within the Hospital. Theirremuneration is reviewed annually by the Visitors. t8king into 8ccount r81e& of infl8tion, changes in their mles 8nd responsibilities and comparison to remuneration levels forsimilarroles in other0rg8nisatnS. ThetE is also a house-for-duÈy Chaplai who ts$eS on the Hospital site for the majority of the year. rhe visito havg undgrtaken a oomplet8 revpw of 8rrangements relating to risk manag8m8nt in the followng areas.. Governance Operational Mallers Financial Matters Gomplftance Matters Environmental and External Factors and systems orprocedures have boen established to manage risks. Th8 charity 15 a member of The Almshous9 Association. Page 3 Company registmtion number 06906918 Charity regisli8tion number 1130351
HUGH SEXEY'S HOSPITAL {A charitable company limited by guarantee) REPOR T OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2025 OBJECTIVES AND ACTIVITIES The Object of the charity is lo provide almshouse accommodation for eligible beneficr8ries within the area of benefit vvhich includes Brulon and namedparishes. EligibilRty includes local olderpeopl8 in n88d. Applicanls living outside the area of benefice may be offered aGcommodation at the Hospital but their overall numb&r is restricted. The ilse of the word Hospit81 refers to the historic term for an almshouse and has no relevance to the accommodation provided tod3y. The Hospital malntains a list of expressions of interest from applic8ntS, 8nd empty flats are allocated to fhose most in need al the lim8 a flat becomes vacant. As flats bgcome vacarpl, a r8view 18kesp18ce by the M8Ster, andmodernisation is undertaken irft line wifrh the mostreGentregulations. Further Objects arg charitable purposes for the benefit of residents and other such charitable purposes as the Visitors d&Gide. The Visitors fulfil these objectives by administering the Almshouses, which provide subsidised accommodation in Iwenty-six flats within the Hospital buildings, fostering the schools established by the founderof the Hospital. and making donations forcharitable purposes, mainly forthe benefit and well-being of the young and the elderly or lo other Gharlties with similarobiectives. Activities central lo the provision of the almshouses inGlude measures to ensure re&ent weltsre, through the provisiorp of a warden, regular cont8GI 8nd fostering community spirit. Ensuring that Vacant flats are re-allocated within as short a time as possible comrnensurate with refurbishing where necessary. Maintaining th& almshouse buildings, which are listed or within the curtilage Dfa listed building, and ensuring they remain fit forpury)ose. Managing the investment portfolio and the endowment properties on the estate to ensure maximum income for the almshouses and Ihe Charilgble purposes. Publlc 8enefit The Visitors have reved the Charity Commission's guidance on the requirernent to reporf on public benefit. They are satisfied that the work of the Hospital in providing almshouses, as descnbed above, accords with its stated objects 2nd pmvAYes tangible public benefit lo those eligiblp within Ihe are8 stipul8ted within the governing document. There are no VOFds vvithin the almshouse and residents are allocated8ccommodation following an application process where the resident in greatest need is offered sccommodation at the time a vacancy arises. Weekly MaintenanGe Contributions are paid by residents. Occupation is by way of 8 beneficiary licence. Lev&ls of contribulions are setby the Visitors taking into account compatEble charges such as the Valuation Office Equivalent F8irRent and the specimen outline budget from The Almshouse AssoGiation. Page 4 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) REPOR T OF THE WSITORS FOR THE YEAR ENDED 31 OCTOBER 2025 ACHIEVEMENTS AND PERFORMANCE Voids (empty flats) throughout the year were minimal and the charity maintains a ItOf applications so that empty prOpertS can be tumed around as quickly as possible. Increases in all areas of Hospilal expendituTr corptinue to be 8 concem, p8rticu18rly formainten8nce and repair.. Quinquennial repairs and refurbishment have continued through th8 year, where possible concentraling on extemal worts, mostly masonry repairs, for which considerable resouroes have been applled. In the past a Giving Committee has agreed the Hospital's poIY for extem81 don8tions, in compliance with the third oflhe Hospital's objects, andhas distributed funds accordingly. However, in vi8w of the high level of expenditure in the previou8 and current year, no further amounts have been allocated for giving. Those amounts Ihat have been grfted are at 8 minimal level. Jhe Giving comMee has therefore been disbanded at thè currenl lime. Reluct8nfly, the charifry has recently undertaken a redundancy process to reduce staffing costs. The charity is also carrying out a full review of the services provided by external advisors and significant cost savlngs will be made on these areas to reduce overall expenditure. In the summer of 2023, in lin8 with good practice, the ch8rity invested in a full review of its Governance affangements for which an external Gonsultant was engaged following present8tk)ns from throo providers. The review included areas such as.. The recnjitment and indudion of new Tnjstees The number of Trustees Terms of office for Trustees The number ofmeetings and sub-committees Risk Management staffing Residents Hospi181 Buildings strategic P18nning Review of this woN( continues with the board rggularly evaluating ils performence in line with good practlGe. The way in which resident contributions 8re calcu18ted is underrevi8w, to ensure that the chanty's approach to charges is transparent and equitable. The conditn of investment properties is regularly reviewed 8nd the necessary resources are applied for repairs and improvement to ensure the assets are maintained to an acceptable standard. In the inte$t$ of best value, the charity has secured a long term agreement forits insurance cover. Any v81uable contents have undergone a re-v8lu8tion exercise to ensure su)TIcnI insurance cover is in place. Page 5 Company registration number 06906918 Charty registration number 113Q351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) REPOR T OF THE WSITORS FOR THE YEAR ENDED 31 OCTOBER 2025 FINANCIAL REVIEW Financial results Investment income amounts to £434,243 (2024.- £434.940). 8 decre8se of £697 (0.16%J. Residents, contributions w8rg increased by 4.6% from S8Pt8mber 2025 and income reIVed illGreased lo £245, 177 (2024.. £234,472) due to én increase occup8ncy r81es. After recelpt of donalions amounting lo £2,825 (2024.. £9,996) total income decreased by £25,291 to £704, 117. Expenditure on raising funds comprises costs of managing and maintaining the investment properties and managing the investment portfolio. which amounted to £196,637 (2024.. £168,206), an increese of £28,431 which was largely attribulable lo an increase in paIrS and maintenance costs. Hospitaloper81ing costshave increasedby £19,281 to £584, 757 (2024.-£565,476). D8y-104ayrunnlng costs have increasedby £25,334, due largely to increased ¢osls of st8ff, 8ndHospilalr8paircosls have decreased 10 £254,407- these by th6ftr nature fluctuate significantly fmm year lo year, as various repair pffjjfycts ar8 camed out. Administration &ndgovem&nc& costs have increased by £5,259 due to increased administration costs. Exl&mal grants lo local s¢hools amounted lo £741 f2024.- £1.932J. Exceptional costs of £240,900 were inc(Jrred in the year (2024.. £255,463). The majorily of these w&re the building costs for ongoing development Schemes, which amounted to £136,677. In addition, £94,833 w8s incurred for profession81 fees for ongoing developnponl schemes. and £9, Q06 was incunpd in connection with future Esl&f& planning matters. After inclusion of all expandilure, which amountgd to £1,084,809 f2024.' £1,047,592) including exc&ption81 costs, there was an overall def11 for Ihe year, before inclusion of gains on investments, of £380,692 (2024.- £378, 184 def11). The Estate prop6rtie5 w6re r8valued by the Hospltal's Agents, FowlerFortescue, at 31 October 2Q25, which gave rise lo a gain of £410,853. There was an inGrease of £304.707 in th8 valua of the investment portfolio (2024.. £552,487 increas& in value). AfterinGluding all expsnditure on th$ C&pitsl Projects andinveslm8ntgains, ov8rallfunds have increased by £334,868 (2024.. £386,607 increase) and amounted to £21, 715,600 (2024.. £21,380,732) at tha year-end. The Endowment Fund increased in value by £379, 766 (2024.. increased by £427,S86J and amounted lo £21,499.621 (2024.. £21, IIQ,861J at th8 year-end. There was an unTrstricted d&llt of £44,898 arising Fn the year (2024.. deficit of £41,079), therefor6 UnrestrictedFunds decreased lo £215,973 (2024.. £260,871). Pa9e 6 Company registration number D6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable Company limited by guarantee) REPOR T OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2025 Information on FundraisingAgreements with Third Parties {as required by th6 Ch8nb-8s Act 2016) No fundraising aclivfftigs We undertaken during the year. Heritage Assets- Hospitalproperties In 2004 a desktop valuation of the Hospital was camed out. based on existing use values, whKh altribuled a value of £1, 100,QOQ to the Hospital. In vlew of the hlsloric nalure of the buildings end Iheir Genlral plac& within the aGtivities of the Hospital, Ilje Visilors do not believe that the cost of further revaluatlolls C8n be justified. In order to &nsure thal th6 Hospltal properties are kept fully fftaintaifjed, the VisFtors have a policy of undertaking quinquennial reviews of the slate of Ihe buildings- this VieW was Caled out dunng 2018 by the Hospital's aFvhiÈects and a cosledprogramme of woffks dTrwn up to cover all matters entir. In October2020 Ihe Blackford Room was cOMpted, 81 a lolal cost of £1.25m,' Ihe Visitors considarthal this cost fails lo me81 th& testforc8pil8lis81ion of expenditure as there is no subsegu&nt economic benefit grising fmm this expendrfure, and no new charitable outputs, so it has b8en fully wrilten off against Endowment Funds - thsre wa5 a Trsidual Gosl of £97.683 whiGh w8s wrilt&n off against the Incoffts Fund in the year ended 31 Octoaer2020. Investments Hugh Sexey's Hospilalis a pennanenl endowment, wkh assets heldinperpetuily. Tlie investments Gompnse agri¢ullural arpdresidenlialproperties, which compnse 75% {2024.' 75%) of the value ollhe inveslmpnls, and an investment portfolio. The Visitors regularfy review Ihe Gonsliluent parts of the Hospitals enclowment, to monitor the balance belween the values of tha investment properties and the Stock Exchange investmerts but re&lF$6 that with fluGluations in values. the ralio will change overtime. Invèstment Propertles The Visfttors employ agents, Fowler Fortgscug, lo manage th8ir invgslm8nl properties, known as t178 Blackford Estate, and a long-t&nn management sltstegy Is being Implemented. It is not posslble to adopt Total Assel Return basis for the inveslmènt pmpaffj8s as their illiquid nature means il is impossible to withdraw any unTrali58d gains without disposing of propertie5. Fowler Fortescue caffffed out a dssklop revaluation of the Eslale on an Open Market Value basis at 31 Qctober 2025, valuing Ihe properties al £15,615,252. an increase in value of£410,853 which was credited lo the Permanent EndGwmenl Fund. A review of the agenls was Garried out in 2025 and aft&ra Gompelitive Isnderexer¢ise, FowlerFortescue have been re8ppoinled. Quoted InVestnnt Portfolio The Visitors adopled in 2011 a Total Relyrn approach lo investment management. All inv8Stmenl returns. wh&th&r income or realised and unrealised gains and losses, are brought into the Pennanent Endowment Fund and the Visitors t178n agree an annual Ir8nsfer from the accumu1818d UnappId total return to the Income Fund, to subsKJise the running costs of the Hospital. Th8 Visitors believe Ihis gives a fair balance between the inleresls of CunI and future beneficiaries. In 2011 the Perm8n&nl Endowment investments were valued 21 £2,271,405. A further £2,600,S19 has subsequently been invèsled, and cash of £1,290,343 W8s wilhdr8wn lo fvndlhe 518cklord Room construrtion. Therefore, the balance st8nds 81 £3,342.524 (2024.. £3,581,681). Notè 8 to th8 accounts details the requiredinformalion forthe permanenl endowmènt iApvesled on a lolalretum basis. Page 7 Company registration number C*906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guaranleel REPOR T OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2025 Aftgrdiscussffons with the investmentmènagers the annualtrnnsferto Ihe InconFe Fundwas set at 3% of the opening value of Ihe portfolio (exGluding cash bal8nces), or £146,634. Total investment returns in the year amounled lo a su4)lus of £356,447 (2024.. surplus of £617,482) . actual income ceIVed of £85.791 was slightly less than the target so Ihis amount has been Greditedto Ihe Incon7e Fund, leaving £209,813 credited lo Unapplied Total Relum. Therefor&, the cumulative balance since the polKy was 8dopled now amounts to £1,545,281 12024.. £1,335.468). When added to Ihe Capital bal&nc8, the closing portfolio has a value of £4,887.80512024.. £4.917, 149). RESERVES POLICY At th8 stsrt of the year, total unr8Strictsd funds wsre in surplus by £260,871. DurirFg the year. unrestricted funds h8ve decreased by £44,898 to amount to £215,973 at the year-end. Under the tsfftjs of the Hospits1'5 govsrning documents, the Visftlors a obliged lo mainfrain the Hospital, which is a Grade I listed building and inalienable, and they believe IÈ pwdent to maintain reserves in a designated Building Fund lo allow them lo cover anticipated repeir Gosls for both the Hospital and the investment propert$. Each year. the Visilors consult with the estate manager lo consider the amount that should be held in reserves within Ihe Building Fund. ThFS year, a Iransfer of £400,000 (2024.. £30Q,000) into thg Bullding Fund was agreed by the Visito. Exp8nditur8 amounted to £343,353, and therefore, faking into account existing reserves Within the Fund, it was detem?ined Ihal 8 trsnsfer of £400,(0 w8s sufficient. As such, th1$ gavè rise lo a sUlUS of £56,647, and so ths clowng Fund balance amounts lo £188.074 (2024.. £q31.427J. The Visitors are of the opinion Iljat Ihe Glosing balanGe held within the Building Fund is sufficient lo fund for8seeable repaircosls. however, have sel the Iransferlor2025-26 at £400,000 lo coverworks anticip&led lo take place in the coming year. The Hospilalhas a R9sidents BequesfFund, comprising 8mounts left lo the Hospitalin pr8ViOUSy8afr3 which have b&$n designated to provide benefits for r8sidents,- this has been invested 8nd is managed by the investment managers. During the year, there was a deficrf of £26,. after including 8n incre8S8 of £6,534 in the value of investments, Ihe fundin¢&S&d by£6,508 to amountto £109,362 (2024.. £102,854) at the year- end. The ynrestricled Inooma Fund, being amounts that have not been designated by the Visitors, as descFibed ébove, has deGreased by£108,053 éuring the yearto starKI ata deficltof £81,463 (2024.. surplus of £26,590) 8t the year-end. PLANS FOR FUTURE YEARS The ov8rall plans are to keep the almshouse a¢conFmodabon fully QCGUed by eligible residents and to maffnt8in a good community spirit within the Hospital by Gonlinuing to ¢mploy experienoed staff, keeping the fabriG of ths Hospital in good order, ensuring as far as possible Ihal the almshouses are suitable for the changing needs of an oldgrpopulalion, and to mainloffn the value of the Hospitafs endowmert, with a yW to P8ssing the Hospital on to future generations. The Visilors will continue to maximise the income from the endowmenl lo the charity through estate management advised cuffently by Fowler Fortescue land agents. There a poten1121 landlord liabilities identified in relation lo Ihe replacement of buildings and fittings and flje agents a advising on options available to the Visitors. In this regarcl there are plans to re-develop certain areas of the 8Stale, subject lo Page 8 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL {A charitable company limtted by guarantee) REPOR T OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2025 the requiredpem7issions forcharilylanddisposal, which willensure sustsinedincome fmm an effiGienl estate into the medium to long lem?. h the recent Completion of the capital pmiect to provide a communty room within the Hospital, Vi10r8 arn concentrating on a repairs pmgr8mme identifwlin the quinquennialsurvey which was updated Ihisyear. VISITORS. RESPONSIBILITIES FOR THE FINANCIAL STA TEMENTS The Visitors (who are also directors of Hugh Sexey's Hospital for the pury)oses of company law) are responsible forpreparing the Reportof the Visitors and the finan¢ialst8tementsin accordance with applioable law 8nd United Kingdom AcGounlin9 Standards (United Kingdom Generally Accept&dAccounling Practice). Company law r&quires the Visitors to prep8r& financi81 statements for each financial year, which gftve & true and fair view of the slate of affairs of the charitable company and of the inGoming resources and 8pplicelion of resources, including the income and expenditure, of the charitable ¢ompany for the year. In preparing these fin8nci81 st81$ment6, the Vitsito aro wuired fo." select suitable accounting policies and then &ppty them consistently.. observe the methods andprinuples in the Charities SORP,. ake judgements and estimates thal are reasonable and pnJd8nt,' slate whether applicabl& UK Accounting Slèndards have been followed, subject lo any material departuros disclosod and &xplainèd in the financial statcm¢nts,. prepare the financi81 slatemenfrs on the going con¢em basis unl&ss rf is inappropriate to presume that Ihe chantable company will continue in operation. The Visitors 8re responsibl& for k&8ping proper accounting records that disclose with reasonable accuracy at any lime the financial posifi¢)n of the charitable company and enable them to ensure that th& financial statefftents comply wkh the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hBn¢e for18king reasonable steps forthe preventlon addetectn of fraud and other iffegularilies. In so faras the Visitors are awar8.' the is no r8levant audit infonnatn of which the charitable companys auditoris unaware,. and th&y have taken all steps that they ought to have taken lo make Ihgmselves aware of any relevant audit information and to establish that tha auditor is aware of that inform8tion. SMALL COMPANY PROVISIONS This port has been prepared in accordance wrfh the specialprovisions for small companies under Section 415a of th& Companies Act 2006. Appmved by thg VisAtors on 3 July 2026 and signed on theirbehalf by.'_ Mr N Mann- Chaim7an siloft Page 9 Company registration number 06906918 Charity re9iStration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable Company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEY'S HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2025 Opinion We have audited the financi31 stalÈments of Hugh Spxey's Hospital (the 'charitable company'l for the year ended 31 October 2025 which comprise Statement of Financial Activities, Balan She8t. Cashflow Statement and notes to the financial statements, irKluding a summary of significant awounling policies_ The financial reporting frarnework that has been applied in their preparat is applicable Igw and United Kingdom A¢countin9 Sland8rds, induding Finanal Reportin9 Standard 102 The Fin8nci81R8POrting SE8nd8rd applabl8 in tha UKanLIReputsHtrofl1aDdIuftlIed Kingdom Generally Ateèptèd Attounling Pra11. In our opinion Ihe finon¢ial statements.. give a true and fair view of Ihe slate of the eharitabl8 company's affairs as al 310¢1o)er 2025, 2nd of its incomirvJ resource8 and application of iesoufces, including its income and expènditure, for the year then ended., have been properfy prepared in accordan with United Kingdom Generally Accepted Accounting PraclÈce'. and have been prepa in a¢cordan¢e with the requirements of the Campanies Act 2006. Ba$t& for opinion We conduckd our audit in acLordan¢e wilh International Standards on Audibng IUKI IISAS IUKII and applicable law. Our responsibilitlE5 under thc>se sland3rEls are fvrther described in thÈ Auditors responBibililies for the audit of th8 financtal statements secth)n of our report. We 2re independ8nt of th& Charitab company in accordance with th8 athical requirements that art relevant to our audit of the financial statements in the UK induding the FRC'S Ethical Slandaid. and we have fulfilled our othef ethical re8ponsibilitie5 in accordance with these Trquirements. Vwe believe that the audit evidence we havè obtained rs sufficient and appropnate to proviye a basis for wr [lon. onolusion$ relating to going concem In auditing thè fifiancial statements, we have concluded that the trustees. u$& of the going concern basi5 of accounting in preparatKJn of lh8 fin8nci818latements is appropriate. Based on the work wè havè performed, we have not identified any material uncertainlie$ relating to evenis or conditions tha¢ individually or collectwely, may cast significant doubt on Ihe charity'5 abiSity to CDnlinue as a going concern for a period Df at least twelve FnOTrths frorn when thè financh?I ststements are authorised for issue. Our respon8ibililies and the re$ponsilM'1it18s of the truslee8 with r8sp6Ct to going concein arp de5cribtrd in the relevant sections ofthis report. Othèr information The Visitors are responsible for the other information. The othei inforrnation comprises the Information included in th Report of the Visitors, c>ther than the financial statements and our auditor6 Port thereDn Our opinion on the financial statements does nol Cover th8 other information and, except to Ihe exient olhewise explicitly ststèd in our rèport, we do not expres5 any forrn cl a55urance ronclu510ll theoon. In connectK)n with our audit ol the finan¢ial ststements, our re$ponsbi ility is to read the other inforrnatiDn and, in doing 50, consider whelher the other inlotrnation is materialty inronsistent wilh thÈ financial statements or our knowledg8 obtained in the audit or otherwise appèatS to be materially misst8ted. If we identify such material in¢onsistencie$ or apparènt n7aterial misststemenls, we a required to determine whether there is a rnaterial mi5Statement in IhE financial statements or a material misstatement of Ihe other information. If, based on the woJk we have perfomied. we ¢on¢lude th8t tre 18 a material misslatEment of thi5 Other information. we are rEqUid to report that fact. We havè nothing to report in this regard. Oplnion5 othpr mattÈrs prèscribèd by the Companies Act 2006 In our opinion, based on the work undèrtaken in the cour58 of the audit.. Page 10 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL {A ¢harilabl¢ company limited by guaranleel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEY'S HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2025 (continued) the inform8tion given in the Report of Ihe VisiioTS lincorporaling the direclor8' report) forth8 financial ye8r forwhich the financial statements ate prepared is consi51ent with the financial 51aternent5', and the dire¢tots' report ha5 been prepared in accordan with applicable gl requiremènts. Matters on whlch we are qUIred to pOrt by exeeptlon In the light ol our knowledge and understanding of the charitsbk company and its environment obtained in the cours? ol the audit. we have not identified rnaterial rnisstatemenls in the directors, Port. We have mthing to report in respect of the following malkrs in relation to which the Companies Act 2006 requi5 U5 to r¢port to you il, in our opinion.. adequble accounting recDrd5 have not been kept, or retums adequate lor our audit have not been I1VEd from branches not vislted by us., or the financial statÈmenls are not in agrÈ&mèntwith thp accounting reco$ a[ rètums,. or ertain disclosures of directors, remuneration specitied by law are not made.. or we have not receNed all the information and explanations we r8quire for our audit; or the Vi51tors were not entitd to prepare the financial statements in accordance with the srnall companie5. regimE and take advantage ol the 5rnall cotnpanies. exernption5 in preparing th8 directors. ieport and Irotn the requirement to ppare a strat1¢ repo Respon$ibilitle8 of Wisitors As explained MOfUllY in theVisilor$' responsibilities Statement set outon page 9, the Visitors Iwho are also the director5 of thè chaiitablg company for the purposes of company lawl are responsible for the prèparation of the financial Statements and forbeing satisfied thatthey give a true and fairview, 8ndforsuch intern81 control as theVisitor5 deterrnine is lle55ary lo enable the preparation of financial 51atemeThts that are free frorn material misstaternenl. whelhei due to fraud or error. In preparing the financial st8t8ments, the Visitors are te$pDnsible for a$ses$ing the ch8ritable cornpany's ability to continue as a going conc8rn, disc105ing. 4$ applicable, matters lelat to going con¢em and using the going conc6rn basi5 of accounting unl?5S the Visitors eithgr intsn*J t¢ liquidate the tharilable ¢?mpany or to C88$e optrrations. or have no rèalistic altsmativè but to do so. Auditorfs re$ptsn$ibilitie$ lor the audit of thp financial statErnents Our objectives are to obtain reasonable assurance about whethor the financial statements as a whole are free from rnalerial misstatement, whether due to fraud or eOr. and to i$sue an auditorfs report Ihat indudes our opinion. Reasonable assrance is a high level of assuran bui 1$ not ¥ guarantee that an audit conducled in acccidance with ISAS IUKI wll always detect a mateiial misstatemènt when it exist5. Misstatements can arise from fraL¢d or error and are considered material if. indwidually oi in the aggregste, they could reasonably bo txpected to infiuence the eCOr decisions of user6 tsken on the basis ol th?se financial $18ternents. Based Dn our understanding of the charity and sector. we identified that Ihe prinopal risks of nonmPliance wth laws and regulations related to company and Charity1lsE2tI0n. and we considered the exientto whtch noo-compliance tnight have a material effect on the finanual slalements of the charity W8 also CDnsider8d Ih05e laws and tegulalions that hav8 a direct irnpacl on Ihe prèparation of the financial $talemenls su¢h as the Charitie$ Statement of Recomrnended Practiet and thè Companies Act 2006. We evalusted management'8 incentives and opporturtilies lor fraudulent manipulation of th& finsncial ststem8nt5 linclu¢Jing the risk of override of controls) and determined thatthe prinupal risks wère management bias in g¢counling e5tirnate5 and judgemenlal aieas ol the financial 5tstements. Audit procedures pÉrfornÈd by Ihe audit ÈngagemÈntteam include(l.. Discussions with managernt, indling COS1derat10n of known Dr suspected instances of non-compliance with laws and regulations and ffaud.. Understanding of m2nagement's internal controls designed to prÈvènt 2nd detect irregularities. and fraud,. Reviewing the minute$ of Board ol Trustees meetings.. Designing audit procedures to incorporate unpredictability around the nature, tirning or exteTht of our testing ol expenses., PerfDrming anatytical procedLttes tD Kfenlify any unusual or unexpected relationships that tni9ht indicate risks ol material misstatement lo Imud,, RlWIng t)f IhÉ finanoal statements Lli5c1D5US and testing to 5UPPQrting docuEngntation to assess Complian with relevant laws and regulations discussed abDv•', Page11 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA ¢h8rilable company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEY'S HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2025 {continued> Audltorf$ respon$lbllltles forthe audlt of the flnanclal ststement8 Icontinu8dl Identifying and testing joumal entri88. in patticular any journal entries withfraud chara¢teri$ti¢5 such a$ journal$ with round rwmbers. Because of the inherent limitations of an audit, there is a risk that we will not detect all itregularthes, including tse leading 10 a material misstatement in the financBI statements or non-compliaTrce with regulation. This risk increases the more thal ¢ornpliance with a law or r8gulation 15 removed frown the Èvents and IransactH)ns reflected in the financial statement$, a$ we will be less likely to become aware of instan9 of non-compliance. The risk is also greater reg8rdirg 1rre9ularilS occurring due to fraud ratherthan error, asfraud involves inlentKJnal Cor81ment, forgery, collusion, omission or rnisrepres8nlation. A furtherde5ciiption of oui responsibditie5 forthe audit of the financial statements is located on the Finanual Reporting Coundl's webslte al-. ww.fr¢.org.uklaudltotsre6p$lllllles. Thls d&srptsDn forms part of our aurJttof$ report. Use of our report This report is made solely to the ¢haritabk cornpany's n)on)bèrs, as a body, In accordan with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audil work h85 b8en undèrtaken so that we might slate to the charitable cornpany's rnember5 those matters we iequited to stalo to them in an audito¢s report and for no other purpose. To the fullE5t extent perJntMed by law. we do not accept or assume SpOnsIbl11ty to anyone other than thè Charitable compat)y and the charitablp company's members a5 a bDdy. lor our audrfcwork, for this report, or forthe opinions wo hav• fom)ed. James Gare (Senior Statutory Auditorl for and on behalf of Surner Auditco Limited statutory Auditoi Chartered Accountants County Gate, County Way Trowbriijge Wiltshite BA14 7FJ 23 July 2026 Page 12 Company registration number 06906918 Charity regi$lration number 1130351
HUGH SEXEY'S HOSPITAL {A chaTltable company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2025 Endt>wmertt Fund5 YtÈstrded UnreSld Fund5 Funds Ttstl 2025 Tutal 2024 Inco]nq from.. DonatiLTns 2.829 245.177 346.452 21@72 2M2S 24S,177 434243 21M72 9.896 234A72 434.940 so.000 ¢hanIable81ll15 1¢ 8S.791 TOtaiincom& 85.791 704.117 729Aoe E¥p9ndIrfj oTr'. Ra191npfvnds 27.517 168.12D 168.20e Ctharltablq actmtbs.. Ho$pilal QPeFatsng ¥ts Pdmlnistratlon cosL% Eylemal gran Ex¢eptort81 cosi$ Go%m4nte 3a 13.775 570.982 50250 7é1 584,757 50.250 741 2I0.8OD 11,524 5S5A76 47.769 1.932 255.463 8.746 3b 3d 240.90D 240.900 13.775 33.497 888,172 879.386 Y0tlèXyr1lE 286.417 13.775 Bo?17 1.047I92 Netexpeoamure before 1r 1182.626} P80,é$21 (31B,184) NBtg1tns ontnveslrn•nts.. Inv4sbMeni propertle5 7a 410.$53 298.173 410.853 3U4,707 152Mts4 552.487 7b 6%34 N&tlnromellexpEndKurBI bolor•tr&nsf•rs 926.400 1177,75n 334,868 38e.6C)7 Transferts b¢trrf¢enfund5 13814 1146.8341 122,B59 379.766 144,8981 334,868 288,607 Pjnd balancos brouihtfoYw4rd 260,871 21,310,732 20.994.12S nd tJilan¢fj$ urrlvdlorward 21.499.627 215.973 21.71500 21.380.732 The above results relate wholly tr) ¢onlinuing aclivilies.. there were no recognised gains or loss&s other than those included above. The Statement of Financial Activities also complies with thè requirèment to prepare an income and expenditure account contained in the Companies Act 2006. The accompanying accounting policies and notes form an integral part of these financial statements Page 13 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charf(able company limited by guarantee) BALANCE SHEET AT 31 OCTOBER 2025 Endoymiènt R•$knthed UD91¢1ed Tot41 Total NDI Fund Funds 2026 2024 VA•d •¥••ts 1.100.000 1.IQD,QQO 1,100.OQO Frefrhold proytbfj% Invasmenl porNol 7 IS.615252 4B87.805 15.615252 4,989,701 15,204,399 5,012.516 7b 21.803.057 101.901 2f.704MS8 &Jrr•ntii•ts Debtors 36,927 57.574 108.$93 36,827 31,422 Interrund baignce9 10 157.5741 CJgh8tbgnkand in hand 108.5•3 115,199 2D$,Og4 48,621 Crndttors.. amounis lalllng thln one al 145.8561 189,0221 1134M781 1620041 Ngtcwr•nI•s$otsiiii•1tI 114,072 10,642 83.817 Toi41088ets cwrgniik4ts11th8 21.499.627 210,973 21,716,600 21.380.732 CxWxlfund PermBentEnaowment Fund 21,499,827 21N•5?7 c¢m• funds Re5tri¢ted 13 unrestdcied 14 215.973 21697$ 280.871 21.499.627 215.973 21.71SMOO 21.380,732 The Visitors have prepared accounts in accordance with section 398 ofthe Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in 8ccordan¢e with the special provisions of Part 15 of the Companie5 Act relating lo small companies at)d ¢onstilute the annual accounts required by the Companses Act 2006 and are for circulats.on lo members of tt)e company. The financial statements were approved by the Visitors al their meeting on 3 July 2026 and were signed on their behalf by.. Mr N Mann- Chairman an iredor Mrs E Showering- Director Page 14 Company registration number 06906918 Charity registration numbef 1130351
HUGH SEXEY'S HOSPITAL IA charitable cornpany limited by 9uaranleel The accompanying accounting policies and notes fotm an integral part ol these financial statements. CASHFLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2025 Totll Tthl 2024 Cash Ilow8 from oporalngacttvitt•6 N•iouigDing t•souKes.pryr8tamryntolF1ThandalkUes 1380.6921 (315.1841 lusknents hr. Dh4dends and bankintsrésl IloèMo•I {S,G061 12,074 I11?5? 12.2331 120.1501 In{1(de¢M35el knue4knr& Nth¢¥¥hu?ed In 0peThng aGO¥5tles 445,532 1457.528 Cas llow5from1nstIrtoQeltls Invdsimeniinc4)me t4etproceed9 sale ofinsknentpropèrtié$ Neipiocèèdg tmm shiè ofin$kn¢•L4 Purcha¥¢8 ofin$kntn 109,409 117.058 Note 7a 327M9 178.5S8 Netcash gener4led ftDm In9 ac11ties 436,85? 295A17 Change Incash amd¢ashèqufvalènts Inihe reportlrtg perl (6,674? 1162.4Dg1 Cash ¥ndr45h equoIntS atth• b?glnnlngof reporfng perbd 115.267 277.676 Cash 3Cl$h•91lthtr itlh* vndof th¢ r#pDrUng perlud 108.593 115267 AnalpL% of ca$han4 ¢4shequlvalgM5 B£nx84iam¢e3 Ca$ih¢ as Partgflnvcstrnvntporlol)D 115.199 8B rot&l EaSh andc8sh equiwalEnls 108,593 Page15 Company ristration numbèr 089918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee} PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 OCTOBER 2025 Legal status of the Charity The Charity is a company limited by guarantee. incorporated in England and Wales, and has llD share capital. In the event of the charity Ing wound up, the liability in SpeCt of the guarantee is limited to £1 per membgr Df the charity. The addrèss of the registered tsffic8 is given in Ihe reference and adrninistrative details on page 2 Of the financial ststemenls and Ihe nature of the ¢harity'$ operations and prlnciple activitS ara detailed in the Report of the Visitors. ststement of compliance The charity const¥tutes a public benefit entty as defined by FRS102'The Flnanclal Reportin9 Standard applic&ble in the UK and the Republic of Ireland.. Thes8 financis15tatemenls hav8 pr¢pafftd in compliance with FRS 102, the Statement of R8cunmended Practice applicable to ch8ri1ies preparing their accounts in accordan with the Financial Reporting Stsndaid applicable in the UK and Republic of Iieland IFRS 1021 IGhBrilies SQRP IFRS 102, the Charits"es Act 2011 and UK Generally Accepted Ac¢ountin9 Pra1. Basis of acGounling The finanaal statemen18 have been prepared on the historical cost basss, a$ modified by the revaluation of certain financial assets and Iiabih"Is and Investments measured at fair value through income or expanditure. Tho ftnanual statem8nts are prepared in sterting, which is the functional Currency of the entity. Gothg concern There 8r8 no material UnrtaIntieS about the charity's ability to continue_ Judg•m•nts and k•y sourc0$ of •$timatitsn un¢ortainty The Hospital makes estimates and 8ssurnption8 concerning the future. The resultir¥J accounting estimate5 will, by definition, seldom equal the related actual resu51s. The estimates and assumptions that have a $ignificant risk of causing a material adjustment to the Carrying amoun¢s of a$$ets ond liabilitv&$ wthin the next financial Year3 addressed below. Valuation of invèstment proporty An extemal indèpendent valuer, having appropriate recognised professional qualifications and Current experien ofthe location and type of property being valuèd. values the charlty's Invèstment propety. Fair values are based on market values. Mark8t values arè tha tslimad amount for which a property could be excharYJed on the date of the valuation between a willing buyer and a willing seller in an ami's length tran$a¢tion atsr proper rnathting. Taxation No provi8ion 1$ made for Cgrporation Tax as the tharity 18 able to clatm full statulory exemption Subject to the pioper application of all ils charitable rtsources. Llabllitie$ Liabilities are reugnised in full In Ihe financial statements as soon as the obligation arises. Financial instruments BaJi¢ financial instruments are inilialty recognised at the amount receivablè or payable including any related traI)sIk>n costs, unless the arrangement ¢onstitulas a finan¢ing tranSalOn, where it is recognised at the present value of the fvtuie payment5 di5COUfited at a market rats of int8rost for a sirnilardobt instrument. These include cash. debtors other Ih8n prepaym&nts, and ditOrS otherthan tsxation and social security wsts anil deferred income. Current assets and current liabilit8 are 8ubsequently me28ured al th8 (xsh or olhef con5idsration expected to be paid or 18caiv•d and not di$¢ount8d. Page 16 Company registration number 06906918 Charlty registration number 1130351
HUGH SEXEY'S HOSPITAL IA ¢harilablè company limited by guaranleel PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 OCTOBER 2025 Fund a¢¢ountlng Permanent endowrnent.. The Hospital hs8 a permanent endowment which il is legally ptsvented from spending and which must remain intact a6 part of the Hospital's capital. It has it)vesled the endowmentto provide income for its chzrilable activities. RèstrÉ¢t¢d funds.. the are held to be usèd forspeeified purp050s as laid down by the goveming dtxuments or by the donors Unrestrlcted funds: these are other in¢oming rtsourees received or gerratecl for expÈnditur6 on the genèral DbjectDie8 of the Hospital. The Visitors have designated certain of the unre8thcted funds,. thèy hsva decided that setting aside funds in this way is a useful financial discipline which will help the Hospitsl to make the best use Qf its resources, eve though Ihere 15 no legal force to the dèsigrtatioTr5. Income aftd expenditure All income 15 recognised in full in the stalernent of financial actEVities when the Eharity 15 bgally èntitled to ths income after any perfomiance conditions have been met, thÈ amount Can bÈ measurèd reliably, and it is p¥obable Ihatthe income will be re1ve. Expenditure is charged on an accruals basis and is allitaled between expenditure in¢urred on management of the investment5, eXpeIllUre in hjlfilment of the Hospital'5 objective5 (direct charTtablÈ Èxwndituiel antj expènditure incurred in the governance of the Hospitsl. Ircover8b1e VAT is Charged as a cost against thè activity for which tha èxpènditurè was ineuttèd. Hèrita9e Assets The Hospital i8 a listed building of historical importane& and a5 its prestsNation and conseNation is one of the Hospital's objective5. it is regarded a5 a heritage asset 8nd the Visitors take steps to ensu it 18 properfy maintsined. As a result of age of Ihe H05pilal there 1$ no Cord of any original c08ts. No depreciation is charged the Hospital buildings., the Visltors consider Ihatthis policy is 8ppropriHte given the hi5toHc nature of the bull din98 and the natu ol the Hospital's a¢tivities whi¢h er6ure that the buiklings are maintained in an èxcelleni state of repair. Inveslm¢nts Investment propertles are Included In the balaneo sheet at thtir estirnated market value. Investment propertles are formally ievalued at Eeast 8v&ry fiv8 ye8rs by relevant professional valuers 8rxl are revvawed artUallY to ensure that the most fftnt formal valuation is still reasonable. No deprèciation is providad in respect of investment propertses as these are held for investnEnt and the Visitors ¢onsider that this policy is necessary to give ? true and fair view. Listed i•Yestmenls held for investment purpos&s are stated at markot valuè atthe balance sheet date,. goin$ and l¢)8ses arising on revaluation are creditsd or debited to the appropriate fund through thg SOFA. Cuirant 8$sot invesfments arè shortterm highty liquid inv851rnents held at fairvalu$. These indude cash on deposit and cash equivalents wth a maturity of less than one year. Dividgnds and interest from investment8 are ¢reditec£ to income on a CeIvable basis. Rotirèmènt bèn•fits Th8 Hospital operates a defined conlribution nSion scheme. The pensKJn costs charged against operating income are tIE contribution5 payable to tho scheme in spEct of the accounting yeai. Grants payable Grant$ are re¢ogni8ed in the linan¢ial Statements when a Commitrnenl has been mode, and there are no conditions to be met tslating to the grant which rèmain in the control of the chorily. Gr?Th15 With pèrfomance condftlons are only recognised ITh the finala1 statements OTr the recipient of the grant has provided the spe¢ified 5ervict or ¢)Utput. Page 17 Company registration number C6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 EndOJmeM Restrtcted UnresirKted Funag Funag Tot41 2D2S T¢tal 2Q24 I. W4CONE la} DoDatlons Towards ¢OSt& otruThnln9theHo8prfol 22 2M25 9,896 2.825 2P25 9,996 1bl char[tab aEIMIIoS cOnbOn$ fmrn SIdents 245.177 245.177 234.472 l¢} liv•$¢tactt18$ In$eTrtprOpetyInc0Me Di%iJ•ndx •nd bahkint4t•$l 324h34 23.f1B 32434 1Dg809 e5,791 117.058 BS,781 348A52 434243 434.940 Idl otrIn¢0m? Otherineutne 2t072 21072 gD.000 21.872 2172 SD,000 Tvtallncome 85,791 61B.32 704,IIT 729,40B 2. EXPENThTuRE0NSjNGFND Invostmentprcyrtycosts.. Costs IlEse mènaoement DadaY[pairs and rnarf8nanc OCl,174 88.946 80,174 92B60 47.188 169.120 169,12Q 140.048 Brokers monagememfees 2717 27,617 28.158 2717 169.120 f96,637 168,20S 3.EKP6ILTh5REONCFL4RrtA8LEA¢TIVlllES al HospltAI owratlng costs EmPl¢5menicoais 0r Hospibl¢OSIs Note 5 101P31 16SP56 166,SS4 144,759 165.U55 Oapio-llayNnni colts 326.887 326Me7 301,353 JmshOU9e iepBifs aRd Improment9 FOm4rR4sènts, sequÈ$té¥>enditur• 13,775 240.S32 3.863 254AQ7 3,863 26D,509 3,614 13,775 570.982 $84.757 565.476 bl AdmInLstra¢n¢05lS £ruuntancysnd chatityadrnlnlstraUon LegalaD¢ prots$sionalfws OlheradmlnlstrallDnewense5 45.860 698 3,692 45,880 698 3.692 43.94é 3.824 5),250 GO3SD 47,769 cl External grants &nts madelo In5bbJllons 741 741 1.932 d] Excop041Co5ty Hospiial'.Piofes$ionalFee$ ospital'.He4bng proieci E$t•t•.' pr¢itrs$i¢na%¢tysis roVre d8wi¢weni: Estate.. bulldSng cos15 ¢e luiuie delopmeDI 51195 Estète." prolÈs8ionlteeG relubJie straiegy S24 94.43 138.677 5.006 1a6.677 9.110¢ 42.635 240.900 240,94Q 255.463 Page 18 Company registration number 06906918 Chartty regi8lralion number 1130351
HUGH SEXEY'S HOSPITAL {A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 Endowment Funds ReslridJ¢ Unr¢skn¢ted Funds TOtl 2015 TOIOI 2D24 S.EXPENDlTUREONCbL4RALEACTl7nT1E9 •) &)v4rnanc• Costs 11.024 B,745 11,524 8.74$ aEcounbncyfv8s'. {all IndusiwoIVAT li.S24 8.746 NofvAudllseAIs-pAwll prepAraUon 4.TOTALEXP&4tIT Slaff cvsls RepaiicNts EAropbpnal 0¢[¢49ts 202$ 2024 InsEntproPOrtycots In£•1an.¢hdr98S HDspitaloperabng COSII colts Nol&2 Noi& 7b NoiE3a N¢l03 Noi¢2c Noie 3d 3e 88.946 80,174 27,517 ISB.719 50,150 741 1È9.120 27,517 584,757 $0250 741 24DAQO 11A24 140.D4 28.158 865.476 47.769 f.932 255.463 8,746 154.407 EKeplonalusts Go¥emAnce costs 240.gOQ 11,524 Totalr•swfGes expond•d 343.353 240.800 53825 1.084BO 1.047,592 S.STAPPCOSTSAIIDREMJI4ÉRATk)NOPWMJJthCENIÉNf P&ttONN . 202$ 2024 siaff costs dufiigtheJe•rw•rtr'. Wales end sèlèrie> EmplosTT5 Nabonsl Insurance contribthlon5 I15 EmplDynenlPJIDwanGel PeDsiDncorythbubw 150,155 6,534 4A38 143.eo9 8.569 4.216 181.631 156.S94 Wages aid salqries in¢luderedundAncycoBts arnounUAyto£nil12023-24.' £nill. raye fDrth8 0[- 512023-24.. 5}. Noneeaine¢ In ofE60.000{2023-24nollei. Trq TN$l¢onsidgrs its keymanapem8nlper¥onnel cornpris• )slee and Wstsr.Th8tolal &mplownent benefits ofthe keymanayemenlpersonn?l. including emplosef5 pension conlibutKn$.wfrrgE58.99012Q23-24'. £5Sfi811. 6. HTAlASsr$ 202S 2024 lualb?rn 1.100.400 1.100,0 Th8Msitors.affgrierMwn9 prolfys$ional ad¥icF.have¢frtsrmine¢ thalth&Ho3pil ahEritauq ass&t.A¥ are5uII ofiheage oltheHospitalthere are no records oflhe origina5¢os¢the Hospilal buiKing5 are ala valudlon Pitsiqded byiualified valuers b131 Otrobet20O4. based tsn Ejistini use 12$. a the an0 plans alrthe useolthe Hospitsl bulldings.thèifjsltots donotèdiWP traIe918 olcarnmg 0utanytutherrtIuÈlIos olthÈ Hts5pitÈI buildings bejuStifiÈd Page 19 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2025 7.INVESTM&4TS al Fr••hold hv•stm•ntprCrtIVS 2026 2024 begimino ofthe JeBr 1S204,359 15,Q52.095 rnen1 par. 885¢5 pmcceds In ari51ngon iales Surplus 8fisln9 on mvalualon Note 12 Note 12 410S3 152.304 Mend olthe 5or 15,615352 16204,399 The Ho$piial'$ Land Igents.Fvwlpr FOrt8SwE.r81lUedthe Investsnent PlopeE on an Open Mèrketvalue bA5iS a13t Odober2025. Thls an unrgalis•d gain on rgwalualioD of£410.B53 (2D24.-£152.304lwhlch ha5 be&n inedIn tha rinants81 stments,the QAin beinpuediied io the Perm£neniEndowment Fund. NDPtDpetywas 501d >e&r.knÈreforèthere is no re2lisd gain report.12024.' No Reallsed galn.? Ther8forÉ, nBtgsln Inthe Statement01FthCl di%leS 1$ É410.8S312024'. GalDof£152.304.) bl InYo$tsnentpDrtrolo pemaTh&nt EndDwmcDI Unie$thcteo.' Fvrynor TOtsI 2Q25 Tot&1 2)24 Inw$ent1r0M¢ i¢¢tyid MJna9em4nlfe¢¥ ¢hJrged Fun45 Inwsiedllwlthdrawn) Unapplied tolal tpkntn a1Ced io In¢trm& Excas5 unapplied totsl rrn tmed iD caF4tal 3M38 09A29 (27,S171 1)03,6381 11K.fj341 107.713 8.1581 1152.793} 1135.63B} 31.714 1275171 13W.OQOI 1146.6341 80043 13.638} permanent Éndowment FotrnerResidEnts BEquests N0ts8 Note 14 298,173 29J.f73 8,534 540.721 11.766 6.534 Netin¢rÈase ifiporttstiONBloe (29.3441 ,534 374.329 Operlrti llun 4.917.149 95.3$7 $.012A16 4.638,187 CbslnBv41uadon 4.8&?0$ 101,901 4,989,706 5.012,516 Hi¥tori¢•l ¢D$iofli$t¢d irnw¥kn£nL8 3.951.942 78.844 4,030,788 4.333,S36 Tr& in$tments aR held a9 fOIknw$". In$en1 porfol C4sh b&lance5 hela bY0kerS 4.989.70$ S,012,447 4>89,706 5,012.516 èndofthe repotting p&rfodlhe following holdlngs comptsed mcr¢than 5% ofUIE %•lu¢¢tthe porftylio. ICS.Steiliig LiquldtyFund-knrnuIaDn Sarasin End0¥en15 FuThl Class A. Incorne 1,500.94 JM86,796 1.747.244 3265.204 P4 in notc 10,th¢ pem¥n•nièndOWmBniHi3Qrf portfolo ¢Dntalns £S7A7412024'. £101.361}ofunresKtsd fvDds Reali5ed gsins 8moullting ttst2$8.173were re¢o9nlsed in Ihe PemanentEndowm¢Difund12024-.Gakn of£M¢,721.1 In a#dibon.gains of£631 werErecugn15ed in thE FDThnerRe51dents' B4uèSIFuThd 12024.. Galn of£11.788.1 Therfrfore, lotallnvfr3tsngDlgaiDs shvwn in SL*mBnlolFinanclalActi44fe5 dmountsd to£304,70712024.'Galno1£552.487.1 Page 20 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guaranleel NOTES TO THE FINANCIAL STATEMENTS (continued} FOR THE YEAR ENDED 31 OCTOBER 2025 O. MOVEMENY1N UtriIPPUEDTOT•lLREfiN UnappliÉd lotal r4wffl Is calculated trom a$tsrtdHteol 11 Iupu912011. The Hospiial% polcylsiotransferinlD Unre$the0 IiThcomelhdS eath beèrènamtsuntapproJimatsiyÈqual its3%Of&4penIng Yaiue Ofthe pennaneni EnoowmeThtin$bnÈrtlPOthlio,whith Is $wilObl¢f4tth¥ritableu$¢$.FDr2D21-25 Uii$trart$feiamountdd th É146.63412ts2>24'.£136,S3UI. Thi$ 1$ fvnded fr¢m ¢101 in3lMpDIrEInts Ilncgm¢anO g?Ins, l¢¥i mJnag¢rnBnlthargp5lvn kntyH¢$pitsl iiabMènts. The M¥Siors Intendloke•pthe dlsuibullon ra under rèwew8nd adjustèG necèss11ak a¢counlofpwvaYlns roEollnvastmeniretyJm. Th¢•mounlofP¢rnaneDIEDdowmeDllme$led undertheToiAIRewin basls ¢ompds•s'. 2025 2024 Tow asse 21.704,958 21.316.915 Exrludv.. Herage asse16.'The Plostal Inwstheni propepies Resld2nts BequestFund Nole 6 NO 7a 11.i00.0DDI {15204J991 {95ts671 4,887,805 4.917.149 P¢m••ni Endrywmenl TOt&i Toiai 2024 iDt&l rtrlum Abeglnning ofperfod 3,581.681 1.335.468 4.917,148 4.684.586 In9fMeMiÈwins'. 298.173 B5.791 29B,173 54D,721 104,92D (2e.1$61 617.482 ItrEntIr¢0rnCrvKlble ItrneiMalageeniCosiS (?717) 356.447 1146,6341 209,813 308,447 1148M241 Unapp11ed total rthm 8Iknca toiThcom UnappllEd total rrn unallUcalpdatE&rQnd 460.84S péaDaIflls Irtd IIWthdkwnl Excess unappiied 1300.CW)01 1300.0001 10.843 {Iso.0001 Ne1mMent1n reporting pertoll Aend ofpeAtsl 1239,1571 3,342.S24 209,813 1.545,201 9,3441 4M87,8)5 362,563 4.917,149 ttescribEd in nDt& 10.lhe pennaDent8ndovnnini In%esvneDlpontollocontsins £57.5741202&24..2fj01B811 Dlunre5trtsdfunds. For¥i[Dlthfj a1laI[0D0fuDapplS?t¢&lrtmlS based ontheenwre pon110. £300MOQwss widrawnfrorn putmanaDlendllwrnenlduiingib8 spar. £150.OOQw4s Wilhdrawnfrom p8rmaneniendwmen14urln9the prfor5wr. Thls r2presenis hl$toricreaiised gahis on Salès dsweiias amounts Withdrthn In prior¥$. 9. WYORS 2025 2024 entincome-amounts aueftom ioftanL% Prepayents and otherdebtord 803 28,124 9.956 21.466 38.927 31.422 DIr¥ figureifKlude5 a Pro$10f0Id0ubUl deblof£5532 10. IiifRFUNDWNCES The CherftyholdsihreE portlolos wlh Sarasln AsSellagemenf.Trel9ryer0lth21hree porfoll05 makes up partofthe CaiiW5 EndowmentasseL8. Athoughthe ¥1¥1M¢ntPOIIO 1$ 811¢¢at¢dlQV)¢ endryWmenlDd-lllItJuo¢$ 8 b3Lgn¢fyOf£$7,574 (2024'.£101.¥11olunrfrStriraed funa9. Thtrint¢rbJDd bilarKCS r¢nElhls ulliEElrfthd eknmenlofthe porfolkn. Page 21 Company registration n¥Jmber 06906918 Charity registration numbeT 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2025 11.CPEDYfoRS:AMOUNTS FALUIfiPURWITHINQNR YE4R 2025 2024 rrndetteditorts.. EndowmenlFund Unrestrrted Fu5 Is56 325 55,172 24,627 2,681 Kwa15 and Lhfyr¢rediiots Soclol yeDJrity4nd ovier ioxe5 77,9¢9 9,252 134M7e 82.804 OtherLYedlors Indudes E2025of deleThed Inmrneln respeolofrentsl hcomer9f0lI0WIllg ar 12. peRmANTeIx)WMrlvWD 202S 2024 Incon herincome 50.000 Hospiiol.. Hg4bng Proi8cl Estaie".c051s r&kniuredeloprnentEIIg Estste." buiioing cost5 re tUWJre dewlopmentsl$ EÉtsi&." prOfeSSn31fÈe$IÈfvIUre straiegy NO 3d NoiE3d Not83d N¢w3¢ 194M331 1436A771 18PD61 142,53S Trleteweniire In the ar 1240.9001 {205.4831 Reali9ed gah angin9 on sAle of knVèsenIpropen18S vnr¢aiiSÈd gAin ari$ifig on r&Olua0Th ofingen1PrOpee5 Fund$ Iin$t¢d jnllwthdrawnfrom insimeni porfoih? Nat87 Not97 Now7 4qIIP63 Joo.000 1S2.304 160,ODO Unapplid 11 ¢kbJm UnA1Clll 9rra roob8 33D,84S tmo¥èmentlnfund$l¥ringthe year 279,761 427.688 d balances brough110ard alstsrtof5Yar 21.11¥.861 20h92.175 ndbalanc• carrloé lorwarf atendorar 21,499,527 21.119061 13. RESTrICTEDFUt41ts 2126 2024 Extraordlnary Repalrs Fund E¥)&ndlkntE durlry thE nuaitransl¢rfrom in¢om7ttouni No 3a NOIÈ 1¢ (iJ,7751 f3.775 113.T151 13.775 tmov?rnentlTrfund5 drIngthyear Fund #?nE08 bro¥gblfvThvard atStatiofFgr d balanG•S c•rrlpdfotwardatend of year UnderthE le5 olthe 90stming Ordeis.thQlAs1I$ are requlred tolransfera Mlnlmum of£$90 kn194n Ets•Oidinary Repalrs Fund.tOnd mAjor lon).r modemisation anfep8iYS. Thè $110rS haalled Pide1•re$0 rppai U51ng ihoAmsh•usePsswlaboD SUgytr¥d Contribub¢n ratès Qf£475 prna(Whi¢ PJ¢e$ annuAI chai99 01 £13,775. Costs ofremodelling flats during svqrgxcgedthi$ figurp-an gqualcllsthaslherefo bÈen thai9e4 Page 22 Company registration number 06906918 Charty registration number 1130351
HUGH SEXEY'S HOSPITAL
IA charitable company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued}
FOR THE YEAR ENDED 31 OCTOBER 2025
14. UNRE9TRFLl1DS
Ie
Fvn¢J
Fpnner
Residgnts
Bequ&5t
GIn9
Fund
Totsi
2026
Total
2Q24
Fu
JrplUSdefi¢il>fDrth? 5r
AIotrAièakn Buildini Fund
159.088
1400.UOOI
1343.853)
400.OOD
1175.7081
igolng r&6ources b8lor4tran$f81$
56.e47
1175.7081
Trnnsfe15
TO[Asse1 Rotyjin adluslmenl Notg 7
EthordlnaryRepairs
Note 13
148.4
146,684
13&.638
Outgoin9 rgsourc45 aftertsansfers
56,547
1$1.4321
Not0 7
634
11.766
NEtmomthtin fund$ during >tr
5$,647
6,59
1441181
Fund balances atstartolhtar
28,S90
131.427
lo2S4
260P71
201.950
nd bHlances at¢rA of yoAr
188,074
1119,362
21673
26071
Ildlngs nd
Repalrs, maknienance and rnodemlsaUDhcls ailse eftay¢aiiyowthe heAts.'ilch£rged dlrecttyto the IncomeFund
theamountofsurplus in anyar¢an ryprediiY.ThÈobJ
HUGH SEXEY'S HOSPITAL (A ¢harilable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2025 19a. PIIIOR YEARCC&IPARATfvES.STAYEMENT OFRI14NCL4LACnVlnES EndOweI Funds Resbicted Unfestricted Funds Funds Total Incom8 from.. Donaty-ons and legacies Charft8ble a¢118$ Inslments Other EnG0e 9,996 234.472 330,020 9,996 234,472 434,940 50,000 104,920 50.000 TotRI Inrom9 154.92 574,488 729,408 Exppnditurè on: RAi&ing Fufids 28,158 140,048 168,206 Chartsblp actl¥ltle$= Hospital Operan cosis Iminislratson costs Eernal grants Exceplonal costs soOnCe costs 13.775 551.701 47,769 1,932 565,476 47,769 1.932 255A63 8.746 255N63 8.746 255,463 13.775 610.148 879.386 Totsl èxpondttur8 283,$21 13,775 750.195 1,047,592 Plèttrxptrnditufè b•farè gains 1128.7021 113,7751 1175,7071 1318,1841 Pletgalns on Invetstments.. InStent propertie$ InstMan1 portfolio 152,304 54D,721 152J04 552887 11.766 Nfrtlnoome Ilexpendliurèl beforè transf•r8 564.323 118,7751 1163.9411 386,607 Transf8r8 be001ds 113S.8381 13,775 122,863 Notmovèmentln lund8 427.686 141.0791 386,607 Fund banCeS brDuglLtfurnard 20,692.175 3Q1.950 20.994.126 Fund bInCeS carrkd ftsThYard 21,119.061 260.871 21,380,732 Page 24 Company regislrdlion number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA ¢harilable ¢gmpany limited by guaRnleel NOTES TO THE FINANCIAL STATEMENTS (contlnuedl FOR THE YEAR ENDED 31 OCTOBER 2025 19tk PIIORVEARCQMPAf14TWES- BALAN¢ESHEEfAND FUNDS Endowrnerl Funds Restricted UnreS¢ted Fund5 Funds Total 2024 xed assets eritsge assets.. The Hospltal 1,100.000 1,100,0¢0 In%estynenl&'. Freehold properbe$ In¥estrneni portfDIio 15204.399 4.917.149 15,204,399 5.D12.516 g5.367 21221.548 95.367 21.316.915 CLtrrèntas$Èts Oebtors InteTrd balances Cash atbankand irj hand 31.422 101.361 115.199 31,422 1101,3611 116.199 1101,3611 247.983 14821 CredltO¢S.' 8mounts falllmg due With1 one ar (3251 182,4791 182A041 14¢t¢urr¢nta4$ets llll9blliQsl 1101,6861 165,504 63117 Totsl asspts los¥ ¢urrpnt114bllllh¥ 21.119.861 260,871 21A80.732 Capital lunds PemianenlElldowment Fund 21.119.861 21,119M61 Income funds Reslrfcted UnrÈ&irittted 260.871 26071 21,119,881 26D,871 21,380.732 V14REsm¢TED FUNDS ¢CthIPRJSk Income Fund 8uildMgs Fund Foimer Residents Bequest Giiinu Fund Tolal Surpluslldefitill forlheyear Pllocaled to Building Fund 132,810 1300,0001 (307.6971 30D.000 1175.7081 (tuo1ng resourtes IraThsfÈrs 1167.1901 17,6971 1175,7081 Transfers Permanent Endowm?Dl E)rtraordinaryRÈpairs 136,638 136,638 113,7781 Outyoing oUrteS aftÈrtrdnsfers 144.3271 17.6971 152,8461 $trnMigain 11.766 11,766 Neidacrèa&e IA ndS during >tai 144027 17,6971 10,946 141,0791 Fund balaTrt8 aistsrtofyÈar 70.917 139.124 91,908 301.9SO Fund b4lances atend of year 26,59 131A27 lo254 260.B71 Page 25 Company registration numbei 06906918 Charity registration number 1130351
Sexey's Hospital 163¥ Sumer Auditco Limited County Gate Countyway Trowbridge BA14 7FJ Date: 3 July 2026 De8r Sirs, This representation letter is provided in connection with your audit of the financial staternents of the charitable companyforthe year encled 31 December 2025, for the purpose of expressing an opinion as to whether the financial statements are preseTTrted fairly, in all material aspects. in accordance with United Kingdom Accountingstandards IUK GenerallyAccepted Accounting Pracilcel. We confirm that the following representations are made on the basis of enquiries of the trustees, management and staff with relevant knowledge and experience (and, where appropriate, of inspection of supporting documentation) sufficientto satisfy ourselves that we can properly make each of the following representations to you: We have fLJlfilled our responsibilities as trustee8 1 directors under the Companies Act 2006 for preparing financial statements, in accordance with the applicable financial reporting framework. We confirm that in our opinion the financial statements give a true and fair view and in particular that where any additional inforrnation must be disclosed in order to give a true and fair view that information has in fact been disclosed. We confirm that the selection and application of the accounting policies used in the preparation of the financial statements are appropriate, and we approve these accounts forthe year ended 31 December 2025. We confirm that all accounting records have been made available to you for the purposes of your audit, in accoidance with yourterms of engagement, and that atitransactions undertaken by the charitable company have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of 811 management and trustees. meetings, have been rnade available to you. We have given you unrestricted access to persons within the charitable company in oiderto obtain audit evidence and have provided any additional information that you have requested forthe purposes of your audit.
We acknowledge that it is a criminal offence to make a false statement in this regard, and where any director I trustee either makes 8 false statement: is aware that the statement is false. is reckless in preventing this statement; or fails to take reasonable steps io prevent the trustees, report f rom being approved, we acknowledge that each will be guilty of a criminal offence. We confirm that the charitable company is controlled by the trustees and that there is no ultimate controlling party. We conf irm the charitable company has satisfactory title to all assets and there are no liens or encumbrances on the assets, except for those disclosed in the financial statements. We confirm that the methods, signif icant assurnptions and data used by us in making accounting estimates, and the related disclosures. are appropriate to achieve recognition, measurement or disclosure that is in accordance with the applicable financial reporting fr8mework. We confirm that we have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements. We confirrn that the charitable cornpany has no liabilities or contingent liabilities other than those disclosed in the financial statements. 10. We confirm that there are no actual or possible litigation and claims. the effects of which should be considered when preparingthe financial staternents. We confirm that there have been no events since the balance sheet date which require disclosing or which would materially affect the amounts in the financi81 statements. 12. We confirrn that we are aware of the definirion of 3 related party for the purpose of the accounting framework being applied in the preparation ot the accounts. We confirm that there have been no material transactions with related parties other than transactions with group undertakings which are not required to be disclosed. 13. We Confirm that all related party relationships and transactions have been accounted for and disclosed in accordance with the applicable financial r8PQrting framework 14. We confirm that the charitable company neither had, at any time during the year, any arrangemellt, transaction or agreement to provide credit facilities lincluding advances and credits granted by the charitable company) for directors I trustees. nor provided guarantees of any kind on behalf of the directors I trustees. 15. We confirrn thatthe oharitable Company has not contracted for any cspital expenditure. 16. We confirm that the charitable company has complied with all aspects of contractual agreements that could have 8 m8teri81 effect on the financial statements in the event of non- compliance.
17. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charitable company conducts its business and which are central to the charitable company's ability to conduct its business. We acknowledge our responsibilityforthe design, implementation and maintenance of controls to prevent and detect fraud, and that we believe we have appropriately fulfilled thèse responsibilities. We confirm th8t we have disclosed to you the results of our risk assessment of the risk of fraud in the business. There h8ve been no deficiencies in internal control of which we are aware. 19. We confirm that there have been no actual or suspected instances of fraud involving management. employees who have a significant rol8 in internal control or others where the fraud could have a m8terial effect on the fin8nci81 statements. We 81so confirm that we are not aware of any allegations of fraud by employees. former employees, analysts, regu18tors or others. 20. We confirm that, in our opinion, the ch8ritable company's financial statements should be prepared on the going concern basis on the grounds that current ancl future sources of funding or support will be more than adequate forthe charitable company's needs. In reaching this conclusion. we have taken into account all relevant matters of which we are awsre, ncluding the availabitity of working o8pit81 and h8ve considered a future period of at least one year from the date Dn which the financial statements are approved. 21. We confirm that in our opinion the effects of uncorrected misstatements are immaierlal. both indlvidually and in aggregate, to the financial statements as 8 whole. A list of the uncorrected misstatements IS attached to thi8 letter. 22. We confirm that we are not aware of 8ny matters of material significance that should be reported to regulators. 23. We confirm the following specific representations made to you during the course of your audit relating to lal We confirm that the hospital buildings meet the definition of a heritage asset as Included wlthln the Charlties SORP 8nd that the preservation und Loriservdliuii ol ilie building is one the charity's key objectives. Ibl We collfirm that the property refurbishment costs incurred during the ye8r are more maintenance in nature rather than capital improvements, hence the treatment of this expenditure as revenue costs is appropriate. Icl We confirm that no decision has been made on the potential rnerger and hence no disclosure is required in the f inancial statements. Idl We confirrn that we approved the transfer of2400,000 from the income fund to
the buildings fund to cover the expenditure in the year allocated to the buildings fund. 24. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that: so far as each director / trustee is aware, there is no relevant audit information of which you 8s auditors are unaware, and each director I trustee has taken all the steps that they ought to have taken as a director I trustee to make themselves aware of any relevant audit inforrnation and to establish that you are aware of that information. 25. We acknowledge that It is a crimin81 offence to knowingly or recklessly m8ke you 88 8n auditor, a statement loral or wrlttenl that conveys, or purports to convey. information or expl8n8tions that you require in your capacity as auditor, or are entitled to require, that 1$ misleading, false or deceptive in a material particular. Yours faithfully Signed on behalf of the board of Visitors by.. Date .