2025-12-31-accounts

Company registration number 09537230 (England and Wales) Charity registration number 1164175 (England and Wales)

GLOVER'S TRUST

INCORPORATING GLOVER'S TRUST ENDOWED FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Pamela Johnston Peter Edmonds Alan Vickery Margaret Vickery Christopher Fawcett (Appointed 28 January 2025) Country of incorporation United Kingdom 09537230 (England and Wales) Charity registration England and Wales 1164175 Principal address Sarah Glover House 31 Sarah Glover Close Sutton Coldfield West Midlands B73 5BW Registered office Sarah Glover House 31 Sarah Glover Close Sutton Coldfield West Midlands B73 5BW Auditor LMH Accountants Limited T/A Trevor Jones & Co Old Bank Chambers 582-586 Kingsbury Road Erdington Birmingham B24 9ND

GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND CONTENTS

	Page
Trustees' report	1 - 3
Statement of Trustees' responsibilities	4
Independent auditor's report	5 - 6
Statement of financial activities	7 - 8
Balance sheet	9
Notes to the financial statements	10 - 20

GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their annual report and financial statements for the year ended 31 December 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the constitution, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

The accounts prepared represent Glover's Trust and incorporate the linked charity Glover's Trust Endowed Fund.

Objectives and activities

The Trust was set up in 1824, with its Trustees drawn from leading Anglican and Non-Conformist Churchmen. Their role was to administer the Trust for the purpose of affording relief and protection to poor, aged, and godly persons.

The first almshouses were ancient cottages in Steelhouse Lane, Birmingham, which eventually made way for the Birmingham General Hospital. Further almshouses were erected in 1853 in Steelhouse Lane, but development eventually led the Trustees to acquire the present site in Chester Road, Sutton Coldfield where the present almshouses were built in 1932. On the 2nd May 2017 the site was renamed Sarah Glover Close.

The trust provides pleasant homes for elderly people of limited means and can currently house up to 43 persons. It is a condition of occupation that applicants are resident within the city of Birmingham or its environs, and that they are able to live independent lives

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities

The activities of the Trust are funded by investment income and contributions by the residents. Major repairs or improvements are generally funded by way of grants or any other available source.

Achievements and performance

Significant activities and achievements against objectives

A service charge for all cottages was successfully introduced in July 2025 . This additional source of funding has allowed us to commit to a higher level of maintenance, in particular we are now able to redecorate cottages and upgrade fittings when a resident leaves. This gives a higher level of cottage maintenance providing residents with a better environment when they arrive at Glovers. All of the cottages now have a 24/7 personal alarm installation which enables us to provide for residents who's health is a little more problematic and who otherwise might need to occupy a care home bed. These achievements meet the charity's stated objective.

Financial review

The charity achieved a surplus of £75,203 in contrast to 2024 where we had a deficit of £24,491. Reserves of £1,118,556 are currently held as unrestricted funds. These reserves serve several purposes namely as security against a reduction in income through an inability to attract sufficient residents. The reserves also generate income without which a deficit position could well occur. Lastly the cottages are nearing 100 years old and in the opinion of the trustees may well require substantial work in the future. All of these factors have led the trustees to believe our substantial reserves are necessary as a safety net against such risks and therefore there are no concerns about the charities ability to continue as a going concern. There are no known deficits in any Glovers Trust fund.

Going concern

We consider there are no uncertainties about the charity's ability to continue as a going concern.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to atleast three month’s expenditure. The Trustees then consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The income of the trust varies according to the number of residents so it is necessary to maintain reserves to cover any deficit in income. Also, as explained the age of the properties may necessitate significant capital expenditure at short notice, so the Trustees hold additional reserves.

Major risks

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The additional income from the service charge will allow us to create schedules for both routine maintenance and planned upgrades. We will continue to renovate the external doors to the cottages and put in place a plan to renovate their flat roofs.

Structure, governance and management

The charity was established by a charitable trust deed in 1824, it became a registered charity on 25 September 1963. Glovers Trust changed its name to Glovers Trust Endowed Fund by a deed dated 24 November 2015.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Pamela Johnston

Peter Edmonds Robert Strachan (Resigned 28 January 2025) Alison Bessey (Resigned 30 October 2025) Michael Hepburn (Resigned 30 October 2025) Christopher Haslam (Resigned 8 May 2026) Alan Vickery Margaret Vickery Christopher Fawcett (Appointed 28 January 2025)

Recruitment and appointment of trustees

The Trust is managed by its Trustees, who once appointed remain in place until they choose to formally resign. New Trustees are appointed by informal means.

The Trustees' time and efforts are not remunerated, but are on a purely voluntary basis.

P Johnston is responsible for the day to day management of the charity.

Organisational structure

The charity is a Linked entity with Glover's Trust Endowed Fund.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Relationship with related parties

There are no related party transactions requiring disclosure.

Auditor

In accordance with the company's articles, a resolution proposing that LMH Accountants Limited T/A Trevor Jones & Co be reappointed as auditor of the company will be put at a General Meeting.

The Trustees' report was approved by the Board of Trustees.

Pamela Johnston

Trustee

18 August 2026

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees, who are also the directors of Glover's Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GLOVER'S TRUST

Opinion

We have audited the financial statements of Glover's Trust (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 charity 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 charity’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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GLOVER'S TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose 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 charity’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Lewis (Senior Statutory Auditor)

For and on behalf of LMH Accountants Limited T/A Trevor Jones & Co, Statutory Auditor

Chartered Accountants Old Bank Chambers 582-586 Kingsbury Road Erdington Birmingham B24 9ND 20 August 2026

LMH Accountants Limited T/A Trevor Jones & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Endowment Restricted Endowment funds funds funds funds designated general 2025 2025 2025 2025 Notes £ £ £ £ Income from: Charitable activities 3 291,338 - - - Investments 4 26,134 - - - Total income 317,472 - - - Expenditure on: Raising funds 5 6,536 - - - Charitable activities 6 274,610 - - - Total expenditure 281,146 - - - Net gains/(losses) on investments 11 38,877 - - - Net income/(expenditure) 75,203 - - - Transfers between funds - 7,000 (7,000) - Other recognised gains and losses: Revaluation of tangible fixed assets - 120,000 - - Net movement in funds 7 75,203 127,000 (7,000) -	Total Unrestricted Endowment Restricted Endowment funds funds funds funds designated general 2025 2024 2024 2024 2024 £ £ £ £ £ 291,338 261,374 - - - 26,134 26,668 - - - 317,472 288,042 - - - 6,536 5,836 - - - 274,610 297,230 - - - 281,146 303,066 - - - 38,877 (9,467) - - - 75,203 (24,491) - - - - - 7,000 (7,000) - 120,000 - 1,111,785 - - 195,203 (24,491) 1,118,785 (7,000) -	Total 2024 £ 261,374 26,668 288,042 5,836 297,230 303,066 (9,467) (24,491) - 1,111,785 1,087,294

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Endowment Restricted Endowment funds funds funds funds designated general 2025 2025 2025 2025 Notes £ £ £ £ Reconciliation of funds: Fund balances at 1 January 2025 1,043,353 2,589,947 14,000 3,734 Fund balances at 31 December 2025 1,118,556 2,716,947 7,000 3,734	Total Unrestricted Endowment Restricted Endowment funds funds funds funds designated general 2025 2024 2024 2024 2024 £ £ £ £ £ 3,651,034 1,067,844 1,471,162 21,000 3,734 3,846,237 1,043,353 2,589,947 14,000 3,734	Total 2024 £ 2,563,740
		3,651,034

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes Fixed assets Tangible assets 13 Current assets Debtors 14 Investments 15 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Net assets The funds of the charity Endowment funds - connected charity 19 Endowment funds - designated 21 Restricted income funds 20 Unrestricted funds 22	2025 £ £ 4,264,820 5,164 727,234 63,304 795,702 (66,577) 729,125 4,993,945 (1,147,708) 3,846,237 3,734 2,716,947 7,000 1,118,556 3,846,237	2024 £ £ 4,154,487 21,185 692,362 31,353 744,900 (62,265) 682,635 4,837,122 (1,186,088) 3,651,034 3,734 2,589,947 14,000 1,043,353 3,651,034

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 18 August 2026

Pamela Johnston Trustee

Alan Vickery Trustee

Company registration number 09537230 (England and Wales)

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Glover's Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Sarah Glover House, 31 Sarah Glover Close, Sutton Coldfield, West Midlands, B73 5BW.

1.1 Basis of preparation

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Unrestricted and designated funds represent income and expenditure for Glover's Trust Endowed Fund.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.5 Expenditure

All expenditures is recognised in the period in which a liability is incurred and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities are costs incurred in the trust’s educational operations.

Governance costs include the costs attributable to the trust’s compliance with constitutional and statutory requirements, including audit, strategic management and trusts’ meetings and reimbursed expenses.

All resources expended are inclusive of irrecoverable VAT.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 2% Straight line Fixtures, fittings & equipment 6.67% to 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Capital and Revenue Grants

Capital grants received for the purchase of fixed assets are deducted from the cost of the assets.

Revenue grants received are matched against that expenditure by being included in incoming resources in the Statement of Financial Activities. The related expenditure is included in resources expended.

1.12 Designated Funds

Recoupment of Notional Capital Reserves

This reserve had been set up, under an Order of the Charity Commissioners in 1966, to build up the assets of the trust over a period of fifty years in order to recover a £45,500 depletion of assets in past years in the form of a disposal of freehold property. The Charity Commissioners sealed this Order on 30 December 2002 but the reserve needs to be retained for the Permanent Endowment of the Trust.

Property

Amounts designated for building the property and revaluation of the property.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from charitable activities

	Unrestricted	Unrestricted
	funds	funds
	2025	2024
	£	£
Contributions from residents
Service charges	21,674	-
Heating and electricity recharge	31,425	32,497
Contributions from residents	238,239	227,517
Grant income
Grant income	-	1,360
	291,338	261,374
Income from investments
	Unrestricted	Unrestricted
	funds	funds
	2025	2024
	£	£
Income from listed investments	22,137	23,557
Income from unlisted investments	3,997	3,111
	26,134	26,668
Expenditure on raising funds
	Unrestricted	Unrestricted
	funds	funds
	2025	2024
	£	£
Investment management	6,536	5,836

4 Income from investments

5 Expenditure on raising funds

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

6 Expenditure on charitable activities

		Expenses	Expenses
		2025	2024
		£	£
	Direct costs
	Depreciation and impairment	13,637	38,740
	Rates & water rates	53,949	49,161
	Software support	2,950	3,504
	Subscriptions	1,466	1,882
	Insurance	6,584	4,070
	Audit Fee	8,362	6,055
	Legal & professional	16,239	9,853
	Repairs & maintenance	32,054	18,113
	Garden maintenance	9,247	9,928
	Careline	2,749	3,173
	Postage & stationery	472	434
	Telephone & fax	1,092	974
	Bank charges	134	219
	Staff costs	36,318	34,197
	Mortgage interest	85,591	104,106
	Incidental expenses	3,616	3,221
	Other charitable expenditure	150	9,600
		274,610	297,230
	Analysis by fund
	Unrestricted funds	274,610	297,230
7	Net movement in funds	2025	2024
		£	£
	The net movement in funds is stated after charging/(crediting):
	Fees payable for the audit of the charity's financial statements	7,182	5,200
	Depreciation of owned tangible fixed assets	13,637	38,740
8	Auditor's remuneration
	Fees payable to the charity's auditor and associates:	2025	2024
		£	£
	For audit services
	Audit of the financial statements of the charity	7,182	5,200

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10 Employees

The average monthly number of employees during the year was:

2025	2024
Number	Number
10	11

There were no employees whose annual remuneration was more than £60,000.

11 Gains and losses on investments

	Unrestricted	Unrestricted
	funds	funds
	2025	2024
Gains/(losses) arising on:	£	£
Revaluation of investments	54,492	27,770
Sale of investments	(15,615)	(37,237)
	38,877	(9,467)

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

13 Tangible fixed assets

Cost At 1 January 2025 Additions Disposals Revaluation At 31 December 2025 Depreciation and impairment At 1 January 2025 Depreciation charged in the year Eliminated in respect of disposals At 31 December 2025 Carrying amount At 31 December 2025 At 31 December 2024 14 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 15 Current asset investments Listed investments Unlisted investments	Land and buildings £ 4,080,000 - - 120,000 4,200,000 - - - - 4,200,000 4,080,000		Fixtures, fittings & equipment £ 156,981 3,970 (4,566) - 156,385 82,494 13,637 (4,566) 91,565 64,820 74,487 2025 £ 1,816 - 3,348 5,164 2025 £ 560,942 166,292 727,234	Total £ 4,236,981 3,970 (4,566) 120,000 4,356,385 82,494 13,637 (4,566) 91,565 4,264,820 4,154,487 2024 £ 4,076 1,000 16,109 21,185 2024 £ 505,082 187,280 692,362

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Loans and overdrafts Bank loans Payable within one year Payable after one year The long-term loans are secured by fixed charges over the property. 17 Creditors: amounts falling due within one year Notes Bank loans 16 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 18 Creditors: amounts falling due after more than one year Notes Bank loans 16 19 Connected charity funds This fund represents the assets of the connected charity. At Connected charity

2025 2024 £ £ 1,182,459 1,222,167 34,751 36,079 1,147,708 1,186,088 2025 2024 £ £ 34,751 36,079 792 1,248 2,264 2,418 3,176 1,933 25,594 20,587 66,577 62,265 2025 2024 £ £ 1,147,708 1,186,088 1 January 2025 At 31 December 2025 £ £ 3,734 3,734

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

19	Connected charity funds		(Continued)
	Previous year:	At 1 January	At 31
		2024	December
			2024
		£	£
	Connected charity
		3,734	3,734

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. A grant was provided to the charity for £70,000 towards the building of cottages which is repayable if the property is sold within 10 years of the grant being received.

	At	1	January	Transfers	At 31
			2025		December
					2025
			£	£	£
			14,000	(7,000)	7,000
Previous year:	At	1	January	Transfers	At 31
			2024		December
					2024
			£	£	£
			21,000	(7,000)	14,000

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

21 Endowment funds - designated

These are endowment funds funds which are material to the charity's activities. Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At Previous year: At	1 January 2025 £ 2,589,947 1 January 2024 £ 1,471,162	Transfers Gains and losses At 31 December 2025 £ £ £ 7,000 120,000 2,716,947 Transfers Gains and losses At 31 December 2024 £ £ £ 7,000 1,111,785 2,589,947

22 Unrestricted funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:

At General funds Previous year: At General funds	1 January 2025 Incoming resources Resources expended Gains and losses At 31 December 2025 £ £ £ £ £ 1,043,353 317,472 (281,146) 38,877 1,118,556 1,043,353 317,472 (281,146) 38,877 1,118,556 1 January 2024 Incoming resources Resources expended Gains and losses At 31 December 2024 £ £ £ £ £ 1,067,844 288,042 (303,066) (9,467) 1,043,353 1,067,844 288,042 303,066 (9,467) 1,043,353

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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

23 Analysis of net assets between funds

	Unrestricted	Endowment	Restricted	Endowment	Total
	funds	funds	funds	funds
		designated		general
	2025	2025	2025	2025	2025
	£	£	£	£	£
At 31 December 2025:
Tangible assets	1,540,873	2,716,947	7,000	-	4,264,820
Current assets/(liabilities)	725,391	-	-	3,734	729,125
Long term liabilities	(1,147,708)	-	-	-	(1,147,708)
	1,118,556	2,716,947	7,000	3,734	3,846,237
	Unrestricted	Endowment	Restricted	Endowment	Total
	funds	funds	funds	funds
		designated		general
	2024	2024	2024	2024	2024
	£	£	£	£	£
At 31 December 2024:
Tangible assets	1,550,540	2,589,947	14,000	-	4,154,487
Current assets/(liabilities)	678,901	-	-	3,734	682,635
Long term liabilities	(1,186,088)	-	-	-	(1,186,088)
	1,043,353	2,589,947	14,000	3,734	3,651,034

The unrealised gains represents the increase in the value of the investments over their cost.

The grants are repayable upon disposal of the property.

24 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

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