2024-12-31-accounts

NORWICH CONSOLIDATED CHARITIES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Provider of Housing No A0485 Registered Charity No 1168042 Registered Company No 09891303

NORWICH CONSOLIDATED CHARITIES CONTENTS INDEX PAGE Reference and administrative details Report of the Trustees Ilncluding the Directors, report) 3-18 Independent Auditor's Report 19-22 Statement of Financial Activities 23 Balance sheet 24 Statement of cash flows and Summary Income and expenditure account 25 Principal accounting policies 26-29 Notes to the financial statements 30-52

NORWICH CONSOLIDATED CHARITIES REFERENCE AND ADMINISTRATIVE DETAILS For the year ended 31 December 2024 The trustees, who are also the directors for the purposes of company law, present their report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006, The Accounting Dirertion for Private Registered Providers of Social Housing (2022) 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 published in October 2019. Administrative details CharÉty Name: Registered Charity number: Registered Company number: Registered provider of Social Housing number: Principal Office: Notwich Consolidated Charities 1168042 09891303 A0485 I Woolgate Court, St Benedicys Street, Norwich, NR2 4AP Trustees The trustees, who are the directors of the charitable company, that served throughout the year and to the date of approval. are listed below: Nominated Trustees John-Paul Garside Period of office 4 years to l October 2027 Nominated b Norfolk & Norwich University Hospital Foundation NHS Trust Norwich City Council Adam Giles 4 years to l December 2024, and a further4 years to l December 2028 4 years to 7 August 2027 4 years to l December 2024. and a further 4 years to l December 2028 4 years to 2 September 2025 Kevin Maguire Laura McCartney-Gray Norwich City Council Norwich Ctty Council Jeanne Southgate NO￿lCh City Council The following Trustees have been co-opted by the body of Trustees at a Special Meeting: Co-o ted Trustees Mark Davies Michael Flynn Ashley Ford-McAllister David Fullman Jacqui Hanlon Professor Eneida M ioshi Boyd Taylor Period of office 4 years to 4 March 2024, and a further 4 years to 4 March 2028 to 9 December 2024 4 years to 8 December 2025 4 years to 2 September 2027 to 25 November 2024 to 17 March 2025 4 years to 5 December 2026 Key Management Personnel Chief Executive Officer Finance Director Almshouse Manager Grants Manager David Hynes Becky Bird Claudio Moreira Sandra McAfee Pa8e I

NORWICH CONSOLIDATED CHARITIES REFERENCE AND ADMINISTRATIVE DETAILS For the year ended 31 December 2024 Advtsors Bankers: Barclays Bank plc 3 St James Court Whitefriars Norwich, NR3 IRJ The Charity Bank Limited Fosse House 182 High Street Tonbridge, TN9 IBE Auditor: Lovewell Blake LLP Bankside 3(K) Peachman Way Broadland Business Park No￿lch, NR7 OLB Solicitors: Cozens-Hardy LLP Castle Chamber5 Opie Street Norwich, NRI 3DP Anthony Collins 134 Edmund Street Birmingham, B3 2ES Steward: N Saffell, FRICS FAAV Brown & Co LLP The Atrium St. George's Street Norwich, NR3 IAB Quoted investment advisers: Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London, EC4M 8BU Page 2

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORTI For the year ended 31 December 2024 INCORPORATION The company was incorporated on 26 November 2015 and is limited by guarantee. The company received approval from the Charities Commission as a charitable company, registered number 1168042, on 5 July 2016. In connection with the provision of almshouse accommodation the charity is a provider of regulated social housing, registered number A0485. From l April 2024 the activities and operation of the unincorporated charity, Norwich Consolidated Charities, 1094602 were transferred to Norwich Consolidated Charities, a company limited by guarantee, company no. 09891303 and charity no. 1168042. The assets and liabilities were also transferred, with the exception of assets to the value of the original gift, £8,974,000. The two entities are now linked under a Uniting Direction issued by the Charity Commission on 2 December 2024, with the company being the reporting charity. Any references to 'Charity' refer to the unified entities of the unincorporated charity and the company. OBJEcfivES AND ACTIVITIES Our UT oses as set out in our overnin document The 'objects', as stated in the Memorandum and Articles of Association are: {Al the provision of housing accommodation for persons resident in the Area of Benefit who are in financial need- and the relief of persons resident in the Area of Benefit who are: in financial need, hardship or distress: or in financial need and sick, convalescent, disabled or infirm by relieving their suffering or assisting their recovery. {Bl {1) (2) For the avoidance of doubt, resident in the Area of Benefit may at the discretion of the Trustees include those who are temporarily resident in the Area of Benefit and the Trustees may in exceptional circumstances exercise their discretion to relieve persons who are not resident in the Area of Benefit but who do otherwise qualify for relief and are resident in the county of Norfolk. The geographical 'area of benefit, is 'the City of Norwich,. These provisions mirror those stated in the previous Charity Commissioners Scheme dated 3 September 2002. Norwich Charitable Trusts shared values statement". We have a common statement of values across our three grant-making charities (Norwich Consolidated Charities, Anguish's Educational Foundation and Norwich Freemen's Charity> as follows: uit The world is full of difference. We value and respect this. We will be inclusive, enabling, and non- judgmental. We will not assume that we know or understand lives which are not our own and will therefore ask and seek to learn. Page 3

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORTI For the year ended 31 December 2024 Trans aren We will be transparent in all that we do other than where transparency would be damaging to individuals or organisatlons, to our ability to carry out our work or where it would be illegal. Lock of transporency con be damaging to our individuol ond organisation(71 beneficiories in mony woys. It con waste their voluoble time and it can provide folse hope which moy delay or prevent the search for alternative sources of support. Coura We will have the courage to ask, to question and to challenge. We will also have the courage to take calculated risks in our grant-making. We will be ambitious, bold. agile, and unafraid to fund both the new and innovative and the 'old' and proven. We recognise that we don't simply exist to make grants- rather our purpose is to enable positive change through our grant-making and through the use of our other assets and resources. Collaboration We will collaborate with those we seek to 5UPPOrt and with other organisations where we share values and vision. We will be approachable, caring, responsive, professional. and we will listen. We remoin conscious of the inevitoble power imbalance between ourselves ond our beneficiaries and we will do oll that we can to mitig(Jte this. We olso remain conscious of the needfor second chances -for both individuols and orgonisotions. Norwich Consolidated Charities Vision Statement A world in which people Iwho are in financial need and live in our area of benefit) in need of housing accommodation are provided with it. A world in which people {who are in financial need and live in our area of benefit) in financial hardship or distress or who are sick, convalescent, disabled or infirm have their hardship, distress or suffering relieved or their recovery assisted. Norwich Consolidated Charities Mission Statement In pursuance of our vision: l. We wlll contribute to the provision of housing to people (who are in financial need and live in our area of benefit) who are in need of this. 2. We will make housing-related grants to people (who are in financial need and live in our area of benefitl- e.g. when they cannot afford or otherwise obtain appropriate floor coverings and other such housing-related essentials. 3. We will make grants to people (who live in our area of benefit and are in financial need) which will relieve their financial hardship, distress, or suffering 4. We will make grants to people (who live in our area of benefit and are in financial need and sick, convalescent, disabled or infirm) which will relieve their suffering or assist their recovery, 5. We will make grants to organisations whose work seeks to achieve the above. Page 4

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 In relation to all of our grant-making, to both individuals and organisations, we will: .ensure that our eligibility criteria and application processes are clear, simple, transparent, non- judgmental, and waste as little of our applicants. time as possible .review our grant-making and associated policies and procedures on an ongoing basis and change and adapt these as appropriate in response to changing need and other relevant information Public benefit We confirm that in providing the above seNices and in writing thi5 report, we have had regard to the guidance issued by the Charity Commission on public benefit. Our main activities durin the ear The provision of almshouses Dou At Doughtvs we provided 57 {2023- 57} individual flats for older people who are in financial need in order to enable them to live as independently as possible, for as long as they can and wish to, in a safe, pleasant, and sociable setting. We also continued to provide a 24-hour domiciliary care service, dedicated only to Doughty's residents, giving support and care as appropriate and wlth continuity of personnel. We believe strongly that our in-house service enables us to provide a quality of support and care which it would not be possible to provide through the use of outside agencies. We note here that we subsidise this element of the service from a proportion the income we derive from our investments. It would not be possible to provide this level and quality of service in a purely commercially focussed organisation. Bake Court The purpose of our second almshouse, Bakery Court, is to provide individual flats for people who are on the often-long path to recovery from a serious mental illness. People living here were previously in- patients in mental health settings but have recovered to the extent that they can live independently. The expert support is provided by Together who are working in partnership with St. Martin's Housing Trust who have responsibility for all building maintenance {note 3 of the f inancial statements). Whilst we own the Bakery Court premises, we have no direct involvement in the running of the services there. Grant-maklng Strate In the area of grant-making, we have the twin objectives of trying, to the best of our ability and with the finite resources we have, to prevent some of the causes and to alleviate some of the worst effects of poverty. To these ends we make grants both to individuals in need and to organisations which can provide the necessary support to individuals in a more effective and appropriate way than we ourselves could. We continue to be exercised by the challenge of using our grant-making to enable our beneficiaries to make positive, long-term changes in their lives. Whilst we remain aware of the importance of providing Page 5

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 grants which address immediate needs, improving people's lives in the short term, we also continue to seek ways to put an increased emphasis on long-term 'breaking the cycle, work rather than short-term 'sticking plaster, work. The provision of our personal development grants is an example of our move in thi5 direction. Grants to o anisations During the year, our application procedure in relation to grants to organisations was as follows: Each organisation wishing to apply for a Erant needs to secure a pre-application meeting which must be requested after the particulartime and date given on our website. Our pre-application meetings are usually held in cafes to promote a more relaxed atmosphere and honest discussion that is often not the case in office-based meetings. The purpose of the pre-application meeting is for us to understand, discuss and advise in relation to the application that the organisation is considerinE making- and. where appropriate (which is in the majority of cases) to Eive the go-ahead for the organisation to apply. We also use these meetings to better establish, maintain and develop an increased feeling and level of partnership between ourselves and our beneficiary organisations and to keep ourselves up to date with the situation and needs of these organisations, the beneficiaries they Se￿e, and the wider charitable sector. We hold 4 Grants Committee meetirbgs per year in order to ensure a relatively fast response. On our website, we publish both the dates of our 'windows of application, in relation to each of our Grants Committee meetings and the amount of money in the budget for each of those meetings. We have a short and 'to the point, online application form which, nevertheless. exercise5 the minds of our organisational applicants encouraging them to state clearly the need{s) they are addressing, the ways in which they aim to address these needs, and the changes they aim their work to enable in the lives of their beneficiaries. We insist that. whilst that we do require successful applicants to submit monitorin8 information, this should be in a form that they decide will be of use and benefit to them - rather than one imposed by us. In addition to the above, we also encourage organisations to meet with us informally to discuss the challenges they are facing and the ways, other than in addition to grant-making, in which we may be able to help/support them and/or to discuss projects which are currently at the 'ideas stage.. Grants to individuals During the yearwe have continued to focus primarily on the provision of the following support: Direct assistance to individuals who are unable to provide the essential furnishings and appliances for their homes, particularly where young children or disabled adults comprise the household and where State help is not available. Dirert assistance for individuals to meet the cost of fees for bankruptcy or a Debt Relief Order, where this is considered an appropriate course of action by a qualified debt relief counsellor from one of our trusted partner organisations. Page 6

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRE￿oRs, REPORTI For the year ended 31 December 2024 Providing personal development grants to assist those who need financial support to enable them to achieve specif ic goals in relation to improving their f inancial situation in the longer term, where this help is not available from the state. Our application process is on-line and most of our applicants can manage this well. Where applicants need additional support. our Grants Officers will provide this by telephone or face to face in the office. Home visits are routinely made to applicants once Grants Officers have confirmed that the basic eligibility criteria are met, enabling them to establish the need to be met, and provide an opportunity to explain other available grantslsupport. We also provide grants to eligible residents of Doughtvs towards the cost of around the clock care and support. ACHIEVEMENTS AND PERFORMANCE (INCLUDING STRATEGIC REPORT) The rovision of almshouses Dou During the yearwe have continued to give our residents the opportunity to live independently whilst at the same time being, as far as they wish to be, part of the Doughty's community. For those who have needed care and support, whether short-term or long-term, whenever possible and appropriate, we have continued to provide this through our 24-hour in-house care and support Se￿ICe. The aim of this service is to enable residents- particularly those on low incomes and with limited savings- to cope with unexpected changes in their personal circumstances without, as far as possible, having to move home or EO into a care home. We recoEnise however that it is sometimes not possible for residents whose health deteriorates Significantly to continue living at Doughty's as we are not a nursing home and therefore do not have the expertise or resources to support them appropriately. Our last CQC inspection was on 22 November 2018 following which we were awarded 'Good' ratings across all categories. The latest CQC review of Doughty's information and data took place on 6 July 2023 and they have found no evidence that the inspection rating needs to be reassessed. The Local Authority PAMMS assessment took place on the 2 August 2023 and Doughty's was awarded the rating of "Good" We continue to subsidise the cost of Doughty's and its seniices to residents as one of our main objectives. The detail of income and expenditure in relation to Doughty's IS Shown in note 3 to the financial statements. In summary, in 2024, income was £1,122.26912023: £1,058,212) and expenditure was £1,494,38712023: £1,442,908). During the year. in addition to the Almshouse Manager, we employed 34 staff12023: 371, most of whom work part-time. Whilst some of the management team at spend a small part of theirtime undertaking organisational-wide tasks/duties, all of our care staff work exclusively for the residents of Doughty's. Value for Mone Standards Statement The format of the following statement follows that outlined by the Regulator of Social Housing in their published Value for Money Standard for Registered Providers. Our strategic objectives are to continue to provide appropriate accommodation for older people who are in financial need and who have been living in our area of benefit for at least four years prior to Pa8e 7

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORTI For the year ended 31 December 2024 movinE to Doughty's- and to do so in such a way as to achieve value for money in relation to the provision of these services. Our Finance Director prepares, and our board considers, an annual value for money report which brings together all the value for money activities and reviews undertaken during the year. Our definition of 'appropriate accommodation, is accommodation which meets the needs of those our Objects charge us with meeting and that, as far as possible, the accommodation and associated sernices which we provide are tailored to each of our residents. individual needs. Our ongoing value for money attivities, summarised in our annual value for money review, seek to ensure we secure optimal benefit from our resources and assets. Our robust approach to achieving value for money includes the following: All relevant staff members are involved in the budget setting process each year and an increasing number are responsible for managing their own budgets. This increased understanding and ownership of budget5 result5 in a more cost-conscious approach. All purchases require a completed and authorised Purchase Order. The Almshouse Manager has acces5 to the finance system so that he can access real time financial information and at any point compare actual income/expenditure to the budget. In relation to 'extraordinary' outside-agreed-budget expenditure, relevant research is conducted, costings obtained, and Senior Leadership recommendations are made at our quarterly Almshouse Committee meetings. Regular and appropriate consideration by the board of potential value for money gains takes place at our quarterly Finance Committee meetings Iwhere quarterly management accounts and annual budgets are presented) and at our quarterly Almshouse Committee meetings. Across our whole organisation we consider value for money in the following ways: Continually reviewing and reassessing our cost base to ensure that only necessary and strategically driven expenditure is incurred/maintained and that costs do not continue simply because they have been incurred historically. Our estate is well maintained in order to ensure that any issues are identified and addressed before they become larger. more costly, problems. Any capital projects are put out to tender. Our investments are professionally managed. Appropriate targets are in place for measuring performance in achieving value for money in delivering strategic objectives and performance is monitored and reported against these targets. Budgets are set and approved annually, and quarterly management accounts enable officers and trustees to check that income and expenditure are on track and to take appropriate action if needed. Our Finance Committee meet regularly throughout the year and receive meaningful, relevant and timely reports. Our annual value for money report involves the'continual review and reassessment of our cost base to ensure that only necessary and strategica Ily drive expenditure is maintained and that costs are not continued simply because they have been incurred historically,. Page 8

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES {INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 Below are the range of metrics which the Regulator of Social Housing requires all registered providers of social housing to report on in their statutory accounts: 2024 15% 2023 12% Reinvestment %- Investment in housing properties in the year as a percentage of the net book value at year end 2A. New Supply Delivered (social housing units) 2B. New Supply Delivered Inon-social hou5inE units) Growth 15 not one of our strotegic objectives Gearing % We have no borrowings Earnings before Interest, Tax, Depreciation, Amortisation. Major Repairs Included (EBITDA MRI) Interest Cover % We have no borrowings Headline social housing cost per unit 6A. Operating Margin % Isocial housing only) 6B. Operating Margin % loverall) Doughty s is deliberately subsidised by Norwich Con501idated Chorities Return on capital employed (ROCE) % N/A N/A The investment 055ets pertaining to Doughty's ore not separately identifiable as all of Norwich Consolidated Churities, investments ore held together N/A N/A N/A N/A £27,530 (361% (361% £25,205 {37)% {37)% Grant makin toor anisations We give grants to organisations whose aims fit well with both our objects and theirs. When we look through the list of grants we've made this year, we again see a reflection of the increasingly difficult times so many people are living through and the consequently increasing challenges that the charitable organisations working to meet their needs are facing. We feel strongly that grant-making organisations such as ours need to think very carefully about their grant-making and to do all that they can to avoid wasting the time of their applicants in such difficult times. Clarity concerning the work we are interested in funding and of application processes and transparency wherever possible {e.8. of how much money will be available in the grants budget at each meeting) plus face-to-face meetings are some of the ways in which we are responding. During the year we made 35 grants amounting to a total of £519,52212023: £364.986 to 28 different organisationsl. The largest grant we made was £35,46112023: £33,150) and the smallest £2,500 {2023: £1,020). The average grant size was £14.843 {£13,035}. The work and projects which we funded/contributed to funding during the year included: A number of Erants to organisations and projects which give welfare benefits and related advice. A number of grants which focus on work with and support for communlties where people are facing financial and associated challenges. A number of grants to support refugees and asylum seekers. A wide range of grants supporting: o Deaf BSL users o Young people with eating disorders SuNivors of sexual abuse o People facing mental health challenges Page 9

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 o People with Learning Disabilities o FE students facing financial and other challenges o People with brain injury o People who are unemployed o Isolated parents and carers o People dealing with traumatic bereavement o People recovering from substance misuse o Projects promoting access to the arts o The provision of food to people in need Il's also significant to note that whilst the above includes many grants for many specific projects, we have also made a significant number of grants for staff and core organisational costs. Grant-makin to individuals During the year we made 19612023: 1971 grants to individuals or families in need, totalling £137.804 {2023: £132,625) excluding those to Doughty's residents (per note 61. The average grant made was £703 {2023- £673). Behind each of these sets of figures are people in need. People who find themselves in circumstances where they cannot afford to provide that which the majority of our society would consider to be the very basic necessities for living life here in Norwich in the 21, Century- e.g. a bed, a cooker, some floor covering. Behind each of our grants is an individual/family whose lrfe is, at a minimum, made a little better and at a maximum considerable better than it would othe￿ise have been. Whi15t, as we have noted earlier in this report, we continue to seek out ways to 'break the cycle., we also continue to recognise that providing a grant for a bed {for example) for someone who doesn't have one, makes their experience of life better- right here and now. The investment and distribution of our funds Whilst this is not an 'activity' in the same sense that the provision of our almshouses or of our grants is. it is nevertheless a vital 'activity'. indeed an absolutely essential part of what we do. Our ability to allocate funds now and in the future depends entirely on the effective investment of our endowment. In seeking to manage our investment effectively, our two overall objectives continue to be: To treat current and future beneficiaries equally, given that the Charity is intended to exist in perpetuity. To achieve an optimum balance between risk and total return so as to set a consistent short-to- medium term budget for expenditure on our charitable objects. For 2024, expenditure was planned as 4% per annum of the value of the fund for investment as at 31 March 2012, uprated by inflation per annum to protect its value in real terms. Page 10

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 We assess the value of our investment policy in terms of the average performance of the fund for investment over the period of an economic cycle of 7-10 years. This is against the stated objective of an average overall 7% total return per annum, which when inflation, estimated at 3% per annum, is deducted gives a real rate of 4% on the Fund for Investment. For 2025, we have budgeted using an overall average return of 7%, with 3% for inflation, based on expectations for the forthcoming economic cycle. We delegate the day-to-day management of our quoted investments and investment properties to professional advisers {Sarasin & Partners LLP and Brown & Col. They discharge this responsibility in line with the objectives above and performance in the year ended 31 December 2024 is considered to have been satisfactory and in line with our objectives. The value of our Fund for Investment at 31 December 2024 was £34,115,813 {2023: £32,402,729) comprising £14,195,262142%1 {2023: £14,003,262) in directly-owned property and £19,187,551156%) {2023: £17,611,467} in quoted investments and £733,00012023: £788,00015urplus cash. The surplus cash represents a strategic cash holding. Social investment includin ro ramme related investment During the year we have continued to explore opportunities which we previously referred to as 'mixed motive investments, but which are increasingly being included in the terms 'impact/social investment,. To date. we have undertaken these investments through our property portfolio. When these opportunities arise, they enable us to own properties for the purpose of investment whilst also meeting our objectives by supporting the work and missions of local charitable organisations. The way that we currently approach such opportunities is as follows: A local charitable organisation will approach us with a need for premises. We will work with them to identify suitable premise5 which would a150 make an appropriate investment property to add to our portfolio. When both they and we are happy that these dual criteria have been met we will then discuss whether or not they will be able to pay us the full market rent for the premises, and the suggested lease terms. Once we've agreed the terms of the lease, if they are able to pay the full market rent, we will go ahead, purchase the property, and lease it to them. If they are unable to pay the full market rent, they will then apply to us for a grant to make up the difference between the amount they can pay and the full market rent. If their grant application is successful, a grant will usually be made for between one and three years on a sliding scale depending on circumstances. At the end of the grant period, the organisation will be expected to pay full market rent. Fundralsin We do not actively engage in fundraising activities, nor do we engage individuals or entities to fundraise on our behalf. Instead, we generate income through our investment assets. We are however very open to approaches from individuals who recognise the value of our work and wish to leave us legacies or otherwise contribute financially to our work. We are also open to approaches from other grant-making organisations who wish to consider becoming part of Norwich Charitable Trusts whilst retaining their own independent board of Trustees and working to their own Scheme/Memorandum and Articles. Page 11

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 FINANCIAL REVIEW Prlnci al fundin sources Our principal funding sources are the rental income from our investment properties and dividend income from our quoted investments. Alongside these, we receive weekly maintenance contributions and associated income from our operations at Doughty's. Review of our financial osition at the end of the ear Ourfinancial resuks for the year ended 31 December 2024 and our financial p051tion as at 31 December 2024 are set out in the Financial Statements section of this report. commencing with the Statement of Financial Activities on page 23. During the year our financial planning, monitoring and control have continued to be of a good standard. The outturn for the year was in line with the management accounts produced regularly throughout the year. Actual performance was in line with budget and expectations. We have experienced less volatility in the market value of our investment property portfolio this year. Our quoted investment portfolio has performed well. As long-term investors we focus on the longer term scenario. and our cash flow remains satisfactory. In summary, at 31 December 2024 we remain in a very strong financial position despite some challenging economic conditions. Reserves olic Our reseNes policy is set having regard to the principal risks and uncertainties facing the Charity e.g. potential changes to the present economic, political and social environments. Such risks highlight the need for our Trustees to consider the appropriate custody and management of assets, for now and for the future, and the appropriate use of funds. The former risk is addressed by the use of appropriate professional advice and the latter by a rigorous review of all fund applications. The Charity's policy regarding the level of reserves to be maintained is to reference the funds ava ilable under the TRA {Total Return Approach). In effect, our available reserves are represented by the UTR (Unapplied Total Return), i.e. the Fund for Investment less the value of the 'Original Gift.. We are the long term custodian of the fund, it being expendable only to the extent that we can warrant that any residual sum is sufficient to protect, on an equal basis, the interests of future beneficiaries compared with current beneficiaries. It would be a matter of judgement based on professional advice at the time if any exceptional expenditure from reserves was required, as has been the case from time to time. We maintain a buffer element to guard against adverse market movements, in order to maintain stability in our annual budget and grant expenditure. The level of such unapplied funds is shown in Note 18 to the accounts, standing at £23,249,874 as at 31 December 202412023: £22,322,726). Restricted funds (note 191 a5 at 31 December 2024 amounted to £628,41612023.' £643,943). Within unrestricted funds (note 201 there are both general and deslgnated funds. Designated funds are funds that the trustees have set aside to reflect particular intentions for the use of those funds. Unrestricted funds not designated in this way are general funds. The general surplus at 31 December 2024 amounted to £3,169,701 {2023: £3,052,000). Excluding unrestricted tangible fixed assets gives a Page 12

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 net current unrestricted assets figure of £2,301,647. This is maintained to enable us to provide additional support outside of our annual budgeted expenditure. Transfer to the Trust for A lication income for 2024 In accordance with clause 3(6lb of the Order, the Trustees must give "an explt7notion of the considerotion and policies relevant to the trustees, determinotion of the port of the UTR that is allocated to the trustfor opplicotion" {the income of the Charity) in 2024. We received and considered the advice of Sarasin & Partners relating to the agreement of a strategic asset allocation for the investment of the Charity'5 funds, including Its directly-owned property. Taking account of the risks and returns associated with different asset classes, they agreed an asset allocation which would generate an average annual total return of 6%. They also advised that 2% of this should be retained in the Fund for Investment to maintain its real terms value as the basis for treating future beneficiaries equally. We have reviewed this policy every year since 2013 with our advisers. Prior to 2019 we worked with an expectation of the annual total return and inflation at 7.1% and 3.0% respectively. From 2024 we are working with an expectation of 7% and 3%. Consequently, the SOFA shows a transfer in 2024 from the Endowment Fund {note 181 to Unrestricted Funds (note 20) of £1.252,000 {2023: £1,204,000). The outturn for the year shows an increase in the value of the Fund for Investment of 5.29% (2023: decrease 1.03%, 2022: decrease 7.27%) following the transfer to the Trust for Application. This is due to a combination of market conditions across our property and quoted investment portFolios. The long run return exceeds the minimum inflationary element needed to maintain the real terms value of the Fund to protect the interests of future beneficiaries. The actual value of the Fund on 31 December 2024 exceeds the notional value by £2.47 million, so the condition is still more than met. The balance remaining unspent in the Trust for Application on 31 December 2023 and carried forward to 2024 was £258,099. A large element of this related to repairs and maintenance work at Doughty's which was not able to be carried out when planned. An equivalent sum of £118,314 remained on 31 De￿mber 2024 which will be carried forward to 2025. PLANS FOR THE FUTURE Review of our future direction This review is an ongoing process and is informed through our membership of the ACF (Association of Charitable Foundations) and, in particular, by us continuing to work through their Pillars of Stronger Foundations. There is much in common between these Pillars and the Charity Code of Governance- however a significant difference is that the former is focussed on grant-making organisations whilst the latter is focussed more generally on all charities - hence our decision to work through the Pillars first. Once we have worked through all of the Pillars, we will then check whether there remain any elements of the Charity Code of Governance that we have not covered through this process. Page 13

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORTI For the year ended 31 December 2024 The range of issues which have exercised us and which we continue to discuss and debate, include: Our desire to work towards striking an appropriate balance between 'sticking plasterf work and 'breaking the cycle, work. Our desire to attract applications from organisations which are ambitious in the way that they seek to enable people to achieve permanent positive change in their lives. The balance between our grants to individuals and our Erants to organisations. The balance between benefitting our current and our future beneficiaries and the consequent release of an appropriate amount of funds from our unrealised total return to enable us to make grants which are additional to our normal grant rounds. The potential of longer-term place-based funding to enable negative Lycles to be broken and long-term positive change to happen. Our desire to continue to avoid unnecessarily taking up significant amounts of time land therefore the financial and other resources) of organisations exploring the possibility of, and making, applications to us. The beginnings of our consideration of the potential of Impact and social Investments. Earlier in this report we have listed projects we have funded, the total amount of money we have given in grants and the range of work which this has made possible. As with our grant-making to individuals, behind these figures are many people whose experience of life is significantly better as a result. sometime5 admitted￿ only in the short term- hence our ongoing discussions about and search for projects which encourage and enable long-term positive change in people's lives. STRucfuRE. GOVERNANCE AND MANAGEMENT Governing Document NO￿lCh Consolidated Charities, registered charity number 1168042 and registered company number 09891303, 15 governed by a Memorandum and Articles of Association dated 26 November 2015 and was approved by the Charity Commission on 5 July 2016. In connection with the provision of almshouse accommodation the charity is a provider of regulated social housing, registered number A0485. Trustee appointment and training The Board of Trustees comprises seven Trustees who are'Nominated' and seven who are 'Co-opted'. Of our fourteen Trustees, six are nominated by Norwich City Council and a further one by the Norfolk & NonMich University Hospital NHS Foundation Trust, the principal district general hospital of Norfolk. The Trustees they nominate are not accountable to these bodies and cannot be removed before the expiry of their term of office. A further seven Trustees are co-opted by the plenary body of Trustees at a Special Meeting. We recruit these Trustees through a process of advertising and interviewing. This prO￿sS continues to form part of our commitment to increase the diversity of our board members in order to better reflect and serve the communities which make up our area of benefit. We remain committed to undertaking all future recruitment of our complement of co-opted Trustees in this way and of moving to interviewing those nominated by the City Council and the Hospital, so that both those put fonmard and ourselves can be sure that the person is an appropriate fit for the role at the time the vacancy arises. Page 14

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES {INCLUDING THE DIRECTORS, REPORT} For the year ended 31 December 2024 Each of our fourteen Trustees lat the time of writing we have five vacancies which we are in the process of recruiting to) seNes a four-year term of office, except where a new Trustee fills a 'casual vacancy. in the first instance; Trustees may serve further terms. Those who Se￿ed in these capacities durin8 2024 and/or are Trustees at the time of the approval of these financial statements are shown on page l. Trustees are required to disclose all relevant interests to the Chief Executive and to their colleagues and to withdraw from decision5 where a conflict of interest arises. David Fullman was elected Chair and Michael Flynn Vice-chair of the Trustees for 2024. Michael Flynn passed away on 9 December 2024 and Boyd Taylor was elected Vice-chair on 16 December 2024. The Chair of the Board of Trustees and the Chief Executive oversee the induction and training of new Trustees, supported by the Chairs of the sub committees and the key management personnel. Organisational Structure The plenary body of Trustees meet5 every three months, with the appropriate officers and advisers, to agree plans, programmes, and budgets. to agree and review policies, and to monitor progress and review performance. There is devolution of authority to formal Committees of Trustees and to senior staff, within the terms of the Memorandum and Articles of Association, and agreed policies and budgets. Membership of the Committees is reviewed annually. and Chairs are elected at theirfirst meeting of the year. The Chair and Vice-chair of the plenary body are elected forthe following year at its last meeting of the preceding calendar year. The appropriate officers, including the Grants Officers, attend all Committee meetings to advise the Trustees and to report on the exercise of their delegated responsibilities. The external advisers to the Trustees- auditor, bankers, solicitors. investment advisers and managers and property advisers and managers - are set out on page 2 of the financial statements. Senior members of their staff attend relevant meetings of the Trustees and provide written and oral advice; they a150 have free access to the Trustees. Nick Saffell, FRICS, FAAV, a partner in Brown & Co LLP, is the Steward to the Charity, responsible for the management of the estate, including the endowed properties, and for advising the Trustees on these matters. His services are received through a service level agreement with Brown & Co LLP. Key Management Personnel remuneration The Trustees consider our Chief Executive, our Director of Finance, our Almshouse Manager and our Grants Manager as comprising the key management personnel of the Charity (the executive team) in charge of diretting and controlling the Charity and running and operating the Charity on a day-to-day basis. All Trustees give of their time f reely and no Trustee remu neration was paid in the year. The Trustees, policy is to take heed of the Consumer Prices Index when considering salary increases for all employees. The Chief Executive's pay is treated in the same way as that of other staff. Pa8e 15

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 Details of Trustee expenses and remuneration of key management personnel are disclosed in note 8 to the accounts and related party transactions are disclosed in note 23 to the accounts. Risk As With any organisation of any significant size or complexity, there are many ri5k5. In order to mitigate these. we have a formal risk management process in place to assess strategic, financial, and operational risks and to develop and implement appropriate risk management strategies. Specific areas of risk and the ongoing management of these are delegated as appropriate to managers who are responsible for those areas of our operation. Trustees review our risk register on an annual basi5, and as and when needed should signif icant new risks be identified. Connected Charities We share a common administration and office with two other Charitable companies, Anguish's Educational Foundation and Norwich Freemen's Charity. Our informal 'group name, is 'NoNich Charitable Trust5'. In accordance with the Memorandum and Articles of those Charitable companies we. the Trustees of Norwich Consolidated Charities, also serve as Trustees of Anguish's Educational Foundation and nominate eight of our Trustees to serve as Trustees of Norwich Freemen's Charity. In thi5 Situation, while the Charities retain their independence, a common administration promotes greater efficiency and co-ordination and lower cost5. Each Charity is a separate, registered Charity, with its own governance and specific objectives and each charity independently receives the services of the Steward. Nonmich Consolidated Charities, Anguish's Educational Foundation and Norwich Freemen's Charity have each been in the process of becoming incorporated as a Charitable Company Limited by Guarantee, therefore three dormant companies have existed in preparation for this. From l April 2024 the activities and operations of each charity, along with the staff, assets and liabilities, were transferred to the respective companies. Governance related to the Total Return Approach (TRA) Regarding Endowment Funds, the investment power of the Total Return Approach was granted to Norwich Consolidated Charities (charity number 1094602) by a Charity Commission Order on 24 January 2011 and was taken up with effect from l April 2012. The trustees of the charitable company passed a resolution on 10 July 2024 under s104AI21 and $104AA{21 of the Charities Act 2011 to adopt a Total Return approach. The power permits the Trustees to invest permanently endowed funds to maximise total return. It also enables the Trustees to decide each year how much of the Unapplied Total Return Is transferred to income funds and be available for expenditure. There are particular duties placed on Trustees as a result of this. The key elements of the statutory governance frameworkfor TRA within which Trustees must operate are: A specific 'duty of care,. A duty only to use the power in a way that will enable the Trustees to meet the needs of the present and future beneficiaries of each of the Charities. A duty to obtain and consider 'proper advice,. That Trustees will need to establish a rational policy to determine periodically what part of the U napplied Total Return is allocated from time to time to the trust for application. Page 16

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 That Trustees should take a strategic view lincluding fluctuations in asset values, investment risk, inflation, changes in the Charities, service provision) of how much of the U napplied Total Return they take to spend, rather than taking an annual view of returns on the investments. That Trustees must be able to justify the level of Unapplied Total Return at any time. These accounts and this Trustees. Annual Report comply with the requirements in relation to the adoption of the TRA by the Charity. In relation to the account5, these are: he trustee5 sholl. in notes to their accounts for et7ch financiol yeor, give particulars of.. a. The aggregate value of the ossets representing the unopplied total return at the beginning of the financiol yet7r,' b. Any increase or decrease during the yeor in the volue of the a55et5 representing the unapplied total return,. The port of the unapplied total return which the trustee5 have. in the finonciol year, Gllocated to the trustfor application (income) for the purposes of the charity,. d. The aggregate value of the assets representing the unapplied totol return ot the balunce sheet date.- All of this information is shown in Note 18 to these accounts. The advice relating to the feasible and sustainable level of transfer to the Trust for Application for 2024 on the basis of the agreed strategic a55et allocation, long term outlook and Total Return Approach assumptions was received by the Trustees from: Sarasin & Partners LLP- quoted investment advisers and managers Brown & Co LLP- investment property advisers Statement of Trustees, Responsibilities The trustees (who are also directors for the purposes of company lawl are responsible for preparing the Trustees, Annual Report {including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are Satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to". select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 IFRS 1021; 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; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. PaEe 17

NORWICH CONSOLIDATED CHARITIES REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 December 2024 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. Insofar as the trustees are aware.. there is no relevant audit information of which the charity's auditor is unaware. the trustees have taken all steps that they Ought to have taken to make the members aware of any relevant audit information and to establish that the auditor is aware of that information. Thanks Thanks are due to Claudio Moreira and to all of our team at Doughty's,. to Sandra McAfee and all the members of our grants team; to Becky Bird and all members of our finance and Woolgate Court team; to our Steward Nick Saffell and his colleagues and to David Hynes, Chief Executive. Without their dedication and skill, the work of our charities would not be as effective and valued as it is. We would also like to record our special thanks to Michael Flynn who sadly died recently. Mike was Vice Chair of our Board, Chair of our Almshouses Committee, and Vice Chair of our sister charity Anguish's Educational Foundation. His dedication to our work will be very mLtch missed. FOR AND ON BEHALF OF THE TRUSTEES FLI David Fullman Chair of the Board of Trustees I Woolgate Court, St Benedicts Street Norwich, NR2 4AP 9 April 2025 Page 18

NORWICH CONSOLIDATED CHARITIES REPORT OF THE INDEPENDENT AUDITORS Year ended 31 December 2024 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NORWICH CONSOLIDATED CHARITIES Opinion We have audited the financial statements of Norwich Consolidated Charities (the 'charitable company'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cashflows, Summary Income and Expenditure Account 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 Finonciol Reporting Standard opplicable in the UK and Republic of Irelond (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 2024, and of its incoming resources and application of resources, including it5 income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- have been prepared in accordance with the requirements of the Companies Act 21X)6, Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 19

NORWICH CONSOLIDATED CHARITIES REPORT OF THE INDEPENDENT AUDITORS Year ended 31 December 2024 Other information The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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. Opinions on matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report, which includes the strategic report and the directors, report prepared for the purpose5 of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilit5es of trustees As explained more fully in the trustees, responsibilities statement, the trustees {who are alsothe directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and Page 20

NORWICH CONSOLIDATED CHARITIES REPORT OF THE INDEPENDENT AUDITORS Year ended 31 December 2024 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 responsibilitles for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs 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 ISA5 (UK) will always detect a material misstatement when it exists. Misstatement5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud is detailed below. The extent to which the audit was considered capable of detertlng irregulorities includingfmud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: we identified the principal laws and regulations applicable to the charitable company through discussions with management and our wider knowledge and experience; we considered the most recent Care Quality Commission report in respect of the charitable company's Almhouses; and identified laws and regulations were considered in our planning of the audit and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there wa5 susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; and assessed whether judgements and assumptions made in determining the accounting estimates set out in the principal accounting policies were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing material financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; and enquiring of management and trustees as to actual and potential litigation and claims. Page 21

NORWICH CONSOLIDATED CHARITIES REPORT OF THE INDEPENDENT AUDITORS Year ended 31 December 2024 Because of the inherent limitations of an audit, there 15 3 risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at: htt www.frc.or auditors audit-assurance auditor-s-res onsibilities-for-the-audit-of-the- descri tion-of-the-auditor%E2%80Yo995-res onsibilities-for.This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable companf s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companls members as a body, for our audit work, for this report, or for the opinions we have formed. ias Wilson BA (Hons) FCA ior Statutory Auditor nd on behalf of Lovewe lake LLP Statutory Auditor, Chartered Accountants Norwich 7-925 Lovewell Blak appointment a LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for uditor of a company under section 1212 of the Companies Act 2006. Page 22

NORWICH CONSOLIDATED CHARITIES STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2024 Unrestricted Funds Re5trirted Endowment Funds Fund5 Total 2024 Total 2023 Note Income and endowments from: Charitable activities - Doughvs income - Bakery Court income Investments Rentsl income Interest receivable Dividends and Rebates Other Total income 1,122,269 58,114 1,122,269 58,114 1,058,212 52,223 709,911 709,911 18,033 656,916 23,511 2.588,754 678,049 12,381 612,417 3.806 2,417,088 18,033 100.646 23,511 1.322.573 2,161 554,109 2,161 1,264,020 Expenditure on: Raising funds - Property expenses Investment charges Charitable activities Grants payable and related costs Almshouses expenditure Governance costs Total expenditure 492.001 64,772 492,001 76.790 275,759 70,586 11.765 253 951,748 1,517,160 68.646 2,549,319 951.748 1,551,774 68,646 3,140,959 776,143 1,484,204 43,678 2,650,370 22A27 12.187 22,680 568.960 Sub total (1,226,746) 120,519) 695060 1552,205) {233,2821 Transfers between funds 18-20 1.252,000 11,252,IXK)} Net income/{expenditurel 25,254 (20,519) 1556.940) (552.2051 1233.2821 Other recognised gainslllosses): - Quoted Investments Properties Net movement in funds 131d) 131b,c} 232.476 4.992 1,279,901 192,000 914.961 1,517,369 943,417 192.000 {1,099,5001 1,157,164 1389,3651 257.730 115,527) Reconciliation of funds: Total funds brou8ht forward Total funds carried fonvard 4,509,322 4.767,052 643,943 31,803.465 36,956.730 37.346,095 628,416 32,718.426 38,113￿94 36,956,730 18-20 There are no other reco8nised gains or losses in either year. The Statement of Financial Activities above re*lects the Unlting Order and aggregates the performance of both the charity and the company. Further details can be found in note 26. The accompanying accounting policies and notes form an integral part of these financial statements lincluding note 25 which shows the comparative Statement of Financial Activities). Page 23

NORWICH CONSOLIDATED CHARITIES BALANCE SHEET AT 31 DECEMBER 2024 Note 2024 2023 Fixed assets Tangible assets Social Investments Investments Total fixed assets li 12 13 2,760,333 697,898 33,382.813 2,696,156 724,226 31,614,729 36.841,044 35,035,111 Current assets Debtors Cash at bank and in hand Total current assets 14 343,846 1,296.133 1.639.979 259,571 2,012.685 2,272,256 Liabillties Creditors.. falling due within one year Net current assets 15 (367,129) {350,6371 1.272.850 1,921,619 Total assets less current liabilities 38,113,894 36,956,730 Total net assets 38,113.894 36.956,730 Represented by: Endowment funds Restricted funds Unrestricted funds Total charity funds 16 16 16 32.718,426 628,416 4,767,052 38.113,894 31,803,465 643,943 4,509,322 36,956,730 These financial statements were approved by the Trustees of Norwich Consolidated Charities and authorised for issue on 9 April 2025 and signed on their behalf by.. gawil FthA David Fullman Trustee & Chair Boyd Taylor Trustee & Vlce Chair Company number 09891303 The Balance Sheet above reflects the Uniting Order and aggregate5 the performance of both the charity and the company. Further details can be foLJnd in note 26. The accompanying accounting policies and notes form an integral part of these financial statements. Page 24

NORWICH CONSOLIDATED CHARITIE5 STATEMENT OF CASH FLOWS, AND SUMMARY INCOME AND EXPENDITURE ACCOUNT For the year ended 31 December 2024 Reconciliation of net income to net cash flow 2024 2023 Net expenditure per Statement of Financial Activities Adjustments for: Depreciation charges Loss on disposal of fixed assets Dividends, interest and rents from investments (Increase)/decrease in debtors Increase/(decreasel in creditors 1552,205) 1233,2821 124,440 5.133 (1,384,860} (84,275) 16,492 120,532 5,708 11,302,847) 14,524 153,898} (1.323.070 (1.875,275) {1,215,9811 {1,449,2631 Net cash used in operating activities Cash flows from investing activities: Dividends, interest and rents from investments Purchase of property and equipment Proceeds from Sale of investments Proceeds from sale of fixed assets Purchase of investments Net cash provided by investing activities 1,384.860 (172.937) 76.046 5,515 1134,7611 1,302,847 (87,9801 70,209 {126,0771 1,158,723 1,158,999 Net cash {out)/inflow {716,552) 1290,2641 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year {716,552) 2.012,685 1,296,133 (290.2641 2,302,949 2.012,685 Summary Income and Expenditure account 2024 2023 Total Income Total Expenditure Net Incomellexpenditurel for the year 2,588.754 13,140.959) 1552,205} 2,417,088 12,650,370) 1233.2821 The accompanying accounting policies and notes form an integral part of these financial statements. Page 25

NORWICH CONSOLIDATED CHARITIES PRINCIPAL ACCOUNTING POLICIES For the year ended 31 December 2024 I. GENERAL INFORMATION The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is I Woolgate Court, St Benedict's Street, No￿lch, NR2 4AP 2. ACCOUNTING POLICIE5 BASIS OF ACCOUNTING AND PREPARATION The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102} effective l October 2019. the Charities Act 2011, the Companies Act 2006 and The Accounting Direction for Private Registered Providers of Social Housing120221. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value u nless othe￿iSe stated in the relevant notels} to these accounts. The Charity Commission issued a uniting direction on 2 December 2024 such that the financial statements should show the aggregation of the results of Norwich Consolidated Charities I'the charitable companrf'l registered number 1168042 and Norwich Consolidated Charities {"the charity") registered number 1168042-1 for submi55ion to the Commission. An aggregation combines the results of the two entities as if they were one entity. The charitable company is the sole trustee of the charity and accordingly is not the beneficial owner of the CharitV'5 assets. The uniting direction requires the charitable company to file one set of financial statements aggregating the results of the charitable company and the charity. Information in respect of the charity has been identified separately within these financial statements to allow proper identification of the assets and liabilities of the charitable company as required by the Companie5 Act 2006. Norwich Consolidated Charities is a public benefit entity as defined by FRS 102. INCORPORATION The consolidated financial statements comprise the financial statements of Norwich Consolidated Charities and it's linked charity using merger accounting and aggregate the results, assets and liabilities of Norwich Consolidated Charities for which the charitable company is the sole trustee. Further details can be found in note 26. GOING CONCERN The Charity has generated sufficient financial resources f rom its activities, and holds a significant level of funds to allow the Trustees to believe that the Charity is well placed to manage its operational and financial risks successfully in the current economic climate. Accordingly, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Page 26

NORWICH CONSOLIDATED CHARITIES PRINCIPAL ACCOUNTING POLICIES For the year ended 31 December 2024 FUND STRucfuRE Norwich Consolidated Charities has three types of funds, Endowment Funds, which are Permanent Endowment, Restricted Funds and Unrestricted Funds. Regarding Endowment Funds, the investment power of the Total Return Approach was granted to Norwich Consolidated Charities (charity number 10946021 by a Charity Commission Order on 24 January 2011 and was taken up with effect from l April 2012. The trustees of the charitable company passed a resolution on 10 July 2024 under s104AI2) and s104AAI21 of the Charities Act 2011 to adopt a Total Return approach. The power permits the Trustees to invest permanently endowed funds to maximise total return. It also enables the Trustees to decide each year how much of the Unapplied Total Return is transferred to income funds and be available for expenditure. Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. Unrestricted Funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted Funds include designated funds where the Trustees, at their discretion, have created a fund for a Specific purpose. Further details of each fund are disclosed in notes 18, 19 and 20. ALLOCATION OF SUPPORT COSTS AND OVERHEADS Support costs and overheads have been allocated between charitable activities and governance. Staff costs are allocated on the basis of a best estimate of the time spent by each member of staff and their cost on each activity. Similarly. other costs are allocated on the basi5 of a best estimate of the purpose of the expenditure. No allocation has been made to cost of generating funds as these activities have been outsourced to professional organisations for which specific charges are received. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. GOVERNANCE COSTS Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory audit, any legal fees incurred for Trustee advice and an apportionment of sUPPOrt costs and overheads. PENSION SCHEME The charity contributes to a group defined contribution personal pension scheme. The pension cost represents the annual contributions payable by the charity underthe rules of the scheme. GRANTS PAYABLE Grants are recognised as expenditure in the year in which they are approved by the Trustees. Grants which are unpaid at the year-end are carried forward as creditors. Page 27

NORWICH CONSOLIDATED CHARITIES PRINCIPAL ACCOUNTING POLICIES For the year ended 31 December 2024 FIXED TANGIBLE ASSETS Assets included in this category, whlch are used for direct charitable purposes, are stated at cost which includes the cost of acquisition plus further development and expenditu re. Depreciation is provided on these assets using the following methodology: Assets Basis Key Components Main Structure Useful Llfe Doughty's buildings Component Accounting 100 years 5 -50 Years Other Woolgate Court building Straight Line over Estimated Useful Life Straight Line over Estimated Useful Life 50 years Equipment 3-15 years Doughty's minibus 25% per annum Reducing Balance FIXED ASSETS - SOCIAL INVESTMENT5 Trustees have decided to separate Bakery Court (Almshousel from Tangible Fixed Assets and treat it as a Social Investment. Social Investments are depreciated on a straight line basis over their estimated useful life (being 50 years). SOCIAL HOUSING GRANTS Social housing grants {including Housing Association grants) are made by the Regulator of Social Housing {and their precursor organisationsl to reduce the capital cost of almshouses. Such grants are recognised as part of the Charity's reserves in accordance with the Charities SORP 2019. FIXED ASSET INVESTMENTS Investment properties including ancient endowment properties are professionally revalued every three years. Indicative value changes are provided by the Steward in the intervening periods. The cost of improvements is generally written off to revenue and is only capitalised if the improvements contribute to an increase in valuation. No depreciation is provided on investment properties or ancient endowmerlt properties. Investment properties and ancient endowment properties are shown at their fair value as at 31 December 2024. Disposals are recognised when there is certainty as to the quantum and timing of the sale. Traded investments are shown at fair value with historical cost separately disclosed. Net gains and losses arising on revaluations and disposals during the year are included in the Statement of Financial Activities. m. INCOME All income is included within the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Rental and ancillary income is recorded in the period to which it relates. Maintenance contributions from residents and Housing Related Support income are included on an accruals basis. Investment income is recognised when receivable and bank interest is recognised on an accruals basis. Rebates on investment charges are included within income. This reflects the nature of the charging structure. Page 28

NORWICH CONSOLIDATED CHARITIES PRINCIPAL ACCOUNTING POLICIES For the year ended 31 December 2024 JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Charity's accounting policies the trustees are required to make judgements, estimates and assumptions. 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 on-going basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows- Fair value of investment properties: Investment properties including ancient endowment properties are recorded at their fair value. Such values require the application of judgement with regard to the nature of such properties taking account of current market conditions, lease terms and factors specific to individual properties. An independent valuer is retained to provide an estimate of fair values for financial statement purposes. Further information is provided in note 13. Depreciation of Fixed Assets: Tangible fixed assets, against which depreciation has been charged in line wrth accounting policy; the quantum of the charge and the carrying value of the assets can be found in notes 11 and 12. Classification of Social Investments: Trustees have separated Bakery Court IAlm5housel from Tangible fixed assets and treat is as a Social Investment. The classrfication of assets is a matter of judgement made by the trustees and further details can be found in note 12. Page 29

NORWICH CONSOLIDATED CHARITIES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 3. ALMSHOUSES EXPENDITURE 2024 2023 Doughty's Inote 3a) Bakery Court (note 3b) 1,494,387 57.387 1,551,774 1,442,908 41,296 1,484,204 2024 2023 DOUGHTY'S Income Weekly Maintenance Contributions Care charges Supporting People Other: Energy and water charges Meals and ancillary charges 748,159 235.657 693,553 216,478 16,412 109,095 29,359 106,137 25,632 1,122,269 1,058.212 Direct Expenditure Management and Carers salaries and supplies Energy cost Water charges and Council Tax Insurances Rent110 Golden Dog Lane) Cleaning salaries and supplies Catering salaries and supplies In-house maintenance salaries and materials Steward's maintenance costs Training salaries and costs Sundry direct costs: - Telephone Minibus expenses - Annual events - Other expenses Depreciation of Property and equipment Loss on disposal Irrecoverable VAT 684,145 114,633 15,676 39,620 7.525 60.368 28,497 216,910 30,455 49.901 657,796 108,602 16.433 36.844 7,525 70,320 26,173 194,062 42.878 46,365 4,308 6,136 6,046 16,892 92,343 5.133 45.733 1,424,321 70,066 4,101 3,007 6,302 19,571 88,238 5,708 44,595 1,378,520 64,388 Apportioned Overheads 1.494.387 {372,118) 1,442,908 {384,696) Operating deficit Doughty's comprises 58 units157 residents, flats, I guest flatl under manaEement12023: 58 units157 residents, flats, I guest flatll. Maintenance contributions, rather than rental income, are received from residents. Disclosure of void losses is therefore not deemed to be applicable. Page 30

NORWICH CONSOLIDATED CHARITIES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 BAKERY COURT Norwich Consolidated Charities hold5 the almshouse Bakery Court as a Social Investment. This is managed by St Martins Housing Trust and gives rise to the following.. 2024 2023 Income 58,114 52,223 Direct costs Irrecoverable VAT Depreciation 25,883 5,176 26,328 12.473 2,495 26,328 57,387 41,296 Operating surplus 727 10,927 Page 31

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NORWICH CONSOLIDATED CHARITIES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 5. INTEREST RECEIVABLE AND SIMILAR INCOME 2024 2023 Bank and other interest Investment income (Dividends and Rebates) from securities within: Unrestricted funds Restricted fu nds Endowment funds 18,033 12,381 100.646 2,161 554.109 674,949 93,828 2,015 516,574 624,798 6. GRANTS PAYABLE AND RELATED COSTS 2024 2023 Grants payable Welfare grants from unrestricted funds: Organisations (note 241 Doughty's residents- for support and care Individuals- Household goods lincl Irrecoverable VAT £21,016 (2023: £19,854)) Debt related Personal development and miscellaneous 519,522 140,450 364,986 135.369 127,302 123,279 3,790 5,556 632,980 4.202 797.776 Grant-making support costs Staff costs and temporary staff General overheads 121,021 32,951 153,972 114,591 28,572 143,163 Total 951.748 776,143 Grants were made to 19612023.. 197) individuals. Grants are recognised as expenditure in the year in which they are approved by the Trustees. Page 33

NORWICH CONSOLIDATED CHARITIES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 December 2024 7. GOVERNANCE COSTS 2024 2023 Audit fee Support costs - Staff costs and temporary staff general overheads 19.000 19,294 30,352 68,646 15,490 18,268 9,920 43,678 Non audit fees payable to Lovewell Blake during the year amounted to £3,780 for taxation services {2023: £nil). Allocation of support cost5 and overheads: 2024 Grant Charltable making activities Governance costs (Doughws) costs 2023 Total Total Staff costs and temporary staff General office expenses Irrecoverable VAT 121.021 30,518 2.433 153,972 35,079 32,376 2,611 70,066 19,294 44.113 5.239 68,646 175,394 107,007 10,283 292,684 166,073 75,960 9.196 251,229 8. STAFF COSTS From l April 2024 all staff are jointly employed by Norwich Consolidated charities, Anguish's Educational Foundation and Norwich Freemen's Charity. Norwich Consolidated Charities runs the payroll, and the costs of the staff at Woolgate Court (the charities, main office) are recharged to AEF and NFC. 2024 Less: Le55: Recharged to Recharged to AEF (note 23) NFC Inote 23) Cost remaining in NCC Gros5 Cost Wages and salaries Social security Costs Pension contribution costs (note 22} Payments to Pensioners (note 22) Sub-contract staff costs 1,201,950 85,599 95,949 1142,9471 {11,471} {12,5921 {142,9471 {11,4711 {12,5921 916.056 62.657 70,765 5,405 5,405 9,648 9,648 1,398,551 {167.010) 1167,0101 1,064,531 Page 34

NORWICH CONSOLIDATED CHARITIES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 8. STAFF COSTS ICONTINUED) 2023 Less: Less: Recharged to Recharged to AEF (note 23) NFC (note 23) Cost remaining in NCC Gross cost Wages and salaries Social security costs Pension contribution costs {note 221 Payments to Pensioners {note 221 Sub-contract staff costs 1,138,009 99,012 92,421 1132,5231 113,5141 111,7771 1132,5231 (13,5141 111,777} 872,963 71,984 68,867 7.349 7,349 18,900 18.900 1,355,691 (157,8141 (157,814) 1,040,063 Included in the above figures is an amount of £963 being annual leave taken by staff not yet earned to 31 December 202412023: £10,568 earned but not taken). The Charity considers its key management personnel to be the Chief Executive Officer, Director of Finance, Almshouse Manager and Grants Manager. In 2024 there was a period of overlap between the outgoing and incoming Almshouse Manager. The total gross employment benefits of the key management personnel {before recharges to Anguish's Educational Foundation and Norwich Freemen's Charity) were: 2024 2023 Wages and salaries Social security costs Pension contribution costs 284,707 34,164 26,707 345.578 260,736 30,960 24,600 316,296 The following numbers of employees had remuneration falling within the bands below, before recharges to related charities. Number of employees 2024 2023 £70,001- £80.000 £80,001- £90,000 £90,001- £100,000 £ioo,ooi - £iio,000 Page 35

NORWICH CONSOLIDATED CHARITIES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 STAFF COSTS (CONTINUED) The Trustees did not receive any remuneration during either year, but 212023: 2) trustees were reimbursed travel expenses totalling £79 during 2024 (2023.. £231. The average number of employees, excluding sub-contract staff, wa5: Number of employees 2024 2023 Officers and senior executives Full time- Woolgate Court Part time- Woolgate Court Full time- Doughty's Part time- Doughty's 28 47 30 49 Contracted hours vary within the number of part time employees. The lowest of these is 1012023: 9) hours per week. TAXATION Norwich Consolidated Charities is a registered charity within the meaning of the Taxes Acts and is, therefore, eligible to claim certain exemptions from income tax and capital gains tax. As a consequen￿, no charge to these taxes arises. The Charity is subject to Value Added Tax under the partial exemption rules. Certain properties have been elected to be subject to VAT. io NET INCOME Net income is started after charging: 2024 2023 Operating lease payments Depreciation Loss on disposal 5.076 98.113 5,133 1,205 94,204 5.708 Page 36

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NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 12 TANGIBLE FIXED ASSEfs- SOCIAL INVESTMENTS Bakery Court Freehold Property Cost At l January 2024 and 31 December 2024 803,211 Depreciation At l January 2024 Charge for the year At 31 December 2024 78,985 26.328 105,313 Net book value at 31 December 2024 697.898 Net book value at 31 December 2023 724,226 13 FIXED ASSET INVESTMENTS la) Summary 2024 2023 Investment properties in UK at open market value (note 13b) Ancient endowment properties in UK at open market value (note 13cl Quoted Investments {note 13dl 6,230,000 7,965.262 6,245,000 7,758,262 19.187,551 33,382,813 17,611,467 31,614,729 (b) Investment properties within UK 2024 2023 At l January 2024 Revaluation At 31 December 2024 6.245.000 115,0001 6,230,000 7,730,000 (1.485,000} 6,245,000 The investment properties have a historical cost of £5,841,863 (2023.. £5,841,863). Investment properties and ancient endowment properties are professionally revalued every three years. The basis of the valuations is fair value and the last full valuation was carried out by Nick 5affell, Fellow of the Royal Institution of Chartered Surveyors and a Partner of Brown & Co LLP, Norwich, on 31 December 2023. A desktop update is carried out each year between the triennial valuations. Page 38

NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 13 FIXED ASSET INVESTMENTS (CONTINUED) (c) Ancient endowment properties within UK 2024 2023 At ljanuary 2024 Revaluation At 31 December 2024 7,758,262 207,000 7,965,262 7,372,762 385.500 7,758,262 The ancient endowment properties, originally having been gifted to the charity, have a historical cost of £346,87312023: £346,873). Note 13lb) provides commentary on the basis of valuation at 31 December 2024. {d) Quoted Investments 2024 2023 Market value at l January 2024 U nrealised revaluation gain Management fees and other costs, including equalisations Additions - fee rebates plus interest held at year end Market value at 31 December 2024 17.611.467 1,517.369 (76.046) 134,761 19.187,551 16,612,185 943,417 {71,0981 126,963 17,611,467 Market value Cost Consolidated Endowment Fund 12,565,046 Sarasin Endowments Fund Class A INC 38,615 Cash 16,146,084 38,615 16,184,699 11,431,245 38,615 11,469,860 General Surplus 2,282,265 Sarasin Endowments Fund Class A INC 7,014 Cash 2,932,711 7.014 2,939,725 2,076,324 7,014 2,083,338 Norwich Sick Poor Society 49,009 Sarasin Endowments Fund Class A INC 151 Cash 62,976 151 63,127 44,586 151 44,737 At 31 December 2024 19,187,551 13,597,935 At 31 December 2023 17,611,467 13,539,221 Page 39

NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 14 DEBTORS 2024 2023 Rents receivable Sundry debtors Prepayments 184,396 128,840 30,610 343,846 115,422 117,900 26.249 259.571 15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Creditors Grant commitments Pension contributions Other taxes and social security Accruals Deferred income - Rent5 received in advance 52,144 79,401 46,557 131,470 250 55,715 78,891 37.754 350,637 48.588 74.073 112,923 367,129 Deferred rental income at the beginning of the year Income released in the year Income deferred in the year Deferred rental income at the end of the year 37.754 (37.754} 112,923 112,923 38,026 138,0261 37,754 37.754 Page 40

NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 16 ANALYSIS OF NET ASSETS BEfwEEN FUND5 Fund balances at 31 December 2024 are represented by: Unrestricted funds Restrirted Endowment funds funds Total Tangible fixed assets Social Investments- Bakery Court Investment Property (note 131 Quoted Investments {note 131 2,358,131 89,721 402.202 2,760,333 92,350 697,898 14,195,262 14,195,262 16,184,700 19,187,551 30,874,514 36.841,044 1,843,912 1.272.850 32.718,426 38,113.894 515,827 2,939,725 5,387,577 {620,525) 4.767,052 63,126 578,953 49.463 628.416 Net current assets Total Net assets Fund balances at 31 December 2023 were represented bv: Unrestricted funds Restrirted Endowment funds fvnds Total Tangible fixed assets Social Investments- Bakery Court Investment Property {note 13} Quoted Investments (note 131 2,281,767 93,622 414,389 2,696.156 92,350 724,226 14,003,262 14,003,262 14.855,272 17.611,467 29,365,273 35.035.111 2,438,192 1.921,619 31.803.465 36,956.730 538,254 2.698,253 5,073,642 (564,3201 4.509,322 57,942 596,196 47,747 643,943 Net current assets Total Net assets 17 FINANCIAL COMMITMENTS Annual commitments under non-cancellable operating leases for equipment are as follows: 2024 2023 Payable during the year 5,076 1,205 Future mlnimum lease payments due, expiring: Later than l year and not later than 5 years 10,195 1,936 Page 41

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NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 18 ENDOWMENT FUNDS (CONTINUED) THE UNAPPLIED TOTAL RETURN AND FUND TRANSFER5 The investment power of Total Return was granted to Norwich Consolidated Charities by a Charity Commission Order on 24 January 2011 and was taken up with effect from l April 2012. The trustees of the charitable company passed a resolution on 10 July 2024 under 5104AI21 and s104AA(2} of the Charities Act 2011 to adopt a Total Return approach. The power permits the Trustees to invest permanently endowed funds to maximise total return. It also enables the Trustees to decide in each year how much of the Unapplied Total Return is transferred to income funds and be available for expenditure. In doing so, the Trustees have regard to maintaining the value of the fund in real term5, and of meeting the needs of both current and future beneficiaries. This table records the movements within the Unapplied Total Return during the financial year. 2024 Value of the Total Endowment Funds at l January 2024 Less Tangible Fixed Assets and Social Investments at l January 2024 Less value of the Original Gift Opening value of the Unapplied Total Return 31,803,465 (506,7391 (8,974,000) 22,322.726 Add: Investment income from Rentals Investment income from Dividends and Rebates Unrealised gain on revaluation of Quoted Investments Unreali5ed Eain on revaluation of Investment Properties 709,911 554,109 1,279,901 192,000 2.735.921 Less: Property expenses Investment charges (492,0011 {64,7721 {556,773} Less allocation to the Trust for Application Closing value of the Unapplied Total Return Add Tangible Fixed Asset5 and Social Investments at 31 December 2024 Add value of the Original Gift (retained in the unincorporated charity} (1.252,0001 23.249,874 494,552 8,974,000 Value of the Total Endowment Funds at 31 December 2024 32,718,426 Page 43

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NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 21 ANALYSIS OF CHANGES IN NET DEBT At the start of the year Cash Flows At the end of the year Cash at bank and in hand 2,012,685 1716,552) 1,296,133 22 PENSION COMMITMENTS The charity contributes to a group personal pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension charge represents contribution5 payable by the charity {before cross charges) to the fund and amounted to £95,949 in the year12023: £92,421). At the year-end there were unpaid employer's and employee's pension contribution5 of £{188112023: £250}. The charity also pays staff pensions for one former employee who is now of pensionable age. Amount paid in the year £5,40512023". £7,349, included the wife of a former employee). Payments are made at the discretion of the Trustees. 23 CONNEcfED CHARITIES AND OTHER RELATED PARTIES (a) Connected Charities The Charity is connected to Anguish's Educational Foundation and Norwich Freemen's Charity as defined by the Statement of Recommended Practice; "Accounting by Charities and is a related party as defined by Financial Reporting Standard 102 due to the common membership of the Board of Trustees as described in the Trustees, Report on page 16. Norwich Consolidated Charities. Anguish's Educational Foundation and Norwich Freemen's Charity share equally the cost of the administration function based at Woolgate Court. The principal addre55 is the same for all connected Charities. All three charities were in the process of becoming incorporated as Charitable Companies limited by guarantee. Therefore three dormant companies have existed in preparation for this. which took place on l April 2024. From l April 2024 the activities and operation of the unincorporated charity. number 1094602, were transferred to Norwich Consolidated Charities, a company limited by guarantee, company no. 09891303 and charity no. 1168042. The assets and liabilities also transferred. During the year Norwich Consolidated Charities charged Anguish's Educational Foundation for office salaries costs totaling £167.06012023: £157,814) and office expenses totaling £18,04912023: £9,865). They also received charges from Anguish's Educational Foundation for the use of 10 Golden Dog Lane, IT expenses and other office expenses amounting to £74,611 {2023: £74,878). Also during the year, NoNich Consolidated Charities charged NO￿lCh Freemen's Charity (inclusive of VAT} for office salaries totaling £175,07112023: £189,377) and office expenses amounting to £41,356 (2023: £17,114). Page 46

NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 23 CONNECTED CHARITIES AND OTHER RELATED PARTIES (CONTINUED) Settlements made during the year were £103,41812023: £90,349} from Anguish's Educational Foundation and £216,90512023- £203,796) from Norwich Freemen's Charity. At 31 December 2024, a balance of £31,047 was owed by Anguish's Educational Foundation {2023: £23,967) and £51,575 was owed by Norwich Freemen's Charity12023: £52,053). (b) Other Related Parties Organisation 2024 Grant Related party St Edmunds Society £20,000 David Fullman is a trustee and Chair, Kevin Maguire is a trustee. David Fullman is a trustee and Chair, Kevin Maguire is a trustee. St Edmunds Society £21,285 2023 None Page 47

NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 24 GRANTS TO OTHER ORGANISATIONS Organisation Musical Keys Purpose of Grant Music project for young people with mental health challenges Social event and community gardens project Independence support for people with learning disabilities Support, advice, workshops and social opportunities for isolated parents and carers Supporting traumatically bereaved people through creative arts Headway Norfolk and Waveney Support groups for people with experience of brain injury St Edmunds Society Intervention and enrichment opportunities for FE students Improving access to the arts for people facing barriers to participation Core cost contribution - organisation developing people's financial and housing skills Costs of a project coordinator for an organisation working with refugees and asylum seekers Core cost contribution - advice services Towards staff costs for advice se￿iCe for young people Towards staff and other costs for sanctuary ambassadors project- working with refugees and asylum seekers Towards the costs of debt and welfare benefits advice, support and representation services Towards the cost of food for a food bank Core cost contribution for project supporting adults in recovery from Substan￿ misuse Circus workshops for adults with SEND Support for a projects and events group in an area of deprivation Towards the cost of a coordinator for a community food and household goods shop Instrumental and group music lessons and associated costs for secondary school students in financial need The creation of an additional confidential counselling room for an organisation working with survivors of sexual abuse, sexual assault or sexual violence Project teaching and sharing clothes making and repair skills A casual, non-judgemental student breakfast club Towards Money advice centre manager salary Amount 8,500 The Island Community Group Assist Trust 2,500 15,000 Get me Out of these Four Walls 6,082 Remembering Together CIC 15,000 20,000 20,000 Make Play Connect Ltd 4.500 Your Own Place CIC 25,000 The Zainab Project CIC 26,642 Future Projects Mancroft Advice Project Sanctuary Ambassadors Project 22,888 8,000 10,000 Norfolk Community Law Service Silver Road Community Centre The Matthew Project 15,000 15,000 20,000 The Oak Circus Mile Cross Project and Events Group Earlham Community Shop CIC 11.857 10.190 15,OLIJ Ormiston Vittory Academy 12,000 Sue Lambert Trust 18,0 Wastesmiths CIC 5,060 St Edmunds Society Norwich Community Money Advice Connect Centre The Bridge Plus+ Ltd 21,285 io,ocN) Interpreting costs for work with refugees and asylum seekers. 13,OC Page 48

NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 24 GRANTS TO OTHER ORGANISATIONS (CONTINUEDI Edible East Art and horticultural workshops for social supermarket users Equipment plus training for Deaf person to provide BSL translation of websites and at events The cost of activities, food and a residential trip for young refugees and asylum seekers Early intervention therapeutic counselling Sessions for children and young people with eating disorders Provision of Cancer related support to BSL using members of the Deaf community Salary for part time administrator for city of santtuary organisation Towards the costs of Debt Crisi5 and Welfare Benefits team Creative participation sessions focussed around delivering positive health outcomes 7,000 Deaf Connexions 12,500 Norwich International Youth Projert Eating Matters 10,000 25,000 Bigc 11,877 Norwich City of sanctuary 15,520 No￿lCh Community Law Service The Garage Trust 15,000 11,500 Fundedfrom Projertfund5.' St Giles Trust Training for people facing barriers to training and employment Funding towards community centre staff and operational costs 25,160 ENYP 35,461 Total for 2024 £519,522 Total for 2023 £364,986 Page 49

NORWICH CONSOLIDATED CHARITIES NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 25 SOFA - PREVIOUS YEAR COMPARATIVES Unrestricted Restrirted Funds Funds Endowment Funds Total 2023 Note Income and endowments from: Charitable activities Doughty's income - Bakery Court income Investments Rental income Interest receivable Dividends and Rebates Other Total income 1,058,212 52,223 1,058.212 52,223 678,049 678,049 12.381 612,417 3.806 2,417,088 12,381 93,828 3,806 1.220,450 2,015 516,574 2.015 1.194,623 Expenditure on: Raising fu nds Property expenses Investment charges Charitable activities Grants payable and related costs Almshouse5 expenditure Governance costs Total expenditure 275,759 59,540 275.759 70.586 10,814 232 776,143 1,472,017 43,678 2.302,652 776,143 1.484,204 43,678 2,650,370 12,187 232 347,486 Sub total 11,082,202) 1,783 847.137 1233.282) Transfers between funds Net income/(expenditure) 1,226,427 144.225 {22,427) (1,204,000) (20,644) (356.863) 1233.282) 18-20 Other recognised gains/(losses): Quoted Investments Properties Net movement In funds 13{dl 13{b,cl 144,541 3,104 795.772 943,417 {1,099,5001 (1.099.500) (660.5911 (389.365) 288,766 117,540) Reconciliation of funds: Total funds brought forward Total funds carried forward 4,220.556 18-20 4,509,322 661,483 643.943 32,464.056 37,346,095 31,803,465 36,956,730 Page SO

26 INCORPORATION OF THE CHARITY On l April 2024 Norwich Consolidated Charities, unincorporated charity number 1094602, transferred all of it's assets and liabilities, except for assets to the value of £8,974,000 being the value of the original gift, to Norwich Consolidated Charities, company number 09891303 and registered charity number 1168042. This has been accounted for as a merger. The value of the original gift was required to be retained in the unincorporated charity for legal reasons. There being no specific requirement for particular properties to be retained, it was judged appropriate to retain our almshouses, Doughty's and Bakery Court, and a portfolio of quoted investments. From l April 2024, the unincorporated charity ha5 no activity. All income and expenditure generated from the operations at Doughty's is included in the incorporated charity. The unincorporated charitv retains any gains and losses on its quoted investment portfolio. Analysis of principal SOFA components for the year ended 31 December 2024: NCC NCC NCC NCC Unincorporated Incorporated Unincorporated Incorporated Charity Charity Charity Charity (pre-merger) {pre-merger) (post-merger) (post-merger) Combined total Total Income Total Expenditure Net income/lexpenditure) Other gainslllossesl Net movement in funds 628.066 1687,330) 159.264) 787,448 728,184 1,960,688 2,588.754 12,453,629) (3,140,959) 1492.9411 1552,205) 680,527 1.709,369 187,586 1,157,164 241,394 241,394 Analysis of principal SOFA components for the year ended 31 December 2023: NCC NCC Unincorporated Incorporated Charity Charity Combined total Total Income Total Expenditure Net lexpenditure}/income Other (lossesl/gains Net movement in funds 2,417.088 12,650.3701 {233,2821 1156,0831 1389,3651 2,417,088 12,650.3701 1233,2821 1156,0831 1389,3651 Page 51

26 INCORPORATION OF THE CHARITY ICONTINUED) Analysis of net assets at 31 March 2024: NCC NCC Unincorporated Incorporated Combined Charity Charity total {pre-mergerl (pre-merger) {pre-merger) Total Fixed assets Current assets Current liabilities Total net assets 35,849,661 2,159,816 1324,563} 37,684,914 35,849,661 2,159,816 {324,563} 37.684,914 Represented by Unrestricted funds Restricted Funds Endowment Funds Total Funds 32,669.158 647.038 4,368,718 37,684.914 32,669,158 647.038 4,368,718 37,684.914 Assets to the value of the original gift, £8,974,000 were retained in the unincorporated entity as at i April 2024, as follows. Unrestricted funds Re5trirted Endowment funds funds Total Doughty's Almshouses Bakery Court Quoted Investments Total 2,126,362 93,622 414.389 92,350 5,715,605 6,222,344 2,540.751 717,644 5.715,605 8.974.000 531,672 2,219,984 531.672 Quoted Investments were transferred at market value. Doughty's and Bakery Court values were as follows: DOugh￿S Bakery Court Net book value at l January 2024 Additions Depreciation Net book value at 31 March 2024 2,518.621 43.200 121,070} 2,540.751 724,226 16,582) 717,644 The net assets of the unincorporated charity as at 31 December 2024 were: Unrestricted funds Restrirted Endowment funds funds Total Doughty's Almshouses Bakery Court Quoted Investments Total 2,126,362 93,622 414,389 92,350 5,956,999 6.463,738 2.540,751 717,644 5,956,999 9,215.394 531,672 2,219,984 531,672 Page 52