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2025-12-31-accounts

REGISTERED CHARITY NUMBER: 1205453

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

ST GILES CHARITY ESTATES CIO

Phipps Henson McAllister Chartered Accountants and Statutory Auditors 22-24 Harborough Road Kingsthorpe Northampton NN2 7AZ

ST GILES CHARITY ESTATES CIO

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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Page
Chairman's Report 1
Report of the Trustees 2 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 26
Detailed Statement of Financial Activities 27 to 28
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ST GILES CHARITY ESTATES CIO

CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

This has been the first full year of operation of the new CIO charity and one in which we have continued to make changes and improvements in our operations.

Loraine Garrard, the Manager of our care home, Nicholas Rothwell House, has worked tirelessly to improve our occupancy rate which is now higher than at any time since Covid. We have continued to make improvements to the fabric of the building. Most notable was the complete refurbishment and refitting of the kitchen. Loraine oversaw this with great skill to ensure that, with the aid of an outdoor temporary kitchen, there was no interruption in the provision of hot meals for our residents. The Trustees are extremely grateful to Loraine and our staff for all their dedication and hard work which I know is much appreciated by our residents.

During the year we decided we would retender the contract to manage our investments. Mercer Ltd had been our investment managers for many years and we felt it right therefore we should test the market. We shortlisted five firms, including Mercer, and interviewed four of them. The result of this process was our decision to appoint Cazenove Capital part of Schroders, as our new investment managers. The appointment was finalised in December but the funds were not transferred by Mercer to Cazenove's until February 2026.

In October, Jane O'Connor who had very ably performed the joint roles of Trustee and Administrator for some years decided not to seek reappointment as a Trustee when her term of office ended. She also retired as our Administrator. The charity owes enormous gratitude to her for the huge amount of work she has done for the charity over many years most notably in our change to become a CIO and our heartfelt thanks go out to her.

Jane's departure has necessitated our recruiting a new Administrator. That process started in November and was successfully concluded in March 2026 with the appointment of Theresa Brooks.

In October we appointed a new trustee, Guy Schanschieff. He has recently retired from a very successful business career and brings new skills to our Board. It is also remarkable that in the past both his father and grandfather have been St Giles Trustees.

Finally, I would like to record how much support I and the Charity get from all our Trustees. They all make significant contributions to the Board of Trustees, our committees and the work of the Charity generally. I know it is invidious to pick out individuals but I do want to record in particular my special thanks to Joan Randall. With her many years of involvement in and knowledge of St Giles, Joan is a great sounding board for me. As the Chair of our House Committee, she visits Nicholas Rothwell very frequently keeping her finger on the pulse of the home and supporting Loraine.

It has been a very satisfactory year for the Charity and we look forward to the future with optimism.

Mr J H Peet - Trustee

Page 1

ST GILES CHARITY ESTATES CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charitable Objects of the Charity are the relief of poverty, hardship or need in Northampton and, at the discretion of the Trustees, Northamptonshire by:

1 - The provision and maintenance of almshouse accomodation.

2 - The provision of financial or other support to the residents of the almshouses operated by the CIO.

3 - The provision of financial or other support to the residents of the area of benefit who are in conditions of poverty, hardship or need.

4 - At the absolute discretion of the Trustees, perusing any generable charitable purposes for the benefit of residents in the area of benefit.

Public benefit

The Trustees have had regard to the Charity Commission's guidance on public benefit. The main activities undertaken to carry out the aims for the public benefit include the provision of grants for the poor and needy, the provision of Almshouses for occupation, financial assistance in supporting the care home and any other charitable projects which the Trustees regard as appropriate.

The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.

Grantmaking

The charity is charged with providing help to the poor and needy in Northamptonshire, which incorporates St. Giles Parish, in accordance with its charitable objectives.

Except for the discretionary support of care home residents, we have no facilities for administering grants to individuals, so grants to individuals and smaller charities are sponsored by recognised local organisations. All such activity is overseen and authorised by the Grants Committee.

FINANCIAL REVIEW

Financial position

The results for the year are set out in the accounts attached herewith. The financial statements present the position of the CIO. The prior year comparatives are under Merger Accounting principles for the CIO and charity.

The general fund amounted to £4,580,838 at 31 December 2025 (2024: £4,446,530). The movement during the year arose due to net outgoing resources of £30,371 (2024: £46,461 net outgoing) and realised loss on investments of £23,369, (2024: £62,152 gain), unrealised gains of £188,048 (2024: £66,762) and a revaluation gain on land and buildings of £Nil (2024: £Nil).

The general, or unrestricted, reserves have increased at 31 December 2025, free reserves in unrestricted funds stood at £166,946 (2024: £350,350). In calculating this, the Trustees have excluded all fixed assets including investments which provide income for the charity and which are not readily available for spending. This figure includes any funds required for the maintenance of the Almshouses. The Trustees consider an ideal level of reserves to be at least the equivalent of six months unrestricted expenditure, which is approximately £528,000 (2024: £514,000). Our new investment managers, Cazenove's, will hold a proportion of our funds in managed liquidity investments to ensure we have sufficient reserves.

Page 2

ST GILES CHARITY ESTATES CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

Principal funding sources

The principal sources of funding have continued to be fees charged to residents and investment income.

Investment policy and objectives

The Trustees are able to take a long view of investment returns with the objective of at least maintaining the value of the capital over the years and providing an income for our charitable purpose. This is only done by spreading the capital invested across a care home business, 11 Almshouses, cash, and a spread of funds managed on a cautious / medium risk basis, managed by Mercer Ltd during the year. This policy is revised annually.

The Trustees have considered the most appropriate policy for investing funds and have found that specialist unit trusts, designed for the charity sector, together with government securities and investment in blue chip companies, meet their requirements to generate both income and capital growth. The Trustees consider the return on investments in the present economic climate to be satisfactory.

Reserves policy

It is the policy of the charity to hold reserves in its unrestricted funds, which have not been committed or designated for any particular purpose other than for the operation of the Care Home and Almshouses. A Designated revaluation fund is maintained to recognise the movement in value of the Land and Buildings.

The Trustees have set aside such reserves over the year in order to protect the future operations of the charity from the effects of unforeseen variations in its income streams, or similar variations in its expenditure. It is difficult to quantify an acceptable level of reserves and this remains a controversial subject. The SORP defines reserves as income available to be spent at the Trustees' discretion in furtherance of any of the Charity's objectives; but not yet spent, committed or designated. In the case of St Giles, such reserves have accumulated over many years.

FUTURE PLANS

The Trustees will continue to invest in and improve the care home and Almshouses to ensure that they can compare favourably with other local organisations. This has been seen recently with the changes that have been made to the care home. They will continue to use the available funds to support those in need in the borough and county. The Trustees shall also attempt to ensure that the assets continue to maintain their value in future years by investing in appropriate repairs and maintenance.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, its constitution, and constitutes a Charitable Incorporated Organisation.

Organisational structure

The board of Trustees is led by the Chairperson and meet at least twice a year to receive and discuss reports from the four sub-committees and to consider any other business as required. Further meetings may be called as needed.

There are four sub committees - House, Almshouses, Grants, and Finance. Each of these have a Chair (who must be a Trustee) and meet regularly to discuss the business of the committee. The manager is responsible to the House Committee for the day to day management of Nicholas Rothwell House Care Home, Edward Watson Close Almshouses and the finances of these.

At the beginning of each meeting the Chairman asks for a declaration of interest in any item of the agenda. If any member has such an interest, they take no part in the discussion of that topic.

Page 3

ST GILES CHARITY ESTATES CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Induction and training of new trustees

Trustees of the CIO are appointed for a term of three years. The exception is when it was first created the seven trustees were appointed from two years to four years to stagger the reappointments. The charity does not provide in-house training for trustees but advantage is taken of the many available courses provided by accountants, solicitors and business advisors which the Trustees attend as and when necessary.

Key management remuneration

The remuneration of key management is set by the House Committee after consultation with the Finance Committee.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Risk management is about achieving the right balance between risk and rewards and this applies to all sorts of undertakings including charities.

Risk depends very much on the size and complexity of the charity itself. Operational issues include service quality, employment issues, health and safety, public liability and fraud. Financial issues include information, adequacy of reserves and cash flow.

The Trustees have conducted a review of the major risks to which the charity is exposed and the systems established to mitigate these risks which include insurance. Internal risks are minimised by the implementation of procedures for authorisation of transactions and other procedures are periodically reviewed to ensure they still meet the needs of the charity.

In addition, the Trustees appreciate that the charity is operating in a period of political and economic uncertainty which could affect returns from investments which in turn could also affect the ability to help beneficiaries. This is why the Trustees meet regularly with the reputable investment managers to ensure the portfolios are monitored and adhere to a policy agreed by the charity. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs - both now and in the future.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1205453

Principal address

Nicholas Rothwell House 290 Harborough Road Kingsthorpe Northampton NN2 8LR

Page 4

ST GILES CHARITY ESTATES CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

Trustees

Mrs J Randell Mrs A E Banner Mr G Howard Mrs E J O'Connor (resigned 26/10/2025) Mr N A Thomas Mrs J M Miles Mr J H Peet - Chair Ms R McGrath Mr D Hunter Dr N Kay Mr G J Schanschieff (appointed 31/10/2025)

Auditors

Phipps Henson McAllister Chartered Accountants and Statutory Auditors 22-24 Harborough Road Kingsthorpe Northampton NN2 7AZ

Solicitors

DFA Law 2 Waterside Way Northampton NN4 7XD

Independent Financial Advisors

Mercer Ltd Rosemoor Court Pynes Hill Exeter EX2 5TU

Bankers

NatWest plc 41 The Drapery Northampton NN1 2EY

Key Management Personnel

Mrs L Garrard - Care Home Manager Ms C Hunt - Deputy Care Home Manager

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 5

ST GILES CHARITY ESTATES CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. 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.

Disclosure of information to auditors

Each person who was a Trustee at the time this report was approved confirms that:

Approved by order of the board of trustees on 6th July 2026. and signed on its behalf by:

Mr J H Peet - Trustee

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST GILES CHARITY ESTATES CIO

Opinion

We have audited the financial statements of St Giles Charity Estates CIO (the 'charity') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST GILES CHARITY ESTATES CIO

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST GILES CHARITY ESTATES CIO

Our responsibilities for the audit of the financial statements

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

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

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

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

-We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice, UK corporate taxation laws.

We corroborated our inquiries through our review of all relevant available audit information. > Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;

Understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

Challenging assumptions and judgements made by management in its significant accounting estimates: Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and.

Assessing the extent of compliance with relevant laws and regulations.

Because of the inherent limitations of an audit, there is a 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, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST GILES CHARITY ESTATES CIO

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Phipps Henson McAllister Chartered Accountants and Statutory Auditors 22-24 Harborough Road Kingsthorpe Northampton NN2 7AZ

Date: 6th July 2026

Page 10

ST GILES CHARITY ESTATES CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable Activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Charitable activities
5
Direct charitable expenses
Grants Paid
Governance costs
Cost of raising funds
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Charity
Unrestricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 CIO
Unrestricted
Funds
£
25,115
947,281
29,202
24,343
1,025,941
946,170
66,715
21,924
21,503
1,056,312
(30,371)
164,679
134,308
4,446,530
4,580,838		 2025
Total
funds
£
25,115
947,281
29,202
24,343
1,025,941
946,170
66,715
21,924
21,503
1,056,312
(30,371)
164,679
134,308
4,446,530
4,580,838		 2024
Total
funds
£
36,222
881,699
33,561
30,243
981,725
907,241
78,372
22,270
20,483
1,028,366
(46,641)
128,914
82,273
4,364,257
4,446,530

The notes form part of these financial statements

Page 11

ST GILES CHARITY ESTATES CIO

BALANCE SHEET 31 DECEMBER 2025

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
TOTAL FUNDS		 Charity
Unrestricted
Funds
£
-
-
-
-
-
-
-
-
-
-		 CIO
Unrestricted
Funds
£
2,073,704
2,340,188
4,413,892
30,098
184,786
214,884
(47,938)
166,946
4,580,838
4,580,838		 2025
Total
funds
£
2,073,704
2,340,188
4,413,892
30,098
184,786
214,884
(47,938)
166,946
4,580,838
4,580,838
4,580,838
4,580,838		 2024
Total
funds
£
1,940,672
2,155,508
4,096,180
34,635
347,805
382,440
(32,090)
350,350
4,446,530
4,446,530
4,446,530
4,446,530

The financial statements were approved by the Board of Trustees and authorised for issue on .6th July 2026 and were signed on its behalf by:

Mr J H Peet - Trustee

The notes form part of these financial statements

Page 12

ST GILES CHARITY ESTATES CIO

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
(35,020)
(35,020)
(137,200)
(706,258)
686,257
4,691
24,511
(127,999)
(163,019)
347,805
184,786		 2024
£
(76,442)
(76,442)
(19,588)
(1,165,815)
1,305,656
5,443
28,118
153,814
77,372
270,433
347,805

The notes form part of these financial statements

Page 13

ST GILES CHARITY ESTATES CIO

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Dividends received
Decrease/(increase) in debtors
Increase in creditors
Net cash used in operations		 2025
£
(30,371)
4,168
(4,691)
(24,511)
4,537
15,848
(35,020)		 2024
£
(46,641)
3,918
(5,443)
(28,118)
(4,410)
4,252
(76,442)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand		 At 1/1/25
Cash flow
At 31/12/25
£
£
£
347,805
(163,019)
184,786
347,805
(163,019)
184,786
Total 347,805
(163,019)
184,786

The notes form part of these financial statements

Page 14

ST GILES CHARITY ESTATES CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going Concern

The accounts have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The have trustees considered the level of fund held and the expected level of income and expenditure for 12 months from authorising these accounts. The budgeted income and expenditure is sufficient with the levels of reserves for the charity to be able to continue as a going concern.

Income

All income is recognised once the charity has entitlement to the income, there is sufficient certainty of the receipt and so it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations and grants received are credited on the statement of financial activities in the year to which they relate.

No legacies were received or due to be received in the year but the charity's policy is to include these when the charity is advised by the personal representative of an estate that payment will be made, property transferred and the amount involved can be quantified. Should any legacies ever arise, they will be included in the statement of financial activities.

Residents fees and Rental income

Residents fees and alms-houses' licence to occupy rental fees are included when receivable.

Investment Income

Investment income, including dividends, associated income and tax recoveries, is recognised when receivable.

Donations and gifts

All monetary donations and gifts are included in the accounts when receivable provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case the recognition is deferred until the pre-condition has been met or fulfilled of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

Cost of generating funds comprise all costs with raising income.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Page 15

ST GILES CHARITY ESTATES CIO

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

1. ACCOUNTING POLICIES - continued

Charitable activities

Expenditure on charitable activities includes the costs incurred directly to the fulfilment of the Charity's objectives.

Support Costs

Support costs are those functions that assist the work of the charity, but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs.

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 statutory audit , trustee and legal fees and trustee liability insurance.

Tangible fixed assets

Freehold land and buildings are held at valuation. The trustees obtain a professional valuation on a periodic basis with movements taken to a designated Revaluation Reserve held within the General Reserve. The carrying value is then reviewed for impairment to ensure that the carrying value reflects the recoverable amount.

Plant and machinery is depreciated on a straight line basis over the expected economic life of the asset, normally five years.

All expenditure less than £2,500 is written off to the Statement of Financial Activities in the year incurred.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions are charged to the statement of financial activities as they become payable in accordance with the rules of the scheme. When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service and any unused holiday entitlement is not permitted to be carried forward so all staff ensure they take their holidays before the holiday period ends.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Other financial assets are initially recognised at transaction price including any transaction costs.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price).

Page 16

ST GILES CHARITY ESTATES CIO

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

1. ACCOUNTING POLICIES - continued

Debtors

Provisions

Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Operating leases

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

2. DONATIONS AND LEGACIES

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Donations|25,115|36,222|

----- End of picture text -----

The Trustees provide support to certain care home residents in respect of their fees. This is recorded as Donation Income by Nicholas Rothwell House, and was £23,759 (2024: £35,172, offset against costs and not separately disclosed).

3. CHARITABLE ACTIVITIES

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Residents fees|858,271|800,494| |Rents received|89,010|81,205| |947,281|881,699| |4.|INVESTMENT INCOME| |2025|2024| |£|£| |Dividends received|24,511|28,118| |Interest received|4,691|5,443| |29,202|33,561|

----- End of picture text -----

Page 17

ST GILES CHARITY ESTATES CIO

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

5. CHARITABLE ACTIVITIES COSTS

Direct charitable expenses
Grants Paid
Governance costs
Cost of raising funds
6.
GRANTS PAYABLE
Grants Paid		 Direct
Costs
£
771,410
-
-
-
771,410		 Grant
funding of
activities
(see note
6)
£
-
66,715
-
-
66,715		 Support
costs (see
note 7)
£
174,760
-
21,924
21,503
218,187
2025
£
66,715		 Totals
£
946,170
66,715
21,924
21,503
1,056,312
2024
£
78,372

The Charity has made grants during the year in accordance with its charitable objectives as below: Grants totalling £35,000 (2024: £40,000) were awarded to Charity Link and Northamptonshire Community Foundation.

A grant of £5,000 (2024: £Nil) was directly awarded to the Hope Centre and £2,000 (2024: £Nil) to the Weston Favell Food Bank. Last year, £5,000 was given to the Hope Centre and £2,125 to Weston Favell Food Bank; however, these amounts were not paid directly and instead formed part of the £40,000 grant paid to the Northamptonshire Community Fund, as mentioned above.

A grant of £1,000 was awarded to Maggies (2024: £1,000).

The Trustees provide support to certain care home residents in respect of their fees amounting to £23,759 (2024: £35,172 offset against income). Each of the 11 Almshouses received a grant of £nil (2024: £200) towards heating costs.

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ST GILES CHARITY ESTATES CIO

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

7. SUPPORT COSTS

----- Start of picture text -----
||||| |---|---|---|---| |General| |administrative|Governance| |expense|costs|Totals| |£|£|£| |Direct charitable expenses|154,065|20,695|174,760| |Governance costs|-|21,924|21,924| |-| |Cost of raising funds|21,503|21,503| |154,065|64,122|218,187|

----- End of picture text -----

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.

9. STAFF COSTS

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Wages and salaries|563,067|538,577| |Social security costs|75,626|40,045| |Other pension costs|18,547|17,141| |657,240|595,763|

----- End of picture text -----

The average monthly number of employees during the year was as follows:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Management|2|2| |Employees|23|22| |25|24|

----- End of picture text -----

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£60,001 - £70,000|1|-|

----- End of picture text -----

Total remuneration for Key Management Personnel was £123,175 (2024: £113,898). Key Management Personnel comprise both the Manager and the Deputy Manager.

Page 19

ST GILES CHARITY ESTATES CIO

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

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable Activities
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Direct charitable expenses
Grants Paid
Governance costs
Cost of raising funds
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Charity
Unrestricted
Funds
£
20,517
514,325
16,402
20,188
571,432
529,224
45,717
2,822
11,948
589,711
(18,279)
(4,345,978)
-
(4,364,257)
4,364,257
-		 CIO
Unrestricted
Funds
£
15,705
367,374
17,159
10,055
410,293
378,017
32,655
19,448
8,535
438,655
(28,362)
4,345,978
128,914
4,446,530
-
4,446,530		 Total
funds
£
36,222
881,699
33,561
30,243
981,725
907,241
78,372
22,270
20,483
1,028,366
(46,641)
-
128,914
82,273
4,364,257
4,446,530

Page 20

ST GILES CHARITY ESTATES CIO

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

11. TANGIBLE FIXED ASSETS

COST
At 1 January 2025
Additions
At 31 December 2025
DEPRECIATION
At 1 January 2025
Charge for year
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 Land and
buildings
£
1,925,000
133,261
2,058,261
-
-
-
2,058,261
1,925,000		 Plant and
machinery
£
42,027
3,939
45,966
26,355
4,168
30,523
15,443
15,672		 Totals
£
1,967,027
137,200
2,104,227
26,355
4,168
30,523
2,073,704
1,940,672

Prior to the transfer of assets to the CIO, a valuation of the Charity's Land and Buildings was undertaken by Underwoods LLP on an open market basis. If the freehold land and buildings had not been revalued they would be included at the following historical cost:

Freehold land and buildings
12.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2025
Additions
Disposals
Change in market value of investments
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 2025
£
1,968,793		 2024
£
1,835,532
Listed
investments
£
2,155,508
706,258
(686,257)
164,679
2,340,188
2,340,188
2,155,508

There were no directly held investment assets outside the UK. Holdings in common investment funds, unit trusts and open-ended investment companies are held at the bid price.

Page 21

ST GILES CHARITY ESTATES CIO

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

12. FIXED ASSET INVESTMENTS - continued

The change in market value comprises realised and unrealised gains and loses as below:

Realised gains (losses)
Unrealised gains (losses)		 2025
£
(23,369)
188,048
164,679		 2024
£
62,152
66,762
128,914

If investments were not revalued, they would have been included at historical cost basis at the following amounts:

----- Start of picture text -----
2025 2024
£ £
Investment portfolio at cost 2,021,824 2,029,445
----- End of picture text -----

Investments are managed by Mercer Limited. The portfolio is managed to provide a regular income for the Charity, and to secure its long term future, Material investments include amounts held within funds managed by:

by:
2025 2024
L&G
Blackrock
UBS
JP Morgan		 27.19%
15.16%
0.00%
10.76%		 21.49%
18.16%
13.55%
10.65%
Fidelity 12.18% 0.0%
Investments at fair value comprise:
2025 2024
Equities and securities / managed funds
Cash in investment portfolio (included in Cash at Bank)		 £
2,340,187
114,730
2,454,916		 £
2,155,507
195,792
2,351,298

Post year end the descision was made to replace Mercer Limited with Cazenove Capital. The funds and fund management were transferred after the year end, with Mercer managing the fund at the year end.

Page 22

ST GILES CHARITY ESTATES CIO

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

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Prepayments and accrued income
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
15.
MOVEMENT IN FUNDS
Unrestricted funds
General fund - CIO
Nicholas Rothwell House - CIO
Alms Houses - CIO
Revaluation Reserve - CIO
TOTAL FUNDS		 At 1/1/25
£
3,485,750
11,759
29,162
919,859
4,446,530
4,446,530		 2025
£
5,087
25,011
30,098
2025
£
19,719
15,077
13,142
47,938
Net
movement
in funds
£
88,378
(3,025)
48,955
-
134,308
134,308		 2024
£
10,729
23,906
34,635
2024
£
11,588
11,791
8,711
32,090
At
31/12/25
£
3,574,128
8,734
78,117
919,859
4,580,838
4,580,838

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund - CIO
Nicholas Rothwell House - CIO
Alms Houses - CIO
TOTAL FUNDS		 Incoming
resources
£
29,547
907,384
89,010
1,025,941
1,025,941		 Resources
expended
£
(105,848)
(910,409)
(40,055)
(1,056,312)
(1,056,312)		 Gains and
losses
£
164,679
-
-
164,679
164,679		 Movement
in funds
£
88,378
(3,025)
48,955
134,308
134,308

Page 23

ST GILES CHARITY ESTATES CIO

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

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund - Charity
Nicholas Rothwell House - Charity
Alms Houses - Charity
Revaluation Reserve - Charity
General fund - CIO
Nicholas Rothwell House - CIO
Alms Houses - CIO
Revaluation Reserve - CIO
TOTAL FUNDS		 At 1/1/24
£
3,444,398
-
-
919,859
-
-
-
-
4,364,257
4,364,257		 Net
movement
in funds
£
(44,084)
8,794
17,011
-
85,436
2,965
12,151
-
82,273
82,273		 Transfers
between
funds
£
(3,400,314)
(8,794)
(17,011)
(919,859)
3,400,314
8,794
17,011
919,859
-
-		 At
31/12/24
£
-
-
-
-
3,485,750
11,759
29,162
919,859
4,446,530
4,446,530

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund - Charity
Nicholas Rothwell House - Charity
Alms Houses - Charity
General fund - CIO
Nicholas Rothwell House - CIO
Alms Houses - CIO
TOTAL FUNDS		 Incoming
resources
£
16,403
507,660
47,369
17,159
359,299
33,835
981,725
981,725		 Resources
expended
£
(60,487)
(498,866)
(30,358)
(60,637)
(356,334)
(21,684)
(1,028,366)
(1,028,366)		 Gains and
losses
£
-
-
-
128,914
-
-
128,914
128,914		 Movement
in funds
£
(44,084)
8,794
17,011
85,436
2,965
12,151
82,273
82,273

Page 24

ST GILES CHARITY ESTATES CIO

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

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund - Charity
Nicholas Rothwell House - Charity
Alms Houses - Charity
Revaluation Reserve - Charity
General fund - CIO
Nicholas Rothwell House - CIO
Alms Houses - CIO
Revaluation Reserve - CIO
TOTAL FUNDS		 At 1/1/24
£
3,444,398
-
-
919,859
-
-
-
-
4,364,257
4,364,257		 Net
movement
in funds
£
(44,084)
8,794
17,011
-
173,814
(60)
61,106
-
216,581
216,581		 Transfers
between
funds
£
(3,400,314)
(8,794)
(17,011)
(919,859)
3,400,314
8,794
17,011
919,859
-
-		 At
31/12/25
£
-
-
-
-
3,574,128
8,734
78,117
919,859
4,580,838
4,580,838

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund - Charity
Nicholas Rothwell House - Charity
Alms Houses - Charity
General fund - CIO
Nicholas Rothwell House - CIO
Alms Houses - CIO
TOTAL FUNDS		 Incoming
resources
£
16,403
507,660
47,369
46,706
1,266,683
122,845
2,007,666
2,007,666		 Resources
expended
£
(60,487)
(498,866)
(30,358)
(166,485)
(1,266,743)
(61,739)
(2,084,678)
(2,084,678)		 Gains and
losses
£
-
-
-
293,593
-
-
293,593
293,593		 Movement
in funds
£
(44,084)
8,794
17,011
173,814
(60)
61,106
216,581
216,581

Funds are considered to be unrestricted and fully available for the advancement of the charitable objectives. Individual activities are separated as designated funds to assist in operational monitoring of the charity's key activities.

Funds from the predecessor Charity (202540) were transferred to the CIO in 2024.

Page 25

ST GILES CHARITY ESTATES CIO

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

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2025.

Page 26

ST GILES CHARITY ESTATES CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Charitable Activities
Residents fees
Rents received
Investment income
Dividends received
Interest received
Other income
Management Charge - EWC
Compensation Received
Other income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Food provisions
Cleaning and laundry
Medical expenses
Residents entertainment
Uniforms
National Care Registration
Rent collection, management
Management charge (from NRH)
Travel and subsistence
Carried forward		 2025
Unrestricted
funds
£
25,115
858,271
89,010
947,281
24,511
4,691
29,202
24,000
-
343
24,343
1,025,941
563,067
75,626
18,547
52,573
12,061
15,136
623
307
2,388
5,341
24,000
62
769,731		 2024
Total
funds
£
36,222
800,494
81,205
881,699
28,118
5,443
33,561
24,000
6,111
132
30,243
981,725
538,577
40,045
17,141
41,790
6,647
23,079
524
207
2,388
4,830
24,000
543
699,771

This page does not form part of the statutory financial statements

Page 27

ST GILES CHARITY ESTATES CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Charitable activities
Brought forward
Agency Staff
Grants to institutions
Support costs
General administrative expense
Bank Charges
Insurance
Light and heat
Telephone
Stationery and printing
Subscriptions
Software, IT & Website
Staff training and welfare
Rates and water
Solar Power rebates
Repairs and renewals
Garden maintenance
Water charges
Fixtures and fittings
Governance costs
Auditors' remuneration
Insurance
Accountancy fees
Investment consultancy fees
Other legal and professional
Advertising and PR
Total resources expended
Net income		 2025
Unrestricted
funds
£
769,731
1,679
66,715
838,125
519
21,291
43,584
5,067
3,697
1,207
4,843
5,708
3,668
(2,092)
55,537
3,737
3,132
4,167
154,065
9,825
5,323
5,547
18,333
21,924
3,170
64,122
1,056,312
(30,371)		 2024
Total
funds
£
699,771
6,072
78,372
784,215
742
19,349
50,744
4,604
3,417
1,986
3,565
2,065
3,917
(2,165)
85,345
7,694
2,493
3,918
187,674
7,660
4,837
3,589
19,953
19,908
530
56,477
1,028,366
(46,641)

This page does not form part of the statutory financial statements

Page 28