2024-12-31-accounts - God's House In Ewelme

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

GOD'S HOUSE IN EWELME GOD'S HOUSE IN EWELME

God's Hou$9 In Ew&lme Tru5tees' Report for the year ended 31st De¢ember 2024 The Trustees Present their report and audited accounts for the year ended 31st Deeember 2024. The accounts have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply with the Charty's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice 8ppIic8ble lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on October 2019. Administrat-ve a: The Trustees who served during the yèar were.. Ex-officio: The Master (Prof. Sir John Bell until April 2024. currenuy vacant) The In¢umbenl of the present benefi of Benson with Ewelme (Rev. Dr. Palri¢k Gday) The Lord of the Manor of Ewelme (Vacantl Cowopted: Mrs l Birch Reynardson lseNing 5 years fr¢)m July 20201 Mr P W Charnberf8in (serving 5 years from November 2022} Mr P H B Gosset (serving 5 years from November 20221 Dr T Wilson (serving 5 years from January 2024) Mr M Tait (serving 5 years from January 20241 Ms M Marshall Iserving 5 years from April 2024) Ms M Peterson Clarf( (serving 5 years from April 2024, retired October 20241 Mr K L Cooper Irelired December 2024} Trust Manager. A Saunders Receiver to the Trustees.. A J Robson Principal addmss.. 30 St Gilas, Oxford Auditor: Wenn Townsend, 30 St Giles. Oxford Agents: Sidleys. 6 King Edward Street, Oxford Bankers: Barclavs Bank PLC Cornmarket Street, Oxford Investment advisors: Cazenove Capital Management (part of the Schroders Group). 12 Moorgate Lonoon

God's House in Ewèlme Truste&s' Report Icontinuedl for the year ended 31st Dgcember 2024 History God's House in Ewelme (Charity No. 2005811. also known as Ewelme Almshouse ChaTity, was established in 1437 by the Duke and Duchess of Suffolk. It was endowed with èstates in Oxfordshire, Buckinghamshire, Hampshire and Wiltshire and was established to provide almshouses in Ewelme. OKFordshire, for the benefit of thirteen poor men and two priests and for the free education of the children of the estates. For this latter purpose, a chanty school was estsblished in Ewelme. The Charity is regulated by a Scheme, approved by thg Charity Commissioners. the most recent of which was sealed on 21st July 1992. The almshousai remain in use and hava been ttxpancied to provide a lotsl of 23 units., 13 in Ew•lme and a fvrther 10 in Marsh GibDTrn., Buckinsharr.shire Tor buÈh men and women with connections to th8 Charty's wider estates. The education21 objecta of the Ch¢rily were sepaj ated in 18gg lo form the Ewe5m& Exhibition Endowment (Charity No. 3092401 un¢Jer 3 8eparYte B02rd of Governors and the Ewelme Elementary Educational FoundatK)n Icharty No. 3092811, undar the Ch?rity's IrLlSteeship. Th& Charity is ?Iso :-spOnsibl for the upkeet) of St John the Bapt15t's chapel in Ewelme parish church adjoining the original 2lrfj¢!la$- -chess of Suffolk. granddaughter of Geofft&y Chaucer. Structure and Governance The Ghariry is gsvern2d by - aoard or Trusièes, which when complete comprises ten Twslees. There are 0 active ex-offiCIO 3poLi1lrneTr(S- ille ivla>Ler. knurrenily tfr,- Regius Professor of nAedicine, and the Rector of Benson with Ewelme- viitn ihe rernainder of Trustees b&ing co-opted. Trustees are appointed lo the Board for a lemi of 5 years, which Can be renewed. This year, the ch[1.1 ¥¥.Iccmed four new Trustees to its Board.. Mr M Tail, Dr T Wilson. Ms M Marshall and M$ M Peterson Cl8,-k. i ii&se I rus;2Ès brought 8kiliS nd experience trom the health, legal. business and marketing fields and have Yaii I"r èni i&-L- gd Ine KrivJJed_ttase or ihe aoard of I rustees. Mr K Cooper. one of the Charty's longest-serving I rkn¥iÈ&S Stepped down - -t:>,e eiid of thè yeai". as did one of the more recent appoinlmenls, Ms M Peterson ClarA. Ir, a)iiseob'= -n¢e, the Charity has embarked on a focussed recruitment process and hopes to welcome new T,.ust8es lo the Btsard in 2025. The Regius Professor also resigned his position this year and until sueh a tim& as Oxford University appoints a new Regius Professor of Medicine, the Mastership of th8 Charty remains vacan:, An induction ekieni Ib Oi"&ani%Ea iof 911 ne4 1 i"asiee¢ which introducès them to the Charity. its history, evolution and ¢urrent operatItsl. Ai. fitsw I rL'•lr*es re provided with ihe Charty's Governing Scheme. relevant Minutes and Accounts from tLJw c&din& yea", 2nd Ch2rity Commission guidance on The Essential Trustee. Alongside this. new TrusiFes h2trfJ '.D8 wPPaf,uniti 19 vi?; -harity's ¢stsles in Buckinghamshire and Hampshife, as well as visrting #.'niahouse sites and meèting residents. Governance The Board Oi Trts okna¢Lerly in anuary. April, July and October to consider strategic, financial and operational hlaLLfj[•. i iiese 1101 maily arise iromi recomrrtendaiions made by the Charity's Committee5 - Ways and Means, EotClL4> ¢11 J ..-4 ie nirnali OUSE and c)ll111uljIiY ¢ommittee- which are appointed by the Trustees and meet quarterly bee&n Trustees, meetings. The Committees oversee the day-to-day work of the Charity. Up until the end of 2024, tle IA12ys and Means CommitteA chaired by Mr K L Cooper. was responsible for monitoring the Charity's annual budoet, finÈn¢ial a53els, investments, capital expenditure and cash flow. Following a Governance Rel}1¥ in the summer, the Soard ol Trustees dlded at their October meeting to dissolve this committee and to D2QS oijersight of the Ctyaritv's financial performance to the full Board so that they may be better informed in relation to key strateoic deeision-making. This change will th8rofors tske effect from 2025.

God's House in Ewelme Trustees. Report Icontlnuèdl for the year ended 31st December 2024 The Estates Committee is Chaired by Mr P W Chamberlain and. in collaboration with the Receiver, manaoes the Charity's estates. This involves conserving tn& Chjryty's historic properties, managing its rental property portfolio, acquisition and disposals. rent reviews, le&,.rS 21d mGinlenance. The Almshouse and Communty Committge 1$ Chaired by Mr P H B Gossel and is responsible for appointing and inducting now residents, managing alrnshouse issues, ensuring safeguarding and responding lo residents, social, residential and pastoral needs-. The Charity's Community Relations and Marketing activities are also managed by this Committee. The work of all the committees is reportèd to the full Board of Trustees, and any recommendations they make on strategic issues will be discussed at thé subséquènt 8oard meeting. The Board oi Trustéès oiid th8 Coil )miiiees are governed by Temis of Reference and a Govemance Policy. whlch are revieweo ee1 y Ir,rèe years. Trustees are requir to disclose all relevant interests and register them wth the Trust Manager on 2n annual basis and, in accordance with the Charity's con111 of Interest policy, withdraw from decisions wher& a conTlict arises. Managemep.t The Charitv IS 2dmifiiStèr8d by the Trust Manager and thig role is currenlty filled by Ms Angharad Saunders. The Trust Manager oversees the day-to-day operation of the Charity. which involves all aspects ol administration. compliancelpolicy development and project delivery. and guides Trustees on strategic development. The estate$ are mGn?ged by Ihtt Receiver. currently Mr Andrew Robson of Sidleys. who is a Chartered Surveyor and Land Poenl. Th¥ Receiver reports to the Trustees through the Estates Committee. Professional advi¢e 1$ also obtained as =pprori'i¢.~ f4 D.m he audi+ci%, ::-OTI ,.IV4Stment managers and from legal professionals. The Charilsi tsmrt'):'i IV3rd¢n, 21ong Vwi:'h4 2 Lèlief-War4en. l(> attend to the weSlb8ing of the residents. The Warden is based In Ewelme and regularly visits residents in Marsh Gibbon. Residènts all live independently, bul the WardEf, IJ Kin-r.3r.•".O Qi.er pro7ciica,' ass151an-e ano supporl. wellbeing where necessary. The Charity's long- standing VJ2.-".ei, .:vl:'s .e- .?uSl1 '. following a compr@hènsive role review. fvTrs Sam Cunningharp. I1. -d i':lu Ckiariiy in July. The relief-warden retired In December and .,riLeLI to tli É rcl& dilc joir:- following G fEview or this roie. the Chariiy will be advertising for a new relief-warden in 2025. In April, tria Chari4> i rJsi v..iaplGin, Re'v S Ccusiii s, sf&ppEd down. Given the Charity's review of the Warden role and its cha,-,&= .11 Pknl Sknr,..- I ru>LEes a=ci(i&o iu warl u.liil rhe new staff had settled-in, al which lime they would be better abi . io

God's House in Ewelme Trustees. Report (continued) for thè yèar ènded 31st December 2024 Objectives and activities for the publlc benetit The objectives of the Charity alè to maintain its property and invest in funds to secure the futu of its 8lmshou$es and commèr¢ial property. After defraying the costs of maintaining the Charity's property and its adminiytralion, surplus income for the year is applied for the benefit of the residents of the almshouses of the Charity. or any of them in such manner as the trustees think fil. To becor,E & D&f..&1.,1rY of '>Je Charity appointed lo an almshouse, Indivua1S must be of limi(ed means and at or ov8r St31E Retli emJÉnt agè. Piefr- erLC& IS given to those who have a past or present connection with the areas of tna Ci Lafity'g 2¢taLts in WlmE, C..fo,- -'sni,'e, Plarsh Gibbon, Buckinghamshire and Ramridge, Hampshire. ResiJe414¥ a4 .]Va iiidapendenii J, liG Stai, vjork dosèly with residents, families. local heakh and social care providers EO ei..SL.;-a tndt resId17tS Can remain in their almshouses for as long as they are able or until they are assessed bv the appropriate authoriti&s as needlng residential or nursing care. The almshouseo &r& maint6iiied LO a very ni9h >l&ndard and are generously appointed, with modern klt¢hens and bathrooms," Èi.&r- iJgf3..nme improbe4.1¢1l as V&caThcies occur. The Trusteès chargè a nominal Weekly Maintenance Goi ILI ibLliJn. 'Nnicil ib signibicanili >Elow tle Fair rxant lèvèl. and subsidise the operating costs of the almshouses Iitifi. Trustees are continually reviewing demand and need within the local are &r..d -rc ixp,. ", li hg ppCrtn1l1eS to J.l)ViaÈ iL4rther as51Stanc$ for people in n&od of housing wf(hin ils areas of ouer2tion. After mee.ing r.e- -GS QT i':s almslouse resiorfi.'s. the Cnarty also pays an annual grant such as it sees fit to the Governors Oi 014 vJelme E"ni)lilG'n Endowmeyi lkniariry No 3092401. If there is remaining income not required by the above tsij"- -ts, the Crtarity .ri&y ai>0 aKts granrs io cther almshous8 charities that operate within its area of beneTIL. In the autumn of 2023, the Board ol Trustees applied to the Charity Commission to add 8 further object to its scherne, Inis b¢iiig to -drrtini>ier a grdni scn&i"Ilé ior organisalions working lo prevent of relieve poverty within the vicinity OT ihe Chaiitv.? esÈaies. The CAariLy Commission gave their consent in June 2024 and the Board of Trustees is now considerino now ro develop this area OT work AehlèvÈmeryts *r-. ?ffdrform.-.nce The Charity h- h-A & SL'CC=ssiuI ligar. I:. .¥$ a)pointed three new residents, welcomed four new trustees and one new membe," OT SLrr., IT lias been granted a new charit4ole object by the Charity Commission.. supported the work of the Ewelme . An..biLion iioowment., explocEO new chariiable opportunrties,. reviewed and revised its governance structure., ¢èQ¢.'O[.Jd. ,'Is Foli ¢4iid proCeles." reviewed the Skills of its Board and initiated a strategic review and business plan. R8sld&llts Residents WlitiilJi ¥ LO tseri¥ili Irom a visiiin¥ bv'ai'o¢n. I his (ole was revised this year to make il more approprfate to the neeas or ine Lnarity's rural sites, nistoric properties and ils different sidentS. This year, the Almshouse and Commuftily bommittee has insligaled Closer management of the almshouses and their residents, creating Residents, Hap.dbook, revising ihe Letter OT Appointment and spearheading the rewew of internal procedures to better handle reSIde,1t issues and The Setting Aside of appointments.

God's House in Ewelme Trustees, Report (continued) for the year ended 31st Decembèr 2024 The Estate The Board of Trustees 15 Mindful of the historic nature Of much of the Charity's portfolio, not l&ast. its original almshouses and its other listed buildings. InevitaDly, these carry a financial burden, but the Trustees are attentive to their duty to maintain these assets for future generations. This year. th¢ Board of Trustees commissioned an extensive programme of external repair and restoration to the historic Cloisters. Work is underway to replace the ancient wooden cills and the Charity is committed to on-going restoration work in Sl John the Baptist's chapel in Sl Mary's Church, Fwelme. The Gharily ensures its proparty portfolio is of a high standard and thère is a rolling pro9ramme of rnodernisation of almshousès 3rd investment properties as necessary. Financial Reiiitsw Despite politi- ,n&t=biliiy in varicus countl-1e an.d the financial uncertainty this ha5 brought. investment income has held dF INE,.: -1 inc011e has O¢&,- ,m3inlain&d but expenses associated with property repair and maintenan¢e continue to increase. The Re¢$iver was instructed to undertake a periodic full revaluation of all properties last year and as a result there was a significant uplift in the value of the Charty's pmpety Portfolio prior year however this is not undertakei this yea". The Charity'8 InCOlMc in t!?a year iii?.s P1,00? 383 {?0?9: ¢1.058,8251 and was obtsined primarily from its investment properties and ifs rnrfo!io of quoted ipllJ85'.Tents. The Ch8rty:pen! f3?7.420 12023.. £251 0621 on the upkeep and maintènance of ils almshouses and other historic buildings, £358.210 12023. £312,876) on maintaining its othèr properties, incurred £72,869 12023". £55.650) on support and ooiierrnanpp costs. defrayed L28,356120?3'. £?9.378 on Almsmen's Account, made other grants and donation¢ of £nil l?023= P10 Jl anA i.yilh f_3fj0.oon12023'. £300.0001 due t¢ the Ewelme Exhibf(ion Endowment. and £1,25712023'. £3,208) due to the Ewelme Elementsry Educational Foundation, this left a deficit for the year before investment V2ins c.¥ £128,4 5512023." surpliJS £63,335). There were investment gains of £951,171 12023.. gains of £9,650,02dl, iesd.'ting ijl ovèral:. gain for +h.e liear of £823,01612023.' gain of £9.713,3591. The net assets of the Charity amoLl?ed ', 5? d31.445 1?0?2. f K:,F.08,43Ln J at 31st December 2024. The Trustees cayi s.'d= ..81 ¥he na. asselo ?Q.equate to genAratè sufficient income to enable the Charty to meg1 its objec+jiie The Charity's cLiotcd .'r,vas;weD.ts ale h¢ld C?yenove Capitsl Management. Over the !ie?r. 7h& ,4r/,5 i'.ioied invuotmrJnTS have risen in value by 693,101 12023.. in¢rease of £346.7651. Key management perstsnnal r&mun8rauon The Board of TfUlSt>es and Lhe Trust Manage." compris8 the key management personnel of the Charity and are in charge of direciing and conirolling its (Jay-lo-day work. All Trustees give of their time frèely and no Trustee remuneration was DÈia in tnf year. There vlere no Trustee expenses or related party tr8nsactitsn$ in the year. see note 16 in the 2ccounts. The salaries of the TrusT Manager and Warden are reviewed annually and normally increased in accordance wilh averag& earnin-¥. to eP.CLJre ihal il is fair and not out of line with similar roles.

God's House in Ewelme Trustees. Report Icontinuedl for the year endèd 31st December 2024 Invèstment policy and perfomianc& The Trustees rewew the Investment Policy annually and have the following investment objectives.. The overall invttstmeni objex is lo DrodLJCts the best fin8n¢ial retum with an acceptsbl* level of risk. In the case of general funds. the obie¢tive is to produce a steady income flow while minimising the bl

e Ci kne General Fund, the objectwe is to maintsin a risk-free sum to enable regular maintenance of the Charity's investment properties to be undertaken 33 needed. In Ehe case of the Extraordinary Repair and Restor81ion Fund the aim is to maximisa capitsl gro including re-investrnent of Income and is used for maintsining the historic fabric of the Charity's assets. dl Given the Charity'¢ level of commYEments, the Trustees had sel a largel for income of £1 millitsn for 2024, whilst maintaining the capital value of its investment assets over ttte long temi. Total incomè includes interest from cash deposits, almshouce mittifiienance conTribu-.',Dns and sundry income as well as income from investments. Permanent Endowmènt Ipv8Stèd on Total Retum Basis In 2021 tne I I. jof&s -., Iher=by giving the Charity greater flexibility lo respond lo its ',atrle un= -polled total return w2s established as of 1st January 2021. Professional advicè was taken from Wenn Townsend, Chartered Accountsnls, in calculating this base value. The base value for the unapplied total return was calculated by reviewing the investment gains on the quoted investmenis sincr .1 gy5. The Charlty ugp.8 P.gzrAPOiiP to mangge the inifpstrenT of i(5 Fndowment funds under an instruction lo maximise income and cauit31 orowth lJVithoiJt undiiè ri¢. with a view to achieving the Charity's medium to long term objective of CPI + .3.5% L4Dd?r Toièl Return. Rpoular t)erformance monitoring data is provided to Trustees by C82enove to Ar..Gbl: 'lam-.o w..ake informed o¢¢isions about the Charity's investments going forward. Trustees meet with (heli- Cazenove Investm-nt Advisor on an annual basis to review performance of the Charity's investmenis and r2vise Iheir inveslmenÈ .'nsiructions. Tne Trustees consider that the Permanent Endowment of the Chariry is >U)-.jtyiani LG tle r.&ec> OL CUI ieiii ana Tuiure benenoiaries Reserve 01C. The Charity ne&a> ia 141Èei liè obj&%•ilVèS LO provioe almshouses in Ewelme and Marsh Gibbon, Mntain its historic oknildiilgs idfaQ lis knvo r&lat&d Ci iariiies. The annual cost of maintsining and improving those almshouses aild l.,,_ QLOIIC DU4iwJiigs is li l Ll pe )ro¢f JT ¢24 Jr,gs b ag averaged ovei thè last 5 years. The Charity's income has b6en suffi¢ienl io meet this, but i rustees ar& mindful of the rising costs associated wth the preseNatic)n r.f IIAir h.jeTorin assets. It Ss the pciicy ai -.?£5 Trus.eeb'. al to maintrajr. e Ji.. Phtr Cb.2rity from unforeseen falls in in¢ome and a levd of six ny)nthe c, .-?". ri?. A?P1_11l, -rRJ12l'?'s .'s ccnsi4prad adeauata to do this. This figure 1$ estimated at £350.000. b} to holo sufvicienE unresiricteo reserves to meet excèptional property and repair expenses in relation lo the Charity," .'nvesL rt.1$ 2n0 22aO.000 is adequate for this. ?.+epr F-nsenpo n T>A+ ax+TJrnr. iyary rep91 and restoration of almshouses and other historic b1. -jldFnfjs rnf 'ha Ch?r.'"ty .4D amniiyt PT f?qQ Qon is considered adequate for this fund.

God's House in Ewelme Trustees. Report Icontinuedl for thè year ended 31st December 2024 At the end of 2024, the charity had unresirfcteo reserves of £1.351,819 {2023'. £1.424.3991. Of this amount. £250.000 will be held in the designated flind as above. The target level of unrestricted reserves is £850,000 {as detsiled in a, b and c above). Within this figure. £250,000 is designated and £1,101.819 is 'free'. The Trustee8 are happy with the level of reserves held with regards lo the target figuré. Principa! tjsks -.r,e up.reTrt>: The Trustees have ideytified the major risks to which the Charity is exposed and systems have been established lo mitigate those risks. The princioal risks iafjsd b51 the Charity are failure of investments or ¢8lastrophic destruction of its hiÈtoric buildings. The Cnaraiv employs investment managers to manage the Charity's investments within agreed parameters. Sidleys provides estate management services foT the Charty and the Receiver advisès on the best way lo maximise retums on thè Charity's poirtfolio. The Charity seek$ professional advice on saTeEy Piocettures ana risk rnanagement for lis properties. Fire Risk Assessments. rÈgular inspections of fire fighting rquitsrment arid alamis is uncert-l<en 10 ensure The Charity is compliant with sector requirements. All this is guioeo by the Cnority's sIART Risk Assessment, which is reviewed annually by the Trustees. Plans for Fu-- '('" j110S The Board ol I fiJwiÉt¥ 4 2liibart.èd Oi l É bli*tgic reVIV OT all areas of operation. This will culminate in a series of slraleJ:.e•-:G .-.I.i-o,ts ie .iiork Gi tha kdii8filg sDI.Ig iofvvard. 11 is anticipated that this review wtll be cOmpted in 2025 and will i. I r fJÉdre deveiJ Yiei.I TOCUS. in conjunction with this. the Charty is developing a Business Plan to nelp it mov= fo[ard wi-.h its strategic decisions and measur& its progress against clear targets

God's House in Ewalmo Trustees. Report l¢ontinuedl for the year erKled 31st Dè¢emb•r 2024 Responsibilitiès of Trustses The Trustees are responsible for preparing the Tnjslees, Annual R¢port and the financial statèments in accordance with applicable law and United Kingdom Accounting Standards IUnit&d Kingdom Generally ACpted Accounting Pra¢ticel. The law applicable lo charities in England & Wales requires the Iruslees to prepare financial statements for each financial year which give a tnje and fair view of the staté of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatemenls, the trustees are required to.. select suitable accounting policies and then appty them ¢onsi5tenlly'. observe the methods and principles in the Charities SORP 2019 IFRS 102),. make judgements and estimates that are reasonable and prLJdentr, slate whether applicable accounting standards have been followed.. prepare the financial $tstements on the goin9 coneem basis unless it is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disdose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the appli¢8ble Charities (Accounts Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assèts of the charity and hence for t8n9 reasonable steps for the prevention and detedion of fraud and other irregularities. Approved by the Trustso$ on . 09106/..... 2025 and slgngd on their behalf by: A Saunders Trust Manager

God's Housè in Ewèlmo Independent Auditor's Report to the Trustees of God's Hou$9 in Ewelme Opinion We have audited the financial statements Of God's House in Ewelme {Ihe 'charty'l for the year ended 31st December 2024 which comprise the Statemfrnt of Financial Activities, the Balance Sheet. the Statement of Cash Flow$ and note5 to the f5nancial statements, including a summary of significant accounting policles. The financial reporting framework that h85 been applied in their preparation is appli¢able law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and R&public of Ireland {Uniled Kingdom Generally ACpted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the stste of the charty'$ affairs as al 31st December 2024, and of ils incorning resources and application of Tesources. for the year then ended., hav$ been properly prepared in accordance with United Kingdom Generally ACpted Accounting Practice- and have been prepared In accordance with the requirements of the Charities Act 2011. Basi$ for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUIQI and applicable taw. Our responsibilities under those stsndards 8r8 further described in the Auditor's responsibilities for the audit of the financial stslemenls section of our report. We are indèpendent 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 ftilfilled ourother ethical resptsnsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is suffi¢ient and appropriate lo provide a basis for our opinion. Conclusions relating to going concèrn In auditing the financial statements. we have concluded that the Irustee$' use of the going concern basis of accountin9 in the preparab.tsn of the financial statements is appropriate. Based on the work we have performed. we h8ve not identified any material uncertainties rèlating lo events or condlb'ons that, individually or collectively. may cast significant doubt about the charity's ability to continue as a going concern for a period of at laasl twelve months from the date when the financial statements a aulhorised for issue. Our responsibilities and the re8pon8ibilities of the trustees with respect to going concem a deSbed in the relevant sections of this rèport. Other Infomiatlon The other information comprises the information included in the truslee3' annual report, other than the financial statements and our auditor's report Ihereon contained within the annual report. Our opinion on the financial statements does not Cover the other information and, expt to the extent otherwise explicitly slated in our report. we do not express any form of assLJf8n¢e condu$lon Ihereon. Our responsibility is to ad the other infomialion and, in doing so. consider whathar the other information is materially inconsistent with the finan¢ial $latements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify su¢h material inconsistencies or apparent material misstatements. we are requirèd to determine whether this gives rise to a materwl misstatement in the financlal stslemenls themselves. If. based on the work wè have performed, we conclude that there is a material misstatemanl of thi$ other infomiation, we are required to report that fart W8 hav8 nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing lo report in respect of the following matters in relation to which the Charilles IA¢counls and Reports) Regulations 2008 require us to report 1¢ you rf. in our opinion.. the infomation given in the financial statements is inconsistent in any material respect wrth the Iruslee$' report., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not CeIVed all the information and explanations we require for our audit

God's House in Ewelme Indepondont Auditor's Report to the Trustees of God's House in Ewelme Icantinu¢dl Responsibilltles of trustee$ As explained more fully in the trustees. responsibilities statement set out on page 8, the trustees are responsible for the preparation of financial statements which givè 3 true and fair view, and for such internal control as the trustees delemine is necessary to enable the preparation of financial statements that arè liee from material misststement, whether due to fraud or error. In preparing the finaneial staternenls, the trustees are responsible f¢r asse85ing the charity's ability to conlinug as a going concem, disclosing. as applkable, matters related to going concern and using the going concern basis of ac¢ounling unless the trustees erther intend lo liquidate the charity or to cease opera15ons, or have no realistic alternal've but to do so. Auditor's Te8ponsibilities for the audit of the finan¢lal Ytstements We hava been appointed as aL¥Jilor under section 144 of the Charities Act 2011 and report in accordance wilh regulalsons made under thè Act. Our objectlves are lo obtain reasonable assurance aboutwhether the financial statements as a whole are free from rnalerial misstatement, whether duè to fraud or error, and lo issue an audilorfs report that indudes our opinion. Reasonable assurance is a high levèl of assurance, bul is not a guarantee that an audit eonducled in accordan with ISAS {UKI will aayS detect a material misstatement when rt exists. Misstatements can arise from fraud or error and ara considered material if, individually or in the aggregate. they could reasonably be expected to inluence the economic decisions of users taken on the basis of these financial statements. Irregularitie$, includlng fraud, are instances of non-complHnce wilh18ws and Tegulalions. We design procèdures in line with our responsibilities. outlined above, lo detect material misststements in Spect of irregularities, including fraud. The specific procedures for this engogemenl and the extent to which these are capable of detecting irregularities. including fraud is detsiled below.. Enquiry of management and those charged with govemance around actual and potential litigation and ¢laims', Enquiry of entity staff in tax and compliance functions lo i¢Jenlify any Instsnces of non-compliance with law$ and regulations.. Reviewing minutes of meetings of those charged with govemance., Reviewing financial statement disclosuS and testing to supporting documentation to assess ¢c¥npliance with applicable laws and regulations., Perfomiing audit work over the risk of management override of conlrols.8nd other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewng accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a matèrial misstatement in the financial statements or non-compliance wrth regulation. This risk increases the more that Complian with a law or regulab'on is removed from the evants and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-complian¢e. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment. forgery, Collusion. omission or misrepresenlalion. A further description of our responsibili15es for the audit of the financial statements is located on the Financial Reportin9 Council's website at.. www.frc.org.uklauditorsresponsibilities. Thi$ description forms part of our audrtorfs report. 10

God's House in Ew•lm• Independent Auditor's Report to the Trustees of God's House in Ewelme Icontinuedl Uso of our report This report is made solely lo the charity's Iruslees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work ha5 been undertaken so thatw& might stale to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Wenn Townsènd, Ststutory Auditor Oxford 141.091 Wenn Townssndis 8ligib19 forappotnlmgnf as audilorof the eh&71y undèrs8clion 1272 of Ihe companSA¢1 2006.

OmONr rv )¢0 00 i C•)C>>1no rkno00) (ooj ortoryr r¢S>0 (OC4 00 ort(T> i(No V¢DOC ro* i! I C # ¢13

God's House In Ewelm& Balance Sheet as at 31st Decemb&r 2024 2024 2023 Notè Fixed assets Tangible assets Investment properttes Quoted investments 3,219,011 38,970,363 9.980,116 3,219.011 38,938.308 9,009.406 12 12 52,149,490 51,168,725 Curront assets Debtors Bank deposit accounts Bank current accounts and petty cash Duo from Ewelme Exhibition Endowment 172.380 129.415 77,070 172,925 317,60e 21,416 2.433 378,865 514.380 Current liabilities Othèr CdItorS 10 196,9091 172,6751 (96.9091 172,675) Not Current assets 281.958 441,705 N•t assets 52,431,446 S1,608.430 Represented by: Permanent endowment funds Unrestricted funds 13 14 51,079,627 1,351.819 50,184.031 1.424,399 52.431,446 51,608,430 These accounts were approvad at a meeting of the Trustees on .... . 2025 P W Chamberlain l Trustses HBG $et 13

God's House in Ewelme Statement of Cash Flows For thè yéar ¥nded 31st December 2024 2024 2023 Net cash used In oporating activities (note 181 1343,2521 1176,340) Cash flow from investing activittes: Interest and dividends 242,309 223,640 Proceeds from sale of investments 2.880,404 3,082.068 Purchase of investments (2,911,998) {2,961.8131 Not Cash (used inllprov5ded by Inve$tlng activities 210.715 343,895 Change in cash and cash equivalents in the year 1132,537) 167,555 Cash and cash equivalents brought forward 339,022 171,467 Cash and ¢a$h oquivalents carried forward 208,485 339.022 14

God's House in Ewèlme Nots$ to the Accounts for the year ended 31st Dè¢omber 2024 Accounting poli¢ies The following accounting policies have been used consistently in dealing with items which are considered m*erial in relation to the accounts of the Charity. Basis of preparation These accounts have been prepared on an accruals basis and include income and expenditure as thèy are earned or incurred. rather than as cash is received or paid. The accounts havè been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by charib.es preparing their a¢coun15 in accordance with the Financial Reporting Standard 2pplicab5e in the UK and Republic of Ireland IFRS 1021 published October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concem. as detailed in th& Trustees Report. Fund structure i) Unrestricted lunds consist of a general fund which the Trustees may use. lorlhe fvrtherance ofthe objects of the Charty. al their discretion. ii) Designated funds Comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of these fvnds is Sel out in the notes trj the accounts. iiil Pemanenl endowment funds represent funds which musl be held permanently, or Sf sold cannot be used as ifthey were incomÈ bul must be reinvested. The income of these funds may be used by the Trustees for the fvrtherance of the objects of the Charity, at their discretion. Properties The Charity's properties are in¢luded in the accounts as below. All signifi¢ant expenditure of a capital nature is capilalised. il Tangible fjxed assets are properties held to fulfil the Charitys objects, and are included in the accounts at depreciat8d replacement cost. These properties are maintained by a pr¢gramme of refurbishment such that thè residual value is not less than the v8lue in the accounts. No depreciation is therefo Considered to be necessary. ill Investment properties are properties held for investment purposes. and are induded in the accounts at open market value. Quoted investmènts Quoted investments are included in the a¢¢ounls al market value al the year end. Gains or losses arising on revaluation are recognised in the Statement of Financial Activities as unrealised gain$ or losses. Gains or losses arising on disposal are recogni8ed in the Ststement of Financial Activities as realised gains or 5osses. Grdnts payabl8 Grants payable are included when the recipient has a reasonable expectation that they will receive a grant and when any conditions attached to the grant are fulled. Debtors and emditofs receivablelpayable within on8 yaar Debtors and creditors re1v3e1pay8h1e within one year are recorded at transaction price. 15

God's Hous¢ in Ewelme Notès to tho A¢counts (continued} for the year onded 31st December 2024 Accounting pollclos {¢ontlnuo(Jl Income recognition All income is recognised in the Sl*ement of Financial Activities when the Charty is legally entiued to the in¢ome, the amount can be quantified with reasonable accuracy and il is probable that the income will be received. Exptrnditure recognition All expenditure 1$ 8c¢ounted for on an accruals basis and Is iecognised when there is a legal or nStruCtive obligation ID pay, It is probablè that settlement will be required and the amount of the obligation can be measured reliably. Charitable axpenditure comprises those costs incurred by the Charity in the delivery of its 8Ctivilies and services for its beneficiaries. It includes both costs that can be allocated dir£¢tly lo such activities and those costs of an indirect nature neSSary to support them. Governance costs indude those costs associated with meeting the constllullonal and stslutory requirements of the charity and include the audit fees and costs linked to the strategic management of the Charity. Support costs am those Costs that. whilst necessary to deliver an activity, not themselves produce or constitute the output of the charitabla a¢tivity. Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was in¢urred. Upkeep and maintenance of Almshou$os and tho South Aisle and SL John's Chapel of Ewelme Church 2024 2023 Council tax. water rates and insurance Repairs Fuel oil Electriclly Cleaning Garden upkeep 10,170 223,389 33,572 22,601 3.390 34,308 28,048 133,097 34.118 23,030 5.413 27,358 327.430 251.062 16

God's House in Ewelme Nats$ to the Accounts IcontinLtedl for the year ended 31$t December 2024 Expenditure on Almsmen's Account 2024 2023 Attendance on almsmen Chaplain's salary Telephone Sundry expenses 19,296 2,333 3,307 1.730 17,392 7,000 3,671 1,315 26,666 29,378 Expenses of properties 2024 2023 Repairs and maintenance Professional charges re repairs and maintenance Receiverfs management fees and expenses Insurance Rates. heal and light Other professional charges Bad debts 11 5.890 20.882 111.257 79,063 5,272 25,846 94,124 15,905 108,861 63,392 3,061 27.533 358,210 312,876 Amount payable tollracelvabla from) the Ewelme Exhibition Endowment 2024 2023 Annual grant payable lo the Ewelme Exhibition Endowment Amount paid in year Amount outstanding at beginnin9 of year Administrative salary paid 300,000 {297,56n 12,433} 300,000 1292,8951 17,1051 {2,433) Totsl due at 31st December 2024 12.433) Grants and Donations 2024 2023 Grants and donations include the following: The Millslream Day Centre Other grants under £1,000 105 105 17

God's Hou$¢ in Ewelme Notes to the Accounts Icontinuedl tor the year endod 31st December 2024 Support and governance costs 2024 2023 The breakdown of support costs and governance costs is.. Support costs Trust managerfs salary including Social Security Sundry expenses 7,743 4,713 3,314 12,578 12.456 Govomance costs TDJSt manager's salary induding Soaal Security Auditor's feas audf( non audit Trustees, indemnity insurance 21,618 17,580 15,488 5,609 18,068 14,196 5,560 5.370 60,291 43.194 Total costs, all allocated to charitable actlvltlfrs 72.869 55,650 Staff costs 2024 2023 Salaries and wages Pension costs Soaal security costs 51,362 1,478 52.127 Total staff costs 52,840 53,073 The average number of employees durfng the year was 4 12023.. 41 wth all employee time inVoed in providing èither support to the governance of the charity or support services lo charitable activities. The charity considers 118 key management personnel comprise the Trustees and the Tru51 Manager. The totsl remuneiation including employer pension ¢onlribulions of the key management personnel was £31,210 12023". £32,868). No employees received remuneration in ex¢ess of £60,00012023.' none}. 18

Gt)d'$ Housè in Ewelme Notes to the Accounts Icontinuèdl for the year ended 31st December 2024 Dobtors 2024 2023 Rents and maintenance o)ntributions receiv8ble Prepayments and accrued income 67,655 104.725 94,465 78.460 172.380 172.925 10. Creditors: due wlthln one year 2024 2023 Repairs to propety A¢cru8ls and deferred income Surveyors. fees and professional charges other creditors 11,034 62.582 22,548 745 5,59S 66,296 783 96,909 72.675 11. Tangible fixad assats 2024 Freehold property 2023 Freehold PrOrtY Value al 1st January 2024 and 31st De¢ember 2024 3,219.011 3,219.011 Histori¢al cost a131st December 2024 250,183 250,183 The tangible fixed assets of the Charity are thè Almshouses. The valuation of these assets was reviewed by the trustees during the year. with the assistance of a RICS regulated firm. The trustees will continua to consider any material impact on their carrying value annually. 19

God's House in Ewelm• Notes to the Accounts Icontinuedl for the year ended 31st Decembgr 2024 11 Fixed asset investments a) God's Hous8 In EIme - Charity 2024 2023 Quoted Investments Market value at 1st January 2024 Additions at cost Increaselldecrease} in market valu& Disposal pr¢¢eeds Loss on disposal Increaselldecreasel in cash pending investments 9.009.406 2.803,614 588,233 {2,622,3341 104,868 76.329 8.989,356 2,959,128 800,122 13.082,0681 1253,3571 {183,775) Market value 8t 31 st December 2024 9.960,116 9,009.4C Invèstment properties Market value at 1st January 2024 Additions Rèvaluation Disposal proceeds (less costs lo sell) Gain on disposal 38.938.308 32,055 29.448,589 186,460 9,303,259 1258,0701 258.070 Markat value at 31st December 2024 38.970,363 38,938.308 Total 48.930,479 47,947,714 bl The valuation of the investment properties was reviewed by the trustees periodically, with the assistance of a RICS regulated ffm. The trustees will continue to consider any material impact on their carrying value annually. All properties are wthin the UK. ¢) The historical cost of the quoted investments at 31 st December 2024 was £9,009,405131st De¢ernber 2023.. £8.308,2371. The historical cost of investment properties at 31st December 2024 was 23,636,001 131st December 2023.. £3,603,946). 13. Pernianent endowment funds Pemianont Endowmènt Fund Balance at 1 st January 2024 Increase in market value of quoted investments Increase in market value of investment propertie$ Gain on disposal of investment property Loss on disposal of quoted invastmenls 50,184.031 532,658 258,070 104,868 Balance at 31 st December 2024 51.079.627 Balance at 1st January 2023 Increase in market va5ue of quoted investments Inuease in market value of investment properties Loss on disposal of quoted invèstments 40,597.878 538.251 9,303,259 1253.357) Balance at 31st December 2023 50,184,031 20

God's House in Ewelme Notes to the Accounts Icontinuèdl for thè y¥ar ended 31st December 2024 13. Pemianent endowment funds {contJnuedl a) The permanent endowmènt fund is represented by property. quoted investments and fixed assets. bl Includad within the above funds are unrealised gains (arising from changes in market value of quoted investments, investment properties and fixed assets) as follows".- 2024 2023 Permanent endowment Quoted investments Investment properties Fixed 8$sets 884.172 £ 35,359,724 £ 2,968,828 430,437 £ 35,327,669 £ 2,968,828 Unrestricted funds Extraordinary Property Rèpair Fund Extraordinary Almshouso Repair Fund Goneral Fund Shortrall Re$erye$ 2024 Total Balance at 1st January 2024 1.174.399 250.000 1,424,399 Surplu(Defi¢1l) for the year {Decreaselfin¢r¢ase In market value of quoted investments Transfer of funds 1128,1551 1128,155) 66,357 1610,7821 {10,7821 10,782 55,575 250,000 350,000 Balance al 31st Decembar 2024 501,819 250,000 250,000 350,000 1,351,819 Extraordinary Propèrty Repair Fund Extraordinary Almshouse Repair Fund Generdl Fund Shortfall Reserve$ 2024 Total Balance at 1st January 2023 1,047.193 250,000 1,297,193 Deficit for the yÈar (Decreasellincrease in market value of quoted nveslmenls Transfer of funds 63,335 63.335 78,262 112,3911 112.3911 12,391 63,871 Balance al 31st December 2023 1,174.399 250,000 1.424,399 a) The extraordinary propety repair fund is lo provide funds for such repairs and restoration lo the Almshouses and other tangible fixed assets which are considered exlr8ordin8ry in nature. b) The extraordinary property repair fund is represented by quotèd investments and cash. As per the reserves policy, the appropriate level for this fund is £250,000. A transfer of fLtnds lo the general fvnd has been made lo reflect this. 21

God's House in Ewelme Notes tr) the Accounts Icontinuèdl for the year 8ndgd 31st December 2024 14. Unrestricted funds Icontlnuedl c> Included within the above funds are unrealised gain8 (arising from changes In market value of investmenlsl as follows'.~ 2024 2023 Gèner81 fvnd Extraordinary repair and restoration fijnd £ 248,520 £ 77,785 £ 203,728 £ 67,004 The extraordinary repairs of almshouses is a designated fund to sel aside funds to meat an extraordinary pail or restoration costs on th& almshouses and other historic buildings that the Charity maintsins. The shortfall reserves ftjnd 15 a designated fund to protect the charity trom any unforeseen falls in income and a level of approximately six months of nomial expenditure is set 8$ide for this purpose and in line with the réserves policy. 15. Pernianent èndowment invested on a total rèturn b•$i$ The charity has exercised its rights by tha Trustetts under section 104A of the Charil*s Act 2011. This power peimits the Trustees to invest pemianenlly endowed funds to maximlse total return and therefts apply an appropriate portion of the unapplied lolal return to income. The unapplied total retum remains invested as part of the permanent endowment until that power is exercised. When exercised it allows the Trustees to apply an appropriate porbon of the unapplied totsl rèturn lo income each year. The p0SOn on these funds is summarised as follows". Endow7nent for investment Unapplie total return Total endowment At 1stJanuary 2024: Grft component of permanent endowment Unapplied total return brought forward 5,698,660 5,698.660 2,328.052 2.328,052 5,698.660 2,328.052 7.930,278 Movements.. Gains on investment values Transfers out 895.596 895,5 132,0551 {32.0551 5.666,605 137,857 1137,857) 3.223,648 78,425 178,4251 8,890.253 216,281 1216,281) Unapplied lotsl return income in year Dividend return allocated lo income Gift component ol permanent endowment Unapplied total retuin carried forward 5,666,605 5,666,805 3.223.648 3.223,e48 Total at 31st December 2024 5,668,605 3,223.648 8,890,253 22

God's Housè in Ew•lme Not85 to the Accounts Icontinuedl for the year ended 31st De¢ember 2024 16. Trustee's remuneration and intorests No remuneration was paid or expenses reimbursed lo the Trustees during the year12023.' £Nill. No Trustees havè dÈ¢lared an interest. other than as Trustees. in the affairs of the Charty or ks connected ¢haritses. 17. Ewelme Exhibition Endowmtnt and Ewelme Elementary Educatlonal Foundation As noted in the Trustees, Report. God's House in Ewelme is related t¢ both of these registered charities. Ewelme Exhibition Endowment receives an annual grant from God's House in Ewelmè and then grants awards for educational purposes, to and on behalf of young people under the age of 25. The amounts involved herè arè shown in note 5. Ewelme Elementary Educational Foundation is responsible for the repairs to Ewelme School and the School Master's House. God's House in Ewelme pays these costs on behaK of this Charity which lolalled £1.257 in the year12023'. £3,208). 18. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net movemènt in funds (Deductlladd change in market value of investments (Deduct) increase in market value of tangible fixed 8$sets Deduct Inte$t income shown in investing activities Deduct lossesllgainsl on investments Ilncreaselldecrease in debtors Increaselldecreasel in creditors 823,016 1588,2331 9.713,359 1800.1221 19,303,259) {223,6401 253,357 13,4551 112,5801 1242,309) 1362,9381 2,978 24.234 Net cash used in oparating activities 1343,2521 1176,3401 23

God's House In Ewelme Notes to the Accounts Icontinuedl for the year ended 31st December 2024 19. Reconciliation of funds Pernianent Endowment Unr•strlctsd Totals 2024 At 1stJantsary 2024 50,184,031 1,424,399 51,608,430 Net movement in funds 895,598 172,5801 823.016 At 31st December 2024 51.079,627 1,351.819 52.431,446 R•prasented by: Debtors C8sh at bank and in hand Creditors due within one year 172.380 206,485 196,9091 172,380 206,485 196,909) Net current assets 281.956 281.956 Quoted investments Investment property Tangible fixed assets 8,890,2S3 38,970.363 3,219.011 1.069.863 9.960,116 38.970,363 3,219,011 51,079,627 1,351,819 52,431,446 Pemianent Endowmént Unrestricted Totals 2023 At 1stJanuary 2023 40,597.878 1,297,193 41.895.071 Nel movement in funds 9,586.153 127,208 9,713,359 At 31st Docèmb•r 2023 50,184,031 1,424.399 51,608,430 Representèd by: Debtors Cash al bank and in hand Creditors due within one year 175.358 339,022 172,6751 175,358 339,022 172.675) Nel current assets 441,705 441.705 Quoted investments Investment propety Tangible fLKed assets 8.028,712 38,938,308 3.219,011 982.694 9.009.40e 38,938,308 3,219.011 50,184,031 1,424,399 57,608.430 24