Charlty r•gistration numb•r 201631 (England and Wal•$l HOSPITAL OF THE BLESSED TRINITY, GUILDFORD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 HOSPITAL OF THE BLESSED TRINITY, GUILDFORD LEGAL AND ADMINISTRATIVE INFORMATION Corporat• Trust•• Abbofs Hospital Tnjstee Company Ltd Govèrnors Jcox D Mccann C Mullis L Spencer Rev M Woothmrd The Mayor of Guildford P O'Dwyer Rev Father N Roberts W P Savage Rev S Bullef N Davies P Coleman D Booth S Barker (Appointed 9 January 20241 (Appointed 9 January 20241 (Appointed 3 January 20241 (Appointed 28 June 20251 The GovernorB are all member8 and OlrectorB of Abbot'¥ Ho•plLg1 Trustee Company Ltd ILlmlted by guarantee and reglstered In England No 058146861 Master l BovAer Chorlty number 201631 Registered office High Street Guildford GU1 3KJ Auditor liotts LLP 3 London Square Cross Lanès Guildford Surrey GU1 1UJ Bankers Lloyds Bank plc PO Box 3, 147 High Street Guildft)rd Solicitors Moore Barfow LLP The Oriel Sydenham Road Guildftsrd HOSPITAL OF THE BLESSED TRINITY, GUILDFORD CONTENTS Pag• Governors, ￿port Statement ol Governors, responsibil￿leS Independent auditorfs report Slalemenl ol fin8n¢ial adiviti'tss 10- 11 Bglancg $heg1 12 Notes to the financial statements 13-24 HOSPITAL OF THE BLESSED TRINITY, GUILDFORD GOVERNORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Governors, acting on behalf of the corporale trustee. Ably)ts' Hospttal Trustee Company. present their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordane£ vnth the ac£ountin9 poliues set out in note 1 to the rinancial statements and compty with the Charities Act 2011 and "Accounting and Reptsrting by Chanb"es." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Fina)aal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191.. Objectives and activities The Hospital ol the Blessed Trinity, Guildford Igeneralty known as Abbot's Hospital) Is a registered charity. As an Almshouse and a member of the Almshouse Association. tts obiect is to provide sheltered accommodation for elderly people of limited means. To this end it holds endowment propety and applies Ihe income from this and from other sources to the management, m8inten8nce, improvement or rebuil(Jing ol Ihe buildin95 and, subject to meeting these costs. otherwise applies the income for th& benefrt of Ihe residents of the Am$hous&. The Governors have paid due regard lo guidance issued by the Charity Commission In deciding what xtivities the Charity should undertake. In meeting this object. the Board cons￿eTS that Abbot's Hospital provides public benefit in line with the guidance 153ued by the Charty Commission. Achl•vom•nts and ￿rforn8n Abbot's Hospital wa5 founded in 1619 to provide homes for elde￿ people in need who have a close connection with the borough of Guildford. This core rnission has been delivered continuously over the past four hundred years and is still the fiT$I oi responsib￿111¢$ of the Mast&r and his Staff under lh& oversight of a board of volunteer Governors. The Year In Revl•w Happily the almshouses remained fulty occupied throughout the year. The residents enjoyed social events organised by our team. and aclivitses with staff and pupils of local schools. notably the Royal Grammar School. Thè second most important duty of the Govemors and Stsff remains the upkeep antl maintènance of tho histori¢ buildings and their eontents. Major works during Ihè year were limited and focusèd principalty on èliminating water penetration. Governance generally continued lo be exerused by meetings of the Finance & Property and House Groups, both of whorn reported into the regular meetings ol Ihe main Board. In addrtion the subgroup for Property cO￿nUed to report lo the Finance & Property Group. The Board currentty comprises thirteen Govemor5. l Govemors gratefijlly acknowledge the conln"bub"on made throughout the year by the Master and his team, professional advisers, contractors, volunteers, the wider communrty of Guildford and the re$￿entS themselves to the lrfe of the Hosprtal. The charity's main fundraising actNty has been guided lours hosled by volunleers. regularly frorn April to October and by arrangernent at other tim85. HOSPITAL OF THE BLESSED TRINITY, GUILDFORD GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The charity's net income for the year. before investrnent gailts. was £34.10912023'. nel expenditure £22.6181. There were investment surpluses from listed inve5trnents of £100,99412023." £67,214) and thefe was a feduetion in the valuation of investment prtspertses of £75,000 £2023". £nill to £1,325,0001£1.400,0001. Net movement in funds for the year was a positrve £60.10312023'. £44.596 positivel. Nel funds at 31 December 2024 slood 8t £8.763.153 12023.. £8.703.0501 represented by unrestricted funds of £1.342.72712023.' £1.146,42418nd endowed funds of £7.420.42612023.' £7.556.4261. Our retail tenants continue to lace challenges due to sluggish economic grovAh and ongoing pressures on the high street. During the year the Old Cloth Hall required some emergency repairs for safety reasons. The Govemcrs are considering limited refurbishrnenl works on the building with a view to re4e¢ting part of it commer¢i8lly while they continue to explore other options including lo ¢onv&rting r¢ lo lurth&r resKltrntial a¢¢ommodalion. The Governtsrs are taking professional advi¢&. Other than the impact of maintenance to the commercial properties. expendrture was broadty In line wth expectations. The charty aims lo carry out in 2025 energy efficiency and other nOn￿rgent maintenance works which it did not have the capacity lo accomplish in 2024. Th$ Governors consider that 2025 will ￿main ¢hallengin9 although the ¢harity's r¥seN¥s ￿main strong. The majority of the Charity's rese￿e$ are represented by buihjings. Free reserves are represented by unrestricted funds tolalling £1,342,727 from which should be deducted those tied up in fixtures and frtlings and in designated funds. Thi5 equate5 10 £1,165.874. which Ihe Govemors consider to be adequa¢e in light of the substantial property repair$ and maintenance ¢tsrnrnitments including th¢ balan¢¢ of Ihe Planntrd M8inltrnan¢¥ Prtsgrammtr and possible lulurtr ¢apilal exp$nfJilure ort th¥ Old Cloth H811. The charity is required to invest monies not needed lor immediate working purposes. The Governors delemine from time to time whelher thi5 should be in bank deposils or longer tenn investments and when and whether they should seek outside advice. The Governors ha¥e reV￿We{l Ihe Hosprtal'$ invtr$tmeni portfolio, and moved towards a graatèr émphasis on global 84uitsas lot long tam growth. The House and the Finance & Property groups review at each meeting the relevant risks lacing the F%)spital, in the light of the procedures designed to minimi5e them. The Board ol Governors also review risks on 8 regular ba51S. Struetur•. gov•mane• and managem•nt Abbot's Hospital Trustee Company adminislers the Charity in accordance with Ihe Hospital of the 8*5sed Trinity IGuildfordl Charity Scheme Confirm81ion A(a. 1953 and Schemes of 18 February 1Sfj5 and 20 December 1985, 8S amended by Schemes 0129 May 1991 and 1 Febwuary 2007 and 22 April 2010. HOSPITAL OF THE BLESSED TRINITY, GUILDFORD GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Governors who served during the year and up to the date of signature ofthe financjal statements were.. Jcox D Mccann C Mullis L Spencer Rev M Woodward The Mayor of Guildford S Shaw P O'Dwyer Rev Fathtsr N Roberts WP Savage Rev S 8ull$r N Davies P Coleman D Booth Mr Masuk Miah S Barker (Resigned 12 Febwary 20241 (Appointed 9 January 20241 (Appointed 9 January 20241 (Appointed 3 January 20241 (Resigned 8 May 20241 (Appointed 26 June 20251 The Goyernors of the H05Pltal are directors of the Trustee Company. Five of them are appointed ex officio, the Mayor ol Guildlord, the Rectors of each ol the e¢¢lesi8sli¢ parishes of Holy Trinity with Sl Mary Guildford, Sl Nico18S and St John's Stoke Church, Guildford, and the Headmaster ol the Royal Grammar School, Guildford, al lor the time being. The remainder. who musl be persons residin9 or carrying on business in or near the Borough of Guil(Jford are COaOPted by the Board, subject to the approval of the Archbishop ol Canterbury. The full Board meets at least three times each year. and suWroups of Governors. in particular the House Group and the Finance & Property Group, ffleet regularty. Indplidualty. Governors meet residents al weekly Coffee Mornings and 81 other tim&$. Day to day management and aE1minlstration of the Chanty is dèlegated by the Board to th8 Mastèr, ¥tho is 8s$lst8d by a Vwdrden and two part-time staff", the Master reports lo the Chaimian of the Board. When the Hosprtal'5 application for removal from the Regisler of Soryal Landlords was granted in 2009 this was on the understanding that if the Hosprtal decides in Ihe future lo dispose of propety. land or an intwesl in land Iwhelher publicly fvnded or noll consent Irorn the Tenants Services Aulhgrity. n¢)w Hornes Engl8nd. must be sought in accordance with Section 9161 of the Housing Act 19￿. and that iesidgnts would wntinug to h4vg a￿9$$ to an approved Ombudsman Scheme in accordance wrth Seclion 51ldl. The Hospital was founded in 1619 by George Abbot. who was l)om in a cottage at the bottom of the High Street in 1562. and educated at the Royal Grammar School. Gvildlord. After a distinguished career as an Oxford academic. which included helping to prepare the gieat Authori5ed Version of the Bible in 1611, he was appointed Archbishop of Canterbury in that year. He looked for ways to devote some of his wealth to some charitable purpose. or as he put it himself, "to leave behind me to posterity some monument of my Ihankfulness to my Creatorf. Wondering what to do, he found his 'affection leading rne to the Town of Guildford. where I was bom. and where my aged Pa￿ntS lived rn￿Y years with good reporf, and in 1614 he dedaied his plan lo build an almshouse in the town. HOSPITAL OF THE BLESSED TRINITY, GUILDFORD GOVERNORS. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 In 1618 he bought land betsyeeTh the High Street and what is now North Street and on 6 April 1619 he laid the first stone of his new Hospitsl. The first Brothers and Sislers Iresidentsl arrived in 1622. In 1984 new, self-colltained Ilats in the Hospital garden5 weie opened, Io give each resident separate kitchen, bathroom and sithng facilitses. The onginal single rooms in the Upper Couttyard were turned into large flats designed for married couples, the first of whom took up residence in 1989. After the extensive building and conversion works of the 1980$. the indusion in 2009 of the fomier Porter's Cottage as resident 8ccommod8tion and the conversion in 2022 of the former Master's lodgings for resident U8e, the Hospi181'5 maximurn c8P8cty is for Ihirty residents. The Governors, report W85 approved by the Board of Governors. 2026. 7 17wi} 10 45AMI O McC8nn Govemor, Leador of Flnanco & Prop•rty Group C MuMi$ Chalmian of Govemorn Date.. 30 Oct 2025 HOSPITAL OF THE BLESSED TRINITY, GUILDFORD STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Govemors acting on behaw of the corporate trustee. are responsible for preparing the Govemors. Report and the financial staternents in accordance with applicable law and Unrted Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to thafib'es in England and Wdles requires the Govemors to prepare financial statements for each financial year which give a true and fair View of the slale of affairs of ihe Charity and of the incoming resources and application of resources ol the Charity lor thal year. In preparing these financial statements. the Governors are required lo- select suitable accounting poI￿leS and then appty them consistenlty", - observe the methods and principles in the Charities SORP- - rnake judgements and estsmates that are reasonable and pwdenl.. slate whether appli¢able a¢¢ounting stsndards havtr been followed. subje¢¢ to any m8l&rial departures discltssed 8n¢J explained in the financial stalem¥nls," an¢J prepare the financial stalemenls on Ihe going concem basis unless li is inappropriate to presunE that the charty wll continue in operation. The Govemor$ are responsible for keeping sufficient 8ccounling records Ihal disdose with re&sonable accuracy al any lime the financial position of the Charity and enable Ih&m to &nsur& that the financial $tatemert$ Compty with the Charities Ael 2011, the Chanty (Accounts and R•portsl R¢gulation$ 2008 and the pro¥i$ion$ ol the trust deed. They are also responsible lor safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection ol fraud and olher irregularities. The law applicable to charitse5 in England and Wale5 requi￿$ Ihe Govemors lo prepare financial statements for ea¢h financial year which give a true and fair view of the slale of 8ff8irs of Ihe Charity and of Ihe incomin9 resources and appli¢8lion of r8sour¢e$ of the Charty for Ihal year. In preparing these financial statements. the Govemors are required to: select suitable accounting policies and then app￿ them consistenfy.. observe the methods and principles in the Charities SORP., rnake judgernenls and eslirnates thal a￿ reasonable and prudenl.. slate whether applicable accounting slandards have been followed. subject to any material departures disclosed and explained in the financial statement$". and prèpare the financial 5tatémtsnts on thè going concèm ba$1$ unlèss it is inappropriaté to prasumè that thè charty 11 continue in operation. The Govemors are responsible for keeping SLrficienl accounting records Ihat disdose with reasonable accuracy at any lime the financial position ol the Charity and enable Ihem to ensure that the financial statemetrts cornpfy with the Charities Acl 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the a$5els of the Charity and hence for tsking reasonable Steps for the prevention 8nd detection of fraud and other irregularib"es. HOSPITAL OF THE BLESSED TRINITY, GUILDFORD INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF HOSPITAL OF THE BLESSED TRINITY, GUILDFORD Opinion We have audited the financial statements of Hosprtal of the Blessed Trinty, Guildford (the 'Charty'l for the year ended 31 December 2024 which comprise the statement ol finanaal aCtiV￿"eS, the balance sheet and notes to the financial statements, including significanl accounting policies. The finanaal reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards. including Finanaal Reporting Standard 102 The Financial Reporting St8nd8rLI 8ppIic8ble in Ihe UK and R8public of lTrland (United Kingdom Generally AwEpted Accounting PraGtiGel. In our opinion, the financial statements". give a true and fair v￿W of the stste of the ch8rity's aff8irs as at 31 December 2024 and of its incoming resources 8nd applI￿110n ol resources. for the year then ende(I; have been properfy prepared in accordance wsth United Kingdom Generalty AcLepted Accounting Practi￿.. and havè be*n prepared In a¢¢ordanc• wrth thè Chariti&s Acl 2011. Bas18 for oplnlon We condu¢te 34.109 122,6181 Nel gainslllosse81 on investments 14 1LKJ.994 175.0001 25.994 67,214 Net Incomellexpendlturel and mov•m8nt In fund• I￿.703 1136.1)001 60.103 44,596 Reconclllatlon of fund$: Fund balances at 1 January 2024 1,146.624 7,$56,426 8,703,050 8.658,454 Fund balanc•8 at 31 December 2024 1,342.727 7,420.428 8,763,153 ,703,050 The statement of financial activrties includes al gains and losses recognised in ihe year. All income and expenditure derive from continuing activities. 10- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Prlor flnanclal year Unrestrlcted Endovmlent fund$ fund$ 2023 2023 Total 2023 Not•$ Income Irom.. Donations and legacie Charitable activities Inveslrnenls 6.568 306.225 18,822 6.568 306,225 18,822 Total Ineomè 331,615 331,615 Expendlture on.. Raising funds- Inveslmenl property ¢osls Charitable activities Loan intèrèst pay8ble Other expenditure- Property depreciation 49.824 238.433 4,976 49,824 238,433 4,976 61,000 12 13 61.000 Total expendltur• 293.233 61.000 354.233 Op•ratlng surplu8lld•flcltl 38.382 161.0001 122,6181 Nel gainslllosse81 on investments 14 67.214 67,214 Net Incomellexpendlturel and mov•m8nt In fund• 105.598 161.0001 44,596 Reconclllatlon of fund$: Fund balances at 1 January 2023 1,041,028 7,617,426 8.658,454 Fund balanc•8 at 31 December 2023 1,146,624 7,556.426 ,703,050 11 HOSPITAL OF THE BLESSED TRINITY, GUILDFORD BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notès Flxed assets T8ngible assets Investment properties Invastments 16 17 6.095.426 1,325.000 1,212,540 6,156,982 1,400,000 1.111,546 8,632,966 8,668,528 Current a88et8 Debtors Cash at bank and in hand 32,975 303.295 13,971 208.941 336.270 222.912 Credltor8'. amounts lalllng du• vAthln one year 22 183.3441 (82.0901 Nel current assets 252.928 160,822 Total a$8ei$ le¥$ ¢urrent IlablllUe• 8,885,892 8,829,350 Cr•dltors'. •mounts f¥lllng du¢ •ft•r mor• than on• yéar 1122,7391 1126,3001 8,763,153 8,703,050 Capltal fund* General endowment funds Income funds 25 7,420,426 7,556,426 Designated funds General unrestricted funds 176.853 1,165,874 176,853 969,771 1,342,727 1,146,624 8,763,153 8,703,050 30 Oct 2025 The financial statements were approved by the Govemors on ......................... Q2.A4.11,. c￿!￿ m￿111￿.{0ct JO 2025. 1045aml C Mulli5 On behalf of the Trustee 12- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity inforrnation Hospital ol the Blessed Trinity, Guildlord is a charity registe￿d in Englan¢J and Wales , number 201631. The gistered and operating address isAbbots Hospital. High Street. Guildlord, Surrey GU13KJ. 1.1 Accounting convention The financial statements have been prepared in accordance wth the Charity's Igoverning document), the Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP "A¢counting and Reporting by Charities.. Statement ol Recommended Practice 8pplicable lo charrlies preparing their account5 in accordance with the Financk41 Reporting Standard applicable in the UK and RepubliG ol Ireland IFRS 1021. (effective 1 January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of Ihe provisions in the SORP for charitses not to prepa￿ a Stat￿ent ol Cash Flows. The financial sta¢ements have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the exlenl required lo provide 8 true and fair view. This departure h85 invofved following the Stalernenl of Rècommended Pradica for charitiès apptying FRS 102 rather than the vèrsion of the Statement of Recommended Practice which is relerred to In the RegulalKJns but which has since been withdrawn. The finanaal slatemen¢s are prepared in slerling. which is the functional currenw of the Charity. Monetary amounts in these financial statements are rtsunded lo the nearest £. The fln8nclal slataments have prepared untler the historkal ￿$t convèntion, Imodlfied to Indude the revaluation ol freehold properties and to include investment properti￿ and certain financial instruments at fair value). The principal accounts'ng poliaes adopled are sel out below. 1.2 Golng concern At the time of approvlng the finandal slatem&nls. Ihè Govemors have a reasonable expectation thgt the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue lo adopt the going concem basis ol accounts'ng in preparing the financial statements. 1.3 Charitabl• fund• Unrestricted lunds are 8¥8ilable for use 8t the discrelion of Ihe Governors in fvrtherance of Iheir charrtable objective$. Restricted funds are subjecl to speryfic c¥)ndrtions by donors or grantor5 as to how Ihey may be used. The purposes and uses of the re3tricled Ivnds are set oul in Ihe notes to the finanryal staternents. Endowment fvnds are subject to specific conditions by donors Ihal the capital musl be maintained by the Charity. 1.4 Incomlng resources Income Is recognised when the Chaiity is legaly entrfed to rt after any perfomiance condrtions have been met, the amounts can be measured reliab￿1, an¢J rt is probable that income will be received. C#$h donations are reco9nised on receipt. Other donations are rewgnised once thg Ch8tity h85 been notified of the donation, unless perfomance condrtions require deferral of the amount. Income tax recoverable in relation to donations receNed under GrtAJd or deeds of covenant is recognised at the time of the donation. Legacie5 are recognised on receipt or othetwse rfthe ChaTty has been nob.fied of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 13- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢coun¢ing policies (Continuedl Expenditure is recognised once there is a legal or constructive obl￿allOn to transfer economic benefit to a third party. it is probable that a transfer of economic beneffts wll be required in seitlement, and the amount of the obligation can be rneasured reliabty. Expenditure 13 c185sified by activty. The costs of each adivity 8re rnade up of the lotsl of dith cost3 8nd shared costs, including support ctssts involved in undertaking each activity. Oirect costs attnbutatAe to a single activity are allocated directly to Ihat activity. Shafed costs which contnbute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿eeTr those activities on a basis consistent wlh the use of resources. Central slaff costs are allocated on the basis of time spent, and depreciation charge5 are allocated on the portion of the as5el's use. 1.5 Tanglble flxed assets Tangible fixed assets are initiamy m&a$ured 01 ￿$1 and subs￿u￿nty measured at ¢osl or valuation, nel of doprtrdation and any impalm)enl lo￿*$. Depreciation 1$ recognised so as to wrile off the cost or Valuation of 85$ets le$8 Iheir re$Klual value$ over their useful INes on the lollovn'ng bases.. Freehold land and buildings Fixtures and fittings Historic ¢h8ttel$ Straight line over 50 year8 Straight line over 10 years No depreuaiion ¢h8rged The gain or loss arising on Ihe disposal of an asset is determined as the difference betr￿en the sale proceeds and the carrying value ol the asset. and is recognisecl in the statement of financial 8clivits'es. 1.6 Inv•8tm•nt propertle• Investment property, which is property held lo eam renl81s an￿Or lor ¢apilal 8ppre¢ialion, is ini11811y recognised at cost, which includes Ihe purchase cost and any diredty attnbutable expenditure. Subsequently it is measured at fair value at Ihe reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.7 Flxod as8•t Inv•8tm•nts Fixed as5el investments jre initialty measured al tr8n$8¢tion price excluding transaction ¢¢sls. and are Subsequently measured al fair value al each reporlin9 dale. Changes in fair ¥8lue a￿ recognistrd in nel income1lexpenditu￿I lor the y¢ar. Tran$a¢tion ¢o$ts ar¢ expen$¢d 0$ in¢urr¢d. 1.8 Impainnent of fixed a$¥ets At each reporting end date. the Charity reviews the carying amounts of its tangible assets to deterrnine whether there is any indicabon Ihat those assels have suffered an impaimient loss. 11 any such indration eKlSts. Ihe recoverable amounl of Ihe asset is eslimated in order to delermine the extent of the impaimient loss lil any). 1.9 Cash and cash equlvalents Cash and cash equwalents indude cash in hand, deposrts held at call with banks, other short-term liquld investments wth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowings in cu￿nt liabilities. 14- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢coun¢ing policies (Continuedl 1.10 Flnanclal Instruments The Chaity ha5 elected to appty the provisions ol Sertion 11 'Basic Fin8nryal In5trumenls' and Section 12 'other Finanaal Instnjments Is5U85' of FRS 102 to all of it5 finanrial instruments. Financial instruments are recognised in the Charws balance sheet when the Charity becomes party to the contractual provisions of the instrument. Fin8ncial assets and liabilities are offset. the nel amounts presented in the financi81 stslernents, when Ih&re is a legally enforceable right to Set off the recogn15ed amounts and there 1$ an intention to setue On a net basis or to realise the asset and setlle the liabilty simultaneousty. Baslc flnanclal •ssots B8sic financial assets, which indud& dtrblors and ¢8$h and bank balan¢es, are inilialty measurod transaction pric6 including tran$a¢tion ¢o$ts anil a￿ $ubsèquèntly carried at arnortised ¢o$t using the èffective interest mèthod unless the arrangemènt constitutes a finanun9 transaction, where the transaction Is measured al the present value ol the lulure receipls discounted al a market rate of interest. Financial assets classified as receivable within one yeai ale not amortised. Basic financial liobillties Basic financial Iiabililies. including creditors and bank loans are initialty recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value ol the lulure payrnenls discounted al a markel rate of interest. Financial liabilrties classified as payable wrthin one year are not amortised. Debt Inslwm&nls are subsequ&ntty ¢arried al amorti$*d cost. usin9 the ¥ff*¢tiv* Interest rale m¥¢hod. Trade creditors are obligatlons to pay for goods or services that have be&n acquired In the ordlnary course of operations frorn suppliers. Amounts payable are classified as current liabilities if paymenl is due within one year or less. If not, they are presented as non•curren( liabilrties. Trade credrtors are recognised initially at transaction pri¢e and svb5equentty measured at amortised cost using the effeclNe interes¢ rnethod. Der•¢ognition of finan¢i•l li4bilities Financial liabilrties are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.11 Retlrement benefits Payments to defined contribution retiremant benefft schèmes are ¢harged as an expense as they fall duè. crttlcal accoUn￿ng estlmates and ludgements In the applicalion of Ihe Charity's accounting policies. the GovemoT5 are required lo make judgements. estimates and assumptions about the carrying amounl of asset5 and liabil￿e5 that are not readily apparent from other sources. The estimates and assoriate(J assumptions are based on historical experience and other factors that are considered to be relevant. Aclual resums may differ from these ests"mates. The estimates and undertying assumpts'ons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised Whe￿ the revision affects cnly that period, or in the period of the revision and fulure periods where the revision affects both current and future periods. 15- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donalions and legacies Unre¥tricted funds 2024 Unrejtricted funds 2023 Donations and gffts 6.250 6,568 Charltable actlvltle8 2024 2023 Chantable residential Ir￿￿Me from residents 340.208 306.225 In¢om• from Inv••tm•nt• Unrn8trlct•d fund Total 2024 2023 Rental income Interest receivable and dividends 61.348 2.228 16,000 822 63.574 18.822 Ralslng funds Unvestrlcted fund8 Total 2024 2023 Commercial Property costs Stsff costs 43,031 6,793 8.075 Fundraising and publicity 59.019 49,824 59.019 49,824 16- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities 2024 2023 Staff costs Charitable expendrture 89.101 109,870 74.781 100,111 198,971 174,892 Share ol support costs Isee nole 81 Share of governance costslsee note 81 35,045 16,960 44,548 18,995 250,976 238,433 Support costs allocated to acllvltl 2024 2023 Profèsslonal f8e$ Printing and stationery Insurance Sundry Telephone and IT costs Gov&rn8nce ¢osl$ 1,473 271 28,206 660 4,435 16.960 714 208 38,559 625 4,440 18,995 52,005 63,541 Analy••d betw••n.' Ch8ntable 8¢IN￿'e5 52.005 63,541 2024 2023 Gov•mane• eosts eomprl8•: Audit and accountancy Lègal and professional fees 16.742 218 14.390 4,605 16,960 18,995 Gov8mance costs indudes payments to the auditors of £9.300 {202> £8,850) for a¢c9unts prep8ralion and audrt fees. 17- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movement in funds 2024 2023 The net movement in fvnds is stated after chargingllcredibngl- Fee5 P8y8ble for the audit of the charity's ffinan(i81 ststements Depreciation of owned tangible fixe(J assets 9.300 61.556 8.850 61,561 10 Govgrnor¥ None of the Governors lor any persons connected vthh them) recewed any remuneration or benefits from the Charity during the year. No expenses were reimbursed to Govemors. 11 Employoe Tho ¥v&ra9e monthty num￿1 of employe¢$ auring the year was.. 2024 Numbèr 2023 Numb8r Office Staff Wardens, ¢aretakers and d&aners Total Employment ¢o•t8 2024 2023 Wages and s818ries Soaal security costs Other pen$ion ¢0sts Soaal security allowance for the prior year 90,710 3,636 2,830 80.841 3,155 2,578 15,0001 97,176 81.574 There were no employees whose annual remuneralion was more than £80.IXJO. Remuneratlon of key management pew50nnel The remuneralon ol key management peisonnel was as follows-. 2024 2023 Aggregate compensation 53.839 51.452 18- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Loan interest payable This represents interest p8yable on a long tenn borro￿n9 which was used to finance part of the development olthe almshousès. 13 Othèr •xpèn(Iltur• Endowment Endowment funds funds 2024 2023 Property depfeciabon 61,￿0 61,000 14 G*lns and on Invgstments Unr•8trlctèd Endowmènt lund¥ fund$ 2024 2024 Total Unrnstrlet•d Endowmènt fund8 fund8 2023 2023 Total 2024 2023 G8in8lllosse$l arising on.. Rev8luation of investments Sale of investments Revaluation of investment properties 1￿,994 1￿.994 53.634 13.380 53,834 13,380 175.000) 175,000 I(￿).994 175.000) 25.994 67.214 67.214 15 Taxatlon The H05pitsI ol the Blessed Trinty. Guildlord. is a registered charity and is therefo￿ exempt from liability lo tsxation on rts charrtable actNities. 19- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Tangible fixed assets Freehold land FLxtures and and buildings ffttings H15torfc chatteks Total Cost At 1 January 2024 6.1￿.0(#) 5.605 666.426 6.772,031 At 31 DÈeèmber 2024 6,1fA),orJJ 5,605 666,426 6.772,031 Oepreclatlon and Impalnnent At 1 January 2024 Deprgaation ¢harged in the year 610,OLTh) 61,OCQ 5.049 556 615,049 61,556 At 31 D8eember 2024 671,¢X 5,605 676,605 Carrylng amount Al 31 D8eèmbèr 2024 5,429.0 666,426 6.095,426 At 31 D8¢ember 2023 5,490.0 556 666,426 6,156,982 The freehold property rep￿$thIS Ihe current valutr ol the buildings on the land givtrn lo the Hospital on 118 foundation. The historlc chattèls have been carried at the same va￿& slnc• at least 2013 and ar• Insured for no less than this amount. The investment properties represenl freehold properties wthin the historic cJJrtilage of the Hosptsl, which are not used for residents bul a￿ let commercialty. 17 Inve8tm•ni property 2024 Falr value At 1 January 2024 Nel gaiThs or losses through fair value adjustments 1,400,000 175.0001 Al 31 De¢ember 2024 1.325,000 Thè prop8rties wèrè rèviÈwed in 2024 and 2025 wtth eommèi(xal propèrty 8dwsèrs, Owen Ishetwood, in relation to the rental values. yields, void periods, tenant Incentives and costs of refurbishment. They estimated each propetys value. concluding Ihat fair value as at 31 December 2024 was £1,325,000. 2024 2023 Freehold 1,325,orxJ 1,400,000 -20- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Fixed asset investments Unllsted Investments Cost or valuation At 1 January 2024 Valuation changes 1,111,546 100.994 Al 31 De¢ember 2024 1.212,540 Carrylng amount At 31 December 2024 1.212.540 At 31 December 2023 1,111,546 19 Flnanclal In8trum•nts 2024 2023 Carrylng amount of flnanelal ass•ts Instruments measured at fair value throtjgh the Stslemenl of Finan¢ial A¢livili&s 1.212,540 1,111,546 20 Oebtorn 2024 2023 Amounts lalllng du¢ wbthln on• y•or: Trade debtors Prepayments and a¢¢rued income 29,972 3.003 10,968 3.003 32.975 13,971 21 Loans and overdr¥fts 2024 2023 Othèr108ns 122,739 126,300 P8yable after onè year 122.739 126,300 The long-term loans are se￿red by a legal charge over the properties. 21 HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Creditors.. amounts falling due within one year 2024 2023 Notes Otrer tsx8tion 8nd so(i81 se￿rIty Deferred income Tr8de credrtors Other credrtors Accruals 2.130 13.820 12,599 35.427 19,368 2,C63 23 9,352 31.307 19,368 83,344 62,090 23 D•lèrr•d Ineom• 2024 2023 Other deferred income 13.820 Defe￿d income is induded in Ihe financial stalements ￿lating to commercial rent for January and February 2025. 2024 2023 Deferred income is induded within.. Current liabilities 13,820 Movements in Ihe year.. Deferred incomè at 1 January 2024 Released from previous periods 13.820 Deferred incom& 0131 D￿mber 2024 13,820 24 Retlrement benellt schemes 2024 2023 Oellned contrlbutlon schemes Charge to the Slalernenl of Financial ACti¥￿e$ in respect of defined onlribution sthemes 2.830 2.578 The Charity operates a defined contribution pension stheme for all qualifying ernployee5. The assets of the Scheme are held separatety from those of Ihe Charity in an independentty adminisiered fvnd. HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Endovnnent funds Endowment funds represent assets which rnust be hehy permanenty by the Charity. In￿me 8rising on the endowtnent funds can be used in accordance wrth the objects ofthe Charity and is induded as unrestricted income. Any captsl gains or losses arising on Ihe assets fomi part of the fijnd. At 1 January 2024 Resources expended Galns and losses At31 December 2024 Pemianent endowTnent8 Property 7,556.426 161.IXIO) 175.0001 7.420,426 Prevlou¥ year: At 1 January 2023 ReJource¥ Galns and 10$8•8 At31 Do¢•mbtr 2023 Poman•nt *ndowm*nt8 Property 7.617.426 161.1)001 7.556,426 26 Unr••trlet•d funds The unrestricted fijnds ol the charity comprise the unexpended balances of donations and granls which are not subject lo specific condition5 by donors and grantors as to how they may be used. These include designated funds whi¢h have been set 8sKle out of unrestrided fvnds by Ihe ¢ruslee5 for specific purptss88. At 1 January 2024 Ineomlng rè8oureè8 R•8oiireÈ$ èxpènd•d G•ln• and 10*8•8 At31 Deeèmbtr 2024 Extr8ordin8ry property and maintenance repairs reserve D8y to day property and maintenance reserve General funds 136,853 136,853 40,0￿• 969,771 40,000 1,165.874 410.032 314.9231 100.994 1.146.624 410.032 1314.9231 100.994 1.342.727 -23- HOSPITAL OF THE BLESSED TRINITY, GUILDFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Unrgstricted funds (Continuedl Prevlous year: At 1 January 2023 Incomlng resources Resources expended Galns and losses At31 December 2023 Extraordinary property and maintenance repairs reserve Day to day property and maintenance reserve Gener81 fvnds 136.853 136.853 40,000 864.175 40,000 969,771 331.615 {293.233} 67.214 1,041,028 331.615 1293.233) 67.214 1.146,624 The charity has recruited exlra executive caparAty to allow it lo accomplish more maintenance and improvement works and $0 8nlicJpales ulilising some ol the propety and mainlenan¢e resetves in 2025. 27 Analy818 of n•t a88•t8 b•tw•én fund• Unr•$irl¢i*d Endovmieni funds funds 2024 2024 Total Unmtrt¢i•d Endowm¢nt lund8 funds 2023 2023 Totol 2024 2023 Fund balances 8131 De¢èmb&r 2024 8 réprèsentèd by". Tangible assets Investment properties Investments Current assetsllliabilitiesl Lon9 lemi l￿bIlitIeS 8.095.426 6,095.428 1,325.tsJO 1,325.000 1.212.540 1.111.546 252.926 160,822 1122.7391 1126,3001 556 6,156,428 8.156,982 1,400,000 1,400,000 1,111.546 160,822 1126,3001 1,212.540 252,926 1122,739} 1,342,727 7,420,426 8,763,153 1.146,624 7,556,426 8.703,050 28 Flnanclal commltments, guarantees and contlngent IlabSlltles As at 31 December 2024 the charity had no commitmenls for capital expenditure.12023.' nil). The cost of building an annex onto the original building in 1984 was partty financed by a Housing Association grant.. should the annex ever be sold, any amount ￿ceiVed up lo the level of the original grant would have to be repaid to the Housing Association. The trustee has no intention ol selling the building and therefore this contingency is unlikety lo happen. 29 Related party transactiona There We￿ no disdosable related party transactions during the year12023- none). -24-