2024-12-31-accounts

REGEsfERED CHARIfY NUMBEL" 202631 REPORT OF THE TRu￿EEs AND AIJDrrED FINANCIAL sfATEMEl¥fS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR HOsP￿AL OF THE BLESSED MARY Lewis Brownlee (Chichesrer) knmited Statutory Audi(ors Appledram Barns Birdham Road chiCh￿t￿r West Sussex P020 7EQ

HosprrAL OF THE BLESSED MARY CONTENTS OF THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees I to 5 Report of the IndependentAuditors 6 to 8 Statement of Financial Activities Balan¢e Sheet io Cash Flow Statement li Notes to the Cgsh Flow Statement 12 Notes to the Financial Statements 13 to 20 Detailed Ststement of Financial Activities 21 to 22

HosprrAL OF THE BLESSED MARY REPORT OF THE TRUSTEES FOR ThE YEAR ENDED 31 DECEMBER 2024 The trtjstees present their repK)rt wth the finanaal ststements of the charity for the year ended 31 De￿￿tEr 2024. The trustees have adopted the provisions of Accounb"ng and Repciitng by Charfties- Statetnent of Recommended Prath"ce applicable to charities preparing their accounts in accordan￿ with the Financial Repotting Stsndard appli￿ble in the UK and RepublK of Ireland (FRS 102) (effeLtive l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims (a) To provide ￿M$hoUSeS currendy St Marfs Hosptrdl, the married quarters. St Mary's Lodge, St Marvs Courtyard and the Dears Mmshouses. Ib) To provide pensions for residents and other local persons of good chardcter in need. Constraints (a) The first charge on the incorne of the Charity shall be the cost of maintaining the property. (b) Any prorErbes not required to be retained or occupted for ttie purpose of the a)arity shall not be let for less than the best rent awdilable. Policy It is the policy of the Trustees to assist poor persons of gocMI chaTrcter. Public benefft The trustees have Conside￿ the Chartty Commission guidano: on public tEnefft and consider that the objettives and actiV￿eS of the Charity provide public benef￿ in that it provides gcx)d qualty, affordable sheltered accommodab.on and a small measure of ffnanoal sUPPOrt to elderly people of limited finanaal means. ACHIEVEMENTS AND PERFORMANCE 2023 Review 2024 was marked by continueij heavy investment in the rer￿Va￿.0Th and improvement of our almshouse and comme￿Ial propety portfolio, a strategic review of the Charty's objectives and the implementstion of more realistic accomrncK1ation charyes for almshou resKJents. The Very Reverend Edward Dowler joined the Board of Tnjstees as Chair in September 2024, subsequent to his appointment Js the Dean of Chichester. Reverend Simon Holldnd and Jill Evershed-martin re&gned a5 Trustees during the year, and three new Trustees were appointed.. Dawcj Parftt, Sophie Hull and Matthew Howard. During the year Trustees undertook a strategic ￿VIeW of the Charty's obiettives and mission which was used to develop a series of Vision Statements encompassing five key objectivps. These relate to the charity's role as a landlixd, rts Christian ethos. its cuknjre and heritage, effective 9p￿rnance and role in ￿d￿ssing social exclusion. As part of the wiew Trustees ￿solVed to restfutture the legal identty of the Charty as an incorporated brxly. Steps to achieve this are ongoing and thi5 prcKess should be completed by the end of 2025. Significant investment was made in the renordtion and improvement of the almshouse and commeroal property portfolio. Major proietts induded the renewal of heating systems in the Hospital and Couityard buildings, the repla￿Mertt of lJ)e lift in St Mary's Lodge and the renovation of three Georgian town houses in St Martin's Square. Other projects emphasised the Charity's commitment to compliance with heaEth and safety reouirements. This involved major upgrades tts fire dcxjrs, replacement or removal of several stair lifts and the extension of CGV coverage to our Riverside almshouw. It was resolved to dispose of five properties in St Pancrds, thix properties remained vacant at the end of the year nding sale. Charges to ￿SIdents were increased in line with proposals for a series of phased increa¥ to charge5 whith was agreed in 2023. As a result of this J more conslstent set of iJarges nD¥V applies to all residents in our altnshouse prO￿r￿e5. Dernand for almshouse accommodatk>n remains very strong, wtth only one v&ant almshouse being let during the year and a growing waiting list of prDSpecbve applicants. Page I

HOSPThAL OF THE BLESSED MARY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Financial posits'on Totsl incoming resuJr￿S inueased fcY the year from £1,019,991 to £1,075,963 primarily due to an increase in residenb'al income. Totsl experKiiture decreased from £1,103,191 to £1,074,327 as a resujt of dec￿35ed spend on propety projects, leaving an operab.ng surplus of £1,636. There were net gains on Investments of £82,609. The overall lanTr of Hospital ￿ndS stsnds at £26,255,095 com￿red to the previous yearfs totsl of £26,170,850. Jnve5tment Strategy The Finan￿ Committee for Chapter also acts a5 the overseeiryJ Finance Commitree for St Mary's investments. strategy remains IOOOJQ equty, which at 31 December 2Ck24 was invested with CCLA. Reserves pollcy The Trustees have examined the requirements for reserv￿ in the light of the main ris￿ to the organisation. The Trustees do not consider it necewry tts have an established ijolicy for reserves ès they consider the funds generated frotll income [￿KI￿ang investments is suffiaent to cover operntin9 and governance o)sts and acTrss to investments can be gained at short notice. FlmlRE PLANS The Hospitsl will continue to Meet its charitable oblettives in the future and to ensufft that all of its investment assets are maintained to thè highest stsndard. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The foundation date of the Hospital is not known, though it repJtedly came in to existence In the second hèlf of the 12th Century. The present Hospitsl building dates from a￿ut 1290. The is govemed by a sC￿me of the Charity CDmmis<ioners dated 4th November 1898, which was re￿Sed on 17th February 1905, 13th February 1987, 8th August 1991, 2nd January 1997, 20th February 2018 and 26th June 2018. The Trustees of the Hosptial and rts endOW￿nt a￿ drawn from the Chapter of Chichester Cathedral and also from other individuals wtih knowledge or experience relevant to an aSmshouse charty. Induction and training of new trustees Upon ap￿)intMent, each new Trustee is made aware of their legal responsibilities and of their a￿aS affecting the g0Veman￿ of the Fund. Regular ts3ining is provided to TrUSt￿eS as requi￿. This includes updating their knowledge and understanding regarding regulatory and legal developmiJnt affecting their ￿sponSIbl11t1es as Trustees and the govemance of the fund. Internal controls The internal control fvnction is undettsken by the Clerk to the Trustees on behalf of the Trustees In accordanTr wlth the Financval and Management paper. He condu(ts an appraisal of the following management controls.. (a) Irnplementstson of management policies and diredives. Ibl Sèfeguard of the assets and interests of the 3550ciats'oF). (c) Compliantr with statutory and other regulatory ￿qUirementr5. (d) The reliabiltty and integrity of financial and 0￿rab"ng inform.3tion. le) Effioent, effective and economic use of resour￿. W￿h ￿gard to finanaal matters, he ensure5 specifically that. {n The kn cheque signatories are provided with authorised supwrbng dooJmentstk)n at the time of signatyre. {g) A dose record is maintsined of rents receivable and attentioi drawn to any defaultery. {h) The perfom)afi￿ of investments is monitored. {1) Delegated limtts for finanoal expenditure are no* exceeded. ti) Competitive tenders are sought for projects in ex￿SS of the limts authorised for single tender action and handled in accordance with best pr￿thTr. Page 2

HOSPThAL OF THE BLESSED MARY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRucfuRE, GOVERNANCE AND MANAGEMErfr Risk management The Chartty relies on 3 main income stream5 to support its aims: l) Residenti81 lets 2) Commeroal lets 3) Investment irKome Chichester is an affluent area and the ￿Idential market is buoyant especially for qualty lets such as the ones that St Mary's own. The commercial lets are all on go¢)1 tenant covenants w(th solid trading history, although market conditions have become more challenging in recent years. Only one property is an FRI lease ?nd that is the bank We ojrrendy insure the properb.es including residential. The investment income porfrfolio is delegated by St Mary's to the Chapter Finan￿ Commlttee who monitor QLEtturris and recommends investment mix. The eqtjity and bond ratio is currenlly IOO'.00 and is therefore at risk trj a svdden market downtum. Operational risk stsms from strdffing cover and competenTr and the TNstees review the siaffing needs wularty. The staffing overhead is relatively low and competentr is shared across fiJnctions wth Chapter which redu￿5 cost and risk. Heath aTrJ Safety risks are managed and a ftjll review was undertaken by third party in the yethus repotyng period. F¥ge 3

HOSPITAL OF THE BLESSED MARY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEPIIBER 2024 REFERENCE AND ADMINisfRATIVE DEfAILS Registered Charity number 202631 Principal addrtss Cathed￿1 Offi The Royal Chanty Cathedrdl aoisters Chichester West Sussex P019 IPX T￿￿tee$ The Very Reverend E t)owler (Chaimian) - appointed 14.09.2024 The Reverend S Holland (Chairman) - resigned 31.07.2025 The Reverend Qnon M Townnd Payne - resigned 08.01.24 Mrs R Taunt Mrs A Hayes- reslgned 12.04.2025 Mrs J Evershed-Martin- resigned 30.09.2024 The Reve￿nd J Dunn - resigned 31.07.2025 Mr S Dyson Mr H CasUe-Smith Mr M Howard - aP[mint￿ 11.12.2024 Mr D Parfitt- appointed 11.12.2024 Ms S Hull - appointed 11.12.2024 Auditors Lewis Brownlee (Chichester) ￿rn￿ed Charte￿d Accountsnts statutory Auditors Appledram Barns "rdham Road Chichester West Sus P020 7EQ Solicitors Irwin Mttchejl Thomas Eggar House Friary Lane Chichester West Sussex P019 IUF Bates Wel 10 Queen Street pta London EC4R IBE Bankers Natwest Bank PIC 5 East Street Chicher West Sussex P019 IHH Scheme Manager Sue porter Cl** to the fru5tees and Administrator Mr Ivan Westem Page 4

HosprrAL OF THE BLESSED MARY REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 EVENTS SINCE THE END OF THE YEAR Infortnation relating to events since the end of the year is giveri in the notes to the financial statements. TRusfEES' RESPONSIBILrrY srATEMENT The trustees are responsible for preparing the Rewrt of the I"rustoes and the financial ststements in accordan￿ with ap￿l￿ble law and United ￿ngdoM Acccyjnting Stsndards (United Kingdom Generally Accepted Accounting Practfee). The law applicable to charits.es in England and Wales, the Charities Art 2011, Charty (Accounts and Rep)rts) Regulations 2008 and the Provisions of the trust deed ￿qUireS the trustees to prepare financial statements for each fillancial year which give a true and fair wew of the slate of affairs of the Lharity and of the incoming resourtts and appIl￿tion of resources, induding the income and expendlture, of the charity for that period. In preparing those finanoal ststements, the trustees are required to selett sutrdble accounting policies and then apply them consistently¢ observe the methods and principles in the Charity SORP,. make judgements and estimates that are ￿aSonable and prudent; state whether applicable accounting standards have been followed, subject to any material departu￿$ disclosed an explain￿ in the financial statements- prepare the financial statements on the going cDntrm basis unless it is inappropriate to presume that the charty will continue in business. The truste¥ are restx)n5ible for keeping proper accounting reojrds which disclose reasonable accuracy at any time the fina￿al pOS￿"0n of the charity and to enable thern to ensure that the finanaal ststements comply w￿h the Ihrities Att 2011, the Charity (Accounts and Rerorts) Regulab"ons 2008 the provisions of the trust deed. They are also reswnsible for safeguarding the as*ts of the charty and henTr for tsknng reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the ￿rd of tnjstees on . 1¥071iozS- and signed on its behalf by.. The Very Reverend E Dowler- Chairman Page 5

REPORT OF THE INDEPENDENT AUDThQRS TO THE TRUSTEES OF HOSPITAL OF THE BLESSED MARY Opinion We haye audited the financial thtements of Hospital of the Blessed Mary (the 'charty} for the year ended 31 December 2024 which comprise the Statement of Financial Activrties, the Balan￿ Sheet, the Cash Flow Ststement and notes to the financial ststemÈnts, including a summary i)f significant accounting policies. The finanoal rewrting frnmework that has been applied in their prep3ration is api)licable law and United ￿ngdoM Accounting Standards {un￿ed Ktngdom Generally Actrpkd Accounting practi￿}. In our opinion the finanoal statements.. give a true and fair view of the strdte of the charity's atrdip.? a5 at 31 De￿mber 2024 and of its incoming resour and application of resour￿, for the year then ended. have been properly prepa￿ in attOrdan￿ with Unitéd ￿￿ngdoM Generally Awepted ACCOUn￿ng prarti￿,. and have Iken prepared in accordance the requirements of the Charities Att 2011. Basls for opinion We condLKted our audit in accordance with Intemab"ollal Staridards on A￿j[￿ng (UK) {ISAs (UK)) and applicable law. Our responsibilities under those Stsndards are fvtther de￿ribed in the Auditors, responsibilibes for the audit of the finanaal statements settion of our ￿[JOrt. We are independ&nt of the tharty in accordance with the ethical reqU1￿ments that a￿ rekvant to our audit tsf the finanoal statements in the UK, including the FRC'S Ethical Stsndard and we have fulfilled our other ethical responsibilities in accordi3nce with these ￿quIrements. We believe that the audit evidence we have obtsined is suffiaent and appropriate to provide a basis for our opinion. Condusions relating to going con￿rn In a￿ltIng the financial sktemetts, we have concluded that ttie trustrees, use Df the going con￿r￿ basis of accounting in the preparntion of the financial thtements is appropriate. Based on the work we have performed, we have not identified iiny material un￿[￿l￿t￿S ￿lating to events or Conditions that, individually or collectivelyF m?y cast significant doubt on the tharity's ability to continLJe as a going cOn￿M for a period of at least twelve months from when the financial staterr.ents are authorised for issue. Our responsibil￿e5 and the re5wnsibiltses of the trustees wtii t￿S￿Ct to going con￿rn are described in the relevant sections of this report. Other information The trustees are responsible for Ihe other information. The other information ccxnprises the information Included in the Annual Re￿rt, other than the financial statements and our Rep)rt of the Independent Aul￿Or5 thereon. Our opinion on the financial ststements does not cover the other inftim)aJon and, ey￿pt to the extent otherwise expliciUy slated in our report, we do express any form of assuran￿ condusion thereon. In connection with our audit of the financial statsments, OLJr responsibility is to read the £her infom)thn and, in doing SO, CDnsider whether the other information is materially incorislstent with tre financial ststements or our knowledge obtained in the audit or otherwise appears to be materially m￿Str￿ted. If we identify such material inconsistenoes or apparent material misststements, we are ￿qUired to determine whether this gwes rise to a materi31 misstatement in the financial statements themselves. If, based on the work we liave performed, V￿ condude that there is a material misstrtement of this other information, we are required to reKK)rt that fatt. We have nothing to ￿ port in this regard. Matters on which we are required to report by exception We have n(hing to report in ￿SpeCt of the following matters where the Charibes (Accounts and Rerx)rts) Regulations 2008 ￿qUireS u5 to report to you if, in our opinion.. the information given in the RerA)rt of the Trustees is Inconsistent in any material ￿SpeCt with the financial ststements. or Su￿lent accounb.ng records have not been kept,. or the finanoal ststements a￿ not in agreement with the acccxjnb.ng ￿CordS and returns- or we have not received all the information and explanations w&. reqvirt for our aud￿. Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRu¥fEES OF HosprrAL OF THE BLESSED MARY Responsibilities of trustees As explained more fully in the Trustee5' Responsibil￿e5 Ststemen¢ the trustees are reS￿nsib￿ for the prepathon of the financial strdtements whith give a true and fair view, and for such ir)ternal control as the trustees determlne is netrssary to enable the p￿paration of financial statements that are frEe from materièl misststemen¢ wlther due to fraud or error. In preparing the finanoal tements, the tsustees are responsible for assessing the charivs abllty to contfnue as a going COn￿rn, disclosing, as applicable. matters related to going con￿rn and using the going cOn￿M basis of accounting unless the trusiees e¥ther intsnd to liquidate th. charity or to ￿3$e operations, or have no realistic alternative but to do so. Our rtsponsibilities for the audtt of the financlal statements We have been appointed as 3uditors under SeotiDn 144 of the charf￿e$ Art 2011 and report in accordan￿ with the Art and relevant regulatii)ns made or having effett thereunder. Our objeth.ves are to obtain reasonable assurdnce about whether the finawal strdtements as a whole are free from material misstatement, whether due to fral￿ or error, and tD issue a Report of the Independent Auditors that includes our opinion. Reasonable assuran￿ is è high level of assuraTh￿, but is not a gua¥antee that an audit condutted in accordan￿ with TSAS (UK) will always detett a material misstatement when it exists. Misstatements can arise from fraud or error and are considered tnaterkil rf, indNidually or in the aagregate, they could ￿asONablY be extkcted to influence the economic decisions of users tsken on the basis of these financial *tements. Irregularities, induding fraud, are instsnces of non-complian￿ wth ￿w5 and regulations. We design procedures in line with our ￿sponsIbl1￿es, ouuined above, to detert material misststements In respert of irregularities, including fraud. The extent to which our pro￿ureS are Capab￿ of detecting irregularities, induding fraud is detailed below: Our approach to ￿entifyIng and a￿esSing the risks of materkAI misststement in respect of irregularf(ies, including fraud and non-cornplian￿ wth laws and wulations, was as follows- - the engagement partner ensured that the engagement team collectyvely had the appropriate competenTr, capabilities and skills to identify or recognise non-o)rnpliance with appli￿ble laws and regulations- we identEfied the laws and regulations applicable to the company through discussions wtrh directors and other management, and from our commercial knowledge and experie11￿ of the settor- we focused on speafic laws and regulations which we conside￿d may have a dirert material effett on the financial statements or the opetBtions of the company, induding legiilthn such as the Companies Att 2006 and taxation legi51ats.on we assessed the extent of Complian￿ with the kws and re.gulaVons identified a￿ve through making enquiries of management and inspetting legal corresrrtindeno, where ap￿icable. and identified laws and regulations were c£)mmunicated wthin tr.e audlt team regularty and the team remained alert to inStsn￿$ of non-complian￿ throughout the audit. We assessed the su5TrPtibility of the company's finanaal sLatements to material misstatement, In(auding obtsining an understsnding of how fraud rnight occur, by.. making enquiries of management as to where they considerpd there was susceptibilty to frdud, their knowledge of attual, suspected and alleged fraud; and considering the intemal controls in place to rn￿gate risks of fnud and non-comp1iall￿ with laws and regulations. To address the tisk of fraud through management bias and over-ide of controls, we- performed analytical prO￿dureS to identify any unusual or unexikctsd relationships- - tested journal enknes to identify unusual transactions. assessed whether judgements and assurnptions m￿je in determining the accounting estimates Set out in the accounb.ng poliaes were indi￿tiVe of potential bias. and - investigated the ratignaie behind signrfiont or unusual trdnxaons. Ill response to the risk of irregUlar￿leS and nOn￿Omplian￿ laws regulations, we designed procedures which induded, but were not limited to-. agreeing finanaal ststement disclosures to underlwng SUPPDrbiig dLKumentstion- enquiring of management as to artual and potentsl litigation and daims. and reviewing correswlldence w(£h HMRC, relevant regulators an6 the companys legal advisors. where ap￿l￿ble. Page 7

REPORT OF THE INDEPENDEwf AUDThORS TO THE TRUSTEES OF HOsP￿AL OF THE BLESSED MARY Be(zuse of the inherent limitations of an audit, there is a risk. that we will not detect all irregularities, including those leading to a material misststement in the financial ststernents i)r non-complian￿ w￿h regulation. This risk increases the MO￿ that Complian￿ with a law or regulation is removed from the evènts and trdnsacbons refletted rn the finanoal strdtements, as we will ￿ less likely to become aware of inknn.￿s Df non£Omplian￿. The risk is also greater regarding irregularttie5 occurring due to fraud rather than error, as frdud invotves intentionol concealment, forgery, collusion, omi4ion or Misre￿sentratton. A further description of our responsibilities for the audit of the financial statements is located on the Financial Repc*rbng Counctl's website at www.frc.org.uVauditorsresponsibilities. Thi5 description forms part of our Report of the Independent Audthrs. Use of our report This re￿rt is made solely to the Char￿1$ tnjstees, as a L￿dy1 in accordance with Part 4 of the Charib'es (Accounts and Repots) Regulations 2008. Our audit work has ￿en undertsken so that we might state to the charrty's trustees those tnatters we ère required to stste to them in an auditorg report and for r)0 other purpose. To the fvIl￿t extent permitted by law, we do not accept or assume re5w)nsibility to anyone other than the charity and the charity's trustees a5 a b(￿y, for our audit work, for this report, or for the opxnions we have fi)rmed. (ms (CLidiLtfv)(Jd Lewis Brownlee (Chichester) ￿MIte Sta￿tOry Auditors Appledram ￿rn$ 'rdham RrRd Cthichester West Sussex P020 7EQ Page 8

HosprrAL OF THE BLESSED MARY STATEMENT OF FINANCIAL AcrIvmES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Unrestricted funds 2023 Total funds Notes INCOME AND ENDOWMEfus FROM Donations and legacies 204,692 149,775 Investment income 871 271 870 216 Total 1075 963 1019 991 EXPENDrruRE ON Raising funds 218,449 197,574 Charitabje actK¥rties Alrnshouses 855078 905,617 Other Total 1074 327 1103 191 Net gains on inve*ments 315 687 NET INCOME 84,24S 232,487 RECONCILIATION OF FUNDS Totsl funds brought forward 26,170,850 25,938,363 TOTAL FUNDS CARIUED FORWARD 26 255 095 26 170 850 The notes forrn part of these finanaal statements Page 9

HOSPITAL OF THE BLESSED MARY BALANCE SHEEr 31 DECEMBER 2024 2024 Unrestricted funds Total funds 2023 Notes F￿ED ASSETS Tangible assets Investments io li 4,667,725 21614 645 4,217,322 21 832 036 26,282,370 26,049,358 CURRENT ASSErs Debtors Cash at knk 12 182,789 201,020 196 102 208,112 397,122 CREDThORS Amounts falling due within one year 13 (171,082) 1210.5581 CURRENT ASSETS TOTAL ASSEfs LESS CURRENT LIABILITIES 26,319,400 26,235,922 CREDITORS Amounts falling due after more than one year 14 {64,305) (65,072) NET ASSErs 26 255 095 26 170 850 FUND5 Unrestritted funds 17 26 255 095 26 170 850 TOTAL FUNDS 26 255 095 261708 The finanaal tements were approved by the 804rd of Trust￿ ènd authorised for issue on nd were signed on tts beha￿ by.. The Very Revefynd E Dowter- Chairman The notes form part of these nnanoal statements dge 10

HOSPThAL OF THE BLESSED MARY CASH FLOW ￿ATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Z023 Notes Cash flows from opernting activftiEs Cash geneftted from operations Interest paid (803,991) (809,379) Net cash used in opetsting activities 812 001) 817 121) Cash flows from investing activitieg Purchase Lif tangible fixed assets Sale of fixed asset invesbnents Rents reTrived Dividend5 & interest Interest re￿iVed Dlvidends received {623,744) 300,000 765,027 197,552 2,458 620 (358,5141 ioo,ooo 765,065 100,634 3,111 Net Qsh provided by investing activfties 641913 611702 Cash flows from finandng activitie5 Loan repayments in year 691 622 Net cash used in finanang acbvitses 622 Change in cash and osh equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (170,779) 1206,041) 196 102 402 143 Cash and cash equivalents at the end of the reporting pertod The notes form part of these'rinancial ststements Page 11

HOSPITAL OF THE BLESSED MARY NOTES TO THE CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET INCOME TO CASH FLOW FROM OPERATING ACTIVThIES 2024 2023 Net Income for the reporting period (a$ per the Statement of Financial Actlvities) Adjustments for: Depreaation charge5 Gain on investmer Interest recEived Interest paid DIv￿dendS re￿Ived ents re￿Ned Dividends and interest received DecTease in debtors Decrease in cre(Jitors 84,245 232,487 173,341 (81609} (2,458) 8,OlQ (620) {765,027) (197,552) 18,231 121,8T2 (315,687) (3,111) 7,742 (1,406) (765,065) (100,634) 78,986 64 5631 Net cash used in operaUon$ ANALYSIS OF CHANGES IN NEf FUNDS/(DEBr) At 111124 Cash fflow At 31112124 Net cash Cash at bank 196 102 170 779 196 102 170 779) Debt I)ebts falling due within l year Delts falling due after l year (691) 65 072) (76) 767 (767) 691 65 Q72} Total 130 339 170 088) The notes form part of these nnancial statements Page 12

HOSPThAL OF THE BLESSED MARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES Basls of preparing the financial statements The financial statements of the charity, which 15 a public benefit entity under FR5 102, have been prepared in accordance wrth the Charities SORP (FRS 102) 'Atcounting and Repo￿ng by Charities.. Ststement of Recommended prarti￿ applicable to chartties prepicring their accounts in accordan￿ with the Financial Re￿K)￿n9 Standard applicable in the UK and Republic of Ireland {FRS 102) (effecknve l January 2019),, Financial Reports"ng Standard 102 The Financial Reportittg Stsndard appli¢3ble in the UK and Republic of Irelalld, and the CharEties Att 2011. The finanoal statements have beeri prepa￿d under the historical cost convention, with the exception of investments which are included at market iralue, as modified by the revaluation of certain assets. Income Atl inccxne is recognised in the Ststement of Financial Activities onTr the charity has enlidement to the funds, it is probable that the incorne will be r￿1Ved and the amouitt can be measured ￿lIablY. Income from investment propety ￿nts is recognised in the year in which it Is ￿￿1vable. The Statement of financial acb"vibes includes the net gains and losse5 arising on revaluations and disposals of investment assets throughout the year. Expenditure L[abil￿eS are recognised as expenditure as s(￿n as there is a legal or construttive obllgation comrnitbng the charity to that expendff(ure, ￿ is probable that a transfe-. of economic benefits will te required in setuement and the amount of the obligation can be measured reliabEy. l.xpendÉure is accounted for on an accnjals basis and has been classified under headings that aggogate all cost related tr• the category. Where costs cannot direoiy attn"buted to particular h￿d￿ng$ they have been allwAted to att￿￿￿eS on 8 basis consistent wtth the use of resoLJrces. Grants offered subject to cond￿On$ which have not bee.n met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is prDvided at the following annual JBtes li) order to write off each asset over its ests"mated useful Freehold property St Marls Lodge Plant and machinery 2% and IOO/o on cost in accordan￿ wfch the piDperty 20VD on cost Propeity expendithre which grks above and beyoTrl siinple Maintenan￿ is capitslised, where the cost of the work ex￿dS £50,000. Taxation The charty is exempt from tax on its charitable activities, Fund actounting Unrestiicted funds can be used in accordan￿ with the charitable objeth"v& at the dlscreb'on of the trustees. Reslm"cted funds only be used for particular restrithj purposes within the objects of the charity. Restrittions arise when specified by the dE>nor or when funds are raised for particular rethcted purFoses. Pension costs and other post-retirement benefits The charity operates a defined contributton pension sc..heme. Contributions payable to the charitys pension scheme a￿ charged to the Ststement of Finanaal Activities in the period to which they relate. l>onated gtsods Donations are recognised on entitlement. Donation ol fixed assets are included in the accounts at values provideo by the donor or at market wolue. Page 13 continued...

HOSPtrAL OF THE BLESSED MARY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUKnNG POLICZES- continued Going concern The charity have a larye amount of liquid assets which can be used to support any short-term downturns in revenue and any exceptional expenditure. On this basis the Trustees believe the charity is a going con￿rn. DONATIONS AND LEGACIES 2024 2023 Resident's contribution Leg20es Lknnations from wsitor5 204,054 123,401 22,459 638 INVESTME1￿ INCOME 2024 2023 Rents re￿iVed Dividends & interest Guest room rental Deposit account interest 771,792 96,401 620 765,065 l(Kl,634 1,406 871 271 870 216 RAISING FUNDS Invesbnent ManageM￿t costs 2024 2023 Propety repairs Professional charges Insurance 142,662 59,090 5,206 5,245 112,135 74,018 5,090 362 Heat & ￿ght 197 574 CHARITABLE ACTf4mES cosrs Grdnt funding of artivities Support {see note costs (see 6) note 7) Direct Totals mshou5e5 769 151 855 81441 ￿78 Page 14 continued...

HosprrAL OF THE BLESSED MARY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 31 DECEMBER 2024 GRANTS PAYABLE 2024 2023 Alrnshouses The totsl grants E￿Id to institutions during the year was as follows: 2024 2023 St F4"chard of Chithester Chrisiian Care knociation (hichester Heart for Homeless St Pete￿S Church, Selw RNLt Royal British Legion Water Aid Crisis 286 s,000 loo 660 97 267 76 95 SUPPORT COSTS GovÈrna4)ce Management Finan Totals mshou5es Included in the above is £7,500 which relates to the auditr)rs remuneBty"on. TRUSTEES. REMUNERATION AND BENEFrrs There were no trnjstees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 DeTrmber 2C123. The￿ were no trustees, expenw paid for the year ended 31 DeTrmber 2024 nor for the year ended 31 December 2023. STAFF COSTS 2024 2023 Wages and salaries Soaal security costs Other pension costs 94,268 8,760 96,191 7,865 122 223 The average monthly number of employees during the ye.ar was as ft)Ilows- Employees 2024 2023 No employees re￿Ned emoluments in VAce55 of £60,D(X). Page 15 continued...

HosprrAL OF THE BLESSED MARY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 io. TANGIBLE FIXED ASs￿s Freehold property St Mary. Lodge Plant and machinery Totals cosr At l January 2024 Additions 5,084,834 474 935 397,725 128,800 148 809 5,611,359 At 31 December 2024 5 559 769 397 725 277 609 6 235 103 DEPRECIATION At l January 2024 arge for year 1,141,857 111 195 238,629 13,551 1,394,037 173 341 At 31 December 2024 1567 378 BOOK VALUE At 31 Detrmber 2024 152 4 306 717 ￿72 3 942 977 4 667 725 At 31 De￿fflber 2023 159 096 115 249 4 217 322 11. FIXED ASSET INVESTMENTS Listed Investment investments Propertie5 Totals MARK￿ VALUE At l January 2024 Disposals Revaluations 3,604,536 18,227,500 21,832,036 (293,183) (293,183) At 31 0￿mber 2024 3 387 145 18 227 500 21 614 645 NEf BOOKVALUE At 31 ￿e￿mber 2024 3 387 145 18 227 500 21 614 645 At 31 De￿mber 2023 3 604 536 18 227 500 21832 036 The￿ were no investment a55ets outside the UK. Cost or valuation at 31 De￿rnber 2024 is repre*nted by.. Listed Investment investments Propertles Totals ValuatK>n in 2024 3 387 145 18 227 500 21614 645 All investrnent properb"e5 were subject to a fomal valuab.on undertaken by Flude Propety Consutsnts and Chartered SuNeyors on 31 De￿miEr 2021. The basis of valuats.on was open market value. Page 16 continued...

HosprfAL OF THE BLESSED MAFiY NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 12. DE￿rORs. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors 61,044 121745 56,788 182 789 201020 13. CREDrroRS: AMOUNTS FALUNG DUE WrnIIN ONE YEAR 2024 2023 Other loan5 (see note 15) Trade creditors Rent deposits Acuu?Is and deferred income 767 40,159 47,631 691 90,710 46,342 210 556 Included above is dèferred income of £53,125 (2023.. £53,125) which relates to rents re￿IVed in adwance. 14. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Other loans (see note 15) 15. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts fallino due within one year on demand: Housing corporation 767 691 Amounts frdlling between one and two years: Other loans- 1-2 years 852 767 Amounts falling due between tsvo and five years: other loans - 2-5 yea Amounts falling due in more than fwe years.. Repayable by instalments.. Other loans more SY￿ instal 60,290 61,457 Page 17 continued...

HOSPThAL OF THE BLESSED MARY NOTES TO THE FINANCIAL STATEMENTS- continuod FOR THE YEAR ENDED ￿?1 DECEMBER 2024 16. SECURED DEBTS The following secured debts are included within creditors: 2024 2023 Housing cofpDTrty'on loan The k)ans a￿ due to the Housing Corpothon and are secured by way of a speufic charges against the properties owned by the charity. The loaF)s are repayable at varying rates of interest to a maximum of 10.75 r annum. Capttal is being repaid over 60 years froFn 31 March 1987. 17. MOVEMENT IN FUNDS Net movement in funds At 111124 31112124 Unrestricted funds Generdl fund 26,170￿50 84,245 26,255,095 TOTAL FUNDS 26 170 850 84 245 26 255 Q95 Net movement in fvnds, induded in the above are as follows.. Incomlng Resources resouirces expended Gains and lossls Movement in funds Llnrestricted funds General fund 1,075,963 (1,074,327) 82,609 84,245 TOTAL FU14DS Comparatives for n7ovement In funds Net movement in funds At 31112123 At 111123 Unrestricted funds GeneTrl fund 25,938,363 232,487 26,170,850 TOTAL FUNDS 25 938 363 26 170 850 Page 18 contint*d...

HosprrAL OF THE BLESSED MARY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED JI DECEMBER 2024 17. MOVEME￿ IN FUNDS- continued Comparative net movement in fvnds, included in the above are as follows= Irheoming Resour resources expended Gains and 1055es Movement in funds Unrestricted funds General fund 1,019,991 (1,103,191) 315,687 232,487 TOTAL FUNDS i OIQ 991 1103 191 232 487 A cuffent year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 3x112124 At 111123 Unrestiirted funds General fund 25,938,363 316,732 26,255,095 TOTAL FUNDS 25 938 363 316 732 26 255 095 A current year 12 months prior year 12 months combined net rll0ven￿nt In funds, induded in the above a as follows.. Incoming Resources expended Gains and Movement funds Unrestricted funds Generèl fund 2,095,955 (2,177,518) 398,296 316,732 TOTAL FUNDS 2 095 955 2 L77 518) 316 732 RELATED PARTY DISCLOSURES There were no related party transactions for the year enLled 31 De￿rnber 2024. 19. Po￿ BALANCE SHEET EVENTS During 2025 a loan of £815,000 was given to Westboyffle Cornmunty Trust towards the development of an affordable 1￿usTng scheme to provide socially rented aox)mmodation in Westboume. The loan carries a term of 30 years and an interest rate of 5% on the first £750,001) and 40h on the remaining £65,000. Page 19 continued...

HOsP￿AL OF THE BLESSED MARY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 20. PENSIONS St Mary's Hospitrdl partia￿teS in the Churth of Engldnd Defined Benefts ￿eme (D￿), of the church w0￿e￿ Pensions Fund, ft)r employees who joined the staff before 31st December 2Q02 and the Church Worke Pensic>n Fund Pension Builder 2014 {P82014). At 31st De￿rnber 2024, there are no active member5. The assets of fvnd are held setorately from those of St Mary's .4ospÈal. The Defi￿ Benefts theme was the subjeci of a full valuation as at 31st D￿rnber 2022. The fund was shown to be in surt4us and payments to meet a pre￿ouS deficr have now cea*d. St Marys. also ￿￿cipateS in a Pension Builder (PB2014). Contiibutsons to this stheme are charged to the ststement of financial ACtiV￿e5 as they arise. Page 20

HOSPITAL OF ThE BLESSED MARY DETAILED STATEMENT OF FINANCIAL AcfivThIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legaa'es Resident's contribution Legacies Donations from vlsthrs 204,054 123,401 22,459 638 204,692 149,775 Investment income Rents received Divhlends & interest Guest room rental DeposÈ account interest 771,792 96AOI 620 765,Q65 100,634 1,406 871 271 870 216 Totsl incoming rewurces 1,075,963 1,019,991 EXPENDThURE Investment management costs Property repairs Professional tharges Insuran Rates Heat & Light 142,662 59,090 5,206 5,245 112,135 74,018 5,090 362 218W9 197,574 Charitable activitles Wages Social security Pensions Rates and water Insuran ght and heat Sundries Garden expenses Repair5 & maintenan Outings & trips Depn of St Marys Courtyard Depn of St MaVs Lodge Depn of plant and machinery Gr?nts to instttibons 94,268 8,760 19,195 21,212 26,527 93,134 12,315 62,079 251,718 6,602 111.195 6,624 55,522 96,191 7,865 13,485 32.778 21,245 102,281 38,989 39,152 297,531 12,929 101,696 6,624 13,551 774,437 785,612 Support costs Management Telephone Carried fornard 11,496 11,496 35,445 35,445 This ￿ge not forrn part of the sktutory fir)anaal ststements ge21

HOSPtrAL OF THE BLESSED MARY DETAILED STATEMENT OF FINANCIAL ACTrlmES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Management Brought forward AdMin￿ratiOn and finanaal semos of Dean and Chapter of Chichestèr Cathedral 11,496 35,445 IIA96 55,393 Finance Bank charges 416 7,759 7,536 Governaft￿ costs Auditors. remuneration Bookkeeping Legal and professional fee5 15,555 29.441 10,860 31,688 Total resour￿ expended 1074 327 1 103 191 Net incomel{eXpendi￿re) before gains and 1,636 (83,200) Realised recognised gains and losses Realised gains]{10sses) on fixed asset investynents Net In￿Me/(exPenditure) Thi5 page thes not ft)rm part ofthe ststutory f nancial stttements Page 22