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2020-12-31-accounts

Charlty No- 205112 CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 DECEMBER 2020

CHRIST'S HOSPITAL OF A81NGDON Incorporating.. The Twilty s Almshouse Charity The Tomkins Almshouse Charity The Abingdon Almshouse and Relief in Need Charity The Charrty of John Bla¢knall The Charity of Richard Wrigglesworth Statutory and othgr Informatlon Co-oplalive Governors Mr T R Ayling (Master from 1.1.181 Mr L D King Imaslerfrom 1.1.211 Mr M W Matthews Ll Col A F M Douglas Mrs G Butt Mr K W Senior Mr S J Mcconnell Mrs J D Kent Ex Officio Govèrnors Rev Dr E C Miller Mayor Cllr Mr C Birks Cllr Mr8 H Pighills Cllr Mrs M Crick Cllr Mrs C Briggs Nominative Governors Clerk lo the Governors Mr8 G Kent Addrass of the Charity Until 1.3.2020 From 2.3.2020 1 Old Slalion Yard Abingdon Oxfordshire OX14 3LQ 4 Sl Helen's Wharf Abingdon Oxlordshire OX14 SEN Principal Banker8 Nation81 Weslmin81èr Bank PIC 11 Market Place Abingdon Oxfordshire OX14 3HH Solicitors Challenor & Son Slrallon House 8alh Street Abingdon Oxfordshire OX14 3LA Auditor Crowe UK LLP Aquis Houso 49-51 Blagravg Slrgel Reading Berkshire RG1 1PL Investment managers Inveslec Wealth & Investment Limited 2 Gresham Street London EC2V 7QN Property managing agents Orpwood Ltd Ua Adkin Orpwood House School Road Ardinglon Wanlage Oxfordshire OX12 8PQ Ragislered Charity No 205112 Page 1

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 DECEMBER 2020 The Governors present their annual report and financial slalemenls of the Charf(y for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Chaiily's Iiust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recornmended Practice applicable lo eharilies preparing their ac¢ounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. STATUS ADMINISTRATION AND CONSTITUTION The Ancient Corporation of the Master and Governors of the Hospilal of Christ of Abingdon I"Ancienl Corporation I was created by Lellers Patent of King Edward Vl in 1553. Christ's Hospital of Abingdon is now a Registered Charity regulated by 8 Scheme sealed by the Charity Commissioners lor England and Wales on 25 January 1971. The charity number, present Governors and advisors are listed on page 1 & 2. All Governors, both Co-oplalive and Nominative, are invited lo nominale candidates to fill a vacancy for a Cowoplalive Governor and arg asked lo provide a resume of their nominee's career and other inleresls. Further soundings are undertaken, and an opportunity created lor Governors lo meet the preferred candidalels} bolore their name is pul forward formally lo a special meeling for election, Nominative Governors are appointed by Abingdon-on-Tham88 Town Council whilst the Mayor of Abingdon-on-Thames and the incumbent of the United Benefice of Abin9don with Shippon hold office as Governors ex oflicio. Governors holding office durin9 the period were as shown page 1. STRUCTURE, GOVERNANCE AND MANAGEMENT Christ's Hospital 15 a Registèred Charbty regulated by a Scheme seolgd by the Charity Commissioners lor England and Wales on 2S January 1971 and subsequent Orders of 1999 and 2002. The Governors perform their obligations under the Schemes for the consliluenl charities by applying the income of the Charity lo provide charitable support lo residents of the town of Abingdon in Oxfordshire and such part of tho ancient parishes of Sl Helen, Sl Helen Wilhoul and Sl Nicola5, Abingdon as do not fall within the boundaries of the town. Thg Governors are able lo extend the area of benefit to the immed1ale surroundings of Abingdon in certain circumstances. Prospeclivg C¢>oplalive Governors are requested lo meet with the Master then submit a resume of their career and interests for consideration by members of the Ancient Corporation. Suitable applicants are invited lo proceed lo appoinlmenl, if mèmbers of the Ancient Corporation are unanimous. All newly appointed Govgrnors are provided with a copy of the Scheme dated 25th January 1971 and subsequent Orders, a copy ol the Annual Report and Financial Slalemenls for Ihg last financial year, the Charity Commission book lor email link) 'The Essential Trustee and a copy of the Almshouse As50cialion book Standards of Almshouse Management They also have a briefing meeting with the Master or the Clerk. Governors are encouraged lo allend the various seminars organised by the Almshouse Association. Much of Ihg day lo day work of the Governors Is carried out by the Governors-in-charge, supported by the Clerk. Finance & Admin Assistant, Almshouse Administrator and Park Keeper. GovernDrs-in- Charge during the year were as follows.. Mr T R Ayling Mrs G Bull Ll Col A F M Douglas Mr S J Mcconnell Mi M W Mallhews Mr K W Senior Park & Gardens Almshouse Residen18 - Almshouse Property Eslales Grants & Archives Finance Page 2

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Governors delegate day lo day responsibility for various aspects of the Charity's affairs lo.. The Clork who manages the staff and almshouse property portfolio. maintains the Charity's a¢counlin9 and other records and carries on the administration of the Charity so as to comply with applicable laws and regulations. The Investment Managers who manag8 the portfolios held by the Charity under discretionary management mandate. The Prop6rty Managing Agents Charity. who manage the inveslm8nl property held by the Th8 Chartered Survayors almshouse who advisè on the slru¢lural integrity of the Charity, property to ensure a suitable standard is maintained. Sch•mo of Govornance Governors meet on the first Thursday of each month throughout the year lo enable them lo discharge their responsibilities. Al these meetings, Governors receive reports from thè G¢vèrnors- in-charge on their activities in tho previous month which confirm. or recommend for discussion, actions lo b8 taken in both the short and longer term. These Wr￿tten and vorbal report5 provide each Govfrrnor with the information necessary lo discharge their duties, The Governors retain responsibility for all key decisions. including approval of.. The strategy and policies adopted by the Charity to achieve ils charitable objectives. The annual budget. Mojor capital expenditure, including property acquisition and refurbishment. The annual financial slalemenls. The appointment of residents to vacant almshouses. Grant applications. A framework of authorities is in place, which maps out the structure of delegation as well as specifying those Issues which rèmain the preserve of the Governors. This framework emphasizes the key role of specific Governor responsibility in the exercise of executive control, subject to reporting and ralificalion by thè Governors, as describèd above. Thè re￿vant individuals are Identified earlier in Ihisreport. The Finance Governor monitors and reviews the Charity's financial and internal control as well asils inveslmenls. The Grants Governor receives, considerg and evaluates applications for charitable assistance, according lo the provision5 of the Scheme. The Almshouse Property Governor oversees the management of both alm$houses and health and safely mallers relating to the almshouses and workplaces. The Almshouse Re5idenls' Governor look5 after the best interests ol the residents and take8 the lead role in the appointment of new residents. The Park and Gardens Governor oversees the management of Albert Park and the almshtsuse gardens. The Estates (Property) Governor oversees the management ol investment properties loensure rental and maintenance matter5 are dealt with in line with the Scheme. The Archives Governor is respDnsible lor the recording and safe-keeping of material for the archives of the Charity. working with the Archivist. Page 3

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Relatgd Parties and Conflicts of Interest Various Governors are involved either as Iruslees or in the management of a number of voluntary org8nisalions in Abingdon, including The Albert Memorial Trust IRegislered Charity No 10762741, The Abingdon Bridge (Registered Charity No 116008018nd Abingdon Carousel IRegislered Charity No 11773221. Various Governors are also involved either as trustees or in the management of schools in Abingdon who are free lo apply for educational assistance for pupils in need, several Governors are involved wi(h Abingdon School (Registered Charity No. 10712981 and onè Governor with The Manor Preparatory School. One Governor is the Team Rector of Abingdon and Vicar of Sl Helen's Church. Abingdon. Thè Church may encounter those seeking almshouse aecommodalion or financial assistance under the Relief in Need part of the Charity's Schemg. The Charlly is also a member ol the Almshouse A$s¢xialion lo whom an annual subscription is paid and a small grant (less than £501 is made. The Governors have adopted a comprehensive policy lo identify all transactions with related parties or other transactions which might involve any conflict of interest. These are detailed in Note 13. Remuneratlon Our approach to remuner81ion is designed lo ensurè we Can attract and retain the 181ented ond molivaled people we need lo achieve our mission and deliver our slr8legic goals. 11 is appligd consislenlly across the organisalion, We aim lo pay cornpelilively in the nol-for-profil sector within the context of affordability. We therefore lake into account laclors such as salaries paid in comparablg organisalions. No remuneration was paid either directly or indirectly lo any Governor or connected person during the period under review. Rgimbursemenl of expenses occurs infrequently and then only whgn Governors are acting on Christ's Hospital or Alrnshouse Association business and only on production of a valid reeeipl and the completion of a rgimbur59menl form. Insurancè The Governors maintain indgmnily insurance of up to £1 million. The annual premium charged in these financial statements was £888 (2019.. £868). The Govèrnor8 fully recognise that this do8$ not rolieve them of Ihoir rgsponsibililies. Rlsk Management Statement The Governors have assessed the major strategic, businoss and operational risks which they believe the Charity faces. The external risks and exposure Ihereto are kept under constant review, together with the internal aspects of health and safely. A risk management register is maintained and 1$ reviewed annually lo ensure risks are properly managed by the Charity. The major risks and prevenlalive measures in place are as follow8.. investment income The investment managers, Inveslec Wealth and Management Ltd, manage the Charity's portfolio within agreed parameters Imediumlhigh riskl which are monitored al least quarterly, and 811 Governors are provided with summaries of those reports. A represenlalive of the investment company presents a formal annual report and discussion of the portfolio al one of the Governors, meetings, usually March. The investment company ensure that the Charity invests in 'defensive' stocks which remain mostly unaffected by economic variations. Page 4

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2020 Reduction in Commercial & Residential rental income due to voids Adkin are a specialist property management company who manage the Charity's property and land and report monthly lo the Governors, making recommendations as lo the best way lo maximise the return on Ihg Charity's portfolio, whilst remaining within the remit ol the Scheme. Dama etoPro ert i.e Fire The Governois seek piofes5ional advice on the fisks associated wilh Almshoijses and other property and install and monitor saf&ly equipment and measures on a regular basis. In April 2015, a major Fire Safely inspection look place and as a result of this upgrades were made to lire equipment and policies. In September 2019, the local Firè Offieer also visited and was satisfied by the systems in place and the supporting paperwork. Information Dama e i.e Fraud c ber crime Again, the Governors have taken advice on prevention ol infomialion theft and regularly rèview the Charity s Fraud policy lo refl8cl the ever-advancing ability of 'lraudslers' lo gain access to sensitive information. 11 is planned lo r&place some older computer equipment shortly lo ensure the lalesl best practice for back-up and protection of infonnalion is adherod to. Disease Transmission - Global andemic The Covid 19 virus has affected almost every part of life concerned with the Charity. The health of the almshouse residents has been upper most and this has been managed by the implemenlalion of Covid secure processes. The Finances have ol coursè b&en affected as with many other people and organisalions. The income from investments has dropped as many Companies have s&&n their own income streams diminish, bul this has been rnrtigaled as far as possible by the investment managemgnl company who have invested heavily in the 'phamia' industry which is booming. The collection of commercial rent has also beon challenging as many commercial tenants hava experienced a dip in income, The law has prevented court action against tenants until 301h June 2021, bul a reasonable approach including negotiation will be Ihg basis on which outstanding rents will be collected. Publlc B•neflt In following the Charity's aims and objeclivey, Trustees have had regard lo the Charity Commission's guidance in complying with their duly in section 17151 ol the Charities Ael 2011 on public benefit. The provision of almshouse accommodation for those In need provides an identifiable public benefit which is directly in line with the Charity s aims. Beneficiaries of almshouses musl be in need and will bo drawn from that sgclion of the public which ha5 begn defingd in the Scheme. The Charity gives 'reliel in need, through education grants and grants of domestic Items lo those who cannot afford them and fall outside the help ol the local aulhorily. This year they also gave a significant number or substantial grants lo local Charitigs for spocific purposgs ID benefit residents in our area of benefit. All the above are directly identifiable public benefit. The Charrty also maintains Albert Park, a park which is permanently open for use by any member of the public and easily accessible lo all levèls of mobility. This is also in line with the Charities schemo document. OBJECTIVES AND ACTIVITIES Objects The Object5 of Christ'5 Hospital of Abingdon and ils subsidiary charitie5 were created lo provide charitable support lo residents of the town of Abingdon-on-Thames in Oxfordshire. The Charity's strategy is lo provide funds both for individuals and organisalions so as lo provide help and relief within the terms of the Schemes. This can only be achieved within the conditions al the time. The primary objective is the provision of almshouse accommodation. Funds are also available for the relief of need and education of residents within the area of benefit. Page 5

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 The Charity owns Albert Park recreation ground and ils surrounding roads, and whilst the Governors fully re¢ognise their rèsponsibility for the maintenance of these, it does provide a major drain on the Charity's resources. The Charity measures ils success in a number of ways. 11 aims lo achieve 8 900A occupation rate for almshouses, to maximise the grants paid out and to adhere 85 c105ely 85 possible lo ils annual budget in all areas. The Charity is very proud of ils commitment to keep almshouses as up lo dale as possible within the confines ol their listed building slalus (see 'The eslale'l. Grants To achieve the Charity's objects for the public benefit. the Grants Governor considers all applications made for assistance. whether lor educational support or relief in terms laid down in the controlling Schemes, including the area of benefit and tho availability or otherwise of specific or general funds. Students, or their parents, who arg both resident wbthin Abingdon and in financial need, may apply lo the Charity for support with their education providing they are educated in Abingdon. Al present, this means that students allending any of the seventeen schools located in the area of benglit wrthin Abingdon are eligible lor educational gran15. The schools who have applied for assistance with fees al some point are Our Lady's Abingdon (Regislgred charity no 11203721 and The Unicorn School (Registered charity no 1070807. Other grants which are provided for assistance with school activities such as educational trips were requestod this year from Larkmead, John Mason and Filzharry5 Sgcondary schools and Sl Nicolas, Thameside, Long Furlong, Carswell. Dunrnore, Thomas Reade and Sl Edmunds Primary Schools. These grants ensure that children from poorer backgrounds do not miss out on education81 trips and opportunities for extra luilion. Wfj hav& received several eneouraging reports from parents and the schools regarding the valug of this support. Thè Charf(y has also helped individuals wrth Relief in Need payments for èquipment andlor basic ngce5Srties such as cookers, a washing machine. furniture and work boots. Provisions lo inslilulions lend lo be morg substantial and are usually for equipment lo help them function or course5 for vulnerable adults. Within the last 12 months the charity has helped lo fund day trips for young carer$ and training 8ession8 for vulnerable adults within various proiocls in Abingdon. Officials working in areas where such circumslanee8 might arise eonlinue lo bè reminded of the Charity's availability and policies. We arg gncouragEtd by the larger value of requests. Numbers of gran18 and values can be found within Note 6. The estate The Governors are proud ol the Charities, ownership of a number of freehold properties in Abingdon that are of considerable historic and heritage interest. They are mindful ol the inalienable nature of these properties and their duly lo maintain them. The most important of these properties are shown here with their listing.. Long Alley Almshouses and Hall Grade I Brick Alley Almshouses and outbuildings Grade I St Helen's Wharf Almshou8es Grade 11 Sl John's Almshouses Grade 11 Tomkins Almshouses & Clock Tower Grade11 Twitty's Almshouses Grade11 Albert Monument Iwilhin Albert Parkl Grade11 Conduit House Grade11 Albert Park Listed Victorian Park The Exchequer Room Ifoming part of the Church of Sl Helen, Abingdonl 1446 1718 1884 1801 1733 1710 1865 circa 1500 Page 6

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2020 Associated with these properties are furniture, fittings, historic artefacls and an extensive archive housed in a climale-conlrolled building known as the Liversidge or Munimenl room. which the Governors vigw as both historic and inalienable. ACHIEVEMENTS AND PERFORMANCE AND RECORD OF ACTIVITIES The Charity has again had a su¢c8sslul year in spite of concerns over Covid 19 and the economic pressure this brings. Income from rent and dividends has been down on expeclalion, but less significant property expenditure has been undertaken. which evens out any operating loss, so the balanced budget was achieved before investment gains and losses of £81.966 (2019. £224,250), this is applied lo the reserves against lulure expenditure. 11 was fell again Ihal il was not necessary lo undertake fundraising, as the inveslmenl portfolio, and modesl contributions from residents towards maintenance, continue lo cover the planned expendrture. Resldenls Almshouse Adminislr8lor is appointed lo act in 'good noighbour capacity lo the residents. bul also be responsible for the organisalion of rouling maintenance and minor repairs lo the almshouses and lo take responsibility for dealing with resident health and safely issues. With the electroni¢ alarm and call system il ￿$ fell that the risk lo tha Charity. and indeo¢J tho residents, has been minimised. 11 remains the policy of the Charity routinely lo raise awareness of almshouse vacancies by personal contacts, advertisements, newspaper articles elc and to accommodate the applicant deemed lo be most in naed al the lime of Ihevacancy. The Governors are mindful and indeed proud ol the Charity s heritage bul the age and listed building slalus ol some ol the asse15 doe5 gnlail a financial burden. Dgspile the heavy demand on resources, the Governors follow their primary duly ol maintaining Ihg Charity's assets, Howevor, continuing work will always b8 necessary. The Policy ol the Governor$ remains to ensure that each almshouse, as il falls vacant, is upgraded lo the most modern standards r¢ady for regccupalion. A$ vacancies arg unpredictable. the amgunl ol expenditure ¢an differ from that budgeted. A Quinquennial Inspection was conducted during April 2016 and a report of recommended works was drawn up through lo 2020. Each year's recommendations are reviewed thoroughly prior lo inilialion. The 2021 report will be delayed due lo the Covid 19 reslriclions on entering property. Buildings expertise among the Trustees has enabled the Charity lo lake a more active role in monitoring the condition of our propertie5 and maximising their financial returns. 11 musl never be forgotten, however, that within the Governors, responsibility of preserving the Charity's assets, there is no room whatsoever for any complacency. The entire theme of this report remains as usual lo dgmonslrate Ihg Governors, concern al tho need 19 husband Ihg Charity s resources lo maximum effect, never forgetting Ihg need lo fulfil the charitable objectives laid down in our governing do¢umonls. Page 7

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL REVIEW 2019 was the most recent valuation of all Comrnercial, Residential Property and Land. This resulted in an increase in value of £3S5,000 from the previous year. 2020 has seen a change in use of 4 Sl Helen's Wharf, which transferred from accommodation and became the Charity office in early March 2020. The previous office al 1 Old Slalion Yard is being advertised tolgt as part of thg commercial investment portfolio and was therefore valued by an independent professional this year (valuation £120,000). A value of £9,480 has been placed on the new office al 4 Sl Helen's Wharf and will be depreciated over 4 years on a slraighl-line basis. Professional valuations ol investment properties will now lake place no less than every 3 years. In the intervening years the Governor in Charge of Property, using his considerable knowledge and experience. will undertake a review of values. From thi5 review the Governors will decide if a formal, professional valuation is then necessary. All transactions were deemed to be in the normal courso of business and the Governors considgr the Charf(y lo be a 'going concern,. Careful and conservalive forec8sls and budgets for the next year are prepared by the Clerk and Governors in Charge each November and signed off al the Deeembèr mèèting ol all Governors. Thè Charity's Governors ITruslees1 feel that rt is ts well placed as il can be lo meet significant relurbi5hmenl costs in the futur8. Net incoming re$our¢e$ bfjfore other gains or losses werg £81,96612019. £224,250), Investmentpollcy Tha management of the Charity's investment portfolio is conducted by professional investment managers under discretionary management powers delegated by the Governors, under broad guidelines sèt by the Governors. These guidelines have been reviewed during the year and currently rgquire that the managers protect the valug ol the capital and income ol the Charity in real terms over the medium term by seeking a balanced return between income and capital growth. avoiding high risk. Al any one lime, the portfolios may comprise fixed inlerèsl and equity investments within these erileria. Portfolio exposure lo equites 18 limited lo 900/0 of the lolal fund value. In the avoidance of high risk, the managers are inslrueled not lo involve the Charity in derivatives trading, undemriling or oflwmarkel Iransaclions. Where necessary, the allocation of income and eapilal is apportioned according lo the figures al the start of the year. Th8 Governors Continue to monitor administrative cos15 and foes. The Govornors are conlenl that Ihgy are continuing lo avoid high risks. The Governors reserve the right lo exclude companies that carry out activities contrary lo their aims or from holding particular investments which might damage the Charrty'5 reputation. This policy is reviewed with the investment cornpany during their annual report 1¢ the Governors, usually in the March Governors, megling. In order lo measure our perfomance, we review the lolal fund return against a benchmark fund return of Similar risk status. As reported above a detailed report by the investment managers is delivered in person to a full meeting of the Governors al least annually. The entire area remains under the continuing close scrutiny of the Governors and the Governor responsible lor Finance in pursult of the risk control as outlined above. The portfolio al 3131 December 2020 was £15,889,057 12019.. £15,652,884). During 2017 the Governors took the decision lo sub-divide the Main Fund Into Capital and Income generating sub-sections in order to better leverage the asset to meet the ongoing costs. Reseryes Pollcy Christ's Hospilal has historically financed its operations through in¢t)me derived from rt$ endowmgnt investments. More recently il has also received maintenance contributions from almshouse residents. Due lo the limited area of benefit, Governors have decided It is not practicable lo seek donations or benefactors on a significant level. 11 musl also be noted that, whilst the deci510n lo leave the EU has now been made, the uncertainly over finer detail of trade agreement5 are still unsettling lo the markets. Page 8

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2020 As such Governor5 realise endowment alone is insufficient lo provide enough income. 11 has become necessary lo maintain a level of reserves lo finan¢e future operations in the long term. They believe that lolal assets of around £20 million are required under current condition5. therefore the intention of Christ's Hospital to try lo maintain inve51menl as5els al thi5 level. The level will be reviewed as circumstances change. Total funds held by the Charity al the year-end stood at £23,652,565 12019.. £23,265, 730). Thè Charity's unreslricled funds, excluding designations and unreslricted fixed assets, stood al £8,750.405 (2019.. £8,452,311) 01 the year-end. If the market value of listed investments that are held lo generate incomo lo support the Charity's activities is excluded from the above sum, the remainin9 free reserves are £891.459 (2019.. £812,439). Free resoTh&s are held for Ihe fdiowing reasons.. Th8re is a signific&nl cost lo maintaining Listed buildings of which the charity has 8 sels (noted under 'eslales) plus a Lisled Victorian park (Albgrt Park). Whilst inveslmenl monies &r8 pul aside in reslricled funds for upkeep Df Ilje Almshouses and em&rg8n¢y use, il is unknown wheii 8n 8mergency may occur and whglher il will be covered by 8vailabl& d6sunated funds. Repairs Io 8geing Listgd buildings are increasingly complex 8nd costly. b) 11 is gnlicip8ted that Ihg Consgrvalion ahBa already in 8xisl&nce around Albert P8rk may b8 expandad. This may bring additional expense and the need lor sp8cialist conlraclors, 8XP&rtise as the Charity strives to mainl8in, to a hig17er s18nd8rd, the newly dosign818d dwellings which it owns in Ihe sumunding 8re8. Considerations 8r8 to bg m8d8 shortly 8s lo the future of cartain 1&8s8hold properti&s which r&vert lo Christs Hospital conlrol in 2037. There moy b8 significant investment negdgd lo bring 1178m lo an acceptable modern standard. dj The cherily like to have tha capacity to spgnd on grants over and above Ihg budgeted level, whilst slill maintaining the ratio for 8llocalion of expenditurg r&quired by th8 Chsrily Scheme 1.9 gxpendilurg on grants cannot currently be grgal&r11?an that on almshouses. The Gov8rnor in Charge of Finance has ￿COgnised the level of free reserves is increasing and the slr8legy lor USB of this wara due lo be discussed during 2020, however, the m&eling for this was postponed dua to Covid reslriclions and should now take place in the forthcoming year. FUNDS In addition lo Ihg unreslricled funds, which represent accumulated income available lo the Governors for such purposes as they may decide, the funds conlrollod by the Governors fall into a number of classes.. Pgm?anent endowment funds These funds represent assets which are pèrmanent capital held by the Governors. The property within these funds comprises.. Freehold land and buildings held for the Charities, own use. Freehold land and buildings held for charitable purposes, including almshouses and Albert Park Investments in listed securities and real eslale. Two further funds have been created by orders of the Charity Commissioners made on 21 August and 13 December 1984 to recoup endowment monies spent on the Albert Park service area and in connection with Mullard (Abingdonl HoLJsing Trust respectively. Page 9

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Designated fund Extraordlnary Repalr Fund - This fund has been sel up by the Govgrnors in response to the Almshouse Association's guidance lo have a fund for each group of almshouses lo provide for the cost of extraordinary repairs. improvements or building ol the Charity s Almshouses. The designated fund balance al the year- end was £535,139 (2019. £509,372) per Note 14. Restrlcted funds These funds represent income and other assets which may be applied only for specified purposes. Those amount lo £1.468,150 (2019.. £7,386,200) per Note 15. Thg Charity of John Blacknall Church branch Income payable lo the incumbent and churchwardens of the Parish of St Nicolas 8pplicable lo the maintènance of the Church of Sl Nicolas, Abingdon". The Charlty of Rlchard Wrlggle8WOrth Educatlon branch Funds available lo assist with th$ gducalion of individuals undor tho age of 25 by way of exhibition, grant or towards preparing them for entry into a trade., Alfflshouso branchgs Funds for the provision and maintenance of almshouses and IheiT residents., Rellef In Need branch¢8 Funds available lo support people in conditions ol need, hardship or distress either individually or generally., Extraordlnary repalr fund8 Funds created in response lo orders of the Charity Commissioners lo provide for tha co81 01 extraordinary ropair5, improvements or building of tho Charities, almshou$e5 and olhgr property.. PLANS FOR THE FUTURE The Governors will continue lo comply with the requirements of the Charrty's Scheme lo provide almshouse accommodation. rèlief in nèed, educational support and the provision and maintenance ol Albert Park. The Governors remain commilled lo their polieies Of maintaining the Charity's assets and partieul8rly the historic nature of many of the buildin9s. In refurbishing the almshouses lo modern standards, consideration is being given lo the increased expectations of potential residents. The Charity is committed lo maintaining Albert Park in its current. well-mainlainod Condition, although vandalism seems to be an ongoing problem. The Charity h88 SUPPOrted people in the area of benefrt for 467 years and il is the Governors. firm intention that this should be continued lor the foreseeable future. They are taking active measures to ensure that the relevant local people are aware of the help Christ's Hospital can offer and that the size of grants offered has increased where appropriate and justified. When appointing new Governors, care is taken to seek a candidate with the particular skills judged to be required by the Charity al that lime. This will ensure that. a5 successive Governors are appoint￿ in future year5, they may in their turn suc¢essfully maintain the Charity for the public benefit. Page10

CHRIST'S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 The Governors are committed lo the objective of providino charitable support lo residanls of the town ol Abingdon on Thames in Oxfordshire for an indefinite period. Fundamental lo the achievement of this objective 15 the maintenance of an effective system of corporate governance. This is concerned with the direction and control of the organisalion and, in particular, with the role of Governors and the need lo ensure an effective framework of accounlabilily and risk managgmenl. This report w4s approved by the Governors on I,.f A,"Qi L Jb2 1 and signed on their behalf by Mr L D Klng . Master Page11

CHRIST'S HOSPITAL OF ABINGDON STATEMENT OF GOVERNORS RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees are responsible for Preparing the Governors, Report and the financial slalemenls in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards}. The law applicable lo charities in England and Wal&8 requires the Trustees to prepare financial slalemen15 for each financial year which give a true and lair view ol the slate of affairs of the charity and ol the incoming resources and application of resources of the charity for that Period. In preparing these financial stalemenls, the Trustees are required lo". select suitable accounting policios and then apply them consistently.. observe the methods and principles in the Chari118s SORP., make judgments and estimates that are reasonable and prudent., stale whether applicable accounting Standards have bggn followed, subject lo any material departures disclosed and explained in the financial 5tatemenls', prepare the financial slalemenls on the going concern basis unless r( is inappropriate to presume that thè charity will ctsnlinuè in business. The Trusle8s are responsible for keepin9 adequate accounting records that are sufficiènt lo show and explain the charity's Iransaclions, disclose with reasonable accuracy al any lime the financial p05ilion of the charity and enable Ihgm lo ensure that the financial slalemenls Comply with the Charities Act 2011, the Charities (Accounts and Reports) Re9ulalions 2008 and tho provisions of the Charity's conslilulion. They are also responsible for safeguarding the assets of the Charity and hence lor taking reasonable steps for the prevention and detection ol fraud and other irregularities. Page 12

Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF CHRIST’S HOSPITAL OF ABINGDON

Opinion

We have audited the financial statements of Christ’s Hospital of Abingdon for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

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INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF CHRIST’S HOSPITAL OF ABINGDON

Other information

The Governors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Charities act requires us to report to you if, in our opinion:

Responsibilities of Governors

As explained more fully in the Governors’ responsibilities statement set out on page 11, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF CHRIST’S HOSPITAL OF ABINGDON

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations, are set out below.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context for the UK operations were the Charities Act 2011, together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in this context for the Charity were Charity Commission regulations, General Data Protection Regulation (GDPR) and Health and Safety regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be completeness of other income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Governor about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.

Page 15

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF CHRIST’S HOSPITAL OF ABINGDON

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an 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 formed.

Crowe U.K. LLP Statutory Auditor Reading

Date 13 April 2021

Page 16

CHRIST'S HOSPITAL OF ABINGDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Notes Unrestrl¢t?d Restricted Enflowment Fund$ Fund¥ Funds Totsl 2020 Total 2079 Incomè and endowmenl$ from.. Donations Inv8Stmtsnts Charitablè actlvitlas contributlons from Amspeople 4,100 64,670 4,100 646,565 4.175 787, 790 676.163 6,732 101.094 99A33 200,527 790,869 Other 8 800 Total Ineom• And •ndowm•nts Expondltur• on: Raising funds Cttaritablè aclivitits Grants payabl6 Provision of Almshous68 Albert Park maintenanc• 31,380 5.709 213,478 250,58S 146,842 142.740 198,776 23,984 68.133 186,724 286.908 166.999 381,094 Total •xp•ndlturo 47 77 41 Net gains on invo$tmènts Ngt •urplu•lldgfl¢lti Transfers be￿e9￿ funds Nèt mov•m•nt In lund• 323,861 81,950 118,9761 388,836 2,838,186 Total funds brou9ht fo￿ard 17 Total fund• carrled forw•rd The notes on pages 20 10 35 fom part of these financial statements Page 17

CHRIST'S HOSPITAL OF ABINGDON BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020 Notes 2020 2079 FIXED ASSETS Tangible assets Investment properties Investments 25,310 6.335,000 15889057 76,035 6,215,000 15 652 884 22,249,367 21,943,919 CURRENT ASSETS.. Debtors Cash al bank and in hand 10 139,924 1388 374 96,0 7 338 145 1,628,298 1,434, 195 LIABILITIES.. Creditors.. Arnounls falling due within one year 11 12S100 NET CURRENT ASSETS 1403 198 TOTAL NET ASSETS -23,2_65. 730 THE FUNDS OF THE CHARITY: Unre8trlctod funds General Designated 14 14 8,750,405 8,452,311 53S 139 372 9,285,544 8,961,683 Restrlcted funds 15 1,468,1 $0 1,386,200 Endowmant funds 89 TOTAL FUNDS 17 Approved and authorisgd for issue by the Governors on I kpiij and signed on their behalf by Mr L D King - Ma$tgr Kevin Senior- Govemor The notes on pages 20 10 35 form part of these financial statements Page 18

CHRIST'S HOSPITAL OF ABINGDON CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Net cash used in operating activitles (seè below) 1581.4621 (482,433) Cash flow5 from Investlng actlvltl•s Purchase of tangible assets Interest, div1dends and rents from investments (20,000) 787, 790 646,565 Proceeds from Sale of investments Purchase of investments 3,104,911 689,082 Nèt cayh provlded by Investlng actlvltlos 324.422 516, 720 ¢han99 In cash and cash equlvalent$ In the year 18 1257,0401 34,287 Cash and cash equivalent brought forward 1732 847 7 698 560 Cash and tash equlvalenls carrled forward Net Incomè for the rèportlng pèflod las por the statément of flnanclal actlvltl851 Deprecialign charges Loss on disposal Dividends, interest and rents from Inve8lmanls IGainl on investments Ilncreaselldecrease in debtors Increase in creditors 388,83S 2,838,186 3,77S 10,520 1646,5651 1304,869} 143,8741 2,808 (787, 7901 (2,613,936} 16, 737 Ngt cash Iu89d In by operatlng acllvltles 1591,4621 {482,433) 2020 2019 Cash awaiting investment with inveslmonl managors Cash in hand Notice deposits (18$$ than thro0 months) 87,433 364,355 102401 394, 702 325,925 012220 19 Total cash and cash equlvalènts The notes on pages 20 10 35 form part of these financial slalemenls Page 19

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES Accountlng conventlon The accounts (financial slalemenlsl have been prepared in accordance with the Accounling and Reporting by Charities." Slal&menl of Recorrjmended Practice (SORP) in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 and the Financial Reportin9 Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 and the Charities Act 2011 and UK Gen8rally Accepted Practice as it applies from 1 January 2015. The accounts Ifinancial $latemenl$l have beon prepared lo give a true and fair view and have departed from the Charities (Accounls and R8POrts) RegUlaI￿n$ 2008 only lo the exlenl required lo provide a true and fair view. This departure has involved following Accounting and Reporting by Charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities." Slalemenl of R8commendgd Pr8GIic8 effective from 1 April 2005, which has sin¢9 b¢en withdrawn. Christ's Hospital of Abingdon meets the definition of a public bgnefit enlily under FRS102. Assets and liabilities are initially recognised al historical cost or Ir8n88clion v8lue unless otherwise slated in the relevant accounting policy nolelsl. Christ's Hospital of Abingdon is a charity registered in the UK Icharily number 2051121 with il¥ registered office al 4 Sl Helens Wharf, Wharf Road, Abingdon, Oxfordshire. OX14 SEN bl Golng Concern The Governors consider that there arè sufficient reserves held al the y8ar.end lo manage any foreseeable downturn in the UK and global economy. The Governors consider that there is a reasonable expeelalion that the Charity has adequate resources lo ¢onlinu8 in operational existence lor the foreseeable future and for this rea80n the Governors continue lo adopt the 'goin9 ¢oncern' basis in proparing the accounts. Income Dividends and rents are accounted for in the year lo which they relate. Lggacies and voluntary income are accounted for in the year in which they are received, dl Expondlturg Grants awarded by the Governors are recognised in the slalemenl ol financial activities in the period that they are made lo the exlenl that a legal or conslru¢livo obligation exists. Almshouses and Almspeople costs are accounted for on an accrualg basis in the yoar lo which they relate. Pension ¢o$ls charged in the SOFA represent contributions payable by the charrty in that year. Included within charitable activities aTe govern8nce costs, which comprise the costs ol running the Charity, including strategic planning for ils future development, also internal and external audit, any legal advice for the Charrty and all the costs of complying with constilulional and stalulory requirements. Support costs are allocated on tho basis of lime spenl115% Grants Payable, 75Dk Provision of Almshouses, and 100h Albert Park Maintenance). Page 20

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES ICONTINUEDI Grant maklng The charity'5 granl-making process is informed by the best practices of peer organisalions, and the Charity Commission's guidelines and recomrnendalions. Grants payable are payments made lo third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification 9ives the recipient a reasonable expectation that they will receive the one-year or mulli-year grant. Gr8nts aw8rds that are subjecl lo the recipient fulfilling performance conditions aro only accrued when the recipient has been notified of the grant and any remainin9 unfulli11ed condition attaching to that grant is outside of the control ol the Trust. Freehold land and bulldlngs Freehold land and buildings held for the Charity's use are included on the balance sheet al cost. The buildings are depreciated over 50 years on a slraighl line basis. The costs associated with converting the current h&ad office are depreciated over 4 years on a slraighl line b8SIS. The Charity owns certain fixed assets which are hisloric, inalienablg and form part of the permanent endowment, the moro important ol which are lislod in the Report of Ihg Governors. No reliable cost information is available lor Ih&so assets and their heritage nature means conventional valuation procedure$ would be unreliabl8. The Governors have no intention lo dispose ol these assets in Ihg forfj$eeable future. Other tanglble flxed a$891• Furniture and equipment are capilalised whgn considered appropriate and depreciation 18 calculated lo write off the cost over tho expected useful livgs of the a$59t5 concerned. A de- minimus capilalisalion limit of £1,000 1$ applied. The following rates and base5 have been used.. Office furniture, fixtures and fbtling8 Office equipment Park equipmènt 20Vo Slraighl line basis 25010 slraighl line basis 250/0 slrai9hl line basis Flxed asset Inv&stment propertles Investment properties are included in tho balance sheet al fair value. Tho proporties are independently valued by a third party at least every three yoars. Rgalised gains and losses on investment propertios aro included in Ihg Slalemenl of Financial Aclivilios. FIx9d assgt Invg$lmonts Realised gains and losses on investmen15 are ¢alculaled as the difference between salès proceeds and their Dpening carrying value or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value al the year end and Ihair carrying value. Realis8d gains andlgssgs on invgslmenls are included in the Slalemenl of Financial Activities. Investment income is recognised in the financial slalemenls on an accruals basis when the charity becomes legally enlilled lo it. Investment income not directly allribulable to a specific fund is apportionod to the various funds based on their opening balance position. Cash at bank and In hand Cash at bank and cash in hand in¢ludes cash and short term highly liquid investments with a short maturity of 3 months or less from the dale of acquisition or opening ol the deposit or similar account. Page 21

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES (CONTINUED kl Debtors Trade and other debtors are recognised at the selllemenl amount due after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. Credltors and Provisions Creditors and provisions ar8 recognised where the charity has a present obligation resulting from a past event that will probably rasull in the transfer ol funds lo a third party and the amount due to sellle the obligation can be measured or estimated reliably. Crgdilors and provisions are nomially recognised al their settlement amount after allowing for any trade discounts due. Flnanclal Instruments The charity only has financial asset$ and financial liabilitie8 of a kind that qualfy as basic finan¢ial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllemenl value. Leases In respocl of operating lease8 for which the charity is the lessor. the charity ¢la5silies the leasing ol thg investment properties as an operatin9 lease. The rents received Irorn investment propertios arg recognised in tha financial slalomgnls for the period they relalo 10. In respect gf operating leases for which the charity is the lessee, rèntals are charged to the Slalemenl of Financial Activities on a slraighl ling basis over the lease term. Funds Unrgslricl8d funds General unreslricled funds represent funds which are expendablè al th¢ discretion of the Tru$lge$ in furtherance of the objects of the Charity. Designated funds Designated funds are amounts which have been pul aside at the discretion of the Governors for specific purpo88s. Such purposes are within the overall aims of thg organisation. Restricted Funds Reslricled funds are those which musl be applied in accordance with the purpose spocified by the donor. Expenditure relating lo these purposes is charged directly lo the fund. Endowment Funds Endowment funds consist of inveslmenls. The purpose lo which that invostmenl may be applied is restricted in accordance with the terms of the endowment Irusl. pl Critical accountlng Sudgements and key sour¢85 of ostimatlon uncertainty Trustees are required lo make judgements, eslimales and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimales. The key sources of e51irnalion uncertainly that has a significant effect on the amounts recognised in the financial slalemenls is in respect of the investment property valuation. The Charity's investment properties are slated at their eslimaled lair value as disclosed in Note 8. Page 22

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 INCOME- DONATIONS Unrestricted Funds Restricted Funds Total 2020 Total 2019 Albert Park- local aulhorf(y contributions INCOME- INVESTMENTS Unrostrlctad Funds R8strlcted Endowment Funds Funds Total 2020 rol81 2019 Equity dividends and interest Bank Inlorosl Rents 298,216 12,322 264 626 64.670 6,732 369,618 12,322 264 62S 504,432 13,970 269 38 TOTAL RESOURCES EXPENDED 2020 Dlrect Costs Staff Deproclatlon Support cost8 Total 2020 Total 2079 Cost of ralslng funds Investment managers fèes Propgrty costs 64,481 186 084 64,481 188086 87,217 250,565 250,565 146,842 Charftable actlvltlgs Grants Payable INole 81 Provision ol Almshouses Albert Park maintenance 150,826 129.948 11.975 100,304 355 1,883 3,668 34,773 166,724 266.908 166, 999 361.094 Support costs included within provislon of Almshouses Audit Office salaries Office costs Legal fees Sundry 18,927 16,927 79,832 20.430 14,587 69, 990 20,253 577 79,832 20,430 Support costs are allocated on an estimate of lime spent administering the Almshouses. Page 23

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 TOTAL RESOURCES EXPENDED Icontlnugd} 2019 Direcl Costs Staff costs Depreciation Support costs Total 2019 Cost olraising funds Investment managers fegs Property costs 67,277 67,217 146,842 146, 842 Charitable activities Grants P&yab19 (Nol8 6) Provision of Alrnshoiisgs Albert Park maintenance 153, 696 237.976 66 006 10,499 92,957 24 325 79 1,376 2. 725 166.999 28, 785 361,094 7 817 ￿￿1 Total resources 8XP8nded Siipport costs includ6d within provision of Almshou$8S Audit Office salaries Office costs Legal fees Sundry 14,587 14,587 69, 990 20, 253 577 69.990 20,253 571 Page 24

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 STAFF COSTS AND NUMBERS Staff costs were as follows".- 2020 2019 Salarie5 and wages Social security costs Pension contributions 125,119 8,151 715, 688 8, 025 4068 No employees earned in excess of £60,00012019- £60.000). The key management personnel of the charity comprise th8 Governors and the Clerk lo the Governors. The lolal employee benefits of the key management personnel including employers Nl and employers pènsion of the charity were £51,S2912019." £50,012). Non8 of the Governors receivèd any remuneration in the eurrenl Qr preceding year. During the year 1 12019.. nin Governor was rèimbutsèd expenses 01 £359 after making purcha39$ on bghalf ol Ihg Alm$houso5. During the year 1 Governor (2019.. nil) was provided with a UBS Camera and Micri)phone for £50 lo assist with online Governor meetings. The average monthly number ol employees was as follows'.- No. No. Almshouses and Almspeople11 full-limel Albert Park11 full-lirnel Managèment and adminislralion12 full-lime, 1 part-limel Thè charity contributes to Ihg personal pension schemes for certain of it5 employee$. Tha pension charge represents the amounts payable by the charity to the funds in rosped of th8 year. £nil amounts were outstanding at the year end12079.' £Ni4. Thgrg wore no redundancy payments made in the y8ar12019'. none). Page 25

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 GRANTS PAYABLE- DIRECT COSTS Total 2020 Total 2019 Educational Charitable paymonts for 1 (2019.. 5) individuals Charitable paymonls for 3 (2019.. 12) educational in81ilulions 7,623 21,520 27,622 37,815 Rellef Charitablè payments for 25 (2019.. 17) individuals Other socKal institutions 13 (2019.. 20J inslilulions 8,066 3,684 105,103 99,992 John 8lacknall Church branch TANGIBLE FIXED ASSETS Asyot¥ Froehold undgr land and Furnlture & coursè of bulldlngs equlpment constructlon Total Cost Al 1 January 2020 Additions Transfer Reclassification Disposals 111,500 40,223 20.000 171.723 9,480 146,5001 19,4801 146,5001 Al 31 December 2020 Depreclatlon Al 1 January 2020 Charge for the year Reclassification Disposals 55,570 3,670 110,0701 40,118 105 95,688 3,775 110,0701 Al 31 December 2020 49 170 ￿340 Net book valuas At 31 Decembgr 2020 Al 31 December 2019 The reclassification relalos lo the transfer of the old head office to investment properties. Page 26

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 INVESTMENT PROPERTIES 2020 2019 Freehold land and bulldlngs Valuatlon Al 1 January 2020 Reclassrficalion Revaluation 6.216.000 36,430 5.860,000 3550 At 31 December 2020 All propertl8S Were valued as al 31 December 2019 by professional valuers in accordance with the Appraisal and Valuation Manual issued by the Royal Inslilulion of Chartered Surveyor5 on Ihg basis that the properties are held for investment purpo$e5. Valuor- Lambert Srnlth Hampton Valugr- Adkln Valuer- GL Heard & Partnery CommorcSal Total Commercial Residential 120.000 2,820,000 1,940.000 210.000 2.270,000 2,820,000 Agricultural land Freehold land (leased until 20251 Freehold land (leased until 20371 395,000 395,000 60,000 790 000 60,000 333500 2 790 000 210 000 6 335 000 The charity earns rental income by leasing rts properties lo tenants under non-cancellable operating leases. Leases in which subslanlially all risks and rewards of ownership are retained by another party, the lessor, are classifièd as operating leases. Payments, including prepaymen15, made under operating leases Inel of any incentives received from the lessor) are charged lo the income 51alemenl on a slraighl-line basis over the period of the lease. Al the balance sheet dale, the charity had contracted with tenants lo receive the following future minimum lease payments.. 2020 2019 Not later than one year Later than one year and not later than five years Later than five years 203,400 396,335 202, 527 318,887 708 784 There are no conlingenl rents recognised as income. Page 27

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 INVESTMENTS 2020 2019 Market value al 1 January 2020 Additions Dispo$al$ Rgvalualion gains 15,258,182 3,427.054 13,104,911) 12, 748, 1 T5 940. 752 1689,082) 225893 Market value at 31 D￿&mber 2020. Cash awaiting investment 15,801,624 15,258, 182 394 702 Total as at 31 December 2020 'Hislorical costs of investments al 31 December 2020 2fi5 The year-end market value is made up as follows,. UK fixed interest UK equities Overseas fixed interest Overseas oquities Other asse15 Cash and accrued interest 1,405,173 8,700,311 286,850 4.647,992 761,298 1.491, 677 9,838,544 58,268 3,200,595 689, 098 10. DEBTORS 2020 2019 Trade debtors Prepaymènts and accrued income 96,693 9S 050 Page 28

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 11. CREDITORS.. Amounts falling due within one year 2020 2019 Trade creditors Accruals 30,220 49,001 12. FINANCIAL INSTRUMENTS 2020 2019 Basic financial assets Basic financial liabilities 17.395,010 1125,1001 7 7.068,566 (772,384) 8a$ic financial assets are all investments (excluding invoslmenl properties), debtors plus cash in hand minus prepaymenl5. Basic financial liabilities are all credilor$18ss dug in1gS5 than gnè yèar plu5 crèditors due in more than one year minus laxalion payable, 2020 2019 Flnancial 88sels measured al fair value 6,335,000 6,215,000 The enlily'8 income, expense, gains and losses in respect of financial instruments are summarised below.. 2020 2019 Total dividend and interest income for basic financial as5els Total gains in respect ol basic financial assets Total gains in respect of finaneial assèts measurèd al fair value 381,940 221,295 83,570 518,402 2.258, 937 355, 000 13. RELATED PARTIES Two Governors (Mr K W Senior and Mr T R Aylingl are Iruslees of the Albert Memorial (Abingdonl Charity IRegislered Charity no. 10762741 to whorn the Charity paid £800 12019." £8001 during the year to help with the maintenance of the memorial in Albgrt Park, Abingdon. Four Governors (Cllr Mrs H Pighills, Mayor Mr C Birks, Cllr Mrs C Briggs and Cllr Mrs M Crick) are members of the Abingdon Town Council which granted the Charity £4,100 12019.. £4, 1001 during the year towards the upkeep of Albert Park. One Governor (Mr L Kingl is the Treasurer of The Abingdon Bridge IRegister8d Charity no. 11600801 which offers young people advice and Counselling. During the year the Charity granted £27,090 (2019." £12, 120) towards supporting their services lo the people of Abingdon. One Governor (Mayor Cllr Mr C Birksl being the Mayor organised an Over 70's Christmas party which the Charity contributed £Nil (2019.. £400) towards. Page 29

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 14. UNRESTRICTED FUNDS All January 2020 At31 December 2020 Incoming resources Resources expended Gains Transfers Deslgnated funds extraordinary repair fund 509,372 12,028 12,0981 456 992 7,201 8,636 535,139 875040 Extraordlnary Repalr Fund This fund has been sel up by th8 Governors in responso of the Almshouse Association's guidancè lo have a fund for each Almshouse lo provide for the cost ol extraordinary repairs, improvements or building of the charilie$' Almshouses. Transfers Tho transfer from General Fund lo Extraordinary Repair Fund is made in accordance wrth the recommendations of the Almshouse As50cialion. The transfer from Gengral Funds to the Endowment Reeoupmenl Funds is in accordance with the Recoupment Order5. Page 30

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 15. RESTRICTED FUNDS Ali J8nLiary 2020 At31 DK&mber 2020 Incomin9 Resources resources expended Gainsl IL058891 Translers Albert Park grant 4,100 14,1001 John Blacknall Church branch Relief in need branch 29,401 118,1011 416 11,886 23,602 437717 31847 455791 467,718 31,847 126.1761 6,804 479,393 Rl¢hard Wrlgglesworth Relief in need branch Education 179,180 6,337 18,6421 168 1.685 1.195 121,755 159,985 8,589 16,8101 2,262 164,026 Ablngdon Almshousè Almshouse branch Exlraord1nary repair Reliefinneedbranch 204, 660 214,556 36 890 33,355 5.066 19,0031 18841 2,893 3,033 22 12,0321 2,032 229,873 223,803 382,326 39,126 118.3481 5,404 408,508 Tomklns Almshouse Almshouse branch Extraordinary repair 175,828 58,921 128,6531 477 1.638 14,0641 143,670 123 807 237, 674 61,657 129.1301 3,276 267,477 Twltty's Almshouse Almshouse branch Extraordinary repair Legacy 73,7T3 131, 079 845 19,769 3,095 120,7431 15401 186 1.853 12 11,5241 1,524 10,861 137,011 874 145 097 22 884 aQL1 148746 Total restrl¢tgd funds Almshouso branches Funds for the provision and mainlenanca of almshouses and their residents. Relief in Need branches Fund5 available to 5UPPOrt people in conditions of nggd, hardship or distress either individually or generally. Extraordlnary repalr fund Funds created in response lo orders of the Charity Commis5ioner5 to provide for the cost of extraordinary repairs, improvements or building of the charrties, almshouses and other property. Page 31

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 RESTRICTED FUNDS IContlnu&dl The Charity of John Blacknall - Church branch Income payable lo the Incumbent and Churchwardens of the Parish of St Nicolas applicable to the maintenance of the Church of Sl Nicolas, Abingdon. The Charlty of Rlchard Wrlggl•$worth Education Branch Funds available lo assist with the Education of individuals under the age of 25 by way of oxhibilion, grant or towards preparing Ihgm for entry into a trade. Transfgrs The transfers to John Blacknall Church Branch and th8 Richard Wigglesworth Education Fund 8re made lo meet the requirements of the Scheme of that Charity. Transfers from Almshou50 funds lo Extraordinary Repair Funds are made in accordance with the reeommendalion5 01 the Almshouse Association. Page 32

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 16. ENDOWMENT FUNDS At1 JanLiary 2020 At31 December 2020 Incoming Resources resources expended Gainsl (Losses) Transfers Chrlst's Hospltal Permanent Capital recoupment OrderA Order 8 11,280. 188 8,800 1160,8951 1 $4,419 11,282,S12 205,009 4.837 18,5831 2,898 1.039 358 207,200 11,565,454 15,532 1170,0551 158,452 1,397 11.670.780 John Blacknall Permanent 81 Rl¢hard Wlgglesworth Permanent General Education 149, 188 14,7901 2,109 771 146.S07 203, 748 16,5421 2,880 200,086 Ablngdon Almshouse Permanent Almshou5¢ branch Relief in need branch 128,649 14,1311 1,819 126,337 944 795,411 16,2741 2,763 191,91)0 Tomklns Almshouse Permanent Twltty's Alm$hous• Permanent 71 Capital Recoupment Funds were sel up in accordance with the Charity Commission Recoupment orders Au9usI 1984 and December 1984 to recoup the permanent endowment. The other Funds are permanent Endowment funds held in accordance with the reslriclion and used to generate reslriclgd funds for the charity. Transfers Capital Recoupment Order 'A' sealed on the 13th December 1984 in the sum of £215,000 for 'land and buildings,, repayment being £1,039.48 per annum for 53 years from the dale of the Order. Capital Recoupment Order 'B' sealed on the 2181 August 1984 in the sum of £65,000 for 'provision of a Service area in Albert Park,, repayment being £0.55Qh per annum of the sum expended for 50 years from the dale of the Order. For both Orders the Trustees shall permit the dividends accruing to be invested thereon by way of accumulation until twelve months after the last payment. Page 33

CHRIST'S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 17. ALLOCATION OF NET ASSETS BETWEEN FUNDS 2020 Tangible Fixed assets Inveslmgnl Investments properties Nel current assets Total End¢)wed 1,910 6,335,000 6,561,961 12.898,871 Restricted Unrestricted 1,468,150 1,468,150 9 285 644 1 403 198 s llo OOQ JS 889 Q57 140319 2019 Tangiblg Fixed assets Investment Invgstmenls properties Nel current assets Total End¢)wed Restricted Unreslricled 53,935 6,215,000 6,648.912 1,386.200 T617772 12,917,847 7,386, 200 1327 811 18. RECONCILIATION OF NET CASH FLOW TO NET FUNDS 2020 2019 IDecreasellincrease in cash during the year Change in nel funds 1267,0401 257 0401 34,287 Net funds al 1 January 2020 Ng1 funds al 31 December 2020 19. ANALYSIS OF NET FUNDS Nel funds at Cash change Net funds at 31 December 2020 January 2020 Cash at bank and in hand Cash awaiting investment Cash deposits 394, 702 325,925 7 072220 130,3471 1238,4921 364,355 87.433 1024 019 Page 34

CHRIST'S HOSPITAL OF ABINGDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 19, STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVES BY FUND TYPE Not&s UnrestriGtg Funds R95trictèd Funds Endowment Fund5 Total 2019 Incomè 8ncl gn(lowm8nts from.. Don8tions Inv&stm&nts Charitabl8 acts"vities contributions from Almspoople Other 4,175 87,387 4.175 787.790 69t,382 9,021 97, 990 92.879 190,889 Total income arKI endowments E¥penditiiro on.. Rai51ng funds Ch8rit&b18 ècts-vltigs Grsnls payoble Provision olAlrnshousgS Albort Park maintenanc8 32,415 5.729 108.698 746,842 146. 187 265,550 20.812 95,538 t66,999 36t.094 Total èxpgnditur Net 98ins/lloss) on inveslmgnls Net surplus/ldeh'cil) 24 44 Translers b&than funds 14. 16 Nal movèmèntin funds 1,347,872 247.443 1,242.871 2,838, 186 Total funds brought lorwgrd Total funds carri6d lorward Page 35