Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 Charlty Re9lstsallon No: 20617T R•wlator of So¢l&l Hou61ng Reglstratlon No: A0216 THE GLOUCESTER CHARMES TRUST ANNUAL REPORT AND FINANCIAL STATEMEIITS Haxlewoods LLP Wlndsor Ho￿? Bayshlll Rwd Cheltenham GL50 3AT Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARITIES TRUST FINANCLAL STATEMENTS FOR THE YEAR ENDED 30 SEPTE*￿ER 2025 CONTENTS Paqe INFORMATION AND ADWSORS REPORT OF THETRUSTEES INDEPENDEMf AUWORS. REPORTTO THE MEMBERS 13 STATEMENTOF COMPREHENSIVE INCOME 16 STATEMENT OF FINANCIAL POSITION 17 STATEMENT OF CHANGES IN RESERVES 18 CASH FLOW STATEME 19 NOTES TO THE FINANCIAL STATEMENrs 21 Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARITIES TRUST INFORMATION AND ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Roglst•rnd Offl¢• and Prlnclpal Placo of Buslne88 MontP811ior Housè MontP811 Gloucester GL1 1LF Banker8 Natwast Bank p1c 21 Eastgate Street Gloucester GLI 1NH sollcltorn Tayntons LLP Clgr&n<¥ Charnber¥ 8-12 Clarence Street Gloucestsr GL1 1DZ Lcxjders Sollcltots LLP Gl&nsanda Hous• 1 Montyeller Par&Je. chette￿aM GL50 1 UA Audltor Hazl8wocKls LLP Windsor Ho Bayshiu Road Cheltenham GLXI 3AT Investment Managers Rathbones Group p 30 Gr8sham Street Lo￿lon EC2V 7QN Brewin D￿Phin L*mi*d (trading as RBC BreMn t)oWin) St Jam8s' Squ8ra ChgltgnhaD GL50 3PR Regl¥tsred Charfty Nurnber 205177 Regulator of Soclal Houskng Ro91stratlon Numb•r A0215 Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARrriES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER S)25 TRUSTEES. REpoirr The Twst895 preth ryrt aTrY the ￿KIrted f￿an(ya1 8tstefflents for the year eTTrded 30 Sepknber 2025 Ahm and ObJ•cllv The oftre Charity are.. Protrtsion ol qutaty sh8lter&l ￿tA￿l￿)n at an Extra care faalit'es for fral Aknshwse reshjents Admlnist8r. effecmty, tha Rdlef wi Need of Ihè Chariiy. Th6 Tn￿t bena￿arI•S are older In n8&1 In Ihe c￿nty of(JwL¥slwshlrg. Th8 banafidary sai￿￿On policy . In a¢<￿￿n¢¥ wtwh thg pwsNm ofThe Sthme, dimxjment ofts Tn￿1. Th9 separatsly thinBters the GhyJc*r tl8tiirA Charity (which was united *ith the Trust in 2(*)81. Thg ￿m5 of &oure8ter Di¥tr¥A NuNr4 Charity a￿. The wlléf of ￿l￿On$ In ￿Sid￿l ￿ the area of￿￿èfft whts arè conv*s¢ènt, di48b￿, N infvm by relieving Ihgir suff8ring or a6Si5tiro ther reco4Ery. Tha reliefof nur5e5 In ￿ 8fKI T8SKl8nt in arga of I￿￿fit.. Tho rfj1￿f of 8ny rwored nur39s WIKJ v4e in ne&1 awKI ¥th) were fo￿T￿ by GlI)U￿ter District NursiTrJ Society In the rn8y grant relief lo pgrnons eligiblg who are resident (xtsidg aaid area but in the cpiruon ofthg ought ￿rthdasS ts suffv)'enl to be treatsd as if reS￿ent thergin or who are I￿ated for Ihe tme b￿r0 wlthin Ihat a OLF vl•lon To increase I￿ sccye. iM￿￿d of car8 SUF4)Ort GCT wov#J&s to c4d8r peo￿ and tha w¥J8r Gloucastsrojmmunty. Our m1861on To conUThJe to prn￿de hhJh quar￿ accthimodabon. care, 8ThJ yjppthl Servi￿ vthlch enhance Ihe Ilves of older peopk In our GlouCest￿shir￿ tt¥nmunty 8nd sukyort otr*rs in n8wJ. of dl 4es. through dlr&* grant ald. Our Va￿88 Salaty and sacurty Professi￿￿￿ Caring Incthivty Our Stratsylc Alm$ To grow and t￿CoMe a kadtNJ, strategtq and kn￿￿lIa1 h￿INJ. care and support Se￿￿ provklerfor oléer offgring a wvJo olswth$ (day, [ndYnd￿tllvi￿j and wdenb.all to m09t m8rtot d￿art￿. Tg lurtw¢Jehwky eX￿J.￿n¥1 olkni￿ a(klrfoLwI LW9 afKI swrtt mantsln Ind&p￿dant Itvkng. To lagh qu￿lty our IMMnos Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARITIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEWtEMBER 2025 To exparMI our speclali51 demrtia day CATè Ser￿ In Ilno with rna￿{8t d&maTrJ to support thos8 liwro indeFendentty as ￿11 as ouro%sTr reswJeni& To enswe GCT i8 fft forthe future to delver a f￿r￿laty oyabonalty sustsIna￿tr org8ni881kn. To SLWQrt our lo￿ wnrnuth"88 IhroLwJh L￿r Reli61 In Nogj grant giwng To build our ry+vn inlemal strengths aThJ w*ilibe5 to in(¥e&8e our gnstylng our organk88knnal slnJcA26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CTrL4RtnES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 The boty of Trustees, whon ￿rnp￿ts, ¢mists 0118 TTU5tees ofwhiE* are ncffiinated Trustse8 aThJ nine c optsb'vo Trus1909. Thg (xwtstive Tnmtees we iThYivhknIs wtKJ through residence, c￿patIOn, or employThent in or nearthe City of Glowester ha¥e a specia1stkno￿g￿e of Interest In the woth ofthe Chaiity. Oftr nominated Trustees 56ven sI￿u*j b9 gppoin19d by ts Coll￿ or the Crty of Glcwcester aThY tsyo by the Cunrnittee of the Fre8rnen of the City of Gloucestsr. The Tnjst has a Tr￿ste0 Reuuitment and Sekdion and * separatè Tnjslee Inducalon PdlLywhich 8re I8vv￿1 evwy year3. Trvs* provid8dv•th an inforThation pad( wn joining Ihg Trust whith ¢￿tall￿ th8 rnost recwt a4Klited fnanclal slatements. the latsst management account infomiknn, minutes clfthe iwo most recentCAkrd IAeekn"ngs. a short ru.skny oftho TtU5L tho Trust Sthemes. and a copy of Ch?rit19s C(xnwnission borknt CC3- The E88ential Twstee ￿8t you b knurt, a list ol the ye8rf3 for￿rnIng meetings. In ajdition, they are also tssu&J wlh any pol￿1￿$ V+ith Ihèy fi￿J to cc*npty, the Code 0fGtsveMan￿ and Ihe TBrms of Ralwe￿ orth9 Various S￿4x¥nMrtte￿& E￿st'r@ Trustees can C￿OpLtruste￿s iflhey h8ve th6 thvant sk15. kn¢y•s1* antl ter*groU￿1 thaten&)le them to maet an ¢xi$tiNJ $kilL¥ gap Cn the PA)wd ofTnJst8es. During 2024r2026 The Board ofTrustees met b￿MI￿￿￿ tr) cary outU* b￿1n￿ ofth& Ch8dty. Gcfs Boanl has several sUtKommit￿3. Gi)¥eman(x and Risk Management Finar￿e an<1 Prwty and ￿￿￿￿are (Staff 8nd R•S￿8n￿l which compris8 of Trustegs wth a ￿cial¥l kno*l&SJe, irteres( or skill in a parti￿larlY relevant area. These cyjmmittees meet 44 Imes per year aThJ take fotwatrl rBLX)mrn8nd8lK)n5 to th8 m99ts"ng8 of the fijll Trustaa Board. Empby8es otthè Ch8rity r8PDrttoth8 main Board ofTrustees atthe ￿-m￿thlY meeb'ngs orthrough a rronthly infomiation pad( afftl may refer r￿Mme￿￿&t￿ kn Ihè conslderatK)n and approval of all The Ttuslees also ￿ an annual Strategy Day. During the year, the Board Ihe to set ￿ a Grwt Gfvkng Conmitke. Thé dayto day runnlng oftheTrusti5 to th8 ch￿fEX￿ swyortwj by a SenK¥ ManagThnITe￿n. The Trust also operths an Commit*e ¥th￿h consL8ts ofthè Chatr, Chalr arnl othér Tnjgtsè tr& whlth th& Chlef Exeojtive can rofgr a (19cw￿l ￿1 ts bg rn￿1￿ urgentty. The Trustees are requir&Y uThler charity bjislation and the RegLlator of Sociaf Houslro to prepare fina￿￿1 8tatsments that give a true aml fair vkw ofthe thantys p￿￿man￿ aNI at the and of the finandal year. Publle Ben￿lt The Trusvs main chaiitabl6 aim Is to WO￿1• quanty. 8ffor(laAè accommcxlabon for ol(18r pèoplè from tho County of GIoU￿terShIre to meet the vaw of needs thi% dient group presents. The Ttyjst 0%￿S manages 137 sheltwed hOU￿ng fiats at four ljcth.ons wthin Gb)ue8Stw, Guikl Hous& Rèstdèntial Homè, and Magdalan HthJ8è Rashl8￿81 Hom8 &8 Mll as th8 Club. The TNst therefore offeTr a range ol ser¥ice8 vhl¢h support indNKlu￿s living Indeper￿nIY nght thrc￿h to those reJuYirvJ ful time care. The accommodaiion aThJ care pmMd8d ty tha fiats H(xn8s i% t¥)èn to lh8 eAxnmunty of Gloura8t8T3hlr8 suTriect lo m89tirvJ tho Trvsys admls$ion C￿18￿8. In *fition, the T￿￿t also offers a day care facthty. The ￿mbroSe Club. The C￿b 18 open to okler peop￿ Ir&sidents aThJ non40sAl8ntsl kving Mth dgnwnba. m8mory loss or dsprassion al Tne above meets the public t*nafit Cbiieria And fdls wlthin th8 Chariles Ad 2CMJ6 ch8rita)18 puryK)sa defined as °rel￿f01 th(trsè in nwl by rFa50ns ofy(Krth. a￿.. i￿. ¢ths*)rfity. financial hardship or other diswjvantage.. All the Trujfs charilabb actNrties focus on threctly impromng th8 lives of dd8rp8opl& by prov1th￿d a range olhousi and cwe options. The Tr￿$ Rd*fin Need acbvth&8 *0 cb8rfy Ihe publio ben9fft crrteria and aro avalab to no￿￿81dents, of any v4Je. subje(4 lo the requirwnents ofthe gowwniro docJJment In the thjtherance of these Iha Board. as th¢ Chaiity T￿t￿9¥. ha￿ ¢￿p1￿￿ with th8 duty in ¥.4 of thg Ch8ri1ie8 knt 2006 to have dug regard to thg Chwity Cornrnis5Kffi'S puUished g8neral ￿ relevant SLIMector gUIda￿e con￿MIng the cpeRtlon ofthe publc reOthr￿ent u)d6rfhatAcL Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER ¢HARrriES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 20 The Trust award￿1 grants to thè of £20.147 to *N11￿ and othar w￿Y caus8s in tha yaar via tha Reli&f n Ne*1 and Glourester District Nur¥ing Charity S(1￿ There habp N)t b9en 88 many 4)pllotiorts from In(IviduaLs during the year as expectgj. ￿1¢h B swising gi￿ the exceedK￿Y difficult circumstan￿& so rnany ndvlduaLg ha￿ fourKI in. Thls has J•J to è rev￿ of our (xJff8nt grnnt giwng process aNJ tha creation ol a Grant Gmllg Committee wth a Trustee a44K¥n￿ to worker to deal diredy with 3ppli¢aIiow￿ prior to them ￿Ing submitt&J to t1￿ Commitlee forwovd. also continue tOWOTk ¥Ath othercharities to try lo ￿ach more ind￿￿lU￿8 and deS￿￿j causes. grarts thyarded am rallfiedbyuk full Bowd at ￿Jr bkmonthty meefjThJs. A3 alway5, h3ve 81r1￿d to Iwt pos%llg i¥rp suFwl to all our ￿81d￿nts and rrydmbws throughout It￿ year. The year has. b88n 8 parti￿ difficutt one financ¥￿ty for the Trust due to the Increases In the natton81 minimum w¥Je aThJ ￿ hjxease In thè Bmpjoyefs nai￿81 Insuran￿ ContribU￿OnS fr￿￿ 13.8% to 15% 0$ well 88 lh& rwjuthtsn kn thè lofftr 6amiws thr¥8FKld al whi¢h ompqwrs national insuranca bg¢th18s payabb. Th8 conlinued hith erw ¢C￿ts an(1 tQfKI pri¢x. c￿r4ed valh the Cost of payro15 referred to abova. have all COnb￿￿t￿j s￿jnfficanlJY to US 0xpBri6nciNJ 8 defi¢it xi (yjr resKlential homes. On a P095tNè nota. tha18vd olwds and vacan￿9 IhroWttLrt th8 Trust Was 8xcwtitsnAIty low. Our Day Se￿￿ a partiujlaty g(wJd yearwhere irKomewas as expeckny costs wel Contrc4￿d. were also ab￿ to CDnJnu8 tts offèr rèsprte Stays to our mamt*ts by having dèdieAted rooms #i Magd8kn Houga for tho U8e of lthnbrose membeT8 and our Aknshouse resthnts. The mwh-athpatsd lfjmbn%e ￿￿[bI5h￿e￿t w83 tsrted in Janu￿ 2025 a￿1 ￿rnp￿ted on trne in Felxuwy aTrJ WTthin The feedbad( on the refvrbi8hment has b88n extr￿19￿ RecrUikn￿1t and retentiC￿ hasp b88n extremety chal8ryng th1o￿ut th8 y8ar with the Trust expsrienaTrJ tar higher levels of staff tumovw than we have wev10￿sty tttn used to. To r￿JIt rwJht Feople improve our tsff retsnbLm wg havodgv*)pgd aV*xkfoTL¥ Strgtsgy tr th8 ￿[10￿ 2fL&2028. M&Jdalen H(￿19 nowwell 8stabli￿)ed asa M(Jentsal hc¥r* atvj had high ocupancy ￿velS throughoutttie year. We have a mix ofprivatèty fiJn￿￿1 and Adult Sock￿1 ca￿ (urKkd rgsKl8rts liwng wth us and most ol our ralerrals CCAfÈ through the aduli so¢￿ car8 Systern. W8 have 1x>ntin￿ to buikl ￿ our excdknt worknng r81attonsh¥J8 wlth th08e wts) Tefer ￿ll0 us, andwe have mawrtained oui reputalijn for prowdiro high qudty care and sw)po)t Gulld Hous8 has also malntaired extrwnaly h￿h ￿veL% of o(wparKy throughoutth8 yéar.11 is aPways pbaslng to note that we very Tarety must ￿1Vethe any vacan(aes in Guthj HoL￿e as ￿ have a list ofapplicants, and our superb repuialion maans most of our releThals cc¥n& via 0fm￿l Obtain￿ planniro aFfJroval forts reftwbi&lynent olthe woperty we purchased rBxt lo our Sl Margarets site and have completed the g[￿Tr￿ fltyx r8fwbIshm￿t to creat8 a b&autiful lourKJ&. kltth&n. and a¢c&ssibk tOl￿t for our St marga￿ residents to enloy. Our St Margarets reskkn15 are extren*ly pleased wlth the Spa￿ (xeated for them to enjoy and it15 being well utilkwy. The UFper Ikjor refijrbishmentto cr8ate a on&te(knom flat is underway and ￿11 Ca)mpleted ty the eThJ ol Fekny 2￿ The Qulnquennial inspection work at ourst m￿￿m5hC1rn was o)rn*ted in the year, aberfc the project took longerthan Ihe 26-wedt ex￿￿ted. The proie(l was ¥￿th1Th W wll ensure of our historicAmshou89 buiklir¥J8 &r8 wal PTes9r¥￿I. We have also contnM￿l our prc4Jramme ofrthThJiThJ ha¥e now Instdkn our new slgnage on all shes. upd8t8d 81 matWi81, nNMd (KrM$￿e￿9 $tr8tsgy. Durfng the year. our Board ofTrus* mth the dedsh)n to sol our wthnlial property on Brunswck Road a8 thls ig not a corè asset Unfartunat8ty. th8 irutial sal8 dKI ntstefArplèto, howèvèr*h* havè aeeAptèd a ￿rth&r offgr on th8 buildiTrJ and are fv)wg for the sae to o)Wete early in 2tr2e. The intention is lo use the $￿eS proceeds from our nots?)￿ assots to 8nabla us to expaThJ our sheltsred ofvaring and offer an enhanca housing sèrvlcè. Our &nnual strateuy d8y w&% hakl kn Juty knkner• itwas ￿re￿￿ tha( IN2026, th8 focus is to b8 C￿ imw0￿Mant T￿t growth. The Board a130 approvwl ourSuFVOrttTrJ Okler to Live we￿ Fromework 3nd ¢Jur Housing, Dementia and End ol Life strategie& Progress agairot first￿rStr3￿g1C aLJion plans is to th8 Board on a bkmonthty b8815. Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARITIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2026 In our yeafs Tntstse reF#rt as aw. ￿ stsiwj ourlubJr• plarA ar*J ￿ are to report thatw ade not9￿7)￿y prcyes8 ag8inst durirvJ 2024r2025. The Trustees eonfinue tr) ba of tho opinlon th#tthè ¢weral sxJsiiKX) of Iha TrustÉs hèalthy ￿ that it is ab￿ to meet its (yjrrent aTrJ fijture oblgations aThJ ccmmilm￿. Projress ￿l￿St plans for 2024r2025. Crealon of￿￿rk101(￿ str8t￿￿K* 8I9ns wih th*V&)thrr* Str*y fry Adut Soc4al in Erola) - Completed and Im￿9mented Develop our H￿s1￿j Strakn aThJ QA and Pjjdit Frarn6w￿ In fi￿ the RwJulats of Swrdl HousknJ Consumw and Economlc SlaThJards and HouslNJ Ombudsman Complairts HaThJI￿g Code - the Creation of our Housing Stratwy h85 begn n¢w in th& pr(xas9 of fomialtsing our QA & Audlt framewort have a TnBt HouthJ Mawgetwho *ill cfi thls. Implementation of o¢J aFvrthEd Day SeThices QA & Audit frameworfK and ass￿¥￿t￿j audts- undwway arKI ￿11 te compl&tsd during 2tr28. Conduot a full re￿eW Ot￿Jr RgJuLated Actmtks QAandA￿Jrt Fra￿e￿￿1k- puton hokl due lo olhgrmoro pr88siNJ prioritiag. Thts ￿￿11 b& ecthplat8d in the earty part of2026. Create a GCT Dementia Straw- C￿nFle￿￿ aTrJ acti￿ plan L¥ea￿￿ foryear tsno. CTratg a GCT Erxl ol Lib Straiegy_¢J￿￿8￿ aKI (¥881od foryoar ona. con￿nUe wlLh (yJr dlgittsth progrann* and wr Telrance on p￿rdc￿m9nts. onw1￿. Prcgr¢s8 our ￿ Ro*1 map. Plans for2026 are currenty the fea8iMty of reftHbthirvJ a￿1 spar£ at Gulld c#wi8 S￿eral more WTooms aThJ imwo¥e Ihe conynunal spaces forall residents to enjoy. Ensure the obiectiNEs ofthe a9[￿o¥ed Stratsgic Ac*on Pkn are rpalwl. Devdop ¥ fithjrn hèatwJ * ￿tw￿rStr9t￿Y for owshthd I￿sIng ftats. Utvjartakè Intsrnal 8nd 8xt8m81 work8 kn knprov8 at St Margarots D&velop our Housng Strateqy OA and A￿lIt Franewort in kn8 wilh the R￿jU￿¥ of Soo HousirvJ EC￿n0M￿ St8Thlaids aThJ the th￿dsman CcfflpLiins Hand￿ng progre￿ (wr IT Road m¥>. ConthJ¢t 8 lull rev￿ ofour Regulatgj QAand￿￿￿￿ Frarnth¥or Re¥￿ ourexi8ting go￿ning doCt￿ts and propose changes to Ihe Charity Cc4nmbston for approv￿. Merge I the John (tsitres with GCT. ConsklèrthÈ14al Struthrè of GCT aNI dètmkw rfa n88ds to ba male. Compile a suitg of4udl3 knour Day ID evidèncè thmpll8ncaw*h Day Servtc8s standards Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 CCXnp￿ EPC survays PJmslKxtso Secon￿ll0n ond d￿￿￿) a F4an to ensure ¢Xrfipllar￿ with thg R¥gulatQrof￿>* H￿j81￿J.s reryTen￿thal8lIa￿￿X￿mfNjaUOn Is rated at'c. or bettar by 2030. Rl8k8 The Trusleas cOns￿er￿1 the financfal and opovth81 tsks lo the Trust 15 Potentialty expos•l ènd hav& Introdui*d furth8r polidès and man4emantstruiknros lo mitig8tèthem. ￿ havè $opar8tèd ourfisk rogisters into Strategic and C￿er￿t￿nal Risk R￿s￿r3 wilh the Tnjstees ha%*ifU (w4ner5hip ol th8 Strd18glc Risk Rsglster and our Hèad ofoparakn'ons having ￿spo￿bIlIty forth& 0porat￿al Ri4¢ Summary in corqunc*on with our Senior Managémènt Ta8m. In Ihe pwious year, w• considered the Lqd( ol a stth]8 manag￿Trt team in Magdalen House to be a ri3k to U3 In ddiv8rir¥J ts 89NKX 6xF)￿￿. We arè dèlKJhied that ￿ awxxnt6d a nèw Reglster&l Managgr *} Magdalen House Residents'al HoThe in February aNI she i8 le￿iry the h(¥ng Wrth I￿r Dewty Manager Head of Care. Gulkl House is now see￿.ng a He&J of Care to tk*irManwJ8rF)enl Teern. Our financial contrds are desÈgned to rninirnrae Ihe of fraud or (thr1088e¥ 8nd are rggul8rly revb%￿ and updated. We appointed a new Finar￿￿ Manager thring th8 year. aTrJ is making inproverngnts in the way in whleh tha Financè Deparbnent cperatas, the inf0m1811c￿ Pr0dL￿￿j for management and TnJ5tee purposes. The Tru81 has appropriate Insuran￿ covera9e ftyr the actiwbes in it uwolved. Thg Trusfs ￿erVeS Oioy allows theTrustto conlnue opsrat'ro forSe¥W￿ yearswith a tfadirydeficit rftheTnffjt085 dwid8 this is w8rrantsd. Tha Trustees EPp￿)V8d a to ffiNants81fy $4)pxt our P&)76 Coffèè arNY Confacbonary Ltd business for the next ￿[S as tr￿8 Prowdes signfficant benefits to the GCT comM(￿ty and the wthT C￿MmUnitY. Fisk man&¥￿nI ￿baddad h 811 amas of tha Tntsys ￿ratiO￿￿ as a kay thty that is to te continudly revigwed aThY a35e59ed. Inv8sknènt poll¢y and oW¥•8 The investment prowdes for a broa&based pwthLYJ of both finar￿1 and pm1• in8trn9nts lo ptovid income forthe Re1kf-in.￿￿JbranCh8$, ￿ seclirity ofendtrwed capital. Thi8 isparbc4daty relevanlwhen TnL4tee rg looking al the potential wst olthe majordevd¢x)menl proiectswhith tlw hav9 comrrissit)n8d. The inportan ol keeping the reserves at a ievd which is suffiwntto ￿nd the ftrture ur*eep and develo￿ent ofTru$t ptopgrts"g conts.nues to be a major ca)nslderalon for Truslees. The Trust akn ams to rnaximise the income on temporarily InY&stsd rg8tr¢1gd fvTrJs. The Charlty C¢)mmisson Scheme dated 4 ￿.11?97 empo￿￿(S the TrL*tees to make such arrangements as they think rrt fc* any in¥ès1rn8nts of thè Charity to b9 by a Corp￿51￿ bL%ty is irthrporated in England and Wak8 as th8 Trus109s' nomin88. Cl&8r Inv8sknant dlréctlon Is provKlad to thè Invègbnant Man*Jars at th• annual remew me&t'ng'. however, ihe Trustees have Thjt fdi it necessary or w)roprtate to gNe speiyfjc instrucbons r8garding thè èxlènt that S￿181, environmental, or èthical consKlerath￿s affj taken into a￿O￿n( i) relation lo the retenti￿) and realisalion of Invègtrn8nts. The TrusteÈs condu(*8d a rèvi8w of Eth￿ Inv8sting 81 Ihèir Strategy Day in July 2025 and, *thilst mindknl ofthe Importan￿ of ￿ves￿ents Mee1￿ mord. scKaal, a￿1 reliwJ8 walue8, ts relums on knve5trnents are Cruci￿ for ￿ BcTrard to te abb to SLVWt iTrJMthJals arnl worthy cause5 through our Grarrt branch. GCT admo1islers the Jomward and othe￿ Chaiity the John Ward's EdUcalK￿￿ FoundaiK)n on ixhalfof Ihgir Trusteas and L8 hoping to either Mor￿ these chanth or Ink and then tfv wll be inthded with th8 main GCT InvoStm9nts. GCT has a urubrvJ Iwder whlch gn*)fg¥ ￿ effedl%e almknlstethg of Ihe GIoLrnSter District Nursing Charty. R0￿r¥e5 pollcy Under thè Hou51ng SORP 2014 deS￿nated funds are no Icroer ￿rMitted aThJ must revert to normal unre5tn.cted reserves. The unrestricted reser￿$ ol ts Trust therefore inchAI8 ￿￿oLES￿ flo￿nated as either Cydical Maintenance Fund ICMFI or EK1raordinary Repair FuThJ (ERF) reswve Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARinES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEPABER 2025 Th8 Trustees are sali8fi&J that the TeseNes hebj are cthimensurate vAth the $￿e 0foFerati￿s. Most the Trusvs fixed assets are herd &ther in our h￿s1￿j or inwgtrnÉntFxow￿s Ihat8(or8 Iha lavd ofrès8N6S is comm8nsur8to Wtth the (xjntinogry rewired to ensure the tAJsiness of the Trust DetaI5 of th8 levels of re5er¥es al the yearend. and the OiC￿S altach￿l to 88th ruseN&. ean in n￿05 14 to16 ofthgso finarrial stat&mants. Key Valug for Money Alotrl In April 2018 the Regulator of SOCI￿ has inlrc¥JucaJ a of small rgJistere41 scoal housing landlords to indude their VoJu8 lor Money (VFMI metrics In ￿"r annual financiAI statemonlg. Bdow are the 8evell metrics for the Trust Fi￿reS are in P(yJnds SterfirpJ. Metrlc 1- Relnvestment % This lo¢)k8 at ts in¥e8trnent in pwes as a Ferc• olthe va￿8 ofthe total PTCPerti&s held trHP- Totsl HousiThJ Prcy8rti8sl. Th8 teln¥esh)enl acbwtses Indudè dèv8l¢¥xn&nt andlor a¥uislbon of prop￿85 8nd major mallrtenan￿ w(Mks Ca￿led out in our exBting pro￿tieS (i.e. central heating upgrade5. new kitchen and bathr(*Jms inslallalions etcl. 2024125 Devdopmenl ol New Prwbes (THPI Ne￿ build prop9rtie8 wuired (THPI tD EKsling (THP) 399,136 75.205 [￿VIded by: H￿J$ing Propertle5 alr￿bOok value 2.978.198 2,879,717 Outcom• 3% M•trk 2- Now SupF* O•tlv•rnd % The New SupFty metric 8ei8 out fhe nwnter of social housiro aThJ nOr￿l¢la1 housing units that have been cquired or developed in the year as a oft(rt4 soctal housing unrts and r#)n40Gial hoLtslng units owned st 30 Septèm￿2025. 2023124 &)(aal Hou8ing Unit Total Soctal HougdrvJ UTrts Devd0￿j or Ne%ly Built Unit8 A ulred lTrYèar Dlvid&l by Totd sod￿ HwsknJ Ui¥b lirL SIK4red Osvnershi Outcome 137 137 Non-social Hwsing Urits Totsl Non-SoLY81 Unit¥ Devekwl (Y Unts Acquired In-year lchvnedl. (Tota non-SO(aa rerta h(￿tsing thilts owned, no￿$0￿81 leasehtskl unrts (Ar￿￿. wwoUtr￿I 8a19 units develo or DivKled by Total and NO￿￿￿￿1 Hou5rvJ Units IPeriod Endl. (Total soc4al housing units ￿￿d. total non- so(x81 ronl81 1K)us￿9 unts Ow￿. 80(ial leaBehokl unit3 owned nor￿￿al lea8ehokl wrts owned Peric¢Y ernl tCOrnO Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARITIES TRUST REPORT OF THE TRUSTEES FOR ThE YEAR ENDED 30 SEFfEM8ER 2026 Metrlc 3- G￿lIng % ThiE motrr as895885 IMM4f mL** of th8 *fith *sèts Wè m￿8 up ofd8bt and thè Ilégro& of dap8TrJ8nca on debt finan 2024125 Total of: Short-Tomi Loans 6.268 5,613 Long-Tenn LoanG 357,731 369,612 Le¥8 Ca3h aTKI Cash EqiMv¥19tts 12,572.6491 12.$94.2451 Dlvlded by.. Housng Proterbes at ￿ fr￿0k vakje Outcom• 1976.198 2.679,717 -74% 43% Motrfe 4- Eamlng8 B•foTfr Int•ro•L Dow•¢lAtlon. AnKYlJ8th. I￿r Repalrn Included IEBrrDA MRI} Intwost Co¥•r % The EBITDA MRI interesl rrnr measure is a key iNlicator for Ihiuidity aTKI rnvestrnert C8P8tyty. St 8eek$ to Me8￿re thg ￿Ve1 ofsuiplus 1hat 8 reg0Ster￿j pro￿ gerErates ￿mpared to interest payabb. 2024125 2023124 Opèrxting Surr1￿ I (Dèfidil Less Gwn l (IoB81 on di8t¥)sal offiwl assets Ih¢xNThJ erhes 377.931 285.775 Lass Amortised GoV8Mm￿tt grant Plus Interest feceivable Less Capita￿sed major repaws expendi￿re Plus Total de￿￿￿tion thargg for peiic*J 1399.1361 114,523 175,2051 148,562 Dlvlded by: Intar6sI ¢aFmt￿9ad Plus Inlergst pay8Ug gnd ffinarK¥wJ co¥ts Outcome 45,771 41.32S 204% 662% Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CFiARmES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER21125 Motrlc $- Hoadllng Sothl Houslng Cost P•r Unlt Totsl gr., M￿agernent Costs 44.819 48.718 Semce char￿ Costs 2.815 970.515 ROUtir￿ maintenan￿ Costs 43.459 Plan￿d MaInlenan￿ Costs 24.781 20,139 Bad Debts 791 678 Depreciation of houBlro properties 114.523 148.562 0th9r Soool Hou$ry ¢o¥ts DI￿ded by: Total Swid Houslro Units Manw atthe Perifyj End 137 137 Outeom• 8.863 8.993 Mgtrlc e- 0￿ratIng hlargln % The Operating margin demcThtrates the ￿￿Offt￿Ity of ¢￿ati￿ a88ets bgbre oycepth)￿¥ exp8[￿ ar• c¥Jnsldered. The ABSOC4ation's operatiTrJ margin shryws that trTre Or￿￿alTh LX8 its resou￿ efftsienty. Thg 8O¢t81 hOU￿n9 letUNJs exclth the sood hc*Jsiro ￿nt am¢Jtisatto 2024r26 2023124 Wousing Lett￿g5 24% 14% b. Overall 10- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARIIIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEwfEMBER 2025 Metrfc 7- Rèknm on CapNal Employed (ROCE) % m8ts4c comparas th8 operatitryJ s(WLL8 to total assets ojrrent liat4itEE and is a (unmon me&%ure Sn thè commgryial 8ectr¥ to assess Ihè ￿￿ènt knv*stsnant of Ly)M81 rosoure8& ROCE metric would 8UPPOrt registered prov*leTS ran￿ ofcaFqtal investrnent pl￿r￿￿rI￿. 2023ra4 OperatiThJ Surpkn I IDeficl> inc. Gain I ILos81 on tlsp(wl of Flxod Agsets (Ho￿1ng Propert￿) 377,931 200,070 Dlvldéd by: Total A¥8ets1955 CLrrBnt Lloblllues 26,288.479 25,684.376 Outcom• Commentary are ￿nsCI)uS of our obl￿a￿on8 to prov￿￿8 value For rn01￿Y the sgTrire8 Wg provir16, as evIden￿d in the mètrfcs I￿￿￿e￿ In these Stateme￿ The metrics atove are ffjpficakA8 to th8 A￿S￿)use activi￿¥ ofthg tharity. and ther9fr>￿ tho inlDmialon provkkd relaies g)lety to A￿￿hOUSe$ where rebvanl. The A￿S￿)Use5 arelust one part. abeita Very importantone, ofthe ovw&l care adMb8$ ol tho thaiity. Unlk6 most primders of ¥o¢Jal housiny, the chattty dBriV6S mostof ts inc(Jme from other aGtkMties. As a Trsull, it la diffiwtt to benthmatrrt th8 m81ric8 88 thè activ￿&# ofthè chanty arè ￿la￿"V￿lY uniqua. Tho trustees do, hc4¥ever. consider the metiics to ts ￿thin their exFeL*ats)r￿ a very posthe oulkK)k Amshous6 ￿lmIles and tho charity 8$ 8 wholg. Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 GLOUGESTER CHARMES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2 STATEMEiifoF TRUSTEES. RESPOMSIBLMES Registered Sc￿181 HO￿ing L8gvJfAbon aNJ thè chal￿8$ Act 2011 r8quir8 Ihè TnJgt*s tr> prapara financial gtalèrnents for eath ffinancial year gr¥P a 1nJe and fair View of the Stak of th8 Chanty's affair3 of its income and ev￿r￿Ure knrthe perkjd. In prepairYJ Ih)se fingrKaal stsiemwts, th&TrLLStees are wutred to.. . Sdect Suit￿18 act0Unti￿ polc4es and then them 0)n&$t￿. M¥kg jw19￿ents and e3limate8 knlat aTe rea￿￿￿)18 aThJ Pr￿￿t Statè whothèr xppkaAè UK ac£ounOng startsds a￿1 the Ststsm8nt of Practits havé bè8n frAlowed, s￿leCtl0 any matenal departures d￿d0S￿j aThJ explaned Ki ￿ fina￿al statornen Prepare the financial stsknnts cffl the g￿g ¢)Jnc•m ba￿S un16SS it is inapprcyrHte to pres￿ that the Charfty ￿11 cCffi￿nue In business. The Truste￿ are resw)nsth for keeklng Fyfw a(￿N￿br￿j rwyjrds which di5dw wth rv8$￿ab￿ acrAJracy at any timo ￿ finarKX81 positTon of the Charity and lo en*)le Ihgm to ensure that the finanaal statements comp with the Scheme of the Charity commissK￿5 datgj 4 Iwril 1997 by tre Chartty was constituted las amended on 16 Dec8mL*r 1997 30 Aprd 2(YJ1}. S91kn 1 tg t1￿ Housing 2006, Chatiti8s Act 2011. the staternenl of Practice - AC0￿nI￿19 by R&Jistered Scoal Landlords and the Acxx)unling Requiremenis lor Regislered SOU￿ Larwjlords Gene￿￿ Detemiination 2022. 8rE 450 re5ponst￿ for ta￿n￿ reasonabb St￿ to sAf8gu¥d ts 8$8ets oflho Charlty and lo prewrt 8rk4 dty￿ tra￿1 and irYgwlaitio9. Audltor8 Ha*8wo(xls act8d as dull￿ ts yw. Approwd and authorh•d for18gue by the Trustots On...th￿.￿￿(Ch aoacp Mr Stsphon Healh- Ghalnnan ofTnMleg8 12- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARITIES TRUST FINANCIAL STATEMENTS FOR THE Y&4R EN￿￿ 30 SEPTEMBER 202$ INDEPENDENT AUDITORS. REPORT TO THE MEIIBERS Oplnlon Wve haveau(Ited theffina￿al ststsrn￿ o1Thgf4J￿￿￿rCha￿1J9s Trustfwthgye8rwdpd 30 September 202S whlch fx)mprfse thè Statement ofFinancial Adth, the Shrf the Cash Flryw St8temenl ?nd thg )tes. The finan￿al reportwvJ that has Lwn ap1￿5 in thelr preparalKJn Is apFli(able law aml United lfjngdorn Aceounting Slandards, ￿d￿dIng Financa* ReFA)rbng StsTKlarQ 102 Thg FinatKi&I Repoiting star￿ard f4)pllcabk In the UK and Repthk of IrelarKI (United langdom Generaty Ao*d Accouthg Pta¢ti¢o1, as wdl 89 thg Howing SORP 2014.. Oplnlon pn fin•nel*l statsmonts In our opinN)n the financial Stalpm￿. give a ￿ and fairNlew of ￿ s121e of the charws affalrs as at 30 Setknmter 2025 and of Tb inrKming resources and tsf rg8ouw, indlhJ#￿ rf8 and ￿￿KIrtUr￿. forth& yearthen eThled', have ￿en propèrty In aL£ordanc* wllh Unlbj lfjwjcffl C￿r￿ra1￿ AcceFted Acc￿nting Pradice,. afxl havo toen prepared in ￿3[danc• *ilh the requirements of the ChaTits98 Act 2011, th8 HougirvJ and Ragènaration Act 2(Mffj and th8 Acccwjriw tlreclion for Piivate Rw5tered ProvKlers of &)Thal Hou¥ing 2022. Basls for oplnlon W& conducbj our audit in ar£Ord￿ with IntemalK)nal sfandards on AL*fjbng IUKI IISAS {UlQ) and ap￿￿ble Isw. Our respOn￿bItt*S und8r thos8 StarKlards am furthèr des￿b￿j in Audit￿$ responsibilibe5 for the g￿lit ofthe financi￿ stat￿nts sectKJn ol our r8rv)rL We are w¥J￿￿KIent of ts ¢*arity in a(mrdaTh* wlth the ethlcal requirements that are rdevant io wr audTt of ihe finarKval 61atements in the UK Ind￿Jing tho FRC'S Ethical standard, and we havÈfuffillgJ ourotherelhw￿l resp￿)￿￿•￿e5in a￿ordanCeWI1h these requirernsnts. believ that the audilewdenc4 we have ￿)lained 8uffiagnt and a￿r¢I￿lat? tr* pwvth a basis forour opSnlon. Corteluslons roltt￿ng to golng Concern We have t¥JthitYJ to report in ofts fC41￿Thg maiters in rektKffi to Yltich the ISA8 (UK) wulre u9 to rep(xt to you where., the tnJst￿s, use ofthe coThxm basis of rnnlin9 in thtr p￿paI*.0n ofU￿ firwnrxd statements ' not 8wJrwlate.' or th& trustees have not di8do8&Y ￿ the thanrial 3tathents any ￿l￿tified material un￿rtaInt￿9 that may gstsfvJnfficantdoubtatrJ)utth6 charity's th'lity loc1)nti￿ to aloplthggcing concem b?si8 olaccountiTrJ for a WLKI ofal19￿1tsVe￿rn￿ts from when the finandal sta[￿ents are authorts&J forissw. Othor Infomatlon The trustees are re5F(JnsilAe forlh othw infrffnalicffi. The other infoTmabon e&¥nprw ts infrmmthn IndUd￿ In the Report ofthg Twstees, Ihan the fknandal slaiements and our auditorfs reportthereon. Our Opin￿ on th8 financial stathents Ilog8 f¥Jt wver th$ intormation aTrJ. eX￿pt to tre extent olherwise stated in our rei)Nt. we do not express any f(wrn of condwin Ihw80n. 13- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARITIES TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEPABER 2025 INDEPENDENT AUDIY¢lRS' REPORT TO THE fE&iBERS In ￿nn@￿th audit of Ihe financial Stat￿ ow [5 to rgad the ott￿[ infoJrnation and, in doing so, whettrEr the clher ink)mi8b"on 1$ matsriajty inC￿$￿tent Kilh the ffnancial statements or our knowledge obtsIn￿ in tha or olh8rwKe ap￿[3 to te malerHIty misstated. 11 we thntfy SLth material ￿￿￿51¥t￿r￿me3 or apparent rnalert￿ mtsStat￿ts. %¥e arg rgwirÈd to Ilgtsrrning knthgr I￿re is a materia1 mksststement in the finan0￿ stat£mÈnts or a material m￿Statement ofthe okn infonnatton. If, based cth the work havè pÈrforrn￿, we ¢onckJde Ihatthere is a matertgl mlsst8tomoM ofthi¥ ot￿r inlormatKJn.' w& are requiMI to report that Wg h8ve rh)thiTrJ to report in this rgjwd. Opknlon on other matteTr prescrlbod by the Charlll•s Act 2011 In ouropinK)n b&sÉd on thg wo￿ Mi the C￿jrse ofthe *xllt infomith"iJ) giw in the ReFAYt ofthe Tn(stees forthe financial ￿e￿j for knthich fina￿￿1 Statements pry&J is 0)n￿stent￿7th the h)anclal statements. Rgp(Kt oflhg Tru8tees has been wepared in ¥￿th I￿81 r￿1rÈMenI Matters on vthleh w6 requlrgd to veport ty exc¢ptJon In the light ol our knO¥vIed￿ aNI U￿dIr¥j ollhe tharity arwj its envirormenl obtawj in the course of the audit we habp not I￿￿tIfied materi4 fflis6tatem￿ ￿ the Repc*t oftr* Trust￿. We have nothlng ID repvt in ￿￿01th8 fojlwng matlern where the ChaiitssAct 2011 wuir8S US to roport to you If. Sn our opinicw.. Juate a¢counOng records have N)t Lwikepl(x reknn¥ thquatsf0roura￿Il1 have nottA8n rece￿ed fiom branch98 not by us,. or the finan(1￿ staiern8nts are not In awa￿antwIlh ￿ a(xountiTrJ TrCOTth and retu￿., wa h8vè ncl re¢8ivgd ajl of the irrformabon expknatk*)s wa forour 8udL Rel￿¢11¥0 r•8pon8lbllltlo8 of Tru8t Asexpl￿n￿ more in th&TnAstees' RespC￿b￿AI￿S S￿1￿￿Tt$&*0Ul0n pag8 13. lh8 TrtJ81ge8 are fo1￿)nsible for the praparation of the lfinancial Sta￿￿ents for trRing satisfied Ihat they g've a Iwe and fair ￿ew, and for such Intemal control as the directoTr deteThnine is r*cessary to 8nabb the preparnt*)n ol financial stat8mants that Bre fre8 from matsrial misstatement. whether due to fra￿1 oretrrff. In preparing the ffnanc4al 3tstements. the tnjstees are roswnsftjk for assesslng th8 tharilys 8bllty lo conllnuè a8 a going cOn￿M, disclosHig. as aswlkabk, matters ￿la￿ to C￿cern using the going ¢on¢em basi8 of aecounts.ng unltrss thg either int￿d to bqL*dale bh8 tharity or to ￿$8 CV8rations, or hav6 no r￿IStIC altsrnatN8 bul to do so. 14- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES Trusr FINANCtAL sTATEmETr￿s FOR THE YEAR ENDED 30 SEPTEMBER %125 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS AudIt0￿8 rn8poMlbllHl￿ forth• •u(It of th•knlal atat•m•nts Our obiecbves arekn obtain reasorAbb asswaThx at￿￿wI￿rthefir￿al stat￿ts as a wholgargfrpe fr material mlSstat￿￿nt. whthr due io or error. and to L￿e an re￿rt that Ind￿e$ our opinion. assuran￿ 13 a hvJh1gvel of assu￿. but is rKSt a waranteg ttwt ￿ audii C(￿￿￿(e￿ In a¢cor(1on with ISA5 IUK) will a￿ayS deted a material mi5Staternent when rt Mi8sts18tnents can ari39 from fraud or errorand are consldered material If, Indivkjualtyorin aggregate, they rxsuld reasonaw beexpected to infiu8n¢e th8 economic d9LySiQ￿ of u89r¥ tskgn ￿ thp baw of thgse r￿gn￿al 8t*9rn9nls. A luther d95C¥Ption of our responsthilities for th8 audrt of the finanad statemenls ks h)caknY the Financ4al Reporbro Council6 website al vr•W.frc.org.uklaudrtorsresponsibltlè& Thls desuipbon fomis part of audittifs reporL Extent to whlGh thg audltvths conBldprod of detpth InBgularflle¥, Includlng fraud Owlng tothè lnhar￿t Ilmltauonsof an Ihewls an unaYoid8bb tskthStma￿a1 mlsst8iwnénts in th6 finanual stat8mènts may not bg det￿￿. even tw ts atKlit F*r¥thy rAanr*d aNI perfo￿￿1 in Acix*(tsncè wlth tha ISA'8 IVK). In ioknn1ify￿9 and risks of Ma￿la1 mBstat￿nI in res￿￿ of frwj, irthKvJ Irregu￿rI￿5 #nd non. complianc8 with Iwws and regukt*)rts. ow pro￿thre￿ I￿*jd￿l the fdlThirvJ'. We obtained an undernta￿￿rQ of the bgal arKI regulatwy fraMew￿S wlvb18 to thè ch8rtty fin8nclal ¥tatements OT that had a ￿TrIaments1 efkct on Ihe thaTiWs ￿)era￿rts. We detsrninwj th* the mo* signfficant laws aThJ regulatiorts Induded th& Hc4JsirwJ SORP 2018. Charity ithy, Th& Accounting Diredh)n for Pw8t8 Regthrgd ProvKler5 of Housing 2022 8nd thè Hou￿[￿J Regenèrgknon Act 2008. understml the is c¢ynthng wilh those *al and regulatory frameworks by making inqui￿$ ofman&gerrrt those reswnsitle for W aThJ 0)mplian￿ [w￿lUTeS. a980wI ￿ su3￿p{b￿￿ of 8tai8m8tts tD rn8tsri81 mi5stsbment, Ir￿UdIng how fra￿1 mpjhl omjr. A￿lIt kndudod.. Idenlfyiffj snd assessing dBsvJn of LX)nbds managmnl has kn klace to prnvent and detect fraud.. UThJerstanding those charged WTth and &ldre8seJ the potential for override of controlg ￿ othar In8pprW8ta Inffwce ow thè financlal reportlng process. LkntsI￿d analysi8 01 j(￿rnal5 pos￿ through the accounting 5y8kn (kning ts year b 30 Septerthr 2026 ha5 been undertaken.. Understanding tha contrc48 in to pre¥￿t ar¥J dekni fr8LwJ. RelMThx was not placed on c¥)nlrc4B Ihè 8ntirèty ofth8 auo&'t, instgad tak￿￿ a srt>stsntive t8StkYJ 8pwo*th. hthvthrra>ntr￿$ w&r8 In pl￿ to provenl frawl. they akve*ed to te wothiro effec41v￿.. Chalknging 8ssumptt.ons IL￿ements made by manapnenl lli fG skJn1fi￿nt accounting eslinate5. Use ol our report Thi8 rèpt)rt18 mad8 soldy to lh8 ch8riV# tr￿, as 8 tmxty. in a￿ld8￿ wilh Sth 154 ofthe Charknes Act 2011 and S￿tIOn 128 Oft￿ H¢yJsing and Regenerali)n Act 2Crf)8. Owwork has been undertaken so thatwe rnight state to tha charity's trustess thosè mattars we or& rewireA to stat& to in Mn audilors, report and for no other puryx>sè. To the fvlle818xt8nl pemlitt￿l by law, rK)tarA* r* 89sumè tssponsibllTrty to any(￿￿ otharthan tha arity and its trustee5 a5 a bcKty, for our au(StWOTk. ftx thi5 reprt or trjrthe opinions we ha¥e formed. Martln Howard {Sgnlor Statuiory Audlto 23/3/2026 For and on bghalf ol Hazknv￿ LLP statutory Audltors Wlndwr Fk)us9 Bayshill Road Cheltenh8m GIoucg8ter8l¥r GL50 3AT 15- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 ThE GLOWESTER CHARifiES TRUST STATEMENT OF COMPREHENSIVE INCOPIE FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 TURNOVER 5.944.163 S,D15,770 operati￿ eo3ts 5.821.523 5.393 538 OPERATrIG SURPLUSI(DEFicm 122.640 1371.7681 Surplus on dispc6al ol fix*J assets 230 258.7￿2 sU￿lUs on dlsposal of fKed asset imEStnwts SURPLUSIIDEFICIT) ON ORDINARY ACTf¥WIES BEFORE INVESTMENT IIICOI AND INTEREST 222.169 58,1521 Int8r981 re￿1¥able olher in¢¢ 251,512 Intsr8st P8y*Jlo and $knI￿r ¢hgrg¢s 52.320 SURPLUS ON ORtXNARY ACTIVITIES BEFORe CHANGES IN ILIRKET VALUE OF INVESTMENTS 421.361 125,473 ovÈmenl in fairvalu9 of irNes1rn8n15 147.353 568.714 672,960 SURPLUS FOR THE YEAR Unrealis&l surplus on rnvaluation of1m￿￿n8rrt propèrty 65242 346,742 TOTAL cOMPREHENSv￿ INCOIE FOR THE YEAR 633.956 1 145 175 Mr Martin Collin5 Chalrnian of Flnanc• Commltt•• Th• Glou¢a¥tsr Charfl1￿ Truat r Stephen Heath Chaimian ofTN*t￿6 Th• GItsu¢•8t•r ChArlllag Tru•t Th8 Tr￿1* r•suHs V+tholty to u￿b￿Lir¥j The notes on pages 22 to 35 fc￿ F4rt of Ihese fmarthl slatements. 16- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARITIES TRusr STATEMENT OF FINANCIAL posmoN FOR THE YEAR ENDED 30 SEPTEMBER 2 2026 FIXED ASSETS Hous1￿ propeths Extra care fac41rbe8 and OITK Invasbnent propertiss Other assets 2.976,198 5.008,572 9.201,804 453.173 17.639.747 6 433,103 24,072,850 2,679.717 4,808.324 9.078,499 9.186 17.125,728 6.1￿,268 23.322,012 Tangible r￿ed assets Inv8slmentÈ CURREKf A&8ETS 1,635 268,184 1594,245 1884. eblor8 Cash at ba￿ and in hand 10 316.4(P3 2 572 649 2,889.058 CREDrroRS: vnwnts falling dLk8 *ilhin one year 11 673.429 MET CURRENT A8SErs 2 215 629 TOTAL ASSEfs LESS CURRE1￿ U4BILniES 26.288,479 25 684.376 CREDITORS: amounts la￿n9 due aftermore than ono year 12 1 769 201 FINANc￿G AND RESERVES R8strI(*Èd Unrestricaed fuThJ9 Endowment funds 14 16 15 801.263 21,389.982 2 348 033 24519278 885,577 20,701,528 2,298 217 23 885 322 26 288479 25 884 376 Thes approvgj and autho￿ for. theTntheson...... .. .... Mr Martin Collins Chalrnian of Flnaneè Commltt The GIou¢•8tsr Charftlo5 Tr rste en Hèal Chalrnian of Tn Thè GIOU￿St•r ChaTrltl•8 Thmt The notos on pa￿ 22 to 35 fomi part of Ihese fin￿￿1￿1 statement& 17- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 ¢0 Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARtnES TRUST CASH FLOW STATEPAENT FOR TNE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 N•t ca8h pnornt•d byKus•d In) op8rntlng *ctl¥lll•• (notè Cash flowfrom tnvestlng aclfvlll•8 PUr¢ha￿ of invoskngnt ¥9cuiibgS sa￿ arKI maturity of Inv&th8nl $6cwlU Purchas& of tang￿￿ ftsed assets Sath proceeds from disp￿1 OftaTrJ1b￿ f￿1 assets Intgrosl 642.080 1115.9731 (3.733,1211 3.742,958 1867,3541 230 75,979 1781,310} 11,240.1821 1,327,008 1797,902} 658.763 75,966 23,653 Cash Ilow Irom finan¢lw a¢llvltlo8 DiwdendB rece￿1 Int8r88t paid RepayMentOfb￿r￿￿wj5 175,533 152,320) 15,579) 117,634 154,992 147,333 {4,410 103,249 Nèt chango In cash and ￿$h •qu￿41*nIg Inot• 11) Cash and eagh eq￿Valents at btglnnlng of y C#¥h and ¢¥h equlvahnts at end ofyear I21,5￿ 2.594,245 2.572.649 10,929 2.583,316 2,594,245 2025 2024 I) ANALYSIS OF CASH FLOWS Cash flow frorn opgrntkng a¢ilvltl•s Sutplu8 for ￿ year1￿yc￿e T￿lUatiOn of TABstsnents investsnent property Adjustmènts for non¢ash ltsms: DeprerAation oltsrrfJbie fiMI asseis Surplus on sale of fix&yJ asset investments Surplu8 on 8ale of tangible fjxed a58ets Incrnasa in stsd( I￿rease In debto 421.￿1 112,647 418.575 199.299) 1230) 1.635 148,2251 171.074 378.756 148,0281 1258,7621 1129,7fKJI 36.359 I￿rease in cr&litors Adjustments for Investlng or ffln•nclng acllvhles: Govammentgrants utillW in tt* y8ar Interest payable Interest ￿e1VabIe DivKlend8 Tecelved N*t ¢8sh gener8ted tyl1*>*)r￿ ii) xtrJii 123,6191 52,320 5,9791 1175,5331 642.fl 123,8191 47,333 175.9661 1154.9921 1115.9731 The notss on pag05 22 to 35 fcffti part 0fth￿ fftnand81 stafr*I*￿. 19- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 111 ANALYSIS OF DEBT At 1 O¢tol)or Nonw¢￿h mov•m•nt 2025 Cash at ba￿ aThJ In twj 2.594.245 (21.￿) 1572,fj49 Debt due wthln one year Debt dug in morg than ong yow {5.813) 1369.612) 5,613 {8,2381 11,881 16,2381 1357,7311 N•t debt 2 219.020 5.643 2,208 680 Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 202S ACCOUNTING POUCIES Bails Of PYEparalk>n The financial siatements have been prepa￿d in aC￿rdarKe with applic*le Accountin9 StswKlards in th9 Untted lfjngdom inc)Jdlro Financk￿ Repcrfting St8Thya￿ {FRS 11r21 and tha Housing SORP 2014.. ststeTn8nt of Recrynrnendwj PraclKX for Regist9r￿1 Social H￿￿l￿g Promders and eompty wlth the Accwnting Direction for Private RegIStsr￿ ProvxIe￿ ofSoLxal HIxJsing 2022. Basls of a￿￿n￿ng These financlal sta￿0nts have been prepw&Y u8ir¥J th8 hithrKal cKi3t convention except lor, where di8cI¢)8ed in these ￿Unting ¢xtain It￿ that are shown at value. The presentati￿01 Currry of Ihe fin8no* stst￿ts ¢ Pourmjs Stediro, rounded to the ngawl pound. beiThJ the fvncLk)nal cuThency ofthe p￿ary econom￿ environm￿1 in the Trust operate8. Tumtswr Tumover represents matnlenance CLrfrtrkn. nuTriThJ home fees, residential home fees and cc4nm6rdal r8nt-r8￿l¥th. Gdng concern Aft8rmaking enqulri&%, tlwtsust88s ha￿ a Teasonth expectslionthatth& chority has ad￿uate re50urcos to wntinue tb ao*'vrbe8 for the forpsegth tuluro. A(xxyrtlitKJy. thgy con1viue to 8d(wt thè golng Ixjncèm ba8B in Fwaring the financ1￿ Ststem￿ a¥ ouuined in the Ststernenl ofTrustees Respons*)1￿￿e3. Crltkal aKountlng Judggmonts and koy wirtès of 8stknation unc•rt*lnty In the applicalion of the T￿￿S ￿Unt￿g pdlies, th& membgrs are required to rnake judgements. est'mates and assumpth)r￿ aboutlhecary1ry￿noUnts ofas5ets and lia￿l[￿s￿lare not readity apparent from Ott￿r source& ThgsB 8stitll8ts5 8ssodated assumpb.ons ar6 based on histoital eXperten￿ and other factors that are ￿r￿d￿ed to be relevanL Athl￿ res￿￿ may dfftr from fkne trsb'mats¥. Thes6 estimates urxlerf￿ng as•"oThs are reme%￿1 on an wing basis. Remsiorts trj ￿UTrting èsthmates are wcr*Jni#Ed in th& p8riod in the èstimatè is tavigad iflhe rèvwn ontythat P9ri0d or in the pericrfl of the revI￿On and knture p8riods if the rgknision af*cts both current and futur8 P8dod8. Fixod 4g80ts and doprrtlatlon Tar￿Ible fved assets are stated at cc& less ￿X￿￿latEd depr8(aation, wilh 1h8 exr*ption of inv98tm8llt pr(perb8s whKh are sh(hvn al cwi mthet value. Dweciabon is charged on a straight4ne ba8lB over the ex￿￿￿1 econom￿ u89ful fves Of￿ 85sets 81 Ihè rat6s 8nnum.' Freehokl hOU￿ng proFert Rel￿>￿$hments Offjce fixtures and fftt'ngs Motor vehicles Nursing Homo afKI D8y Cartrg frAed equ1y￿rt See below S￿12.5% 25% 10%-20% 21- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES TRUST NOTES TO TTrE FINANCIAL STATEMEIUS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNTING POUCIES 1¢0nthH￿d) Houvlnq propertles Trust ￿(>)￿liS for Its èxpendthre ￿ hoLtsUYJ py0p￿85 using compm8nt 8(xwnting. Under Xnponent arrxJuntiThJ, in adElition to ￿ slnKture. the hcwing propw is dMd&1 into those rnalor CL￿poTrents whkth are (￿￿￿￿ere￿ to have wbslwkn81ydlffe￿ftt usefijl econom￿ INes as follo%wJ'. Main Fabri Rool ndows do¢x3 Bathrooms 100 years 50 yèars 20 years 10 years 20 years 20 years 15yè8 10 years Heating cl*ns As rèquired by FRS 102, Ihe Trust has reV￿￿￿d the u8efiJl ￿0Th)Ir￿ INes of its housirvj propeth$ and depreaates the prcy&ty aco)rdingty. Tne Tw3t ¢apiiali5e3 woth to exi5firvJ 7*hic* ￿SUItS in an Increase in th& net Tentsl irmme, indLKling a reduci'on In malnt8n8ncé Costs. or r8$￿ In skJifiThcant èxtensk￿ to tha aconomic lrfe of Ihg priwty. lthere propaity components wtll) a separattr thnt6fjxb￿ are rèpl8￿1. Ihè ￿ eomponants are apyt81i8gd life aThY the ¢x¥nlK￿ts. ifary. are written off. Housiig prop8rtss in ￿ ¢>JJrse olojnstnxlknn •0 st cost8Th1 are notdoprtclatèd. So¢lal HO￿1￿ Grant and Othgr CapSt•l Grdnts Vthere devdowients have been finan￿d￿(Alyorpa￿ty Soa81 HO￿Ing Grant'SHG- Ifomierfy"HAGI. tha gndnts are recogni8gd in ItLGun& o¥8r the wlul li19 of thtr tvwsing property St￿￿U￿ and. whère applicAbl8, ts IndlvKhJd (x)ryrThnls lexdudiro i¥Kfj underthe modd. SHG and HAG ￿ mpayablè csthn urtsjmstsntss. prim*ity folk)wiNJ sak8 of a prijpérty but will nomialty ba M#trfcted to ofs*. Iflhis is k)w*thw Ihe irribal grant retsfypd. Gov•rnm•nt Grnnt Go¥ernrnerrt grants are based on the ac4yual mcmjd ￿￿1 are measured at the fair value of tho a8s8t re￿¥￿￿ or re￿wable. Grants relatrytrj T8￿￿￿Je are in Ino)me over the pwiod in whth th8 ￿Lqted costs aro recognIs￿. Capltallsatlon of Int•rnst Intor$8ton loam ffinaTViry rthv(knhTments is c4¥talsed up to the d8te ofrxathcal ¢omF4ètion ofthe scheme. Leased a88ets L•As8s In vthlth substsnffiaty811 thè rfsks and r**8￿S0fownsrth1p arè rntslned by thè ￿ssorare classified a8 operat'ng le&ses. Payments made under opernb'ng lease5 a￿ tharged to wofit or Ioss a strdight4ir basis period ofthe kwse. InYe¥tmonts Investments are statsd at mark8t valua aThJ arè In a¢xoth)ts vAth thè valuauon r8POrt9 from Invg3trnent MaN8geT3. Ca$h and ta•h •quhTalènts Cash and cash ￿ul¥￿en15 Comp￿ cash on haTrS aThJ cajl ¢*posiis, arKI other Short-te￿n highty IhiuKI investrnents that aro readity c4J)vertth ￿ a am￿jnt ofcash and ara sut4'6Ct to an knsignfficanl r￿k oleth8ngè In v￿U Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARrriES TRUST NOTES TO THE FINANCIAL STATEME￿￿8 leonunu￿l FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCCLINTING POLICIES l¢ontlnu•d) Trad• debtorn Troda dabtors 8m¢yJnts th frc4n cJJStoW￿ lor r8ntal of Housing FWi9* Tr￿$ dobtorg are Iw)gnis￿l inrtsaHy at tho tranS￿￿on prfc8. TW ar& subseqwnty m8asur8d at am0￿8£￿ ctsst uslNJ th6 effecfj￿ mtsttK)d. b58 provision A provtslon for th6 impaimient oftrade d*)Ior315 estab5s￿d when there 15 objec4ive emdence thatthe charity will Th)t be *) to collect all am(￿nts due a￿lding to the original terms of Ihe rel￿bles. Trad• ¢re(Ito Trade cTrditors are c*Skgalions to pay for9xrfts OT seThi￿ Ihat ha￿ been acqulrgj In the 0￿Inary course of bUsIrt￿ from Suppl￿5. AC￿Unts payable 8rE clwrf￿d as (wrr9nt Iiabfliti9s rfthe (tharity doeg r￿t have an uro)nthtional right, althe end ofth8 r8porbTr) penod, to defersettlementof the credits loral months after the reportiro date. If Ihere k5 an uno)nth'onal rpJht to defer sethment for at 18ast months aft6r Iho 16POltng date, they aro Fxèsented as nL¥btsJrrtrnt k"abdibgs. Trade c¥edrtors are recogniwj infoaty at the tran5aiai)n price sthequenty measur&J at anortised cost usiYJ tha effeci¥e interest nN9th&J. Taxatlon Th$ Tnjst i8 of charft9h￿ slabjs th&refm ex8nV fr(#n lax8Uon. Irr￿0VaT8bIa VAT on 8ypanditur8 Is Induded as part of thè Cost ofthe of &xi*YllbJre tr) wl¥th ts VAT r8late¥. P•nslon costs Thg Chwrity opetate8 3 d8flned pensK)n sclpJng. ¢Ontrbutio￿ to lh8 inwng and eX[AndT￿r￿ a(u)unts as they iwarng pay*)1g in ajxOrdan￿ WTth ts rukn ofthe stheme. Looaey Ineslar￿ of thg ￿￿tra{￿U81 ar￿r￿￿ert as financial as¥9ts or finan￿1 b8bi*b86. Debt inthvngnts lik8 loans and otlw re(*ivabth arKI payab]9 arg nitialty ￿￿85￿r￿j at prpsent walu8 of the ftjlure payThents and 8thseqV￿ty at ￿nort￿l cost using ts effecti¥e ￿terest method. Debt instruments that are paya)￿ or receivable wthin yèar. typically trade payabks or re￿wab￿S, ar& trwsur6d, inillolty and Wbs￿nty. at the Undiscoun￿ arnount ol c85h or 0th9r COn￿d8r8tLon exp8cled to be paid or received. How8ver, IF the ar￿g￿Trents of a 8hort4gnn ir6tn¥Trent ¢￿15ti1Ute a financing trartsa¢lon, fjke th& payment of a trae debt deferr&J beyi)nd nomal L*tslne5S tem15 or fin￿l￿d at a rate ol intar&8t that is not a rnark￿ rata or lli (ssa of an tsutrKJht short-tèrn108n notxt m8rt8t ratè, lh8 finartlal 8888t orSability is rneasured, initialy and $theo￿nty, atthe present valu8 Offu￿re paymen13 disrJ)unt￿l at a mathet rate of Inte￿$1 for a smlar debt wtslwmenL Inve3trnents in nor￿ttal￿e onJinarysharesare Ir￿aSur￿l atCC61 ￿$$ Nnpaim*nlfor￿l other inveslments. Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CKARITIES TRUST NOTES TO THE FINANCIAL STATEMEfrifs leonllnuéd) FOR THE YEAR ENDED 30 SEPTEMBER 2026 ACCQUPMNG POLKIES {conllM Flnanclal tnstrumonts Iconllnued FIna￿E￿I that are ryw8ured * (x)* WKI ￿N(￿b5&y are a8se8wl at thg ol each rewxfjr period for oty'ective ewden&8 of inpairmert If tybve evidence of impaiment is found, an Impaimient k)ss is recognisgd in or k>s$. FL¥ fingrK¥al a$8ets mwurpd at amortiwl coyL lh8 ItnpaSnnenl1095 15 easured as the difference bett¥w an asset's ¢aryirvJ vakne aThY ths present valuo of estimated cash flows dlscounted atlhe assefs Ori￿nal effec￿￿ interest rate. If 8 ￿nandal a%set has a variab* ktterest rat6. the discount rate for measuring any impainpenl Ioss i5 the current gffective intere3t fdte deterni￿￿d urthr the contrart For financrdl assels measured at C£6t less thpAlm￿n( lJ)e impairment loss Is measurec* as th8 diff9[en￿ betwogn ￿ 888oVs catty1￿j am￿￿1 the estimats, whKh 18 an apprDxfvtion, oltt amount that the trust W￿k1 rWEr￿ fr)r thg asset ff rt to be sold at the reFKNting date. Finanria assets and liabl1faesa￿ Or￿la￿lthe netamwntrecA)gnwY n the ststThnlof financial posilion when there is an enfOr￿ab￿ rightto setoff the recc¥Jnked amounts and lkn ts an intenlon to sewe ona nèt b*is orto reali89 Iho asset and $8tt18 ts l￿b￿rty gimultaneousty. Ateaeh raportirF data 8890ts not (*itl al f8ir¥alue, $u¢h 49 rxr¥*fy, ￿an1 arKI equlpment are rekiewed to dete￿n￿8 vthether Ihre B an indKalion that an a8set may inwairgd. 11 there is an indicats.on of 1tnpaimi￿rt, recovBrth amount of8ny a55et Dr grvup of rd&ted assèts. thch is the higher of value n use and Ihe f￿r value bss c08ts1o sell. is estimakny and cnmpar8d with its caThwr anw)unL IfU* recoverable anount is Ihe amount of the asset s rajuced to ts recoyerab amount 8ThJ an imp8inn8nt klss is f*cc¥Jnis8d i￿rr￿dIat￿lY in profft or loss. If an impaKment loss is sthwuenty rever3gJ. Ca￿(￿j ￿n￿nt ofthe asset orgroup of related assets 18 Incrèased to th8 r8vAéd ￿lMate ol rfs r8(X)vÉ1ab￿ amounL but to èX(*8d thè amount th8t wouk1 havg bgen d8terrninwl had no arn￿￿[￿nt r￿QgnI*l for the ass8t or gThp of rel8tsd 8ss9ts in priorpwKth. A revernal ofan inpawment kffjs B reco￿8ed wnm&Jiatsty in the ￿port￿l surplus ord8fiThL -24- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLQUCESTER CHAR￿lEs TRUST NOTES TO THE FINANCIAL STATEMENTS (conllnugd FOR THE YEAR ENDED 30 SEPTEMBER 2025 PARTICULARS OF TURNOVEK OPERAT114G COSTS AND OPERAnNG SURPLUS Opgratln9 Colts Opèrttlng SurplU￿1Defl¢1t) soci￿ hc¥JslNJ bttings {see fKle 3) 1.547.602 11,2614q91 285.1B3 Grant itwmg 23.619 23,619 Actlvldes otherthan soclal hou8lng Investwth propertylgtting chall18b￿ glvlng Admlnfistratkjn costs lfjmbrose Club Extrarywe fa¢ilty Olhgr Totsl 224251 224,251 1170,5571 1124.9821 {15.3981 120,2241 179,255) 122.637 1170.557) {124.9821 {323,$551 {3.860.7581 179.2551 15,821.5261 30B,157 3.840.534 5,944.183 2024 Operntlng SurplugllDoficft) Costs Social ￿u#[rO lathngs laèa notè 3) 1.4Y2.143 (1.232,0711 2(￿,072 Grarrt irKx>mg 23.619 23,619 A¢tlvltl89 Other than soclal hO￿Ing Investrnent yopety letO'ngB CharitaN8 gl*ing Admlnl$trati(m costs 189. 189.508 {130,441} 1186.912) 8,170 1445.3381 {36.44BI 1377,7681 {130.4411 1186.9121 1292,0391 13.419.749) 1132,3261 15.393 538} lQmbrose Chjb Extrware faclity other 2.974.413 95.878 5.015.770 Total l income is within fho Uniknd Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARITIES TRUST NOTES TO TFE FINANCL4L STATEMEMTS l¢ontknuèd) FOR THE YEAR ENDED 30 SEPTEMBER 21125 PARTICULARS ￿ TURNOVER APLJ OPERATrIG EXPENDfiix¢E FROM SOCIAL HOUSING L￿nNGs support￿ houslng Ilncludlng h04rnin9 for oldor poopl•> 2025 2024 Incomo Rent r￿vab￿ netOf1denti￿l8 SO￿ ¢hargoS Service charg6 incun8 Other inwme Tumow from swal h¢￿Ing btbrv>5 765.810 754,837 26.955 1,547.602 741.920 664,403 25,819 1.432,142 Op•rntEng 8xpon(Iture Manwont se￿Ce charge costs Routine maintena Plannal maintanar 44.819 962,815 66.585 24.781 791 162.648 1.262.419 48.718 970,515 43.459 20.139 878 148,5K2 1.232.071 Bad (kbts DepTeuatiC￿ of houshg prcwl￿S Oparating a4)èrxliturs ￿ 80¢id h￿￿r0 btliTr Operab'ng 8wrAu8 ¢M social housiry Letbngs Void10&88S 285.183 45.e62 2CKJ,071 74.572 During the year end&J 30 Septanber 2tr25. ￿ Ch811ty 137 uiits Ctf sryxal Iw3lng un¢kr ils ¢y•m manag￿6n1 (2024. 13n. The averag8 mavrfenarts ￿￿trIoU11)n soo81 arwnmthtion w99 £105.58 12024 . £105.34). There were no gwal needs c8iegorm 9th81 ￿tin￿. Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES TRUST NOTES TO THE FINANCIAL STATEMENTS Iconthuad) FOR ThE YEAR ENDED 3Q SEPTEMBER 2025 EMPLOYEES 2024 Avèfagè n￿nbaro* employp8s exw6ss&J in ftdl time equivalents 19) 126 Empkny•88 fx)sls d￿ng tho year Wages and sakries So￿al ser#Jrty co8ts Other pension ¢tssts 3.144,323 294.521 e6,391 3,505,235 3,036.ew2 217,389 67.301 3.321.292 Emdumants C￿efExe￿llfve Offi 110,177 107.820 Tha CEO is Bn ordknary memt)er of the TnJ5t Group Pery￿al P￿S1on PKh8mè and lh•￿ 8Tr rKJ sp8cial t8m)s ¥)pli8d. Thè C￿tribUt￿￿ m* by the Trust 15 of woss salary., CEO pays 3% Indmdual Contri￿11)n. whith is thè sam8 as dl othar M￿1$ of th& Sch￿ne. The CEO has no othgr personal pgnshjn agreementto Y*¥ch ts Tr￿MakeS a (*¥￿￿￿All[On. The above reFKgsents the wnolLThents of thè hwJhest pahj officer. Th& Truste8s. constitute the managirrtj bc#Yy of the Iwst recwved rwnun8r8bon fherBfron. empkjyee of the twst was paid belween £11XI,O(X) aThJ £110,LYX) and nl pahy between £90.OOD £1CK).C(Xl121r24 - p&KI ￿tWeen £100,{K￿ and £110.CW, nil ￿K1 btheen £￿.(￿ £1￿.(m)ul. Payments for orterminaiM)n ofry)ntra* maye in the yw am(xJnW to £nrf12024- £nlll. Th8 Twst has no offKers otherth8ntho Tntstgos ¥nd th& Ch￿1 Exacu AUDrroR'S REMUNERATh>N 2026 2024 Remunwation p8yabig to th8 authior I￿￿¥j *4thdT8X was as fr4ows.' For audrt 8ervic6S For any Oth￿ S8￿c•S 11.400 1.600 13,200 11,4(X) 1.200 12,6(Kl Other services provided during the ￿ar reknts to tylha Ch*iiy for ts sxeparaion ofyearend actountg aThJ o)rporation ta¥ retum of a relabl party. Other Servic￿ proy•Je duriro the prA)r￿ Telats to VAT Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES TRUST NOTES TO THE FIMANCIAL STATEMENTS Iconllnued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 IKrEREST RECENAELE AND OThER INCOME 2025 2024 In¥e8knffit Incomg DivKlend inc¢me InbrgSt re¢xivable 175.533 75.979 251.512 154,992 75, 230,958 IKtERE3T PAYABLE 2026 2024 Ini•rost payabl• and ￿MIl￿r ehaiy8 HOU￿r￿j •n loarts (see note 13) Bank chaw payable 4S.771 6.54 52,320 41,325 47,333 Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES TrUST NOTES TO THE FINANCIAL STATEMENTS leonllnu•dl FOR THE YEAR ENDED 30 SEPTEIIBER 2026 IN¥ESThIEPITS At l Octob•r 2024 6,198,286 3.738,013 13,648.5491 147,353 6 433 103 Addthns Disposals Changg in marketvabJ• AI 30 S•ptsmb•r2025 30 Soptombor2026 5,609,616 4 704 529 l investrnents are ¢wob No Irkllvhknl in¥e8trnent maiss up fTKJre 5% of Ihe totd inveslment portfolh). 10 DEBTORS 2025 2024 Trade debtor8 Other debtors and prepayThents Amounts owed by rgkqled parLEs 154.826 102.635 168,847 99,337 316,409 268,184 11 CREDITORS- due wlihln ong year 2025 2024 Trade u*litors Othai iy8ditors and 8e¢xuaL8 D•f8rréd irthmè- SOC￿ Housiry HouslrrfJ loans (noto 131 VAT liotxlty 203.798 439,744 23.619 69.833 398,843 23,819 5,613 673,429 501.7CM) 12 CREDrroRS- d4te afknr move thwn oney 2025 2024 Defe￿￿ inc#Th- SOC4￿ HO￿ng grarrts Hou￿ng (note 13) 1.411,470 357.731 1,769,201 1.435,089 363,￿5 1.799,054 Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES TRUST NOTES TO THE FINANCIAL STATEMENTS {eothtknu•d) FOR THE YEAR ENDED 30 SEPTEMBER 2025 13 HOUSING LOANS Boriothng3 includ•Y in duewTthin arKI aller MO￿ thBn (¥R ygararg as f91b￿.. 2026 2D24 Lt)an s8oJred by mortyge on St m￿a￿ets Prcyrty r8payabk by equ￿ annu31 I￿￿￿ents over 80 yearn at an intsrest ￿te of 14.75%. repayrfflents cornm￿￿￿ in 1978 35,718 36.716 Loan sacurad by rnOrtg￿ on St Phllps CLWrt Property repoyth ty Jual anw81 IrK%laknants ov8r60 yw at an int8r8St Atè of 11.375%. fopaymant cornmenced in 1983 72.786 74,248 Loan secured by mortgw on St Marts Prcwty reparknle by ewal annual instsknants ovar 60 yèars at an int8r88t r8tè of10.25%, ayments ccffimen￿ 1 87,842 69.148 Loan s￿red by m¢xtyage on St Barthc4omews PrciHty repayabb by ual annugl ir￿￿lmerts oveTfjO 8t an intgrs¥t [8ts of 10.5%. repaymerts Comme￿1 1987 181,405 183.853 Tolal seryJr&J borrrthir 357.731 363,965 Loan¥ ar¢ repayable fol0￿. Due lsitlun one year Nots 11 6.268 5,613 after moro than on& y••r. Ba￿￿n onè and yaars Be￿n ￿ a￿1 fve year5 Aftar m¢ye than 5 years 7.000 26,321 6,268 23,￿7 334.140 Note 12 357 731 363. Not&11 & 12 363 999 369.578 31- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARrriES TRUST NOTES TO THE FINANCFAL STATEMEiifs l¢0n¢knuod FOR THE YEAR E￿ED 30 SEPTEPIIBER 202S 14 PESTRTCTED RESERVES Relgl In Need capltal ful Remef in Need Ineom• fund Total Rellgf In No8d At 1 Ociober 2024 Transfer (lol l from ￿restri￿￿1 rps8rves Direcl 6xpenditur In￿rne Revaluation gainsl(b85esl In¥8skn8nt fees 318.640 (7,8801 76.092 394,732 (7,6801 194,6251 143.593 23,715 (1,8011 194.6251 143.593 23.715 11.8011 At30 September 2026 334.SlS 123259 457,934 Gloucestsr Dlstrlct Nurnlng Charlty capllal fvnd Gloucoster Dlstrfct Nuyslng Ch*rfty In¢om• fvnd Total Glou¢estsr Dl¥trlct 14urslng At 1 Odober 2ff24 T￿nSf￿r Ito} I frc*n l￿￿$ti￿1 r8¥orv&s Diterl eX[￿lI￿re Inox RevalUatiC￿ gainslllosses) 378,425 (108.C021 112.420 4￿},845 1108.0021 (75.9321 31,939 10,765 (e,2861 175,9321 31.939 10.765 (S,2881 At 30 Septemljer 2026 281,188 62,141 343,329 Total Re¥trlthd Tolal R•llef Total Glouce8tsr Dl¥tri¢t Nur•in At 1 O¢t9bgr 2024 Tran91er Itol l trom unffj8trirA&d reseryes Dlrect expendi￿re In¢om6 Revalualion g￿￿$1(￿)￿*5I Investrnont fees 394.732 (7,6801 {94.8251 143.$93 23.715 490.846 1108.CX)21 175,9321 31.939 10,765 18,2861 885.577 1115,6821 1170,5571 175.S32 34,480 18.0871 At 30 8•ptsm￿r 2026 457.934 3Q.329 801,2e3 Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARIT1&8 TRIIST NOTES TO THE FINANCIAL STATEMENTS Icontlnuw FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Relief in N88d r8s8N6 L4 ol the RelEf in Ne&l Branth in¥estrn8nts 8JKI the accumulated surplus of income ge￿ated by thgse invèsbnènts ovw Rew expgnthture. The Tesgtvo may be applbj onty for the set out in the rA)nstI￿ of Ihe Charity. Tha Glowester Di5tric* NU￿ng Chwiiy rBSèTW Is m*J& up of th8 aCcum￿ted surplLO of inujmg over exp*x*bJr& gan8ra￿ by inves￿ents. 16 ENDOVIIlEI￿ FUNDS A8at30 S•pt•mbor 2026 A8at l Octohr 2024 Expendable Endowmènt oucester Rdk8f in &ckn EThlowmerrt Pomian•nt Endowmont GI￿(￿$t&r R81ief In Sthwss ETrJownenl Fund Nurses Wallara FuThl Wngoler R8st Hom$ Repair Fund Land 584.270 659.504 240.823 95.164 243,776 1.184,(X)o 230,425 90,999 233,289 1.184,000 2 298 21T Exp•ndabl• End¢yMM An ex￿ndal￿e erKltr*ffn8nt fund k% 8 luThJ that mu%t te invested to PTodu(x Incixns. D8p6nding on the condibons attached to the en(knMnen( lh8 trugtègs ￿ have a legal power to convert all orpart of it Into aj) incune lund wlich can then be An axkxTrJatrAe endohym8nt (5ffers from an Incon￿ fvnd in that Ihere is rKJ axual requirgment to spend the incipal for th6 purposes of the charity or until Ihe In&%tees thcide to. HO￿ver. irwme genertgd from 8xp6nd8bk 8nd0￿Ment B no different Ircfft irK¢)me ge￿rdted Irom pe￿anentend0￿8ntand $hDU for the purpo3e8 oftt* thwtywltNn a r@asc￿ tine ol re￿ipL Pennanent Endowmgnt P•mian8nt endob*Th8nt is prom ofthe charity knd. bulklros. cash or investrnentsl which thè trustees may not SFend as rf itwere In¢om8. It m￿l b& h6kl Fernia￿. 80met'm88 tr) l* uwl in the cha11t￿$ purrK>se8, 8oma1hnès to priKluce ￿ Inc£¥ne for Ihe clw. The trus*es canrnt Mmiaty sp8nd ¥*m)anent endov+Trent ¥￿thL￿ tsrrns of eThJoYmient may pennit a58ets wrthin to bè sokl reinvested or may providg that some or JI ofth8 88sèts arè retain￿1 mdefinrtety. Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOUCESTER CHARMES TRUST NOTES TO THE FINANCIAL STATEMENTS {eonlnu•d) FOR THE YEAR ENDED 30 SEPTEMBER 2026 PurpLWS of èndowrn•ntfunds The G￿u￿ter Relief in Sickness Charity lfi)mwrty part of tho Ge￿ra1 Weware FU￿1) and tha GIOu￿ster Rdlèf In Skkness End0￿ent Fu￿1 {[Drm￿ 14 Clare￿8 Street) we est8bllshed to relieva 8es ofper80ns in need inthearea oflhecty ofGIoLWteraThY the paristrts iMm￿lat￿Y adjoining th8Telo The Nur6e8 ￿are Fund Iformedy part of the Ge￿ra Welfare FUNII was 8$t￿*shed to pro¥KI8 n(yJmts for thè relief of nurses WIKJ in YAK) arg Fasidenl as WKI of tvtifed nurses wh are in ￿￿ed and V￿re T0￿edY ernpl0￿ by the G￿￿eSter Cistrict Society. Thewheeler Re8tH¢Nng Re￿Ir F￿1 F￿a￿aTry￿*￿ts knowTr as th8lhhe8kn Leg d the ￿ttIer Lw ME4nten￿ce. These en&**m*nts fouNtsJ by the will of Viokn Eva ￿heeler and constituted the property 15, HeathWI￿ Road. GkxKWt¥. a ￿p￿tal SLvn ts iTKom¢ of whlch ks 4ed to be us&Y to meet the rJ)jecL% of lh8 Charity. The priwty was sokl durirvJ 20fKI and the prcwds relnvested. End￿d 15 held to genetate in¥eslmentinc•Th. 16 UNRESTRICTED FUNt)s Olher Totsl As at 1 Ortobw 2024 Surplus for the year Revaluation ol inveslmenis Revalu¥tson irt prLwty Nettransfers ￿￿twe9n rp8 At 30 S•ptsmb•r 2028 4,385.(Xk5 9.078,4J9 7.238,022 317,086 20,701.5 &13,531 144.001 65.242 115662 21.369.982 144.￿1 65.242 4.518.874 9,201.804 7.649.304 17 GUARANTEES AND OThER FV4APKIAL COPAmrriiEI￿s Tho tolal offijbjro minkntm18as8 Parn is as bDM'. 2026 2024 Not lat$rth￿ on6 yaar 18 324 32,299 L¥tsrthan ong yearand not k*rlhan fve yew3 39,439 63.283 57,783 95,582 The amount of n0r￿￿c￿labk cferatrvJ kne payments recojntsaj a9 an e>pense duriro the yearwas £28,76412024- £34.729). Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789 THE GLOLKESTER CHARMES Trusr NOTES TO THE FINANCIAL STATEMErirs Iconllnu•d) FOR THE YEAR ENDED 30 8EPTEM8ER 2025 LEGAL STATUS The Trust is g Registered Ch81ity Inumter 2051711 uThJer the Charities Act 2011 aThJ was cortstitutwj by Yrdy ofa Scheme of the Charity C(¥nMi￿￿￿gl5 dated 4 Awl 1997. The Trust B *0 a RwJislerwJ so￿al Landlord InLThter A02151 urKler ￿lI)n S ofthe Hou5iThJ AssoL>alh)ns Acl 1985. 19 UNITING DIRECTION A Uniting DI￿N)n Yras r35wJ by tho d)8rity ¢YxllmI58￿n in 2rxp3 fDr {4W￿￿ter Di8trict Nur3ryw Charity and the GIOU￿ster Ch8ri1ies TrusL The e￿t ol this UnTbng Directicm w85 th81 the enti1188 are wislered under a common regstrnb'on and lh6 truslees are rg]uir&J to prepwe a sing￿ set of ffinanaal Ststory￿nts fLY thg arnotgomatsd 2Q TAXArnN The trust Is a Registered Ch￿lty and is exempt from UK taxAticm on Its eharilth no tAxatlon the￿fOr* 8ris8s in r8sp•d of 1￿Me. 21 RELATED PARTY TRANSACTIONS Transactions with related parbes in the solety in relakn to the transfer ol the Caté tr&Je ￿1n Thè Glou(%slwCh8rftl•s Tntst into a CA)mpany *Trth Directors. Al the year end, the baknce fr(￿ par088 wa6 £58.948 {2024- Docusign Envelope ID." AD8C808>A26E45CO-B78E-8A48BD29A789