ROCHESTER BRIDGE TRUST ROCHEsfER BRIDGE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Registered Charlty No. 207100 ROCHESTER BRIDGE TRUST REPORT AND FINANCIAL STATEMEt4TS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Reference and administrative details Annual report 2-12 Independent auditors, report 13-15 Statement of flnancial activities 16 Balan￿ sheet 17 Statement of ca5hflgws 18 Notes to the finèncial statements 19-34 ROCHESTER BRIDGE TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMXNISTRATIVE DETAILS Charity Name The Wardens & Assistants of Rochester Bridge in the County of Kent also known as the Rochester Bvi(ige Trust Registered charity number 207100 Principal Address Bridge Chamber 5 Esplanade, Rochester Kent, MEI IQE Admlnlstratlve Office st Andrew's House The Precinct. Rochester Kent, MEI ISU Court Member5 Matthew Aidan Craig Balfour. Esq. Derek George Butler, Esq. Russell Graham Cooper, Esq. FRtcs *** John Farmer, Esq. **** Philip Filmer, Esq. Raymend Peter Harris, Esq. Mrs Sarah Virginia Hohler Alan Leslie Jarrett, Esq. **¥** Lars Lemonius, Esq. Dr Anne Frances Helen Logan Dr Helen Marie Pascoe Russell John Race, Esq. JP, DL Richard George Thombyi Esq. MRICS Nomlnated (Kent County Council) Nominated (Maidstone Borough Council) Appointed Member Appointed Member Nominated (Medway Council) Nominated (Medway Council) Nominated (Kent County Council) Nominated IMedw8y Council) Appointed Member Appointed Member Appointed Member Apptsinted Member Appointed Member Court member to 20 De￿rnber 2024 SeniDr Warden to 22 May 2025 Junior Warden to 31 May 2025 and Senior Warden from l June 2025 Junlor Warden from l June 2025 ***** Court member to 31 May 2025 ** *** **** Senior officers Sue Threader BEng HonDSc CEng FICE Paula Puxty BA (Hons) FCA TIM Cathcart Ssc (Hons) MRICS Bridge Clerk (Chief Executlve) Chief Finan￿ Officer Chief Estste5 Officer Principal Professlonal Advisors Auditor - Saffery LLP Banker- Lloyds Bank pl Insurance Broker - TowenJate InsU￿nCe Ltd Financial Investment Manager - RathbDnes Investment Management Ltd Property Surveyors - Savills plc; Bidwells LLP Solicitors, Panel - Cripps Pernberton Greenish LLP. H3 Soliotors Ltd,. HCR Hewitsons LLP. I￿1n Mitchell LLP ROCHESTER BRIDGE TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Court of Wardens & Assistsnts of Rochester Bridge in the County of Kent present5 It5 Annual Report and Financial Statements of the Trust for the year ended 31 March 2025, prepared in accordance with the Charities Art 2011 and the Financial Reporting Standard 102. The Rochester Bridge Trust was founded in 1399 to provide and maintain a bridge across the River Medway in Rochester in perpetuity. Benefactors gave land and money in trust to be used for thls purpose. The Trust's mission Is to provide a safe and well-malntsined crosslng of the River Medway at Rochester ridge in perpetuity in an efficient way and apply any surplus funds to support education and other charitable projects. The Trust's Values are integral to all its activities and how it carries out its work. They are.. Leadership, Independence, the Long-term View and Environmental Resptsnsibility. OBJECTIVES AND AcrIvrrrES The formal charitable objects of the Rochester Bridge Trust are, in order of priority.. l. The maintenance and improvement of the bridge5 (known as Rochester Bridgel and the approaches thereto belonging to the Twst and of the banks and channel of the River Medway so far as the conditions thereof may affett the Maintenan￿ of Rochester Brbdge. 2. The promotion of the following purposes connected with the River Medway by means of contributions to.. (al the execution and maintenance of works (Including the approaches thereto, whether or not belonging to the Trust) tending to facilitate passage over, under or across the River MedwayA and/or Ib) the execution of works for the maintenance of the banks and channels of the River Medway so far as the condition thereof may affect passage aver, under or across the River Medway. 3. The promotion of such other charitable purp05e5 a5 may from time to time be determined in the United Kingdom and primarlly Sn the County of Kent. Under its third object, the Trust 5UPPOrts a range of charitable activities, including delivery of education projerts, research and grants. Summa in A tivities Rochester Bridge The Trust malntalns its three bridges (the Old Bridge, New Bridge and Service 8ridge) to a high standard to extend their useful life with the best achievable level of service and cleanliness, balancing the needs of bridge users of all types. To deliver the primary charitable object, the bridges are kept open to all types of traffic at all tlmes except in an emergency. Maintenance work to the carriageway is done under lane closure5 at night. Maintenance staff are on site seven days per week. All maintenance is carrled out with greenhouse gas emissiDns as low as practicable and have been undertaken with Net Zero Carbon emissions since l April 2022. Education Under the third object, civll engineering and agricultural education for young people Is delivered through scholarships and bursariess grants, free resources, events and other artivities. Grants & Other Charitable Projects Grants are male to established organisation5 for charltable projects for public benefit, and other projects are delivered dirertly by the staff. The Grants Policies, which were reviewed as part of the 2023-29 Strategic Plan development process, focus on artivities which reflect the Trust's own history, values and ¥york and set out the charitable purposes whlch wlll be considered for fvnding. These include education and research in civil engineeringi mathematlC5, art and furniture conservatlon, local hlstory and agrlojltu￿. heritage ROCHESTER BRIDGE TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 structure restoration. traditional skills in the built environment and agriculture. and activities which improve the environment and positive use of the River Medway. Exhibitions and lectures are organised to disseminate information about Rochester Yrldge and the work and history of the Trust. Regular Open Days take place at the Bridge Chapel and Chamber. Access to material held in the archives is available to the public by appointment. Operations The Bridge Chapel and Charnber are used as the meeting place of the Court. the home of the main archive collections and for events and exhibitions. The maln admlnistrative offits is currently at St Andrew's House, leased from Rochester Cathedral, with a secondary office at l Gundulph House. The operational property Portfolio also includes land around Rochester Bridge and two carbon sequestration woodlands. External Communicalions and Local Engagement The Twst alms to be open and transpa￿Tht and news and information about the Trust and the public benefit it provides are published on its website and socia5 media accounts, as well as In local, lifestyle and national news publications. Income Generation The financial investment portfolio, held primarily in equltles, Is mar)aged by Rathbone5 Investment Management Ltd, with a small amount being direttly managed by the Trust. The investment property Portfollo Includes a range of land and buildings owned and managed for the generation of funds to deliver the Trust's charitable purposes. Direct property holdings are located in Kent, Medway, West Sussex, Suffolk, Cambridgeshire, Lincolnshire and West Yorkshire. The portfolio includes industrial, retail, residential, commercial property and over 6.800 acres of agricultural holdings. Public Benefit staternent The Court has considered the guidance on public benefit published by the Charity Commission and is satisfied that its work to provide facilities for the general public to cross the River Medway with all the secondary benefits that this freedom of movement enables, clearly meets the "public benefit test" of the Charities Act 2011. In addition, further public benefit Is delivered through grants, education, free lectures and exhibitions, and other charitable projects. ACHIEVEMENTS & PERFORMANCE Rochester Bridge The main Dbjective is to ensure that the bridges remain serviceable for the longest possible time, while ensuring maximum availability of the crossings for all users and giving attention to the appearance an cleanliness of the struttures. The road bridges carry over 12 million vehicle trips every year, almost one million pedestrian journeys and approximately 200,000 cycling trips. Artivity during the year has included.. further development of designs for remedial works tD the Island Pier of the Old Bridge and its access gantry and a solution for material loss from the Rochester Service Well. completing a feasibility study to explore options and costs to strengthen the New Bridge downstream footway cantilever and add additional capacity for active travel modes. The Court decided not to proceed with this project as the benefits woulé be marginal and the costs hSgh- placing of a new six-year contratt for Bridge Inspettions, and completign of the Principal Inspection of the New Bridge- appointment of the University of Sheffield tu undertake testing of the Rochester Esplanade Georgian parapet, and Clach Con5eNatlon Englneedng Lt(J to advise on renovation. installation of new river level and weather monitoring equipment; completion of a river floKI survey and trials of new lifesaving equipment,. repainting the Old Bridge LJPStream bowstring trusses; further evaluation of flood risk to the bridges,. and RocHE￿ER BRIDGE TRusr ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 placing of a new six-year contract for pavement condition monitoring. The Trust did not impose full c105ure of elther road bridge in 2024125. Systems to control the use of the bridges by abnomial loads are in place. Engaging the public about the Trust's worf( on the bridges has contlnued with regular social media posts and engineer-led "Behind the Scenes- tours proving very popular. A number of work experience Pla￿ments were delivered to young people with an interest in engineering and other aspect5 of the Trust's work. Educats"on A new Education Strategy wa5 developed and adopted to ensure focus on effective civil engineering and agricultural education. The Scholarship programmes were reviewed and the Trust now offer5 three engineering scholarships for 51Xth-fomi students (the Rochester Bridgè Trust Arkwright, Telford and Harriott Scholarship Schemes) and one for agriculture undergraduates (the Rochester Bridge Trust Spente Scholatship Scheme). New cohorts of scholars were recruited fDr all four schemes and a programme of enrichment and networklng events organised, including visits to bridge construction 51te5 and talks from practicing engineers. Overall. the Trust engaged with 2.965 young people in the year through its edutational programmes. For the fifth year, the Trust sponsored and provided activities as part of the Living Land evènt ft)r Schools at Detling Showground, organised by the Kent Agricultural Society. Plans are well-advanced for a major education event for August 2025 to be hosted by Rochester Cathedral, which will complement the display in the Nave of a Short Brothers Scion Floatplane that has been restored with a grant froTh the Trust. Free family engineering education activities will be provided, including the bridge-themed adventure golf course. Copies of the Trust's free resource for prirnary schools, Learning about Bridges, continue to be distributed to schools and bridge engineering profe55ionals. In association with FM Conway 383 young people had the opportunity to participate In the Lets Build a Bridgel project where they construct a large-scale model of a cable-stayed bridge. In the year to 31 March 2025, a total of £33,155 was paid in scholarships12024: £7,950). A number of small equipment and travel grants were awar(led, enabllng schools and youth groups to purchase materlals to explore bridge building or to bring groups to events and exhibitions organised by the Trust. Grants A further £1 Mlllion was made available during the year for dlstribution under the third charitable object, bringing the total fund for education and grants projects to £2.28 milllon from 2024 onwards. The funds are allocated under various themes as follows, via direct delivery or grants to other organisations. Advancement of education and research in engineering, maths & agriculbjre. Includes bridge engineering research and education projects with the Universities of Sheffield and Kingston. Advancement of education in the management, use and understanding of archives. InclLJdes funding for the publication of a map of Roman roads and bridges. Promoth)n of traditional ski115 in building conservation and agriculture. Includes sponsorshlp of a histgric skills placement through Historic England. Promotion of health, equality and diversity in agricuFture and englneerlng. River Medway - environmental protectiots, active use, savlng of Ilves. Includes sponsorshlp of a rac1ng boat for the Medway Towns Rowing Club. Promotion of carbon sequestration. Includes the creation of a new tree plantstion on the Trust'5 estate in West Yorkshire. Restoration of historic struttures and artefacts. Includes projerts to repalr the tower of a 12th ntury church and restoration of a passenger carrlage On the Fo5kestone Leas Llft. Estates community development. and Legal advice, administration and new sofvare. ROCHESTER BRIDGE TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Over 4,000 people vislted the Bridge Chapel and Chamber in 2024125 to view the building5 and an exhibition on Rochester Bridge In fimes of Conflict, as we15 as associated lectures and Heritage Open Days. These events also give public a¢￿$S to the art and furniture collertions. The archive catalogue is now available online at www.rbt.org.uk/archive5. Operations It is intended that the TNst's office operations will be consolidated in a single location by redevelopment of two buildings owned by the Trust on the Esplanade and Gundulph Square, Rochester. Planning and Listed Bullding permission has been granted and the final detailed design is being progressed. The projert should start in late 2025. Carbon Reductson Bridge Maintenance (Scopes 1-3). in-huuse activities (Scope l) and professional advisor and supplier activities have been Net 2erD since l April 2024. Significant weight is given to the opportunities to duce carbon footprints in the procurement of goods, works and seNices. Residual carbon is offset In two mixed native species woodland5 created by the Trust at Detling in Kent and Farnley Tyas in West Yorkshire. Rochester Bridge is believed to be the only bridge in the world that is managed with Net Zero Carbon emissions. Overview At the end of the second year of the six-year 2023-29 Strategic Plan pertod, the Court was pleased to have completed ten {23%) of its Strategic Objertives, with artivity Unde￿aY on a further 24 (560kl. Positive factors which have affected the Trust's achievements this year include the cornrnitrnent to and focus on the Strategic Plan by the Court of Wardens & Assistants. and the stability of the staff establlshment. There is a positive relationship between the Court and the senior staff. Income 15 Stable and increasingi Wlth a number of propeity land sales and development re￿Ipts being rettived in the year which will allow additional funds to be distributed under the Third Objett for public benefit. Reoryanisation of property management and the increase in internal resDurces has already delivered good improvements in the quality of the management of the investment property estate. Market research was carried out in 2023 and showed that the Trust's reputation is very good locallyi however a large proportion of the public is not aware that the bridges are managed by the charity at no cost to the public, and the lack of wider understanding of the other charitable activities is restricting the ￿ach and impact of wvork to promote the objects. The Court is committed to openness and transparency about its activities and a specialist consultant was appointed to review the research results and suggest changes. A ￿ViSed Communication Strategy was adopted by the Court and a new role of Communicatlon Manager has been created. Once this post is filled the Trust will have in-house expertise in this area for the first time. Preparation is underway to refresh the Trust's vvebslte. al Risks and Uncertt7inties The Court is commttted to sound risk management as part of its strategy to secure the Trust's long- term ability to meet its objectlves and deliver maximum public benefit; preserve and enhance its assets; and ensure the safety of the public, Its staff and contracto￿. A Risk Management Policy and detailed Strategic Risk Register is in place. Preparation is underway to introduce a new risk management system to further support good risk management throughout the organisation. The Court currently identifies the rn05t significant risk5 as Significant flooding from the River Medway or Strood which could affect operation of the Bridges and the condition of the sections of the Rochester Esplanade river wall which are owned by others but are attached to the section owned by the frust. Projects planned fer the bridges in future years will mitigate other rlsks fvrther. These projects will include replacernent of the access gantry to the Island Pier of the Old Bridge; a solution to control the action of spring water on the Esplanade. renovatSon of the Georglan balustrade on the Esplanade, Rochester and repairs to the Rochester Service Well. Arrangements are in place for handling emergencies and disaster recovery. An emergency plan is Ir) place for the bridges. Insurance cover is obtained for m05t residual risks and the cover types and ROCHESTER BRIDGE TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 levels are reviewed annually. All three bridges are insured for their full replacement value. Comprehensive property-owners insurance is in place. FINANCIAL REVLEW Within the General Fund, expenditLJre exceedeé income by £0.31 million. There were also a number of projects and attivities funded from reserves and, overall, expenditure exceeded income in the year by £2.78 million. There were net realised and unrealised gains on investment property of £2.48 million. and realised and unrealised galns on financlal investments totalling £O.Ql million. giving a net total investment galn of £2.49 million. Taking account of the actuarial gain and the restriction on the surplu5 Qri the pension fund and the revaluation of fixed assets, the net movement In funds for the year was net cost of £0.36 million. Pnnopal Source of Funds The Tnjst does not charge tg11s on the bridge5 Qr fees for its other service5 (apart from room hlre an lerturer fees) and does not re￿1ve funds from the public, grant-making bodies or from any public sources including local or national govemment. The Trnst is self-funded and generates income from its own assets derived from the donations made to it in the medieval period. This income comès primarily from propèrty rents. gains on property sales, dividend5, bank intertst and gains on financial investment disposals. The Court has considered implications for the Trust of the Charities (Protection and Social Investment) Act 2016. As the Trust does not actively fundraise or solicit donation5 from the general public, the Court does not consider it necessary to have a formal fundraising poliry in place. No donations were received in the year. Reserves Pollcy The Trust needs to ensure that it has sufficient reserves to meet the cost of major Maintenan￿ of the bridges at the appropriate time and, where appropriate in the very long-term, to fund replacement of each bridge at no cost to the public. To determine whether reserves are sufflclent to cover the cost of maintalnlng and replaclng the bridges In perpetuity, a fomial Attuarial Opinion Is taken at appropriate inte￿315 to test assumptions and monltor financial performance. The latest artuarial valuation was based on financial data to 31 March 2021 and performance compare(J to the assumption5 is reviewed rEgularly. The Court is satisfied that it does have SLJfficient resources in the long term to deliver its responsibilities and, subject to various assumptions being delivered, will have a small surplus which will be distributed fr)r public benefit through educational and other charitable activities and grants. The total held in the Bridges Reserve Fund and River Medway Fund at 31 March 2025 was £128.8 million, an increase of 0.4% irb the year. All the reserve fund5 are unrestricted. The Court is satisfied that the Trust is viable to continue as a going concem. 'Free reserves. disclosure has been considered but is Trot deemed to be applicable to the Trust. All investment properties and financial investment assets are designated for the futltre use of the Tnjst. Investment PoliLy The Investment PolTCy sets out the approach to managing the investment assets to ensure the charitable objects will be achieved over the very long term. When investing charitsble fund5, the Trnst seeks to meet its charitsble duty by achieving the best total return, whether in the fomi of income or capital, to generate sufficient funds to meet its annual running costs. including routine works. and to maSntain and increase reserve funds for ftjture major capSts1 maintenance and replacement works. The guiding principle is to seek the best financial retum, within the full range of available financial investment options in line with the level of risk the Court has decided is ac￿Ptable to the Trust and the requirements for diver5ification as set out in the Policy. The Court has adopted a policy of ROCHESTER BRIDGE TRusr ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 engagement rather than disinvestment and its instructions to the Investment Manager to Use the shareholder vote or other opportunities to inHUen￿ responsible business prattice at companies in which the Trust is invested. The Investment Policy ensLJres that investments are made in an apprDpriate range of financial and property asset classes to ensure diversification and a spread of risk. that returns are maximised within reasonablè and prudent levels of risk. and that administrative and management costs are controlleé. The target for the overall balan￿ of inve5trnent assets is 600A property:40% financial investments and cash. The majority of the financial Investment portfolio is in relatively higher risk asset types i.e. equities, with the remainder in cash and other financial investments. The investment property portfolio focuses largely on lower risk, long-tem holdings, with a high proportion of agricultural land. The property Investment portfolio provides a good level of fixed income and therefore the Court does not consider it necessary or appri)priate to include financial investments with a similar profile in the financial portfolio. Financial investments exposed to the UK real-estate market are also avoided because of the relatively high exposure that the direct property holdings represent. In the annual review of Investment Policy in Ortober 2024 stsme adjustments were made to remove the requirement on the Investment Manager to aim to achieve a balance between UK and overseas equities. This recDgnises the proportion of UK Listed company income which comes from overseas, the relatively small proportion that the UK market represents in the FtSE All World Index and the lack of exposure of the UK market to important sectors including technology. Investment Performance The long-term investment r>bJectlve is te meet or exceeé the retum assumptions in the Actuarial Valuation to ensure that the provision of Rochester Bridge can bé funded in perpetuityi and to ￿LeaSe surplus value from the inve5trnents to fund grants and other charitable projects to promote the Third Object. Pmperty Investment PortfolFo At 3 1 March 2025, the Property Investment Portfolio comprised 6,750 acres of agricultural land, 40 houses and apartments and 20 commÉrcial properties. There are 150 tenancy agreement5 of various types in place. A new post of Property Manager was filled in June 2024. Residentia5 properties in Kent, Medway and West Sussex are now managed in-house. with Management ofthe other property divided between Bidwells LLP and Savills plc. The total value of the Property Investment Portfollo at 31 March 2025 totalled £78.4 million, a reduction of 9.ovo in the year arising primarily from some significant sales of land, includlng for development proJ"ects. Underlying growth for the ffttained property was modest, with the majority of growth arising from residential holdings, which have risen in value by 1.90/0 to 8.5Wo depending on location. The long- term total return target for the property investment portfolio is 6.65% gross {i.e. before any deduttion for investment expen5es}. Activities in line with the Estate Management strategy have continued, including steps to maximise rental returns, reduce liabilities and in-hand land. and ensure properties are in good order. Several larger rent reviews and re-lettings were concluded. Total Expenditure on Properties was £2.36 million an increase of 48. 1¥0 compared to the previous year. There was considerable activity during the year on developments and disposals resulting in higher expenditure on professional fees, but the scale of the increase was primarily as a result of one-off payments totalling £495,000 resulting from the reorganisation of tenancies to release capital value and increased future income, and fees relating to the development of the Trust's future office premises. Major development proposals by others could have a significant impact on the Property Investment Portfolio in the coming yèars. Representations are being made regarding ma]"Dr pmposals for solar energy developments in Lincolnshire and the Lower Thames Crossing In Kent to ensure that the best interests of the charity are protected. ROCHESTER BRIDGE TRusr ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Financlal Investment Portfolio The total value of the financial investment portfolio fell by £153,729 (D.4%1. The￿ was a fall in dividend income of £102,437 110010), arising primarily from the change in Investment Policy ané Strategy during the year and the move to a greater proportion of overseas equities. The longer-terrn imp15cations of this adjustment, and any 5tep5 to be taken, will be considered fijrther in Ottober 2025 as part of the annual review of Investment Policy. The overall performance of the financial investment portfolio managed by Rathbones Investment Management Ltd was measured against a bespoke composite index and a minimum target of CPI+4Q/o growtrh per annum to 31 December 2024, and cpi+5Qk thereafter. CPl+4Vo for the year was 6.6% an¢J the Composlte Lndex wa5 3.7010. The financial portfolio total retum was 1.9Qkn for the year. The average performance of Rathbones, peers as measured by the ARC Charity Equity Risk Total Return index was 2.9%. Although returns were below aspirations in the year, the Court Is not unduly influenced by short- term flurtuations, takes a very long-term view and remains satisfied that its financial investment strategy is appropriate for the present. Overall At the end of the financial year, cash holdings were particulady high following the large property sales. Good rates of interest were obtained on this cash. Overall, including cash, investments totalled £130.9 million at 31 March 2025, an increase from £129.5 million of l. Iwo. The Court is pleased that the value of the long-term reserves has remained strong. which has allowed the completion of works to the bridges and the distribution of other charitable funds. The cost of construction work continues to rise ahead of inflation and it is essential that the Trust accumulates a level of reserves which is compatible with its long-term liability to maintsin Rochester Sridge In perpetuity. Total income for the year increased by 4.2010 compared to the previous year, to £3.86 wnillion from £3.70 million. The increase arose from growth in rental income and good bank interest, and was achieved desplte the fall In dividend income. Pens At 31 Marth 2025 there was a pension surplus of £1.90 mllllon (2024.. £1.32 mllllon). However, any pension surplus arising at the year-end is not recognised in the balance sheet as the surplus does not meet the Financial RepDrting Standard IFRS102) criteria for recognition as an asset. A full actuarlal pension valuation was carried out at 31 March 2022 and updated to 31 March 2025 by a qualified independent artuary. Tax The Trust incurs Value Added Tax on its expenditure where appllcable. Input tax incurred on bridge or other charitable expenditure cannot be reclaimed as these are deemed to be non-business activities because the Trust doe5 not charge for its public services. Only a proportion of the VAT on expenditure on the property estate can be recovered, i.e. where taxable supplies are being made. The amount of VAT that can be recovered on support costs is restsirted accordingly. Therefore, irrecoverable VAT represents a very large cost, particularly in years with substsntial investment in bridge maintenan￿. In 2024125, the cost of irretoverable VAT was £0.55 million. srRUCTURE, GOVERNANCE AND MANAGEMENT structure The Wardens & Assistants of Rochester Bridge in the County of Kent is a charitable trust orfginally established as an incorporated body by lette￿ patent granted by King Richard 11 in 1399 and confirmed by a statute of Henry V (1422)- The Trust is now regulated by the following Acts and instruments- the Rochester Bridge Art 1965. the main Scheme of the Charity Commissioner5 of l June 1999 (as amended),- Schemes of the Charlty Commissioners of 20 June 2006 and 30 December 2013; Statutory Instnjment 2000 No. 3098, The Charities (The Rochester Bridge Tnjstl Order; and ROCHESTER BRIDGE TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 the Medway Tunnel Act 1990. The 1999 Charity Commission Scheme has been amended by resolutions dated 31 July 2006, 29 October 2007, 19 November 2012 (￿0 amendments), 30 Decernber 2013, 1 September 2014, I l January 2018. 12 March 2018, 19 February 2019, 1 March 2021. 23 May 2022 and 20 May 2024. Governance The board of trustees is referred to as the Court of Wèrdens & Assistants of Rochester Bridge (Yhe Court"). The Court has thirteen members (trustees), six nominated by local authorities, known as"Nominated Members" and seven co-opted, known as"Appointed Members" Every two years the Court elects from tts membership a Senior Warden and a Junior Warden, usually to hold office for a period of tWD years in each role. Appointed Members are appointed by the Court for a tem of five years. with new appointees serving a maximum of three terms. The Court attempts to secure that collectively the members of the Court possess an appropriate spread of expertise havino regard to the objects of the charity, the nature of its property and its activities. Nominated Members are appointed by Medway Council (three), Kent County Council {twol and Maidstone Borough Council (one). Each appointment is for a period of four years, with new appointees serving a maximum of three terms. Nominated Metnber5 are not necessarily member5 of the appointing body and do not represent the views of that body. One of the two Nominated Metnbers from Kent County Council sadly passed away very unexpectedly in December 2024 and the Nominated Member from Maidstone Borough Council sadly passed away in May 2025. The Counclls have not yet nominated replacement trustee5. A two-year Trustee Information and Training Prograrnme is in place including briefing events on cu￿ent issues, occasional property estate visits and regular bridge tours. Members of the Court have access to the onllne Membets, Information Portal. No twstee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosecl in notes 10 ènd 20 to the accounts. The Court holds three Ordinary meetings each year. Additionallyi Special Court Meetings may be called at any time by a Warden or by any two Members of the Court. The appointment of Members. setting budgets; and matters of policy and strategy are reserved to the Court. Members are required to make a declaration of their interests and loyaltles whlch are ￿corded the Register of Members, Interests made available at every meeting. There are five Committees that meet a minimum of twice a year to discuss key areas of the Trust's artivities and ove￿ee delivery and budget monitoring within their area of responsibility. Each committee has detailed Terms of Reference and a Scheme of Delegated Authority in place which is kept under continual review. The CDmmittees are the Bridge. Resources. Property,. Education, Grants & Archives. and Wardens, Committees. The Committees oversee delivery, management Df budgets and other matter5 delegated to them by the Court. Executive functions and operational matters within policy and budget a￿ delegated to Senior officers In accordance with the Scheme of Delegation and Scheme of Financial Delegation approved by the Court. Equity, Oiversity and Inclusion An Equlty. Diverslty and Inclusion (EDII Policy Is In pla￿ and the Court has identified a wish to fijrther improve the diversity of Court membership in future trustee recruitment. A Bgard Effertiveness Review, completed in late 2023, identified EDI as an area of focus for the Court when Appointed Member vacancies arfse. Management The Executlve Leadershlp Team comprises three experienced officers. The 6ridge Clerk (Chief Executive) is Sue Threader, a Chartered Engineer and Fellow of the Institution of Civil Engineers with extensive public and private sertor experience. The Chief Finance Officer, Paula Puxty, is a Chartered ROCHESTER BRIDGE TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Accountant with both corporate and charlty experience. The Chief Estates Officer, TSM Cathcart, is Chartered Surveyor and RegiSte￿d Valuer with extensive commercial property tnanagement experience. The Court considers the Court of Wardens & Assistants and the Executive Leadership Team as the key management personnel in charge of direction, control and operation of the TnJst. The Senior Management Team comprises the Executive Leadership Team plus the Direttor of Bridges and the Director of Charltable Projects, the latter being responsible for delivery of the attivltie5 under the third charrtable objert including education, exhibitions and grants. Other staff deliver bridge engineeringt educatlDn, archives and estate management seTrvices and support the operations and administration ¢f the Trust. During the year there was an average of 21 staff in the establishment (17 full-tirne equivalents). The Trust does not generally engage volunteers. As reqUI￿d a nuTnber of freelance and casual paid staff are engaged on short-temi appointments to work on projects and events, particularly for education attivities. A Staff Remuneration Policy is in place. Staff salaries, induding for senior officers, are regularly benchmarked against data for similar-sized charities in the South East and against profession benchmarks as relevant. Salaries art reviewed annually and approved by trustee5. Subject to affordability, an annual "Cost Df Llvlng" pay award Is based on the Consumer PrI￿S Index (Includlng housing) for ellgible staff. The gender pay gap shows the differen￿ between the average (mean) eamings of men and women. It is expressed as a percentage of men's earnings. The mean gender pay gap for the Senior Management Team comprising three women arbd two men, was -14% li.e. overall male senior Manage￿ have lower pay than female senior managers). The Trust Is a LlvSng Wage Employer, meaning that the Trust has committed to paying all staff an casual workers the real knving Wage as a minimum. The Court make5 use of professional advisors on the management and control of its assets and a number of its other attivities, although activities are In¢￿asInglY being moved in-house in the interests of quality of delivery, management of risk, efficiency. cost and better accountability for performance. FUTURE PLANS Rochester Bridge Detailed designs and contractr documents are in preparation for improved access to the Island Pier. preventing 1055 of material in the Rochester servi￿ Well,- and repainting the upper sections of the Old Bridge downstream bowstring trusses among many other minor repair and maintenance tasks. Discussions continue with statutory undertakers to improve Maintenan￿ and management of plant carried by the SeNice Bridge. The Prlncipal Inspertion of the Old Bridge and river walls will take p5ace in the year, and the evaluation of the options ft)r the repair of the Georgian Rochester Esplanancern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do 50. Audltors, responsibilitie5 for the audit of the financial statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. Our objectives are to obtsin reasonable assurance about whether the financial ststements as a whole are free from materfal misstatement, whether due to fraud or error, to Issue an auditors. 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 Éxists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expetted to Influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responslbllitles, outlined above, to detert material mlsstatements in respert of irregularities, including fraud. The specific procedures for this engagement and the extent to whlch these are capable of detecting irregularities, including fraud are detalled below. Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the informed management, di5CU55ions wlthin our audit team planning meeting, updatlng our record of Interna1 controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation pf the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with informed management and updatlng our understanding of the sector in which the charity operates. Laws and regulations of direct significance in the context of the charity include the Charities Act 2011. the Charities (Accounts and Reports) Fiegulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks Idenufied.. We considered the extent of compliance wlth these laws and regulations as part of our audit procedures on the related finarkcial statement items including a review of financial statement disclosures. We reviewed the charity's records of breaches of laws and regulations, minutes of meetings and Correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity's policies and procedures for compliance with laws and regulations wlth members of management responsible for compliance. During the planning meeting wlth the audit team, the engagement partner drew attention to the key areas which might Involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. 14 ROCHESTER BRIDGE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COURT OF WARDENS AND ASSISTANTS OF ROCHESTER BRIDGE FOR THE YEAR ENDED 31 MARCH 2025 We addressed the risk of fr4ud through management override of centmls by testing the apprDpriatene5s of journal entries and identifying any significant transactlOnS that We￿ unusual or outside the normal course of business. We asse55eé whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their Work with appropriate professional scepticism and thus the capacity to identify non-compliance wlth laws and regulations and fraud. There are inherent limitations in the audit procedure5 described above and the further removed non- compliance with laws and regLJlations is from the events and transactions reflected in the financial statements, the less likely we would becorne aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional Misrep￿sentat1Ons, or through collusion. A further description of our responsibilitles Is available on the Financial Reporting Council's website at.. www.frc.or audl ities. This descrfption forms part of our audltor's ￿pOrt. Use of our report This report is made solely to the charity's trustees, as a bodyi 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 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 trustees as a bodyft for our audit work, for this report, or for the opinions we have formed. ILP Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date: Ja S Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 15 ROCHESTER BRIDGE TRUST STATEMENT OF FINANCIAL ACTIvrrIES FOR THE YEAR ENDED 31 MARCH 2025 General Fund River Bridges Medway Reserve Fund Fund Deslgnated Deslgnated Z025 Total 2024 Total Note Investments Rents receivable Dividends receivable Bank and other interest 2,643,789 904,081 160,879 150,000 2,793,789 904,081 160,879 2,550,842 1,014,204 138,224 Total income 3,708,749 150.000 3,858,749 3,703,270 Raising funds Investment management Expenditure on properties 259,535 1,590,327 259,535 2,359,219 196,781 1,592,358 768,892 Charitable Actlvities Maintenance of bridges Grants payable Other charftable artivities 1.804,065 47,324 321,080 996,639 515,575 314,887 2,800,704 584,039 635,967 1,692,847 50,798 520.067 21,140 2.172,469 21,140 1,827,101 4,020,710 2,263,712 Total expenditure 4,022,331 21,140 2,595.993 6,639,464 4,052.851 Net expenditure before investmants gains/(losses) Unrealised gain/{loss) on financial Investment a￿etS Realised loss on financial investment assets Unrealised investment property gain Realised gain/(loss) on nvestment property sale5 1313,5821 (21,140) (2.445.993) (2,780.7151 (349,581) 13b 24.592 24,592 2,733,145 13b {14.297} {14,297) 467,513 13 1,778,646 1,778,646 9,391,002 13a 696,755 696,755 346,945 Net {expendlture)/income 1313,5821 (21,140) 39,703 {295,D19) 12,589,024 Transfers between FL¢nds 18 (593,545) 593,545 other recognlsed gains/(losses) Actuarial gain on pension fund li Fiestriction of surplus on pension fund Unrealised galn/(lossl on fixed assets 505,000 505,000 69,000 li {583,0001 (583,000) (118,000) 12a/ 12b 12,000 12,000 (20,000) Net movement in funds for the year {907,127) (21,140) 567.248 {361,019) 12,520.024 Total funds brought forward £3.745,886 £33,164 £128,195,307 £131,974,357 £119,454,333 Total funds carrleé forward 18 £2,838,759 £12,024 £128,762.555 £131,613,338 £131,974,357 All transactions are derived from continuing activities. All recognised gains and losses are included in the statement of flnanclal activitie5. The notes on pages 19 - 34 fomi part of these financial statements. 16 ROCHESTER BRIDGE TRusr BALANCE SHEET AT 31 MARCH 2025 2025 2024 Flxed a55ets Tangible 055etS Heritage assets Investment prL)perties Investments 12{a) 12{b) 131a) 13(b) 2,303,201 814,320 78,392,862 38,897,165 2,291,213 813,576 86,121,154 39,050,895 120,407,548 128,276,838 Current assets Debtors Short term deposits Cash at bank and in hand 14 643.670 12,411,941 1,171,843 545.639 2,500,4D6 1,810,716 14,227.454 4,856,761 Creditors: amounts falling due within one year 15 (3,021,664) (1,159,242) Net current assets 11,205,790 3,697,519 Net assets excluding pension liability 131.613.338 131,974,357 Pension liability li Net assets including pensbon liability £131,613,338 £131,974,357 Funds Bridges Reserve Fund {Designated) General Fund River Medway Fund (Designated) 18,19 18,19 18,19 128,762,555 2,838,759 12.024 128, 195,307 3,745,886 33.164 Total fund balances £131,613,338 £131,974,357 The financial statements were approved and authorised for issue by the Court of Wardens and Assistants on 16 October 2025 and were signed below on its behalf by: sell Gra m Cooper Senior Warden The notes on pages 19 to 34 form part of these financial statement5. 17 ROCHESTER BRIDGE TRUST STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 14ote Cash flow5 from operating activitie5 14.93 1,662) (4,508,420) Cash flows from investing activities Dividends, interest and rents Purchase of prc•pertyi plant and equipment Purchase of heritsge assets PrDceeds from sale of heritage assets Purchase of investments Proceeds from sale of investments 3,858,749 121,400) {744) 3,703,270 {8,7701 {1,4961 113,878,183) {6,978,8711 23,580,499 7,665,476 Net cash provided by investing activities 13,538,921 4,379,609 Changa in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 8,607,259 5.451,517 (128,811) 5,580,328 Cash and cash equivalents at the end of the year £14,058,776 £5,451,517 Notes to the Cash Flow Staternent 2025 2024 Reconcillation of Net Income to Net Cash Flow from Operating Activities Net lexpÈnditurèl/income Gains on investments Depreciation charyes Loss on the sale of fixedlheritage assets Increase in debtors Increasel(decrease} in credltors Pension costs Dividends, interest and rents from investments 1295,0191 12,589,024 {2,485,6961 112,938,605) 21,412 25,300 348 1132,5471 {299,670) {49,0001 (3,703,270) 198,0321 1,862,422 {78,0001 (3,858,749) Net cash used irh operating activities (4,931,662) {4,508,420) 202S 2024 Analysis of Cash and Cash Equivalents Cash at bank and in hand Short term deposits Cash held by investment managers 1,171,843 12,411,941 474,992 1,810,716 2,500,406 1, 140,395 £14,058,776 £5,451,517 Analysis of Changes In Net Debt At l April 2024 £ Cashflows At 31 March 2025 £ Cash Cash held by investment managers Cash equivalents 1,810,716 1,140,395 2,500,406 1638,873) 1665,403) 9,911,535 1,171,843 474,992 12,411,941 Total £5,451,517 8,607,2S9 14,058.776 18 ROCHESTER BRIDGE TRUST NOTES ro THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICXES (a) Basls of preparation The financial statements have been pret￿red under the historical cost convention, as modified by the revaluation of fixed assets, and in accordan￿ with the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stanéard applicable in the UK and Republic of Ireland, IFRS 102) second edition and the Financial Reporting Standard applicable in the United Kingdom and Republlc of Ireland (FRS 102) and the Charities Act 2011. The accounts have been prepared to give a 'true and fair. view and have departed from the Charlties (Accounts and Reports) Regulations 2008 only to the extent required to 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 IFRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The Trust ￿eetS the definition of a public benefit entity under FRS 102. The Court is satisfied that the Trust has sufficlent reserves to contlnue as a going concern for the foreseeable future. (b) Fund accounting Designated funds comprlse unrestrlcted fijnds that have been set aside by the Court for partlcular purposes. The aim and use of the designated fvnds are set out in note 18. The General Fund is an unrestricted fund which is available to use at the discretion of the Court in furtherance of the general objective5 of the Trust and which has not been designated for other purposes. The General Fund includes income arising from the General Fund's short-term cash investments which can be used by the Court to finance the Trust's expenditure. Additional funding Is provided by way of transfer from the Bridge Reserve Fund as applicable. The pension reSe￿e fomis part of the General Fund. (c) Income and expendlture recognltlon Income Rental incorne is accounted for in the period to which the rent relates. Dlvldend income is attounted for in the statement of finanoal attbvities in the period in which the charity is entitled to receipt. Bank and other interest are included In the staternent of financial activities when re￿1ve￿. Expenditure Expenditure is Included en an aecruals basis. Costs of raising funds comprise the costs dirertly attrlbutable to managlng the investment portfolio and raising income. Grants payable are charged in the year when the offer is committed. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expendlture. Expenditure on properties is expenditure in relation to the malntalnlng of the Investment and operational pr¢>perties. The Maintenan￿ of Bridges is detailed in note 5. Support costs comprise costs for the running of the charity and are apportioned between tharitable artivities and costs of raising fund5 the basi5 of time spent by staff. Governantr Costs are not treated as an artivity of the Trust for the purpose of allocatlon of Support CDsts but are reallocated across the main activities of the charity in the same way as Support Costs. Governan￿ Costs consist of those costs which relate to the overall running of the Trust, including meeting statutory and regulatory requirements. 19 ROCHESTER BRXDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 (d) Tangible fixed a55et5 (including Heritage A$5ets) Freehold and long lèasehold land and buildings are induded in the financial statements at the Court's best estimate of their open market value. Further details are shown in note 12. Depreciation is not charged on these buildings occupied by the Trust which is not in accordance with the Charities, SORP or FRS102. However. in the opinion of the Court, the buildings have a life in ex￿$5 of 50 years and consequently any depreciation charge and resultant accumulated deP￿CIat￿on, would be immaterial. An item is deemed to be a Fixed Asset when its purchase value lex. VAT) is equal to or exceeds £250 and where its estimated useful life is more than one year. The followlng depreciatlon terms are applied to wrlte down the value of an asset over its useful life: motor vehicles {7 years),. and furniture. fixtures & exhibition assets, office equipment, plant & machinery (5 years). The three bridges, (the two road bridges and the Servi￿ bridge) that are known collectively as Rochester Bridge are included in Freehold Land and Building5 at a nominal cost of £1. All maintenance and improvement costs are written off as incurred. The Court believes that the bridge5 Should continue to be included within the asset base at £1 as their continued use by the public is fundamental to the aims and objective5 of the Trust. The Trust maintains archives and historical records in support of its objettives. The Court considers that owing to the i￿P1a￿able nature of the archives and historical records, conventional valuation appr()aches lack sufflclent reliabillty. As a result, no value is reported for these assets in the Trust's alance Sheet. Further detsils are Shown in note 12. A collection of fine art, furnfjture, silveNare and other historic artefarts is owned by the Trust and reported in the Balance Sheet as Heritage Assets. Disposals from this collection are not anticipate apart from in exceptional cirajmstances. Occasional acquisitions are made where these add to the body of knowledge Df the history of the bridges and the Tnjst er for exhibition purpc)ses. The Assets are preserved to the best of the Trust's ability, Lising professional conservators where appropriate. The collection is privately held by the Trust, however public access is pemiitted during perlodlc open days and exhibltions. A5 described in note 12 a fiJll valuation of the heritage assets is regulady tarried out. In the intervening years the heritage assets are reviewed annually for impairment. An impairrnent charge is made if a significant impabrment is found to have occurred. (e} Investments Quoted investments are included In the financial statements at market value at the balance sheet date. Property investments are Included at falr value at the balance sheet date. The Court approved a new Property Valuation Policy in October 2024. In accordance with this policyi no external valuation of the property portfolio was undertaken for the 2024125 accounts. Revaluation of propertie5 where there had been a material change since 31 March 2024 was undertaken by the Chief Estates Offi￿r, who is a qualified surveyor and registered valuer, arÈd appropriate indexation was applied to other property asset classes. From 31 March 2026. a slx-year cycle will be adopted, with a sertion of the e5tste valued by external valuers every six years, with the Chief Estates Officer to detemiine the appropriate set of Indices to be used for the intervening annual desktop updates. Realised and unrealised gains and losses on revaluatlon and disposals occurrong In the year a reported in the statement of finanoal activitles. (n Pension scheme The Trust contributes to the Kent County Council defined benefit scheme. This scheme is a multi- employer scheme. Changes in the assets and liabilities of the scherne in the year are disclosed and allocate¢J as follows: Changes relating to current or past service costs and gain5 and losses on settlements and curtailments, and pension finance costs arislng from changes the net of the Interest costs and 20 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 expected return on assets, are allocated to the relevant activity heading based on staff costs of employees within the scheme. Pension finance income arising fmm similar changes is recognised as an incoming resource. Actuarial gains and losses are recognised below net income. The assets, liabilities and movements In the surplu5 or deficit of the scheme are calcLJlated by qualified independent actuaries as an update to the latest full artuarial valuation. Detai55 of the scheme assets and 11abilities and major assumptions are shown in note I l. Any pension deficlt of the scheme at the year-end is recognised on the balance sheet. Any pension surplus arising at the year-end is not recognised in the balance sheet as the surplus does not meet the FRS102 criteria for recognition as an asset. See note 11 for further details. (g) Deferred income Deferred Income comprises property rental income demanded in advance which relates to the following year. {h) Flnancial instruments Basic flnanclal instruments are initially recognised at transattion value and subsequently measured at amortised cost with the exception of investment5 which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A speciffic provision is made for debts for which recoverability is in doubt. Cash at bank and in hand Is defined as all cash held in instant access bank accounts and used a5 working capital. Financial liabilitie5 held at amortised cost comprise all creditors except soclal security and other taxe5 and provisions. Financial instruments are detailed In note 23. (i) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued ncome comprlses property rental income which relates to the year but not yet demanded. (j) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments. (k} Credltors and provlslons Creditors and provisions are recognlsed where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognlsed at their settlement amount after allowing for any trade discounts due. (i) Employee benefits Short-term benefits Short-term benefits including holiday pay are recognised as an expense in the period in which the servlce is received. No holiday pay accrual is required in line with FRS102 as the Trust's holiday year Is co-temiinus with the financial year and any holiday carrled forward has to be used within six months and cannot be paid. Employee termination benefit5 Termlnation benefits are accounted for on an accrual basis and in line with FRS 102. (m) Critical estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and Ilabllities that 2re not reèdtly apparent from other source5. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 21 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimate5 are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The Court believes that the bridges should continue to be included within the asset base at a nominal value Df £1 as detailed in accounting policy note Id). Support costs {including governan￿ costs) are allocated across the activities of the Trust, based on a Judgement of resources spent on each actfivlty during the year. A-desktop" revaluation of the property investment portfoliD as at 31 March 2025 was carried out by the Chief Estates offi￿r, a qualifi￿ sutveyor and registered valuer. The major assumptions made by the qualified independent actuary in relation to the perbsion scheme are provided in note 11. NET MOVEMENT IN FUNDS Net movement in funds are stated after charges for audit fees of £18,06012024: £17,900). INVESTMENT MANAGEMENT FEES 2025 2024 Investment management fees Professional and other fee5 Direct Staffing c05t (note 8) Support costs (note 8) 135,466 28,000 41,721 54,348 129,775 28,946 38,060 £259.535 £196.781 The investment management fee is related to the value of the portfolio. EXPENDITURE ON PROPERTIES 2025 2024 Professional and other fees Tenancy reorganisation costs maintenan￿ and repairs Operational Prop&rty Ground rents Compllance costs Vacant property Costs Bad debts Insurance VAT Irrecoverable Direct staffing costs {note 8) Support costs (note 8) 467,357 495,000 351,473 204,850 20,669 35,964 24,760 (15,882) 86.151 139,091 238.762 311,024 428,685 474,435 (23, 193) 17,387 49,271 22,380 2,874 87,365 117,770 179,440 235,944 £2.359,219 £1.592,358 Operational property expenditure ￿lateS to the refurbishment of operational bulldings and the maintenanee of the carbon sequestration woodlands. A provlslon relating to the flnal account of the 8ridge Chapel & Chamber refurbishment was released in the prior year. 22 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 MAINTENANCE OF BRIDGES 2025 2024 Professional fees Maintenance and repair5 including one-off project5 Bridge Management and Operation5 Recharged costs Insurance VAT irrecoverable Direct staffing costs (note 8) Support costs (note 8) 499.537 1,109,936 40,879 13,5871 81,542 328.589 323,022 420,786 189,487 549,470 39.284 (6,191) 63.107 151,957 304,867 400,866 2,800.704 1,692,847 Recharged costs relate to Service Bridge co5t5 recharged to Statutory undertakers in accordan￿ with the 1965 Rochester Bridge Act. GRANTS PAYABLE General Fund River Medway Fund Z025 Total 2024 Grants other grant costs Dlrect staffing costs (nDte 8) Support costs (note 8) 493, 113 22,462 20.552 26,772 21,140 514,253 22.462 20,552 26.772 29.983 4,526 7,037 9,252 £562.899 £21,140 £584,039 £50,798 The following grants were awarded during the year.. £200,896 to Kingston University for a research project to dèsign, manufatture and install bespoke reflectors on the New Bridge- £94,135 to Llnlversity of Sheffield for PhD researching new stone masonry bridges and £30,000 for the development and delivery of a new taught module as part of the civil and struttural engineering course- £63,711 to Kent Agricultural Society for funding aspects of Livlng Land and Uving Land Village for 2024 and the next few years. £20,000 to The Historic England Trust Foundation for a six month work experience placement in the heritage sector. £13,365 to Slough Fort Preservation Trust for restoration to a quick return ammunition lift. There were no other grants of more than £10,000. One grant was awarded In the year for £21,14012024.' none) from the River Medway Fund to Medway Towns Rowing Club for a new IV sojlling rowing boat. Staff continued to support ongoing grant projects and distribute small grants for engineering education to youth yroup5 and schrM)Is. The total number of grants awarded in 2025 was 18 (2024- 22) in addition to scholarships awarded under the Rochester Bridge Trust's Arkwright, Harriott and Telford Engineering Scholarships and Spence Agricultural Scholarship schemes. All grants awarded during the C￿r￿nt and preceding year were in the furtherance of the Trust's third object Ithe promotion of such other charitable purposes as may from time to time be determined in the United Kingdom and primarily the County of Kent). 23 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 MARCH 2025 OTHER CHARITABLE ACTIVITIES 2025 2024 Education & Scholarship Activitie5 Archive Projects & Exhibitions Other Charitable Activities Direct staffing costs (note 81 Support costs (note 8) 68.229 32,943 89,999 193,167 251,629 82,466 50,436 29.913 154,328 202,924 £635.967 £520,067 SUPPORT AND GOVERNANCE COSTS 2025 Financial Brfdges Properties Invest- ments other Grants Charitable Activities Total Direct Wages and salaries 323,022 238,762 41,721 20.552 193, 167 817,224 £323,022 £238,762 £41,721 £20,552 £193,167 £817,224 Support Wages and salaries Insurance 187,249 33,415 200.122 138,405 24,699 147,920 24,185 4,316 25,847 11,913 2,126 12,732 111,975 19,982 119,673 473,727 84,538 506.294 Offfice and administration £420,786 £311.024 £54,348 £26,771 £251,630 £1,064,559 Support Costs are allocateé to activities based on an estimate of the time spent by staff on each artivity. 2024 Financial Bridges Properties Invest- ments other Grants Charitable Activltles Total Direct Wages and salaries 304,867 179,440 28,946 7,037 154,328 674,618 £304,867 £179,440 £28,946 £7,037 £154,328 £674,618 SuppL)rt Wages and salaries Insurance Office and administration 149,499 35,509 215,858 87,993 20,900 127,051 14,194 3,371 20,495 3,450 820 4,982 75,678 17,975 109,271 330.814 78,575 477.657 £400,866 £235,944 £38,060 £9,252 £202,924 £887,046 24 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 Included in the above support costs are the following- GOVERNANCE COSTS 2025 2024 Salaries and wages Meeting costs Auditors, remuneration in respect of the audit VAT Advice Trustee Tralning Charity Legal Advice FRS102 Pension Report 78,563 3,544 17,710 1.900 96,660 4,846 17,900 1,484 1,255 828 2,029 670 £104,416 E122,973 Governan￿ Costs are reallocated across the main artivities of the charity in the same way as Support Costs. EMOLUMENTS OF EMPLOYEES 2025 2024 Salaries and wage5 Employer national insurance Superannuation Net interest and service costs of defined benefit penslon scheme 1,062,574 120,948 185,428 (78,000) 818,549 90,812 145,071 {49,000) £1,290.950 £1.005.432 The increase in salaries and wages reflects an increase in staff resources plus the normal effects of pay awards and cost of living increases. 2025 No. 2024 No. Average number of employees (headcount) 22 16 No. Average number of employee5 (full time equivalent5) 17 13 The Trust considers the Court of Wardens and Assistants and the Executive Leadership Team (Bridge Cle￿, Chief Finance Officer and Chief Estates Officer) as comprising the key management personnel of the Trust. The total employment benefits, including employer pension contributions, of the key management personnel were £438.716 (2024.. £360,796). The number of employees of the Trust earnlng over E60,000- 2025 No. 2024 No. £140,000-£150,000 £120,000-£130,000 £110,000-£120,000 £90,000-£100,000 £80,000-£90.000 25 ROCHESTER BRIDGE TRUST NOTES TO THE FXNANCIAL STATEMENTS {contlnued) FOR THE YEAR ENDED 31 MARCH 2025 10. EMOLUMENTS OF THE COURT No member of the Court received any remuneration from the Trust. Expenses paid le.g. travel and 5Ubsi5ten￿) for trustees attending meetings, training and events on behalf of the Trust during the year amounted to £8,226 for thirteen trustees12024.' £8,311 for twelve trustees). 11. PE14510N COST The Trust is a participant in the Kent County Council defined benefit multi-employer pension scheme. The scheme remains open to new entrants and is compliant with Auto-Enrolment rules. A full actuarial valuation was carried out at 31 March 2022 and updated to 31 March 2025 by qualified independent actuary. Employer contributions payable for the year ended 31 March 2026 are projetted to be £195,000. The pension surplus of £1,902,000 as at 31 March 2025 ha5 not been recognised in the balance sheet as St does not meet the FR5102 criteria for recognitlDn as an asset. Changes in the present value of the defined benefit obligation are as follows: 2025 2024 Opening defined benefit obligation Current service cost ContribLJtions by scheme participants Knterest cost Change in financial assumption5 Change in demographic assumptions Experience gabn on defined benefit obligation Benefits paid net of transfers in 2,522,000 173,000 79,000 128,000 1557,000) 17,000) (6,000) 43,000 2,267,000 153,000 67,000 iii,000 183,000) 131,000) 7,000 3 1,000 Closing defined benefit obligation £2,375,000 £2,522,000 Changes in the fair value of plan assets are as follows: 2025 2024 Opening fair value of plan assets Interest on asset5 Return on assets less interest Administration expenses Contributions by emplDyer Contrlbutions by scheme participants Estimated benefits paid net of transfers In 3,841,000 198,000 (65,000) 14,000) 185,000 79,000 43,000 3,468,000 172,000 (38,000) {3.000) 144,000 67,000 31,000 Closing fair value of plan assets £4,277,000 £3,841,000 26 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 The amounts recognised in the balan￿ sheet are as follows: 2025 2024 Present value of ftjnded obligations Fair value of plan assets (bid value) (2.375,0001 4,277,000 (2,522,000) 3,841,000 Net asset/lliabilityl 1.902,000 1,319,000 Restriction on pension surplus (1.902,000) (1,319,000) Net assevlliabilityl recognised in the balance sheet The amounts recognised in the Statement of Financial Activities are: 2025 2024 SeNice cost Net interest on the defined liabilityl{asset) Administration expenses 173,000 (70,000) 4,000 153,000 161,000) 3,000 Total £107,000 £95,000 Remeasurement of the net assetsl (deflned Ilabllity) 2025 2024 Return on Fund assets in excess of interest other actuarial gains/(losses) on assets Change in finantièl assumptions Change in demographic assumptions Experience gain on deffined benefit obligation (65,0001 (38.000) 557,000 7.000 6,000 83,000 31,000 17,000) Total gain in the year £505,000 £69,000 The major categories of plan assets as a percentage of total plan assets are as follows: 2025 57Wo 6tr/4 1586 8D 2024 Equities Gilts Other Bonds Property Cash Absolute Return Fund Infrastrurture 14Wo 9010 20 5Wo 5% 50/0 50 The assets In the scheme were: Value at 31 March 2025 Value at 31 March 2024 Equities Gllts other bonds PrDperty Cash Absolute Return Furnd Infrastructure 2,436,000 254,000 636,000 350,000 169,000 218,000 214,000 2,235,000 281,DDa 553,000 345,000 61,000 194,000 172,000 Total market value of assets £4,277,000 £3,841,000 27 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2025 The return for the year to 31 March 2025 is calculated to be 3.32% 12024.. 3.76Wo) acmss all asset classes. The major a55umptlons of the actuary were: . At 31 March 2025 2.65D/o 3.85Wo 5.90W At 31 March 2024 2.900/0 Pension increase5 (CPI) Salary increases Dlscount rale 4.95010 Assumed life expectancies at age 65 are: Retiring today Males Females At 31 March 2025 At 31 March 2024 20.7 23.3 20.8 23.3 Assumed life expectanties at age 65 are: Retiring in 2Q years Males Females At 31 March 2025 At 31 March 2024 22.0 24.7 22.0 24.7 12. TANGIBLE FIXED ASSETS (a) Assets recogni5ed In the balance sheet Freehold Office Furniture, Plant and Operational Equipment Fixtures and Machinery Land and Exhibition buildings Assets Total Valuatlonlcost At l April 2024 Addwtions Revaluation 2,242,001 60,008 9,945 68,338 11,455 16,650 2,386,997 21,400 12,000 12,000 At 31 March 2025 2,254,001 69,953 79,793 16,650 2,420.397 Depreciation At l April 2024 Depreciation charge for the year 38,326 9.308 41,640 11.272 15,818 832 95.784 21.412 At 31 March 2025 47,634 52,912 16,650 117, 196 Net Book Value At 31 March 2025 £2.254,001 £22,319 £26,881 £2.303,201 At l April 2024 £2,242,001 £21,682 £26,698 £832 £2,291,213 The net book value of tangible fixed a5set5 rep￿SentS fixed assets used for general management and administration of the Trust. Included in freehold land and building5 are the bridges at a nominal value of £1. The freehold land and building5 were valued at 31 March 2025 as part of a "desktop" revaluation of the Trust's property portfolio carried out by the Chief Estates Officer, a qualified surveyor and registered valuer, with the value increased by £12.000 (2024- decreased by £20,000). 28 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2025 (b) Heritage assets recognised in the balance sheet The Trust owns a portfolio of heritage assets.. artwork, furniture and silverwa￿, which is reported in the Balance Sheet at the most recent insurance valuation, carried out by Tim Ritchie and Associates in 2022. Gains and losses on revaluation are recognised in the Statement of Financial Activities. The Trust intends to meintain its collection of the above mentioned heritage assets. These items are deemed to have indeterminate lives and the Court does not therefore consider it appropriate to charge depreciation. Disposal of any item from this would happen only in exceptional circumstances. Summary analysis of heritage asset transactlons 2025 2024 2023 2022 2021 Balan￿ brought forward Purchases Dlsposals Revaluatlon 813,576 744 812,080 1,496 811,810 270 586,971 16,519 594.013 558 (7,600} 208.320 Balance canied forward £814,320 £813,576 £812,080 £811,810 £586.971 (c) Heritage assets not recognised in the balance sheet Following the construction of the meéieyal stone bridge during the last decade of the 14th century. Sir Robert Knolles and Sir John de Cobham obtairned royal patents for the incorporation of the Wardens and Commonalty of Rochester 8ridge. Since that time the records of Rochester Brldge, beg5nning with the 14th-century wardens, account rolls and estate record5, have been maintained at the Bridge Chamber. Records arising from the current business of the Rochester Bridge Trust continue to be added to the archive. Researchers may consult the Rochester Bridge archives by appointment with the Archives & Records Manager. 13. INVESTMENTS 2025 2024 (a) Investment propertles Valuation at l April Disposals at net book value Reallocation tts tsperational property Revaluation 86,121,154 (9,506,938) 77,989,152 (1,156,000) (103,000) 9.391,002 1.778,646 At 31 March £78,392,862 £86.121, 154 Some of the properties which saw a significant uplift in value following planning permission being achieved in the prlor year were disposed of during the current financial year. A -de5ktop- revaluation of the property portfolio wa5 carried out by the Chief Estates Officer, a qualified surveyor and registered valuer at 31 March 2025. An uplift in value of £1.8 million was recorded, with increases in value primarily being a result of restrurturing of agrÉcultural tenències across various estate5. It Is not posslble to glve the historlcal cost of investment prtsperties as some were acquired over 600 years ago. 29 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 b) Quoted investments 2025 2024 Market value of investments at l April Additions Disposa15 at net book value Unreali5ed gain/{1055) on revaluation 37,910,500 13,878, 183 113,391,102) 24,592 33,893,502 6,978,870 (5,695,017} 2,733,145 Market value of Investments at 31 March Cash held by investment managers 38,422,173 474,992 37,910,500 1,140,395 £38,897,165 £39,050,895 Historic cost at 31 March (excluding cash) £31,308,748 £29,412, 123 Realised galn/(loss) on disposals 114,297) 467,513 2025 2024 The portfolio is made up as follows.. UK Equities (induding Private Equity) Overseas Equities InfrastruLture Funds Indirect Property Funds Commodities Cash 10,583,433 25,006,774 1,542,740 82,688 1,206,538 474,992 15.762,096 19,843,245 1,437,050 77,229 790,880 1, 140,395 £38,897,165 É39,050,895 14. DEBTORS: Amounts falllng due within one year 2025 2024 Trade debtors Includlng rents recelvable Prepayments Accrued income other debtors 128,208 166,352 157,216 191,W)4 96,322 193,928 145,398 109,991 £643,670 £545,639 15. CREDITORS: Amounts falling due withln one year 2025 2024 Trade and other creditors Accruals Deferred income (note 16) Grants allocated but unpaid (note 17} Other taxe5 and social security Pension contributions payable 367,399 413,810 333,435 449,623 1,435,688 21.709 210,084 493,544 324,805 37,760 74,145 18,904 £3,021,664 £1,159,242 30 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CDntinued) FOR THE YEAR ENDED 31 MARCH 2025 16. DEFERRED INCOME Balance at l Aprll 2024 Amount released to property income Amount5 deferred in the year 324,805 (324,805) 333,435 Balance at 3 1 March 2025 £333,435 17. GRANTS ALLOCATED BUT UNPAID RECONCILIATZON Balance at l Aprfl 2024 Paid the year Awarded in the year 37,760 (102,391) 514,254 Balance at 31 March 2025 E449,623 18. FUNDS River Medway Fund Deslgnated Brfdges Reserve Fund Designated 2025 General Fund Total Balance at l April 2024 Net expenditure befo￿ investments gains and losses Unrealised gain on investments Realised loss on investments Unrealiged property gain Realised gain on property sales Transfers between Reserve Funds Actuarial gain on pensbon fund Restriction of surplus on pension fund Unrealised gain on tangible assetg 3,745,886 33,164 128,195,307 131,974,357 1313,582) (21.140) 12,445,993) (2,780,715) 24,592 24,592 (14,297) 114,297) 1,778,646 1,778,646 696,755 696,755 593,545 505,000 {583,000) 12,000 1593,545) 505.000 (583,000) 12,000 Balance at 31 March 2025 £2,838,759 £12,024 £128.762.555 £131,613,338 Rlver Medway Fund Deslgnated Bridges Resepve Fund Designated 2024 General Fund Total Balance at l April 2023 Net expenditure before investments gains and losses Unrealised gain on investments Realised gain on investments Unrealised property gain Realised gain on property sale5 Transfer5 between Reserve Funds Actuarial gain on pension fund Restrirtion of surplus on pension fund Unrealised loss on tangible assets 3,423,117 33,164 115,998.052 119.454,333 651,417 (1,000,998) 2,733,145 467,513 9,391,002 346,945 328,648 69,000 {118,000) (20,0001 {349,581) 2.733,145 467,513 9.391,002 346,945 (328,648) 69,000 (118,0001 (20,0001 Balance at 31 March 2024 £3,745,886 £33,164 £128,195,307 £131,974,357 31 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 DESIGNATED FUNDS There are two deslgnated funds as follows: Brldges Reserve Fund The Bridges Reserve Fund provides for the ￿paIr, improvement, rebuilding or replacement of the bridges and related assets and investment management costs (including maintenance of investment property). Any Surplus in the Fund may be used to fund grants and other charitable projects under the third charitable object. The Fund and all the assets of the Charity are managed to deliver sufficient income to provide fund5 to the General Fund as required to meet tts obligations. A transfer is made each year tL) rebalance the General Fund to equal the closbng value of the Trust's operatlonal assets and liabilities. For the year ended 31 March 2025 an amount of £593,545 {2024- £328,648) was transfevred from the General Fund to the Bridges Reserve Fund. Rlver Medway Fund The Trust maintains the River Medway Fund with a view to distributing the remaining funds from previous dissolved charity, the Medway Heritage Centre Trust (MHCtI in sine with the objective5 agreed at the time of the dissolution of the MHCT. 19. ANALYSIS OF NET ASSETS BY FUND River Medway Fund Designated Bridges Reserve Fund Designated 2025 General Fund Total Tangible fixed assets Heritage a55et5 Investment propertie5 Investments Current assets 2,303,201 814,320 2,303,201 814,320 78,392,862 38,897,165 14,227,454 13,021,664) 78,392,862 38,897,165 13,204,782 {1.732,254) 1,006,538 (1,285,300) 16,134 (4,110) Current liabilities Total net assets at 31 March 2025 £2,838,759 £12,024 £128,762,555 £131,613,338 River Medway Fund i>eslgnated Bridges Reserve Fund Deslgnated 2024 General Fund Total Tangible fixed assets Heritage assets Envestment propertie5 Investments Current assets Current liabilities 2,291,213 813,576 2,291,213 813,576 86, 121,154 39,050,895 4,856,761 {1,159,242) 86,121,154 39,050,895 3,359,513 1336,255) 1,459,974 (818,8771 37,274 (4,110) Totsl net assets at 31 March 2024 £3,745,886 £33,164 £128.195.307 £131,974.357 32 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 20. RELATED PARTXES Two 12024: two) of the Wardens and Assistants who seNed during the year are members of or nominated by Kent County Council. D￿rIng the year ended 31 March 2025, the Trust paid £185,277 (2024.. £145,071} in employer pension contributions to the Kent County Council Pension Scheme, Local Government Pension Scheme administered by Kent County Council. The balance of pension contributions outstanding as at 31 March 2025 was £21,709 12024.. £18,904). The Trust also pald £740 (2024.. £864) during the year for other services In relation to the pension fund. None (2024.. one) of the Wardens and Assistants who Se￿ed during the year were members of Rochester Cathedral Council, which has been disbanded. Two {2024'. two) are members of the Rochester Cathedral Trust. During the year ended 31 march 2025, Rochester Cathedral chargèd the Trust £22,243 (2024: £21, 194), primarily relating to the rent and services for the administrative offlce, St Andrew's House. One of the Wardens and Assistants is Chairman of the Kent Wildfowlers Trustee Company Limited. During the year ended 31 March 2025, the Trust received fees in respett of Agricultural and Sporting Leases of £35,968 (2024: £23,356) from the Kent Wildfowlers Trustee Company Limited. Two (2024.. nil) of the Wardens and Assistants who served during the year were associated with the Kent CommLbnity Foundation, during the year ended 31 March 2025 the Trust paid £11,000 (2024: nil) in set up fees for a new grant fund. 21. FINANCIAL COMMITMENTS Lease Commitments 2025 2024 Lease payments éue under non-cancellable operating leases falling due.. within one year within two to five yeavs 41,264 30,493 32.335 25,030 Total lease payments under non-cancellable operating leases £71,757 £57.365 The total commitment includes a lease for office accommodation (St Andrew's House) ané parking. ground rent on ? long leasehold investment property and offlce equipment operating lease payments. 22. OPERATING LEASE RECEIPTS 2025 2024 Mlnlmum lease ￿ceIpts under nc>n-cancellable ¢perating leases to be re￿IVed.. not later than one year later than one year and not later than five years later than five years 2,084,245 4,683,259 3,172,290 2.010,330 4,243,617 3.691,460 Total lease receipts under non- cancellable operating leases £9,939,794 £9,945,4D7 23. FINANCIAL INSTRUMENTS 2025 2024 Financial assets measured at fair value Investment properties Investments 78,392,862 38,897,166 86,121,154 39,050.475 33 ROCHESTER BRIDGE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 24. STATEMENT OF FINANCIAL ACTIVITIES - PRIOR YEAR COMPARATIVE General Fund River Bridges Medway Reserve Fund Fund Desigrtat•d D•signated 2024 Total Note Investments Rents receivable Dividends receivable Bank and other interest 2,550,842 1,014,204 138,224 2,550,842 1,014,204 138,224 Total Income 3,703,270 3,703,270 Raising funds Investment management Expenditure on properties 196,781 1,296,793 196.781 1,592,358 295,565 Charltalp. Activities Mainl Yce of bridges Grar payaDle Othf charitable activities 1.266,466 16,289 275,524 426,381 34,509 244,543 1,692,R47 50,798 520,067 1,558,279 705,433 2,263,712 Total expenditure 3,051.853 1,000,998 4,052,851 Net Income/(expenditure) before investments gains/(losse5) Unrealised gain(loss} on financial investment assets Realised gain/llossl on financlal investment assets Unrealised investment property gain Realised gainl{lossl on investment property sales 651,417 {1,000,998) (349,581) 13b 2,733,145 2,733,145 13b 467,513 9,391,002 346,945 467,513 9,391.002 346,945 13a 13a Net incomel{expenditure} 651,417 11,937.607 12.589.024 Transfers between Funds 18 (328,648) 328,648 Other racognised gains/(losses) Actuarial gain on pension fund Restriction on Surplus on pension fund Unrealised gain on fixed assets 69,000 (118,000) (20,000) 69,000 {118,000) {20.000) li 12a1 12b Net movement in funds for thè year Total funds brought forward 322,769 12,197,255 12,520.024 £3,423,117 £33.164 £115,998,052 £119,454,333 Total funds carried forward 18 £3,745,886 É33.164 £128,195,307 £131,974,357 34