C J Gallard's Almshouses, Charltable Trust Finalleial statements for the year ended 31st December 2025 R¢gistered Charity No. 209787 Index General infOrntIon 2 Report of the trust¢¢ and stat¢m¢nt of r¢sponstbilities Independent examiner'g report 6 Statement of f]ndnLial activities 7 Statement of f]nancial activiti¢s- 2024 ¢omparativ¢ 8 Balance sheet 9 Nofrs to the financial statements
C J Gallard's Almshouses, Charitable Trust General Information Trystees.. The Charity TTUStees who served during ttLC ycar w¢re as follows: Ex-officio ReveTend R Wilson The Vicar of ihe Parish ofst Thomas, Southborough Nominative (See Governance section for changes to this class of Trusfres) Mrs J Prance appoinled ty Souikborough Town Council Councillor T Poile appointed by Tunbridge Wells Borough Council Mrs M. Morton appointed by Tunbi'idge Wells Borough Council (ended 26 May 2025) Cowoptative (persons who have resided or Carried on business in or near SouthboTough and appointed by the TTUStecs)'. Mr G J Coventy (Kice Chair) Mr N Powell (Chair) Ms D Hill Mr A Langford MTS B Wisdorn (resigned 19 December 2025) Clerk and Treasurer to tbe Tru$tees-. Mr Philip Grninger (re.gigned 31 March 202 Mr David Woosnam (appoinled 01 April 2025) Almshouses, MAnager: Miss M L M¢Dowall Address.. 27 Gallard's Close, London Road, Southborough, K¢nt, TN4 ONB Bankers: CAF Batdt Limiled 25 Kings Hill Avenue. Kings Hill, West MalIing, KenL ME19 4JQ Solicltors.. Bates Wells l O Queen Street Place. London EC4R I BE Accountants.. Begbies Unit 14, Pk Barn, Evegate Busine&s Park, Smeeth. Ashford TN25 6SX Member of: The Almshouse Association Billingbear Lodge, Maidenhead Road, Wokingham. Berkshire, RG40 5RU
C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilities GovernaneÈ'. The Trst is a Regisfrrcd Charity governed by Schemes made by the Charity Commission having as its principal object the management of the properties known as the C J Gall&rd's Almshouscs. consisting of self-ci)ntained flats in Gallard's Close, London Road, Southborough. Kent, TN4 ONB. Applicants have to be men and women of limited fjnancial means over the age of 55 years who have resided in the BoTougb of Tunbridge Wells with priority given to applicants from SouthborouglL The Charity is financed by Weekly Maintenance Contributions ("WMC") from the residents, income from Investments and Ark Comrnunity Room lettings and donations. Any surplus must be applied for the benefit of the residents. The Ttust has been administered by a body of up to nine Trustees which in¢lude the Vicar of St Thomas's Church, Southborough, two persons nominated by the Tunbridge Wells Borough Coullcil {"TWBC"), one nominated by the Southborough Town Council and five persons who have resided or carried out busin¢ss in or near Southborough. However, TWBC announced in 2025 that they would no longer appoint Trustccs to charities. As a result of this, at a Special Trustees, Meeting held on 13 November 2025, it was agreed that the body of Trustees will in tUre be rnade up uf seven Co-optalive Trustccs (an increase of two} and one Nominative Trustee from Southborough Town Council. At the end of 2025, of the two TWBC Nom3native Trustees, the tenure of one has expired (Mr5 M Morton) and upon the expiry of the other (Mr T Poile) the post will become a Co-optstive appointment. The TNstees believe that they have complied with the duty in section 4 of the Charities Act 2006 to have due regaTd to public benefit guidance published by the Charity Commission and that they comply with the Governance and Financial Viability Standard published by The Homes & Communities Agency. In addition to the tru8tee meetings held every two months, sub committees assemble to agree on policy matters, obligations under charity law and to monitor the Lharily's fll)ances and fabric. RevleTrv of activities: Following on from the 2023 Quinquennial report, the year concentrated on repairs and maintenance of the estate as well as a full review of fire safety arrangeroents. Five new boilers were f1tted in resident's l]ats meaning that over half have now been upgraded. This process will continue as required. The gardens were enhanced with a new patio area as well as a repaving under the pergola. During the year. two TNstees stepped down. Mrs Beatrice Wisdom, a Trustee of 17 years standing and a fonner ChaiT of the Board of Trustees, retired from her positson. The Tn]stees would like to express their thanks for all the time and effort Beatn¢e contributed to life at Gallard's.
C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilities Mrs Marguerita Morton also stepped down following the expiry of her four-year tenure as a TWBC-appointed Trustee. Her wise counsel was always a great asset to Trustee meetings. We wish her well. Recruitment of replacement Trustees is undenvay. The Trustees agreed an increase in WMC of 7.30/0 from £123.50 to £132.50 for 2025 followingJ an increase of 6.3 % the previous year. However, a non-statutory valuation carried out by the Valuation Office Agency in September 2023 produced an equivalent fair rent figure of £190 PToviding, TLUStees reassurance Ihat our charg7es retnain substantially lower than the market level for comparable single bedroomed accommodation in the area. During this period one flat bccame vacant which mcant a temporary drop in income from WMC ovcr th¢ ycar-cnd. Th¢ pro¢css to appoiiit a ncw r¢sidcnt is wcll undenvay. The Almshouse Manager continu¢d to organis¢ so¢ial and fundraising events on behalf of various local charities. Financial reTriew: Total income rose to £259,878 in 2025, an increase of £84,122, but this includes a Provision for recovery of legal costs and interest thereon of £73,342, which is yet to be received. Expenditure rose £1,490 to £169,065, principally the result of increased management and administration costs. The surplus before investment revaluations was £90,813 (2024.. £8,181). The prices of the Trust's income and accumulation investments rose, and the overall value of the portfolio increased by £23,511. Overall, there is a surplus for the year of £114,324. Reserves policy: The Reserves held by the Charity support the main objective of the provision of accommodation at C J Gallard's Almshouses for the benefit of eligible residents of the Borough of Tunbridge Wells. The reserves, excluding7 the restricted Pemlanent EndoThThent Fund, Extraordinary Repair Fund and Restricted Fixed Asset Funds, and the provision for recovery of legyal costs totalled £12,834. These Reserves enable us to meet cyclical maintenance costs and include a provision for special projects and a seneral reserve. The Trustees, policy is to hold a gyeneral reserve. in addition to the Permanent Endown]ent Fund and restricted dnd de5igTndted funds and reserves, equivalent to three months. general expenditure. That level stands at £10,172 {excluding the provision for recovery of legal costs), an improvement of £5,752 on last ycar. It is considered that the reserves are adequate lo cover known future needs.
C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilities Trustees, responsibilities in relgtion to the financial stAtements: The charity tnte¢S responsible for preparing a tNstee8' annual report and financial statemcnts in accordance with applicable law and United Kingdom Accounting Siandards (United Kingdom Gen¢rdlly Accepted Accounting Practice). The law applicable to chaTities and regftstered social housing PTovid¢T$ in England and Wales requires the tteeS to prepare fitwicial statemenLs for eacb financial year which give a trne and fair view of the state of affairs of the charity as at the balance sheet date. and of tts income and expenditure for that period. In preparing the financial statcments the trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP- D]ake judgemerlts and estimates that are reasonablc and prudent. state whether applicable accounting standards have becn followed, subject to any rnaterial departures that must be disclosed and explained in the fll)ancial statements, and pr¢pare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue on that basis. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the fmancial statements comply with the Charities Act 2011, the applicable Charities (Ac¢ounts and Reports) Regulations, the Housing & Regeneration Act 2(M)8 and the Accounting Direction for Private Registered Providers of Social Housing 2015 and the governing document. They are also responsible for safeguarding the assets of the ¢harity and hencc for tsking reasonable steps for the prevelltion and detection of fraud and other irregularities. Approval: The report was fonnally approved by the Trustees at their meeting held on 28 May 2026 and is sign¢d their behalf by- Chair of Tnist¢es'. 28 May 2026
Independent examiner's report to the trustees of C J Gallard's Almshouses, Charitable Trust I report to the trustees on iny exainination of the accoiints ofc J Gallard's Aln]shouses' Cliaritable Trust for the year ended 31 Deceinber 2025 which are set out on pages 6 to 15. Responsibilities and basis of report As the charity tTUStees of the Tst you are responsible for the preparation of the accounts in accordance wth the rtquircincnts i)f thc Charitics Act 2011 I'thc Act,). I report in respect i)f my examination of the Trustets, accnunts carried out under section 145 of the 2011 Act and in carrying out my cxamination J havc followcd all the applicablc Dircctions givcn by thc Charity Commi%%ioncr lder section 14515)(bl of the 2011 Act. Independent examiner's statement I have Loinpleted iny examination. I confirni that iio ter11 tter5 have come to my attention in connection with the exa]nIttIO1) giving me cause to believe that in any ]naterial respect.. 111 ilLLuuIilin¥F records were not kept in respect of the Tnjst as required by section 130 of the Act; or 121 the accounts do nol accord with those records,. or 13) the accounts do not comply with the applicable requirements concerning the forni and content of accounts set Llut in the Chariiies (Accounts and Reponsl Regulaiions 2008 other than any requiremeni that ihe accounts give a true and fair view, which is not a maltei considered as part of an independent examination. I have no conceTn5 and have COTne acr055 no other Tnatters in connection with the exaTnination to which attention should be draTh in this Teport in order to enable a PToper understanding of the accounts to be reaclied. Daniel Valentine ACA Begbies (."Iiarie*edAc¢oiinlortlS Unit 14 Pk Barn Evegate Eliisiness Park Sineeth, Ashford TN25 6SX 2 Junc 2026
C J Gallard's Almshouses, Charitable Trust Statement of financial activities for theyear ended 31st December 2025 Total 3J Dec 2025 Total 31 Dec 2024 Endowment fund Restricted Designated Unrestricted fuAd$ funds fund Notes Income frotTh: Charitable activities - Weekly maintenance colltribution5 Other Activities - .k Comtnunity Roon] l¢tlittgs Donations Jnvesijnents Other- recovery of legal costs Total income 4.265 169,807 174,072 160.365 3,135 3.135 200 9,128 73.342 3.767 300 8.648 2,676 200 3.65S 5.470 73,342 14 3.655 4,469 251,754 259,878 175,756 Expenditure on: ChaT]iabl¢ a¢tivities - A]mshous&%' expenditure - Cycliral Tnaintentnce - Management and administtation - lJtere51 payable Tot*1 expenditure 80,242 80,242 24,949 45.839 93,578 20.112 34,822 19.063 24.949 45,839 18,035 24.949 144.116 169.065 167,575 Net income before gaiDs Ind lo&se8 on investJnentS 3,655 {20A80) 1117,638 911.813 8,181 GAi1151110sse51 on xnvestrnent a55ets 13.168 IOJ43 23.51J 7,224 -yet Into&{expenlture) 13.168 13,998 {20,48O) 107,638 114,324 15.405 Tr&nsfers betweeD funds 17,741 IOJ03 (28,544) Net movement in funds 13,168 31,739 {9,677) 79,lJ94 114J24 15.405 Reconciliation of funds: Toial fund% broughi forward Totll funds earried forwlrd 13 115,429 2,113,037 12,339 4,420 2,245,225 2,229,R20 13 £1211.597 £2,144,776 £2.662 £83,514 £2J59J49 £2.245.225
C J Gallard's Almshouses, Charitable Trust Statement of financial activities for theyear ended 3Jst December 2024 T(btal 31 Dec 2024 EndowJDent fund Re$tri¢ted Desigllated Unrestricted fund5 funds fund Notes tncorne fro Charitable activities - Weekly maInteance ¢otttributions Other activitie5 - Ark Con]munity Room lettiThgs DonatiODS Investments Other- rrfov¢ry of legal ¢osts Total income 3,619 156,746 160,365 3,767 3,767 300 8,648 2.676 300 3,413 5,232 2.676 3,413 3,922 168.421 175,756 Expendlture on: Charitable activities - Almshous¢s' c%penditure - Cyclical ]naintenance - Managcnrrlt alld admiDistration Interest payable Total expeTkditure 93,578 93,578 20,112 34.822 19.063 20.112 34,822 19,063 20.112 147,463 67,575 Net Éncome before gains ADd losse$ on investments 3.413 {16,1901 20,958 8.181 Gal5/(10$5eS) on Investment s¢*$ 3.743 3.481 7224 Net incomel(expendibJre) 3.743 6,894 (16,190} 20,958 15.405 Transfer5 between funds 14,573 1.500 {16,0731 Net Moveent in funds 3,743 21,467 114,690) 4.885 15,405 Reconeiliation of funls.. Totd fund$ brought fonvard Total fund$ tarried forward ij 111,686 2,091,570 27.029 {4651 £4.420 2,229,820 £2,245,225 13 £115.429 £2.113,037 £12.339
C J Gallard's AEmshouses' Charltable Trust Balance sheet 313t December 2025 Notes 2025 2024 T•nglble Ilxed #Ssets 1314J26 2,314,326 I]tYe5tments 227,936 200,770 Current assets Debtors Cash at bank and in hand 74,521 15,345 89,866 380 19,807 20,187 Crtdltors: AlUDts falling due thitt one y¢ar (211,680) {21,170) Net eurreRt a55ets Olabllitl¢$) Total asset9 less curreDt liabi]itxes 69,186 (983) 2,611348 2.514.113 Creditor5: Amounts falling due aft¢r more than one year Other ¢reditor¥ io 251*99 268,888 (251,899) (268,888) £2,245,225 £L359.549 Capital and reserves Unrestricted fullds General reserve Designated reserves Restricted fixed asset funds Other T¢skn¢ted ttds Pernllent ed0ertt 12&13 13 13 13 13 83,514 2,662 2,045,437 4,420 12,339 2.029.838 83.199 115,429 128.597 £2,359,549 £2,245,225 Approved by the Trustees on 28 May 2026 on their behalf by Mr N Powell Chair Mr G J Coventry Thistee
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2025 l Accountthg polftles (a) BLLgis ofpreparation The a¢Unts hav¢ been prepared in accordanG¢ with il the Ststement of Recommended Practice.. ACcouting 2nd Reportmg by Charities Preparing their a¢¢outJls in accordance with the Financial Reporting Standard applicable in the UK and R¢publi¢ of Ircland {FRS 1021 published on 16 July 2014, ill the Financiaj Rcporting Stsndard appli¢able in the UK and Republic of Irelattd (FRS 102) at)d iiil the Clwiti¢s Act 201 I. The fjnat2¢I statett)ents have been prepared under tILe 'stOrIcal CO convention, as adjusied foT th¢ rewalllation of invcstments. Tb¢ trust ¢ottstiwtes a public benefit entity as defined by FRS 102. tb) Siathtory basis The charity is a reg]'st¢red Charity wilh the Chanty Cornmission and a metnber of the National Association of Alm8hous¢s. (CJ Goiryg ¢on¢énJ Th¢ trust5 ¢onsid¢r that there &Te no material uncertainties ai%>ut the trust'5 ability to continu¢ as a going concern. (d) Income (&¥clwling invastmentgaiAs) Inco¢ is TecogtLiStd once th¢ Ghatily h3s ¢ntitl¢ment to the in¢, there is suffi¢i¢nt ¢ertainty of T¢ceip¢ and $0 it is probAbl¢ that th¢ in¢om¢ will be receive¢ and th¢ amowit of itJ¢om¢ rec¢iv2ble can be measur1 reliably. Expenditure is recogniscd once th¢rc is a1¢8al or constructive obligation to Dke a paent to a third paty, it is probable that settleDMtwill b¢ required and the amount ofthe obligation Can be rnllred reliably. Yolue £Ydded ktsx The charity is not registered for value added tsx. Where applicable, expenditure is shown inclusive of VAT (gj HousiKgpropertieJ The freehold land aT origsnal 20 flats (alrnshOLTsI are treated as [n-capItal]sCd assets and included al nil valuclcost. Subseqllertt addition% and iTnprovement expenditurc stated at eost and include attributable financc costs duEin8 thc dcvclopment period. Subsequent fm8n¢e ¢08ts are writte7> off iT) the 5tatcmcnt of financia] aetiTrilies. No depreciation is charged. As the almshouses are well-maiTltailld, knve a ltsng-life and a strong residual value. any dq)reciation would bc immatcrial. O) Firtoncittl Itn{Ments The charity only hs fjnancial assets and fi]y4n¢ial liabilities of a kind that qualify &$ basic financial instrun]ents. Basic financial instTumet)ts are initially recognised at transaction va]ue and subsequently measuT¢d at their settlement value. Bank loaDS are subsequently mc&gurtd at 2mtsrtid c05t U5i]]g tbe ¢ffe¢iive Jnterest method and investrThents are subsequently TE)&llred at their market value as at the balance sheet dat¢ wing th¢ closing quoted tnarket price.
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2025 (i) Jnvulmenl All ga]n$ 8nd losses are takcn to the statemerlt of financsal a¢tivitses as they arise. Reali5ed gains and losses on inv¢stDnls are calculated as the diffcrence between sales proceeds and their opetting CaIng value or their purchase valu¢ If acquircd subsequent to the first day of the fillancial year. Unr¢alJ$ed gaitts and losses are calculated as the difference between faiT value at the ytai. end and their ¢anyDg value. Reali5ed and unrealised inv¢sllent gains and losses #re ¢ombined ID the staten]ent of finantial aclivilies. O) DeNigvafedweYves Designated reservcs are part of unrr5tricted fullds which have b¢eTL Camrked by tbe Tn]stees for &particul purpos¢. Such des1tionS may be reversed by tUre True de¢i$ions. (k) Re51ricted reser Restrict¢d fi]nds are those used for parti¢u]ar purposes, narrower ihatt th¢ overall charitable pwposes of the charity. 2025 2024 2 Income 2nd expenditsre fro cknrithble a¢tlvltle$ Weeldy m91ntenAMce contrTrbutions 174.072 160,365 Al$hOuSe$. expenditure Wagcs and salaries {notc 31 Routine maintenance and services C3r¢line GArd¢n CiX%ts Utilities (water, ¢le¢tricity ond gas) Insurance TV licence 28.567 20,733 5,829 7,227 14.421 3.427 38 27.789 37.159 5,300 8.128 12,280 2.854 68 £80242 £93,578 Cyclical mallrtenance £24,949 £20.112 Extra-ordinary repair fund Mangg¢mellt Admlntstratlon was and salarics Inotc 31 Fee% and subscriptions Tel¢phvne dnd IT A¢countan¢y & independ¢nt eK8mination Legal and proftS5ional f¢e5 Staff training amd seminars Trdvel & subsistence Bank charges Admini5trdtion and 5LULdry expenst5 22,593 77 4,844 3,690 8.070 378 31 00 5.403 £45W9 17,077 865 5,530 3,690 4,073 433 73 2,920 £34,822 lllterest payable £18,035 £19,063 Exp¢nditur¢ ort ¢haritsbl¢ #¢tiviti¢s £169 065 £167.575 Iyet ffincome from th8rltsble acllvltles £5,007 47,210) 10
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31$1 December 2025 Residettts are not tenants but b¢nefi¢i2rie$ ofthe Cjwity under ¢ottth"tions of a licence to occupy an Alwhouse at. Tbey pay a weekly tntintenancc eontribution (WMC} for the maintenance and services provided in accordance with th¢ details laid down in the ResideT*ts' Handb(K)L thcir licence and onginal letter of offer. The WMC rate is det¢rniincd by tbe Tru&t5 on 8 non-profii ]naking basis. Vacant flats. usually aT]sing from dth or from a resident no longer being capable of independent living.. are rjlled from a list of applicattts who have applicd to ¢ome and live at Gallard's Close. Void losses therefore ollly arise frorn the period between a flat falling vacartt and a new resident being able to tske up occupation. 2025 2024 3 St#ff ¢•sts and trustees, remuneratlon and expenses Gross wage5 and s218ries EnJploy¢rs' natitstwdl i]xsuran¢e EmployTtTht allowattce 51,160 5J67 1SJ67) £51,100 44.865 3,360 {3:3601 £44,865 Allocated as folloThE'. Ahnshou5cs' expendifute Managemettt and administration 28567 22.S93 £51,160 27,789 17,077 £44.866 Av¢r3g¢ no of employees No tru%tees r¢¢eived any remuneration in the year (2024..£nil). Expenses of £nil were reimbursed in ihe year (2024.. £nill. 2025 2024 4 lrtve$tmellt lllcfyme Bank interest Dkvidené income 189 8,939 £9,128 199 8,449 £8.648 £3,655 (2024.. £3,413) of diwdend income re12tes to iDve8iments allocated to the restricted Extra-ordinary fuD(L Ail utIr itiveslmettt incojnc is unrcstrictcd incoll. 5 Taxatio C J GAllaTd'% Almshou%es' Charitable Tnwt is a registered Charity attd, as such. is potentially exernpt from xaiion of its income and gains falling rythin Incorne Tax Act 2007 Part 10 and the Taxation of Chargeable Gains Act 1992 s.256 to th¢ extent that they are appli to its charitable objectives. No tsA liability aris¢s in the 11
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2025 6 Tanglble fjxed a&sets Freehold property Cost.. At 1st Jalluary 2025 At 31st Deeernber 2025 2J14J26 2JJ4,326 Nei book value." At 31$t Deeemb¢r 2025 £2,314,326 At 31st December 2024 £2.3 14.326 The Charity own$ the freehold of the land at the junction of IA>ndon lioad a[ Yew Tree Road in Sollthboroug Kent with 26 flats laillthouse5) theIll, ont of w.Ch is occupied by the AInhoUseS, Manager. wbich is part of the Pernwient Endowmcnt. The land is vested ill the Official Custodian for tharities by virtue of the Schen)e of Regulation dated 2 January 1914 and ¢ODfimied in a ievised Schcmc datcd 15.4pTiI 1969. 7 Investrnellt5 National Association of Alntshou5es Common Inve$tmeDt Fund Type of shares AUMulation Markel value Total At Lst January 2025 AddJ"tions Unr¢alis¢d surp]$ on revaluatioD At 31$t December 2025 115,429 85.341 3,655 IOJ43 200.770 3.655 23AII £227,936 13,168 £128,597 £99J39 At 3 1st December 2024 £115,429 £85 J41 £200,770 The inve*ttnents ¢omprise lrtcome and Accumulation shares with the National Association of Almshou5¢5 Common Investment Fd (NAACIF). admillistcrcd by M&G Securitie5 Lin]itcd. Whilst the Charitie% Act 1992 divests responsibility for invcstmcnts to ihe ChaTity TTUSte¢s the Inco¢ unÈt5 alloGat¢d to the Pernmnenl EndolvCT1t Fund #nd are Restri¢ted tapital uttder Charity Commission control 2nd any expendiNre could be subject to reroupm¢nt ord¢rs. The A¢cwnulatiott units are allocated to the Extra-ordinary repair fimd ]d are Regtri¢ted PItal urtder the trustees. control. Due to the multitude of sm&ll acquisitions over many years it is not pra¢ti¢al to deternjine htorie cost. 2025 2024 8 Debtors PAYE & NIC Provision for recovery of legal costs and illterest tlLereon Itkote 14) Prcpayrncnts and accrucd incomc 862 73,342 317 380 £74,521 £380 12
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2025 2025 2024 9 Creditor5: AM[S falling due within one year Loan repayDnts due in less l year PAYF. & Ntc A¢crlla)s 16,990 15,600 1,880 3,690 3.690 £20,680 £21,170 10 Credltors: Amounts falling due after moye than one year The Charity Bank Limited 2025 Tot41 2024 Total tA)an5 £251,899 £251899 £268,888 Loall5 are repayable as follows.. Belween one a]]d two years Betwecn two aad fiv¢ years After more than rsv¢ years 17,760 60,692 173.447 17,760 60,692 173.447 16.645 56.882 195.361 £251,899 £251.899 £268,888 Tbc loans from The Charity Bk Limited comprising advances of £150,000 in 2011. £175,000 in 2012. and £140,000 in 2013 are repayable over 25 yeaT5 and aTe secured on the freehold propety. Interest 1$ payable at 6.50h per annun]. 11 Analysis of tset assets between funds Endowment fund 2025 Restrleted fuThd8 Design*ted Unrestrfcted funds fund Total THng5ble flxed assets Investments C&sh gt bank Other net current assets Creditor5 > l y¢ar 2,3J4,326 99J39 2.114.126 227,936 15J45 53.841 (251 J99) £2J59W9 128,597 2,662 12.683 70,831 (16.990) (251099) £2,144,776 £128,597 £2,662 £83.514 2024 Endowmet)t fund Restrict¢d fldS Desigtsated funds Unrestricted fLllMI Tal Tangible fixed assets Investnwni Cash at bank Othei n¢t Current assets Cr¢ditOTS > l year 2,314,326 85,341 2.314J26 200.770 19,807 120.7901 1268,8881 £2.245.225 115,429 12,339 7.468 6.777 (27,567) 1268,888} £2.103,212 £115.429 £12,339 £14,245
C J Gallard's Almshouses, Charitable Trust Notes to the financial statemellts 31st December 2025 12 Gtoer81 reserve At 1st Jat)uary 2025 Surplu5 for the ycAr Transfrrto Cy¢lical maintenance fund Transfer to Extra-ordinary repair fund Tran5fcrs to restricted fjxed assct reserves Charily Bank loan repayments 4,420 107,638 (12Jl•) (2,142) (15J99) Trall8fer fro]n Boiler fund IJ07 (28,544) At 31st Deeernber 2025 £83514 At 3 1st Detetnber 2024 £4.420 13 Movement of fulld6 Fund balance5 blfwd Fund lance8 ¢lfwd Gains 1055e5 1COme Expendffiture Transfers 2025 Pernunent EndoMTrent Fund 115,429 13.168 128,597 Restricted fixed ass¢t Property fund IJ)an reserve 2J14J26 2J14J26 1268,889) (284A88) 15J99 2,029,838 15.599 2,045.437 Other restrlcted funds Extra-ordiTrary repair fund 83,199 3,655 10,343 2,142 99J39 83.199 3,655 10,343 2.142 99J39 Unrestricted fundi Gcneral rerve 4.42(1 251,754 (144,116) {2&544) 83514 Unre$trt¢ted de%sted funds Cyelical m&intenance fund Special projetts fill Boiler fund 8J74 2,462 4J65 200 (24.949) 12JlO 2,662 1,503 (1.507} J2J39 4,469 124,949) 10,803 2,662 TOTAL 2,245,225 (169.065) 23,511 2J59J49 14
C J Callard's Almshouses, Charitable Trust Notes to the financial statements 31stDecember 2025 PermaDeDt ¢ndowmeDt The Petniartettt endowinent comprises the freehold prortY held al no value alld the incollle share type investsnents. Restri¢ted fixed asset fllnds The re5thcled fixed &%set funds repres6nt the tnJsiee$' investnjent in hou5iTr8 properties less the outstanding balan¢e on the ChaTity Bank loan. ExtrrdInary rep*Tr The extra-ordinary FepittF fimd is used for expendiwre ot) major repair5 or signifjtant improvements and cotnpri5¢S accutnulatiort share tyi)e investments. Lyclic¥l maittt¢naDee fund The Cyclical maintenance fund is rrtained by the tn]8tres to provide for r¢gular upkeep, including internal and externa] repair and re41ecoration. Specigl projects fund The Spetial projects filnd is ed for ¢xpctLdittw¢ only on specially authorised projects. Fund balanG¢s Fund balanccs clfwd Gain5 and losses Income Expenditure TmsfrTS 2024 Pennanent tOwMent Fund 111,686 3,743 115.429 R¢sth¢ied fixed iset fimds PropErty fi]nd Loan reseTve 2.314.326 -1299.061) 2.314,326 -(284,488) 14,573 2,015.265 14.573 2,029,838 Other restricted fvnds Bxtra-ordinary repair fund 76,305 3,413 3,481 83.199 76,305 3.413 3,481 83.199 UDrestri¢ted futtds General reserve (465) 168,421 (147.463) (16,0731 4.420 Unr¢stri¢t¢d d¢signal¢d fllThls Cycli¢al maintenan¢e fi]nd Special PTOj¢¢ts furtd Boiler fjJs 24,867 3.619 (20,112) 8,374 2,162 300 2,462 1,500 1,503 27,029 3,922 (20,112} 1,500 12.339 TOTAL 2,229,820 175,756 (167.575} 7,224 2,245,225 14 Lcgal costs The chaTity has ineurred legal costs to date of £89.049 in connection the terniination of a licence to occupy one of the flats. Thc LhatÈty's Icgal aLtion wa5 suLce¥sfid and it was awaTded costs of £59.629 plus interest at 80/0 (from Junc 2022) in August 2022. £2,676 h35 been reGovered to date. A first charge ha5 now been obtained on tlie fOrnr tenant's property and leg8J action has commenced to force a sale. The Trustees now ton$idei Te¢ov¢ry to be extr¢t)]ely likely and the arGounts tnclude a provision of £73,342 for recovery of costs and tnierest thereim. 15