## **The Earl of Northampton’s Charity** ## **Trustee’s Annual Report & Financial Statements 2025** Charity Commission Number 210291 Trustee’s Annual Report & Financial Statements 2025 | **2** **The Earl of Northampton’s Charity** ## CONTENTS |Trustee’s Annual Report for theyear ended 31 March 2025|4| |---|---| |Introduction, objects and activities for public benefit|4| |Provision of Housing Overview|5| |Grants Overview|6| |Older People & Housing Programme|7| |Learning Partner|9| |Funding Approach|10| |Financial Review|11| |Investments|11| |Results for the year|12| |Financial position|12| |Fundraising|12| |Investment policy|12| |Risk management|13| |Reserves policy|14| |Structure, Governance and Management|15| |Our volunteers|16| |Related parties|16| |Future Plans|16| |Trustee’s responsibilities in relation to the financial statements|17| |Statement of Financial Activities for the year ended 31 March 2025|23| |Statement of Financial Activities for the year ended 31 March 2024|24| |Balance Sheet as at 31 March 2025|25| |Statement of Cash Flows for the year ended 31 March 2025|26| |Notes to the financial statements|27| Trustee’s Annual Report & Financial Statements 2025 | **3** **The Earl of Northampton’s Charity** |1 Accounting Policies|27| |---|---| |2 Income from Investments|30| |3 Almshouse Income and Expenditure|30| |4 Expenditure|31| |5 Tangible Assets|33| |6 Investment Properties|34| |7 Quoted Investments|34| |8 Debtors|35| |9 Creditors: Amounts Falling Due Within One Year|35| |10 Analysis of Funds|36| |11 Grant Commitments|37| |12 Reconciliation of Net Income To Net Cash Flow Using In Operating Activities|38| |13 Related Parties and Connected Charities|39| |14 Grants|40| |Legal & Administrative Information|41| Trustee’s Annual Report & Financial Statements 2025 | **4** **The Earl of Northampton’s Charity** ## Trustee’s Annual Report for the year ended 31 March 2025 The Mercers’ Company as the trustee of the Charity (the Trustee) presents its annual report and audited financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting principles set out in note 1 to the financial statements and comply with the Charity’s Scheme of Management, the Charities Act 2011 and the current Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). ## Introduction, objects and activities for public benefit The Earl of Northampton’s Charity (the Charity) is both an almshouse charity and a charitable funder. It is responsible for the management of the almshouses at Trinity Hospital Greenwich and Trinity Hospital Shotesham. Henry Howard, Earl of Northampton entrusted the management of the almshouses in Greenwich, to the Mercers’ Company’s care in 1614. The original almshouses were for twelve poor residents from Greenwich and eight from Shotesham. In 1879 further almshouses were built in Shotesham, Norfolk (the Earl of Northampton’s birthplace) to house the residents from Shotesham. Today, the Charity continues to provide spacious, attractive and affordable accommodation with good communal facilities for beneficiaries. The Charity also makes a significant number of grants for relief in need, particularly in Norfolk. The objects of the Charity are: the provision of housing accommodation for beneficiaries (in the prescribed areas of Greenwich and Shotesham); charitable purposes for the benefit of the residents; and the relief of those in need, hardship or distress by the provision of grants. In addition, the Charity is required to make a set number of grants as stipulated in the Scheme of Management. These are: - Trinity Hospital Clun (£3,000 set by the Scheme with power to make a further grant not exceeding £10,000); - Trinity Hospital Castle Rising (£3,000 set by the Scheme with power to make a further grant not exceeding £15,000); and - Jubilee Almshouses, Greenwich, (£1,000 set by the Scheme with power to make a further grant not exceeding £6,000). The Trustee confirms that it has complied with its duty under Section 17 Charities Act 2011 to have due regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives, in planning future activities and in setting the Charity’s grant making policy. Trustee’s Annual Report & Financial Statements 2025 | **5** **The Earl of Northampton’s Charity** ## Provision of Housing Overview The Charity is one of three charities whose housing provision is managed by the Trustee. The Charity has two almshouse sites: ## **Trinity Hospital, Greenwich, London** ## **Trinity Hospital, Shotesham, Norfolk** **----- Start of picture text -----**
41 units 6 units
48 residents 6 residents
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The housing provision continues to be accredited by EROSH with reviews taking place each autumn. The accreditation was maintained at the 2024 review against the EROSH Independent Living Standards (previously known as the EROSH Code of Practice). Points of good practice identified included staff management, recruitment and retention, service description and standards and resident involvement. The next full EROSH accreditation of the Trustee as a housing provider will take place in late 2025. Ongoing maintenance work is carried out to ensure the quality of housing units and their environs remains high. At Trinity Hospital Greenwich significant work was undertaken during the year on the River Building and its roof and clock tower. At Trinity Hospital Shotesham, 5 yearly electrical works were undertaken along with redecoration works. The BSI H&S Audit was undertaken there in Autumn 2024. Regular activities for residents (such as coffee mornings, games evenings, wellbeing activities) take place at both almshouses, alongside planned events, trips or celebrations. In Shotesham the Housing Team continues to work with the Parish Council and Village Association and successfully helps to facilitate regular community events in the village hall, located on the almshouse site. During the year, the Trustee reviewed a resident’s eligibility to remain at the almshouse and the appointment was set aside. The Trustee resident had not yet vacated the property at the year end so possession proceedings and the resident was subsequently evicted. Trustee’s Annual Report & Financial Statements 2025 | **6** **The Earl of Northampton’s Charity** ## Grants Overview The Charity is one of several charities that contribute to the people-based Philanthropy Framework co-ordinated by the Trustee with **four major funding programmes** . This framework reflects the intentions of the participating charities’ benefactors. The four programmes aim to tackle disadvantage by focusing on individuals, families and communities and supporting organisations that help people to reach their potential in several ways including: by inspiring a love of learning; strengthening self-belief and wellbeing; and creating opportunities to live a balanced, rewarding and varied life. Details of the grants made during the year are set out in this report together with the impact of funding awarded in earlier years. In 2024/25 the Charity contributed to one of the major funding programmes: **Older People & Housing** , and awarded new grants which will be paid in instalments across multiple financial years: **----- Start of picture text -----**
4 NEW GRANTS
totalling
£410,363
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of this amount…..
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£256k went to £154k went to
alleviating loneliness alleviating loneliness
and poverty in older in older people
people
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Trustee’s Annual Report & Financial Statements 2025 | **7** **The Earl of Northampton’s Charity** The Charity makes unrestricted, core and projects grants for charitable work. At the time of application, grantees submit a plan for how they will evaluate the success of their work. Each of the grants awarded is monitored through annual progress reports (which include an update on how each is progressing towards achieving the outcomes set at the time of application) as well as other material supplied by grantees such as videos and external impact reports. These formal reports are supplemented by informal conversations with grantees throughout the year. ## **Older People & Housing Programme** **----- Start of picture text -----**
Combatting
poverty in older
people
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Combatting
loneliness in older
people
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**Where?** London and Norfolk. **Who?** Disadvantaged older people (55 and over) Our contribution means that in 2024/25 **4 new grants** were awarded to **4 organisations** totalling **£410,363** . All **4** organisations are based in **Norfolk.** ## **Spotlight grantee in 2024/25** North Norfolk Community Transport **(NNCT)** brings communities together through accessible subsidised transport services. NNCT support those without their own transport, with no accessible public transport or unable to use, because of ill health or disability in their elder years. NNCT’s services enables people to remain more independent and opportunities for socialising. ## _**NNCT Services:**_ - Access Car – Wheelchair accessible car: Accessible transport for medical appointments or essential trips across North Norfolk for mobility-impaired. - Dial a Ride – Minibus routes: A door-to-door, accessible minibus transport service, to local shops and supermarkets. - Minibus Hire – Minibus and driver service: Available to charities, and community groups. - Group Trips – Making social connections: A variety of accessible minibus trips that encourage socialising, to places of interest - highly subscribed. ## _**Outcomes and Impact:**_ - 15,495 individual trips for individual passengers in 2023. Trustee’s Annual Report & Financial Statements 2025 | **8** **The Earl of Northampton’s Charity** - 91% of beneficiaries made new connections and friendships. - 96% of beneficiaries felt/were more independent. “[The grant awarded in 2023/24] has enabled people to remain **living independent lives in their own homes** . We offer affordable, accessible transport to people with no other access to the outside world. It has also helped us to **increase social agency** . Our wheelchair accessible vehicles take people to medical appointments and also enable wheelchair users to continue playing a **valuable role to society** . One example of this is a lady who is able to use our transport not only to get her shopping, but is also able to take her grandchild, who she looks after in the school holidays, on outings.” _- Jane Bishop, Executive Lead_ ## **Grants impact Data** The collaborative Philanthropy Framework places emphasis on developing relationships with and between charities. This, alongside the longer-term approach of the Framework means that it is starting to bring real change. All of the grant making programmes aim to have the following impact: Improve people’s lives, strengthen organisations and contribute to societal change. When grants are awarded, the outcomes and impact that grantees aim to achieve are aligned to the three impact indicators for the Philanthropy Framework. In the year 2024/25, the reports submitted have shown that the Charity has contributed to: **----- Start of picture text -----**
Improving People’s Lives
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- **8** organisations reported developing people’s skills - **10** organisations reported improving people’s wellbeing **3** organisations reported supporting people into employment Breaking down the data further, this means that a total of **43,006** people have been supported, of which **3,899** people are being supported on a regular basis. In addition: **7,383** people feel better connected to their community **516** people have developed their skills **6,045** people’s wellbeing has improved **83** people have been supported into employment Trustee’s Annual Report & Financial Statements 2025 | **9** **The Earl of Northampton’s Charity** **----- Start of picture text -----**
Strengthening organisations
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- **9** organisations reported an improvement in financial stability - **7** organisations reported developing new partnerships with organisations **6** organisations reported expanding their services to reach more people or communities **5** organisations reported developing the skills of their staff and volunteers **4** organisations reported successfully leveraging additional funds as a result of our funding totalling **£379,172** - **2** organisations reported establishing a systematic monitoring and evaluation process **533** volunteers were supported **22** leaders **18** leaders reported their improved their abilities had wellbeing been developed **----- Start of picture text -----**
Contributing to Societal Change
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**7** organisations reported being able to raise awareness of a particular issue **6** organisations reported they had contributed to an external evidence base - **2** organisations reported that they could now influence a change in practice beyond the organisation - **2** organisations reported that they influenced local or national government policy ## **Learning Partner** At the end of 2023 the Church & Communities (C&C) and Older People & Housing (OP&H) programmes agreed to jointly commission a learning partner, Swain, Frost and Weir, to conduct a five year evaluation of the funding programmes from which the Charity’s grantees will benefit. The primary aims of the learning and evaluation are to: - Evaluate the C&C and OP&H programmes in relation to the Mercers’ Impact Framework; - Identify lessons that could be learnt (by charities, the Mercers’ Company and other funders); - Present this in the wider context of funding and issues faced by communities and older people within England; and - Inform the Trustee’s ongoing approach to each of the programmes. Trustee’s Annual Report & Financial Statements 2025 | **10** **The Earl of Northampton’s Charity** ## **Funding Approach** The Philanthropy Framework coordinated by the Trustee goes beyond supporting our grant holders financially. The aim is to enable organisations to strengthen and improve their resilience by providing access to peer networking opportunities, training and support provided by expert organisations such as the Cranfield Trust and Media Trust. This approach is known as high engagement funding or Funder Plus. The Charity is pleased to fund this work for the benefit of the grantees within the different funding programmes. As well as being a living wage employer, the Trustee and the charities of which it is trustee are Living Wage Funders, which means they encourage organisations to pay their staff the real living wage. In 2022 the Trustee signed up to the Institute of Voluntary Action Research (IVAR) eight principles of open and trusting grant making. The Charity’s grants are published on 360 Giving, which aims to promote transparency in grant making and provide useful data to grantees about what is funded and by which funders. This partnership approach is increasingly recognised as good practice and has been welcomed by grantees. Trustee’s Annual Report & Financial Statements 2025 | **11** **The Earl of Northampton’s Charity** ## Financial Review The Charity generates income primarily from its own sources through: ||**2025**
**£**|**2024**
**£**| |---|---|---| |Propertyinvestments|58,000|49,000| |Stock market investments|694,000|726,000| |Bank interest|59,000|59,000| Income from maintenance charges receivable from almshouse residents was £676,000 (2024: £615,000). ## **Investments** ## _Investment property_ An external valuation of the properties was undertaken in 2024 and revaluation losses of £40,000 were recognised in 2024. As there have been no significant changes in market conditions or the condition of the properties that would indicate a material change in fair value, the Trustee has concluded that a revaluation is not required in the current financial year. ## _Listed investments_ Total net gains of £726,000 on stock market investments were experienced in the year (2024: net loss £1,249,000). The Endowment Fund portfolio produced a total return, after fees, of +6.5% over the year to 31 March 2025, marginally behind the CPI +4% target of +6.9%. Strong returns were seen in major asset classes, especially equities, driven by large US technology companies over 2024. Markets fell in value during January to March 2025, largely due to rising geopolitical tensions and the reemergence of protectionist trade policies. The General Investment Fund portfolio and Cyclical Maintenance Fund portfolio both produced a total return, after fees, of +4.2% over the year to 31 March 2025, ahead of the CPI +1% target return of +3.8%. There were strong headline returns from the major asset classes, particularly within the fixed income held via the Sarasin Income & Reserves Fund. Markets experienced a pullback in the first quarter of this year, largely due to rising geopolitical tensions and the re-emergence of protectionist trade policies. The Trustee continues to monitor the performance of the portfolios and the market. Trustee’s Annual Report & Financial Statements 2025 | **12** **The Earl of Northampton’s Charity** |**Investment Fund**|**12 months to 31**
**March 2025**|**Since inception**
**August 2023**| |---|---|---| |**Endowment Fund**|6.5%|14.4%| |PrimaryComparator: CPI + 4%|6.9%|10.4%| |SecondaryComparator: Sarasin Endowment Fund|4.4%|16.3%| |||| |**General Investment Fund**|4.2%|9.2%| |PrimaryComparator: CPI + 1%|3.8%|5.1%| |Secondary Comparator: Sarasin Income & Reserves
Fund|4.2%|12.4%| |||| |**Cyclical Maintenance Fund**|4.2%|9.2%| |PrimaryComparator: CPI + 1%|3.8%|5.1%| |Secondary Comparator: Sarasin Income & Reserves
Fund|4.2%|12.4%| ## **Results for the year** Total income for the year was £1,487,000 (2024: £1,449,000); total expenditure for the year was £1,774,000 (2024: £1,404,000) and net gains on investments were £726,000 (2024: £1,209,000) resulting in net income for the year of £439,000 (2024: £1,254,000). ## **Financial position** Net assets at the end of the year were £33,513,000 (2024: £33,074,000). These were represented by endowment funds of £20,425,000 (2024: £19,776,000), restricted funds of £1,623,000 (2024: £1,727,000) and unrestricted funds of £11,465,000 (2024: £11,571,000). ## **Fundraising** The Charity does not undertake any fundraising activity. ## **Investment policy** In accordance with the Scheme, the Trustee has the power to invest in such stocks, shares, and property as appropriate to meet the objectives of the Charity. The investment policies were reviewed during the year. The policies reflect the need to generate a sufficient financial return for the Charity to fulfil its objectives, with an appropriate time horizon, while managing risk and reflecting the Charity’s’ stance on ethical investments. The Endowment Fund is an income generating portfolio and capital cannot be used to supplement income. The portfolios are managed on a balanced risk approach for income and capital growth. The investment performance of the investments is compared against relevant benchmarks (see Financial Review above). Trustee’s Annual Report & Financial Statements 2025 | **13** **The Earl of Northampton’s Charity** The Charity has a policy of responsible investment, positively screening to invest in companies that can demonstrate socially responsible values and sustainable growth, and negatively screening companies or sectors that are not in line with the charitable objects of the Charity. As such, the following areas are excluded from our investments: - tobacco - - - gambling - pornography - high interest lending. The Trustee is satisfied that its policy and objective is being met. ## Risk management The Trustee acknowledges its responsibility for the management of risks faced by the Charity. The Charity’s Risk Register is reviewed annually by the Trustee’s Charity Governance Committee and at least bi-annually by the Trustee’s executive management team. The Trustee, in considering the governance, management, operational, financial and environmental risks, is satisfied that there is no material exposure, and that there are procedures in place to mitigate such risks. The Trustee has agreed clear lines of delegation and authority, and the Trustee and its staff are involved in the recognition of risk in all their activities. The main risks faced by the Charity are: |**Risk**|**Mitigation**| |---|---| |Current ongoing safeguarding risk to residents|Action taken to evict ineligible resident.
Increased security at site in meantime.| |Operational Risk in connection with almshouses
(eg fire, flood etc, housing management failure,
safeguarding risk or injury to residents)|EROSH certification. Appropriate Policies in
place. Complaints procedures. Benchmarking
against other providers (EROSH and Acuity).
Regular Scheme Managers Meetings. Residents’
Communication Forum.| |Financial Risk - loss of asset value and
investment income|Regular review of valuation by Executive and
Committees; reforecasting of budgets.| Trustee’s Annual Report & Financial Statements 2025 | **14** **The Earl of Northampton’s Charity** ## Reserves policy The reserves policy was reviewed by the Trustee during the year and the policy was developed further to build upon the objectives, responsibilities, risk management, liquidity, and reporting and monitoring processes for managing the reserves. The primary reasons for holding the reserves for the Charity is to ensure: - that the conditional committed beneficiary grants are fulfilled, - prudent management of the housing services provided to beneficiaries in the event of a fall in income or other adverse event, and - that the funds for grant making next year are available to ensure the ability to plan for further grants to beneficiaries. The free reserves of the Charity comprise the unrestricted funds less the unavailable assets and comprise the following: ||**2025**|**2024**| |---|---|---| ||**£’000**|**£’000**| |Total unrestricted funds|**11,465**|**11,571**| |Less unavailable assets|6,610|6,809| |Free reserves|4,855|4,762| |Reserves:||| |Conditional committed grants|423|612| |Next year’s grant making allocations not
otherwise covered above|419|243| |Next year’s transfer to the cyclical
maintenance fund|203|203| |Six month’s operational costs of the|230|215| |almshouses||| |Total allocated reserves|**1,275**|**1,273**| |Excess free reserves|**3,580**|**3,489**| The Trustee is planning the utilisation of the excess free reserves in coming years for its grant making programme and for its housing provision. The Trustee reviews the status of reserves annually. Trustee’s Annual Report & Financial Statements 2025 | **15** **The Earl of Northampton’s Charity** ## Structure, Governance and Management The Wardens and Commonalty of the Mystery of Mercers of the City of London (more commonly known as The Mercers' Company), which is a body corporate formed by Royal Charter in 1394, is the Trustee of the Charity and is the controlling party. The Mercers' Company’s governing body is the Court of Assistants. The Master Mercer was PLR Lane until July 2024, Dr DGM Powell from July 2024 and Ms AES Hohler from July 2025. The Clerk to the Mercers’ Company is RM Abernethy. The Mercers’ Company acts as trustee for several charities and has established a governance committee for each charity. The members of the Charity’s Governance Committee are: Mr SWJ Wathen (Chairman) Wg Cdr M G Dudgeon OBE DL Mr CC Scott In addition to its routine business, during the year the Charity Governance Committee reviewed the provision of services to the Charity by the Trustee and together with the other charities who receive services from the Trustee, commissioned an external benchmarking report to establish value for money. The Charity Governance Committee also reviewed the handling of a serious incident from 2021, resulting in the setting aside of a resident’s appointment, to identify lessons learned. The Charity’s Governance Committee delegates certain matters to a number of the Trustee’s specialist committees: |The Charity’s Governance Committee delegates
specialist committees:|certain matters to a number of the Trustee’s| |---|---| |**Function**|**Delegated Body**| |Grant making|Older People & Housing Committee| ||Church & Communities Committee| |Oversight of housing operations|Older People & Housing Committee| ||Property Committee| |Management of investment property|Property Committee| |Oversight of investment management|Investment Committee| |Overview of risks and financial management|Audit Committee| The Charity is supported by the staff of the Mercers’ Company, who are appropriately trained and qualified. These administrative services are provided under a service agreement. The following members of the Mercers’ Company’s senior management are involved in the provision of services: Mr RM Abernethy (Clerk to The Mercers’ Company) Ms SMA Hedley-Dent (Deputy Clerk to The Mercers’ Company) Mr JRA Christie (Finance Director) Trustee’s Annual Report & Financial Statements 2025 | **16** **The Earl of Northampton’s Charity** The Standards & Appointments Committee meets on a regular basis to keep the skills and composition of the committees and succession planning under review and, where needed, to recruit new members for their experience, empathy and knowledge in charity matters. The Trustee applies the principles of the Charity Governance Code so far as is possible given that it is sole corporate trustee. The Trustee undertook a self-assessment against the Charity Governance Code in 2023/24 and identified areas in which it can further improve its practice. ## **Our volunteers** The Charity relies on members of The Mercers' Company volunteering their time to sit on committees, review grant requests, visit applicants and grantees, and attend events involving beneficiaries. In keeping with recommended practice, an estimate of the numbers of hours that committee members give to the Charity free of charge during the year has been undertaken resulting in approximately 87 hours of voluntary time. ## **Related parties** The Charity works closely with the Trustee and the other charities with which the Trustee is involved. Details of related parties and connected charities are given in note 13 of the financial statements. ## Future Plans Phase 2 of the collaborative **Philanthropy Framework** started on 1 April 2023 and will run until 31 March 2028. As a funder, the Charity contributes to: - **The Church & Communities funding programme** which will focus on **Stronger communities** – supporting disadvantaged communities, refugees and people who are homeless, and, **Better outcomes for families** – supporting families and carers facing poverty and other challenges; and - **The Older People & Housing funding programme** which will focus on **Combatting loneliness for older people** – building on work to date and a recent evaluation, and, **Combatting poverty experienced by older people** – a new priority, incorporating the cost of living crisis and housing. Data and evidence is being collated to enable the Charity to report on three common impact measures: **Improving people’s lives; Stronger Communities; Contributing to societal change** . This year, the report has highlighted examples of where the Charity’s grants meet these three measures under each programme area. As a housing provider, the Charity is actively considering the feasibility of expansion of its almshouses at Shotesham and is taking professional advice from Bidwells surveyors. Trustee’s Annual Report & Financial Statements 2025 | **17** **The Earl of Northampton’s Charity** ## Trustee’s responsibilities in relation to the financial statements The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that year. In preparing these financial statements, the Trustee is required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); - make judgments and estimates that are reasonable and prudent; - state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charity (Accounts and Reports) Regulations. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustee is responsible for the maintenance and integrity of the Charity and financial information included on the Trustee’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. **Ms AES Hohler Master 13 November 2025** _______________________ **Mr RM Abernethy Clerk to the Mercers’ Company** Trustee’s Annual Report & Financial Statements 2025 | **18** **The Earl of Northampton’s Charity** ## Independent Auditor’s Report TO THE TRUSTEE OF THE EARL OF NORTHAMPTON’S CHARITY We have audited the financial statements of The Earl of Northampton’s Charity (the ‘Charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements which include the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the Charity’s affairs as at 31 March 2025 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Trustee’s Annual Report & Financial Statements 2025 | **19** **The Earl of Northampton’s Charity** Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the Trustee’s Annual Report and Financial Statements other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee’s Annual Report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Trustee’s Annual Report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of Trustee** As explained more fully in the Trustee’s responsibilities statement, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Trustee’s Annual Report & Financial Statements 2025 | **20** **The Earl of Northampton’s Charity** In preparing the financial statements, the Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the Charity through discussions with those charged with governance and management, and from our knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Charities Act 2011 and the financial reporting framework referred to above; and - we understood how the Charity is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of the minutes of meetings of those charged with governance. Trustee’s Annual Report & Financial Statements 2025 | **21** **The Earl of Northampton’s Charity** We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included: - making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected financial relationships; - tested journal entries to identify unusual transactions; - performed substantive testing of expenditure including testing the authorisation thereof; and - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - reading the minutes of meetings of those charged with governance; and - enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Trustee’s Annual Report & Financial Statements 2025 | **22** **The Earl of Northampton’s Charity** ## **Use of our report** This report is made solely to the Charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustee those matters we are required to state to it in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed. 14 November 2025 Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. **The Earl of Northampton’s Charity** Trustee’s Annual Report & Financial Statements 2025 | **23** ## Statement of Financial Activities for the year ended 31 March 2025 |||||||31 March| |---|---|---|---|---|---|---| ||||31 March|2025||2024| |||Unrestricted|Restricted|Endowment|Total|Total| |||Funds|Funds|Funds|Funds|Funds| ||Note|
£’000|£’000|£’000|£’000|£’000| |**Income**||||||| |Investments|2|745|
66|-|
811|834| |Charitable activities|3|676|
-|-|
676|
615| |**Total income**||**1,421**|**66**|**-**|
**1,487**|**1,449**| |**Expenditure**||||||| |_Raising funds:_||||||| |Investment management
(costs)/rebate|4|(20)|8|(70)|(82)|(51)| |_Charitable activities:_||||||| |Housing for the elderly|3, 4|(791)|(308)|(4)|(1,103)|(803)| |Relief in need|4, 14|
(589)|-|-|
(589)|(550)| |**Total expenditure**||**(1,400)**|**(300)**|**(74)**|**(1,774)**|**(1,404)**| |Gains on investments|6, 7|2|1|723|
726|
1,209| |**Net**
**income/(expenditure)**||**23**|**(233)**|**649**|**439**|**1,254**| |Transfers between funds|10|(129)|129|-|
-|
**-**| |**Net movement in funds**||**(106)**|**(104)**|**649**|**439**|**1,254**| |Fund balances brought
forward at 1 April||**11,571**|**1,727**|**19,776**|**33,074**|**31,820**| |**Fund balances carried**||||||| |**forward at 31 March**||**11,465**|**1,623**|**20,425**|**33,513**|**33,074**| All of the Charity's activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above. Trustee’s Annual Report & Financial Statements 2025 | **24** **The Earl of Northampton’s Charity** ## Statement of Financial Activities for the year ended 31 March 2024 ||||31 March|2024|| |---|---|---|---|---|---| |||Unrestricted|
Restricted|Endowment|
Total| |||Funds|
Funds|Funds|
Funds| ||Note|
£’000|
£’000|£’000|
£’000| |**Income**|||||| |Investments|2|780|
54|-|
834| |Charitable activities|3|615|
-|-|
615| |**Total income**||**1,395**|
**54**|**-**|
**1,449**| |**Expenditure**|||||| |_Raising funds:_|||||| |Investment management costs|4|(4)|
-|(47)|
(51)| |_Charitable activities:_|||||| |Housing for the elderly|3, 4|(639)|
(160)|(4)|
(803)| |Relief in need|4|(550)|
-|-|
(550)| |**Total expenditure**||**(1,193)**|
**(160)**|**(51)**|
**(1,404)**| |Gains on investments|6, 7|109|
67|1,033|
1,209| |**Net income/(expenditure)**||**311**|
**(39)**|**982**|
**1,254**| |Transfers between funds|10|(149)|
149|-|
-| |**Net movement in funds**||**162**|
**110**|**982**|
**1,254**| |Fund balances brought forward
at 1 April||11,409|
1,617|18,794|
31,820| |**Fund balances carried forward**|||||| |**at 31 March**||**11,571**|
**1,727**|**19,776**|
**33,074**| All of the Charity's activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above. Trustee’s Annual Report & Financial Statements 2025 | **25** **The Earl of Northampton’s Charity** ## Balance Sheet as at 31 March 2025 |||**31 March 2025**|**31 March 2025**|
**31 March 2024**|
**31 March 2024**| |---|---|---|---|---|---| ||**Note**|
**£’000**|
**£’000**|
**£’000**|
**£’000**| |**Fixed assets**|||||| |Tangible assets|5|6,702||6,906|| |Investment properties|6|1,710||1,710|| |Quoted investments|7|23,780||23,130|| |Total fixed assets|||32,192||31,746| |**Current assets**|||||| |Debtors|8|97||83|| |Cash at bank and in hand||1,396||1,386|| |Total current assets||1,493||1,469|| |Creditors: amounts falling due within one|9|(172)||(141)|| |year|||||| |**Net current assets**|||1,321||1,328| |**Total net assets**|||**33,513**||**33,074**| |**The funds of the Charity:**|||||| |Endowment funds|10||20,425||19,776| |Restricted income funds|10||1,623||1,727| |Unrestricted income funds|10||11,465||11,571| |**Total Charity funds**|**10**||**33,513**||**33,074**| The attached notes on pages 27 to 41 form an integral part of these financial statements. The financial statements on pages 23 to 41 were approved by the Trustee on DATE and signed on its behalf by: **______________________ Ms AES Hohler Master 13 November 2025** **_______________________ RM Abernethy Clerk to the Mercers’ Company** Trustee’s Annual Report & Financial Statements 2025 | **26** **The Earl of Northampton’s Charity** ## Statement of Cash Flows for the year ended 31 March 2025 |||**2025**|**2024**| |---|---|---|---| ||**Note**|**£’000**|**£’000**| |**Cash flows from operating activities:**|||| |Net cash used in operating activities|12|(806)|(543)| |**Cash flows from investing activities:**|||| |Interest received||60|
54| |Dividends received||680|
708| |Purchase of investments||(13,317)|(24,011)| |(Increase)/decrease in cash held by investment||(1,072)|36| |managers|||| |Proceeds from the sale of investments||14,465|
24,053| |Net cash provided by investing activities||816|840| |**Change in cash and cash equivalents in the financial**||**10**|**297**| |**year**|||| |Cash and cash equivalents at the beginning of the
financial year||1,386|1,089| |**Cash and cash equivalents at the end of the financial**|**12**|**1,396**|**1,386**| |**year**|||| No separate statement of changes In net debt has been prepared as there Is no difference between the movements In cash and cash equivalents and movements In net cash (debt). Trustee’s Annual Report & Financial Statements 2025 | **27** **The Earl of Northampton’s Charity** ## Notes to the financial statements ## 1 Accounting Policies ## ACCOUNTING BASIS The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice for charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (‘SORP (FRS 102)’), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the SORP (FRS 102) rather than the previous withdrawn version which it replaced. The Charity constitutes a public benefit entity as defined by FRS 102. ## GOING CONCERN The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern and the financial statements of the Charity have been prepared on that basis as they do not intend to liquidate the charity or to cease its operations and have concluded that the Charity’s financial position means that this is realistic. In making this assessment, the Trustee has considered the Charity’s financial position, the value of investment assets held, future income and investment return levels, expenditure requirements and the liquidity of the Charity, considering the cost-of-living crisis, inflationary pressures and changing economic environment, and the risks faced by the charity. The Trustee is satisfied that the Charity could absorb significant changes in investment value with no impact on its ability to continue as a going concern. A rolling annual review of the Charity’s detailed forecast financial position over a 5-year period is carried out, alongside 15-year modelling of funds held to confirm that sufficient funds will be generated to finance required expenditure on the almshouses with surplus funds allocated to charitable grant making. . Trustee’s Annual Report & Financial Statements 2025 | **28** **The Earl of Northampton’s Charity** ## CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances prevailing. The main estimates and judgements relate to the investment property valuations and the estimated useful lives of tangible fixed assets. ## INCOME All income, comprising maintenance charges generated from almshouse properties, rents and service charges generated from investment properties, interest on bank accounts and dividends from investment funds is reported on an accruals basis when the Charity has entitlement, receipt is probable and the amount can be measured with sufficient reliability. Income relating to a subsequent financial period is carried forward as a creditor in the balance sheet and shown as deferred income. ## EXPENDITURE All expenditure is included on an accruals basis and is recognised as soon as there is a legal or constructive obligation committing the Charity to it, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is included with the underlying expense and charged to the Statement of Financial Activities (SOFA) as incurred. Support costs relate to staff time and facility costs incurred by the Mercers' Company on behalf of the Charity and are allocated to the Charity on an accruals basis. Support costs have been allocated between activities based on estimated breakdowns of staff time. This includes time spent on the governance arrangements, relating to the general running of the Charity. ## GRANTS Grants payable are charged in the period when the offer is conveyed to the recipient except in cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure. ## INVESTMENT GAINS AND LOSSES Unrealised gains and losses for the period reflect the movement in market values. Realised gains and losses represent the difference between proceeds on disposal and the market value brought forward (or cost if acquired in the year). Unrealised and realised investment gains or losses are shown net on the SOFA. Trustee’s Annual Report & Financial Statements 2025 | **29** **The Earl of Northampton’s Charity** ## INVESTMENTS Investments are stated at their fair value at the balance sheet date. Investment properties are revalued externally every five years and internally by the Trustee in intervening years. The Trustee is of the opinion that this valuation is appropriate for the purpose of these financial statements. Cash held by investment managers is recognised as part of investments. ## TANGIBLE FIXED ASSETS All assets costing more than £10,000 are capitalised at cost and depreciated over their useful economic lives. Subsequent expenditure on a capitalised asset will also be capitalised where it is regarded that there has been an enhancement to the asset or a depreciated asset has been replaced. ## DEPRECIATION The Trustee considers the useful life of the almshouse properties to be not less than 50 years and 4 years for fixtures and fittings. Accordingly, a depreciation rate of 2% and 25% has been applied to the historical cost of the properties (after adjusting for the cost of the land) and other assets respectively. Land is not depreciated. Depreciation is not provided on investment properties that are held as freeholds or on leases having more than 20 years unexpired. ## TAXATION The Charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. Accordingly, no provision is made for current or deferred taxation. ## FUNDS The Charity has three types of fund: - Endowment - where the capital is held in perpetuity to generate unrestricted distributable income; - Restricted - where the purposes for which the funds, including income generated, may be used have been restricted by the Scheme of Management; - Unrestricted - where the fund is not restricted as to use other than in furthering the objects of the Charity. ## FINANCIAL INSTRUMENTS The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, except for investments which are measured at fair value. Trustee’s Annual Report & Financial Statements 2025 | **30** **The Earl of Northampton’s Charity** ## 2 Income from Investments Investment income was generated as follows: |Investment income was generated as follows:||| |---|---|---| ||**2025**|**2024**| ||**£’000**|**£’000**| |Rents from investment properties|58|49| |Bank interest|59|59| |Dividend income from endowment fund|503|99| |Dividend income from cyclical maintenance fund (restricted)|66|54| |Dividend income fromgeneral investment fund|125|573| ||811|834| ## 3 Almshouse Income and Expenditure Maintenance charges received from residents at the almshouses amounted to £676,000 in 2025 (2024: £615,000). Almshouse income and expenditure is analysed as follows: ||**2025**|**2025**|**2024**|**2024**| |---|---|---|---|---| ||**Trinity**|**Trinity**|**Trinity**|**Trinity**| ||**Hospital**|**Hospital**|**Hospital**|**Hospital**| ||**Greenwich**|**Shotesham**|**Greenwich**|**Shotesham**| ||**£’000**|**£’000**|**£’000**|**£’000**| |Income from maintenance charges|605|71|560|55| |Property operating costs|(385)|(43)|(290)|(46)| |Major repairs and projects|(266)|(42)|(139)|(21)| |Administration and entertainment|(105)|(13)|(65)|(8)| |Depreciation|(189)|(15)|(186)|(15)| |Total almshouse expenditure|(945)|(113)|(680)|(90)| |Net expenditure|(340)|(42)|(120)|(35)| Trustee’s Annual Report & Financial Statements 2025 | **31** **The Earl of Northampton’s Charity** ## 4 Expenditure ## _a) Analysis of total expenditure:_ ||||**Governance &**|||| |---|---|---|---|---|---|---| ||||**Support**|**Other**||| |||**Grant-**|
**costs**|**direct**|
**Total**|**Total**| ||**Further**|
**making**|
**£’000**|**costs**|
**2025**|**2024**| ||**notes**|**£’000**||**£’000**|
**£’000**|**£’000**| |_Raising funds_||||||| |Investment management costs||-|
3|
79|
82|51| |_Charitable activities_||||||| |Housing for the elderly|3|-|
45|
1,058|
1,103|803| |Relief in need|14|550|
39|
-|
589|550| |||550|
87|
1,137|
1,774|1,404| ||||**Governance**||| |---|---|---|---|---|---| ||||**&**|
**Other**|| |||**Grant-**|**Support**|
**direct**|**Total**| ||**Further**|
**making**|**costs**|
**costs**|**2024**| ||**notes**|**£’000**|**£’000**|
**£’000**|**£’000**| |_Raising funds_|||||| |Investment management costs||-|2|
49|
51| |_Charitable activities_|||||| |Housing for the elderly|3|-|33|
770|
803| |Relief in need||510|
40|
-|
550| |||510|
75|
819|
1,404| Trustee’s Annual Report & Financial Statements 2025 | **32** **The Earl of Northampton’s Charity** ## b) _Analysis of support costs:_ ||**Raising**|
**Housing for**|**Relief**|**Total**|**Total**| |---|---|---|---|---|---| ||**funds**|
**the elderly**|**in need**|**2025**|**2024**| ||**£’000**|
**£’000**|**£’000**|**£’000**|**£’000**| |Staff costs|3|
25|
34|
62|50| |Office|||||| ||-|
-|5|
5|
5| |administration|||||| |Audit fees|-|
16|-|
16|16| |Insurance|-|
4|
-|
4|
4| ||3|
45|
39|
87|
75| ||**Raising**|
**Housing for**|**Relief in**|**Total**| |---|---|---|---|---| ||**funds**|
**the elderly**|**need**|**2024**| ||**£’000**|
**£’000**|**£’000**|**£’000**| |Staff costs|2|
13|35|
50| |Office administration|-|
-|5|
5| |Audit fees|-|
16|-|
16| |Insurance|-|
4|
-|
4| ||2|
33|
40|
75| The Charity has no employees (2024: nil). The Mercers’ Company, by way of a services agreement, provides staff to the Charity, the cost of which is reflected above. The Trustee has not received any emoluments or reimbursements during the year for acting as a Trustee (2024: nil). Please see note 3 for detailed analysis of almshouse running costs. £16,200 (including irrecoverable VAT) (2024: £16,050) was charged to the SOFA for audit fees. Trustee’s Annual Report & Financial Statements 2025 | **33** **The Earl of Northampton’s Charity** ## 5 Tangible Assets ||**Trinity**
**Hospital**
**Greenwich –**
**original**
**almshouse**
**Trinity Hospital**
**Greenwich –**
**new**
**almshouse**
**Trinity**
**Hospital**
**Greenwich –**
**new**
**almshouse**
**fixtures**
**Trinity**
**Hospital**
**Shotesham –**
**original**
**almshouse**
**Total**
**£’000**
**£’000**
**£’000**
**£’000**
**£’000**| |---|---| ||Cost
Balance brought
forward at 1 April
2024 and carried
forward at 31
March 2025
2,973
6,355
57
812
10,197| ||Accumulated
depreciation
Balance brought
forward at 1 April
2024
(880)
(2,100)
(57)
(254)
(3,291)
Charge for the
year
(59)
(130)
-
(15)
(204)| ||Balance carried
forward at 31
March 2025
(939)
(2,230)
(57)
(269)
(3,495)| ||Net book value at
31 March 2025
2,034
4,125
-
543
6,702| ||| ||Net book value at
31 March 2024
2,093
4,255
-
558
6,906| The net book values shown do not represent current open market valuations. Trustee’s Annual Report & Financial Statements 2025 | **34** **The Earl of Northampton’s Charity** ## 6 Investment Properties The Charity's investment properties are as follows: ||**1 April**|**Revaluation**|**31 March**| |---|---|---|---| ||**2024**|**gains**|**2025**| ||**£’000**|**£’000**|**£’000**| |Freehold property|1,710|-|1,710| |Historical cost|30|-|30| A full external valuation was done on 31 March 2024 by CBRE Limited, who are a qualified independent firm of surveyors. There was a revaluation loss of £40,000 in the year ended 31 March 2024. The investment properties were not revalued this year. The Trustee undertook an internal valuation and considers these values continue to be fair and reasonable. ## 7 Quoted Investments The changes during the year analysed by fund are as follows: |||||**Movement**|**Revaluation**|**31 March**| |---|---|---|---|---|---|---| ||**1 April 2024**|**Purchases**|**Sales**|**in cash**|**Gains**|**2025**| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |General Fund|3,363|174|(3)|(34)|2|3,502| |Restricted||||||| |Cyclical
Maintenance|1,783|91|(216)|(18)|1|1,641| |Fund||||||| |Endowed Fund|17,984|13,052|(13,745)|1,124|222|18,637| ||23,130|13,317|(13,964)|1,072|225|23,780| |Historical cost|21,352|||||22,743| The investment allocation at the year end was as follows: ||**2025**|| |---|---|---| ||**£’000**|**%**| |Equities|13,880|58.3%| |Fixed Interest|5,512|23.2%| |Alternatives|2,373|10.0%| |Cash|2,015|8.5%| |**Total**|23,780|100.0%| Trustee’s Annual Report & Financial Statements 2025 | **35** **The Earl of Northampton’s Charity** Holdings of more than 5% of total investments in investment portfolios were as follows: |||**2025**|| |---|---|---|---| |**Portfolio**||**£’000**|**% of fund**| |General Fund|Sarasin Income & Reserve Fund|3,499|99.9%| |Restricted Cyclical
Maintenance Fund|Sarasin Income & Reserve Fund|1,641|100.0%| |Endowment Fund|Sarasin Responsible Corporate Bond Fund|1,222|7.1%| Net investment gains on quoted investments during the year totalled £726,000 (2024: £1,249,000 losses). ## 8 Debtors Debtors are made up as follows: ||**2025**|**2024**| |---|---|---| ||**£’000**|**£’000**| |Dividends receivable|66|53| |Prepayments and accrued income|31|30| ||97|83| ## 9 Creditors: Amounts Falling Due Within One Year Creditors are amounts falling due within one year and are made up as follows: ||**2025**|**2024**| |---|---|---| ||**£’000**|**£’000**| |Rent received in advance|45|37| |The Mercers’ Company|51|-| |Accruals|127|104| ||172|141| Trustee’s Annual Report & Financial Statements 2025 | **36** **The Earl of Northampton’s Charity** ## 10 Analysis of Funds The net assets by funds are as follows: ||**Unrestricted**|**Restricted**|**Endowment**|**2025**| |---|---|---|---|---| ||**funds**|**funds**|**funds**|**Total funds**| ||**£’000**|**£’000**|**£’000**|**£’000**| |Tangible fixed assets|6,610|-|
92|6,702| |Quoted investments|3,502|1,641|
18,637|23,780| |Property investments|-|-|
1,710|1,710| |Net current assets/(liabilities)|1,353|(18)|(14)|1,321| |**Total**|11,465|1,623|
20,425|33,513| ||**Unrestricted**|**Restricted**|**Endowment**|**2024**| ||**funds**|**funds**|**funds**|**Total funds**| ||**£’000**|**£’000**|**£’000**|**£’000**| |Tangible fixed assets|6,809|-|
97|6,906| |Quoted investments|3,363|1,783|
17,984|23,130| |Property investments|-|-|
1,710|1,710| |Net current assets/(liabilities)|1,399|(56)|(15)|1,328| |**Total**|11,571|1,727|
19,776|33,074| ## **Restricted Funds** The Restricted Funds comprise the Cyclical Maintenance Fund which includes the Extraordinary Repair Fund required by the Scheme of Management. £129,000 (2024: £149,000) was transferred into the fund from Unrestricted Funds during the year to provide for future repairs and maintenance of the almshouse properties. £308,000 (2024: £160,000) of repairs were undertaken during the year. ## **Endowment Funds** The Endowment Funds were established at the time the Charity was created. The investments are held to generate income and are applied in furtherance of the Charity's objects. Trustee’s Annual Report & Financial Statements 2025 | **37** **The Earl of Northampton’s Charity** ## 11 Grant Commitments The Charity had the following commitments in respect of charitable grants, subject to various conditions, at the end of the year (2025: £423,076; 2024: £612,105): |**Programme Area &**|**2026**|**2027**|**2028**| |---|---|---|---| |**Beneficiary Charity**|**£**|**£**|**£**| |**Older People & Housing Programme**|||| |Age Concern Norfolk|30,000|-|-| |Age UK Norwich|-|47,500|-| |Jubilee Almshouses *|2,000|2,000|2,000| |Menscraft|31,382|31,956|-| |North Norfolk Community Transport|32,288|-|-| |St Michael's Church, Framlingham|250|250|250| |Trinity Hospital, Castle Rising*|18,000|18,000|18,000| |Trinity Hospital, Clun *|13,000|13,000|13,000| |West Norfolk Befriending|20,100|20,100|-| |**Church & Communities Programme**|||| |CREST|30,000|-|-| |Future Regeneration of Grangetown|30,000|-|-| |Norfolk CommunityFoundation|50,000|-|-| |**Total**|257,020|132,806|33,250| * Of these grants, amounts totalling £7,000 p.a. are required by the Charity’s Scheme of Management and continue indefinitely. The Trustee considers that disclosing these commitments for three years in advance is adequate to allow for any change in circumstances both to the Charity or the beneficiaries. Trustee’s Annual Report & Financial Statements 2025 | **38** **The Earl of Northampton’s Charity** ## 12 Reconciliation of Net Income To Net Cash Flow Using In Operating Activities ||**2025**|**2024**| |---|---|---| ||**£’000**|**£’000**| |Net income for the reporting year (as per statement of financial
activities)|439|1,254| |Adjustments for:||| |Depreciation|204|201| |Gains on investments|(726)|(1,209)| |Interest receivable|(59)|(59)| |Dividends receivable|(694)|(726)| |Increase in debtors|(1)|(5)| |Increase in creditors|31|1| |Net cash used in operating activities|(806)|(543)| |ANALYSIS OF CASH AND CASH EQUIVALENTS||| ||**2025**|**2024**| ||**£’000**|**£’000**| |Cash at bank in hand|1,396|1,386| |Total cash and cash equivalents|1,396|1,386| Trustee’s Annual Report & Financial Statements 2025 | **39** **The Earl of Northampton’s Charity** ## 13 Related Parties and Connected Charities The following related parties and charities have common management and are therefore regarded as connected: Becket House Limited (dormant) Charity of Sir Richard Whittington Charter 600 Charity Longacre Estates Limited (dormant) Longmartin Investments Limited Longmartin Properties Limited Maiden Trading Limited (dormant) Mercers’ Company Housing Association Mercers’ School Memorial Trust (incorporating The Merrett Bequest) St Paul’s Schools Foundation The Mercers' Charitable Foundation The Mercers' Company The principal address of the above entities is: 6 Frederick’s Place London EC2R 8AB The Mercers' Company allocated overhead services to the Charity amounting to £192,000 (2024: £189,000). £51,000 was due to the Company at the balance sheet date (2024: nil). There were no other related party transactions requiring disclosure (2024: none). Trustee’s Annual Report & Financial Statements 2025 | **40** **The Earl of Northampton’s Charity** ## 14 Grants Listed below are all 17 charitable grants paid during the year for the relief in need: |**Programme Area & Beneficiary**|**2025**
**£**
**2025**
**£**| |---|---| |**Older People & Housing Programme**
Age Concern Norfolk|30,000| |Age UK Norwich|47,500| |Business in the Community|10,000| |Housing Pathways Trust|2,000| |Menscraft
Norfolk Community Foundation|30,825
161,000| |North Norfolk Community Transport|31,500| |Shotesham Bowls Club|2,460| |St Michael's Church Framlingham|250| |Trinity Hospital Castle Rising|18,000| |Trinity Hospital Clun
West Norfolk Befriending|13,000
20,000
366,535| |**Church & Communities Programme**|| |Caring Together Charity|39,857| |CREST (Compact for Race Equality in South|30,000| |Future Regeneration of Grangetown|30,000| |Norfolk Community Foundation|50,000| |The Benjamin Foundation|33,000| ||182,857| ||| |Total(2024: £510.589)|549,392| Trustee’s Annual Report & Financial Statements 2025 | **41** **The Earl of Northampton’s Charity** ## Legal & Administrative Information LEGAL STATUS BANKERS The Charity has registered number 210291 and is regulated by a Scheme of the Charity Commissioners dated November 2003, having replaced the previous schemes of December 1964, a variation dated March 1967 and a consolidated Scheme dated August 1982. PRINCIPAL ADDRESS 6 Frederick’s Place London EC2R 8AB Barclays Bank PLC 1 Churchill Place London E14 5HP ## INVESTMENT MANAGERS Sarasin & Partners Juxon House 100 St Paul’s Churchyard London EC4 8BU ## PROPERTY MANAGEMENT Knight Frank 55 Baker Street London W1U 8AN ## INDEPENDENT AUDITOR Buzzacott Audit LLP 130 Wood Street London EC2V 6DL