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2025-12-31-accounts

REGISTERED CHARITY NUMBER: 210365

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

Known as Pinnocks Charity

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

CONTENTS OF THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

Page
Reference and Administrative Details
Report of the Trustees 2to7
Report of the Independent Auditors 8to11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Changes in Equity 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17to30

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES

A Ridgers C Stone L Milner A J Verrill J Wallace C P Painter (Chair) A Pritchard * N Botley (Vice Chair) B Sizer (appointed 9/12/25) G Larkins (appointed 9/12/25)

PRINCIPAL ADDRESS The Lodge St Thomas's Almshouses Old Road West Gravesend Kent DA 11 ?LA REGISTERED CHARITY 210365 NUMBER AUDITORS Sargeant Partnership Limited Chartered Accountants and Statutory Auditors 5 White Oak Square London Road Swanley Kent BR87AG SOLICITORS AND BANKERS Solicitors - Furley Page Bankers - National Westminster Bank PLC ADVISERS Property Consultant - PSW Consultancy Human Resources - Populo HR IT Services: Serveline Security & CCTV - Citytech Security

Page 1

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of 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 oflreland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Principal Activity

The principal activity of the charity in the year under review was that of the provision of almshouse accommodation at St Thomas's Almshouses, Gravesend and within the Gravesham Borough. The almshouses are operated by the charity as a registered social housing provider. Almshouses are a charitable form of self­ sufficient, low-cost community housing held in trust for local people in need of genuinely affordable housing. There are currently in excess of 1,600 independent almshouse charities across the country, providing homes for more than 36,000 people.

The charity was originally founded as a result of the will, in August 1624, of local man Henry Pinnock. The charity's objects although modernised in their language over time, remain in line with his wishes, namely:

(a) the prevention or relief of poverty by the provision of social housing in the form of almshouse accommodation to persons in need who ( except in special cases approved by the trustees) are inhabitants or former inhabitants of the Borough of Gravesham with a preference for persons who have resided for not less than 10 years in the Borough ofGravesham; and

(b) such charitable purposes for the benefit of the residents as the trustees decide.

Pinnocks is one of the larger almshouse charities and provides accommodation in the form of 54 one-bedroomed flats, 6 one-bedroomed accessible bungalows, 1 two-bedroomed flat and 1 three-bedroomed flat also on the site at St Thomas's Almshouses. The site is designed for independent living, but as a community, and there is consideration given to provide for residents' well-being, both physical and mental.

Supporting the work of almshouse provision is the investment income from properties and land owned by the charity, including agricultural land in Norfolk and other social housing and property interests held within the Gravesham area.

Public Benefit

The Trustees have considered the Charity Commission's guidance on public benefit. In particular, the trustees consider how future developments will contribute to the objectives and aims they have set and are actively looking to increase the charity's public benefit through the expansion of almshouse accommodation and reinvestment of charitable assets within the local community.

ACHIEVEMENTS AND PERFORMANCE

Operational Performance

During the year the Charity continued to deliver its core charitable objective of providing high-quality almshouse accommodation to beneficiaries in need within Gravesham.

Occupancy levels remained strong across the Charity's housing stock. Trustees continued to prioritise resident wellbeing, estate management and independent living. This was achieved firstly by managing the application process carefully to ensure that applicants met the charity's requirements, including those relating to

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THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

independent living, and proactively addressing issues affecting residents' ability to live independently. Secondly, providing and maintaining decent homes remained a key part of our operation. A structured, risk­ based approach to repairs and maintenance remained in operation, ensuring responsive, cyclical and strategic works were delivered efficiently. The latest 'Tenant Satisfaction Measures' survey, carried out to comply with one of the Regulator of Social Housing's requirements showed an increase from 84% (2024) to 87% (latest survey) in overall satisfaction with the service provided by Pinnocks, and an even more impressive increase from 89% (2024) to 95% (latest survey) relating to satisfaction with the repairs service.

Development and Growth

A significant focus during the year has been the continued progression of the Custom House redevelopment scheme. This development represents a major strategic investment for the Charity and will deliver 27 new almshouse units, significantly increasing the Charity's housing provision and public benefit. Practical completion of all 27 units is currently expected during 2026. Trustees have actively managed development risk, including contractor cost pressures, supported by professional advisers.

Future Development Pipeline

Trustees continue to maintain an active pipeline of development and acquisition opportunities aligned to the Charity's objective of increasing almshouse provision.

Grant Funding and Strategic Partnerships

Development funding has been secured from Homes England and the Local Authority Housing Fund (LAHF). Trustees intend to participate in LAHF Round 4 funding, the programme for which is expected to start during 2026/27 and the charity continues its engagement with Homes England for future grant funding.

Disposal of Investment Property

Trustees actively review asset performance and take strategic decisions to optimise social return, including disposal of non-core assets and reinvestment into new almshouse provision. During the year the Charity completed the sale of its investment property in Tunbridge Wells, a property which had been gifted to the Charity many decades ago. All proceeds have been reinvested into the Custom House development to enhance local public benefit.

Sector Engagement

Trustees attended Almshouse Association conferences and training events during the year.

KEY PERFORMANCE INDICATORS

The Trustees monitor the Charity's performance throughout the year. Performance monitoring includes occupancy levels, service delivery performance, financial sustainability indicators and resident satisfaction measures. Strategic indicators include:

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THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

Income is derived primarily from Weekly Maintenance Contributions supplemented by investment income and grant funding. Expenditure relates to housing management, repairs, staffing, governance and development activity.

The Charity continued to invest significantly in the Custom House scheme during the year.

Reserves Policy - General Funds

General funds are unrestricted funds available for use at the discretion of the Trustees in furtherance of the Charity's objectives. These funds provide financial resilience and ensure that the Charity can continue to operate effectively while managing risks and responding to unforeseen events.

In December 2024 the Trustees undertook a review of the Charity's reserves policy, taking into account the Charity's financial position, development commitments and forward cashflow forecasts. Following this review, the Trustees resolved that maintaining a minimum level of unrestricted reserves equivalent to approximately six months of forecast operational expenditure would provide an appropriate balance between financial prudence and the effective deployment of charitable resources.

The 2024 financial statements continued to refer to the previous policy of holding twelve months' expenditure in reserve. The revised policy adopted by the Trustees in December 2024 is reflected in these 2025 financial statements.

The Trustees monitor the level of reserves regularly through management accounts and financial forecasts. The reserves policy is reviewed periodically to ensure it remains appropriate in light of the Charity's operational requirements, development activities and financial risk profile.

The Trustees are satisfied that the current level of reserves, together with committed funding facilities and grant support, provides sufficient financial resilience during the development phase of the Custom House scheme.

During 2025 the trustees separately identified unrestricted funds represented by fixed assets and property-related assets within an unrestricted fixed asset reserve in order to distinguish these from freely available general reserves.

Revaluation Reserve

The revaluation reserve reflects cumulative unrealised gains arising from the revaluation of housing properties and other property assets. Whilst forming part of the Charity's unrestricted funds, the reserve represents non-cash valuation movements and is not considered freely available for general expenditure.

Going Concern

The Trustees have reviewed cashflow forecasts, committed funding facilities and forecast development expenditure and are satisfied that the Charity has adequate resources to continue in operational existence for the foreseeable future

VALUE FOR MONEY STATEMENT

Pinnocks Charity is committed to achieving value for money in the delivery of its charitable objectives and in the management of its social housing activities as a Registered Provider.

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THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The Charity's primary purpose is to provide high-quality almshouse accommodation for beneficiaries in need within Gravesham. Value for money is therefore assessed not solely on financial return, but on the effective stewardship of charitable assets to maximise social impact.

The Board of Trustees retains overall responsibility for value for money and monitors performance through financial reporting, strategic oversight of development activity and review of operational performance indicators.

Regulatory Compliance

As a Registered Provider of Social Housing, the Charity operates within the regulatory framework of the Regulator of Social Housing and seeks to meet the requirements of the Consumer Standards and Economic Standards. The harity also complies with applicable housing legislation and is a member of the Housing Ombudsman Scheme operating in accordance with the Housing Ombud man's Complaint Handling Code. The Charity monitors complaints and uses learning outcomes to improve service delivery. Trustees recognise that effective regulatory compliance supports value for money by protecting the long-term value of the Charity's housing assets, reducing operational risk and ensuring high standards of service delivery.

Compliance activity includes management of building safety risks, fire safety arrangements, electrical and gas safety programmes and property condition monitoring.

As an almshouse provider operating under charitable licence arrangements, the Charity applies regulatory requirements in a manner appropriate to its tenure model while maintaining a proactive approach to property condition, resident wellbeing and asset stewardship. Trustees are committed to meeting or exceeding relevant statutory and regulatory expectations in order to safeguard residents and protect the Charity's assets.

Approach to Value for Money

The Charity's approach is structured around the three recognised VFM principles:

Economy - competitive procurement and benchmarking. Efficiency - structured service delivery and cost control. Effectiveness - ensuring expenditure supports almshouse provision.

Delivery of Value for Money

Delivered through cost control, procurement, contractor monitoring, treasury management and overhead review.

Development and Growth Strategy

Expansion through the Custom House scheme and future pipeline developments supports long-term value for money.

Asset Management

A long-term asset management approach is maintained.

Governance and Oversight

Trustees oversee Value for Money through budgets, reporting and risk review.

Value for Money Performance Indicators

Page 5

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The Charity monitors performance using a range of financial and operational indicators.

A table of financial and operational KPis is included below and forms part of the Charity's value for money monitoring framework.

Metrc 2025 2024 **Commentar **
OperatingCostpr Unit £8924 £9,103 Refects cost control across housingoperations

Management Costpr Unit		 £3,539 £3.158
Monitorsadministrative efciency

Repairs & Maintenance Costper Unit		 £65 £1,771
Tracks maintenance investment

Major Works Costper Unit
£568		 0
Shows major works investmentperproper.
Void Loss% 3.9% 2.4%
Measureso upancyeficincy
Bad Debt Write-Of% 0
0
Indicates icome collectionperformance

Ret on HousingAssets		 19.00o
6.1%
Assesses asset utiliation

FUTURE PLANS

Completion of Custom House, participation in LAHF Round 4 and continued Homes England engagement

remain key priorities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charitable Incorporated Organisation (CIO)

The charity was incorporated as a CIO on 10 December 2024. Transfer of operations has been placed on hold pending completion of Custom House in May 2026.

RISK MANAGEMENT

The Trustees maintain a comprehensive Risk Register covering strategic, operational, financial and regulatory risks. The register is reviewed regularly by the Board and includes risks relating to development activity, regulatory compliance, financial sustainability, asset condition and health and safety. Mitigation strategies are established for all significant risks and monitored throughout the year.

POST BALANCE SHEET EVENTS

Subsequent to the year end, development of the 27-unit Custom House almshouse scheme continued towards anticipated completion in 2026. The Charity also progressed related grant funding arrangements and development financing, including a £Im funding facility with Handelsbanken. In addition, the Charity received confirmation of participation in the Local Authority Housing Fund Round 4 programme, supporting future social housing expansion opportunities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant audit information (information needed by the charity's auditors in connection with preparing their report) of which the charity's auditors are unaware, and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

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THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees 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 incoming resources and application ofresources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are 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 trustees are also responsible for maintaining a satisfactory system of control over the charity's books of account and transactions.

Approved by order of the board of trustees on ...... ?.�/.0.!:?!.?.!:? .................................... and signed on its behalf by:

Charles Painter

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

Opinion

We have audited the financial statements of The Henry Pinnock and Victoria & Albert Memorial Charity (the 'charity') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other infonnation 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.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

Our responsibilities for the audit of the financial statements

We have been appointed as auditors 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 a Report of the Independent Auditors 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 al ways 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).

In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non- compliance with laws and regulations, our procedures included the following:

-We obtained an understanding of how the Charity is complying with those legal and regulatory frameworks by making inquiries to the management and tru tees. We corroborated our inquiries through our review of papers provided to the audit engagement team.

-We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates and evaluating the appropriateness of accounting policies used.

d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and

e) Assessing the extent of compliance with the relevant laws and regulations.

f) Conclude on the appropriateness of the Trustees use of the going concern basis of accounting based on audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast a significant doubt on the Chanty's ability to continue as a going concern.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

g) Evaluate the overall presentation, structure and content of the financial statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 Report of the Independent Auditors.

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 ofour Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fanned.

�-::����....l��. Sargeant Partnership Limited Chartered Accountants and Statutory Auditors 5 White Oak Square London Road Swanley Kent BR87AG Date ............................................. .. 2-9.:fu-JE 2021-o

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THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
5
Charitable Activities
Other trading activities
3
Investment income
4
Other income
Total
EXENDITURE ON
Charitable activities
6
Charitable Activities
Other
Total
Net gains on investments
NET INCOME
Other rcognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in fnds
RECONCILIATION OF FUNDS
Total funds brougt frward
TOTAL FUNDS CARRIED FORWARD		 2025
Unrestricted
fnds
£
3,731,177
10,555
44,685
0
3,786,417
617,020
3,758
620,778
0
3,165,639
887,202
4,052,841
13,515,201
17,568,042		 2024
Unre s tricte d
fnds
£
1,340,218
958
149,283
0
1,490,459
630,984
2,689
633,673
236,062
1,092,848
3,339,032
4,431,880
9,083,321
13,515,201

CONTINUING OPERA TI ONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 12

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
FIXD ASSETS
Tangible assets
10
Investment property
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts flling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts flling due afer more than one year
14
NET ASSETS
FUNDS
Unrestricted funds
17
TOTAL FUNDS		 2025
£
16,759,415
664,400
17,423,815
21,200
565,462
586,662
(430,318)
156,344
17,580,159
(12,117)
17,568,042
17,568,042
17,568,042		 2024
£
11,585,879
1,939,400
13,525,279
19,488
77,775
97,263
(91,415)
5,848
13,531,127
(15,926)
13,515,201
13,515,201
13,515,201

The financial statements were approved by the Board of Trustees and authorised for issue on .. 25/0.6/26 ......................... and were signed on its behalf by:

Cte pa,' er Charles Painter (Jun 25, 2026 08:50:55 GMT+1)

Charles Painter

The notes form part of these financial statements

Page 13

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Balance at 1st January 2024
Surplus fom statement of
comprehensive income
Increase in prperty valuation
Increase in market value of
investments transfr
Interest arising in the year transfr
Transfr fom prior periods
Transfer fom income and
exenditure account
Balance at 31st Decembr 2024
Surplus fom statemnt of
comprehensive income
Increase in property valuation
Increase/(Decrease) in market value
of investments
Interst arising in the year transfer
Trns fr fom prior periods
Trans fr fom income and
exenditure account
Balance at 31st Decembr 2025		 Retained
Rewluation
Other
Designated
Total
earnings
reserw
reserws
reserw
equity
£
£
£
£
£
305,483
0
2,955
8,774,883
9,083,321
1,092,848
0
0
0
1,092,848
0
3,339,032
0
0
3,339,032
0
0
0
0
0
0
0
0
0
0
(385,000)
385,000
0
0
8,777,838
0
(2,955)
(8,774,883)
0
9,791,169
3,724,032
(0)
0
13,515,201
3,165,639
0
0
0
3,165,639
0
887,202
0
0
887,202
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,956,808
4,611,234
(0)
0
17,568,042

The notes form part of these financial statements

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THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

Cash fow fom operting activities
Cash generated fom operations
Net cash fom operating activities
Cash fows fom investing activities
Purchase of tangible fixed assets
Purchase of investment property
Sale of tangible fxed asset
Sale of fixed asset investments
Interest received
Diidends Receiable
Net cash fom investing activities
Cash fows fom fnancing activities
Capital repayment in year
Net cash provided by fnancing actiiies
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning ofthe rporing period
Cash and cash equivalents at the end
ofthe reporting period
Notes
1		 2025
£
3,698,355
3,698,355
(4,488,958)
0
1,275,000
0
6,859
0
(3,207,099)
(3,570)
(3,570)
487,686
77,775
565,461		 2024
£
1,027.401
1,027,401
(4,205,065)
(10,343)
2,150
0
54,776
0
(4,158.482)
19,415
19,415
(3,111,666)
3,189,441
77,775

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THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERA TING ACTIVITIES

2.
Net income fr the reporing period (as per the
Statement of Financial Activities)
Adjustments fr:
Depreciation charges
Gain on revaluation of fxed assets
Loss/(profi) on disposal of fxed assets
Interest Received
Diidends Receivable
(Increase )/decrease i debtors
Increase/( decrease) i crediors
Net cash provided by opertions
ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.25
£
Net cash
Cash at bank
77,775
77,775
Debt
Finance leases
0
0
Total
77,775		 2025
£
3,165,639
198,866
0
3,758
(6,859)
0
(1,712)
338,663
3,698,355
Cash fow
£
487,686
487,686
3,570
3,570
491,256		 2024
£
1,092,848
187,633
(236,062)
2,689
(54,776)
0
(2,842)
37,911
1,027,401
At 31.12.25
£
565.461
565,461
3,570
3,570
569,031

The notes form part of these financial statements

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THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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[) ] (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Accounting convention

These financial statements are also in accordance with the Statement of Recommended Practice for registered providers of social housing in England in 2018.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The trustees assess whether the use of going concern is appropriate, i.e.[) ] whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make the assessment in respect of a period of 12 months' from the date of the issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from charitable activities represents the maintenance charges (net of agents charges and voids) paid by residents living in the almshouses and rental income from social housing.

In accordance with the Housing SORP, housing association grants and social housing grants are recognised using the performance model as follows:

(a) A grant that does not impose specified future performance-related conditions is recognised as revenue when the grant proceeds are received or receivable.

(b) A grant that imposes specified future performance-related conditions is recognised as revenue only when the performance-related conditions are met.

(c) A grant received before the revenue recognition criteria are satisfied is recognised as a liability. In certain circumstances, such as the sale of housing properties, these social housing grants may become repayable, and, in the event, is a subordinated debt and is accounted for as soon as liability arises within creditors: amounts falling due within one year.

Investment income represents income and rents received from investment properties and interest on bank deposits.

continued ...

Page 17

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES - continued

Expenditure- charitable activities

Expenditure is recognised as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use ofresources.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and impairment losses.

Depreciation is provided so as to write off the cost or valuation of tangible fixed assets, less any residual value, over their estimated useful economic lives using the straight line method, as follows:

Freehold land - Nil

Housing properties and freehold buildings - See below

Office equipment, IT equipment and fixtures & fittings - straight line over 3 to 5 years

Housing Properties

At 1[st ] January 2025, other freehold properties were valued at £5,080,763, which included £3,004,829, social housing under construction and £2,075,935 being property held for social housing. These properties have been reclassified in the year. Social housing properties held are principally properties available for rent and are included at valuation, with the valuation basis being Existing Use Value for Social Housing (EUV-SH).

Housing properties are revalued periodically by independent professional valuers. Any aggregate surplus or deficit arising on revaluation is transferred to the revaluation reserve.

Housing properties are depreciated by component on a straight-line basis over the estimated useful economic lives of the individual components, in accordance with the principles of component accounting under the Housing SORP.

The useful economic lives of housing properties and their components are reviewed periodically by the trustees and revised where appropriate to reflect the condition, expected life and future use of the assets.

The principal component lives currently applied are:

continued ...

Page 18

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

Properties Under Development

Other freehold property includes costs capitalised in relation to properties under development for future almshouse accommodation.

Upon completion, these properties will be transferred to Social Housing Properties and depreciated in accordance with the component lives and accounting policy outlined above.

Investment property

Fixed asset investment properties are a form of financial instrument and are initially recognised at their initial cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains or losses and whether realised or unrealised are combined and presented as "Net gains(losses) on investments in the Statement of Financial Activities"

Taxation

The charity is exempt from tax on its charitable activities.

Debtors

Trade and other debtors are recognised at the settlement amount due to the Charity.

Prepayments are valued at the amount prepaid at the balance sheet date.

The Charity does not offer trade discounts in the normal course of its charitable activities. Where financial assistance is provided to beneficiaries through the Charity's support fund, this is recognised as charitable expenditure and credited against the relevant debtor balance where applicable.

Debtors are reviewed for impairment at each reporting date and provision is made where recovery is considered uncertain.

continued ...

Page 19

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES - continued

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid funds with a short maturity date from the deposit being made.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated readily.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt.

Any provisions are measured at the best estimate of the amount to settle the obligation.

Lease agreement and commitments

Lease agreements are recognised as a right-of-use asset with a corresponding lease liability measured at the present value of future lease payments.

Public benefit

The trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities.

The charity's primary public benefit is the provision of almshouse accommodation for persons in need within the Borough of Gravesham. This accommodation is provided at affordable weekly maintenance contribution levels, enabling beneficiaries to live independently within a supportive community environment.

During the year ended 31 December 2025, the charity continued to deliver public benefit through the ongoing provision and management of its existing almshouse housing stock, ensuring properties remain safe, compliant, and fit for purpose, while supporting resident wellbeing and independent living.

In addition, the charity has continued to progress the Custom House redevelopment scheme, which will deliver 27 new almshouse units upon completion, further increasing the charity's social housing provision and public benefit within the local community.

The charity has also reinvested the proceeds from the disposal of its Tunbridge Wells investment property into the Custom House development, aligning capital deployment with its charitable objective of expanding almshouse accommodation rather than holding investment assets.

Trustees continue to explore further development and acquisition opportunities and maintain an active pipeline of potential schemes designed to increase the charity's long-term public benefit and housing provision.

Property managed by agents

Where the RSL ca ies the financial risk on the property managed by agents, all the income and expenditure arising from the property is included in the Income and Expenditure Account.

continued ...

Page 20

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its em[p] loyees. Contributions are expenses as they become payable.

Termination benefits refer to the benefits provided to an emplo[y] ee when their employment is terminated by the entity's decision, prior to the employee's normal retirement date.

continued ...

Page 21

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES - continued

Fund accounting General Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity which have not been designated for other purposes, other than:

The Charity's stated Reserves Policy is that the Charity holds at least 6 months' budgeted expenditure in reserve, either in cash, or short-term deposits.

Previously, the Trustees designated reserves for the future major repairs expenditure on all housing properties under the 1998 Housing Act arrangements and other properties in so far as the major repairs expenditure is not eligible for grants from the Housing Corporation or local authorities. Regular annual contributions were set aside in an Extraordinary Repairs reserve in accordance with the Trust Scheme dated 29 June 1982. The general fund held is now equivalent to 6 months' of operational expenditure. During 2025 the trustees separately identified unrestricted funds represented by fixed assets and property-related assets within an unrestricted fixed asset reserve in order to distinguish these from freely available general reserves.

Revaluation Reserve

The revaluation reserve is part of the unrestricted reserves and has resulted from the revaluation of the social housing and other freehold properties

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF 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.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Tangible Fixed Assets - the Charity has recognised tangible fixed assets (freehold properties[) ] with a carrying value, as detailed at the reporting date (note 9[)] . These assets are included at valuation, the valuation basis being the existing use value for social housing, based on cost less provision for depreciation and impairment.

continued ...

Page 22

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY - continued

Depreciation is provided at rates calculated to write off the cost or valuation of tangible fixed assets over their estimated useful economic lives.

The Charity periodically reviews the useful economic lives of its housing properties and other freehold buildings, taking into account factors such as the condition of the properties, planned maintenance programmes, component replacement cycles and independent professional valuations.

When originally acquired, the useful economic life of the main housing structures was assessed at 50 years. Following periodic revaluations, the Trustees reassess the remaining useful economic lives of the properties and depreciation charges are adjusted prospectively where appropriate. Depreciation is therefore charged on the revalued carrying amount over the reassessed remaining useful economic life of the relevant asset.

At 31 December 2025, the Charity holds investment property at fair value as detailed in note 11. The Charity's investment property portfolio now comprises agricultural land located in Gissing, Norfolk.

During the year, this land was subject to an independent professional valuation, resulting in a revised fair value of £664,400 at the balance sheet date.

The Charity's former investment property in Tunbridge Wells was sold at auction in April 2025. Accordingly, this asset is no longer held at the reporting date and has been removed from investment properties in the current year.

Independent valuation specialists are engaged periodically to ensure that investment properties are carried at fair value in accordance with the Charities SORP and FRS 102.

3.

4.

OTHER TRADING ACTIVITIES

Sundry Income
INVESTMENT INCOME
Rents received
Dividends Receivable
Interest Received		 2025
2024
£
£
10,655
958
2025
2024
£
£
37,826
94,507
0
0
6,859
54,776
44,685
149,283

Investment income represents rental income received from investment properties and bank deposit interest.

continued ...

Page 23

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

5. INCOME FROM CHARITABLE ACTIVITIES

Grants
Social housing rents
Non social housing rents		 2025
2024
£
£
3,095,507
770,666
635,570
557,871
0
11,680
3,731,077
1,340,217

Income represents the maintenance charges ( net of agents charges and voids[) ] paid by residents living in the almshouses and rental income from other social housing.

Grants received, included in the above, are as follows:

2025 2024
£ £
LAHF Grant 1,546,560 767,641
Homes England 1,548,947
400th Anniversary Grant 0 3,025
3,095,507 770,666
Number of units managed by Registered
Social Landlord at
Social housing units - almshouses 62 62
Other rental properties - social housing 6 6
Other rental properties - commercial 1 6
69 74
6. CHARITABLE ACTIVITIES COSTS
Support Costs
Direct Costs (see note 7) Totals
£ £ £
Chariable Activities 606,819 10,200 617,019
7. SUPPORT COSTS
Charitable Activities 10,200

continued ...

Page 24

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

Out of pocket expenses reimbursed to Trustees in the year amounted to £158[(] 2024: £25)

9. EMPLOYEE BENEFITS

EMPLOYEE BENEFITS
2025
£
Wages and salaries
205,064
Social security costs
15,233
Other pnsion costs
20,351
240,648		 2024
£
183,068
13,883
17,824
214,775

The average monthly number of employees during the year was as follows:

2025 2024
£ £
Adtration 6 6

The number of employees whose employee benefits[(] excluding employer pension costs) exceeded £70,000 was:

2025 2024
£70,000 to £80,00 0
£80,000 to £90,000 0

The Chief Officer of the charity received total emoluments of £83,924 for the year ended 31 December 2025. This includes all taxable benefits and any contributions made by the charity to a defined contribution pension scheme on their behalf.

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expenses as they become payable.

Termination benefits refer to the benefits provided to an employee when their employment is terminated by the entity's decision, prior to the employee's normal retirement date.

continued ...

Page 25

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

10. TANGIBLE FIXED ASSETS

Social
Other
Housig
Social
Freehold
Under
Housig
Propertis
Constructin
Properties
£
£
£
COST OR VALUATION
At 1st January 2025
5,080,763
0
6,600,256
Reclassifcation
(5,080,763)
3,004,829
2,075,934
Addiions
0
4,453,736
35,222
Dispsals
0
0
(6,249)
Revaluations
0
0
887,202
At 31st December 2025
0
7,458,565
9,592,365
DEPRECIATION
At 1st January 2025
59,853
0
6,562
Reclssicatin
(59,853)
0
59,853
Charge fr year
0
0
192,557
Eliiated on disposal
0
0
(2,491)
Revaluation adjustments
0
0
0
At 31st December 2025
0
0
314,483
NET BOOK VALUE
At 31st December 2025
0
7,458,565
9,277,883
At 31st December 2024
5,020,910
0
6,535,694
Cost or valuation at 31 December 2025irepresented by:
Socil
Soial
Housing
Housig
Under
Properties
£
£
Valuationi2025
7,458,565
9,592,365		 Plant and
machiery
Totals
£
£
31,519
11,712,538
0
0
0
4,488,958
0
(6,249)
0
887,202
31,519
17,082,449
2,243
126,658
0
0
6,308
198,865
0
(2,491)
0
0
8,552
323,032
22,967
16,759,415
29,276
11,585,880
Plnt and
machiery
Totals
£
£
31,519
17,082,449

The Charity's St Thomas's almshouse properties were revalued by Savills (UK) Limited as at 31[5] [1 ] December 2025 on the basis of Existing Use Value for Social Housing (EUV-SH). The revaluation resulted in a net increase in the carrying value of social housing properties recognised within the revaluation reserve. At 1 [st ] January 2025, other freehold properties, included properties held for social housing of £2,075,935 and social housing under construction of £3,004,829 which have been reclassified this year.

continued ...

Page 26

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

10. TANGIBLE FIXED ASSETS- continued

Fixed assets, included in the above, which are held under finance lease are as follows:

COST OR VALUATION
Additions 24,0
DEPRECIATION
Brought frward 330
Charge for year 3,961
Total 4,291
NET BOOK VALUE
At 31 December 2025 19,713
At 31 December 2024 23,674
11. INVESTMENT PROPERTY
FAIR VALUE
At l January 2025 1,939,400
Additions 0
Dispsals (1,275,000)
Revaluatin 0
Impaiments 0
At 31 December 2025 66,400
AMORTISATION
At l January 2025 0
Charge fr year 0
Impairments 0
At 31 December 2025 0
NET BOOK VALUE
At 31 December 2025 664,400
At 31 December 2024 1,939,400

continued ...

Pa[g] e 27

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Prepayments and accrued income		 2025
£
12,638
8,562
21,200
2024
£
8,343
11,145
19,488

Included in trade debtors are rent arrears of £445 (2024: £3,255)

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Finance lease
Trade crediors
Social securiy and other taxes
Other creditors
Accruals and defrred income		 2025
£
3,728
400,752
6,502
0
19,335
430,317
2024
£
3,489
46,236
4,518
981
36,191
91,415

The average number of days between receipt and payment of purchase invoices is less than 30 days. Accruals and deferred income includes rent payable in advance of£ 11,235 (2024: £20,134)

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025 2024
£ £
Finance leases 12,117 15,926
(see note 15)

15. LEASING AGREEMENTS

ment Leasing Agre

Lease agreements are treated at present value, with interest being recognised over the period of the lease. Capital commitments in relation to the lease agreement is detailed in the notes to the accounts.

Page 28

continued ...

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

16. MOVEMENT IN FUNDS

At 1/1/25
£
Unrestricted fnds
General fund
9,791,169
Unrestricted fixed asset reserve
0
Revaluation reserve
3,724,032
TOTAL FUNDS
13,515,201		 Net
movement
i fnds
£
150,344
3,015,295
887,202
4,052,841		 Transfr
between
funds
At 31/12/25
£
£
(9,777,573)
163,940
9,777,573
12,792,868
0
4,611,234
0
17,568,042

During the year, unrestricted funds represented principally by fixed assets and property-related assets were separately identified within an unrestricted fixed asset reserve in order to distinguish these from freely available general reserves.

Net movement in funds, included in the above are as follows:

Unrestrcted fnds
General reserves
Revaluation reserve
TOTAL FUNDS
Comparaties fr movement in funds
Unrstrcted fnds
General reserves
Revaluatin reserve
Other reserve
Desigated reserve fr Public Benefit		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in fnds
£
£
£
£
3,786,417
(620,778)
0
3,165,639
0
0
887,202
887,202
3,786,417
(620,778)
887,202
4,052,841
Net
Transfr
movement
between
At 1/1/24
i fnds
funds
At 31/12/24
£
£
£
£
305,483
1,092,848
8,392,838
9,791,169
0
3,339,032
385,000
3,724,032
2,955
(2,955)
(0)
8,774,883
(8,774,883)
0
9,083,321
4,431,880
0
13,515,201

Page 29

THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2025

16. MOVEMENT IN FUNDS- continued

Comparative net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrstrcted fnds
General reserves
1,490,459
(633,673)
Revaluation reserve
TOTAL FUNDS
0
1,490,459
3,339,032
2,705,359		 Gains and
Movement
losses
in fnds
£
£
0
236,062
1,092,848
3,339,032
236,062
4,431,880

17. CAPITAL COMMITMENTS

Contracted for but not yet provided for in the financial statements, in relation to building works in relation to the Custom House development.

2025 £1,553,166

2024 £5,858,795

18. RELATED PARTY DISCLOSURES

At the reporting date, certain trustees were also elected members of local authorities. The Trustees do not consider that any related party transactions requiring disclosure arose during the year ..

19. POST BALANCE SHEET EVENTS

Subsequent to the balance sheet date, construction works at the Custom House development have continued to progress in line with programme expectations, with practical completion of all 27 units currently anticipated during 2026.

In support of the development and the Charity's wider treasury management strategy, the Charity has also progressed funding arrangements with Handelsbanken, securing a loan facility to support development expenditure and liquidity requirements.

Trustees continue to monitor development cost exposure, funding utilisation and cashflow forecasting closely; however, no adjusting events have arisen which materially impact the financial statements as presented at 31 December 2025.

Page 30