ANNUAL REPORT AND GROUP ACCOUNTS OF GREAT HOSPITAL, NORWICH FOR THE YEAR ENDED 31 MARCH 2025 REGISTERED CHARITY NUMBER: 211953 REGULATOR OF SOCIAL HOUSING NUMBER: A0846 GREAT HOSPITAL, NORWICH ANNUAL REPORT AND STATEMENT OF ACCOUNTS YEAR ENDED 31 MARCH 2025 Contents Page List of Trustees and Officials ReF)Ort of the Trustees Report of the Independent Auditors 9-10 Consolidated Statement of Financk31 ActNities 11 Consolidated and Parent Charity Balan￿ Sheets 12 Consolidated Cash Flow Slatemenl 13 Notes lo the Accounts 14-33 GREAT HOSPITAL, NORWICH ANNUAL REPORT AND STATEMENT OF ACCOUNTS {CONTINUED) YEAR ENDED 31 MARCH 2025 The Trustees of the Great Hospital are.. Mr J A Banham FCA CF Dr C A Singh MB ChB MRCGP DRCOG DCH Mr F N Davey Mrs C Jeffries Dr P J Moxon IresvJned 0110412025} Mr K J Revell MrJ P Stanley MA Ioxonl FCA Mr WJ Walker Bsc FRICS Ms G A WesNvood Mr A J Yuill Dr T J Peslell Mr N Dillon Halcher Dr K E Toms (appointed 23 June 20251 Mr T J Stalham lappoinled 5 August 2025) Chairman Chairman The Officers, Senior Managers and principal exlemal advisors are" Master and Chief ExecutNe Clerk & Company Secretary Executwe Manager Office Manager Eslale Manager Finance Manager Chaplain lactingl Steward Mrs G K Domier Mr D Chapman Miss N S Tansley BA Mrs C Vargas Mr G Crisp Mr l D Fettham MA (Oxonl ACA The Rev'd Janet Wyer Mr N HcKJge MRICS Principal Offi The Great Hospital Bishopgale NoThrth NR14EL BankeTS Barclays Bank PIC 5-7 Red Lion Street Nowch NR13QH Solicitors Leathes Prior 74 The Ck)se NoNich NR14DR Audrftors Larknng Gowen LLP 1$ Floor Prospect House Rouen Road NoNich NR1 1RE Investn*nl Managers Ralhbones (incorporating Inveslec Wealth and Investment) 30 Gresham Street London EC2V 7QN GREAT HOSPITAL, NORWICH REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 The Trustees have pleasure in presenting their reFK)rt and the financial statements foT the year ended 31 March 2025. The purpose of these is to discharge the Trustees. duly of public accountability and stewardship. The finan￿al statements have tEen prepared in accordan￿ with the accounting wlicies set out in note 1 to the accounts and comply with the Charity's Trusl Deed (the Scheme of Chantyl. the A(Lounting Direction for Private Registered Providers of Social Housing in England 2019 and wth the Accounb"ng and Reporting by Charities Slalemenl of Recommended Practice applicable lo charrties preparing their accounts in w)rdance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffectNe 1 January 20191- {Charrties SORP IFRS 1021). Reference and administrative detsib of the Charty. its Trustees and Advisors The Great Hospital, situated in Bishopgate in the City of Norvith. is an Unir￿orp(￿aIed association, founded in 1249 by wa￿er de Suffield, Bishop of Norwich. The Great Hospital is a Registered Chanty (numt*r 2119531, govemed ty a Scheme ofthe Charty Commissioners dated 12 January 1983 las amended by Schemes dated 2nd July 19￿ and 15th January 20011. It is a Registered Social Landlord with the Regulator of Social Housing (number A0846)- The Charity has signffjcanl endowments in the form of directty-owned pioperty arid financial instruments of various types which the Trustee5 and Master managewith the adv￿ of professK)nal advisors. The income is used for the purposes as specified in the Scheme of Charty. The names of the Trustees who have served during 2024125 are set CNJt on paJe 1. together with the names of offi￿rS and Senior Managers of the Charty and extemal advisors. Structure, governance and management A Board ol Trustees is reSF)0nsib￿ for the govemance of the Great Hospitsl. Each Trustee is aptK)inled by the Board of Trustees for a term of office of five years, after which they may pul themselves forward for r&8ppoinlmenL AII Trustees musl live within a radius of 25 miles of the Cathedral Chufch of NO￿lCh when apKX)inled. The Board ofTrustees elects new Trustees who have the knoYAedge and experience to ensure that there is an appropriate skill mix lo meet the needs of the Charty. New Trustees are required to complete an inductK)n Course which enables them to understand fulty the aims and ethos of the Greal Hospttal and to help them lo identy.fy the risks, trenefits and opwrtunities that exist The full Board of Trustees meets quartety. There are four other major Committees which each meet Iwo lo three times each year." the Policy Committee, the Finance Committee. the Care Commtitee and the Fabric Comrnittee. These Committees oversee all policy and investment maliers [￿aIning to the operation of the Charity. The Committees, meetings allow for effectwe input from Trustees in their parbcular area of experb'se and for dose working relationships with the senior management team. E&h Committee Chaimian reports lo the full Trustee Board quartedy. Trustee training se$s￿n$ are held annually and alsowhen n*Jed for specthc requirements. The Policy Committee keeps this under review on a regular basis. strateg￿ reviews are conducted annually by the Polw Committee. Different aswts of the work of the Great Hosthl are regLtlaled by tsvo extemal slatulory bodies, the Charty Commission and the Regulator of Social Housing. Regulation by the Care Quality Commission ￿aSed in June 2024 when the Great Hospitsl ceased providing regulated care. Histor￿ EnglaThJ has fomial oversight ofthe management of the heritage buildings which are of nabonal and intematr)nal SHJnifiCan￿ and the Great Hospital is a member of the Almshouse Association. The Master has the delegated aulhorty to manage the Charity wilhin the terms of the Scheme of Charity and in accordance with agreed policies and budgets, which are approved by the various Committees and ratifi'ed al the Trustees. plenary sessions. Salaries for the senior management team are set by the Master who monitors similar executive posrf(ions in the charity sector both locally and nationally. The Master's (CEO'S) salary is determined by the Trustees, taking into account the skill sel needed for the position and remuneration packages offered for similar apFX)intmenls both locally and nationally. GREAT HOSPITAL, NORWICH REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 Connected Charities There are Connected CharitEs. They are Preachers. Charity (registered number 2121271 and Sir Peter Seaman's Charity (registered number 3111011. The Trustees of the Great Hosprtal are also Trustees ol both of these Charibes and both are managed by the Mastei of the Great Hospital in accordance with the various Schemes. The objects of the Preachers, Charity are to distribute ￿￿thIrdS of the Charity's net inconE for the religious and other charitable work of the Dean and Chapter of Nonmich Cathedral and the remaining one third for the benefit of the inhabitants of the City of Norwich. The City is defined as the electoral area of the City and the contiguous parishes of Old Catton, Sprowslon, Thorpe Sl Andrew, Trowse wlh Newton, Cringleford, Colney, Coslessey, T8verham, Draylon, Hellesdon and Horsham and Newton St Faiths. The Charity distributed £19,907 for the benefit of the inhabilanls of the City of NOrw￿h during the year ended 31 March 2025. The objects of the Sir Peter Seaman's Charity are to promote the education, including social and physical training, of young persons under the age of 21 living in the City of Norwich who. in the opinion of the Trustees, are in need of financial assistance. The City is defined as the electoral area of the Cty and the contiguous parishes of Old Catlon, Sprowston, Thorpe St Andrew, Trowse with Newton, Cringleford, Colney, Costessey, Taverham, Drayton, Hellesdon and Horsham and Newton Sl Faiths. The Trustees distributed £4,945 in the year ended 31 March 2025. Risk assessment and management The Trustees have a formal risk management PrO￿$S lo assess slralegic. financial and operational risks and implement risk management strategies. This invofves identifying the types of risks the Charity faces, priorilising them in terms of potential impact and likelihood of ocCU￿nce, and identifying appropriate means of managing the risks. The risk register is reviewed at beast annually but more often rf other risks to the organisation emerge. Key risks considered include the ongoing financial viability of the Great Hospital and operational risks relating lo health and safety. The Great Hospital relies on a combination of resident contributions mostly funded from state benefits and returns from ils investment portfolio in order to provide acix)mmi)dalion and services for its residents and preserve the fabric of ils heritage buildings. A regular progr2mme of iefurbishmenl is carried out to ensure accommodation remains of an appropriate standard and pmvides value for money. Flexibility is maintained by the Great Hospital in the generation of investment retums from ils adopts'on of a "total return" approach to investments allowing the portfolio of investments to be constructed to maximise returns within an acceptable level of risk. As a part medieval sile with numerous steps and uneven sijrfaces accesse(I both by older residents and visitors, the Trustees and Managers are very conscious of potential health and safety hazards. Residents also have cooking facilities within their accommodation. The Great Hospital has therefore developed a comprehensive health and safety framework and culture led by the Master, supported by the Health and Safety Committee, with regular training for all employees as fire marshals and first aiders and regular risk assessments, safety checks and inspections. Statgment of responsibilities of the Board of Trustees Charity and registered social housing legislation requires the Trustee5 to prepare financial Statements for each financial year which give a true and fair view of the slate of the affairs of the Charity and of the surplus or deficit for that period. In preparing these financial stslements. the Trustees ale required to.. select suitable accounting policies and then apply Ihem consislenlly make judgements and estimates that are reasonable and pwdenl Stale whether applicable accounting standards have been followed. subject to any material departures disclosed and explained In the financial statements prepare the financial statements on the going concem basis unless it Is inappropriate lo presume that the Charity will continue in operation The Trustees are responsible for keeping proper accounting records which disc105e with reasonable accuracy at any time the financial position of the Charity and lo enable it lo ensure that the financial statements comply with the Trust Deed (the Scheme of Charity), the charib.es Act 2011. Schedule 1 to the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2019. They are also responsible for safeguarding the assets of the Charity and for taking appropriate measLJres to ensure the prevention and detection of fraud and other irregulanties. GREAT HOSPITAL, NORWICH REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 Public Benefit In setting the objectives for the year. the Trustees have once again given careful consideration to the Charity Commission's geneTal guidan￿ on public benefit and conb.nue lo be mindftjl of their responsibilities in this regard. The Great Hospital was originally founded to provide relief for the E￿Or and needy of the City of Norwich through the provision of shelter and sustenance and the wellbeing and intere51s of the iesidenls remain the primary focus. Further, the Trustees are fully committed to maintaining the unique and important sel of medieval and other herrtage buildings and conbnue to fund a signiticant programme of maintenance and refurbishment. Charity's Fundraising Work The Trustees, the Master and the senior man￿ernent team are dear ￿h0 we are., *4hat we do" and how donations are used. They respect the rights, dignrties and privacy of the Great Hospital's supporters and beneficiarie5, and Ih05e of the connected Charities of Preachers. Charty and Sil Peter Seaman's Charity, and do not put undue pressure on a prospeclwe donor lo make a grft. If a proS￿"ve donor does not want lo gThie, or shes to cease giving, the decision will be respected enb'rety. Professional telephone or street fundraisers, or ￿MmerCha1 participators. are not empkjyed or otherwise engaged to carry out fundraising actniilies and nor dces the Great Hospital. Preachers, Charity or Sir Peter Seaman's Charty directly approach members of the public. The Great Hospitsl, Preachers, Charity and Sir Peter Seaman's Charity comply with all re￿vant statutory regulations, including the Charit*s Act 2011, Data ProtectKTrn Act 2018, the General Data Protection Regulation 20161679 and the PrNacy and Electronic CommunicalB)ns Regulations 2003. The Trustees. the M2sler and staff always seek to act in ways that a￿ legal, open, honest and respeclful. All o)mplaints are rnana9ed in acu)rdance with the Housing Ombudsman's Comp￿1￿1 Mon-rtoring C(xle. Objects and activities The 'objects' of the Great Hospital as set out in the Scheme of Charty are.. 'The provision and maintenance in the Cty of Norwich of the Parish Chutch of St Helen and of the almshouses known as the Great Hospital founded in accord2ni* with the benevolent designs of King Edward the Sixth,. Eligibility for residency al the Great Hospital is in accordance with the Scherre of Charity and as detailed in the Admissions Policy. Applicants who satisfy the age criteria musl be resident in the 9￿ater Norwich area las defined in the Scheme). musl be in need and would, in the view of the Trustees as advised by the Master, benefit from being a resident. Persons who are resident elsewhere but who have lived of worked in Norwich will also be onsideied. The 'aims' of the Charity are-. 1. To preserve the fabric of the heritage buikling stock 2. Whenever possible, to provide a home for lrfe for the residents in a secure and 58fe Community 3. To continue lo grow future investrnent Income by invesb.ng endowment funds in appreciab'ng assets as market conditions pemiit 4. To use the heritage assets to generate revenue and to be accessible lo the public al large while acknowledging the sensitNity of the site and the wishe5 of the iesKtents who live on it Each year the Trustees review the objectives and aclNibes to ensure they conb.nue to reflect the aims. As noted eadier, in carrying out this review the Ttuslees have considered the Charity Commission's general guidan￿ on public benefft and have also assessed the outcornes in terms of value for n￿ney. To help achieve a long-term financially viable futu￿ for the charity. the Great Hospital ceased the provision of regulated care from June 2024. All residents r￿1VIng care from Ihe charity were 5UPPOrted lo access care on the sile from third paty care providers. ￿lIe Ihe care team members were made redundant, the Great Hospital established a small resident engagement team to continue lo support our residents, welfare needs. GREAT HOSPITAL, NORWICH REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 A full programme of resident events took place in 2024125 including.. The bowls match be￿en residents and Iruslees The sumrrEr tea party Remembrance Day service The Christmas carol service The residents Christmas lunch In March 2025, the Great Hospital ceased the provision of a catering Servi￿ to reS￿ents lo further reduee i(s operating costs lo a sustainable level. ￿lIe the catering team were made redundant, the Great Hospital established a small resident run shop to give residents easy access to everyday provisions at supermarket prices on site. Relationships have been built with extemal caterers to ensure that the Great Hospital can continue to provide catering for resident and external events. The Great Hospital continued to invest in new equipment and buikling improvements during 2024125 and subsequenuy to ensure the security and fire safety of our residents and to rnaintain our many heritage buildings. Work has continued on the redevelopment of Elaine Herbert House. A main eonlractor has been appointed and a contract lor the construction has been signed. The initial construction work is well progressed with most of the external structure complete and work is now Unde￿aY on the interior of the building. Grant funding toward the cost of the building was secured with Homes England. a grant agreement swjned and the first tranche of grant funding received Construction work will conb.nue through 2025 and 2026. This excikn'ng development will create a further 25 units of acCommodat￿n availab￿ for occupancy in Spring 2026. Overview of the accounts Summary The Great Hospital achieved an OCLupancy level of 93.9% in the financial year against a target of 95¥0 and re￿iVed a grarTrl of £1.9m towards the costs of Elaine Herbert House and this has resulted in net income before gains and losses for the year of £1,718.72212024: net expenditure of £582,776) with an 820A increase in income 10 £4.220,010 and a 14,/9 reduction in expenditure lo £2.504.006. The Charity's actual performance is being measured against the budget on a monthly basis and any variances againstthe budget are investigated to improve efficiency and performance. In accordance with its charitable and strategic objectives. the Great Hospilal maintains, repairs and improves the buildings on ils sile and seeks lo provide enhanced accommodation for the benefft of its residents. 11 has achieved Savings and greater value for Money from procuring services from altematsve suppliers and in reviewing its working practices. It has introduced regular tendering prccedures for procurement where they did not exist and is implementing a long-lerm plan for investment in more efficient energy provision to realise cost savings, environmental benefits and increased cx)mfort for residents. including heating installations and improvements in thermal efficiency. The total net assels of the Charity increased by 5.9% to £36.374.062. Investment policy The Trustees have the power to administer and manage the assets of the Charity. The Trustees have delegated the management of its inveslrnent portfolio of stocks and shares to Rathbones lincorporab'ng Investec Wealth and Investment}, a firm of independent investment managers. Investment returns are a critical Sour￿ of funding both in respect of the provision of services lo residents and in terms of the maintenance of the heritage buildings. Truslees agree a target real rate of relum lover and above the return required to maintain the inflation adjusted value of the Endcwment Fund) with Rathbones Investment Managers lincorporaling Investec Wealth and Investment) based on their expert view ol potential fulLJre returns. The benchmark portfolio recognises the Great Hospital's long-temi investment horizon and risk appetite In the year lo 31 March 2025 the financial investments portfolio achieved a total return of 4.07¥0 before investment management fees compared to a benchrnark retuffl of 6.24%. GREAT HOSPITAL, NORWICH REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 The Trustees have also delegated the day to day management of its prtspety Portfolio lo Brown & Co- Propety and Business Consultants LLP, a firrn of independent Chartered Surveyors Brown & Co have been instructed to maximise the ￿nts1 income from properties. reporting lo the Master and Trustees as ne￿sSary, and also to advise the Trustees of any new investment Opportunit￿S. Total Return policy The Trustees continue lo take advi￿ from their investment advisors on expected k)ng term real rates of return from the investment portfolio. The advice lakes into consideration a number of factors including the construction of the Charity's investment portfolio. the posth.oll in the investment CYC￿ and the outlook for inflation. The lotsl return approach enables the Trustees lo decide each year how much of the unapplied total relum is transferred to income funds and is available for exFendilure_ To determine the transfer each year the Trustees review the balance ol the unapplied lotal return, the lalesl view from Inveslec Wealth and Investment Limited on sustainable real relums and the operational requirements of the Charity. Further information is disclosed in note 24. Following this review a provisional allocakn.on to In￿Me funds is set for budgeting purposes and performance is monitored on a quarterly basis during the financial year. The actual allocation lo income funds for the year is confirmed al the final Finance Committee meeting each financial yeai During the year ended 31 March 2025 the Trustees reviewed the performan￿ of the investment portfolio in orderto satisfy themselves that the current levels of transfer remained sustainable. Reserves policy The Great Hospital aims to hold around £500.000 in cash al bank as worf(ing capital, representing 3 months worth ol expenditure. The balance at 31 March 2025 was £1,000,46412024." £508,970). It is not considered necessary lo hokj cash al a higher level as the Total Relum Approach lo investment management means additional fvnds can be transferred from the Endowment Fund as and when required. The Endowment Fund stood at £25,207,010 at 31 March 2025. Under the Totsl Retum Approach, the entirely of the Endowment Fund can be utilised for the benefit of current and future beneficiaries other than an amount of £5,091.310 known as the Investment Fund, representing the value of original donations. Assets The overall value of the Charity's net assets on 31 March 2025 was £36.632.030. Fixed and current assets are as set out in the balance sheet. The value of the Charity's non-property inveslments other than those held as cash deposi15 was £18,292,027. The investment property portfolio, which comprises residential, commercial and agricultural land and buildings, was formally valued as a131 March 2025 at £5.857,500 by the Great Hospital's investment property advisers Brown & Co Property and Business Consuttants LLP {note 15}. In view of the Charity's substsntial inveslments and assets the Truslees consider there is no material uncertainty in relation to the going concem assessments. Value for money In accordance with the Great Hospital's charitable PUTpose, in parbcular its obligation lo maintain the accommodation occupied by residents and the other buildings on rts srte, the Charity's operationa1 expenses are subsidised from the retum on ils capital funds and investments. The value of that subsidy in the Clbrrent financial year amounts lo £820,88312024'. £1,131,801) {operating deficit from Social Housing operation). which is 32_8% (2024.. 39.0%) of the total expendilure incurred. GREAT HOSPITAL, NORWICH REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 The Trustees intend to benefit the residents in future years by increasing the value of the services they receive. achieved through continued monitoring and scwtiny of operational expenses across the Charity. In April 2018, the Regulator introduced a new Value for Money Standard in order lo measure economy, effieiency and effectiveness. Due to the unique nature of the Charity's operabons. and the way housing activities are finan￿d, il is not possible to make meaningful comparisons with an appropriate peer group. The Value for Money metrics sel out below show how the Great Hosprtal had perfomied since the introduction of the standard. Metrics and Basls 2025 2024 Reinvestm•nt The metrics IcKiks at the Investrnent in pioperi*s both new and e￿$t11¥￿ 8s a percentage ol the value of total prOpe[t￿ hdd. New Supply Delivered 3. Gearing -5Vo This metric assesses hcmf muth ofthe assets are fflaye up ofdetA arKI tt* degree ofdependerte on debl finan￿. 4. Eamings before interest. tax. depreciation. amoriBation. maitir repairs included IE81TDA MRI) Interest Cover 6982% 3.456° Thi5 is 8 key indicator for Iw]UKIty and Investn￿rt rapacity. S. Hèadline Social Housing eost per unrt £20.643 £25.442 This metric assesses Ihe headli￿ scKial tx)sl per unil as defineLI by the ReguL4toi. 6. Opèrating Margin This rneth'c Measu￿ profrt8t￿ty. and is a way of measumg the financial effK?ency of a txjsiness. Operatlng Margin IA) -71% Operatlng Margin IBI -9% -25% Retum on Capital Em￿oyed 1.5% 0.4° This metri¢ measures the eff￿￿nCY of inveStn￿t of caprtal r8sources. GREAT HOSPITAL, NORWICH REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 Future plans The key priorities for the coming year are". The tt)mplelion of the constructs.on of the new Elaine He￿rt House building crealing 25 additional units of accommodation. Focus on the works required to maintain our many heritage buildings. Continue to support the welfare of our residents and staff to make the Great Hospital a wonderful place to live and work. Thanks The Trustees and Master would like lo express their sincere thanks lo the Great Hospital staff who continue to demonslrale flexibility and commitment in supporb.ng the charity's objectives. On behalf of the Trustees r J A Banham Chairman Dale. 18 Septern￿r 2025 Independent auditors, report to the Trustees of the Great Hospital Opinion We have audited the finanoal statements of The Great Ho$[￿tal (the 'parent ctsrity'l and its subsKJ¢aries (the 'group') for the year ended 31 March 2025 whith cornprise Ihe Report of the Twsfees. Consolidated Statements of Finanaal Activities, Consolidated and Parent Charity Balances Sheets, Consolidated Cash Fkyw Statement and rK>tes to the financial statemenls, including a summary ol significant accounting policies. The ffinanual reporting framewtstk that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reports"ng Standard 102 The Firtancial Reporting Standard applicable in the UK and Republic of I￿land (United Kingdom Generally Accepted Acc(MJntiNJ Practice}. In our opinion the finanual stslements.. give a true and fair view of the siale of the group's and parent tharity's affairs as at 31 Marth 2025, and ol the group's incoming reSoUr￿S and application of resources for the year then erKled'. have been property prepared in a(Lordance wilh Unrteil Kinglom Generaly A(xwted A(x*untiThJ Practiee," and have been prepared in 8cwrdance wth the requirernents of the Charitses Ad 2011. th8 Housing and Regeneration Act 2008 and the A￿0￿￿ting DireclK>n for privale registered provider5 of siKial IkxJ&n9 in En9land 2019. Ba518 for opinion WÈ conducted our audit in actt)rdancè vrith lnlemab.onal Standards on Audth"ng IUKI {ISAs {UK)l and applicable law. Our respKJnsibilities under those standards are further described in the Audrto¢s reSPC￿S1bIlrtieS for the audit of the financial slalements section of our report. We a￿ independent of the group and parent charty in aC0)rdan￿ with ihe ethul requirement5 th81 ale relevant to our audit ol the financial statements in the UK, includirvJ ihe FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilrties in accordance with these requirements. We bel￿e that the audit evidence we have obtained is suffiiient and appropriate to provide a basis for our opinion. Concluslons relating to going concem In auditing the finanaal statements, we have Con￿￿ed Ihat the Trustees. use of t1￿ going b88is of accounting in the preparation ol the fjnancial slaternenls is appropriate. Based on the work we have perfomied, we have not identified any materBI ￿￿ertaInlieS relattng lo events or corKltbons that, individually or collectively, rnay cast doubt on the Group's or the parent tharity's ability to wnlinue as a going con(Ern lor a period ol at least twefve mc￿th$ from when the finarrial ststements are authorwl lor i$5ue. Our responsibilities and the responsi￿1￿1.es ol the Tnjslees ￿th resFect to (x)n￿M are described in the relevant sections of this report. Other information The trustees are responsible for the other inforrnation. The other information cotnpTtses the information iwluded in the Annual Report. oiher Ihan the financial siatements and o¢Jr auditorfs report thereon. Our q)inion on the financk31 stalernenls does not cover the other infomiation and, except to Ihe extent otherwise expliuty stated in ¢xJr we do not express any form of assurance conclusion thereon. In connection wth our audit of Ihe finanual statements. our re¥K)nsitMIty to read the olhet information and. in doing 80. consider whether the other inforrnation is materially inconsistent wilh Ihe finanual statements 01 our knowledge obtained in the audit or otherwise appears to be materially misslated. If we bdentrfy such mateiial incon&sten(ie5 or appa￿rit materk41 misstatements, we are required to determine whether there is a maleri81 misstatement in the frnancial statements 01 8 m8lerial tnis5tatetnent of the other information. If, based on the work we have performed, we (x)ndude that there is a rnatenal misstalemenl of this other information. we are required to report that fad. We have nothing to report in this Tegafd. Matters on which we are reqUi￿d to report by exception We have nothing to report in iespect of the followir￿ matters in rdab.on to WhN￿ Ihe ch3nts.es (Accounts and Reports) R￿UlationS 2W8 require us to Teport lo you if. in our otxnion". the infomiation given in the financral statements is inc￿$151enI in any m8terial respect with Ihe Iruslees. report: or sufficient accounting records have nol been kept.. or the parent charity's finanual slatements are nol in agreernenl ￿1h the aC￿untiTrg records. or we have not ￿￿1Ved all the infomiation and explanations we require for wr audil. In addition, we have nothing lo report in respeci of the fdhywing maiter where ihe HousirvJ and Regenerabon Acl 2008 requires us to report to you if, in (wjr opinion". a satisfactory system ofcontrd over tranS￿t￿)n9 has not been mainlain￿. Independent auditors, report to the Trustees of the Great Hospital Responslbilitles of trustees As ex ￿ained more fulty in the trustees, reswjnsibilib.es statement set out on page 3. the trustees are responsible for the preparation of finanaal statements which give a true and lair wew, and lor suth inlemal C￿trol as the trustees determine is necessary lo enable the preparation of financial statements that are free from material mK$s￿eMent. whelher due lo fraud or error. In preparing the financial statemenls, Ihe tnjstees are responsi￿ for assesstng the group's and parenl charity's ability to continue 8S 8 going concem. disGlosing. as applicable. matters related to going contrtn an(J using the glyng (x)n￿rn basis of accounting unless the trustees erther intend to ILquidale Ihe group or Ihe parent charity or to ￿ase oper81￿s. 01 have no realistic alteinalive but to do so. Auditor's wsponslbllitles for the audit of th• financial statements We have been appointed as audrtof under Secti￿ 144 of the Charities Act 2011 and seth.on 136 ofthe Housing and Regeneration Act 2008 and repori in accordance with wukb.ons made uThJèrs8Ltion 154 ofts CharthsAct2011 and section 137 ofthe Housing and Regeneration Act 2CM)8 IwL4ribes. iKluJitvJ fraLbl. L* *KI r8Jlatim li ¥Mih cu reS￿nsIbl￿es, oullir￿1Jtm?ve.t0rknM*rS1 rris*atrtsn rwof Irregularit￿$. induding fraLNJ. The extent to whthour prDcedures are capable ol delecling irregularities, induding fraud is detailed below. Ourapwc&*wasas tkn.. We enquired of the Trustee$ 8boul Iheir own identifical*)n and assessment of the risks of irregularities. We terf(￿r￿ ar&￿￿01 kNrtakntothitify anywwA rthlKKthpslhat Troy indicate risks ol m8t&rial misstatement due to fraud., arKI insAarKX ofnon-complianGe with laws and reg￿lab"ons'. We read mirLtssofTnJstee reviewed any corresw>nderKe ￿th regulators. Auditing the risk of rnanagern￿t override of controls. indudirwJ thrOLl￿ IC￿Mal enines and other adjuslmefits lor approprialene5S. Becauseofthe in ¥Mih Ihedolitycwaw fc*NAYJ aEa%as Iw to haft a iwdcnthefnantsal stateff*nts". Heath ￿ Sakty," emFknrrth kn¥, GEPR. CQC tIE Chartties Act 2011, the Housing and Reg8n•ration Act 2(N)8 and Financial ReporbTh3 Slandard {FRSI102. Inc4)mrwnwknaHau(ItswK*rlSAs(uK).￿Je￿￿ll￿Ito￿t￿M￿)rrry(￿to re5wJnd tothe risk ofmanagement override. In addressing the risk of fraud through managerneirt override of (x)ntrols we lest the appropriateness of joutnal entries and oither adjustnEnt5', we assess whether the judgements made irb making a￿untIng estimates are indicative of a potential bias., and we evaluate the business ration8le of any signtfi(xnt trnnsactions that are unusual or outside the nofmal course of busines5 for tha Scheme. Because of the inher￿t InytatKns cl w a￿￿rt, there is a r￿k V+E wll det￿* all ryLlartes. ￿l￿1r￿J tfv)se leading lo a material misstatement in the finanaal statements or non-compliance wilh wulation. This risk inueases the more that complianfje with a law or regulation is removed from the events and IransactK)ns rellected in the finarrial statements, as we wll be less1ikeW to become awa￿ of instances of non-compliance. The risk is also greater regarding irregularities ocoJrring due to fraud rather than error, as fraud involves intentional Con￿alment, forgery, o)Ilusion. omission of Mis￿preSenta￿"0n. A further description ol our responsibilrties ft)r the audit of the financial staterrents is kxaled on the Financial Reporting Council's website at. www.fic.org.uklauditorsiesponsibilities. This dest￿p￿On fotrns part of our 8￿jitOrfs report. Use of our report This report is made sdely to the tharity's trustées, as a tM)dy. in with Part 4 of Ihe Charitie5 IA(rounts and Reports) Regulations 2008 and secb.on 137 of the Housing and Regeneiats"on Acl 2(X)8. Our audrt work has been ulldertaken so thal we might state to the charty's trtJstee$ those matters we are iequired to slate to Ihern in an aLJdilorfs report 8nd for no other purpose. To the fLJllest extent pertnitled by law. we do not a￿p1 01 assuffle responsibility lo anyone other Ihan the charity and the charity's trustees as 8 b(Kly. for our 8tKlIt work. for this rewrt. 01 foi ttE wn1(￿S we have forni￿1. ULP Larking Gowen LLP Chartered Accountants and Statutory Au NORWICH Date.. 18 September 2025 10 GREAT HOSPITAL, NORWICH CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 Unrestricted Fund Restsicted Fund Endowtnent Fund 2025 Totsl 2024 Total Noles Ineome and endowments from: Donations, legathes andgtsnts Donations Grants 17.507 17.507 1,923,750 1,838 1,923.7S) Income from Ghari18ble acliviitres.- Contributions from residents 1.511.641 1.511.641 1,593,913 Olh8rlrathng 8Gbvibe8.' Funcbons 3,073 Investmenls.. Property Income Interest and investmènt incomè 262.404 262,404 486,655 486,655 207,538 495,401 10 Other income 14.213 14,213 16,835 Total Income and endowments 1,547.201 1,923,7￿1 749.059 4,220,010 2,318,598 Expendrture on: Cost olraistng funds.. Investment management costs lO5,6￿j 105,600 115,145 Expenditure on charilable aCtivit￿s.. Services Management Maintenan DeprecAation 1,472,721 ,419 .248 316.983 1.472,721 290,419 296,248 334,087 1,862,404 314,351 312,C63 292,9)7 17.104 Ofherexpenthture 4,931 4.931 4,504 Total expenditure 2,381.302 17.104 105.600 2.504.006 2,9)1,374 Net income I {expendS￿￿) before gains and losses on investments 1834.101) 1.￿,646 643.459 1.716.004 1582,7761 Nel gains on investments 15&16 786.667 786.667 735,271 Net income I lexpenditurel {834.1011 1.￿￿.646 1.430.126 2.502,671 152.495 Transfers bets¥een funds 24&25 792.C(￿l 1792.(M)Dl Net movernenl in funds {42,1011 1.9C6.646 638.126 2.502,671 152,495 Reconciliatson of funds: Total funds broughl forward 8,857.804 444,703 25.041,360 34,343.667 34,191,372 Total funds carried fotward 8,815.703 2.351,349 25,679.486 36,846.538 34,343,867 GREAT HOSPITAL, NORWICH BALANCE SHEET AS AT31 MARCH2025 Cortsolidatsd 2025 Parent Charity 2025 Notes 2024 2024 Fixed as5etS Housing Assoaation Scheme Fwoperbes Equipment Improvements to Gre8t Hospital ￿lIdingS Property in the COUTse ol construdion Investment propertW6 Investments Programme related investrnent 14a&b 635.378 14a&b 952.296 14a&b 6,586,604 14a&b 3.456.216 15 5,857.500 16&22 18,292,026 17 635,378 952.296 6.586.604 3.341.152 5.857.500 18.292.02Y 660,793 616,163 6.803,666 7.343 5.385,024 19.475.827 1,099,(YJO 616.163 6,803.666 1,238.(M)B 5,385.024 19,475.826 35.780.020 34.179.480 35.664,957 34,047,816 Current assèts Stock Debt￿$ and prepayments Cash at bank and in hand Cash held by inveslment brokers 18 19 8.779 219,982 9)8,970 44,902 8,779 206.804 492.004 44.￿2 445,S65 1,000,464 467,730 375.943 932.713 467.729 1.915.108 782.633 1.777,734 752,489 Less.. Creditors: Amounis falling due wlhin year 20 1760.72n 1527.680) 1349,S361 1354,1991 Net Cu￿nI assets 1,154.381 254.953 1.428,198 398,290 Total assets less current liat￿lIti£$ 36,934.401 34,434.433 37,093,1SS 34.448.1C Less.. Creditors: Amounis falling due after one year 21 187.863} (go.￿) 187,863) 190,5661 Total net assets 36,846.538 34,343.867 37,005,292 34.355,540 Represented by: The funds of the charity.. Endowment fund Restricted fvnd In¢(￿e fund lunresln(aed) 24 25 25.679.486 2.351.349 8.815,703 25.041.￿) 4144.703 8.857,804 25,679,486 2,351,349 8,974,457 25.041.380 444.703 8.869,477 36.846,538 34.343.867 37,005,292 34.355,540 The financial statefnènts on pages 1110 32 were apprcNed by tr* Bowd ofTrustees arxb were ggned on their beha￿ by.. Mr J A Banha MrAJYu￿l Dale.. 18 ember 2025 The notes CM) pages 14 to 32 fcffm part ofthese ffinaKial stateThEnts 12 GREAT HOSPITAL, NORWICH CONSOLIDATED CASHFLOWSTATEMENT. AS AT31 MARCH 2025 2025 2024 Net cash inflowlloutflowl from operatin9 adivities (see below) 1,311,OWJ 1863,4131 Cash Flows from Investing actiwties Interest, dividends and ￿ntS recewed Purchase of fixed asseis Investment propety transactions Pr(wds from sale of investrTWt Purchase of investments 749,059 (2,645,952) 702.939 1587.077) 3,123.433 I1,621,9￿) 5.392.730 I4.9￿.674) Nèt cash lutilised inyprovided by invèsting 4etivitse5 {395,416) 571.918 Cash flows from flnanclng actlvltles Repayment tsf bom)wing 11.352} (7701 Net cash provlded by financing activltles (1.352} (7701 Change in cash and cash equivalents in the year 914.322 1292,2651 Cash and cash equivaknts brwght forward 553.872 846,137 Cash and cash equivalents rArried forward 1,468.194 553,872 Reconclliation of net income to net cash infiowllouffiow) frorn operating activities 2025 2024 Net income 2,502.671 152,495 Interest, dividends and rents ￿1Ved (Gains) on investments Depreuation Ilncreasel I decrease in debloTS Ilncreasel I decrease in str￿k Increase in creditors I {de￿e8¥e) (749,0591 (7￿,153) 334,088 (225,5831 7,430 231.6 1702,9391 1725,6891 292.907 58.316 11,2481 62.745 Net cash Inflowllouffiowl from operating activities 1,311.0 1863.4131 Analysis of changes in cash and cash equivalents: 1 April 2024 Cash flows 31 March 2025 Cash al bank and in hand Cash heW by inveslrnenl brokers ,970 44,9)2 491.494 422,828 1,0￿.464 467.730 Total 553,872 914,322 1,468,194 The notes on pages 14 to 32 fomi part ol Ihese slaiemenls 13 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 Accounting Policies Basis of accountlng The 8(wunts are prepa￿ under Ihe historical o)st convents"on, m(MJffied to indude the rev8lu8b.on ol certain fixed assets. The Housng SORP 2014 requires any almshouse that ts not ￿)¥eMed ty the Landlord and Tenant Act 1985, and opef8tes wedominanlty for tharitaNe purposes, to adw the Charities SORP when weparing ils financial 5taternent5. The Great Hospital is a registered *mshwse {rr￿nbership number 3331, and meets other listed conditions and has therefore p￿pared the finanrJ* statements is aax)rdance with Statement of Re￿rnmended Practice." Accounb"ng arKI Rep(*t"NJ by Ch8ribes preparing t1￿1r ￿)Unts in accx)rdanGe with the Financial Reporting Standard applicable in the UK and Re￿bI￿ of IrdarKI IFRS102} t5sued on 16 Juty 2014, the accounting requirements of the Accounb"r¥J Diredion for Piivate Registered Pr(trviders of Social H￿sing 2019 and wth charity law. The Great Hosprtal meets t1￿ Ilefiniknon of a PLts1￿ enty under FRS 102. Preparation of the financial state￿ntS requi￿ management to make signfficantjudgements and estimales. The rtems in the financial sialements where Ihese judgements and esbmates have teen made include.. useful ewnomic lives of tangib￿ assets - the annual depreGatK)n charge for tangib￿ assets is sensitive to changes in the estimated useful econornic lives and re￿dUal values of assets. The usefvl ￿n0m￿ INes and residual values are ieassessed annually. See rK)le 14 for the carrying amount of p[0￿rty. tAant and ffjuirrnent aTrY rKJte 1 ID and (Il for the useful economic INes for eath dass of assets.. investment propety vaILth.￿S - the treatrnent of irNestment Fxopwty is explained in ntste 119} and the carrying Val￿ can ￿ found in note 15. The nK)St sTrJnfvnl area of ￿r￿rtaInty that affeds futute va￿e of charity's assets is thè ￿rf0mian￿ of tt property ar￿ listed inveslmenl mathet. bl Consolidation Under stalule gr(xJp finar￿al siatements are required. consddate the Charity and its $ub5idiary TGH (comn￿rCk3Il Limrted. Incomè and Expenditure All income is recognised Ihe group has entidement to tr* IrYxM￿. it is Fxobable thal the income will be receiv and the amount ol incrme rec&¥ab￿ can ￿ [￿asUred relia)￿. Expendtture is recx)gnised oncethere is a legal or conslruthve (*)IvJab"on to make paymentto a third party. il is probable that settlementwll required and the anKKJnt ofthe obligati￿) (*n be measured ￿lIablY. All expenditure is accounted for on an accwals bas￿. Al exkmses I￿Udi￿3 SUKV)rt (x)sts aml goveman¢e o)sts are alkJc3ted to the applicable expenditure headings_ dl Grants Grants, donatK)ns and gffts a￿ induded in tull in Ihe Statement ol Financial Activities when recewable. Grants, where entitlement is not conditional on the deltvery of sreafic perf0mlan￿ by the charity, a￿ fecognised when the charity becomes unu)n(tth"onalty entrtled to the grant. Fixed assets. Housing Association scheme properties Properties ind￿je￿ urKkr Housir*J A$S￿lat￿ scheme rKcwttes a￿ ststed at cost less deweaatvjn which indudes the followng". C05t of acquiring land aThJ buihjings Develop￿￿￿1 expendiiure Int￿$t djal￿ on the nThxtg￿e bans raised to finarte the scheme, induding notional inteiesl. Interest on the tnortgage loan finanong the develop￿nt is (*kiialised up lo the Idevant date of interitn SHG payment, {see note 111. Int8iest on tIE reshlual mortgage ban aftwthis dale isdiaw to Ihe Statement of Finanoal Activity. 14 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 Fixed assets. Gyeat Hosthl buildiThJs Buildings and improvements to tMAiklingsare sPKp*m at cost and depretiated (Nertheesb"rTbated uselul lile of the asset, as folknws". Improvema)ts lo buiklings- 50 years straght I￿￿1- Oth￿ addit￿Thrts bdow.. Housing AssLKialion properties- 50 years12% stra¥Jht li1￿) Assets in the course of conStr￿lI0n are not dep￿ated The Trustees have consKlered the appl￿8￿ of cOM￿lent a(rA)untiThJ and have depreoated improvements to building additions on the folkw¥ig basis.. Main fabric- 1Crf) years Roof- 75 years Methanic81 instalLgtions- 50 years Electrical installat￿n$- 30- 40 y hn(k>ws and t)cM)rs- 30 years Kitd)en installation- 15 yea Lift installa*"on- 20 yea Shower installation- 15 years Fittings aTh1 fumishing$- 15 years gl Flxed assèts. Invostment properties A triennial valuats.on of investrnent properbes at ow mathet valtje is FKovided by Brwn & Co- Property and Business Consuhanls LLP. In Ihe intervening perk)ds. investment prope￿ v8luab.ons are utx18l￿ based on professional advi provided to the Ttustees by Brown & Co- Property and Bu5Fness Consultants LLP. The review conducted by the Great Hospital's athisors t￿h8￿ of the Tnffjlee5 for PUryN)se of th& interim valual'on d(*s Mt gNe rfse tr) a formal valuation. h) Heritage assèts- Historiral Bishopgate property The Great Hosprtal maintains a cdlectK)n of histcmic ￿lk￿lI¥JS at Bishopgate. Nor￿. including the medieva1 church and doislers. These have been wuired since the Charity was ftyJnded in 1249. aFKI have no historic cost. The Trustees feel that owng to the irKx)rnpat8Ne nature of Ihe buildings. wnventkMal valuation L4ths suffiaenl reliability and that, even rf valuatK)ns rAxJld be rA)tained, the costs %w)uld be onerous o)mpared wth the additional benefits derived by the Chatty and usets of the aLXX)unls. As a ￿SuIt. no value is reported for these assets in the Charty's accounts. The cost of asscrtiated mw m8intenarKx and lefu￿1shMenl is reported in Ststement of Finanoal Activty in Ihe year rt is irturred. Further infomiation is given in Note 1k lo ￿x￿ts. Ftxed assets. Other assats Othef assets are deprecaated ov8r a pwi(Kl of 3-10 years on a strwJhl.line l)8sis. Irwestments- Other investments Investments are a Iotm of tjasic finarKial instrwnenl and are lirtial￿ tetxjgnised at their transaction value and subsequently ￿￿asured at theif fair value as at the balance sheet date usiTr3 the closing quoted Ma￿et price. The statement of financial acimty indudes the net gains 8fKI k)sses arisirKJ on revalualion and disposals througkx)ut the year. The main form olfinancial nsk faced by the tharity ￿ that ofvoLab'lty in equty matkets and investment markets due to wider ecorThnic conditions. the attrtude of investors to inveslmenl risk. and (knnges in sen￿'ment Con￿mIng eqUIt￿S within particular sectors 01 sub sedors. Programme rdated invéslrnents are ￿[TIed at the anNyJnl invested less any itnpairments. 15 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS {CONTINUED YEAR ENDED 31 MARCH 2025 kl Soclal Houslng Grants Hwsing Grants {SHGI are made by the Housing Asscoaliw and a￿ uttlised tr) reduce Ihe amount ofmortgage loan in respeci of an approved scheme to the anKMJntvknKth it is esb"tnat&1 tsn be serviced by the net annual Incorne oflhe scheme. The amount ofSHG is Cal￿￿?ted on the qualty'ThJ (x)￿9 ofthe sctheme in ￿CC*danCemth instrmtions issued from time to time by Ihe ReguLator of S(Kial HoU&r￿. )èrè dèvelopments have knnced wholty or paruy by SHG. the SHG is reo)gnised in incorne when the charily has enlillernent lo it. SHG are repayable under ¢xlain {ir￿M$tar￿$, ￿l￿arity lollcwng the sal8 of a pro￿rty. Provisiw for repayment is made in the bala[￿ sheet Wh￿ prot￿l*s. vhK4) have SHG ftJTrlirwJ, ale sold. Fund accounting Unrestricted knnds a￿ avaILab￿ for use at the of ihe Trustees in furtheran￿ ofthe general ol'edDie5 ofthe charity. ReStr￿ted funds are those fuThJs that can onty tre used fry partiwlar reStr￿ted purposes. RestriCtiC￿$ 8rise when specthed by the dorrtx or when funds are raised for partiwLar restrictNe putposes. Follomng an appl￿tiOn to Ihe Charity CiJnmisSv￿ the Greal Hoswtal moved to a total retum approach to 8C(x)untsng for investments from 1 April 2013. Pension ￿heme The Gre81 Hospital OK￿rateS defineil contn'b¢Jtion p￿slon S(*￿$ f(￿ fflerTrbers of staff oflhe Ghaity. The pension costs charged to Ihe StalerTth of FinwKial Aclwity represenls the eJTyknyef5 ￿)n￿"but￿XIS payable under the rules ol the schemes. Stock St(xJ(s are ￿rned at the bwerofcost and net realisaLle value. Going concern The tharity has generated sufficient ffinancial resources from ts a¢tNities to allow the Trustees lo believe that the charity Is well plac&d to manage its operational rtsks sur￿5sfillty in Ihe (xJ¥rent erA)nDM￿ clitnate. Accordingty, the Trustees (*)nsidet that Ilwe are rK) material v￿laIntieS atxyrt ¢JK4rrty's aiM"lty lo [￿b"nUe as 8 going corKem. pl Cash at bank and tn hand Cash al bank and rash in ha￿1 indu(les cash aTrJ sfv)rt term hyhly liquid investrnents with 8 Short rnaturty of three months or le&$ from the date of acquisitKKtr or wiTrJ ofthe dewsAt Ot similar m)unl. ql Creditors Credrtors and provi￿On8 are rec(¥nised vhbere the charity has a present oblvJaknon resulting frotn a past event that will probab￿ result in the transfet ol funds to a thiril party and the anvJJnt due to setlle the obligab.on can be measured 01 estimated ￿llabty. Short lemi l chartered surveyors. 22 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS ICONTINUED) YEAR ENDED 31 MARCH 2025 16. Investments 2025 2025 Cost Market value 2024 2024 Cost Market value Govemmenl stock Ordinary shares Fixed interest Other assets 1,193,397 8.920,681 2.119.234 2.715.046 1.137,112 12.237.199 2.125,172 2.792,543 1.022,927 9,769,136 2,318,024 2,967.620 1,006,142 13,261.853 2,306,352 2,901,479 Totsl 14,948,358 18,292.026 16.077.707 19.475,826 Un-quoted investments Shares in TGH (Commercial) Ltd Grand totsl- Charity 14.948,359 18.292,027 16,077,708 19,475,827 TGH Icomrrercial) Limited is a 1 oolIA subsidtary and a propety constnjcb.on company. TGH (Commerciall Limited has been engaged by the Great Hospital to deS￿n and buikl new accomm(xlalion for residents. The results of the subsidiary company to 31 March 2025 are sel out in note 30. 2025 2024 Movements in quoted investments Market value 1 April 2024 Additions Disposals Net Investment gains 19,475,826 18,794,691 1,621,956 4,956,674 13,123,433) 15,392,730) 317,678 1,117.191 Market value 31 March 2025 18,292,027 19,475,826 All investments are included within the 2(xx)unts at their current market value, in accordance with the Slalemenl of Recommended Practice." Accounting and ReFK)rting by ChantEs preparing their accounts in accordance with the Financial Reporting Standard appl￿b￿ in the UK and Republic of Ireland IFRS1021 Net investment gains I Ibssesl comprise realised losses of £23,87412024.. losses of £10,707> and untealised gains of £345,17412024'. gains of £1,127,898) 23 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS ICONTINUED) YEAR ENDED 31 MARCH 2025 17. Programme rglatgd investment Charity 2025 2024 Loan to TGH Icomrneraall Limited Balance at 1 April 2024 Additional loan Loan repayments 1,099,000 2,200.000 13,299,000) 749,000 350,000 Balants as at 31 March 2025 1,099,000 A loan was made to TGH (commerc￿1) Limited. the Charity's subsKliary. TGH {Commerciall Limited has been engaged by the Charity to design and buikl ne4V ￿cOM￿￿da1lc￿ for its resKlents. 18. stock Group Charty 2025 2024 2025 2024 Food and beverages Booklets 7,816 440 909 7.816 963 909 8,779 1,349 8.779 19. Debtors Group Charity 2025 2024 2025 2024 PrepayrrEnts and accrued income Other debtors Amounts owed by group undertakings Residents, conlributKsns receivab 135.746 287.924 35.977 148.310 135,746 108,748 109,554 21,895 35,977 135,132 21.895 35.695 35,695 445.565 219.982 375,943 206,804 20. Creditors: amounts falling due within one year Group Charlty 2025 2024 2025 2024 Trade creditors Taxation and sctial security Accruals and deferred income Other creditors 352.854 23.131 368.652 16.090 159,256 31,1 331.384 5.844 217,330 23,131 92,985 16,090 146,417 31,196 170.742 5.844 759.376 527.680 348,185 354,199 24 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS (CONTINUED YEAR ENDED 31 MARCH 2025 21. Creditors: arnounts falling due after rnore than one year- Group and Charlty 2025 2024 Housing Associabon schemes (see belthvl 87,863 90,566 87,863 90,566 Housing Association Schemes Prior Court Youngs Green Total Balances al beginning of year Less capital due within one year 44,388 17761 46,178 15761 90,566 {1,3521 Balances at end of year 43.612 45,602 89,214 Balan￿ included above repayable by instalments in more than five years 39,732 42,722 82,454 Rale of interest payable 15% I the schemes have been completed. The loan relakn'ng to Pr￿ Court is repayabk over 60 years from 1 February 1980. The loan relating lo Youngs Green is repayab￿ over 60 years trom 1 January 1983. Interest payable on the loans during the year ended 31 March 2025 an￿nted to £13,07612024.' £12,887). 25 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 22. Financial Instruments Group Charity 2025 2024 2025 2024 Financial assets at fair value through statement of financial activities Investments 18,292.026 19,475,826 18,292,027 19,475.827 18.292,026 19,475.826 18.292.027 19,475,827 Financial assets measured at amortlged cost Trade debtors Other debtors Amounts owed by group undertakings 21.895 287.924 35,695 148,310 21,895 108,748 109,554 35,695 135,132 1.099,000 309,819 184,005 240,197 1,269,827 Financial liabilitleg measured ot amortised cost Trade credilors Accruals Other credilors Provisions Loans- Amounts due wthin one year Loans- Amounts due after one yeai 352,854 350,660 3,387 10,000 1,352 89.214 159.256 310,017 5,844 217,330 74,993 3,387 10,000 1,352 89,214 146,417 149.375 5.844 770 90,566 770 90,566 807,467 6,453 396,276 392,972 26 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS {CONTINUED) YEAR ENDED 31 MARCH 2025 23. vement In Permanent Endowment- Total Return Approach Unapplied Total Retum Total Pernianent Endowment Investment Fund At beginning of the reporting perKrfJ". Gfft component ofthe pem￿nent endowFnent Unapplied total return 5,091.310 5,091,310 19,950,050 19,950,050 Total 5.091,310 19.950,050 25,041.360 Movements in the repNb'ng period.. Investment retum.. InconE, divNYends and interest Investment retum.. fealised and unrealised losses 749,059 786,667 749,059 786,667 Less". Investment management costs 1105,6001 1105,6001 Net unapplied total retum 1,430,126 1.430,126 Unapplied lolal retum alk)caled lo In￿Me in the reporbng perKxJ 1792,0001 (792,0001 Nel mcNemenl in the reporbng Feric*J 638,126 638,126 Al end of the rei)Jting period.. Gift component of the permanent endowment Unapplied total relurn 5,091.310 5,091,310 20,588,176 20,588,176 Total 5.091.310 20.588.176 25.678,486 The Great Hospital has adopted a total return approach to investments Pursuant to an order of the Charity Commission for England and Wales under section 105 of the Charities Act 2011 dated 14 March 2011. The Great Hospital has beneffted from retums on investments &nce its foundation in 1249. By ag￿ement with the Charity Commission. the inrtj.al Investment Fund was sel based on total assets held al January 1983 when a Scheme of the Charity Commissioners for the Great Hospital was established. This sum was increased lo account for inflation betW￿n 1983 and the commencenEnl of Ihe Total Retum Approach in April 2013. 27 GREAT HOSPITAL. NORWICH NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 24. Summary of Parent Charity fund movements: Income Restricted Fund Fund Endowment Fund Total Charty Funds as al 31 March 2024 34,355.540 8.869.477 444,703 25.041,360 Incon 4,364,373 1.691,564 1.923.750 749,059 Expenditure 12.501,288) 12.378.584} (17.104} {105,600} Transfers betsveen fvjnds 792.000 1792.0001 Gains and losses on inve51rrents 786,667 786,667 Charity Funds as at 31 March 2025 37,(N)5.292 8.974.457 2,351,349 25,679.486 The reslrited fund represents £427,599 12024 - £444,703) in relation lo s(￿la1 Housing grants applied lo Housing A$S￿lat￿)n Scheme propety developments and £1.923,75012024- £Nill in relation lo grants received from Homes England in relabon to the Elaine Hert)ert development. These funds are reduced by a proportion of the assctiated prO￿rt￿S annual deprecith.on charge. A transfer was made during the year of £792,00012024 - £1,088,000) releasing endowment funds to income funds for the benefit of current and future beneficiaries. The 2024 fund nTh)vements are disclosed in note 31. 25. staff costs The average nurn￿r of employees expressed as a headcount during the year lo 31 March 2025 was 36. The corresponding number of employees for the year to 31 March 2024 was 50. Total staff costs during the year were". 2025 2024 RemuneTalion Social security costs Pension cost 919,499 84,681 37,510 1,151,133 97,716 44,662 1,041,690 1,293,511 Emoluments (including employers. nat￿nal insurance) paid to members of the senior management team lolalled £389,66112024'. £402.2311. During the year the highest pahy member of the senK)r managemerbt team was the Master whose remuneration was £104.83512024'. £100,491) and empk)yef pension of £4,9SMI {2024.' £4,752). One other staff memkr had en￿lUments in the dIsCthab￿ salary range of £60.000 - £70,000 during the year 12024.. one). Redundancy obligations in the year tolalled £9,907 {2024-. £82.0101. The Charity operates a group person81 pension plan for rnembers of stsff. The pension charge represents contributv)n premiums payable by The Great Hospital to this plan under the rules of the scheme. 28 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 26. Trustees. remuneratlon and expenses No Twstees received any remunerab"on12024". £ nil}. No Twstees were reimbursed for expenses (2024." £nil). 27. Resldents contributions for accommodation The Great Hospital pr()vides almshouse ac(x)mmodalion and does not grant tenancies of dwellings occupied for the purpose of the Charity. At 31 March 2025 there were 10112024". 1011 units availab￿ for residents under the 'Housing for older people. scheme. 28. Summary of net assets by fvnd Incorne Fund 2025 Restricted Fund 2025 Endowment Fund 2025 Total 2025 InveslrTEnts {at Market Value) Cash Stock Debtors Credrtors Provisions 18,292.026 1,468.194 1.349 445,565 1749.376) 110,(K)O) 18,292,026 1,421,378 46.818 1,349 336,981 1749.3761 110,0001 108,584 Free reserves 19,447.758 1374,2281 19,821,986 Housing Association loans Investment property Property in the (x)urse 0fconstrud￿)n Housing Association Scheme property Equipment Building improvements {89,2141 5,857.500 3,456.216 635.378 {89.2141 5,857,500 1.532,466 207,779 1.923,750 427,599 952,2 6,586,604 952.296 6,586,604 36.846.538 8,815,703 2.351,349 25,679,486 Investment Fund Unapplied Total Return 5,091,310 20,588,176 Total Endowment Fund 25.679,486 29 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 29. Summary of net assets by fund Icontlnued) Income Fund 2024 Restricted Fund 2024 Endowment Fund 2024 Totsl 2024 Investn*nts {at Market Value) Cash Stock Debtors Creditors 19.475.826 553.872 8.779 219.982 1537.680) 19,475,826 48,531 505,341 8,779 88,003 {537,680) 131.979 Free reserves 19.720.779 64.443 19,656,336 Housing Association loans Investment propety Propety in the course ofconstnKtion Housing Association Scheme propety Equipment Building improvements 190.566) 5,385,024 1.238,008 660.793 190.566} 5,385,024 1,238,008 216.090 444.703 616.163 6.803.666 616,163 6.803,666 34.343.867 8,857.804 444,703 25.041,360 Investment Fund Unapplied Total Relum 5,091,310 19,950,050 Total Endowment Fund 25,041,360 30 GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 30. Subsldiary company results The Charity has a wholty owned subsidiary company. TGH {Comrrerciall Limited. The subsK*iary company is a propety construction and ￿spItalIty company and has been engaged by the Great Hospital lo design and build new accomnM)dalion for residents. The subsidiary is not registered with the social housing regulator. The results of the sUbsKI￿ry compally lo 31 March 2025 are set out bel￿. 2025 2024 Turnover Cost of sakn and admini%trat]on Deed of covenant distribution 3,333.809 {3.177.774) 1144.3631 {3.640} Nel profiUlk)ssl 11.672 13,6401 The aggregate of assets. liabilities and re5wves was.. 2025 2024 Current assets Current liabilit*s 555,554 1555,5531 1,260,810 11,272,481) 111,6711 31. Related Party Transactions TGH Icommerciall Limited is commtited lo distribute its taxable profits to the Great Hospi181 by way of covenanted gift aid. At 31 March 2025 £144,363 {2024'. £Nill was due lo the Great Hosprtal from TGH (Commerciall Limited. Organisalions (x)nn￿led lo the Charity occasionally hire the halL% with all transactions being carried out on the same terms as they are offered to the general public. 32. Post Balance Sheet Event and Contingent Liability Following the appointment of a main contractor, work has continued on the redevelopment of Elaine Herbert House and this is scheduled lo continue throughout 2025. Grant funding lowards the cost ol the development lolalling £1.9m has t*en reeewed from Homes England. As part of HonEs England's internal monitoring procedures. the funding was selected for addrb.onal Complian￿ audrt procedures. These additional procedures have been completed however the report submitted is not due to be assessed by Homes England for some months. The reF)Ort submitted idenltfies that the land being devek)ped is not registered al Land Registry, as is the case for the land interests of many ancient charrt￿s. The applicats'on lo register the charity's land with Land R￿iStry is in progress however as the regislrats'on was not complete prior lo the advancement of funding by Homes England, there is a tx)ssibility that On￿ the compliance report is considered by Homes England that the theoretical uncertainty over trtle lo the land could polentialty give rise lo an issue over enb"Uement lo the grant funding received by the Great Hospital. Since the charty has o(thpied the land. withoLrt any issues a[￿ing over the valKlIty lo the charity's ownership and go(Kl lille since 1249 and as the appluknon to register all the charity's land interests al Land Registry is already pending, the Trustees consider the possibility of any potential clawback of grant funding by Homes England lo be exlremety renY)te. In view of this. the Trustees wnsider il is inappropriate lo provide for any conlingenl liability. GREAT HOSPITAL, NORWICH NOTES TO THE ACCOUNTS (CONTINUED YEAR ENDED 31 MARCH 2025 33. Statement of Finanelal Activities 31 March 2024 Income Fund ResiTtcted Fund Endovmlent Fund 2024 Totsl Income ond endovfflients from: £kn81ins andkgacEs 1.838 1.838 Intt)nJe from ¢h8rit8ble aciMiES." t contribut￿)rO from residents 1.593.913 1.593,913 OlherlrBding 8ctMtss Functsons 3.073 3,073 Inwslmenls Property IncL¥ne Inte￿$1 and invest￿￿nt inc* re￿niable 207.528 495.401 207.538 495.401 CXherifr7come 16,835 16.835 Tolal Income and •ndov*Trnnts 1.615.659 702,939 2,318,598 EXpendthI￿ on: Cosl ofTrising fiM￿s Investrnent managen*nt LX)5ts 115,145 115.145 Exp9nditU￿ on charitabk aL*wl*s." Servi Managemenl M8inlenan Depreciabon 1.862.404 314.351 312.(￿3 275.8(ts 1,862.404 314.￿1 312.[￿3 292.￿J7 17.104 Otherexpenditu 4.504 Total ex￿nditU 2.769.125 17.104 115.145 2.901,374 Net Income Ilexpendilur81 before galns and losse5 on inveslmenls 11.153.466) 117.1041 587,794 1582,7761 Net gains Ill0s￿l on inveslrnenls 735,271 735.271 Net Income I lexpenditurel 11.153.466) I17.1￿} 1,323,C65 1,323.(￿5 Tran$feYs between funds 1.088.1 11.088,QJOI Net movement in funds 185,4661 117.1041 235.(￿5 152.495 Re¢oncllfjation of funds Totsl funds brought forward 8,￿.270 461.￿/ 24.806295 34.191.372 Totsl funds carried forward 8.857.804 444.703 25.041.360 34,343,867 32