Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust 

Trustees’ Annual Report and Financial statements 

for the year ended 

31 December 2025 

Registered Charity No: 214960 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust 

|Waddington Hospital Trust||
|---|---|
|FINANCIAL STATEMENTS||
|Year ended 31 December 2025||
|CONTENTS|Page No:|
|Officers and Charity information, including reference and administrative details|1|
|Trustees report|2|
|Statement of Trustees’ Responsibilities and Trustees’ Approval|6|
|Audit Report|7|
|Statement of Financial Activities (incorporating the Income and Expenditure Account)|11|
|Balance Sheet|12|
|Notes to the Financial Statements|13-26|





Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust OFFICERS AND CHARITY INFORMATION Year ended 31 December 2025 

## **Reference and administrative details** 

## TRUSTEES 

|**Reference and administrative details**<br>TRUSTEES|||
|---|---|---|
||Robert Parker (Chairman)||
||Roland Parker|Appointed: 12 June 2025|
||Mary-Anne Renton||
||Ian Macalpine||
||Michael Fisher||
||Kursty Smith||
||Victoria Robertson||
||Rev Christopher Wood||
||Wayne Andrew Ellison||
|CLERK TO THE TRUSTEES|Catherine Turner||
|OFFICE|Estate Office||
||Hospital Cottages||
||Waddington||
||Clitheroe||
||Lancashire||
||BB7 3JB||
|BANKERS|Barclays Bank PLC||
||Leicester,||
||LE87 2BB||
|SOLICITORS|Houldsworth Solicitors||
||2 and 4 Duck Street||
||Clitheroe||
||BB7 1LP||
|AUDITOR|Saffery LLP||
||10 Wellington Place||
||Leeds||
||LS1 4AP||
|REGISTERED CHARITY NUMBER|214960||
|HOME AND COMMUNITIES AGENCY|||
|NUMBER|A3581||



_1_ 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust TRUSTEES REPORT Year ended 31 December 2025 

The Trustees are pleased to present their report and the audited financial statements for the year ended 31 December 2025. 

## **Structure, Governance and Management** 

The Trust was founded in 1680 by Robert Parker, who appointed Trustees in 1701. It was formally registered as a charity with the Charity Commission in 1885 and subsequently as a Housing Association and Registered Social Landlord. 

The Trustees have the legal status of an unincorporated association. 

The Trust is governed by a Trust Deed dated 4 August 1885. 

Key decisions, including the appointment of new Trustees, are made at quarterly meetings held in March, June, September and December each year. 

Day-to-day management is delegated to the Warden, Clerk and the land agents, John Pallister Chartered Surveyors. Matters may be referred to the Chairman of Trustees where necessary. 

## **Objectives of the Charity and Strategic Aims** 

The Trust’s primary objective is to provide homes for the widows of dalesmen and farmers residing in Waddington and the seven surrounding parishes. The Founder established a strong Anglican ethos in the selection of beneficiaries; however, this has since been broadened to include individuals in communion with the Church of England, as well as spinsters and divorcees. 

Priority is given to elderly applicants and those with relatives living locally. Where vacancies cannot be filled in accordance with the Founder’s wishes, the local authority may recommend suitable applicants from outside the catchment area. 

## **Review of Developments, Activities and Achievements** 

The Trustees have continued their policy of preserving the permanent endowment and reinvesting in the maintenance and improvement of the Trust’s properties. In recent years, significant expenditure has been directed towards ensuring that the Trust’s properties remain in good condition. 

The almshouses remained fully occupied for most of 2025, with no changes in tenancy. Additional repair costs related to general maintenance, annual safety inspections, and minor plumbing and joinery works. 

Residents’ ages range from 65 to 93 years, with the longest current tenancy spanning 24 years. 

## **Public Benefit** 

The entity is a public benefit entity. The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to all guidance published by the Charity Commission. 

## **Future Plans** 

The future plans of the Trust continues to be that of the provision of almshouse accommodation. 

_2_ 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust TRUSTEES REPORT Year ended 31 December 2025 

## **Reserves Policy** 

The Trustees consider that free reserves (defined as unrestricted reserves less fixed assets) should be maintained at approximately £750,000. Their policy is to build reserves towards this target where annual operating surpluses allow. 

At the year end, total funds held by the Trust amounted to £5,339,952 (2024: £5,274,939). Free reserves were £682,144 (2024: £594,294 as restated), as defined above. 

The remuneration of key personnel is reviewed and determined annually by the Trustees at their December meeting. The Trustees consider key management personnel to be the Warden and Deputy Warden. 

## **Risk Management** 

The Trustees are responsible for identifying and managing the risks faced by the Trust and review the risk management processes on a regular basis. 

With the support of professional property and investment managers, the Trustees are satisfied that the principal risks have been adequately mitigated where possible. However, they recognise that systems of control can only provide reasonable, not absolute, assurance that significant risks are appropriately managed. 

At present, the Trustees do not consider there to be any significant financial risks facing the Trust. 

3 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust 

## TRUSTEES REPORT Year ended 31 December 2025 

|**VFM Metrics**|**2025**|**2024**|
|---|---|---|
|1 – Reinvestment percentage|0%|0%|
|(New investment in properties as a percentage of total properties held)|||
|2A – New supply delivered (percentage)|N/A|N/A|
|(New social housing units developed as a percentage of social housing units|||
|held)|||
|2B – New supply delivered (non-social housing units)|N/A|N/A|
|(Non-social housing units developed as a percentage of total housing units|||
|owned)|||
|3 – Gearing percentage|(1.7%)|(1.2%)|
|(Loans less cash as a % of the value of housing properties)|||
|4 – EBITDA MRI interest cover percentage|N/A|N/A|
|5 – Headline social housing cost per unit|£6,531|£5,085|
|(Social housing costs excluding depreciation divided by social housing units|||
|owned)|||
|6A – Operating margin|(12.6%)|(9.4%)|
|(Operating surplus as a percentage of turnover from social housing lettings)|||
|6B – Operating margin overall|12.3%|22.0%|
|(Operating surplus as a percentage of turnover)|||
|7- Return on capital employed (ROCE) percentage|0.6%|1.0%|
|(Operating surplus as a % of total assets less current liabilities)|||



## **Value for Money** 

The Trust is committed to achieving Value for Money (VFM) and to focus on embedding good practice into the whole Trust. The Trustees have adopted a Value for Money strategy which identifies the ambitions of the trust to move towards a transformational approach to VFM. 

VFM has been defined as the relationship between economy, efficiency and effectiveness. VFM is high when there is an optimum balance between all three: relatively low cost, high productivity and successful outcomes. VFM is about running a viable social business and looking to continually improve it. 

VFM activities have the following objectives at all levels and functions within the Trust. 

- To embed the VFM strategy and continuous improvement in the organisation’s culture 

- To adopt further good practice in relation to VFM, reducing risk of exposure to financial and material waste. 

4 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust TRUSTEES REPORT Year ended 31 December 2025 

## **Investment Policy and Performance** 

The Trust’s investment objective, as agreed with Atomos Investments Limited, is to maximise total return while maintaining an appropriate level of income, as determined by the Trustees. For the year ended 31 December 2025, total return—comprising all income, gains and losses arising from the investment portfolio—resulted in a net profit of £69,152 (2024: £38,256). This performance continues to be monitored and, given the uncertain economic environment and the impact of disposals of underperforming investments, was considered satisfactory by the Trustees. 

## **Financial Review** 

During the year, the Trust received income of £275,304 (2024: £251,994), derived from charitable activities, investment income and rental income. 

This income has been applied towards the ongoing maintenance, refurbishment and modernisation of the almshouses. 

The Trust’s total incoming resources exceeded total expenditure by £33,982 (2024 as restated: £55,413). 

Net movement in funds for the year, as reported in the Statement of Financial Activities, was an increase of £65,013 (2024: £131,824). 

The Trust’s principal sources of funding are contributions from residents, rental income from investment properties, and returns from investments in stocks and shares. No significant events occurred during the year which materially impacted financial performance. 

## **Going Concern** 

The Trust reported an operating surplus of £65,013 for the year (2024 as restated: £131,824). The current year surplus reflects realised gains on listed investments, and unrealised gains on quoted investments, together with surpluses generated from charitable activities. Excluding gains and losses on revaluation, the Charity recorded an underlying gain of £47,520 (2024: gain of £20,411). The Trustees consider the current free reserves position to be adequate. The Trust is able to operate comfortably within its existing cash flow arrangements, which include fixed payment commitments. Accordingly, the Trustees have adopted the going concern basis in the preparation of these financial statements. 

## **Related Party Transactions** 

The Trustees have identified two related party transactions requiring disclosure. Heating and electricity costs are recharged to the Trust by Browsholme Hall Company of which Robert Parker is a partner. Remuneration is also paid to Rev. Christopher Wood as a Readers Honorarium payment annually. These relationships arise because both Robert Parker and Rev. Christopher Wood, are Trustees. Further details are provided in Note 23 to the financial statements. 

## **Trustees** 

Details of the Trustees who served during the year are set out on page 1. 

5 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

TRUSTEES REPORT Year ended 31 December 2025 

## Waddington Hospital Trust 

## **Statement of Trustees’ Responsibilities** 

The Trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Charity law, in England and Wales, 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 its incoming resources and application of resources of the Charity for that period.  In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and apply them consistently; 

- observe the methods and principles set out in the Charities SORP (FRS 102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the 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 ensuring the maintenance and integrity of the Trust’s financial information published on its website. They recognise that legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from that in other jurisdictions. 

## **Statement as to disclosure of information to the auditor** 

The Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. 

Each of the Trustees has confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor **.** 

07 August 2026 This report was approved by the Trustees on ………………………. 

On behalf of the Board of Trustees 


………………………………… Robert Parker **Chairman** 

6 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust 

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WADDINGTON HOSPITAL TRUST Year ended 31 December 2025 

## **Opinion** 

We have audited the financial statements of Waddington Hospital Trust for the year ended 31 December 2025 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies.  The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

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

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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. 

_7_ 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust 

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WADDINGTON HOSPITAL TRUST Year ended 31 December 2025 

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. 

## **Other matter** 

The comparatives for the year ended 31 December 2024 were unaudited. 

## **Matters on which we are required to report by exception** 

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

- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or 

- the charity has not kept sufficient accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees’ Responsibilities Statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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. 

## **Auditors’ responsibilities for the audit of the financial statements** 

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it 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. 

8 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust 

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WADDINGTON HOSPITAL TRUST Year ended 31 December 2025 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. 

## Identifying and assessing risks related to irregularities: 

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements.  We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates. 

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. 

## Audit response to risks identified: 

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

9 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust 

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WADDINGTON HOSPITAL TRUST Year ended 31 December 2025 

## **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. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Saffery LLP 

Statutory Auditors 10 Wellington Place Leeds LS1 4AP 

Date: 07 August 2026 

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

10 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust 

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure account) Year ended 31 December 2025 

|_Notes_<br>**Income from:**<br>Charitable activities<br>3<br>Investments<br>4<br>**Total**<br>**Expenditure on:**<br>Raising funds<br>5<br>Charitable activities<br>6<br>**Total**<br>Net gains on current asset<br>investments<br>Net loss on disposal of fixed asset<br>investments<br>Net gain on revaluation of fixed<br>assets<br>**Net income**<br>7<br>Transfers between funds<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>restated<br>20<br>**Total funds carried forward**<br>20|**Unrestricted**<br>**funds**<br>**2025**<br>**Permanent**<br>**Endowment**<br>**funds**<br>**2025**<br>**Total funds**<br>**2025**<br>**Total funds**<br>**as restated**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>144,318<br>-<br>144,318<br>141,032<br>130,986<br>-<br>130,986<br>110,962|
|---|---|
||**275,304**<br>**-**<br>**275,304**<br>**251,994**|
||(78,816)<br>-<br>(78,816)<br>(68,781)<br>(162,506)<br>-<br>(162,506)<br>(127,800)|
||**(241,322)**<br>**-**<br>**(241,322)**<br>**(196,581)**|
||47,520<br>-<br>-<br>(16,489)<br>-<br>47,520<br>(16,489)<br>-<br>20,411<br>-<br>56,000|
||**81,502**<br>**(16,489)**<br>**65,013**<br>**131,824**|
||-<br>-<br>-<br>-|
||**81,502**<br>**(16,489)**<br>**65,013**<br>**131,824**|
||694,570<br>4,580,369<br>5,274,939<br>5,143,115|
||**776,072**<br>**4,563,880**<br>**5,339,952**<br>**5,274,939**|



||07 August 2026|
|---|---|
|The financial statements were approved|by the Trustees on ……………..… and signed on their behalf by:|
|Robert Parker|Wayne Andrew Ellison|
|Trustee|Trustee|



The notes on pages 13 to 26 form part of these accounts. 

_11_ 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust 

## BALANCE SHEET 

Year ended 31 December 2025 

||_Note_|**2025**|**2024**|
|---|---|---|---|
||||**As restated**|
|||**£**|**£**|
|**Fixed assets**||||
|Tangible assets|12|93,928|100,276|
|Investment property|13|4,340,200|4,648,391|
|||──────|──────|
|**Total fixed assets**||**4,434,128**|**4,748,667**|
|||──────|──────|
|**Current assets**||||
|Investments|14|836,262|464,741|
|Debtors|15|18,306|15,658|
|Cash at bank and in hand||109,159|129,437|
|||──────|──────|
|**Total current assets**||**963,727**|**609,836**|
|Creditors: Amounts falling due within one year|16|(21,903)|(12,964)|
|||──────|──────|
|**Net current assets**||**941,824**|**596,872**|
|||──────|──────|
|**Total assets less current liabilities**||**5,375,952**|**5,345,539**|
||17|||
|Creditors: Amounts falling due after one year||(36,000)|(70,600)|
|||──────|──────|
|**Net assets**||**5,339,952**|**5,274,939**|
|||══════|══════|
|**The funds of the charity:**||||
|**Unrestricted funds**|20|776,072|694,570|
|**Permanent Endowment fund**|20|4,563,880|4,580,369|
|||═──────|──────|
|||5,339,952|5,274,939|
|||══════|══════|



07 August 2026 

The financial statements were approved by the Trustees on ……………….. and signed on their behalf by: 

|Robert Parker|Wayne Andrew Ellison|
|---|---|
|Trustee|Trustee|



The notes on pages 13 to 26 form part of these accounts. 

12 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **1. Accounting Policies** 

## _1.1 Introduction and Accounting Convention_ 

The financial statements have been prepared in accordance with the accounting policies set out below, the Charities Act 2011, and _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)_ . Where appropriate, exemptions available to smaller charities have been applied. 

The Waddington Hospital Trust meets the definition of a public benefit entity under FRS 102. 

The financial statements are presented in sterling, which is the functional currency of the Charity. Monetary amounts are rounded to the nearest pound. 

The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of freehold properties and the measurement of investment properties and certain financial instruments at fair value. The principal accounting policies are set out below. 

## _1.2 Going Concern_ 

The Trustees consider that there are no material uncertainties regarding the Trust’s ability to continue as a going concern. At the date of approval of the financial statements, the Trustees reasonably expect that the Trust has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis has been adopted in preparing the financial statements. 

- _1.3 Income_ 

Maintenance contributions and service charge income in relation to the almshouses are recognised when received. Rental and investment income is recognised on an accruals basis. 

## _1.4 Allocation of Management Expenses_ 

Direct employee, administration and operating costs are allocated to the appropriate headings within the Statement of Financial Activities based on actual expenditure. Finance and administrative costs are further apportioned based on estimated time spent on each area of activity. 

## _1.5 Freehold Land, Property and Equipment_ 

Housing improvements are stated at cost less depreciation. The depreciable amount is the original cost. 

Significant components are accounted for separately and depreciated over their expected useful economic lives, or the remaining life of the structure to which they relate, if shorter. The principal annual rates applied are: 

- Structure: 50 years 

- Roofs: 50 years 

- Windows and external doors: 30 years 

- Boiler: 8 years 

- Electrical systems: 30 years 

- Kitchens: 15 years 

Equipment is depreciated over its estimated useful economic life of between 5 and 10 years. 

13 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **1** . **Accounting Policies (continued)** 

## _1.6 Investment properties_ 

Investment properties are included in the balance sheet at their fair value at the reporting date. 

Changes in the market value of investment properties, including any deficits, are recognised within income and expenditure for the year. 

Included within investment properties are the Trust's ancient possessions, comprising 24 almshouses, Warden's House, Chapel and Administrative Building. These properties were acquired on the establishment of the Trust and are therefore held at a nil carrying value. The almshouses form part of the investment property portfolio; however, a separate value cannot be reliably attributed to these individual properties. 

## 1.7 _Investments_ 

Current asset investments are stated at fair value. Realised and unrealised gains and losses are recognised within the Statement of Financial Activities, within unrestricted funds. 

## _1.8 Financial Instruments_ 

Financial instruments are recognised in the Trust’s balance sheet when the Trust becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset only when there is a legally enforceable right to set off the recognised amounts and there is an intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. 

## _Basic Financial Assets_ 

Basic financial assets, including trade and other debtors, are initially recognised at the transaction price. They are subsequently measured at the amount expected to be recovered and are not discounted. 

## _Other Financial Assets_ 

Other financial assets, including investments in equity instruments, are initially measured at fair value, normally reflecting the transaction price. These assets are subsequently carried at fair value, with changes in fair value recognised within income and expenditure. 

## _Impairment of Financial Assets_ 

Financial assets, other than those measured at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. 

Where there is objective evidence that a financial asset has been impaired as a result of one or more events occurring after initial recognition, and those events have affected the estimated future cash flows, an impairment loss is recognised within income and expenditure. 

14 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## _Derecognition of Financial Assets_ 

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the Trust transfers the financial asset and substantially all the risks and rewards of ownership to another party. 

## _Classification of Financial Liabilities_ 

Financial liabilities are classified in accordance with the substance of the contractual arrangements entered into. Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, being the amount payable. Trade and other payables are subsequently measured at the cash amount expected to be paid and are not discounted. Debt instruments are subsequently measured at amortised cost using the effective interest method. 

## Derecognition of Financial Liabilities 

Financial liabilities are derecognised when, and only when, the Trust’s obligations are discharged, cancelled, or expire. 

## _1.9 Employee Benefits_ 

Short-term employee benefits are recognised as an expense and a liability. 

Holiday entitlement earned but not taken is recognised in the period in which the employee’s services are received. 

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

## _1.10 Taxation_ 

For taxation purposes, the Trust has charitable status and is therefore exempt from tax on its investment income, rental income and capital gains. 

## _1.11 Value Added Tax_ 

Irrecoverable value added tax is included within the cost of expenditure to which it relates. 

## _1.12 Funds_ 

Unrestricted fund- Funds of the charity that are available to be applied at the discretion of the trustees in furtherance of the charity’s objects. These funds are not subject to imposed restrictions and may be used for any of the charity’s charitable activities. 

Permanent endowment fund- Holds investment property retained for the long-term letting to residents by the Trust. 

## 1.12 _Critical accounting judgements and key sources of estimation uncertainty_ 

- In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised whether the revisions affect only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

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Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **2. Comparative SOFA- as restated** 

|**Income from:**<br>Charitable activities<br>Investments<br>**Total**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>**Total**<br>Net gain on investments<br>Net gains on revaluation on fixed assets<br>**Net income**<br>Transfers between funds<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward restated<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**Permanent**<br>**Endowment**<br>**funds**<br>**Total funds**<br>**2024**<br>**as restated**<br>**£**<br>**£**<br>**£**<br>141,032<br>-<br>141,032<br>110,962<br>-<br>110,962|
|---|---|
||**251,994**<br>**-**<br>**251,994**|
||(68,781)<br>-<br>(68,781)<br>(127,800)<br>-<br>(127,800)|
||**(196,581)**<br>**-**<br>**(196,581)**|
||20,411<br>-<br>-<br>56,000<br>20,411<br>56,000|
||**75,824**<br>**56,000**<br>**131,824**|
||-<br>-<br>-|
||**75,824**<br>**56,000**<br>**131,824**|
||618,746<br>4,524,369<br>5,143,115|
||**694,570**<br>**4,580,369**<br>**5,274,939**|



**3. Income from charitable activities** 

|Maintenance contributions-Almshouses<br>Service charge- Almshouses<br>Income from charitable activities is all unrestricted.|**2025**<br>**2024**<br>**£**<br>**£**<br>142,195<br>137,607<br>2,123<br>3,425|
|---|---|
||144,318<br>141,032|
|||



16 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

|**4. Investment income**<br>Dividends from investment portfolio<br>Interest from investment portfolio<br>Income from investment properties<br>Bank interest<br>Investment income is all unrestricted.<br>**5. Expenditure on raising funds**<br>Investment management fees<br>Direct costs of investment property<br>Land agents fees<br>Expenditure on raising funds is all unrestricted.<br>**6. Analysis of expenditure on charitable activities**<br>Property repairs and maintenance of almshouses<br>Rates and utilities<br>Wages<br>Land agent fees<br>Depreciation<br>Governance costs<br>Interest payable (Note 10)|**2025**<br>**2024**<br>**£**<br>**£**<br>21,097<br>17,428<br>535<br>417<br>108,558<br>92,017<br>796<br>1,100|
|---|---|
||130,986<br>110,962|
||**2025**<br>**2024**<br>**£**<br>**£**<br>8,707<br>7,175<br>51,134<br>42,372<br>18,975<br>19,234|
||78,816<br>68,781|
||**2025**<br>**2024**<br>**£**<br>**£**<br>57,523<br>22,008<br>40,664<br>341<br>5,757<br>30,163<br>22,114<br>40,418<br>755<br>5,757<br>31,517<br>21,194<br>4,696<br>7,399|
||162,506<br>127,800|



Expenditure on charitable activities is all unrestricted. 

**7. Net income for the year** 

This is stated after charging: 

|||**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
|Depreciation||6,348|6,347|
|Auditor’s remuneration||||
|Current|year:|||
|-|For audit services (2024: independent examination)|12,000|1,000|
|-|For non-audit services – accountancy|3,750|3,932|



17 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **8. Analysis of staff costs, Trustee remunerations and expenses** 

The average number of staff for the year was 3 (2024: 3). The cost of these employees was as follows: 

|Wages<br>Employers pension cost|**2025**<br>**2024**<br>**£**<br>**£**<br>40,435<br>40,115<br>229<br>303|
|---|---|
||40,664<br>40,418|



One Trustee received remuneration during the year of £5,750 (2024: £5,654) in relation to a Readers honorarium payment. No travel and subsistence expenses were reimbursed to the Trustees during the year (2024: £nil). 

No employee received emoluments of more than £60,000 during the current or preceding year. 

## **9. Key management personnel** 

The Trustees consider key management personnel to be the Warden and Deputy Warden. The total key management personnel remuneration amounted to £20,801 (2024: £20,877) 

## **10. Interest payable and similar charges** 

|Interest on housing corporation loan<br>Interest on bank loan<br>Bank charges|**2025**<br>**2024**<br>**£**<br>**£**<br>3,581<br>3,617<br>965<br>3,589<br>150<br>193|
|---|---|
||4,696<br>7,399|



Interest payable and similar charges is all unrestricted. 

## **11. Taxation** 

The Trust is a registered Charity No.214960 and therefore no liability to taxation arises. 

18 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **12. Fixed assets** 

|**_Cost_**<br>At 1 January 2025<br>Additions<br>Disposals<br>**At 31 December 2025**<br>**_Depreciation_**<br>At 1 January 2025<br>Charge for the year<br>Disposals<br>At 31 December 2025<br>**Net book value**<br>**At 31 December 2025**<br>**At 31 December 2024**|Housing<br>improvements<br>Equipment<br>Total<br>149,841<br>25,721<br>175,562<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|
||149,841<br>25,721<br>175,562|
||49,564<br>25,721<br>75,285<br>6,349<br>-<br>6,349<br>-<br>-<br>-|
||55,913<br>25,721<br>81,634|
||**93,928**<br>**-**<br>**93,928**|
||100,276<br>-<br>100,276|



19 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **13. Fixed asset investments- Permanently endowed property** 

|**_Valuation_**<br>At 1 January 2025<br>Additions<br>Disposals<br>**At 31 December 2025**<br>**Net book value**<br>**At 31 December 2025**<br>**At 31 December 2024**|**Permanently**<br>**endowed**<br>**property**<br>4,648,391<br>-<br>(308,191)|
|---|---|
||4,340,200|
||**4,340,200**|
||4,648,391|



As at 31 December 2024, the permanently endowed properties, with the exception of ancient possessions, were valued on an open market value basis by John Pallister Ltd FAAV, Agricultural Valuers. This is considered to remain appropriate as the fair value of the assets at 31 December 2025. 

Included within investment properties are the Trust's ancient possessions, comprising 24 almshouses, Warden's House, Chapel and Administrative Building. These properties were acquired on the initial inception of the Trust and are therefore held at a nil carrying value. The almshouses form part of the investment property portfolio; but are used in the furtherance of charitable activities. The remaining investment property is held for the purpose of raising funds to be used in the advancement of the Trust’s objectives. 

The following land and property are held by the Trust as permanent endowment: 

Ancient Possessions: 

- Waddington Hospital 

   - 24 Almshouses 

   - Warden’s House 

   - Chapel 

   - Administrative Building 

- Rental property 

- Lower Buck Inn 

- Lower Buck Cottage 

- Land (formerly Low Buck Farm) 

- Carter Fold Farm and Twitter Farm 

- 78, 79 and 80 Leawood Cottages 

- The Reader’s House 

- Twitter Farmhouse 

20 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **Fixed asset investments- Permanently endowed property (continued)** 

- Hospital Wood (18 acres of woodland) 

- Land – Car Park, Higher Buck Inn 

- Ground rent (Selbia); Beech House 

- Pages Farm 

- Various Ground Rents at Keighley, including: 

   - Sunderland Street and Parker Street (with 6 ft private road and plot in South Street) 

   - 103, 105 and 107 Kensington Street 

   - Kings Head Hotel, 35/37 Church Street, Colne 

   - Goulbourne Street and South Street 

   - Goulbourne Street works and allotments 

   - Otley Street and South Street 

   - South Street (Foundry and Office Block) 

   - 109/111 South Street 

   - Marley Street Ironworks 

   - 13/15 Heber Street 

   - 18, 20 and 22 Marley Street 

   - Alkincote Street 

   - 51, 53, 55, 57, 59, 61, 63, 65, 67, 69, 71, 73, 75 and 77 Goulbourne Street 

   - 60 Victoria Road 

   - Garages at Marley Street and Sunderland Street 

   - 12A–15 Smitherds Street 

   - Part of former 73 Parker Street 

   - Marley Street / Smitherds Street 

## Reinvested Properties: 

1. Carter Fold Farm (“Kennels”) 

## **14. Current asset investments** 

|**urrent asset investments**||
|---|---|
|Market value at 1 January 2025<br>Additions<br>Disposal<br>Realised investment gains<br>Unrealised investment gains<br>Market value at 31 December 2025|**2025**<br>**2024**<br>**£**<br>**£**<br>464,741<br>452,248<br>430,440<br>85,159<br>(106,439)<br>(93,077)<br>19,331<br>28,189<br>6,648<br>13,763|
||836,262<br>464,741|



The historical cost of listed investments is £763,832 (2024: £420,500). 

21 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **14.Current asset investments (continued)** 

The classes of investments held at the year end were as follows: 

|Bonds<br>Equities<br>Market value of investments (excluding cash) as at 31 December 2025<br>Cash on deposit<br>Market value of investments (including cash) as at 31 December 2025|**Market Value**<br>**£**<br>466,901<br>369,361|
|---|---|
||836,262|
|||
||18,246|
||854,508|



## **15. Debtors** 

|**ebtors**||
|---|---|
|Prepayments|**2025**<br>**2024**<br>**£**<br>**£**<br>18,306<br>15,658|
||18,306<br>15,658|



## **16. Creditors: amounts falling due within one year** 

|Current part of bank loan (Note 19)<br>Current part of housing corporation loan (Note 18)<br>Other creditors and accruals|**2025**<br>**2024**<br>**£**<br>**£**<br>-<br>3,045<br>434<br>395<br>21,469<br>9,524|
|---|---|
||21,903<br>12,964|



## **17. Creditors: amounts falling due more than one year** 

|Housing corporation loan (Note 18)<br>Less: due within one year<br>Bank loan (Note 19)<br>Less: Due within one year|**2025**<br>**2024**<br>**£**<br>**£**<br>36,434<br>36,829<br>(434)<br>(395)<br>-<br>37,211<br>-<br>(3,045)|
|---|---|
||**36,000**<br>**70,600**|



22 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **18. Housing corporation loan is repayable in instalments:** 

|Due within one year<br>In more than one but not more than two years<br>In more than two but not more than five years<br>In more than five years<br>**Total**<br>**19. Barclays loan is repayable in instalments:**<br>Due within one year<br>In more than one year but no more than two years<br>In more than two but not more than five years<br>In more than five years<br>**Total**||**2025**<br>**2024**<br>**£**<br>**£**<br>434<br>395<br>434<br>395<br>1,303<br>1,185<br>34,263<br>34,854|
|---|---|---|
|||**36,434**<br>**36,829**|
|||**2025**<br>**2024**<br>**£**<br>**£**<br>-<br>3,045<br>3,045<br>-<br>9,136<br>-<br>21,985|
|||**-**<br>**37,211**|



## **20. Analysis of movement in charitable funds** 

|**Unrestricted funds**<br>Unrestricted general funds<br>**Endowment funds**<br>Permanent endowment<br>fund- cost<br>Permanent endowment<br>fund- revaluation<br>**Total**|**Funds 1**<br>**January**<br>**2025**<br>**restated**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Investment**<br>**gains/ (losses)**<br>**Transfers**<br>**Funds 31**<br>**December**<br>**2025**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>694,570<br>275,304<br>(241,322)<br>47,520<br>-<br>776,072<br>135,190<br>-<br>-<br>(16,489)<br>308,191<br>426,892<br>4,445,179<br>-<br>-<br>-<br>(308,191)<br>4,136,988|
|---|---|
||**5,274,939**<br>**275,304**<br>**(241,322)**<br>**31,031**<br>**-**<br>**5,339,952**|



23 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **20. Analysis of movement in charitable funds (continued)** 

## **Prior year- as restated** 

|**Unrestricted funds**<br>Unrestricted general funds<br>**Endowment funds**<br>Permanent endowment<br>fund- cost<br>Permanent endowment<br>fund- revaluation<br>**Total**|**Funds 1**<br>**January**<br>**2024**<br>**restated**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Investment**<br>**gains/ (losses)**<br>**Transfers**<br>**Funds 31**<br>**December**<br>**2024**<br>**restated**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>618,746<br>251,994<br>(196,581)<br>20,411<br>-<br>694,570<br>135,190<br>-<br>-<br>-<br>-<br>135,190<br>4,389,179<br>-<br>-<br>56,000<br>-<br>4,445,179|
|---|---|
||**5,143,115**<br>**251,994**<br>**(196,581)**<br>**76,411**<br>**-**<br>**5,274,939**|



The unrestricted general fund represents funds available to be applied at the discretion of the Trustees in furtherance of the Trust's charitable objectives and for the ongoing operation and maintenance of the Trust. 

The permanent endowment cost fund represents the historical cost of the Trust's endowed investment properties. These assets are held as permanent endowment and are not available for general expenditure. Further details are provided in note 13. 

The permanent endowment revaluation reserve represents accumulated unrealised gains arising on the revaluation of the Trust's endowed investment properties. These gains form part of the permanent endowment and are therefore not available for expenditure. 

realised as a result of the investment being sold, the appropriate amount is transferred from the permanent endowment revaluation fund to the permanent endowment cost fund. The amount transferred between the reserves in the year is a result of such realisation of historical investment gains and losses 

|**21. Analysis of net assets between**|**funds**|||
|---|---|---|---|
||**Unrestricted fund**|**Permanent endowment fund**|**2025**|
||**£**|**£**|**£**|
|Fixed assets|93,928|4,340,200|4,434,128|
|Investments|528,071|308,191|836,262|
|Cash at bank and in hand|193,670|(84,511)|109,159|
|Other net liabilities|(39,597)|-|(39,597)|
|**Total**|**776,072**|**4,563,880**|**5,339,952**|



24 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

## Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **21.Analysis of net assets between funds (Continued)** 

## **Prior year- as restated** 

|Fixed assets<br>Investments<br>Cash at bank and in<br>hand<br>Other net liabilities<br>**Total**|**Unrestricted fund**<br>**Permanent endowment fund**<br>**2024**<br>**£**<br>**£**<br>**£**<br>100,276<br>4,648,391<br>4,748,667<br>464,741<br>-<br>464,741<br>197,459<br>(68,022)<br>129,437<br>(67,906)<br>-<br>(67,906)|
|---|---|
||**694,570**<br>**4,580,369**<br>**5,274,939**|



## **22. Capital Commitments** 

At 31 December 2025, there was no capital expenditure authorised and contracted (2024: £nil). 

## **23. Related Party Transactions** 

Total amounts charged to the Trust during the year in respect of heat and electricity by Browsholme Hall Company amounted to £1,927 (2024: £1,445). Browsholme Hall Company is considered a related party as Robert Parker; a Trustee, is a partner in that entity. 

Total remuneration paid to Rev. Christopher Wood; a Trustee, as a Readers honorarium payment amounted to £5,750 (2024: £5,654). 

At the year end, there were no balances outstanding with related parties (2024: £nil). 

## **24. Ultimate Controlling Party** 

The Board of Trustees is the ultimate controlling party of the Trust. 

## **25. Prior Period Adjustments** 

During the course of the first audit of the Trust, a number of errors were identified in the classification and presentation of certain balances in the financial statements for the year ended 31 December 2024. The comparative figures have been restated to correct these errors and to ensure compliance with the Charities SORP (FRS 102). The principal adjustments are set out below. 

## **Investment properties separated from fixed assets** 

Under applicable accounting standards, investment properties must be presented separately from other fixed assets on the balance sheet. Accordingly, investment properties with a carrying value of £4,648,391 as at 31 December 2024, previously included within tangible fixed assets, have been reclassified to investment property. This adjustment has no impact on total net assets or total funds. 

## **Reallocation of the investment property revaluation reserve** 

The reserve arising from the revaluation of permanently endowed investment property was previously included within unrestricted funds. As this reserve relates to permanent endowment investment property, the balance of £4,445,179 has been reclassified from unrestricted funds to permanent endowment funds as at 31 December 2024. This adjustment has no impact on total net assets or total funds. 

25 



Docusign Envelope ID: A2210558-16C7-8263-8259-0E86F245FACD 

Waddington Hospital Trust Notes to the Financial Statements Year ended 31 December 2025 

## **25.Prior Period Adjustments (continued)** 

## **Reallocation of the Twitter Barn sale proceeds** 

The Twitter Barn formed part of the Trust's permanent endowment property portfolio. Following its disposal, the sale proceeds were reinvested within the Atomos investment portfolio. To reflect the requirement that permanently endowed funds must not be diminished, a presentational adjustment has been made to allocate the relevant value of the investment portfolio to the permanent endowment fund. This ensures the financial statements appropriately reflect the continued preservation of the endowment following reinvestment of the disposal proceeds. This adjustment has no impact on total net assets or total funds. 

## **Presentation of income and expenditure** 

The comparative Statement of Financial Activities has also been amended to improve compliance with the presentation requirements of the Charities SORP (FRS 102). Certain income and expenditure balances have been reclassified between headings; however, these amendments are presentational only and have no impact on net income, net movement in funds or total funds. 

26