2024-03-31-accounts

Charlty nvmbor. 216275 THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

THE HOSPITAL OF ST MARY THE VIRGIN {RYE HILL AND BENWELL) ALMSHOUSES CHARttY CONTENTS Pag8 RoferwKo and Admlnlstratlve Dotalls of tho Charlty, Its Tntst•es and AAfvIs•Ts TNstws' Report Ind•p•nd•nt Audltor8' R•port on the Flnanclal Statements 10-13 8tatgm•nt of Flnanclal I￿vItIes 14 Incomo and Expmdlturn Account 8•lanc• She•t 15 16 Stat•rnent of Cash Flo 17 N¢)t•s to th• Flnanclal Statements 18-40 •p¢ndlx l . S¢h¢dul¢ of Snv¢slmènts 41

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELLI ALMSHOUSES CHARITY REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 PAARCH 2024 Ctr Hazol J)ne>L¢e, Chak Mr Rlchard Metcalfe. Chay Mr Alan Birkmyre Counclllor Teresa Cairns (rnSi￿d 14 May 2W24) Mr Aidan Evans c￿nd110r Jom fvls Sue Pearson Dr Hllary Anna Wynn Mrs Patricia Wynn8 CBE (relired 7 J￿9 2023) C￿n￿lIor Shumel Rahman {reslgn8d 2 May 2024) Mr N McDiannid (r8signed 8 May 2023) Mr M Richardson Charlty re9￿1•1￿ numb•r 216275 Reglstered office New*raslle Tyn8 NE2 1SQ Indep•nd•nt audltorn Klnnalr A6so(#ates Limlted Chartered Accountarts Regist8r8d Auditor Aston House Red￿rn Road Newcastle Up<￿ Tyne NE5 1NB Bank•rn Natlonal Westmlnster Bank 16 Northumberfand Street N6wcastle upon Tyne NEI 7EL Sollcltorn Mlncoffs Solicitors 5 . 7 Osborne Terr Newcastle u￿n Tyne NE2 1SQ Rogulator of Soclal Hou•lng numb•r A1273 Pago 1

THE HOSPITAL OF ST MARY THE VRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARrrY REFERENCE AND ADMINISTRATNE DEfAILS OF THE CHARrrY, rrs TRUSTEÉS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Manager Patrlda Embleton Thomas Horsley House Benwdl Lane Newcastle upon Tyne NE156NG Clerks Tirnothy Rohan Gray (Cletl() Ckn51oph8r Huthes {Desxty Page 2

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 21r24 The Trustees presént their annud rep￿1 t0￿er llh Ihe financl81 statements of th8 Charity year 1 April 2023 to 31 March 2024. The fInana￿ statements have been kYepw&l In a￿dan￿ ￿4th the accounting w)licios sot out in the notss to the finawal statemerrts 1￿mplY vlth the Charttys swy40rning document. the Housing SORP 2018: Statement of RecommeThled practi￿ (SORP) f￿ Registered &Kial Housww Providers. the Charilies Act 2011, the relevani version of the Statement ol RecommeThI￿1 Practi¢e a￿liCable to charities preparing Ihelr financial statemerts in aCcLyd￿ce ￿4th the FIn￿d81 Repcrtlng Stsndd applicable in the UK and Republic of Irdand (FRS 102). the Hou%ng Regweratlon A( 2LN)8 aml tho ACco￿try DIr￿tIon Private Reglstered lovidws crf Social HouslrwJ 2022. The FInan￿￿ Statements do not Fv888nt a Stst￿nert of C(Ynprehensive Ir￿m0 or a Statement of Changès in Regerrfes as the Trustees b8llav8 that thè Inf0Mwti￿ that ￿t)Uld b8 shcvm In these statements Is alréady adequately dlsdosed In the Statement of Finua klivities ar¥J the Statement of Funds note to the Financial Statements. QbJocdvM and athnl•s Pollclos 8md obJocllvo• The oblectlve of ts Charlty Is to KYovld8 iMxpensve g￿lternd att4)mmodalion for men over the age of 50 years referred to as'resldenw. The pdndpal adivity Is the managomant of the AIms1K￿eS at Rye Hill aThJ BerY•KII. The number3 of flats avallatde for ocojpation by residents aro 19 at Rye Hil a￿1 40 ai Thomas Hcrtey fr￿58. Ben￿￿11. The Trustees are satisfied that th8 ciocts of the Ch8fTty fdl TAithin lh8 meaning cl"charilatrAe purpose" ithin Secllon 2 of the Charltles P£t 2011 as tlw refer wbculady to: . tho proverllon or rellef rf povarty. aThJ tho relSef ol those in need by rèason of ￿th. aw1114￿1th, dlsabllty. finwK¥al hardship or oth dl&lvantage. The Trustees are lurthw satisfied that th8 aclivitiès of Ihe Chty fall fjthln wnaples and Iwo a8 set out In the Ch&ity Commission guidancé dated December 21X>B Ihat lh8 histori￿1 r8sti1Gtv￿S on 8nty are, in all evailiThJ ¢i￿rnS1an￿s. r&c￿￿le. In sethng objectives and planning for aLviti8s th8 Trust88s have g5v8n (x>nsideTrlion to 98neral gudanr published by the Charity C(Ynmi55ion relating to KMA>lic benefft. Ir￿￿Udln9 the guidanc8'Public benefit: running ¢harlty (PB2)'. A¢hl•v•mts and porfomian • conv11an￿ wlth tho Gov•mane• Flnanelal Vlablmty Stsndwd The Truste88 ufKlwtake an amual a&8essment of lI￿r (X￿a￿ Govomanco and Financial Viability standard and ￿￿riMI tho entivs rxxnpl1wK￿ ith the StwKlwd (knINJ tho COLsa of the yow and up to th? slgnlng of the finJwl ststements. The TNstees have adoptod th8 NHF C(NJ8 of Go¥ernwMX 2020. Pag8 3

THE Hl)sprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALIJISHOUSES CHARITY TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aehlwoment• and p•rfomianc• (conllnu•d) • Rwlew of actlvltles In wrsuit of high standards ￿1th regard to its resprmsbilities to residents and staff. at least every Ihree y&ar5. th6 Charity revie￿5 its polides and pro¢edwes as part of a cydiGal proG85s of Mon1t￿n9 and Improvement. In line with recommendations of the Regulator of Swal Housing and the ￿mshOUseS Asg)cialion. the Charity has continued wlh Frfogrammes of E￿arned maintenano arwj enh)cement of the properties vith funds accumulated f(Y the purpose. The Twstees. havirvJ a558ssed the risks, are confident that high standards have been maintained thilst ratainiw suffic4ent re￿U[c4s to cover Ihe costs ol un8xpected events. Income - the financyal statements Tefknt an ovwal inuaase In i￿)me of £160k wthich is largely due to a grant of £100k received frcffi The Catherine Cojkson F￿ndatIon to help fund the ￿plaCement boiler at Thomas Horsley House. Income from residents has also In(xeased d￿ to the annual In¢￿aSe in weekly contribullons. lower voids also the additional ￿￿tri￿Arti0n t(Y•Ards Ihe cost of utilities vthich is now being chty to residerrts. Exp8ndilure- the repcrted exp￿ditUre refiects th8 ongoing maliterbar￿ of the prop8rties. • Inv•8tm•nt pollcy and pwhrman¢• The Trustees have ath)￿J a ￿lleY of seeking medium rlsk i￿eStments in order to generate Income and achleve some capital grThth. The thwity remains a long terni inve51or and. on prclesinal advice, holds diversified portfolio of equitie4 bcKbJs JKI Property knith some cash. The portfolio total relum was +11.8% for Ihe ￿ to 31 M¥ch 2W2412021' .5.9%). This compares with total returns for the following indices Yearto 31.03.24 +13.4% 0.0% + 7.4% + 8.4% +21.4% - 3.5% + 6.3% Yew to 31.03.23 - 1.4% - 16.3% - 10.6% BD Risk Cegory 6 Benchmark FTSE British Goverrffient AM Stocks Index Iboxx £ Corporate BorKI Index FfsE Al Share Index FfsE Al Wortd Ex UK Indox IA Property Index IA Targeted Ab9￿u￿ Retum Index - 8.4% + 0.3% The Brayln Dolphln Risk Category 6 wmprises 3.5% UK GIIty 2.5% UK Bonds. 11% 0¥8TS8as Bonds. UK Equities, 49.5% I￿￿aS Equibe% 3% Pyopety. 9% Altematives & 2.5% Cash. 2023 had stsrted aThl largety conf(KwKlod fc￿8 TA41h gl(thl 8(￿OrnY generally proving to be slronger than antiapaied. The trènds continued into the ge￿nd quarter. essentially 2022.9 losers becoming 2023.8 winners as the ted￿￿¢0Y seclor b￿need ￿ from tho previou5 year's rout. Gro￿ and quality stylès V￿re at the forefront. although w?s mainly P0￿red by a handlul of mega-cap US tech stockn. The one topic tha market became extremely excited aboul was artifiaal Intalllgence IAII. Overall. markets stabilised after the banknng lum￿11 in Marc* and the deficit in annual relativ8 perfomiance narrowed markedly this peri¢)d as a dreadful firsl of 2022 fell out rrf th8 calculati￿. Thereafter. ho￿ver. It Yfds a struggl8 to make lurtlw wtwss 2023 gains ￿ra p¥ed back. J￿Y and August had al￿dY been falrty mixed and September F¥Dved to be typcally weak as global marf(ets faltered and led to ts vffjrst month for a yw. Hopes a broadening of the rally not met and. Instead, leaderslmp changed. with energy taking Ovor the mwlle from technology companies. Easing inflation and upward surprises for grovrth had been 5LWOrtive for most of the year Lwt the dyn￿1¢ tharKJed and higher energy pricas complicated th¢Jse skn8s and bacama the latest ￿)nUnd￿rn for central bank$. Page 4

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BEP4WELL) ALMSHOUSES CHARrrY TRUSTEES. REPORT (COIrnNUED) FOR THE YEAR ENDED 31 MARCH 2024 Achl•v•m•nt• and p•rforn￿ Icontlnu•dl Tha Wèakn￿ CA)ntlw8d Into th8 Ikul quart8r of 2023 b8forn tha most t￿&￿ble signs of an easing in inflation came through and ojnvlnced investors tPot Westem ¢•)tral banks moving closer to a much awalted iivol. from ralsing to culling interest rate& As eNI of the year appll￿Ched. a 'Sants rall o)mpwThded gains and saw global o¢wty markets re a ri58 of over 15% from late October. The S&P 500 Ind￿ tradod dosé to a record. tho NASDAQ ICK) had Its b8st yw sincé 1999. arml the global tM)nd market saw Its blggost tsvo.month galn ￿ reo)rd. Markets have rallied for the last 18 monts KI a quwtsr at the start of 2024 on the galr from 2023. Tho S&P 5CQ rgathed now dl-timg hiths arKI, 1￿M a technical porsp8Ctivo. it was en¢ouraglng to saa avidence of1oadslMp slyftirg from tO(V￿￿￿ arvj sto(s to a broader of companles. The US and Japan ￿11 of other regions atkwh, for UK inv8Stors, retums from the latter have been affected thrI)uglK￿rt the year by signfficant in tho Yen. Ps investors switched out of value and In￿Me producing sectors the UK tKas a (rdative) straggler avvj c(￿CernS over the Chin8S8 economy saw Far East and emorglng markets lag develcyed markel relwns sigr¥ficwty. Since tho * thange in infiation data, in Novemlw 2023, wi centrd bank rate fimily on the table relative pgrfornance has seen a noticeth b(Tht. Wlilst th8 pa￿ a￿1 tra1￿)ry of easing 1$ still uncertain. and there will always bo many othor forc05 Ihat contribute to th8 trirvj and frfring in markets, vm are Confidenl thal aur approach ill ¢￿tinue to see the benefft rf gkthl infiation rmtinues on the current dtrrnrd trend. Flnanclal r•vlew • Golng ¢on¢•rn Although Trust￿$ thd Iwve some concem ab￿1 Ihe levd of Ihe irKa)me from the Estats Management Charlty hich is mad8 up principally of furnls from commercial letlings. they are satlsfied that rantsl inGorne is mada up as they W￿ld expect arvj therefore. they are satisfied that th8 Charity has the resourcw to ¢￿tinUe in operation fcy tho for￿•able futwe. For this reason. thoy ￿￿ltinUe to adopt gorwJ ￿)nCern ba¥is In proparirwJ tho financial statement& Furthgr details th8 adopkn of thè going C￿c¢M ba￿3 bo found in the accounting policie& • Ru•rvts pollcy It is the TNsta6s' pclicy to maintain frge roserves at a level ewaling to ar0￿d ￿ months of (arltablo expenditure. At tho year th8 fre8 r8s8No5, after takin9 accoLrt of £2s).0￿ de8lgnated fty m4or ￿annad propety expenditure, stsnd at £273.287 {207J: £228.030). This level of free reserves is equlvalent to approx#nately seven months, chwitabla 0Xp￿{￿Jre aThl so is slith above the targetsd1ov81. • Flnan¢lal r•vlow In seeklng lo acNeve the Charitvs Objectives the TnJstèos monitor the level of void ￿8k$ l.?. weeks propety Is ￿0¢￿pIed. DuriNJ the fina￿￿al Y￿ there vras ￿ ￿u[valent of 123 vold ￿akS (252 In 202212023) amounffjng to a reduction cl £10,578 (£19.516 in 2022r2023) on maxlmum &Mtrbullons comactable. Arrears ¢xrtstanding at tho finanual yoar 8ThJ TAWO £4.987 (2023: £4.64n. The IrKome of the Chwity for th6 year amcrt￿ts to £571,3)6 {2023: £416.821) and operatlng ￿StS of £455,546 (2023: £394.9981 leaving a suwus ￿ £115.760 (2023: £21.823) before ta￿ng account of realised and unTeali$8d gairffj on investrnents. Nole that the Inrmo thls yw includès a one off gra of £1CKJ.000 rec6i¥8d from th8 Cathedne Cookson Fi￿NIa￿1)n toAwds th? cost ￿ thfr boilar at Th¢xnas Ho￿leY H￿Se. Pago 5

THE HOSPITAL OF ST MARY ThE VIRGIN IRYE HILL AND BENWELL) ALMSHOUSES CHARITY TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Prlnclpal fundlng The consistent major sow¢8s of incrjne of the Charity are from the St Mary the Virgin Estate Manag&ment Chablty and weekly contributions from the residents. 80th Ihe Estate M￿ageMent Charity and this Charity a constituted ￿rythIn the samo scheme ￿ the Chwity Commissioners. The Chariisls legaGy inrJJme ITtTh the Estate Management Charity has retumed to prevlous levels and in addltlon the PJmsts)u￿ have begm to flll the void& • Valu? tor monoy In acwdance vlth the Valve for Money Standard introdK£d by Ihe Regulator of Social Housing in April 2018 we set below Ihe Charilvs performarte against ¢)ur value f￿ money targets by reference to a serie5 of seven metrics set ty the Regulatr wt¥ch sed( to meawre ecOr￿lY. eff￿le[W ar￿ effectT¥en855. Value for Mon8y Metrlc Tary•t 2024 Actual 2023 One- R•lnv6slmenl % 2.6% 9.0% 10.4% 4.4% Commenw - the reinvestrnerrt p8rcen is ca￿lated by refereno lo Y>rks to th8 8Xi8ting prowties divided by the net value of hcwsing prcpgrbès at déemed cost. Wlthln the pre-8XiSting properties one new soryal hougng unit was developed in the year in ad(rrtion to some pknned major repair works. There was no capilalised interest. The Trust88s anticipate thwe ryll be ￿0ther ￿181 housing unit d8veloped on the 2025 Two - Now Suppty % &xial housing units dellvered 1.7% 1.7% Non4oclal houslng unlts deliver￿1 Nil Nll Commentary - Wlthin the pr￿XIst1rrfj propwties one ￿ sooal Fthsing ￿11 vrds dweloped in th8 year and the Twstees Flan to develcp anot￿ sorial unm in 2025. The Tntss have no plans to deliver any non-sooal housing units. Thr••- Goarfng % -2.6% 4.4% 3.5% -2.7% Commentary- previou￿Y tho Charlty hY no debt and so a negativè g6arirrfJ fIgU￿ Is arrfved at by divldlng the Chariws cash al bank by tho net book value crf housin9 properties at deemed cctst. Truslees b)rrowpd £100,c￿ from the AlmshLwses A&8ociation to a&￿St Thith the of major repair works In 21r24. Four- E8ITDA MRI Int•r•st cover % Nl CLNnmentary- previoudy the Chaity ha5 no torrwThJ and as eX￿aind at three abovè th6 Trustees borro*pd £100.L￿ as an interest fre8 lo￿ th? Amshwsas A88ocia1ion. Ffve- Hoadllno soclal hou$lng M•t £7.438 £11.478 £7,301 Comrnentary - tho cost has Increased lfi Ihe due to expoNlilw8 malor malntenan¢e arKI rnpair vths being incurred whi¢h arg expecled to redwe in 2025. SIX- Op•r•tlng rnaryln % Ovorall z sodal Pmwsing lettirys -51.3% -100.3% -62.ly/o Paga 6

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HLL AND BENb%ELL) ALIISHOU8ES CHARrrY TRusfEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Commentw - tho rwcg85 wtive a5 a r8%Jt of the Ch&itys inwrne from other sources mean5 that it can subsidise the socaal housing Yknich r8suIt in op8ratirwJ deficits. negallve p8rcents98 improved dug to incrgased contributions to direct Ix)sts. Whlo the Tnths anticipat8 Ihal the Charity VAII ntinue to benefit from other sourcos of income being available to 8ubsidise the scKa81 h￿SIr& costs they S•v•n- R•turn on capltal •mploy•d % 4.8% 4.6% -9.5% 4.9% Commentary - the percentages 8re wative as explained in metrbc sx. The negativ6 percentage reduced slightly due to an deuease in revern wlmardy wising from a re(kKtion In the volds. The T￿￿te86 are Lmawwe of any Re•St￿￿ ScKlal Hr￿1r￿j Prtyiders YAth similar fun¢ng arrangements to this Charity and thefefora believe that thern arn no mean1r￿1 berthmark comparigxts available. Structurn, govomanc• and mana • Constliutlon The Hospltal ol St Mary the Mrgln (Rye Hlll aTrKI BerfAll) Alm51￿￿85 Charity is a registered charity. wmber 216275, and Is [ffi￿tuted urnlor a Trust dood. The oblectlve of tho Chadty is to provide Irwwve &￿tered wxx)mrnodation for poor men over the age of 50 years refened to as-resldents-. The Charfty stheme has been apWOv￿ by Charity C(¥nmis5ionern for England and Wales ard is go¥err￿d by the rules contslned In the schèma dated 2 Aprd 1979. • M•thods of appoIntm￿l or •l•cllon of TnMt••• The Truaes non4x8cxrtiva m8mborsilh a idg rarvje d ￿mMe￿i81 and professbcThI expwlm. The Trustee8 meat quarterfy. settlry WKI m¢mitc¥irvd and ￿Orm￿m￿. err8wirwJ adequate fuTrJlng aThJ fomiulatlng pdlcy on key Issue& In additi￿ su￿(￿nMItteeS m88t b8tween the maln Trusiees meetlngs to dlscuss strategy and revlvw pollcl8s In thok raspe(Itva aroa5 of ￿lIS and interesL Day to day management of the Charity is delegated to the Busines9 Managw and Cjark to the Trust8es. The ty)ty of Tn￿ shall o)nslst of: Thre& NOmIna￿ve Trwto04 or app(#ntsd by the of N￿￿&￿110 and two by NthTrsUe upon Tyne Clty Coundl. and No fewpr than seven Cwllve TNsio8s appoinlod by a re&AUtI(￿ of the Almthouses Tnthes pa88ed at a speraal meelirYJ. The Trustees seryed durlng the In tho Admln18trattvo Inforniauon. proVId￿ by Hempsons LLP. Page 7

THE HOSP￿￿1 OF ST MARY THE VIRGIN IRYE HILL AND BENWELL) ALIJISHOUSES CHARrrY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Slru¢ture. gov•rnanc• and man•g•m•nt (conllnu•d) • Organlsatlonal structur• and d•clslon4naklng polld•• The Trustees are responsible for estab&shing and maintalning the Charitys system of internal financial ￿ntrOl. Intemal control systems are designed to meet Ihe particular needs of the Charity th8 risks to %thith it is exposed. and by their natwe can provide reasonable but not absolute assurance against material misstatsmenl or loss. The key procedures tpknich the Tnffjloes have eblished ￿lIh a view to providing effedve Intsrnal finandal control are as foll dearly defined management and ￿P)rtIng structur8S: detailed standing orders irKluding limtls on spen￿n9 aulhoritr. management infonnation and ac£cmtirwJ systems ilh rog￿ar rep)rting of flnandal result$; i￿sInesS Pl￿nIng FKoce&s: and r8¥iew of internal and extem81 &Klit lunLon& The Tru5t88s régularfy revlethd the effectivengss of the syslem of interroal fin￿d81 control as it operat8d during the year. . Pollcl•s adoptsd for the Indudlon and tralnlng of Tn￿te•9 Upon appointment Tntstees are given ¢opies of the Charity Commissitin Scheme, the ac￿Unts and the mlnutes of meetings of the Trustees. T￿Y are a￿￿ supplied ￿1th the Charity Commission booklet in relaOon to the reS[￿sibIlity ol ChJity Trustees. Tntsiees w8 appcmnted for their partlcular skllls in dealiThJ wlh a Charity of this nature. New Trustees Vill be reqwsted to DBS dcks to eThJage in pwiodic updating of safeguarding tralning. • Pay pollcy for SL 18taft Irrespective of seThMty have sdary revitr￿ have regard for bénclMnklng and oth parameter. Where salary chaNJes we gwted they take effe{ from th8 folloNirwJ 1 Awll. • Flnan¢lal rl$k manag•Thwnt The Trustees have assessed the major ris to Ythith the C￿ty Is exposed. in pwticular those related to the operatic￿S and finances of the Charity. and ar8 satisfied thal Syst￿￿$ and sxocedures are in place to mitigat8 exposure to the mapx risks. The Trustees con&der that the major factors likely to affect the future financl81 perfomiance of the Chity ar8 the levels of ￿parKy. eekly contributions levied and investment performance including the levels of income reeeived from the St. Mary the ITirgin Estate Management Charity. Plans for fulur• p•rlods The Tntstees Intsnl to maintsin the 8XiSting al￿￿M(￿ja￿0n ￿)Its to a hlgh standard arnj havo carriod out major ropalrs at Thomas Hor8ley House in 21r24. addltlonal ur4t has been made wlaila1￿e at Rye Hill by convershjn of the foTher Warden's a¢commodallon and the Trustees intent to cr8ale a further unit at Thomas H• H￿se again by conversmm of the fomier Warden's accommodation in the next financial year. P3e 8

THE HOSPITAL OF ST PAARY THE VIRGIN (RYE HILL AND BENWELL) ALPASHOUSES CHARrrY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 IAARCH 2024 Slat•m•rt of Trut•8s' r••poMlblllti Thg TnJsteos aré r8sponsltlé for praparfng th8 Tntstaes. Rap￿t and thè flnandal statomonts in accordance vith applicable law and United Klngdom AccI￿ntIng Slandanls (United KiThJdom Gworaly Accepted Ac(x>unting Practice). The law 8pplicaLqe lo ¢hilles in EJWKI & W48$ rog￿re$ Trusteos to p￿are finan(¥al statemerts for each fin￿CIAl year ¥thlch a truo and falr vlw of tha slats of affalrs of tho Chafity and of its Inc￿mIng resources and application of resourcs, indudiNJ its Incon8 0Xp￿IdIt￿8. for that peiiod. In prepwing these financial statements. the Twstees are rewirnd to.. 8ele¢t Suitsble acc￿￿￿1r￿j ￿licieS and awly them (x)nstanlly. observe the methcxls aThJ princiA8s of the Ch¥ities SORP (FRS 102). mako ludgmenls and accounllng estimates that are reasona)le prud￿￿(. slate ￿ther apFli¢aNe UK Accwiting Stand&ts (FRS 102> have been followed. subject to any material dep¥￿re$ disdosed and expEained in the fin￿(la1 statements; prepare Ihe financlal statements (ffi the ¢oncwn ba Imless It Is Inwrtyrfato to presumè that the Charity Yall continua wi businoss. The Trustee8 are responsible for keeping adequate armjnting reconls thai are Sufficient Io show and explaln the Charity8 transactions and disdose ￿1th T8ag)naNe accwacy at any tim8 the financial position of the Charlty and enable them to enswe that the fin￿Cial 8tatements c4)mpty knith the Charities Art 2011. the Charity (Accounts and Rep￿ts) Regdations 2CQ8 and the F¥ovisions of the Trust deed. They are also resp¢Jnsible for safewarding the as8ets of the Charity arAI henc£ for tthing reasonable eps for the WEvention detection of fraud other Irreg￿ar11les. Dl•¢lo•ur• of Inforniatlon to audltord Eath of tho p8rsons are Tru8t88s at tho Ilm• thls Tnt808' Rap￿t[s apwoved has Cl￿firmed Ihat: 80 far as that Tn￿e is awwe. Ihere Is no relevant a￿lIt infmtion of Charltys auditcKs are unaware. and that the Trustee h&s taken all the steps Ihat (xw to have been taken as a Tntslae Sn ￿der to ￿ aware of any relevant audlt Irrfomiatlon aThJ to e2lJlsh that th8 (wWs audltors are awaro of that inforniatlon. Audltord The auditors. bfjnnair AssoGiat05 Limited. have inthcatod thew ￿llingn8s5 to ￿ntinue In offico. The designated Trustees will propose a motion reappointiry th8 auditors at a meeting of the Tnjstees. provad by ordor of the m8mb5 of th& Lxxd of Tn￿ 20 Sefvbb8r 2024 and slgnad on thelr behdf Mr Rl¢hanl IAots•110 Pag6 9

THE HOSPITAL OF ST IAARY THE VIRGIN (RYE HILL AND BENYELL) ALMSHOUSES CHARITY INDEPENDEKf AUDrroRS' REPORT TO THE MEMBERS OF THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL} ALMSHOUSES CHARITY Oplnlon We have authted the financial statemants of The Flosytd of St the VIr￿n (Rye Hlll and Ben￿11) Ajmshouses Charity (the 'Ch￿ty? for the year erthd 31 March 2(r24 comprise the Stal8ment of FinancFal Activities, Ihe Incorne and Expenditure Account. the Balance Sheet. th8 Statement of Cash Flows arKi the related Th)tes, induding a summary of slgnificant aCC￿nting polTrcies. The financial reporting fram8v￿rk that has baan applled In their preparation is applicable law and United Kingjom Acc(wnting Standard5, includlng Finandal Reportlng Standard 102 The Finanaal Reporting Slandwd appl•cth in the UK and Republic of Ireland, (Unlted Klngdom Generaly Accw AcC￿￿1￿J Practice). The flnancial stalernents have b88n propared in ac¢ordan¢e lth A¢ountiThJ and Reporting by Charltles preparing their accowts in acC(￿dance the FinanGial Rep￿tIng StsThJards appliGable in the UK Republic of Ireland (FRS 1021 in prelerence to the Ac0￿ntIng and Reporting by Charities.. Slalement of Recommended Practi￿ iswed on 1 Wil 21NlS +uth is referred to in the extant regulations twl has been thdra￿Tr. Thls has been done in order for the aca)vnts to provid8 a Irue arKI fair view in arxordance wlth the Generalty AGGepted A¢counting Practice effective for rewtirvj periods beginning or after 1 January 2015. In our tjplnlon the finan(yal statements." give a true a￿1 fair view of the slats of the charitys affai￿ a5 at 31 Marth 2024 and of Its I￿￿ming resources aThJ application of resources fty the year erTrded: have been properly prepared In acc¢Mthnce fjlh Unlled Genwally Axepled Accounti Practice. arKI have been prepared in ￿TIh Charliles Act 2011. the H￿SIng and Regeneration Act 2008 aNI the Accounting DbrerAon f(Y Private Regthr•J Providws of SocAal Ho￿r￿d 2022. 8asl• for oplnlon We cOr￿UCted our audit in aCCrydan￿ ilh Intemational Standards on Auditing (UK) {ISAs {UKI) and applicable law. Our responsibilitios under those sta)dards are further desLYibed in th8 Auditors. rgsponsibilitiès for the audil of the finanrial statements section of ow report. We are independent of the charity in accordance ith thè ethlcal requlrements that are relevant to our audit of the financial statsmerts In the United Klng¢Jom, indudlng the Flnan(aal Reporting Counul's Ethical Standard. and ¥￿ have fulfllled our other ethlcal resp(￿sIbIlItIeS in accordance with these requiremerts. W? bdiove that th6 alwjit evldence v have obtslned Is gjfficient a￿j appropriate to provid& a basis for ￿ cf#n)n. Concluslons rnlallng to golng con¢•m In aLJitlng the financlal Statern￿ts. ￿ have Concl￿ that the Tr￿fees. use of the going (￿cern basis of accounllng in the prep¥ation of the finaneial Stateme￿ is appropriate. Based on the have perf￿ed, have Thjt identified any matsrial un¢ert4ntio$ relating to wents or ¢onditiorts that, individually or ￿ll@Clive￿. may cast significant doubt on tho ¢hariWs a￿lIty to cnnllnua as going concem for a peri￿ of at least tthe rn(￿ from thé finan(ial slatements are authorfsed for Issue. Our reswnsibilitigs aThY the re¥￿￿1b11IlloS of the Trt￿ ith respect to g￿ng (X￿c&M are d88(xibed in the relevant ￿tionS of ttrms report. Page 10

THE HOSPITAL OF ST IAARY THE VIRGIN (RYE HILL AND BENbYELL) ALMSHOUSES CHARrrY INDEPENDEwf AUDrroRS' REPOIU TO THE MEMBERS OF THE HosP￿AL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY (CONTINUED) Oth•r Informatlon The other infomiation comwls88 the infomiation Ind￿ in the Annual Report other than the financlal statements and our Audit(Ks' Rewt thervnn. The Tn￿ are responslble for the other Infomiation C¥Jnt8ined rythin the Arnual Rep￿1. Our opiThon on 8tat8merts i)8$ ￿t C4)ver the other infomiation a￿1, except to the 8Xt8nt otherise ewiatly ststsd in our reporL do r#)t exKess fom of assurance cryKIu8ion there￿. Our responsibility is to read the other lnfcffi1at1￿ and. In thing so. consldar ￿er the other infomiation is materially inc¥msistent ¥thilh Ihe financial staterrnts c¢ our krK)V4ledg8 obtained Sn ¢OW8e of the audit. ￿ otherwise appws to be materily misated. M V4¢ Identify gJth mat&rial incOn￿stenc1os or apparent matsrial misslatsrnen￿ are re Regulatlons 2008 rewir95 US to reFKxI to yw rf, oplnkffi: th& Infom)atk￿ giv￿ in tha Trusteos, Rwt is InC￿￿5￿nt in materlal resped fin￿￿81 5tatemprts: sufficxent acC￿Jnting re(x)rds have not been kept: or the financial staternents are not in agreement with the axwitlng re¢cts and rotum$ or havè not rec￿ed all the informakn exWw)ath ￿ req￿re for audiL RMpon•lblllll•8 of Trust• A8 explained more fully In tho Trusteos. Rosponsililities Statemen( th& TNste88 are responsible fry tho prep8ration of the fin￿cial statsmonts 7hthich give a aTrJ fair viffw. aThl for such intemal O￿trol as th• Trustees detemilne Is necessary to onabla tt Fyewation of fin￿bal statements that are free from material mlsstaternent. ¥thethtt due to fraud ty orKty. In pr6parfng the financtal stat8morls. the TrustO8s resp(￿sIble for &ssessing the abilty to contlnue as a wlng u)nc6m, dIsdC￿Ing. as appli¢ablo. matter5 related to uv)ing LThcem and using the gting ￿nCern basls of acci)unllng ￿lesS Ihe Tn￿108$ oithw intend to liquidate the ch*ity or to Cease operations. or have no r￿1$¢1¢ altemallvo bul to do so. Page 11

THE HO8prrAL OF ST IAARY THE ThGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY INDEPENDE￿r AuD￿ORs. REPORT TO THE MEMBERS OF THE HOSPITAL OF ST MARY THE VIRGIN {RYE HILL AND BENWELL) ALMSHOUSES CHARITY (CONTINUED) Audllors. responslbllltl•s for th• audll of th• flnanclal statements We have been appointed as auditor under 88ctlon 145 of the Charities Act 2011 and rewt in a￿rdance vAth the Act and relevant rewlations made or having effect thereunder. Our objeclives are to obtain reasonable assurance ab(Art thelher the flnaneial statements a8 a whole are free from malerial misstatement. wh8ther due to fraud ￿ error, and to issue ￿ Auditors. Report that indudes our opinion. ReasonaL4e assurance is a high level crf assuraKe. but not a guarantee that an audit conducted in acGord8nce thith ISAS (UK) will aKYays det¢d a material misstaternent vthen it exists. Misstatements can arise f￿M fraud ￿ error aro 0￿$1￿¢red material If. indNidually or in tho &Jgregate. they could rgaTJonably b8 gXP8Cted to infl￿nCe tha 8corthThl¢ de(asic•B of users laken on the bags of thes8 finaKial ststemonts. Irregularities. inchJdEng fraLxI. are inslances of n(￿￿￿1[11￿Ce ith laws and ragulatlons. We deslgn procedures in line with our R¥crffjibililies r￿ined atM)ve, to detect materbal misslatemenls In respect of Irregularities. in¢bJding fraud. The extent io vthich ow procedLY85 are Capab￿ of detecting irregularities. irKluding fraud is detailed betr￿. the engagem8nt partner enwred that th8 team ￿leCtiVe￿ h￿1 the appropriatè competence. capaL¥litios and skills to or recognise norHxJmpliance ith appYi¢able la￿ and regulations., we identified the las and regulations applic4Ne to the Charity through di$￿$s1On$ v4ith Truslees and other management. aThl from our 0)mmeni￿ kn￿ledge and experi￿ce of the registered sod81 houslng provideTS sector, wè focused on specific laws and regulations vthich we considered may have a direct material effect on the flnancial statements or the operations of the Charity, induding the Charitieg Act 2011 et seq., the Charities (Protection and Social Investment) Act 2016. the Tru5te&s Acts 1925 and 2(KJO, Charity Commlssion regulations aThl the Statemenl ol Recomm¢r￿ed Pric8 lor Social Hou5irvJ Providers 2018. assessed the extent of c£ffiplian¢e Vith the lavS and regulations idenlified abovo through maklng enquiries of manag&nent and in$Feding legal o)rresFKmd8n￿', a￿1 ensured that the identifi￿j law￿ and regulations V•W8 communicated within tho a￿rrt leam regulady and the team remained alert to instances of norF￿)Mpli￿Th thro￿Out the a￿lt. We assessed the wxeptibility of the Charitys financial stat•nents to materlal misstatemwL including taining an understanithng of howfraud might I)c￿r. ty.- making erh]uiries of management as to thero tw thwe was susceptibilty to fraud and thelr kTr)vledge of aeiual. w$p￿ted and alleged fra￿1. and considering th• intemal controls In place to mitigate risks of fraud and norHx)mpliarw Tmth law5 and regulation& To address the dsk of fra￿1 through managemenl bias and oveThid8 of O￿trOlS. we: . perfonned anaw'cal pTh>c￿￿ to I￿tsfy any UfKw81 or unexpectèd rela￿OnShIp tested joumal entries to identfy unusual transactiorts" and assessed ￿er judgements arKI assumptiiyLS mad& in datemilning the aC¢￿anting astimatès set out In the notes to the financial stslements are indicativa of potential bias. In response to the risk of Irreg￿￿1￿8¥ arKI ith la￿ regulations. designed procethjres 7Athich inGILvJg, but arfj not limiied to:. agreeing fin￿?81 8tatem8nt thsdomes to LWKlerfyirvJ 4)r#￿ir￿d documw)tsllon: Pag8 12

THE HOSPITAL OF ST MARY THE VIRGIN (RYE IIILL AND BENWELL) ALMSHOUSES CHARITY INDEPENDEKf AUDrroRS' REPORT TO THE MEMBERS OF THE HOSP￿AL OF ST PIARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARtrY (CONTINUED) reading Ihe minutes of meetirys of those chty ￿1th go¥emance: enquiring of management as to actual and Fthnlial litigatim and daim$" and reviewing ￿Spondence wth HMRC, relevant rewlators IRegulatr of SoGial Housng) and the Charitys legal advi8(XS. Ther8 are inherwrt limitations in ¢xr ￿tr￿pated aKIit wtKedures de￿Ibed abov8. The mcKe removed that lawB and Tegulallons are from finwoal transa¢ll¢￿. less likely it is that WEI wDuld become aware of non- mplIanr￿. Audlting stand¥ds algJ limit the aU￿rt reqUIr￿j to identify no￿￿0mplian￿ With laws and regulation5 to enqulry cl the Tr￿te￿￿ and other marwJement and th8 inspection of regulatory and legal corr88p￿den(¥. rf any. Material misstatements that arise due to fra￿j can b8 hwfler to detect than Ih088 that arise from error as they may involve deliberate ConC￿￿mert or collusion. A further d8scriplion of ow reSp(￿sIbl1tieS for the a￿Jit ol the financial statements is located on the Flnancial Reporting coU￿1r5 ￿b￿le aL' itie& de8<¥iption fom)s part of tyjr Auditors. Report. Us• of our report Thts report is made solely to the Charitys TNste8s. as a bLty, In ac¢>Ndan¢e wth Part 4 of the Charities (Accounts and Reports) Reg￿atIOnS 2008. autht work has been uThJertakon so that Nva might state to th8 Charrtvs Trustees those matters we we required to ￿te to Ihem In an Auditors. Report and for other purpose. To the fullesi extent pemiitted by law. we th not accept or asyTho reswnsibilty to ￿yon8 Other than the Charity aThl its Trustee4 as a body. for (￿r for thls r8M ( opl￿n5 ￿ have fo￿ed. Klnnalr Aswclatos Llmlt•d Chartered Ac(x)untants Registered Auditor ton H￿Jse Redt￿M Road Newcaslle upon Tw NE5 1NB 20 Septgmber 2024 lfjnrAir Associates Lirnlted are ellglble to as a￿lItorS In temi8 of xlion 1212 of th8 Companles AGt 2006. Pag8 13

THE HosprrAL OF ST IAARY THE VRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY STATEMEKf OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 IIARCH 2024 RKtrlct•d Unr•8lrfcted funds funds 2024 Tolal funds 2024 Total funds 2023 Income from: Oonations and lagaaes Charltable activitie8 Inveslments 100.000 193,141 263.310 14.855 293,141 263,310 14,855 189.517 215,593 11.711 Ineom• 11)0.000 471.306 571.306 416.821 Expondllwo on: Raising f￿￿$ Charita1￿8 aGtivities 3,201 3301 3.056 391.942 Total expendlture 455,546 394.998 Not Incom• b•for• n•t g•lnsl(lou•s) on Inv•stm•nts Nel gaIn￿{lO$Se$) on investments 100,(I)O 15,760 115,760 43,766 21,823 (43.035) Nèt In¢omd(•xpèndliur•) Transfers bel%*Een lunds 11x1,000 11¢)0,000) 59.526 11MI.000 159,526 (21.212J Not movemgnt In funds 159,526 159.526 (21,212J ReGonclliatlon of funds: Total funds brought foThYard Net movement in funds l737,179 159,526 2,737,179 159.526 2.758.391 (21.212J Total fundi canl•d forward 2.896,705 2,896,705 2.737.179 The Statement of Financaal Aciivities indth all gawis and lossés ra￿¥$ed In the year. The notes on pages 18 to 40 f¢xm part of finwKaal statemen Page 14

THE H08prrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY SUMMARY INCOIAE AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 IAARCH 2024 Total lund• Total funds 2023 Income Gainsl(lossos) on Inveskna)ts 571.306 43.766 416,821 (43,035) Gro$$ In¢om• In th• rnportlnq p•rfod Le5&. Total èxpendlturo 615,072 (454546) 373,786 (394,998J N•1 In¢omrf•xp•ndltur•) forth• r•pthlng pwlod 159.526 (21,212) The notes on pages 18 to 40 fonn part of Ihese fin￿c4a1 stalemerts. Page 15

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Flxod a880ts Tangible awts Investments 15 16 2,379,169 539.797 2.259. 149 486.060 1918.966 2,745,209 Current assets Debtors Cash at bank and in ha 17 12,250 204,154 60.613 61.741 216.404 122,354 Creditorn am￿nts falllng due *ilhin one 18 (65,180) (32.711) Net current assets 151,224 90.243 Total as3•ts l••¥ ¢umint Ilabllltl•s 3.070,190 2.835.452 Creditors: amounts falling due after moro than ono year Provlsions for liat¥lities 19 (89,250) (84,235) (98,273) Total net usets 2,896,705 2.73T,179 Charlty fvnds Urwestricted funds 2,891705 2.737. 179 Total funds 2,M705 2,737. 179 The fIna￿la1 statemwts approvad and aU￿￿1$•d for Issuo by th8 Truslegs on 20 S8pt8mbar 2024 sign8d on their tehalf by: hJJ MW. Mr Rlchvd Metcalfe The notss on p•38$ 18 to 40 fomi part of these fin￿da1 statorn￿. Pago 16

THE HosprrAL OF ST MARY THE VIRGIN (RYE HLL AND BEPIIELL) ALMSHOUSES CHARrrY 8TATEMEpif OF CASH FLOWS FOR THE YEAR ENDED 31 IAARCH 2024 2023 Cash flows from op•ratlng actlvlll•s Net cash used In i)peTating arAivitss 250.758 42.686 Cagh flowA from Inv•8llng a¢lMtI•s DlYlden(1s. interests and rents from inveth Purchaso of tsnglble fixed assets Pro¢ood$ from of invetherts Purchas6 of Investm￿ts I4￿55 11.711 {212,979) (100.525) 31.250 (38.572) (69,970) Nat ca•h u•gd In Invostlng actMIIo8 1208,095) (96,136) C•8h flo￿ from flnan¢lng actlvltlos ash inflovvJ from new bOT￿lIr￿j Ropayments of borf(Mryrvd 105.ODO (5,250) Not pmld•d by flnanclng actlvlo 99.750 Chang• In cash and wh equlvalonts In th• yo* Cash ¢ash equlvalents at the of the yew 141413 81,741 151450) 115,191 Cash and eash •qUIvalw￿ at th• •nd of th• y 204,154 61.741 The ￿ on pag8s 18 to 40 fomi wt ofth8se fin￿(la1 slataments Pag8 17

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 General Informatlon The Ho4Ytal of St Mary Ihe Virgin (Rye Hill aThJ Bern￿11) Almthou5es Charity 1$ a reglstered charlty. rnbor 216275. It is also rrfistwed thM18r the H￿￿n9 and Regenerat￿)n Act 2(KJ8 and Its regSstered number 1$ A1273. The Charity hs un1nccxrm)￿ and its register&1 dfice is at 5 . 7 Osbome TerraL, Newcaslle upon Tyre. NE2 1SQ. ¢ountlng pollcl•s 2.1 Basls of pr•p¥4tlon of Ilnandal stat•mMts The finarrial statomerrts have been prepared under the historical wsl convention In accordanc8 with the Housing SORP 2018: Statement of RecommerKled Pra¢ti¢e ISORP) for Regisl&red Soual Housing Provlders. the Charities SORP {FRS 102) - kO￿ntI￿j Reporting by Charities: Slatement of Recommended Practice awlr¢able to C}￿lIeS tKeparing their accounts in accordancg Ith th8 Financial ReportiNJ Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Finanual R8PCrfting sta￿lard applicable in the UK and Republlc of Ireland {FRS 1021. the Chwities A¢t 2011 and o)mpty Vith the Accounting Dlrecllon for Private Registered ProvideTS ol Swl Hw%r4J 2022. The financaal statements hav8 b88n wep￿1 lo givo a ar￿ fal¢ vlw arKI have departed from the Charities (Accounts and ReFK¥ts) Regulations 2008 onty to the extent required to provide a Irue and fairf view. This departure ha5 involved following the Charitles SORP {FRS 102) published in October 2019 rather the A¢￿UntIng and RepM)rting by Charities.. Statement of Recomm8nded Practlce effective from 1 Awil 2(K)5 thlch has SIn￿ be￿ withdraMI. The Hospital of St Mary the Vlrgln {Rye Hll and Ber￿11) Almshouses Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities ate irmtialty reco3nised at histori¢al cost or transathon valuo unless othe￿Ise stated in the relevant accounting policy. 22 Golng con￿￿ The Trustees have ￿nsIdered the potential finaTr3al effects on the avallabillty of cash and reseNes aNJ the consequent b8aTiW on the use of tho going &inc8m basls of preparation of the finandal ststwnents. The Trustees have concluded that th• Chartty has suffTrdent cash and reserves to sustain it lor the f￿eSe8abI8 futurè. The Tru&ees are thereth satisfied that it Is apprOp￿ale for them to prepare th858 financial tstements on the basis that the Charity continues to be a going (x)ncem. 2.3 In¢om• l income Is rn¢0￿lsed oKe the Clwity has enlitlemwfi to the Inccrfne, it 18 probable that the Income ￿111 be received and the ￿K￿ffit of Inccme rewvable can b8 measured reliably. So(aal H￿St￿ Lettiiy. d8scrib8d as "c4)ntritKrtiorr8 from residents". are Bccounted f(Y on an Income frcrfn cash deposits is a¢¢owt8d for an aC￿￿lS b￿. Inc¥Jrno fr￿Tr all other Invaslments Is taken into attwnt (m a re￿Nable b8SiS. Income from the sister CPority, Sl Mary lh8 Viryin Ma￿gernent Chaiity. Is reoognlsed on a re¢8ivatAe basis. Grants are Ind￿ed in Statemont of FinKial A¢llvltles ￿ a rKeivable basis. The ba1￿ce of Paga 18

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aa￿u￿tIng polld•s (contlnuod) 23 Incom• qci>ntlnu•d) Income received for spedfk Fwrposes lyjl rnt 8xpwd8d dwiry the period is 5hovm in the relev8A funds on the BalaKe SheeL Where ir#)xne is T6cei¥ed in advance of enlidement of recelpt, Its recognitK)n Is deferred and IrK4uded In crethtty5 as deferred in￿rne. Where entitlement occurs b8for8 Income is re¢eNed. the Inciyne Is aCUU￿1. 2.4 Exp•ndllur• Expendiluro 1$ re¢ogrlsed (rta thern is a or (x)nstru(thio obyigatlon to transfer economlc benefit to a tr4rd party. it Is probable that a transfer ol ectsnLxniG b8n8fits wll bg requlred In 88ttlem¢nt ar#J the amounl of the can ￿ measured roliat4y. JI exp8ndiiwe 1$ accounted for on an awuals bags has b88n das&fied ￿der headlng8 that aggregate all costs related to the catewy. Costs of generating fwKls • thosè costs inwred In attracbryJ Vol￿ inLxxne. Charltat4e adivities and Gcwemanca costs costs IncLwfod on the upkeep and management of the tw) Almshouse5 inrJding SUPF#Nt aThl costs relating to th8 athinistraticffi of the Charity and cOmph'an￿ Gonstitutiorwl aThJ statutory requlremènts. SuA)ort ))sts iTKlud8 cenlTrl funLThs and have been alkKated to acuvlty cost Categorles on a basis ￿nSIstent ￿1th th8 uso of res0w￿. e.g. a11ts2tlng prop8rty (x)st8 by floor aws, ￿ per caplts. stsff c05t by the time S$￿t and ollw costs by lI￿r us48. Expendiiwe on raising indudes all expendture lThx¥r8d by Charity to ralse funds for Its charbtablè purKws aThl indth u)sts of aN fuNlrlng activities events and noTrcharitable traolng. Expendlturo on tharilabl8 activities is incurred on dlredly undertaking the acbvltles further the Charltys objoGbv84 as well as any associated SUPF#Xt costs. All exp8ndlttYe Is I￿lUsive of iTh•c￿￿￿AO VAT. 2.5 Int•r••t r•¢•lvaJl• Interest on fthxls held do￿>￿t is indwlgd th rec8ivable arml tha amwnt be m8asurwJ rellatly by the Charity" this is rK)rnialty urm nO￿fiC￿ of th8 Inter881 paid or payable by the Institutlon with TAthom the fuThls are deptsyw. 2.6 Tanglbl• Ilx•d as••ts and d•w•cla Tanglbla fixad assets aro initialty reCfjgr￿ at o)st {or deemed ￿)st} le&q d•proclalion. As perniltted by the H(￿sn9 Aswjats￿ SORP 2014. the charl1at￿8 tN olaciod to mgasuro propertles at their far valug on the date of Irarth to th8 SOFLO and use that falr valua as deemèd C08t at that d*0. Page 19

THE HOSprrAL OF ST hlARY THE VIIGIN IRYE HILL AND BEN¥¥ELL) ALMSHOUSES CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢1￿ (¢ontlnu¢dl 2.6 Tanglbl• flxed assets and dePr•c￿l￿ Icontlnuad) Depre¢iation is not tharg&J ￿ freetrM)Id land. Depreciation on other tsnglble assets is provTrd8d at rates Ca1￿lated to off the ¢ost of those assets. less their estimated residual value, over their estimated us8ful lives using th9 stsaigh14ine methcMJ. Depreciation is provided on th8 f￿l￿Al￿g basis: Freehc4d PrO￿ty Fixtu￿8 and fittlr Freehdd prcpety improvements Deweaation on freehold prwty is based on their fair valu8 at valuation at 1 April 2014. Freehold propety is being depreciated over 50 years from the transition dato (1 Aprll 2014). 2.7 Investments Fixed asset invesbnents are a forni of finaThial instrument and are initially rOeC¥3nis8d at thelr transaction ojsl and the¢wently measuRd at fair value at the Balance Sheèt date. unless the value cannot be rnea￿ed reli￿ in vthich case il Is measwed al (¥>sl less impaiment. Investment gains and lo&w. ¥thether realised or unrealised. are Lx)mbw)ed aThJ presented a8'GalngJ(Losses) on investments. In the Siaiemenl of Fin￿¢181 A¢livitie& 2.8 DAbtov• Trade and other debtors are recognised at the settlement amount after any trade diso)unt offered. Prepayments ar6 valued at th8 ar￿￿nI prepaid net of any trade dls¢wnts due. 2.9 Cash at bank and In h•nd Cash at bank and in haThJ indudes cash arKI st￿4eM7 higNy liqud investments a short maturity cl Ihrno mcmths or less fr(¥n date of WLllgtion or owing of tho d•Kh)git or similar account. 2.10 Ll•bllltl•s Llabilities aTrJ ￿¥0VIsI￿$ are r8cognis8d *then IheT8 is an oblTgatlon at the Balancé She81 date as a result of a past event. It 1$ probable that a transfer of economlc benefil v4ill be required in setllernent, and the arTh￿￿t of the selll•m8nt can be estimated relia￿. Llablllties fn rerAyised at the amcwt that the Charity anticipatss it ￿11 pay to setue the debt or Provisions 8re rneasu￿ at the best estÉmate of the amounts required to settle the ot4igation. Where the effect of the timé valuè of rnC￿ey is material. the provision 1$ based on the present valua of thcth amounts. discounted at ts pr&tax discount rate that refiec18 risks specific to tha liability. The unwinding of the diswunt is rec(>3nised in the Stat•nent of Flnancial Activities as a finance (x)st. Page 20

THE HO8prrAL OF 8T MARY THE VRGIN IRYE HILL AND BEPMELL) ALPASHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polldm (Mnllnued) 111 Soclal houslng grw Government ￿labr￿￿ lo kngible fixed assets are treated as deferred income and released to the stat￿6n1 of finwc4al activities ovor the expect8d useful lives of the assets concerned. Other grants are credited to the statem￿t of financial acatvities as the related expenditure is incurrad. 112 Flnanclal InstNmont• The Charity cffily has finarrial assets and finKial liablllties of a that qualify as ba$lc fin￿￿al instruments. Baslc fin￿¢la1 instruments are Inlti8lly r8(x)gnis8d al transaction valu• and subsequenvy measurtrj at th8ir setuement value ￿1th the exception of bank lo￿9 whlch are $ubsequenUy measurJ at am(Xt1￿ ￿st uslrKJ the effeclive interest rnethcKI. 113 Fund a¢¢ounllng General furnls e unrestrictwj funds are avakth for use at th8 discretion of the Trustees in furtherarKe of the gwwal 0tr48Lves of the Charfty a)d wthich have not been desTr￿jated for other purFwe& RestsiGted funds are funts are to used in acco￿arKe TArfth speofi¢ restrfctlons Imposed by d￿r5 or thith have b08n raised by the Charity for parti(yJar purpos￿ The costs of raisng and administering such funds are charged agalnsl th8 sp8(¥fic fund. The alm arKI use of each restricted furKI is set out in the n(kns to the finwKial slatemert& Investrnent income. gains losses are allocated to the apwoFrflat8 f￿d. Pag& 21

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ineom• from dMaU¢)ns and hgachs R•strlGtsd Unrestrlcted fvnds lunds 2024 2024 funds 2024 Grants St Mary tho Virgln Estate Manag￿ent Ckorty 1(K).O 100.000 194141 193,141 100,000 193.141 293,141 Unr8stsicted fi￿dS 2023 Total fvnds 2023 Donations St Mary the Vlryin Estate Managwnert Charity 189.515 189,515 189.517 189.517 kncom• from Gharltabl• acllvltle• Unrn8trl¢tod fund$ 2024 Totsl funds 2024 Contributions from rnsidents 263.310 263,310 tritrArtSons from residwts above In¢kths £11.480 contsibuiion tThffrds ulllltle& Unresfrict&d fvnds 2023 Total fvnds 2023 Contribution5 fr(￿ residonts 215.593 215,593 Page 22

THE IIOSPITAL OF ST M*RY THE VRGIN (RYE trMLL AND BENYIELL) ALMSHOU8E8 CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2D24 Unmtrlct•d funds 2024 Total funds 2024 DNid8nds and intwest on investmerts Bank deposlt Interest 12.798 2.057 12,798 2.057 14,855 14855 fvnds 2023 2023 Divldends and interest investmerts Bank deposit inter8St 11.3C 411 11.300 411 11.711 11.711 Invulmènt management Unmtrlct•d funds Total funds 2024 Investment mrnemant fe85 3.201 3,201 Total fvn¢ts 2023 2023 Investment man4ernent fo88 3,056 3,056 Pag8 23

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysh of •xp•ndltur• on ¢harltabl• aclmt Summary by fvnd typ• Unro•trlctsd funds 2024 Total 2024 DirerA costs. Provi$￿ of sheltered accommodation 452.345 452,345 UnrnstfiCt&d Total 2023 2023 Dlrecl cosls. Provir4￿ of sheltered accomm(Klallon 391.942 391.942 Analys1$ of expondltur• by actlvlll•s Actlvltles undertaken dlrectly Support ¢￿ts 2024 Total funds 2024 Direct eosts. Prnvi%on of shdiered a{r￿￿[￿￿tion 398.289 54,056 452,345 Activthes Kjortaken ectty 2023 Support osl 2023 Total fvnds 2023 Direct costs. Provison of sheltwed acrxmnmoda 349.327 42.615 391,942 Page 24

THE HOSPITAL OF ST PAARY THE VIRGIN (RYE HILL AND 8ENVaL) ALM8HOVSES CHARITY NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 MARCH 2024 Analysls of •xp•ndltur• by •ctMUM (o)Trllnuod) Analysls of dlv•ct costs Provl$lon of sh•lt•r•d accOmn￿da1I0n 2024 Total fvnds 2024 114,536 92,959 16,638 114538 92,959 16,638 6,495 72,345 66,869 14430 3,095 14,955 2.505 7.500 114038) Deweclation Water rat65 Insurance Ughtlng and heating Repalrn and maintenance UW8p crf grounds CleanlrKJ and Jwnctry W*den call system Sundries Cle￿￿ 8a H￿￿ng Assodation grant rnleased 72,345 14,430 14.955 114.038) 398,289 398,289 Pag8 26

THE HOSPITAL OF 8T MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analys1$ of expendIt￿ by aGtlvltlH (conllnuod) Analysls of dlroct costs Iconllnuod) re¢t costs . PtDvi&on ol shenered 8ccommtydation 2023 Tot fund8 2023 Staff costs Depreciation Water rates Ir￿uranCe Lighting and heating Repairs and maintenanc* Upkeep of gr0￿d5 Clear4ng and laundry Warden call system Sundrtes Clerk's salary Housing Asso¢iation grnnt released 105,840 105.840 83,053 15.632 5,545 49.205 62.264 14.934 3.233 12,480 3,686 7,493 15.632 5.545 49,205 62.264 14.934 3.233 12.480 3,686 7,493 li (14,038) (14,038J 349.327 349,327 Page 26

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENVIELL) ALMSHOU8E8 CHARITY NOTES TO THE FIN1￿cIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of oxp•ndllw• by actMUM (contlnu¢d) Anaty•l• d support co•t• Provlslon of •h•lt•r•d eeommodatlon 2024 Total funds 2024 Staff cosis Sundry expensas Poage. gtati(xwry arKI advwlislrwJ Subsuipllons Bank chargas orffj(ltsncy IrainiTrJ 0ffi¢o insLTrn¢a Proféssional fees Loan arrangement fee GovgmarTh ¢<￿ts 21.836 21,836 5.878 5.878 4,386 1,082 810 700 2,827 5,000 10.612 1,082 810 700 2,827 5.000 10.612 54,056 Pmwsion ol Total 2023 2023 19.827 443 4.147 4,012 19.827 Sundry expenses Postage. ststlonery e4)d thertislThJ Sub5CriPtic￿S Bank rhrges Consullan¢y and trainlng Olfi¢e insuranc8 Professiona fees Govemance o)sts 4. 147 4,012 687 1045 9,518 9.518 42.615 42.615 Page 27

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSKIUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2024 G¢)vomance costs 1nrj￿jed above comprise: 2024 2023 A￿lItorn reM￿er￿lon Clerk's fees 7,512 7,620 2,498 10.012 10.118 Page 28

THE HOSPITAL OF ST MARY THE VIRGIN (RYE TrILL AND BENIPAL) ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEME1￿5 FOR THE YEAR ENDED 31 MARCH 2024 Sch•dul• of oulgolngs 4)n prop•rU•s- 31 lknch 2024 ThonMs Hornky Ryo Hlll 2024 Water rntes Insuranco Lighting and heating Repai￿ and maintenar Upkeep of arounds Cleaning and laurthy Wwden (all system Sundrles Cl8rk's fees H￿SIng Assoaation want rethed Wagg$ and salari6s Depreclation 5.762 2.742 30.278 3Q.524 5.396 10.876 3.753 42,067 36.345 9.034 2.615 10.132 1.783 4.231 (14.038) 68.692 16.638 6,495 72.345 66.869 14,430 3.095 14.955 2.505 7.500 (14,038) 114,536 4.823 3.269 4S.844 17 224 Sch•dulo of outgolngs on properUes- 31 IAarch 2023 Thoma8 Hornley Hous• Ry• Hlll Homos 20rJ Water rates Insurance LhJhllng and heatiThJ Repalrs and malnt8nanc• Upkeep of grounds Cleaning )d la￿)dry Warden call ssm 5,351 10.281 3.150 31.238 35.869 9.664 2.612 8.697 2,149 4.247 (14.038) 64.835 15.632 5,$45 49,205 62.264 14.934 3.233 12,480 17.967 26,395 5.270 621 3,783 1.537 3.246 Clerts fees Housing Ass(KIall￿ grant recolved Wag8s and salaries Depreciation 7.493 (14.038) 105.840 41.1x15 Page 29

THE HOSPITAL OF ST IAARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Audltorf ￿m￿•ratIOn 2024 2023 Fees payable to the Charivs cuffent a￿1￿( Ihe aLthJil of the Chaiivs annual accounts 5,850 11. Staff eosts 2024 2023 Wages aNJ Salaries 127,755 8,617 121,842 3,825 136.372 125,667 The average number of per5wts ern￿Yed by the Chwlty during the year was as follow5.' 2024 2023 No. Numb￿ of employees The avernge headcount expressed as 1￿mIMe equbvalents VAS: 2024 No. 2023 Numbw of employees No employee receNed wwnun8ratiM ￿(￿)ling to morg than £60,000 in either year. Key mtnagemenl wuneralkm. bdng costs relatir¥J to the Manager and the Clerk to the Twstse$, amounted lo £46.478 (2023: £44.577). 12. Tru•ts•s' r•mufi•rtlon and •xp•nMs rtng year. no Trustees received reM￿￿allOn or other beneffts (2023. £NIL). rlng the year ended 31 March 2024, M Trustee oxp*ws have been Incwred (2023- £NIL). Pago 30

THE HosprrAL OF 8T MARY THE VROIN (RYE trllLL AND BENWELL) ALMSHOUSES CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 13. N•t (lossesVgaln8 on Inv••tm•nt• 2024 2023 Losses on dlsposal of share Snvesknwrt assets Gans1(Ic￿S89) on rav￿110￿ of share inveslmont assets (584) 44,350 (4,053) (38,982) 43,766 (43,035) l& Incom• from l•ttlngs 2024 2023 Maxlmum contrlbutions reclvatlo Less: Voids 262,408 (10,$78) 235, 109 (19.516) 251,830 215.593 Numbw of unlts The uimts of aC{￿￿￿jati0n for distharlag8d peotA8 let at social rent are: . 2024 Numb•r 2023 Number T￿￿￿na5 Hornley H￿j88 Ftye Hill 40 19 40 18 One extra flat was cTrated at Rye Hill dwng the yw as a re&At of th& wisling Warden's offlca boing split betKen ￿ olfKe arKI a residential UIML The Charity. being an almsh)use charity. d[￿ nol create any fomi of assured tenancy in favour of oMied by the Charity. Page 31

THE HosprrAL OF ST MARY THE VIRGIN {RYE HILL AND BENWELL) ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Tanglble fix•d ass•ts Fmhold Flxtures and propfjty ffttlngs Total Cost or valuatlon At 1 April 2023 Additions 1690.550 364,240 212,979 3,054790 212.979 At 31 March 21Y24 2,690.550 $77,219 3,267.769 Dopreclatlon At 1 ￿11 2023 Charge for the year 545,035 n,950 250,606 20,009 795,641 92,959 At 31 March 2024 617.985 270.615 888,61)0 Net book valu• Al 31 March 2024 2.071565 301604 2,379,169 At 31 March 2023 2,145.515 111634 2,259.149 Ind￿ed in freehdd properly, planl arKI 1$ lrnehdd laNI at deemed cost of £450,1kn) (2023 - £450.(KIOI ￿Nch is rK)t depreciated freehold trwl1d1r￿ at deemed cost of £1,900,CW (2023 - £1,900.OCQ). Thg Freehokl Properties were revalued by woodn￿ & Co. Chart8red Surveyors using fair value basis valuation to establish a deemed ￿$t on tran￿tion to FRS11Y2 the Statemenl of Recommwvjed Pracllce for Social Howfflg Provith 2014. The hSstori¢ co of the trywti8s is £981,266 comprises £195.594 for the revltalisation of Rye Hill and £785.672 for the Qykstruction ol ThLYnas Horsley Hous8. Pag8 32

THE HOSPITAL OF ST IAARY THE VIRGIN IRYE trILL AND BENWELL) ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Flx¢d a••ot Investmonts Olh•r fix•d as••t Llstsd Totsl Cwt orvaluallon At 1 Aprfl 2023 Additions Disposals Revaluallor 464674 69,970 (49,062) 41350 21,386 486,060 69,970 (60,583) 44.350 At 31 March 2(r24 529,932 539,797 N•t bopk valuo At 31 March 2024 529.932 9.865 539.797 At 31 IAar¢h 2023 464.674 21.386 486.060 All the fixed asset Investments are hdd In the Ulc 17. D•btor• 2023 Duo wlthln on• y•ar Trad8 d8bt(Ys st Mary the vI￿n Estate Manag￿ent Charfty Prepayments and acuued incl￿0 4987 4,647 36.775 19.191 11250 60,613 Page 33

THE HOSPtrAL OF ST klARY THE VIRGIN (RYE HILL AND BENWELLI ALM8HOU8E8 CHARITY 140TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2024 1& Credltors: Amounts falllng du• w5th1n on• year 2024 2023 loans Tr￿e creditors Other creditors Acuuals and deferred income 10,500 9.031 2.562 41.$05 29.549 65,180 32,111 19. Crodltorn: Amounts falllng du• aftw mor• than om y•ar 2023 Othgr loans 89,250 InGILKl8d within the atxwe are amounts falling due asfcA1￿￿$. 2024 2023 8otWeon on• and two yoarn Other loans 10.500 Other lowis 31.500 Ov•r fivo yoars Other loans 47.250 Tho aggregate am(wnt ol liillties payatle or repa￿e thlly or in Fert mor• than fiva ￿ar8 aft8r the rewting date is: 2024 2023 Payable or repwiatle by Instalments 47,250 47.250 Paga 34

THE HOSPITAL OF 8T MARY THE VIRGIN (RYE HILL AND BEN¥¥ELL) ALMSHOUSES CHARrrY NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal In8trwn•nt• 2023 Flnandal a8Mts Finanryal awts measured at fair vakn IhrW Incryne and eX￿dItyjre 204.154 464,674 Flnancial assets meawred at fair value inrx)me aThl exp￿￿11￿8 o)mpri8e quoted Investments statad at markot v￿￿0. 21. Ae¢rual8 and d•f•rnd In¢orn• 2023 Govwnment Gr￿ts 84235 98.273 On transition to the acc￿n11r9 polirie& rewred by the Statement of Rec£Mnmended Practice for S￿181 Houstng Providers 2014, the element of Ihe Social H￿sIng Grant relallng to Thomas Horsley House ith was still to be released to the Statement of Flnandal Actlvltles transferred to accruals and deferred income lo be released over the estimated useful Iwe of the bulldlng at the time of the experKI'ture (thich Was 50 yews). The remairK18r of this ￿ant together ith the f(Al ScKial Housing Grant recèived for refurbishmeni of Rye Hill has been taken to urrestricted funds to refleci the value of grants that in accordanc8 with the requr8m8nts of tho Statement CA Re(xThmwded Pra￿1( for &ial HousiThJ Providers 2014 Duld hwi8 been relea￿d to the Ststement ol Fin￿>81 A¢lriities rf those a¢4xNJnting requirements had b8en in place from the time of the expendiiwe. The anKunts Shc￿ as deferred irKAyno aro incaKled in th8 •nounts disd08ed as clyrtingent liabilities. Paga 35

THE HosprrAL OF ST MARY THE VIiGIN IRYE HILL AND BENWELL) ALM8HOUPA8 CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 Stat•m•nt of funds PJtat•m•nt of fund8- curr•nt year Balan￿ at 31 March 2024 Balance at 1 Aprll 2023 Tr•nsf•rs Inlout Galnsl (Loss￿) Income Exp•ndltw• UnMstrfcl•d funds Revaluati r￿r¥8 {1162n 686.013 Major planned gxpenditu reseNe 250.wo 1,788.539 250,000 1,960,692 General Fund$ 471.306 (455.546) 112,627 43.766 1737,179 471.306 (455.546) 100.OIXI 43.766 2.896,705 Regtrl¢tsd lund$ Catherine Ctsjkson Foundallon 100.000 (100,0001 T¢)tsl of fund$ 1737,179 $71.306 (4SS,5461 43.766 2,896,705 The g￿t of £11X).(MK) fr￿ the Calherine c(W*S￿ F￿[￿t￿)n was to help the pur¢ha88 of a new boiler at Thomas Horsley Fkw. Once thè boiler purchased WKI ￿MIssiOned it was trangfeffed to General Fund5. Pag8 36

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL A14D BENV&L) ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 PaARCH 2024 statorn•nt of fund• {contlnwd) statwnent of lund$- prlor y•ar Trnnsfe i￿out Gain (Losses) 31 March 2023 Unrestrlctod funds Revaluati¢ reserve 711.267 (12.627) Major planned expenditure reserve 250,1 1,797, 124 250.(XlO (43.035J 1, 788.539 Genwal Funds 414821 (394.998) 12.627 2.758.391 41&821 (394.998) (43.035) 2, 737. 779 Tot•1 fund$ 2024 funds 2024 Tanglble fixod as$8ts Flxéd atsot inv•stments urrent assets 2.379,169 539,797 216.404 (65,180) (89250) (84235) 2.379.169 539.797 21&404 (65,180) (89.250) (84235) Credltors vAtNn one ye Creditors <*J6 in more Provisions for liatilili88 and ¢hwps Tolal 2.896,705 1896,705 Page 37

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALM8HOU8ES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Analysls of n•t assets b￿l￿On funds (wnllnu•d) Analysls of not ass•ts b•t*wn funds . prlor p•rlod Total funds 2023 funds 2023 Tangl￿e fixed assets Fixed asset Invostrnents Current assets Credilors due withln one ye Provlslons for Ilabllftles and chw Z259.149 2,259. 149 486,060 486.060 122,354 122.354 (32,111) (32.111) (98.273) (98.273) Total 2,737,179 2. 737, 179 24. Roconclllatlon of not mov•Thnt In funds to net ¢a•h ilow from operallng actlvltles 2024 2023 Net incomelexpenditur8 for the pgrl(Ml (as pgr Statem￿1 of Finandal Activities) 159,526 (21,212) AdJu¥trnnts for: Depr9aation tharges Lossesllgainsl on investments Dividends, interests and rents fmm imiestments D8crea9el{increa88) in deblors In¢rea8elldefJease) in (xethto Rdease of wl 92,959 {43,7661 (14,8551 48.363 83.053 43.035 (11,711) (24.377) (12.064) (14.038) (140381 N•t cash provld•d by op•vallng actlvll 250.758 42.686 Analysls ol ¢ash and ¢uh •qulval•Trt• 2024 2023 Cash in hand 204,154 61.741 T•)tal ¢ash and •qulv•l•nts 204,154 61.741 Pag8 38

THE HOSPIT￿ OF ST MARY THE VIRGIN IRYE HILL AI4D BENWELL) ALMSHOUSES CMARrrY NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 IAARCH 2024 26. An•￿1 ol¢hangu In n•t dabt At 1 Aprll 2023 Cash flows At 31 March 2Q24 Cash at bank and In hand Debt due ￿rythin 1 year Debt due after 1 ye 61.741 142,413 (10,5110) (89,2SO) 204154 (10,5001 (89,250> 61.741 42,863 104.404 27. Conllng•nt Ilabllltl•s Tho iarltable tru has In wllw yws r8c•lvod Sodal H￿S7￿j (knts from tho prearnr of tho Rog￿ator of Sodal Hou4ng to fuThJ tho punas8 refurblshm•nt of fro8hold proFwb•s as follo Thomas H(￿laY H￿80 £701.923: and Rye Hill £193.097. There is limit for repayment of these rf a r818vatt ov•rt o¢cws to trgger repa￿enL Such ovonts Kiuld induda tha properties being sold, a chang8 or uso or rf ts r•gistor8d housing providor worn to dwolister. The Tr￿Stea8 do Th)t a￿l￿pate any of those oV￿ts ctcuffing in the fore￿able future. kn ur*xpired porbon of th8 grant is Ind￿ in dofwrod inc4no. Op•ratlng l•as• commltm•nts At 31 March 2024 the Ch¥lty had wnmilmwts to make ￿1￿8 miymum lease paymonts undw non- cancallable cperating leases as folm" 2024 2023 Not lat8r than 1 2,476 6.874 2.317 Later th￿ 1 yew and not laterthan S y8ar5 Later 5 yews 6.086 1.130 9,894 11.667 Th? follty•ANJ loase paJryn•ts havo been rnto￿lsed as ￿ expense in th8 Stat￿8nt of Fina￿la1 Activities: 2023 Operalng lease rwrtals 1546 2.297 Page 39

THE TrIOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND 8ENWELL) ALIISHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hlARCH 2024 29. Rolatsd party tr•Ndlo The Charity is constilutad Ur￿1￿ a Tn￿1 D88d ￿lled th8 Hospltal of Saint Mary the Virgin. in the Cty of Newcas￿8 Up￿ TY￿ in th8 c￿ of &¥J Wear. It Is organised inlo separate Charities nwned the Hospital of St. Mary the Virgin {Rye Hill and Ban￿11) Almshouses Charity referrwj to as the "Almth)uses ChiW and the St. Mary the Vwgln Estate Man4efnent Charity referred to as the %stats ManJemenl Charilf. Incixne received by this Charity fr(xn the Estats Marwnent Charity Is sh(Ywn on tho Statem&nl of Finanoal Activities. The arnO￿t due from the Estate Man•J8m8nt Chaiity al tha yw ènd Is shown In debtors du8 V•ithin one yew. Tim Gray (Clerk to the Trustees) is a o)rwltant to Mincths solicators. D￿n9 the year ended 31 March 2024, Mincoffs provided legal ServI￿S to the Charity aM0￿￿1r￿j to Q.340 (2023: £2.340). Page 40