SIR WILLIAM TURNER'S HOSPITAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31sf DECEMBER 2025 Charity number 217681 Homos & Communitles Agency Numb8r A4298
SIR WILLIAM TURNER'S HOSPITAL corirENTS Pagè Report of the Trustees R8POrtlng AccountanV$ Report Statewpnt of Comprehensive Income Balance Sheet statement of Changes in Reserves Slatsm8nt of Cash Flows 10 Notes fonning part of the financial statements
SIR WILLIADI TURNERE HosprrAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2(125 The Trustees submit thelr annual report and the unaudlt&4 financlal statemenls for th8 year ended 31st December 2026. Refe ce Inlstrdtlve Informatlo Charfty namo.. Slr Wlllam Tumels Hospbtal Charfty reglstratlon number 217681 Homes & Communitles Agency roglstrallon A4298 Trustae8 Retlredrremi Ends Mrs R Edward5 - Ch81rperson Mrs L Beer- Vl¢e-Chalrperson Mr I Cook Mr N Flintoft Mr J G Granger Mr8 Almee Hardy June 2026 D8c&mber2026 (retired at this datel December 2026 November 2027 November 2026 Aprll 2028 Cllr M Ovens IRed¢ar & Cleveland BC) Cllr Ale¢ Bn)wn {Redr & Cleveland BC) Mr G Cumming {StbUrn & Marske PC) Mr J Barnard (Gulsborough Town Councll) January 2028 March 2028 May 2027 May 2027 Clerk to tho Trustees Mrs FP Short Roglstsred Offlce Sir Wlllam TLtm¢ls Hospital Klrklealham Redcar TS10 4QT Reportlng A¢countants Gresham & Ga18. 14 Fountain Stree( Gulsborough, TS14 8PP Bankers tlon81 Weslmlnster Bank plc nvestm8n Cranwell James Flnancrdl Plannlng- Inv8StmentAdvl$ors Aviva Wrap UK Limited.
SIR WILLIAM TURNER'S HOSPITAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025 na structure overnanGe a The Truste8s have adopled the prOvIon5 of The Statement of Remrnended PraGti¢e {SORP) "Accounting by Regi8tered Social Landloftls. (update 2005) In preparing the annual report and financtal statements ot the Charfty. The Charity was founded In 1676 by Royal Letters Patent in the reign of Klng Ch?r18511. It was later regulated by a Scheme of The Charity Commissloners of 29th December 1950, whlch was confirmed bi Sir Wlliam Tumels Hospllal at Kirkleatham Charity Scheme Confirmation Act, 1951. Its objects are tcs provtdè accommodation to alms people wllhln the hospital and to thls end to malntaln and manage the Chadty's lands and buildings forthelr beneflt. The Scheme has been gxten5ively VIsed to allgn It with Gurrent legislation, and the current scheme was sealed by the Charlty Commission on 9th October 2000. The Charity is reglstered wlth Homes England & the Regulator of Soclal Houskng as a r8glstered soclal landlord. Rovlew of activitle5 and future developments The Incorn and Expendlture Account for the year is set out on page 7 of the financlal statements. A summary of the financi81 reeults and work gf the Charity 1$ set out below. Chai erson's Re Chair Ms Rose Edwards and Vice Chalr Le51ey Beer Continued in thelr rotes durfng 202$ {Mrs Beer retired 3 December 20251 Recrultment and Trainln9 of Trustees In Inviting c¢>OPtative Trustees lo joln the Boatd, the pa1Y is to deteTmlne the range of profe55ional skills available from existing Tnjstees, to identify any sklll shortages and to seek Trust8es who will be abl& to bring those skills to the Board. Two nomlnatlve Twstees are appointed by Redcar & Cleveland Borough Councll, and one each by GuisboroLtgh Town Councll and Saltburn, Marske & New Marske Parish Council. New Trustees are provld8d with relevant bOoktS published by the Charfty Conynlsslon for the guidance of Trustses, and additional materlal as reGommended by the Amshouse AssoGlation. Tralning sessions are provided Sn-house to ensure that Trusiees are aware of thelr responsibilities. All Trustees ero encouraged to become a¢live involved In the management of the almshouses and lo engage with residents. Trustees who reach thelr 70th blrthday are sufyect to an annual revlew and onw re-apFolnted with the full agre8m8nt of the Board ofTrustees. Any subseqLtent appointrnent is forone year only, until the Trustee de¢ldes to retire, or the Board of Tnjslees decllne to re-8ppoinl fora furtherterm of0ffi. This amendment lo the Provisn$ of the Charity Commi5slon Soh¢me was ratified at a special meeting of th8 Board of Trustees on 6th July 2016. staff Ms France5 Paullne Short continued in the role of Clerk. Ms Llsa Jones Continued in her role as Warden. Flnances Weekly maIntenan Contrlbutions were Increased In Ilne wilh the Kmlls set by Homes Eland & the Regulator ofsoaal Houslng. Investrnent continued in upgrading propertles In¢ludlng works to the Chapel windows and roofing repairs. The Quinquennlal Report was recelved ouuining work that requlre attention. Having met all olher financial commitments, induding the PFovlslon of reserves, thls led to an eXS of income over expenditure of £183.830. There were mlnimal Yd properties durlng the year. Two properties were vacant durfng the year rN)nlhs each. There was fvll occupancy for the r8mainderof2025. Payment arrears w8re nll. Grants - No Grants wern received during the perlod.
SIR WILUAM TURNER'S HOSPITAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025 Resldents One new resident moved In 2025 In December 2025, there were a total of 25 r8sidenls. Resldents. Groups The Residents, Association has dlsbanded but resrdents continue to me8tforregular80¢ial events In the Common room. Bulldlng Condltlon The Trustees continued wlth essential works lo the buildlngs. Including extensive roof repalrs and works to the Chapol bell tower. Th& Qulnquennlal Report provided guidance on the most ijrgent works requlred. Plans are in place for commencement of works durlng 2026. Thls InGlud8S the replacementlrefurtjishmenl of the front doors within the Courtyard area. Public B8nefEt The Trustees have had du& regard to Publ1¢ Beneftl gUIdan published by the ChadeS Commisslon. Slr Willlam Tumerfs Hospltal provkles 25 ch8rltable almshouses, offering homes to up to 35 almspeop18 who are over 60 years of age, and In need. hardshlp or dlstress. There are no geographKal, financial or rellgious restrictrons on who may apply for an Almshouse. Chapel servtces and other regular special events such as Founderfs Day In June and Christmas Carol Servlce In December wore held durlng the year. There were a number of pr&oTganised visits to the grounds 8nd Chapel from various groups. Resorves Poll¢y The Board's poll¢y Is to provld8 for Cydlc81 MaIntenan and Extraordinary Repalrs, deslgngting funds accordlngly. Lump sums are invested to secur& the bng4erm future of the Almshouses and Chapal. The Board also maintaln undeslgnatsd frèe reserves to cover any Lrnfore8een short-temi eventudilles. Investment Pollcy The investment pollcy of the Trustees has been conducted In accordance with the ContUtIon of the Charity, dated 9th October 2000, and gurdance published by tl7e Charfty Commisslon. Cranwell James Flnancial Plannlng are appointed 2$ InvestmentAdvisor8. Professlonal Advrsers Gresham & Gale were retalned as accountsnts. National Westmlnster Bank were retalned as the main bankers. Cranwell James Financlal Planning were retained as Investment Advlsors. Rlsk Ravl The Trustees have conducted their own review of risks lo whlch the Charity is exposed and have establlshed systems to mitigate Iho8e risks. These procedures are periodical reviewed. Mr& Rose Edwards. Chalr to the Trnstees
Accountlng and reporting respon8lbllltles CharSty law and regISted social housing legislatlon requlre the Board to prepare finarri41 statements for each finsn¢lal year which give a true and falr vlew of the stale of affairs of the Reglstered Social Landbrd and of the surplu5 or deficit for that period. In preparing these finandal ststements the Board is required to: select sultabl8 ac¢ountlng pollaes and then apFly them consistsntty. rnakejudgements and estimatss that are reasonable and prudent ststewhether appllGable a¢¢ountlng standards have been followed, sublectto any material departures dlsclosed and explalned in the finan¢i81 statements., and Ppare th8 financial statements on a going concern basis unless It is InappropTlate to presurn8 that the Registered Social Landlord will continue in business. The Board is responslble for keeping proper accounting recnrds whlch dlsclose with reasonable accuracy at any lime the financial poslllon of the Registered Soclal Landlord and enable it lo ensure that the financial statement8 comply wlth the Charities Act, Schedule 1 to the Htsuslng Act 1996 and the Accountlng RequSrem8nts tsr Registered Social Landlords General Determlnatlon 2006 as amended. It has general responsibillty for taking reasonable steps to safeguard the assets of the Registered S¢c4al Landlord and to prevent and detect fraud and other irregularities. Approved by the Board ofTrustees on 6th May 2026 and signed on Its behalf by. Mrs Rose Edward8 Chair to the Trustees
INDEPENDENT EXAMINER¥S REPORT TO THE TRUSTEES OF SIR WILUAM TURNER'S HOSPITAL I report to the charlty tW8tees on my examinatton of the accounls ofthe charity for the year onded 3111 December 2025 which are s8t out on page8 7 to 17. Responslbilitles and basls of roport As the charity's trustees you are responsible forthe preparatlon otthe accounts In accordance wlth the requlrements of the Chaiiltes Act 20111'the ACV). I report in respect of my examination of Ihe charlty's accounts c8rrfed out under section 145 of the Act and in earying out my exsmlnation I have followed all the applioable Dlrectlons glven by the Charfty Commisslon under sedon 145(5)(b) of the Act. Indgpendent examine*8 ststernent I have completed my examlnatlon. l conffm that no malerlal matters have come to my attentlon In connection with thé examlnatton givlng me Cause to believe that in any materlal respect.. accountlng recL)rds were not kept In respect of the charity as requlred by sectlon 130 of the Act., or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the appllcable requirements conceming th6 form and content of accounts set out In the Chartlles (Accounts and Repjrtsl Regulations 2008 other than any requlremenl that the accounts give a 'true and falr view, whlch is not a matter consldered as part of an independent examlnationj I have no concéms and have com8 across no other matters In connectfon with the examln8tlon lo whrch attèntlon shoukl be drawn In thls rèpo rder to enable a proper understandlng of the accounts to be reached. Gre8h8m and ale Reporting Accountants Dale 6th May 2026 14 Founlaln Street Guisborough TS14 6PP
SIR WILLIAM TURNER'S HOSPITAL STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31K DECEMBER 2025 2025 2024 TURNOVER Cost of Sales 191,077 (118.140) 186,512 {152,718) Gros5 Defi¢ltllSurplus) Adminlstrative Expendllu 72,937 (58,089) 33,794 {65,9471 Other operating Income Q)erating {deficStllprofft Gain on disposal of Investments Interest receivable and other income Movement in falr value of financial instruft*nts 14.848 (32.153) 14,3?5 154,647 7,380 115,071 Surplusl{defiGit) on ordinary actlvlties before tsxation Tax on surplu8 on ordinary activities 8urplu&lldefleit)-total comprehenslve Income for the year 183,830 90,298 183,830 90,298 The ab)ve sU115 relats wholly to continuing acUvlt. The notés on pages 11 to 17 fo part of these accounts. Approved by and slgned on behdf of the Board R Edwards.. . TRusfEE I Cook....... TRUSTEE Date 6th May 2026
SIR IMLLIAM TURNER'S HOSPITAL BALANCE SHEET AT 31ST DECEMBER 2025 2025 2024 FIXED ASSETS Tangible assets Housing propertres- depreclated cost Other tangibfe fixed assets InVeStts NOTE 996,241 2,131 1.345,812 10 11 1,034.926 419 1.191,165 CURREKfASSETS D8blors Cash at bank and In hand 2,344.184 2,226,510 12 4,970 370.474 5,207 333,717 CREDITORS: AMOUNT8 FALLING DUE WITHIN ONE YEAR 375,444 338,924 13 {35,058} (33,447) NEf CURREpif ASSETS 340,386 305,477 TOTAL ASSETS LESS CURRENf LIABILITIES CREDrroRS: AMOUTrTfs FALLING DUE AFfER MORE TrJAN ONE YEAR 2,684,570 2,531,987 14 {770.335) (801,582) NET ASSETS 1,914,235 1,730,405 RESERVES: Income and expenditure reseN8 Revaluatton reserve Designated reseNe.maintenance Designated reseNe Deslgnated reSeryehapel TOTAL FUNDS 18 18 16 16 16 976,565 122,432 63,500 137.994 613,744 792,735 122,432 63,500 137,994 613.744 1.914.235 1,730,405 The notes on pages 11 to 17 fom part of these ffnandal statements. Approved by the Board of Trnstees on 6th May 2026 and B(qned on Its behalf by., R Edwaids....... ... I Cook............. ..Tru8tee
SIR WILLIAM TURNER'S HOSPITAL STATEMENT OF CHANGES IN RESERVES FOR ThE YEAR ENDED 31¥T DEGEMBER 2025 D851gnated Deslgnated Deslgnated Revaluation Income & Chapol MaintenanGe Investment Reserve Expèndlturg Regervg Reserve Total 63,500 137,994 122,432 792.735 1,730,405 At 161 Janu8ry 2025 613.744 Surplus for the ye8rl total comprehensive income Gain materialised on sale of lnvestrnts 183,830 183,830 Transfers At 31ai December 2025 813.744 63,SOO 137,994 122,432 76.565 1,914,235
SIR WILLIAM TURNER'S HosprrAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31SY DECEMBER 2025 Notes 2025 2024 Ca8h flow from operatlng actlvlties 17 22,422 119.5411 Cash flow from Investlng actlvltles Development of propety Purchase ofother fixed assets Capital grants recelved Receipts from sales of investments Investments bought Interest received 14.335 7,380 Not Gash flow from Investlng actlvltles Net cash ouffiow before use of Ilquld resources and financlng 14,335 7,380 36,757 (12.161) Net decrease in cash and cash equlvalents Cash and cash equivalents at 1" January 2026 Cash and cash equlvalents at 31•t De¢ember 2026 36,757 (12,161) 333,717 345.878 370,474 333,717 The notes on pages 11 to 17 form part ofthese accounts. 10
SIR WILUAM TURNER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sr DECEMBER 2025 PRINCIPAL ACCOUNTING POLICIES The Charlty Is registered under the Charltles Act 2011 and 1$ a Reglstered Provider of Sockql Houslng (RPI and a Publlc Benefit Entity. Basis of Accountlng The charity Q)nstitutes a publi¢ benefit entlty as defined by FRS 102. The financi81 statements have been prepared in accordance with Accounting and Reporting by Charlties.. Statement of Recommended PractiGe appllcable to Gharilles preparing thelr accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republlc of Iland issued in October 2019, the Financial Rewting Standard applicable in the United Klngdom and Republic of Ireland (FRS 1021, the Charities Act 2011. and UK Generdlty Accepted Accounting Pra¢ttce. The financlal statements have been Ppad to glve a'true and fair, vlew and have departed from the CharleS (Accounts and Reports) Regulatton5 2008 only to the extent required to provide a 'twe and fair view,. This departure has involved followlng the Accounllng and Reporting by Charities.. Statement of Recommended Practice applicable to Gharilies preparing their accounts in accordanGe with the Flnandal Rewrting Standard appliGable in the UK and Republlc of Ireland issued in October 2019 rather than the Accounting and Reporting by Charitles: Statement of Recommended PraoUce effectlv8 from 1 Aphl 2005 wtich has slnce been withdrawn. Turnover Turnover is measured at the fair value of the conslderation recelved or recelvable net ofVAT and trade discounts. The pollcies adopted for the recognllion of tumover are as follow8.. Turnover represents rental and seryic8 charges income recelvable In the year net of rent and service chargg bsses from voids, revenue grants from the govemment (local authorities) aTrJ the Homes and Gommunilies Agency. Flxed Assets and Depreclation Tanglble fixed assets (including soclal hou51ng propertles) are stated at Cost lor deemed costl $$ accumulated depreciatlon and accumulated Impairment losses. Cost includes ojsls directly attribLrtable to making the asset capable of Operang as intended such as the cost of acquiring land and bulldlngs. developments costs, Interest charges on loans during the development period and expenditure on improvements. Expendlture on improvements will only be capitalised when it results in Inuemental future benefils such as increaslng rental Income, reducing maintenance Costs or resulting in a significant extenslon of the useful economic life of the propety. Depreciatlon is provided on all langlble fixed asset& at rates calculated to wrlte off the cost, less esllmated residual value, of each asset on a systematic basls over its expected useful Ilfe as follows: Housing properties, houses and fflats Prop8rty fixtures and fitting5 Egulpm8nt The useful eGonomlc lives of all tangib fixed assets are reviewed annually. 50 years 15 years 4 years Investments Investments are recognis8d Inlllally at falr value whlch Is normally the transactlon prfc8 exduding transaGtion ¢osts. Subsequently. they are measured al falr value with changes recogll15ed In 'net gains I1105sesl on invesbments. in the statement of comprehenstve income if the shares are publldy Iraded or their fatr value can otherwise be measured reliably. Other investments are measured at cost less impairment. li
SIR WILLIAM TURNER'S HosprrAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 318T DECEMBER 2025 PRINCIPAL ACCOUNTING I>OLICIES Continued Govemmont Grants and Oth¢r Grants Government grants, from the HG4 (Homes and CommunitS Agency} are recelved In respect of social housing. These grants are re¢ognised at the fair value ofthe asset reiVed or re1Vable. whe the ass6ts are accounted for uslng the (xjst model then the wvemmerrt grant is accouttsd for u$lng the ac¢ruals model. The dlfference between th8 falr value of the asset and the CL*nsideratlon is recognlsed as a liabllity and amortised over the useful economic life of the aet. Thls amortfsation 1$ recognlsed wfthln lumover. Where the assets are acGounled for uslng the valuatlon model then the government grant Is accounted for uslng th9 performance model so that ttimover is taken once the performance conditions have been mel. Imere disposal of govemment donated assets a qUIred lo be recyded, a liability is included to wognlse th1$ obllgatlon. Government grants r1Ved as a contribution to revenue expendltvre are recognlsed In the statement of comprohensive income on a syslemalic basls over the period In which the landlord reccgnlses the related costs for which the grant ts intended lo compensate. The lated expenditure 18 included under admlnistratlve expensès. Grants are recognlsed In the same p¢rk)d as th8 related expendlture prOded the conditions for receipt have b88n satisfied and there Is reasonable assurance that the grant wlll be reIved. Deslgnatsd ReseNeB Deslgnated reseryes arè part of unrestrlcted resems whh have been eamarked by the Board for a Particular purpose. Su¢h deslgnalions m8y be reversed by fvture Bo8r(I declsions. Expenditure cannot be directly set against designated reseNes but Is taken through the Income and expenditure account. A transfer is then made from designated r6serves a8 approprfate. MaJor Repalrs Dosignatlons The RP designates those reserves set aside for future malor repaitE on all of its houslng properties. Tre malntenance re8erves aro lo provlde for cydlcal and extraordinary malnlenance ot the bullding and have been calculated by the trustees based on experfence and guidance from the charity's ArchIte. The Chapel Fund has been set up with the net proceeds of sale of assets formorly held In the chapel. Thts fund Is lo be used for future malntonance of the buildlngs and fvrthering the objects of the charity. Provlslons The charity only provides for contractual liabllities. 12
SIR WILLIAM TURNERIS HOSPITAL NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31ST DECEMBER 2025 TURNOVER 2025 2024 All relates to houslng lor oldgr pgrson8. Gross rents receivable Amortised govemment grants Donations recelvable Grants released other income 158,034 31,247 1,007 153,928 31,250 741 593 789 191,077 186,512 COST OF SALES 2025 2024 Services Roullne maintenance Cyclical maintenance Extraordinary maintenance DePCIatIon other costs 17,762 25,906 7,200 26,964 38,755 1.554 16,745 40.363 11,702 42.860 38,755 2,293 118,1dO 162,718 OTHER OPERATING INCOME other operating incom8 OPERATING SURPLUSIIDEFICIT) 2025 2024 Operating surplu$l(d•ficft} Is stated after chargkngl{credltlng): Reportlng Accountanvs remuner8tlon (Includlng VATI Depreciation of owned assets Amorknsatlon of grants 1,590 38,755 {31,247) 1,662 38,755 131.250) TAXATION The charfty is exempt from taxatlon on Its charitsble actlvili8S. 13
SIR bVILUAM TURNER'S HOSPITAL NOTES TO THE FINANCIAL STATEMEl+4TS FOR ThE YEAR ENDED 31ST DECEMBER 2025 STAFF COSTS AND NUMBERS 2025 2024 Wages Pen$ion ¢08ts 37.674 337 43,427 38,011 43,926 No employee tBceiv8d emoluments of nre than £60.000. The average weekly nunkner ofernOyee& was 2 (2024.. 4). TRUSTEE REMUNERATION The trustees neither recelved nor walved any emoluments durfng ttje y8ar (2024.. £NIL). The Iru$lees dld not re[vo any expenses from the charlty relallng to thelr role as trustees. HOUSING PROPERTIE8 Property Flxtures and Flttlng8 Houslng Propartles - Freehold Total COST Al 1st January 2025 Additions In th8 year At 31ql December 2025 139,479 2,000,858 2,140,335 139,479 2,000,856 2,140.335 DEPRECIATION At 1st January 2025 Charge for the year At 31#1 Decemb&r 2025 137,093 1,154 968,316 37,531 1.105,409 38,685 138,247 1,005,847 1.10S,409 NET BOOK VALUE At 3141 December 2025 1,232 995,009 996,241 At 3111 December 2024 2,386 1.032,540 1,034,926 At 31Jl D8mber 2025 the Gharlty had no further commitments to capital exp8rnliture not already provtded for in these accounts. Homes and Communltles Agency permi$$ion Is needed lo sell any of Ihe18nd and buildlngs. In addltlon part or all of the grants reIVed could have to r8pald should any of the related assets be sold or their use changed in such a way that they would longer be ellgible for grant. In such circLtmslanc&s realkJ¢ation of the grant could be aarJed. 14
SIR VIILLIAM TURNER'S HosprrAL NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31$T DECEMBER 2025 10 OTHER TANGIBLE FIXED ASSETS Equipment COST At 1st January 2025 Addlllons in the year 51.130 1,782 52,912 At 3111 December 2025 DEPRECJATION At 1s1 January 2025 Charge for the year 50,711 70 50.781 At 3151 December 2025 NET BOOK VALUE At 31rt DeGember 2025 2.131 419 At 319t December 2024 11. FIXED ASSEf INVESTMENTS Avlva Wrap Valuation At 1st January 2025 Additlons Disposalg Costs Revaluatlon 1,191,165 154.647 At 3181 December 2025 Investments are valued at mld market value. 1,345,812 15
SIR WILLIAM TURNER'S HosprfAL NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 12. DEBTORS 2025 2024 Prepayments 4,970 5.207 4,970 5,207 13. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 202S 2024 Accruals and deferred income Govemment grants 3,808 31,250 2,197 31,250 35,058 33,447 14. CREDITORS." AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2025 2024 Governrnent grants TIO,335 801,582 15. RELATED PARTIES The follong truste8s are Counclllors repro$entlng the bcal councils shown.. Cllr M thns {RÈd¢ar & Cleveland BC) Cllr A Brown {Redcar & Cleveland BC) January 2026 Mr G Cummlns Isaltburn & Marske PCI March 2028 Mr J Bamard (Guisborough Town Councu) May 2027 May 2027 16
SIR WILLIAM TURNER'S HosprrAL NOTES FORMING PART OF THE FINANCIAL STATElJlENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 16 RESERVES a. Income and expenditure reserve The Income and expendltufe reseNe represents oumulalive surPS and deficits net ot other adjustsnents. b. ReValuatn reseNe The revaluatwjn reserve represents the cumulate effect of increases In the value of Investm8nts held. Designated re8eNes The maintenance reserves are to provlde for cycllca and exlraordlnsry maintenance ot the building and have been calculated by the twstees based on experlence and guidance from the oharity's Archllect. The Chapel Fund has been set up with the net proceeds of sale of assets fomierly held in the chapel. This fund is lo be used for future maintenance of the buildings and furthering the objects of the charlty. The funds realised on sale of the COIF Investments are being held in a desbnated investment fijnd pending inveslmenL 2025 2024 17. CASH FLOW NOTE Reconclllatlon of operatlng deflclt to net cash Ilow from operating a¢tlvltles operang surplusl{deficlt) Decreasel(Increase in debloTsI {DeGrease}lin¢rease in credltors Asset additions Depreclatlon Release of grant Amortisation of grants (GainsVLosses on investments Net cash oufflow from operatlng activlUes 169,495 237 1,611 {1.7821 38,755 82,918 (6741 (523) 38,755 {31,250) (108,7671 (31,247) 1154,647) 22,422 {19,541) 18. UNITS Unlts at 19t January 2025 Un(ts at 31•t December 2025 25 Soctal Housh)g 25 None of these unts is managed by agents. 17