REC45TERED CHARITY NUMBER: 218738 rt of the Irustee5 and for Hereford thJnKI at Chanties TIK>rrE WTdgery kcouniano Lld Chartered Accounianis SLaLUlOry ￿dI10r5 2 Wwale Busine$5 Park Kirtgs Acre Hereford Herefurdshiie HR4 7BS Hereford Munic al Chaniie5 onients of the Financial srarerrtnts heye nd (J 31 December 202 Page Report of the Trustees 1 to 6 Report ot the Independent Audiwrs 7 to 10 Statement ol Financial ktivitie5 Balance Sheet 12 Notes ro rhe financial Statements 13 to 2Z Detalled Sraterf*nt of Financlal Act1wE￿5 23 to 24 Hereford Munit al Charitie5 ort of Ihe Trustees foT the Year Ended 31 tlecetnber 2025 The tru51ee5 presenl Iheir rew>rt wilh Ihe financial 5talements of Lhe chanty for the year eroed 31 December 2025. The Iru51ee5 have adopted the pT0V15￿￿S of Accounting artd Reponing by Chanties.. StateTncnt of Recotnmended Praciice applicable to charli￿$ weparing their accounts in accOrda[￿e with the Fi[￿nchal Rwriing siandard applicable In Ihe UK arid Republic of Ireland IFRS 102Tr {effeciive l January 20191. REFERENCE AND ADMINISTRATIVE DEfAILS Cha￿ty No.: 218738 Office: 147, 5t. Owen 5ireer, Hereford, HR1 2JR. Narn•s of Trustees.. Mr Paul Morris (Chairman) Mr Brlan Wilcox (Depuly Chairman) Mrs Polly AndTews Cllr Susan B￿lter Cllr Elizabeth Foxwn r5 Marian Hawke5 Mr David Hower5kl Mrs Rhianon RobinsoTh Mr Hugh Brook5 Chlef Ex￿ul7V* Olll¢*r and Cl•rk: Mx Peter Cabara A¢Eounts Admlnlstr•tor •Dd G*n*ral Asslsiant.. Ms Edwina Halfenden luntil Joth June Z0251 Mr5 Ghil Nolan Ilrom 12th liiy 20251 Banker5- National We5tminsler Bank plc, BfTrad Slieet. Herefixd, MR4 9 Sollcltor5'. Gabb5 ISollcltor5), 14 Broad Sr. Her¢ford, HR4 9*P Audltor5.' Thtsrfte Widgery, 2 Wyevale ￿SInesS Park. King5 ￿re. He￿10rd, HR4 7BS Inv•stmni Ad￿Ser$. CCLA Investment èA40a8eweDI Lld, Cheap51dp. London Land AgeTrt5- Sunderlaod5, St. Peter 5 &uaTe, Hereford. HR1 2PQ STRUCTURE. GOVERNANCE AND MANAGEMEtr Gov•rnln8 documéni Charity Commi55H)n Stheme sealed on 24th April 19n. Recrultment anit appolntment of new tru51ees The Board of Trusttes consisrs of up lo )0 compeient persons. narrtly. two N(xninative Trustees and eight Co-optative Tru5tec5. Nomirsative Trustees are oppointed by IhÈ Parish Council of the City of He￿f0rd (Dr its appropriate sKce550rl. Each appointment 15 [r￿dè for a ierm of ftyjr years. Co.opiaiive Trustees are appointed for a iÈrm of live years {re￿￿￿able for rKkt tnore than iwo iermsl by a resolutlon ol the Co-oplalTve Tru5lees, passed at a SFecial Meeting., TTU5tees whose terms are expiring may not vole on the rnattor. Page 1 Hereford Munic I Chanties ort of the Trustees for the Year Etthd 31 Decefflber 2025 Organlsatlonal 5tfUCture The Trustee5, al their first rneeting in each ye3T IAnnual Genefal Meelingi, @I￿r onè of their number to be Chairman until thÈ comrnentement of thè follt)wing year. and similarly wrh regard to a Deputy Chairman. There 15 a titne limit uf Lhree year5 for Ihe wsilions ol Chairmkn and Dewiy Chairman. At the AGM in January 2025, Mr Paul hkn)rri5 was elected a5 Chairman and Mr Brian Wilrox wa5 dected as Dtputy Chairman. A SpKial Meeting may be 5urnrnoned by Ihe Chairrnan or by two Tntstees, upon f￿r days. notice being given to the oiher Tru51ees of ihe mairer to be discussed, bJi, If Ehe rnalter5 Incltyje an apwintment of a Co-optative Trustee, Ihen upon not le55 Ihèn 21 ¢Jay5 tK)tice ￿Ing so giv¢n. There 15 a quorurn when five Trv5tees are present ai a meeting. Every meeLing is delerinined by the majoniy of votes ol the Tntsttts preserbl. In the ta5e of an equality of votes, the ChJlrrnan has a castin8 vole. ommiiiées Tho Tru5tee5 OPkX)inl è5 mony comrni(t¢es as think fil lor the administration of the Chanties. All act5 and proceedings of the corffjittee5 are feported to a Gereral h4eet¥Ths ol Lhe Board ot Trusiees for confim)atioD. In year 2D25, ther￿ weTe following Cornmittee5'. Alm5hou5es Br•nch.. Residenrs SeleciKJn Wellère Commiitee.. Ihis compnses of Iwr Tnjstees and deals with rhe seleciion and appointment ol re51denis and their 5ubsequcnt Vleltare. In year 20Z5 following Trusioes were members of (he comrnittcc - Mr5 Sue 8ouller. Cllr Elizabelh Foxlon. W,r5 Morian Hawkes èfto Rhianon Robinson Eleemosynary and EdKatlon•l DrarKh.' GraDt5 C¢>rnmittee.' thi5 comwi5es f>f four Trustees a￿j deals wilh Ihe appliraiknns Subiniiied fui giatits under Ihe above Fund5, normally interviewin4 applicanis In person in IIIIL oflKe. li meeis four time5 a year. although the Chairman of Lhe Buard ol Tru5tee5 ha5 execviive aulhvrily lu ¢*al as necessary with urgent appli£dtion5 between meeiings. In year 2025 lollo*ing TrusLees viere ￿MberS ol ihe comrni(tee - Mrs Pdly Andrews, Mr Hugh 8rooks, Mr David Howcr8ki and Mr 8nan Wilcox. Working Group on Alm5hwses Malnienan¢e.' In ythr 2025 ihis coniinued ￿ te extended to all Board N￿MberS prÈ5ènt ai the General V*eting%. CleTk keeps under review Ihe condltion ot the Almshouses, retx)rting on cessary remed131 and Imwovement viork Lo Ihe Board of Tru51ees. The Board of Trust¢¢s ihen discusses and approves (he work5 during the General h*eiing5. Chief Execuiive OffKer and Clerk. Ihe Trusiees apwint a fil person for the day-lo-day NTrning ol Ihe Trustee5 t)U51rie5s as vlell a5 prO￿dI￿¥ simtable office a£comrrN)datiDn and a￿lIlary suwri. The curren¢ appointee is Mr Pcter bara. Chaplain.. the Trustees appoini è Minisier of Rdigion or a licensed Reader as Chaplain of Sl. Gile5 and Williams. Hospita15 lunt11 the end of 2025 Diane Balesi and anoLl*r m￿lSter of Relryion or licensed Reader as Chaplaln of Price 5 Chapel lat pre5enl. Steve Vincel- GMd Neighbour5'. Ihe Trustees have des￿nated the follo￿n9 re51t*n15 tts be ihe Go(xl NeightM)Ltrs ai Ihe Iwo sile5. in order to provide supwrt and a5515tance lo thp iesidenls.. - St C￿en SriLedtsJry Rd.. ￿ Gary Cook - Whitecross RoadlBricknell Close: hlrs Dawn Jone - Whitecross RoadlBTicknell Close leave cover= IKS Audrey Hiron5 Related parkne5 Page 2 Hereford hlunic al Chanties orl of the TfUStee5 for the Year Ended 31 December 2025 Hereford Municipal Charitie5 carries out the administration of the Millar Charity Fund Icharity No.. 5143811 and the Tudor Campion Fund Icharily p4D". 1035¢Mi. b)Ih of which chantie5 share commw trustees the Hereford Municipal Charities. Certain direct C05t5 relati￿ 40 ihe5e charilie5 are charged by Hereford Municipal Charities and In addition an appropriale share of administrative cost5 is also by these connetted tharities. Rlsk manaqgment The major risks to which the Chanty is exwsed are ideTriified and rev*wed periodically by the Trustee5. They have approved and implerr*nled finJnc1Jl coniro15 and havt cof*luded thai the nsk of maienal financial fraud is low. They review annually cOMpre￿nsiVe InyJrarfe and are salisfied that these are sulla￿e lor Iheir purpose. OBJECTIVES AND ACTIVITIES ObJectl¥es and alms The C.haritie% COn￿ld3[ed by Chanty CommissTh Scheme of 19n were esthblished over rnany centuries to provide chanrable relief èno hou51ng to needy ¢illZ¢rt£ ol the Ciry of Hereford. Their currenr purpose is 51rn11or in so rar as CUTrenl need5 dernand. The Tfu5tees are able to make ynall charitable giants Lo people IIv1ng williin the official boundary of klereford City. The Trustees Set guth1r￿S ro Iheir Grants Committeè In accordance with the funds ovailoble In any given year and Cummiiiee inLerv*ws applicants. During ihe year. seven reslden(S Imr E4Jdbe Cogzdl. Clive Harrison. Mrs kn Sirrell, Mr Tere￿e Kennelt. Mlss FIIzcibcth Kcnny, Richard Jones and Mr% Te5s Olcker51. Three residenis (Mrs Sylvia Jenkins, Mr John Adam50n and Mr ThornJ5 6eYanl rroved elsewhere. Three re51dents Thoved within the scheme for n*dical reasons Imrs Kay Watkins, Mr Willam Watkins and Mrs Pat Harrison). Twelve new residenis Imr David Symmond5. Mr and Mrs AdatTI5, Mrs Lynne Coyle, Mr and Mrs Pentec05l. Mr and Mrs Ccdi, M5 Jackie Crad(kxk. Mr Gr•hom Evans, Ms Neville Mor8an, Mrs Jenny Macklini were appoinied to almshouses. Publlc beneflt The Chariiies meet Ihe public ￿￿nefIt lest by providing affordable housing, al a subsidise¢ c05t, lor elderly resldenis of tho City of Hereford. They al30 ass15t 10 tho rel￿[ of poveriy, thrfJJ8h the provision of 8ranis io nccdy fesidcn15 of the L1ty for e55enLial household Itern5 tr1 Iwniture, and In helping ihe educal￿n and irainini of resident5 of the Cily through grant5 for courseiiraining fee5 and materials. In drafting this report. Lhe Tru5Lees have complied with the ¢Ju(y In Sectlon 4 of Ihe Chariiies Act 2¢￿, io have due regard to Ihe public beneftt guidance ￿l$hed by Ihe Charity Comm￿$10n. ACHIEVEIIENTS AND PERFOPAAWCE Charitable activltle5 As In previous year5. thc Trustees approved a range of malntonarKe Improvcmenis during 2025. Thi5 iThclu¢kd major adapiaiions tD Almshouses, Ythenevw they became vacani. irKluding Ihe insiallation of aicesslble Showers and bathroom5 ond the fitring of rew kiirhen unlts. Thréè nÈw lift5 were fxjilt at 1 . 12 Bricknell Close and 2 rew fire safety alarms were fitted al 36-39 6TKknell Close and 40 - 43 Sri£knell Close. In the lasl five years alone. rnore than 11rnillinn p()unds ha5 been S￿nI on rerbovaLM>ns. mairylenarKe arml Tepairs to LI￿ AlmSh￿j$cs. In addiiivn, the ground5 and garden5 at t￿)lh sltes were kept in g￿d condiLiOn by emplownq a contracior io cut and mainiain ihe grass, tree5 and hedges. The rcsidenik £oniinue& io enjoy a variety ol teneliis. iKluding Lhe Chrlstmas ￿￿(he￿, whKh was helé again in December 2025 at the Green Dragon Holel In Heteford, an occasim mL*h enjoyed by Ihe resl(Jents in a relaxed and fnendly pre-Chrt5tmas 93thenng. In addition to the provision of low-cost affordable hou51n4 to re51denis of Hereford ciiy, the Chariiy conlin￿d to help in the relief ol ptFverly Ihrough the pruvis￿n of grants. vld rhe Ileetmsynary fund. t(J needy peaple in the city for essential house￿Id gi￿5 aTrd futniture. Through the EduEallonal and Training Fund. Ihe Charity also gave grants to local residents in Ciiy 10 ossisl In ethKaiion antj iraining. Pap3 Heréford Munic al Charities ort of the Tru5lees for Ihe Year Ended 31 December 2025 ACHIEVEMENTS ANO PERFORJiANCE Fundraislng aciivitles rhe Chariries do fund raise or a¢iively seek beqLeSts_ Benevolent cit￿en5 have made bequest5 for Six cenlurie5. Including up to the pre%trnL day. 11 IS nol within the Trnstees. rernii w coryyte with charities whtkse a1rn5 are more immediate and ephetneral. FINANCIAL REVIEW Fina￿7￿1 position The re5uIL5 for the year show a Sur￿uS of E60.B65 {2024.. 1308,0931. alter iThvesM￿Tht loss of 1120,703 12024.. gain E122.2571. Net assets ary￿J￿[ed 10 £8. 164.776 12024.. (8. 103.911 l. There ha5 been an increase in AiTn5huuse In(ome of 6.68% 12024.. Increase 9.24￿) which conlinues to help lo supw)rl the coniinuing programme of repairs and maintenance. DIv1dend in£tsme 1ncrta5ed by 3.82% 12024-. decreased by 9.2161. while the overall rnarkct value of listed invesirr*nis down by 3.68% this year after being affected by the curyenl ecwwic climafe In the UK. IZ024'. rose by 2.11%1. Further deiai15 be seen in Ihe AchIeVe￿￿n￿ ènd PerformarKe secim of this report and in the Sto(ernenl ol Financial Activities in the Accwnls for 2025. Admlnktratl¥e costs The Trustee5 ensure thai the admiDislraiive and st3llin8 costs ol the Trnsr are under a tight reln and are kept as low a5 P0$51ble con5151ertl Wlih effeciive rnanagement and (Mtrol. The Trustees would Like to place un returd their graLeful thanks to the slaff for rheir dedKat￿n and hard work on behalf of Ihe Trust. Prfnclpal fundlng sources The wncipal funding swrce of the chorily 15 the m(x)thly maintenance charge received frorn the residenis of the Almshouses, along With ￿l￿deTrd and interest Inctyne fiom Ihe inve5¢rnenl5. Investment pollcy and oblettlv•s The Investment5 ID Stocks and 5hare5 are monoged by CCiA {C￿rCh, Chariiy and Local Authorltyl Invostment laanagemcnl Llmiied. The Tru5tees' Invesimeni pdicy Is. In conjunction wilh charse5 lu residents, to provide 5uflicienl Income to moiTrlain Irryxove (heir propert￿ and io enhance Ihe value of invested funds Inr the bonolii ol re51denis no* and in the luture. ChArli￿5 invostrf*nis are managed by CCLA according 10 iuidelines greed by Ihe Trustees. CCLA has an ethical policy io ¥YhKh Ihe Trusiees subKiibe. The Trustees re¥￿W the InYestment5 ffirh CCLA annually to ensure thai ihey Treet the needs of the Charities, rnaklng chan8e5 as necessary In cons￿14110n ￿th iheir woless￿al adviser5. The Almshouse Branch owns one farm INunsland Farml. managed by a resident farrw Ihtsrh Bultoni and Inspected by a professional Farm Ageni. The Trust￿ ar¢ Supp￿lI¥e landlcfds and conLribute to Improvemenis In the farm. The surplu5 5ub51éises the AimsfM)use Branch. Refurbishrrent works at Nunsland Farm We￿ apwoved by the Board of Tru5tee5 durit¥4 yehr 2025 and shall cnmrnence In the year 2026. The works irKlyde refurbishment of the farm house paniry, replacernent of corrugaied rooflng ènd repiacem¢ni Df a barn slidiTv4 ¢Joof. The Nunsland Faim is due to be re-valued In 2026 3rier the refurbtshmenL woiks are completed. Reserves policy The Trustees regularly review ihe level of reserves avallabie {￿)1￿ unresirtcied and resirictedl a[￿ have cuns1deted the balatKc t￿tweeTr the nced io use some reserves to take advantage of key opporLunities to advance the Ylork and developrnent of the organ15at￿n, and to ensure Ihat a secure fironclal base is malnialned. Tolal reserves at the balarKe Sheet dale toialled 18. 164,776 12024.. (8,103.9111. Of this £485,524 12024.. £485,524) was restrict￿ funds and £5.378.789 120Z4.. (s.5(￿.169) tndowment lun(k. The Trustees ￿5h to retaln unre5tritted fuThls ar a level equivalent to one years income. The current reserves exceed thi5 è5 a rnaller ol pruderte in the current economic clitnate. Free reserves li.e. unrestricted (und5 le55 fixed a55el51 al Ihe yeai aft￿Trted LO I2.3(￿.465 12024= 12.110,2181 as shown on the balancc sheet. Page 4 Hereford Munici al Chanties orr of rhe Trusiees for Lhe Year Ended 31 December 2025 FINANCIAL REVIEW >ln¥ ¢on¢ern The Trustees believe that their accountg are In a ￿nd financial wjsilion lo continue for Ihe foreseeable fulure, a5 noted above (Fundarnentals of the ChaTiiiesi'. fhey do noi need to fuTrd-rai5e or acrively seek bequest5. Further details ère prowded in the accounring p)IK*5 Included in the noies to the financial 5taternents. PLANS FOR THE FUTURE 12026 AND BEYOND) The Trustees have agreed to consider a purchase of anoiher propertylproperties in cfder to Use part of (he endowment5. Several optK)n5 were d￿U55ed durinq the Ger￿al h*etlllg5 Lxjl no dec151w has tn*. The Trustees have approved arb Installation of 3 new (ernn￿nal area alarm sysrems ai 1 . 12 8rKknell C105e. The Trustee5 have approved Coniinuatl￿ ol wirthws repiacernepts at W - 146 Whitecross Road. l•aior part ef the replacements will require planThifi8 consent. Mr Andrew Baker ts dealing wth ihe ￿3￿nIng departwents. The Trusree5 will continue their well.[f￿ Wicy of Imw￿1Th4 and renovatln8 ihe almshouse5. Refurbishmenl works ar Nunsland Farm were approved by the BoaTJ of Trusiees d￿n8 year 2Q25 and shall £ommence in the year 2026. works include refurbishment ol Ihe farm htyJs* pantry, replace￿￿1 ol corrugated rooflng and replacerrtnt of o barn 51iding dLXTrr. The Nunsland Fa¥m is the to be re+valueé in 2026 after the refurbishment works are completed. CONCLUSION Finances are in good Condit￿n. Given the Regulaiions Z(XJ8. They are also responsible for Safeguarding the assets of the charity and hence Tor taking reasonable steps for the prevention and detection ol fraué ènd OLher irregulariiie5. 4)proved by order of Ihe board of trusEee5 ￿ ..... 75.lh .0.u￿￿...Iw..L&... nd S￿ne￿ on its behalf by". rri5 Trustee Page 6 ort of the Ind dent Auditors to the TIu5tee5 01 ereford Munici al Charities Opinlon We have audited the financial siarements of Hereford Pknicipal Chanties (the 'chantyl the year ended 31 D￿ernber 2025 which cornprise the Statement of Financial Actwilie5. Ihe BaLance 5heel and tK)tes to Ihe financial 5laleTnent5, iDcludiDg a 5u1ntr￿ry of 51gnilicaTrl accounling wiicie%. TF* financial reporting framework that ha5 been applied in their preparatloll 15 applicable law and United Kingdom kcounling Standard5 (United Kingdom Generally Accepied Ac£ouThiing Practice). In OUT opinion Ihe financial slate￿￿nts'. give a true and fair vlew of the state of the Ihadtys arfalr5 a5 at 31 1)ecefflber 2025 ar￿ of it5 Inc(xnin% resources and application ol re%rxJrces, le¥ Ihe IhÉ*n ended-. have been properly prepared in accordance with Unired Kingdom Generally Accepled kcoun¢ing Practice; and have been prepared in acc0vda￿e with the require1￿￿15 of LI￿ Charilie5 Act 2011. Basls for oplnlo We conducted wr audit in accNdance wth Iniernatiorsal Standard5 on Auditing IVKI IISAS IUKII and applKJble law. Our resFrt)nsibiliiies under ihose standards aTt furlher described In the Auditors. fesrxjnsibilities for Lhe audit of Ihe financial slatemenls se(iion of ￿ rewrl. We are ir¥Jependent of ¢he chanty in accordance wilh Ihe elhical requiremenrs that 3re relevant to our audit of the financial staiements in the UK. including ihe FRC s Ethical 5landard, and Lhe proYi510ns available for Small eniilie5, in the circuffl51ance5 sel out In nole 18 lo the financial 51alements, and we have fulfilleé oiher eihKal reswnsibiliiie5 in accordance with these requirements. We believe trtat Ihe audit evidence we have obiaitRd Is sullic*nt and approwate to provide a basis for our opinion. Conclusions T•latiTrg to golng COTht•rn In auditing the finèncial 5tatemenis, we have concluded that the Iru5tees use of the going corKern bo515 01 accouDlinB in the Pre￿ration ol Ihe linarKial 51ateTrEnt5 15 appropriate. 8ased on the v40rk wc havc pcrforrncd. we hove I￿n[lI1@￿ any m•tNial uncertaintios rolating io events or conditions thai. Individually or collectively. may casi significant do¢Jbt on the charitys ability to continue as a goiTrR concern for a period of ar least twelve months Irom when ihe finaKial sialen￿nIS are authoriscd for issuc. Our r¢swnslbllllleS and Ihe responsibllities vl ihe iiusiees viith respect to golng C￿cern are describeé In the relevani sections ol this rep)rt. Oth•r Informatlon The Irustee5 are re5PDnsible lor the olher inforrThalion. The oth(Y infom*iKffi comprises the Information Included in the Annual Rewrl. other than the IinarKiai staiements and OLW Rep￿ of ihe Independent Audiiors Ihereon. Our opinion on Ihe financial stalewenl5 (kjes r¥)t cower the Olher informatM and. except to the extent otheThthse explicitly srated in our ieport, we do not express any form of assuraKe conclu510n thereon. In connection with our audit ol the lit￿nCial 5latemenis, our responsibiliLy IS to read the other Information and, In oinq 50, conslder whether the othtr Informbtion is matoryally 1nconsisieni wilh the tinancial statements or our kTr)wledge obiaineé in (he èudit or oiherwise appears to be materially missiaied. If we iéentify such matèrlal incon51StencJes or apparent moieriBI missiaierrtnt5, we are (￿U1red to determine whether rhis f Ives rise to a rnaierial missratemeni in Ihe finarKi31 5ta¢etr*ntS Ihemselyes. If. based on Lhe work we have peffortned, we [onclude IhaL Il*re is a maieri81 misstaterren( of this other inlortnalion. Y￿ are re4uired to report ihai tact. We have nothing to report in this re4ard. M4tters on which we are requlred to report by exceptlon We have nolhing to rewrt in re5pe(l of Ihe following maiters where Charities Ikcount5 and RÈrx)rtsl Regulaiions 2(￿ requires us io re￿rI to you if, In opinM>n= the inlorrnation given in Report of the Truslees Is I￿OnSIs[ent in any material respect wilh the financial staternent5', or sufficient accouniing records have wt been kept- or the f1nancial statcrnen15 aTe noi in agreerDeni wllh ihe accwntin¥ record5 and reivTns', or we have not receNed all the Informat￿ and explanations we rewire lor ￿ at*tht. Page 7 rt of the Ind Hereford Munic endent Auditors to the Trustee5 of I Chèriiits Re5ponsibllltles of truslee5 As explained mre lully in Ihe Stalemeni ol TTu5l@e5' RespDnsibilities. the injsiees are reswjnsible for the preparation of Ihe financial Statements which gwe a Irue and fair vwi. and for such internal control as the trustee5 determine is nece55ary io enable the prep6raiiOTr of fin0￿1&1 5taiernentS Ihat ore free Irom mhierial missiaiemeni, whÈther éue to fraud or erTOr. In prepanng the financial statemen15. Ihe trust*s ale ieswTtsible for assessins the charitys ability to conlinue as a going concern, disclosirsg. as applicable, matiers retated to going concem and using Lhe golng concern basis of accwnting unless trustees eiiher inteDd to liquidaLe the charity or tts cease OkwatiODs, or have no realistic aiiernative ￿11 ID (k> 50. Page 8 ort of the Ind Hereford Munic enéeni Auditors ro the TnjSte￿ of al Charities Our re5ponslbllltle5 for the autht of the flnandal statement5 We have been appoinled as audilors un(￿[ Seclion 144 01 ihe Charities Act 2011 and iep)rt In accordance with the Aci and relevant regulations made or ha￿n8 effect thereunder. Our objectives are to obtain rèasonable assurance about whether the financial statements as a whole are free from matenal rni55taternont, whether due to fraud erTOT, ar￿ to 155ue a RepoTt of the In¢kpendcnt Auditors ihat inclu(Jes opinion. Rea5unabie a55uiatKe is a hi¥h level ol asWia￿e. but is a gtsarar)tee thal an audit conducted in a£cordarte 15A5 IUKI will alway5 detect a maienal missiaiemeni when ir exi4ts. Mi5St3ternent5 can an5e from fraud or error and are considered maienal if. Indi￿d￿allY or ID the aggregate, they could reasonably be expected ro 1ftf1ue￿e Ihe e[OrK￿l( de(15K)n5 of users taken on the basis ol these financial staLements. The extent LO which our prrfedure5 are capable of det¢¢iin4 irregularii*s, includlng fraud Is detailed below: ln ideniifwng and asstssing risk5 of matenal m1$5tatemeNt In resptti of Irre8ularitses, Including fraud and n.compliance with law5 and regLlalions, we cor6idered the lotlowin8'. - the nature of the indusiry and secior. (ontrol environmerst and tr*Jsiness perforrnance resulis ol our enquirles of Mar￿geMent abwt their own Identilicalim ano assessmeni of the risks of irre8ulariLies any Matters we Identified having obtained and reviewed the Wicies and proceéure5 relating to.. Identilwng, evaluaiiTh4 and complying wilh laws and fciulatw)n5 and whother they were a%Yare ol any insiarKes of non-compllance detectin9 and re%[M￿dirt$ to the ¥15k% of fraud artd whether ihey have kmwledse ot any actual. su$￿ted or alleqed frèud the Internal cDntrvls estab115hed lo miligale ff15ks ol frawj ow r￿-(Ot￿p1k6￿e Wlih laws and regulatiuns Ihe matrer5 d15cussed among the audii enga8erf*ni team and Involving inrernal specialists, regardini how and r¢ fraud mighi occur In thc finarKial 5latcments and any poienllal indK)iors of fro￿1 As a result (Trl these wocedure5 we con5Klered Ihe QFviunstie5 thot may el￿t ¥ththiTh the organisètlon for fraud Identified the greatest potential for fraud In ItKome. *thich was raised as a key èudiL matter In ihe current year. cvIIiiiTrvn wllh all UK oudiL5 are d15v re9uiie(l (v &￿[1￿[177 5yvcifK yrvicthics ie5wI)d tv Ilie Ilsk tsf m&na$ernént ovérride. We also obialned an under5tandin8 of the legal and regulatory framework the org•nlsatiM ¢peraies In, f(￿￿51n8 on provisions ol Ihose laws and regulations that hèd 3 direct eftect on ihe ¢Jeterminaiion ol maierial amount5 and disclosure5 In the financial staiemenls. The keys laws and re8ulati0Tr5 we con51dered in Ih15 conlex( include Ihe Compan1Ès A(t. Charlties A¢i Charille5 SORP and tax lè4islaiion. In addition we cons1dered provisions ol Olher laws and r¢quIal￿Trs Ihai do not have a direci effeci on the financial statemeiiLs but cumpliance wilh which may be lundarwntal to Lhe or8anisaLK)n's abiliLy to operale. These include health and safety. In dddi(ion to Ihe above, Lxjr procethles to respjnd to risk5 i￿ll1[￿O include the lollowln4.' reviewng ihe fin4rKl•l slaler￿n15 d￿l0$￿t% ond iesiing w supporting docurwtsiion LO a5se5s comptlarKe with provisivns of relevèni laws and re¥ulaLiDn5 ¢kxiibed as having an ellect in Ihe financial 5lalemenls enquiring of manè8ement concernin4 actual and potential litigation claims performing analyLiial pi(Kedure5 tts ideniify any unusual or UneX￿￿ted relaiionships thal may indicate risks of rnarer1al mlssLaLemenis due Ltr fraud - reading m1nutes of meetings of those charged ￿th goveTnan in addressing the risk of fraud through managemeni ovefflde of conirols. tesiinq the appropriateTre5$ Of iourThal entries and other adjustmenls.. assessing wilh their Judgements rnade In making acCOL￿ting estitnates are indiiative of a poiential bias,. and evaluating the business raiionale of any significant transaciions Ihai are wusual or OUts￿e the norrnal course of bu51ress. We also communicated rele¥ant laws and regulations and pJiential fraud rfsk5 to all engagement team member5. including internal 5pecialise5 and retnained alert lo any indication5 of fraud or mn-cotnpliarte Wllh law5 and regulation5 throughout the audit_ Paqe 9 rt of the Ind ndent Auditon io the Trustees of Hercford MunKI al chan1￿$ A further description of QUT re5tx)nsibilities for the audit ol ihe (inancial s[aLer￿n1$ is IKated on the Financial Reporting Councils webslte al www.frc.org.uklatjdiiorveswpnsibilities. This descnpiujn forms part of our Report of Ihe Independent Auditor5. Use our report This report Is made solely ro the charilys trustees. as a t￿. in accordarKe ￿[￿ Part 4 of the Chariiies IAccounts and Reporisl Re8ulation$ 2￿8. Our audit viork has ￿dertaken so that we might state to Ihe charity5 truslees Ihose tnatLers we are required to slate lo them in an audilors rewFI and lor no Oiher purpose. To the fullesi extent pormiited by law, we do not acccpr or a55un* re5wnsibility to aTrY￿ other Ihan Ihe charity and the £hantys trustees as a bo¢ty. for our audtl work. for ihts reKx¥TI, ￿ for the Opliiions we have formed. Lta Thorne Widgery Awment fund Nole5 INCOME AND ENOOWMEKrs FROkl Cha￿table a¢tlvltle5 Almsknuses 347.485 347,485 325,740 Investment Income Other Income 131.108 131.108 126,287 300 Total 478.593 478,591 452,327 EXPENDITURE O Raising funds 6.505 4.345 Charltable activities Alm5house5 Eleemosynary Appreniicing and edUcalK￿al 290.520 29),520 258,628 2,728 790 Total 297.025 297,025 266,491 Net sain51llosse51 on Investmenis 8,677 1129,MOI 1120.7031 122,257 Nrf INCOMEIIEXPENDrruREI 190.245 1129,380} 60.865 308,093 RECONCILIATIQN OF FUNDS Tolal fund5 br￿Jght forward 2,110.218 485,524 5,508,169 8,103.911 7.795,818 TOTAL fVND5 CARRIED FORWARD 2.300.463 485,514 5,378.789 164.176 8,103,911 CONTINUING OPERATIONS All IncorTie and exptnditure has an5en from ¢oniinuin8 activilies. The noies form part ol financial siaietTEnls Page 11 Hereford Mutbia al Chanties Balance Sheet 31 DecÈtnbpr 2025 31.12.25 Toial fund5 31.12.24 Total funds Unre5trKted fut Restricted futbtk En(k>wN*nt fund NDte5 FIXED ASSETS Tangible hsseis Investrnents IDvttLmenLS IDve51nEnt property 1,rK11,326 4VA),932 671.758 2,154.016 1,852,6 10 3.387.031 1.320,(XYJ 3.387.031 1,320,IM) 3,516,411 1.320.(M 1.￿1,326 4W.932 5,378,789 6,861,(M7 6,689,101 CURRENT ASSETS Debtor5 Investo￿ryt5 Cash at bank and in hand 59,956 1.031,103 222.446 59.956 1,031.103 227.038 103.941 ,02?,4?6 J11,226 13 4.592 1.313,505 4.592 1,318.097 1.437.593 CREDITORS Amounts falllng due ￿thIn t)ne year 14 114.368} 114,3681 122.7831 NET CURRENT ASSETS 1.299.137 4,592 1,303.729 1,414.810 TOTAL ASSETS LES5 CURRENT LIABILITIES 2.3(K).463 485.524 5.378.789 B.164.776 8.103,911 ASSETS 2,31Y).463 485,524 5,J78,789 8,164,776 103,911 FUNDS 15 Unie5LTicLed fund5 Restricteé funds Endowment fund5 2.300.463 485,524 5,378,789 485,524 5,508.169 TOTAL FUNDS .164,776 8,103,911 The fina cial 5tatement5 wete approved by the Board of Trustee5 and aulhonsed for issue and were signed on bts behalf by= on P laom5 - Trustee The mtes form part of ihese financial 5taletnenls Page 12 Ilereford Munici al Chanries Motes to the financial StaremeTrt5 for the Year Ended 31 December 2025 ACCOUNTING POLICIES 515 of prepadny the fIna￿la1 5tatemetrt5 The financial stalement5 of the charity, which Is a wblK benefit entity under FRS 102, have been prepared In accordance with the Charities SORP IFRS 1021 AcctyJnrit)g an¢J Rewrting by Chanries.. Sraremeni of Recommended PFaclice applicable lo charilie5 weparing Iheir aCllKJnls in aciofdance with ihe Financial Reporting Standard applicable in the UK aThd RepublK of Ireland IFRS 1021 ieffective l Jonujry 20191,, Financial Reporting sta￿ard 102 The Financial Reporibng Srandard applicable in ihe UK and Republic of Irelènd. and ihÈ Chariiies Acl 2011. The IinatKial slalernent5 have been prepafed under the historical c05l convention, with the excepiion of invesrmenis whKh are included ar markei value. as modified by the revaluation ol certain assets. Goin8 Con£ern The Lrustee5 assess whelher the use of going concern is appropriaie i.e. wheiher there are any material uncerièintie5 relaled lo everbl5 or conchlions thal rnay casi signifi(ant doubt on Ihe abilily ol the charity lo continue a5 a going concern. The trusrees mèke this assessmenr in resFeCt orf a period of at least one year from ihe dale ol auilK)risarion iswe of the linancial s1o(erDenl5 and have c(VKludcd Ihat Ihc charity ha5 adequate reswrces 10 coniiryJe In operat￿￿01 exisience lor the Iweseeable lulure and there are no maierial uncerLainties abwi the C￿rIty% ability to t￿lInUe as a goin4 ÉorKcrn, IPrtJs they coniinue ¢0 ath)pi (he going concern basts accouTrtlng in preparing the li￿r￿1)I stalerrents. Incom• All incoTh* is recognised In Ihe Siaiement of Financial klIVIt￿ once the chariiy has ontitlemeni io ihe fund5, It 15 probable thal Ihe income will be re(eiYed and the amount can te measured reliably. ExpenditUTe Liabiliiies are recogn15ed as expenthiure as s¢•￿ as there is a legal or consiructive obligation commitiing the charity to that exper￿lI￿re. 1115 probabic Ihal a IriiThsfer ol economic bcne(iL5 will be rerwirod 1fi 5CI(leffltsnt and the arrwni of ihe obligaiion cafi be fftasured reliably. Expenditure Is accouni¢d for on an accruals basis and ha5 been classified under heading* ihai h8gregAte all cost related to Ihp chlewry. Where cast5 cannot be dlreclly altribjied io particular headinRs they have been allocated io aciivities on a basis con5151ent with the Use of reseurce5. Granls offered subJe(t lo conditi￿$ which have r#)t been rf*i at the year end date are noted as cornmltment buL noi accr￿￿ as expen(tiiure. All+Xatlon and apportionment of cosls Support cost5 are allocaied io the charilabie aci1￿lieS M ihe following basis: Almshouses 94% Elotm05ynary 5% App￿nticir1g and educational 1% Tanglble fixed assets Almshouses, which are inaSienable, are in(1￿Jed in ihe bala￿e sheei ai a valuatKJn made in 19n at the time of the establishmÈnt ol the Chanty Comm155k)n Sthernè. Alm5hou5e5 buill Since Ihe 1972 xherrE are irKluded at C05l. and are Mt depreciated. Freehold property 15 not deprecialed, d5 11 Is considered (hal Ihe Icwnaininl Usef￿ econornic life of the properly is of s￿h a lengih ihat any depreCiat￿n Charge y￿Id be immaternal. All e¥penditwe of repair. Inwrowemeni ￿ enha￿ement of freehold properties is *riiten off in the year in which li is irKurred. Inve5ttnent property The Farm property is stated at the professional valuati￿ of Sunderlands fr ThmpsoTrs LLP. Chèrtered Sur¥ey(K5. Th15 Véa5 revaI￿d at 13 August 2Q21. The woperty is vall￿￿ every T years or w￿D the trustee5 deem there to be a Material change in its wal￿. Page 13 tontlnued... Hereford Munici al Charities Noies ie thè Finanti31 StatemÈnl5- tontinu for the Year Ended 31 December 2025 ACCOUNTING POLICIES. continued Taxatlon The charily Is exempt from tax on its charitable activitips. Fund accountln4 Unrestncted funds can ￿ used In accordarKe wrh the charitable objeciives at the discretion of the tru5tee5. Rest¥i£ted funds can only be used for partitular re51Titied purw5es within the objecrs of charity. Restriction5 aT15e when specified by ihe &)rw or when funds are ra15ed for panicular re5tricred purposes. Endowmenr fund5 txist In the form of tangible fixed a5sel5 ond Inve5thients. Pen51on cost5 and other pOst-retIre￿nI beD*ftts "I he chanty operate5 a defined iontribuliori pen510n schEine. ContrilxJlK￿5 payable lo the charity's pension schem¢ are Charged to Ihe SuteTh*ni of FlnaDciol Aciiwiie5 ITh the perlod to whlch they relate. Flxed osset and turrent Investmènts Inves(ments are 51aled al markel value as èr the balance sheet date. The siatemeni of financial activities include5 rhe nei gains and losses ansing on revaluation and disr*)sals Ihrouqtwt the year. Galns and losses All 8alns and losses are laken to the Statement of Financial Activit*s as ihey arise. Reèlised gains and 105ses on Investmenis are taltulaled a5 the dillererKe bctween 5ale5 proceed5 and opening markel value Ipurcha5e date if laterl. Unrea115ed gains and losses are calculaied as ihe difference between the market value at the year end and upenin¥ [T￿rket Vall￿ lor purchase date if lalwl. Reali5ed aiid unrealised gaiiis are nol separ)ied in the SiJtement ol Financial Activities. Debtors Tradc and oiher debt015 are reco8nised ai ihe Seiiier￿ni amounl thje aiier any discounts offered. Prepaymènis arè valued at Ihe airwnt5 prepaid net of any dI5cwnt5 the. Cash and bank and In hand Cash ai bank ènd cash in hand cash and sl¥xt ierm highly liW￿ Investmenis Wilh a sh￿[ maturity of three ￿nthS or less from ihe date of acquisit￿Tr LY opening ol the deposir or s￿lIar aCc￿nt. Cr•dilor$ and provisions Creditors and prov1sions are reco8Ns¢d where ihe tharity has a present OL4igat￿I resultin8 Irom a pasi eveni Ihat will probably resuli In the Iransfv ol funds to a thiid party and the arTrount due to setLle the obligalion can be ffeawred or estimaied reliably. Credirors and pro￿$￿$ are rrtjrmally recogn15ed at iheir 5etrlernont arrount éfLer allowing fol any discwnts due. INVESThlENT INCOME 31.12.25 Toui funds 31.12.24 Total lunds Unresincied fund5 RestrKted fund5 Enth)wrr*TrL funds Rents received Dividend5 and interest 113,997 113,997 109,176 111,10 131.108 126.287 Page 14 continued... Hereford Munic al Charities Notes to the Financial Staternent5- COJltinued for the Year Ended 31 December 2025 GRANTS PAYABLE 31.12.25 31.12.24 Almshou5e5 9,426 5,991 SUPPORT COSTS Governance Costs OlheT Toials Alm5hou5es 51.934 14.376 66,310 AUDITORS. REMUNERATION 31.12.Z5 31.12.24 Fees payaNe io t1￿ charily5 audilors for the audil of thv charily5 finarKial staterrenl5 7,922 6,421 TRUSTEES. REAIUNERATION BENEFITS There were no Iiu5lee5 Temuneralion or other teretits for Ihe year ended 31 December Z025 nor lor the year cnded JI DeCern￿r 2024. Trusle•s' *xp*nse5 Durln$ the year ende AlmshivJses Cleem05yn•ry Appreniicing and eduCat￿nal Z58.628 2,778 79) 258,628 Z.728 790 Total Z66,491 266,491 Net gains on investry*nt5 49.680 72,577 122.257 INCOME 2J5.51b 72,577 308,093 RECONCILIATION OF FUNDS Toial fur￿$ t¥QURtht fotwaro 1.874.701 485,524 5.435.592 7.795,818 TOTAL FUNDS CARRIED FORWARD 2.110.218 485,524 5.508,169 8,103,911 TANGIBLE FIXED ASS￿5 Hwsing Association Prsjperly Alr￿h￿se Property Long leasehold Toia15 COST At 1 January 2025 Addiiions 480.932 671.758 301.326 1,852,690 301,326 At 31 December 2025 480.932 973.1)84 2,154,016 NET BOOK VALUE Ai 31 December 2025 480.932 973.084 70).OC(t 2,154,016 Al 31 December 2024 480.932 671.758 7(K),OC¥) 1,852,6 Included in £05t or valualion of la￿1 a￿1 ￿lIdingS is freehold iatLd of [2.154,016 12024 - £1.852.6901 which is nol depr￿1￿ted. Poge 16 continued... Flereford Munic al Chantie5 Notes to F1nttncial Statements coThtirwJed for the Year Ended 31 D￿ernber 2025 TANGIBLE FIXED ASSm- cortinued Property has been valued based on Lhe 1972 valuations at ihe tirr* of the estab115hment of the charily comm15510n Scheme. 5ub5equeni purchase5 have teen valued at C05t. FIXED ASS¥[ INVE&tAIEKrs Listed investment5 luRK￿ VALUE 14L 1 January 2U25 Revaluaiions 3,516,411 11?9,3801 At 31 December 2025 3,387,031 MET BOOK VALUE At 31 Decerrthr 2025 3.387,031 At 31 December 2024 There were no In¥e5trnent asseis Outs￿ the UK. 31.12.Z5 31.IZ.Z4 TOTAL INVEsTmEP￿ IN SHARES Markei value at 1 Jan 2025 Addition ai Cosi D15P05al ai book val Net unrealised 4ain5111055¢5 4.538,837 4.416,580 1120,7031 12Z,257 Market value at 31 Dec 2025 4,418,134 4,538,837 31.12.25 31.12.24 SHARE INVESTMEWTS SPL￿ BY FUND EndowrneTrr Gencfal De$19nated 3.387,031 645.862 185,241 862,260 160,166 4,418, 134 4.5J8,a37 The Tnvestment fund comprises boih fixed asset inve5trrent5 and current assÈi invesiments. Cost or valuaiion at 31 Decembef 2025 is represenied by.. Listed Inve5lments Valuation in 2025 Cost 1,736, 546 1.650,485 3,387,031 Page 17 continued.. HeTelord hlunic al Charit￿ Not* to the Financial Slatements - cOntin￿d for the Year Ended 31 December 2025 INVESTAIENT PROPERTY FAIR VALUE At 1 January 2025 and 31 Decetnber 2025 1.320.(I)o NET BOOK VALUE Al 31 December 1025 1,320,(IXI Al 31 December 2024 1.320,LNNJ The investment property consistin8 of Lan(1 and IxJiIthn￿ hhs been depreciated in the year. DEBTORS.. AAOUNTS FALLING DUE I￿H1N ONE YEAR 31.12.Z5 31.12.24 Other ¢lebtors Expenst rocovcrablt Prepayments and accrued irKome J,2J6 8.658 48,062 5,553 51,7L 46,682 59.956 103.941 CURRENT ASSET INVESTMENTS 31.12.Z5 31.12.Z4 Lisied Invesiments 1,031,103 1,022,426 14. CREDITORS.. *AIOiJNTS FALLING DUE WITHIN ONE YEAR 31.12.25 31.12.24 raxation and xKiol security Other credltofs 1.067 13,301 1,415 Zl,368 14,368 22,783 Page 18 contlnued... Hereford Munit al Chaniies NoLes to Ihe PinaiKial 5taLements continued for ihe Year Ended 31 Dtcembcr 2025 MOVEMENT IN FUMDS Net movernenL in funds Al 31.12.25 Al 1.1.25 Unfe5trlcted furbd5 UnrÈsLricied Aim5house fund Designated Extraordinary repair fvnd Designated Eleemosynary fund Do51gnated Willlarn 8ryd8es fund Designated Apprenticin8 and Educational fund Designated Herbert Geider funil 1.819,944 154.528 111,987 3,853 143,921 25,345 18,359 1,963.865 179,873 130.346 3,853 16,494 3.412 1.774 18,268 4,258 2,110.218 1W,245 2,300.463 Rè5trlcted fund5 Fixed AsseL Almshuuse funtl Muriel Fildes, fund 480,932 4,592 480.932 4,592 485,524 485,524 Endowm•nt funds Endowment fund 5.508.169 1129,3801 5,378.789 TOTAL FUNDS 8.103,911 60,865 8.164.776 Net movement In funds, Included ￿ Ihe ab)ve are as follows= IrKomin8 iexwrces Reywrces expended Gains and 105se¥ %)vcment In fund5 unrest￿Cted funds Unrestricted Alin5￿￿￿Se fund De518nated Exiraordinary repair fund De518nated E[eeff￿Ynary fund Oesignated AppTenticing and EIAKaiional fun(S De5i8naieé Herbert Gelder fL*)d 453.281 1292,9621 116,3981 25,345 25.345 18,359 21,745 13,3861 2.ni 16771 12701 ,774 478,593 IZ97,0251 ,677 191,245 Endowment funds Endowmenl fund 1129,3801 1129,3801 TOTAL FUNDS 4n.593 1297.0251 1120.7031 60,865 Page 19 continued... Hereford Munici al Charities Notes to the Financial StalemeTrls- (l￿tinued for the Year Ended 31 December 2025 MOVEAIEKf IN FUNDS- conlinu•d C¢JmpaTatlve5 for movement in funds Net rnovement In funds At 31.12.24 Al 1.1.24 unrest￿cted funds UnresirKied Almsknuse fund Designated Ex[r￿rdInary repair fur Designated Eleemosynary fund Designated William Brydges lund Desiynated Apprenricing and Educat￿nal fund Oe51gnated Herbert Geldèr fund 1.617,211 143.055 93.526 3.816 202,732 11,473 18.461 37 1,819,944 154,523 3,853 14.5C6 2,587 1,988 825 16,494 3.412 1.874.702 235,516 2.110,218 Restr1¢t￿ funds Fixed Assei Alm5hou5e lund h￿rIe1 Fil(les' lund 480.932 4.591 480,932 4,592 485.524 485.524 E5klowmenl funds Endowmcni fund 5,435,592 72.577 5.508,169 TOTAL FLINDS 7,795.818 308,093 8.103,911 Comparaiive rr¥J¥err*nt in fund5. Included in ihe ats)ve are as lollows: Incomin8 resources ResLxJrces expended Gains and 1055es hknvement In tunds UThrestrlcted funds Unrestricted Alrnsbou5e fund Designaled Eyiraordinary repair fund Desi8naied EleerrKisynary fund Desi8naied Wllli3rn Brydges fund Desi8naieé h4Jprentiiins and [ducat￿nal fund De51gnaLed Herberi Gelder fun41 427.62J {262.9711 38,082 11.473 202,732 21,189 37 12,7281 16,461 37 7,653 815 17901 125 1,988 825 452,327 1?66.4911 49.680 235,516 Endowrnent funds Endowmeni luThJ 72.577 72,577 TOTAL FUNDS 452.327 1266.4911 122.257 308,093 Unreslricled Funds Unrestricted Almskwyjse fund (Almshouse BTarKhTr the provision of low cost sKial Fwsing to the residenis Df Iho City of Hereford_ Designaied Exiraowdinary Repair5 fund lA1M5￿Se Bra￿h} Ihe pro￿570n ol extraordinary repairs. improvements or re￿Ilding the Almsknuse5 aNJ otl*r pr¢)perty belonging lo tt* A1ffl5hou5e branih. Page 20 contin￿... Hereford.Munic al Chantie5 Note5 to the Financial Statement5 - contrnued for Ihe Year Ended 31 Decernber 2025 15. MOVEMENT IN FUNDS- continued o￿lS￿ated Eleetnosynary funij IEleem5ynary Branch) to yovide reiiet of poverry through the pro￿5￿Tr of grants to needy people In rhe City of Hereford for essential ￿USe￿d 4ood5 and itcm5. De5ignaied William Brydges lun4Y i£leerrK)5ynary BrarKh lo bc appl￿d In ÉthKating and rrbining and relieving poveriy and sickness among persons resident In the City of Hereford. Designated ApprentK)np and Educati¢)nal fund (Apprenticing and Ed￿allo￿al Branchl to be applied for the benefit of children or young perS￿S wfv) are Tesidwts rn Ihe Cily ol Hereford and dre in ￿ed of tinancial assisrance. Designated Herbert Ge1￿￿ Charity fund lor Ihe benefit of the residenls of the Alrnshwse branch and ihe rtlief of poor old persons rt51dent In fht City of Herelofd either in gbfis In kind or grants ol money. ReslrKied Funds Fixed asset AIrn3￿USe fund - Ihe wal￿ of Ihe hwsing J$50¢1atK￿ hwses. Muriel FIld￿. fund Ihe legacy whKh h•5 been provlded (or ihe of fosiering and promoting musical education and the knowledge ènd appreciatioTr of in the City ot Herelord. ndowrti Inve51rnefit5. lu are rnade up ol IIE value of Alrrtslx)u5e5, the fwtn inYe5tnient pri)perty and fixed asset CAPITAL COMMITMENTS 31.12.25 Contracied but not provided for In Ihe finarKial 5laLernenls 32,170 17. RELITED PARTY DISCLOSURES Herefortj Municipal Chanries £èTnes out the administroiion ol the Alillar Chaniy Fund (Chariry No.. 5143811 and the Tudor Campion Fund (Chariiy No. 1035WI. t*)Ih chAriiie% 5harv cornrrK)n irustees with the HeTefard Municipal Charity. Certain threci cosis relaiing to these charities are charged by Heretord Municipal Charilie5 and In addiiion an apprwriate share of administralive costs is also bc¢ne by ihese connected charitie5. The Millar Charity Fund Durinq the year expenditure 01 £6.198 12024.. É24.4811 was r￿￿or8ed to the ￿lIar Charlty. Al the year tnd [6,19812024.. £41,957) wès due from ihe chariiy. The Tudor Campion FUNI Dunng Ihe year expenditure of (2.460 12024.. £5.615I was recharged to Ihe Tudor Campion Fund. At Lhe year end £2,46012024'. £9,749) was due fTOrn Lhe chariiy. Page 21 coniinued... Hereford Munici 31 Chariiies Notes to the Financial 5ratement5 cOntin￿d for Ihe Year Ended 31 Decernber 2025 FRC ETHICAL STANDAFiD- PROVISI(￿ AVAILABLE FOR SMALL ENTITIES In CoM￿n ￿th many other businesses of Lwjf 5VLe and narure we use our auditor5 to prepare and 5ubmi¢ reLurns io the tax auihoriiies and assisr with the preparaiion of the financial staternenls. Page 22 Hereforé MunT 31 Chantie5 Deiailed Stèiemeni of Financial ActWLiies for Ihe Year Ended 31 Decernber 2025 31.12.25 31.12.24 INCOME AND ENDOWMENTS Investmènt income Rents received Dividends and interest 113.997 109,176 131,108 126,287 Chadtable actl¥ltles Alm5huuse iticome 347,485 325,740 Other Income Mistellaneous incoTh 3CI) Tot41 IrKomini re50ur£es 478,593 452.327 EXPENOITURE Ra151n8 donatlons and legacles Farm relaied expense5 6,505 4,345 Charltable actlvltle5 Repairs and moinlenarKe Ground5 mainionanco Lighiing A14rni system and nvJblle waide Good nel8hbour Water Insurance Chaplaln and chapol c¥pcnse5 Subscriptions and TV Iicence Residènrs bèneflt5 Grant5 ro Indiv￿ua1S 135.948 35.283 1.240 11.564 13.819 1.481 8,571 13.289 10.556 804 933 5.167 9.426 lQ,768 9,606 4,123 1,891 5,742 5,991 224,210 210,323 Support tD5ts Other Wages Pen510rts Telephor Stationery Posiage Office e¥pen5es 41.297 3.7)9 916 263 302 5.437 28,261 5,456 789 296 409 4.979 51.934 40,190 Gov*rnance c051s AuditOT5 remuneration CarT￿d forward 7.922 7.922 6,421 6,421 Th15 page ¢Joes not forrn part of Ihe statutory fina￿la1 State￿￿￿ Pagè 23 Hereford MunT¢i al Charitie5 Detailed Statement of Financlal Actwiiies for the Year Ended 31 December 2025 31.12.25 Governance costs Brought fomard Legal and professional fees 7,922 6.454 6.421 5.212 14,376 11,633 Total res￿rieS expended 297.025 266,491 Net Income 181,568 185,836 Th15 page thE5 not form part of the statutory financial Sta[er￿n[S Page 24