THE SPALDING ALMSHOUSE CHARITY CHARITY COMMISSION REGISTERED NO. 220077 STATEMENT OF Accoumrs for the year ended 31 December 2025 Administered by THE SPALDING TOWN HUSBANDS
THE SPALDING ALMSHOUSE CHARITY CHARrrY INFORMATION Ccpoptalive Trustees lappoinled under the Scheme for five-year terms by the Trustees) Mr R. Hancox (Chairman) Mr D.A.J. Gratton IVice£haimn> Mrs D. Clay Mrs P.G. Keeling M.B.E.D.L. Mr C.R.M. Longstaff Mrs B.K Ruysen DT. A. Stone Mr R. Goodliff Mrs L. Van Egmond Rev. R.T. Parker-McGee (Appointed 10 September 20251 Mr J.H.P. Lister (Resigned 4 March 20261 Nominative Trustees lapp(Nnted under the Scheme by the South Holland District Council for four-year ten$) Cllr. E Sneath M(s J.8. Vlhilboum Administrator Miss S. Tweddel Property manager Mr C.J. Penney Registered Addfess Roythomes Ltd Enterprise Way Pinchbeck Spalding Lincolnshire PE113YR Tel.. 07534 855519 Bankers Lkjyds Bank Pl¢ Hall Place Spalding Lincolnshire PE111SF Auditor J. Rowbottom TC Group 14 London Road Spalding Lincolnshire PE112TA Page 1
THE SPALDING ALMSHOUSE CHARrrY TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their report and ount$ for the year ended 31 Decernber 2025. Govemance and Management The S¢heme- The Spalding Amshouse Charity is regulated by a stheme of the Charity Commissioners of 13 August 1971 as varied from t1 to time., registered number 220077. Trustees- The Charity is administered by Trustees kncvm as the Spalding Town Husbands. Particulars of the Trustees and their methTrJ of appointment are set out on page 1, together with the address of the Charity's registered office. On appointment, Trustees are provided with a delailed information pack which covers all aspects of the Charity. its constitution, assets and day to day management. The Trustees consider the information sufftient for the appointee to be in a position to act in such capacity. The Trustees meet on a quarterly basis. and at other times if the need arises. The Charity was managed on a day to day basis by the Clerk. the Deputy Ckrk and the Adminislralof in consultalion, when neSsary. wtth the Chaimian. The management of the charity changed from 1 January 2025. with the temiination of the exisling contract and with the appointment of a new administrator and property manager. They will manage the charity on a day lo day basis in consultation with the Chair and Vice<hair as appropriate. The Alms people will have ready access to the property manager and the Administrator should the need arise. Risk Management- The Trustees have assessed the major risks to whh the Chanty is exposed, in particular those related to the management of rts investments and finances. and are satisfied that the policies and systems in place surrn manage its exposure to those risks. Related Paty- The Charity is conneded with the Spalding Relf in Need Charty. whbch is also administered by the Spalding Town Husbands under the Scheme. Objectives and A¢tlvltles Objects- The Trustees, objects are to provide almshouses for the benefft of alms peop. Aims - The Truslees, aims are to maintain the Charty's almshouses to a hmjh standard and to increase the stock of almshouses when resources permit. Alms people- To be selected as such. almshouse people are required under the temis of the Scheme to have been residing in the area of benefrt and to be poor persons or (in the case of not less than eight almshouses) poor aged persons. Area of Benefit- This is defined wthin the Scheme as the Districl of SoLrth Holland in the County of Lincolnshire, with a preference for the area comprising the Urban District Council of Spalding as constrtuted on 13 August 1971 and the Parishes of Cowbit, Deeping St. Nicholas. Pinchbeck and Weston, in the County of Lincolnshire. The Trustees consider that the objectives and actNities of the Charity are in accordance with the Chanty Commission's general guidan on public benefit. Page 2
THE SPALDING ALIASHOUSE CHARITY TRUSTEES REPORT {continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Summary of Main Achievements and Events During the year, a number almshouse varanues occajrred. and new beneficiaries were appointed to fill the vacancies. During the year. the Trustees continued wtth the ongoing refufbishment of their properties to ensure they provide up to dale facilities for the beneflarIeS of the charity- During the summer all aknshouses were inspected by the Truslees and reports prepared on any outstanding issues. Financial Review The details of the financial transactions durrng the year are shovm in the Statement of Financial ActNities. on page 8. whilst the Financial Postlion is shown on the BalancE Sheet on page 9. along with Ihe necessary details in the notes on pages 10 to 21. Restricted Fund - During Ihe year, the Charity has received no reStted funds (2024 - £0). The full details of the Restricted Fund appear in note 10. General Fund and Reserve Funds- The weekly maintenance contribulions from alms people and the income from investments fomiing part of the Endowment Fund are credrted to a General Fund. The General Fund is an unrestricted fund. the main purposes of which are to defray routine maintenance expenses and to meet other costs incurred in the management of the almshouses (note 3). In setting the weekty maintenance contributK)ns, the Trustees budget for the cost of maintenance of the almshouses in accordance with recommendations made by the National Almshouses Association. The recommendations a for an amount to be induded for the cost of routine maintenance and this is credtied to the General Fund. and for further amounls to be included for the costs of extraordinary repairs and cyclical Maintenan and these are transferred to two reserve accounts. namety. an Extraordinary Repair Fund and a Cyclical Mainlenance Fund. The Extraordinary Repair Fund and the Cydical maintenan Fund are also unrestricted funds the main purposes of which are explained in note 11. The full details of the three unrestricted funds are given in such note. During the year, maintenance and repair costs amounted to £262,052 {2024 - £188.050). of vknich £60,529 met from the General Fund and £201.523 vras met from the Extraordinary Repair Fund. During the year sunifThnt drainage repairs We completed, with a totsl cost £125.622. which was funded by Ihe Exlraordinary Repair Fund. During the year. the Charity has received unrestricted funds of £451.413 (2024- £287.8521. After expenditure, net incoming unrestricted funds amounted lo £136.110 (2024- £2,996). The level of unrestricted funds at the year end amounted to £578.77412024 - £310.480). of which the General Fund Tepresenled £608.119 {2024- £80,202). the Extraordinary Repair Fund represented £103.254 {2024- £291,254) and the Cyclical Maintenance Fund represented defictt of £132.602 12024 - £60.976). Endowment Fund- The level of the Endowment Fund at the year end amounted to £600,251 12024 - £712,468). The full details of the Endont Fund appear in note 9. Page 3
TRUSTEES REPORT (contlnuod) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal Revlew (contlnuod) Inv8strnents- InVeStr of the Endc*hThent Fund a1 the Extracthnary Repair Fund is under the direct ¢4)ntrd of the Trustees. C(¥nmon Inv8Stmenl Funds are currentty the Tntstees. rTrf8rred investrnent vehicl8 f surplus cash n suth fvnds as th8y are spefillY designed fty charities and therefore manag8 the rlsks lrt)erwrt in the invesknenl markets. BY OROER OF THE TRUSTEES Mr K Han¢ox Chair
INDEPENDEpif AUDITOR'S REPORT TO THE TRUSTEES OF THE SPALDING ALMSHOUSE CHARrrY Opinion We have audited the financial statements of The Spalding Almshouse Chanty (the 'charity') for the year ended 31 December 2025 which compTise the Slaternent of Financk?l Actrvities, the Balanr Sheet, the Statement of Cash Flows and the related notes. including signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Repo.ng Standard 102 The Financial Reporting Standard apICable in the UK and Republic of Ireland {United Kingdom Generalty Accepted Accounting Piactice). In our opinion, the financial ststements.. - give a true and fair view of the stale of the charitys affairs as at 31 December 2025 and of its incoming resources and application of resource5. for the year then ended.. and - have been properly Prepared in accordance with United Kingdom Generalty Accepted Accounting Practice,. and - have been prepared in accordance wtth the requirements of the ChariiEs Act 2011. Bas18 for Dplnlon We conducted our audit in accordance with Intemational Standards on Audiling (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditsrfs rèsponsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial slalements in Ihe UK. including the FRC'S Ethi(al Slandard, and we have fuffilled our other ethical responsibilities in accordance wrth these requirements. We believe that the audit evidence we have oblained is sufftient and appropriate to provtde a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees, use of the going concem basis of accounting in the preparalion of the finawal statements is appropriate. Based on the wort we have perfomied, we have not identified any material uncertainties relating to events or conditions that, indivKlualW or collectivety. may cast signrficanl doubt on the chanty's ability lo continue as a going concem for a pericMI of at least Iwelve months from vthen the financial statements are authorised for issue. Our responsibiif(ies and Ihe spOnSibl11t1eS of the Trustees with respect to going concem are described in the relevant sections of this report. Other inforniation The other infornatn comprises the infomiation #iduded in the annual report, other than the financial statements and OUT audrtorfs report thereon. The Trustee5 are responsible for the other information. Our opinion on Ihe finanoal slatements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection wth our audit of Ihe financial statements, our responsibilty is to read the other infornation and. in doing so. consider whether the other information is materially inconsistent with the financial stalements or our knowledge oblained in the course of the audr(, OT OtheThMse appears to be materialty misslated. If we identrfy such material inconsistencies or apparent malerial misstatemenls. we aTe required lo detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that Ihere is a material misstatement of this other information, we are required to report that fact. Page S
We have nothing to report in this regard. Matters on whlch we are requlred to report by ex¢eption We have nothing to report in resFeCt of the following matters in reLatTron to vthith the Charrties (Accounts and ReFQrts) Regulations 2008 require us to report to you rf, in our opInn.. - the information given in the finanal statements is inconsistenGy in any material respect with the Trustees Report.. - sufficient accounting records have not been kept: or - the finanaal statements are not in agreement wrth the accounting records.. or - we have not received all the infomialion and explanions we require for oui audit. Responslbllltles of Trustees As explained more fully in the ststement of Truslees, responsibilitr'es, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a Iwe and fair view. and for such intemal control as the Trustees determine is necessary to enable the preParatn of finanaal statements that are free from material misstalement, whether due to fraud or error. In preparing the financial statements, the Truslees are 5nSible for assessing the chanty's ability to continue as a going concem. disclosing, as applicable, matters relaled to going con¢em and using the going concern basis of accounts'ng unsS the Twstees either intend to Iuldate the charitable company or to cease operalions, or have no realist aliematNe but to do so. Audltorfs respon$lblllties for the audit of the financial statements We have been appointed as audrtor under section 144 of the Chartties Act 2011 and report in accordance wrth regulatbons made under the Act and relevant regulats.ons made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from matenal misstatement, whether due lo fraud or eTTor, and to issue an audrtols report that Includes our opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audit conducted in accordance wth ISA5 (UK} will ayS detect a material misslalement when tt exists. Misstatements can anse from fraud or error and are considered material rf, individualty or in the aggregate. they could reasonabty be expected lo Influen the economic decisions of users taken on the basis ot these fi'nanc1 slalements. Irregularities, induding fraud. are inStanS of non-ComplnCe with laws and regulalions. The extent to whh our procedures are capable of delects'ng irregulanties. including fraud is detailed below. Extent lo which the audlt was con$ldered ¢apable of detecting irregularities. including fraud The objectives of our audrt. in respec of fraud. are: to Klentsfy and assess the risks of malerial misstatement of the financial statements due to fraud- lo obtain Sufflent appropriate audit evidence regarding assessed risks of material misslatement due to fraud, through designing and implementing appropriate responses.. and to respond approprialely to fraud or suspected fraud identified during the audil. however, the primary responsibility for the prevention and deteclion of . fraud rests vthh those charged g0Veman of the entity and bts management. Our approach was as follows: . We identified areas of laws and regulats.ons that could reasonabty be expected lo have a material effecl on the financtal statements from our general commercial and sector experience, and through discussion wrth the Truslees and olher managemenl {as required by audrting standards}. and discussed with the TTuslees and other management the policies and procedures regarding compliance with laws and regulations.. . We considered the legal and regulatory frameworks directly applicable lo the financial statements reporting framework (FRS 102) and the relevant tax compliance regulations in the UK.. We considered the nature of the industry. the control environment and business perfomiance, including the key drivers for management's remuneration.. . We communicated identrfied laws and regulations throughout our team and Mained alert to any indications of non-compliance Ihr(KJghout the audit: Pa9e 6
. We considered the procedures and controls that the chanty has established to address risks identified, or that otherwise Prevent. deter and detect fraud. and how senior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identrfy non-compliance with such laws and regulatK*ns. Where the risk was considered to be higher, we perfomied audit procedures to address each 1denlffd fraud risk. These prctedures included.. testing manual joumals., reviewing the financial statement dischjsures and testing to supporting documentation., performing analCa1 procedures.. and enquiring of management, and were designed lo provide reasonable assurance Ihal the financial stalements were free from fraud or error. Owtng to the inherent limitatt'ons of an audit, there ts an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfomied our audit in accordance with audrting standards. For example, the further removed non-compliance with laws and regulations (irgU1arItle5I is from the events and transactions Teflected in the financial statements. the less likely the inherentty limited procedures required by auditing standards would idenlfy il. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion. omission or m1srepresentatn. We are not responsible for preventing non-compliance and cannot be expected to detecl nori<omplk?nce with all and regulations. A further description of our responsibilities is avalble on the Financial Reporting Council's web51te at.. https:114YMH.frc.org.uklauditorsresponsibilities. This description forms part of our audito¢s report Usè of our report This report is made solely to the charity's Trustees, as a tx)dy. in accordance with Part 4 of the Charities (Accounls and Reports) RegUlatblS 2008. Our audit work has been undertaken so that we might stste to the Chanty's Trustees those matters we are required to state lo them in an auditor's report and for no other Purpose. To the fullest extent pem)itted by law, we do not accept or assume spOnSIbl1ty to anyone olher than the charity and the charty's Trustees as a body, for our audit Work, for this report. OT for the Opini¢S we have fomied., Josh Rowbottom (Senior Statutory Auditor) for and on behalf of TC Group Chartered A¢¢ountsnts ststutory Auditor 14 London Road Spalding Lincolnshire PE112TA TC Group is eligible for appointment as auditor of the charity by virtue of its eligibilty for appointment as audrtor of a company under sectM)n 1212 of the Companies Act 2008. Page 7
THE SPALDING ALMSHOUSE CHARrrY STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted Endowment Funds Fund 2025 Totsl 2024 Total INCOME Donations and le9acies Garage renl Income from investments Wayleaves 175.913 700 28.978 175.913 7(YJ 28,978 32.657 205.596 205,596 33.497 Charitable activities Ajmshouse management 245.817 451.413 245,817 451,413 254,355 287,852 TOTAL INCOME EXPENDITURE Charitsblg activities Almshouse management Direct almshouse costs Support costs Cyclical maintenance Extraordinary repairs other expenditure Accountancy fees Bank eharges TOTAL EXPENDITURE 119.542 66,521 119.542 66.521 97,221 61.873 89.219 40.747 11 201.523 201,523 2.650 2,650 90 390,326 2,650 3.326 291.710 Net surplus l (defi¢it) fr>r the Profit on property disposal Net gains l {losses} on investments 61,087 61.087 (3,858) 58.395 58,395 14.070 16.628 (2.558} 12,294 NET SURPLUS I IDEFlCtD 136.110 (2.558) 133,552 8,436 Transfers with Restricted Fund 11 5.600 NET MOVEMENT IN FUNDS 127 952 Reconciliation of funds: At 1 January 2025 At 31 December 2025 Movemgnt Transfern Endownenl Fund Restricted Fund Unrestricted funds 712,468 3.144.520 310.480 4 167468 (2,558) (109,659) (22.5251 132,184 600,251 3,121.995 578,774 4 301 020 10 11 136.110 133552 rhe notes on pages 10 to 21 fomi a part of these accounts Page 8
BALANCE SHEET AT 31 OECEMBER 2025 2025 2024 FIXED ASSErs mshouses Investments 3.365.839 574.353 3.940.192 3,395.339 554,145 3,949.484 CURRENT A8SErs short.tem dep)ts 366.140 243,393 2,078 Prepayments Cash at bank 12.359 397.988 8.766 263.837 CURRENT UABILMES Amiyjnts faillry due ithin one NEf CURRENT ASSETS TOT PSSETS LES8 CURRENT LIABiullE8 3}.3) 248.921 4.330.582 4,198.405 CREDrroRS Amounts fallirKJ C8 after one 29,562 30.937 TOTAL A8SErs 4,301.020 4,167,468 CAprrAL FUNDS EndInent FurMI Restrlcled Fund 6CQ.251 3 121.995 3,722.246 712,468 10 3.856,988 GENERAL A14D RESERVE FUNDS Unrestrictsd fuThts 11 $78,774 310,480 4,301,020 4,167,468 The financial stslemwts pages 8 to 21 aFVtr4ed ty the TnL5teos on b8hatt by. 0306...?026.. aThJ Signed Ilr TnL8tee Paps 10 kn 21 ftxm a xcounts P8g8 9
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUIITS FOR THE YEAR EMDED 31 DECEMBER 2024 The abbreviations "E.R.F." and"C.M.F." as used in these notes fflean Spective7y the Extraordinary Repair Fund and the CyclKal Maintenance Fun(J particulars of %thich are given in note 11. l. A¢countlng Polici•s The signrfKant accounting policies applied in the preparation of thèsè financial statements are sel out below. These policies have been ¢onsistènty applied to all years presented Un55 otherise staled. lal Ba$1$ of pvèparatlon of financlal ststements. The charity constitules a public benefft enlty as defined by FRS 102. The finanryal statèments have been Prepared in accordance wth Accounting and Reporbng by Charitses: Stalemenl of Recommended Piacb"¢e appli¢able to ¢harilies preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republ of Irelan(J issued in Odober 2019. Ihe Financsal Reporting Standard applicable in the Urtit¢d ngdoM and Reputlic of Ireland IFRS 102). the Charrties Act 2011 and UK Generalfv AcceDted Accountino Practice. The financial slalements a ppared on a going concem basis under the historical rJ)st convention. mc4Jfi¥d to indude certain items al fair ¥ahJe. The financial statements are presented in sterfing wh¢ch is the functional ujrrency of the Chanty. Ibl Fund Unrestricteil fvnd$ are available for use at the discretion ol the Tru51ees in fvrtherance of the general objectives of the Charity and wthich have not been desnated for other purposes. The Restricted Fund repsents those assets have been designated for a spec4fic purpose (see note 101. The Endowment Fund represents those assets must be held pernnentty by the Charity (see note 91. The Endowment Fund and the Restricted Fund are represented principally by investments and almshouses. Any capf(al gains or h)sse$ 8rising on the investments or almshouse5 fall to be Irealed as part of the lund of which they fomi part. Endowment Fund income can be used in further8n¢e of the genetal objectives of the Charity and is incbjded a5 unrestrted income. Icl Income rQgnItion All incoming resources we tncknled in the Statement of Finanaal Activities (SOFA) when the Charity islègalfy ent'lled to the income aftef any performance conditions have been mel. Ihe amount ¢an be measured reliabty and it is probable that the incorne will be received. Investment income is racognised in the acccwjnts when the amount can be measured reliably and the Charitys right to receNe payment is established. Legacies are recognised in the financial statements at the earfier of rècèipt or communication from the personal representabve5 of the estslè admsing that a paynnI of the legary V•ill be made, or that property beqveathed 11 bè transferred. Where a kgacy has condits'ons associated the payment then Ihe bequest is onty recognised vthen all conditi.ons have been meL Idl Weekly Maintenance Contributions Weekly maintenance ¢onlnbub"on$ from almspeople incde the cost of T(te mainlenano of the almshouses belonging to the Charsty and the amounts translerred lo the E.R.F. and the C.M.F., all of which are delermined in accordance wrth guidance and regulatws issued by the National Alm5hou5e5 A5so¢ialion. (•) Exp•nditur• rncognition Expenditure is accounted for gfOS5 on an accntsls basis and ha$ been ClasSrfd under headings that aggregate all cos15 related lo the category. Charitable actNitie5 experKliture indude Jll $0ree$ applied by the Charity in undertakn'ng ils Chantsble obje¢lives as Opkwd to support costs. Page 10
ThE SPALDING ALMSHOUSE C•IARirY MOTES TO THE ACcOUPs (Continued) FOR THE YEAR ENDED 310ECEMBER 2025 l. ACCOUnng Pollcl•s Iconllnul lfj Alm$lwu$s The almshouses belorvjing to the Charity have been induded at the valuations detailed in note 4. The almshouses arè functional assets of the Charrty in the furtherance of its objects. but are not depreciated on the grounds provision is made wrthin the E.R.F. and the C.M.F. lo ensure that the residual value is not materialty lower than the ¢arrying value. Igl Debtors and creditorn re¢eivablelpayable Tlthin one y•ar Debtors and uedilors with no stated intèrèst rate and receivable or payable Vlithin one year are recorded at Iransaction price. Any kjsses arising from impairnient are recognised in expendrture. Ihl Investments Quoted investmenls are shown al their fair value at the balan¢e Sheet date Isee note 5). Any movement in IheiT fair value 15 re¢ogni5ed in the SOFA. 11} R•sourc•s •xp•nd•d Charitable acliv7ties indude all resources by the Charrty in undertaking its charitable objective5 as opposed lo goveman¢e costs. They are the resources expendèd in managing the {h}Golng conrn The financial statements have been prepared on a going concem basis as the Trustees believe that no material uncertainties exist. The Trustees have consRlered the level of funds held and the expected level of income and expendrture foi 12 rnonths from authoriyn9 thesè financial statèmènts, which is Suffiaent with the I61 of reserves of the Chanty to be abk to continue as a going concem. Page11
THE SPALDING ALIISHOUSE CHARITY MOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 310ECEMBER 2025 2. In¢om* from Inv•stm•nts UMestri¢t Funds 202S Total 2024 Total Endowrnent Fund 81ack Rock Gharrties UK Bond Fund A- Inc M&G Charity Mulli Asset Fund- Inc C.O.l.F. Charities Investment Fund - Inc C.O.l.F. Oeposbt AUnt 4.268 3.480 3.317 9,396 9,396 6.921 3.938 3,938 5,480 21.082 21.082 18,258 Gwwral Fund C.O.l.F. Dèposit Account E.R.F. M&G Charity Multi Asset Fund- Acc Black Rock Chari¢ies UK &)nd Fund A-ACC M&G Charity Multi A55et Fund- 1.425 1.425 1.983 1.351 1.806 2,265 C.O.l.F. Deposit ACrunt 2.153 2,153 2,997 3.599 8,419 C.M.F. C.O.l.F. deposrt account 2,872 2,872 3,997 Total In¥estm•nl In¢om• 28,978 28,978 32.657 Page 12
THE SPALDING ALMSHOUSE CHARITY MOTES TO THE ACCOUNTS l¢ontinu•dl FOR THE YEAR ENDED 31 DECEMBER 2025 3. Almshouse ljlanagement Account 2025 2024 WEEKLY IAAINTEIIANCE COIURIBUTIONS 245,817 254,355 EXPENDITURE Dlr•ct almshouse costs Routine maintenance Talephone and Lrfeline semce Water and sewerage charges Empty propèrty costs 60,529 27,C67 26,086 14.340 24,335 462 119.542 97,221 Support costs Clerks, remuneration and expgnses Admini$lralor co$1$ Professional fees Sub$¢riplions National Almshouses Association Comprèhensivè insurance Advertising and website Sundry èxpènses Social activilS 23.642 23,507 6.767 2.766 1.1 7.398 594 245 412 39,822 6.335 5.659 420 7,C4)0 167 35 2.435 66.521 61,873 Other expenditur• Bank charges Accountants fees 2.650 2,740 2.650 188,803 161.744 Excem ol in¢omt over exp•ndityr• b•foY pro¥blon for cyclical maint•nance and extraordinary vepain5 (see note111 57,014 92.611 Thè weekly maintenance contributs'ons are subject to assessment under the applicable legislation by the relevant local govemment officer a view to ensuiing they do not exceed what would be fair Tents for the almshouses. During the year. no Temunerab"on w paid to any of th Tmstee$. Related party tran¢tion The Spakling Relief in Need ChaTty is under the o)ntrol of a common Board of Trustaas. Page 13
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 4. Flxed Assets - Almshouses 2025 2024 Units Unils 2025 2024 Restricted Fund Kingston Cottage Homes- 1907 7 South Parade. Spalding Masham Homes - 1961 2-8 Green Lane. Spalding Mary Gage Homes- 2010 2a & 2b Green Lane. Spalding AIKe Wilson Homes 169 -179 Winsover Road. Spalding - 1980 181 & 183 Winsover Road. Spalding - 2011 Adrian Gall Homes- 1968 1 & 3 Clay Lake and 2248 Bowditch Road. Spalding Lucille Van Geest Homes- 1994 2 & 4 Hoekman Way. Spalding 2-24 Hoekman Drive. Spalding 8a Hoekman Drive - 2011 29,500 126,000 126,000 192.891 192.891 258,409 156.225 258,409 156,225 17 17 550,937 550,937 69,000 408,000 83,026 69,000 408,000 83,026 12 12 Gamtyn Almshouses- 2008 59-77 Clover Way, Spalding John Van Geest Homes- 2015 Rosemary Cbse & Larkspur Way. Spalding 18 Brownbw Crescent. Pinchbeck - 2013 10 10 623.475 623.475 10 10 678,579 678,579 78,297 78,297 68 3.224.839 3.254.339 67 Endowment Fund Edwin Datton Homes- 1938 1 & 3 Wesl Parade. Spalding TurnerAlmshouses - 1962 37 & 39 Knight Street. Pinchbeck 66,000 66,000 75,000 75.000 141,000 141,000 72 3,365,839 3,395,339 Total Book Value 71 A Properlies are recorded at valuation as prepared by Messrs Munton & Russell in January 1995 in accordance with guide lines issued by the Royal Institute of Chartered Surveyors. A The Bowdrtch Road properties are induded at the valuation as above u$ the cost of 32A Bowditch Road when 32 Bowdrtch Road was converted during 2021. Pioperties are valued at cost. C Properties Vre valued. as above in A. in January 1995 at a value of £201.000. The value was increased by the cost of refurbishment during 2011 to two of the original units. D Properties a recorded at valuation as prepared by Messrs Munton & Russell in May 1998 in accordance wth guide lines issued by the Royal Institute of Chartered SuNeyors. Page 14
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2025 4. Flxed Assets - Almshouses (continued) The Edwin Damon Homes and Tumer Almshouses vre fonnerty part of the endowment capital of charities that merged with the Spalding Almshouse Charity. Accordingty they are Ireated as part of the Endowment Fund. The Trustees estimate that the approximate market value of the almshouse stock would be in the region of £6.75 Milln. These types of propety are unusual in nature and do not often come onto the open market and as a resuft definitive valuations are dtfficull and often subjective. The Trustees consider Ihal the cost of obtaining an up to date professional valuation would outweigh any benefit. 5. Fixed Assets - Investrnents Units hekl Market value Acquisitionsl Movement Market value at 31112125 at 01101r25 (Disposals) in value at 31112125 Endowment Fund Black Rock Charilies UK Bond Fund A- Inc M&G Charity Mulb. Asset Fund- Inc C.O.l.F. Charities Investment Fund - Inc 42,326.437 60.010 922 60,932 81.889.112 76.018 8,672 84,690 12.510.260 253.874 {12,152) 241,722 E.R.F. M&G Charty MU1 Asset Fund- Acc 310.000 37,532 1,607 4.549 43,688 M&G Charity Mulb. Asset Fund- Acc Black Rock Charities Growth & Incorne Fund Class A- A 521.535 63.143 2.705 7,651 73,499 48,971.596 63.568 1.826 4.428 69,822 Balance at 31 December 2025 554.145 6.138 14,070 574,353 Balance at 31 December 2024 536.429 5.422 12,294 554,145 Page 15
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 6. Short-Temi Deposlts 2025 2024 C.O.l.F. deslgnatsd deposits: Endowment Fund General Fund E.R.F. C.M.F. 104,059 5,340 59.496 74.498 243,393 366.140 366.140 7. Creditors Amounts falllng due wlthln one year 2025 2024 Mortgage debt (see note 7 & 8) Activity creditors Accruals and deferred income 1,375 2.934 3.289 7.598 1,375 9,453 4,088 14.916 8. Credltors Amounts falllng due after one year 2.025 2024 Morlgage debt 29.562 30,937 The mortgage referred to in this note {and in notes 7 and 10> is in respect of consideration monies left outstsnding by South Holland Distnct Council for the site purchased from the Council on which the Mary Gage Homes now stand. The mortgage is inlerest free, and is being repaid over 40 years by half yeaty instalments of £687.50. Page 16
THE SPALDING ALPASHOUSE CHARITY NOTES TO THE AccouKfs (continued) FOR THE YEAR ENDED 31 DECEMBER 2026 9. Endowment Fund The endowment caprtal includes the E(trwin Dafton Homes. Tumer Almshouses and investments together with Ihe loan capital described below. The fund represents donated monies and assels which are held on trust to provide expendab income for the general Purposes of the Chanty, this income is credited to the General Fund. The endowment capital is held as folk)ws:_ Market value 01101125 Market value 31112125 Movement in funds Change in value Almshouses Isee note 4) Loan capltsl Investments (see note 5) C.O.l.F. deposlt account lsee note 61 Inter fund balances Due from Restncled Fund 141.000 74,238 389,902 141,000 68.638 387.344 {5.600) (2.5581 104,059 (104.059) 3,269 712.468 3.269 600,251 Balance at 31 December 2025 109.659 2,558 Balance at 31 December 2024 707,028 5,440 712,468 Loan capltal represents transferred capilal monies used to assist wrth the cost of constructing the GaMn Almshouses (part of the Restricled Fund). and is being repaid over 30 years at an annual rate of £5,600.00. Page 17
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued FOR THE YEAR ENDED 31 DECEMBER 2025 10. Restrlcted Fund The Restricted Fund comprises donated monies held on trust to be appl for the provision of almshouses and further funds althated for suth purpose by the Trustees from General and Reserve Funds. The Restricted Fund capital is held as folknYs:_ Balance Payments Balance at 01101125 and transfers at 31112125 Almshouses (see note 4) Loans from endowment capltal {see note 9) 3,254,339 (29,500) 5.600 3,224.839 {68.638) {74.238) Short temi balances wlth other funds Due to Endowment Fund (see note 9) (3.269) (3,269) Mary Gage Homes:. Mortgage (see note 8) Balance at 31 December 2025 (32,312) 3 144 520 1.375 (30,937) 3 121 995 Balance at 31 December 2024 3.137.482 7.038 3,144,520 Page 18
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS {¢ontinued) FOR THE YEAR ENDED 31 DECEMBER 2025 11. General and Reserve Funds General and Reserve Funds movernents 2025 Total 2024 Total E.R.F. C.M.F. General Balance at 1 January 2025 Almshouse Management Account (see note 3) Income from inveslmenls (see note 2) 291,254 (60.976) 80.202 310,480 314,522 57,014 57.014 92.611 3.599 2.872 22,507 28,978 32,657 Other income Extraordinary and cydical maintenance Profrt on disposal of South Parade Change in value of investrnenls (see note 5} Transfers Balance at 31 December 202S 176,618 176.618 (201.523) (201,523> (129,966) 58.395 58,395 16,628 16,628 6,854 (65.096) (74.498) 271,778 132.184 {7,038) 103.257 (132.602) 608.119 578,774 310,480 The transfer of £5,600 Telate to a loan taken out by the Restricted Fund from the Endowment Fund. As the loaned funds have all been used by the Restricted Fund. the transfers to Reslricled Funds are needed in order to make the loan repayments. The remaining transfers are Tegarding the sale of 7 Soulh Parade profrts on disposal which have been transferred to the general fund along with the cb5ure of three COIF designated deposit accounts, which have been transferred into one general COIF account (see note 6). Page 19
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 11. General and Reserve Funds Made up as follows: 2025 Total 2024 Total E.R.F. C.M.F. General Investments (see note 5) Short-Terrn Deposits Cash at bank Debtors Prepayments Accrued income Creditors Balances between funds Balan¢e at 31 December 2025 187.009 187.009 164,243 366,140 12,359 366,140 12,359 139,334 8,786 2.078 9,600 9.600 9,889 (6.223) 9,600 9.889 (6.223) (13,541) (83.752) (132,602) 216,354 103.257 (132.602) 608.119 578,774 310,480 12. Control The Charrty is controlled by the Trustees as a body. No individual Truslee has any Control over the Charity. 13. Legacles and Bequests The Trustees were made aware in previous years that lrfe interest trusts had been established by the Will of the late Handley Tony Stephenson who died in 2004 and that such trusts names the Charity as the beneficiary of the trust fund on the death of the lrfe tenant. The administration of the Estate has now been completed and a donation and tegacy of £165.000 wa5 r1Ved on 28 February 2025, wilh a further £9.889 received on 16 February 2026 which has been accured in the 2025 financial statements. Page 20
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 14. Statement of Financial Activities - Comparatives Unrestricled Endowment Fund Fund 2024 Total INCOME Voluntsry Income Garage rent Income from investments 32.657 33.497 33,497 Charttable actlvltles Almshouse management 254,355 287,852 254.355 287,852 TOTAL INCOME EXPENDITURE Charitsble activities Almshouse management Direct almshouse costs Support costs Cyclical maintenance Extraordinary repairs Other expenditure TOTAL EXPENDITURE 97.221 61,873 89.219 40,747 2.650 291710 97,221 61.873 89.219 40,747 2,650 291.710 Net gains on investments NET (DEFICIT) I SURPLUS 6,854 2,996 5,440 12.294 8,436 Realised gains on inveslmenl assets Transfers between funds {7.038) {7,038) NET MOVEMENT IN FUNDS Page21