REGISTERED CHARITY NUMBER: 224030 REPORT OF IHE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 37 DECEMBER 2025 FOR DR SMARfs TRUST DR smA￿s TRUST CONTENTS OF THE FINANCIAL STATEMENTS For Thè Ye¢r Ended 31 December 2025 Page Relerence and Admlnistrulive Detg115 Report ol the Trustees Inde￿ndent Examlnerf5 Report Statement of FSnanclal AcMvlMes Balan¢e Sheel Notes lo the Flnanclal Statements 8 10 16 Detalled Stolement gf ffnoncial Acllvltiej 17 10 18 DR SMARfs TRUST REFERENCE AND ADMINISTRATIVE DEtAILS For The Ye1￿ Ended 31 December 2025 TRUSTEES The v￿ountesS Downe P L Moclie AJBSmilh Mrs E Mitchell hs 8 Gverin PRINCIPAL ADDRESS Dr Smort's Homes Woodlond Grove Scarborough North Yorkshire Y012 6NE REGISTERED CHARITY NUMBER 224030 INDEPENDENT EXAMINER Fortus Limited Business Advisors & Accounlonts 5 & 6 Munorcourt Manor Garth Scarborough North Yorkshire YOII 3TU Poge I DR SMARfs TRUST REPORT OF THE TRUSTEES For The Year Ended 31 December 2025 The tru51ees present their report the finoncial slalements of the charity lor the yeor ended 31 December 2025. The tru51ees hove adopted the Provisions ol Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their occounls in accordance th the Financhjl Reporting Stondord opplicoble in the UK ond Republic ol Iielond IFRS 1021 leffeclive I JorTruary 20191. OBJECTIVES AND ACTIVIIIES Oblecllves and alms The charity's object ond principal octivity conlinves to be that ol providing residential accommodation lor any persons in need who are ol least 55 years ol age. with preference given lo Protestanls in the lirsl inslonce. The charity has the generol aim of contributing to the quolity ol lite ol the people ol ScorboroLJgh by providing good qvolity ollordoble accomrnodalion in a sale and cor)viviol otmosphere. The Tw51 invites applicotions trom Individuals who meet the Trusl's criteria for residency and details of how to apply can be oblained by contacting the Tru51's principal oddre5S. ACHIEVEMENTS AND PERFORMANCE Charltable u¢tMMes The choiily has managed to achieve its objective5 in the year ur(ler review by ochieving o good level ol occupancy throughout the yeor whilst olso spending on necessary ienewob and providing a safe and comfortable enwronment for the re&dents. FINANCIAL REVIEW Financial p051tton The trustees are ol the opinion thal the charity's financial p0511ion al the balance 5heel date 15 salislactory. The value ol Ihe listed investments increased in the year whilst at the same time providing a good level of income. A5 o re5uII the trustees were oble lo continue to updote properties os they become vocanl. The Iru51ees consKler thot there are sufficient re5eTve5 lor the charity to continue ils charitable aclivitie5 lor the loreseeoble future. Investment pollcy and obJecllYes Under the governing documenl the chortfy hos the power lo invest in any way the ItU51ees choose. The Iwslees. having regord lo the liquidity requirements of operating the home and lo the reserve5 policy. keep o level of available funds in eosy access occounts. Longer term investments were monoged by the investment advisors. Tyndoll Investment Monogement. who ore ovthorised to monoge the portfolio on o discretionary basis to produce Me best financial retum wthin al) acceptable ￿Ve1 of ask. The 0￿ectIVe is to ot leost moinloin the real capital value ol the Endowment whilst generating a sustainable leveb of investrnent income lo support the cutTenl choiitoble oclivities. ReseNes pollcy The trustees oim is to maintain free reserve5 in unreslricled funds ol a level which equotes to approximately one yearfs ordinary unrestricted choriloble expendilure. The trustees consider thot this level wll ensu￿ that there are sufficient funds availabl& lo cover neces50ry charitable, support and governance c0515. The Trust is relionl on the contribution from ils iesidenls, ils investment5 ar)d from the rental income from the lodge however the tru51 has been given permission by the Chorify Commission lo spend endowment copilal 0$ if it were income should the need arise. STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng document The Trust is on unincorporoted trust. the administrolion and managemeril of which is in accordance wth the rxovision5 of the Scheme approved by the Charity Commissioners on 12 Ayil 1965. as amended on 27 October 1999. 21 January 2(Y)9 and 14th September 2021. Poge 2 DR SMARTS TRUST ieEPORT OF THE TRUSTEES For The Yeor Ended 31 December 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Recrutlment. Indvctton and tralnlng of new trustees When considering co-opling trustees Ihe Boord hos regord lo the requirement lor any specKJlist s￿115 needed ond fully discus5 the 5Ultability of all opplican*s. New trustees are briefed on their legol obligotK)ns vnder charity low. the contents ol the constitution. the committee and decision moking piocess. the bugness plan oncl the recent linonciol performonce of the chorify. Key management rèmuneYatÉon The Irusteeg do not receive remuneratK)n and there are no remuneraled key monagemenl personnd. PUBLIC BENEFIT The Iru51ee5 consider that they have complied with their dvty lo have due regord lo the guidonce on public benefit published by the Charity Cornm￿10n in exercising their power5 and duties, as can be seen in the aclivilie5 ond achievements above. Approved by order ol the board of trustees on 25 Murch 2026 and signed on its beholl by.. TTU51ee Vis L Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TIiLISTEES OF DR SMARfs TRUST Independent examlner's report lo the Iruslee5 of Dr Smart's Trust I report to the chority trustees on my examination of the accounts of Or Smarts Trust Ilhe Trust) for the year ended 31 December 2025. Responslbllltles and btss￿ of report As the chority trustee5 Qf the Trust you are responsible lor the preporolion of the occounls in occordonce wilh the requirements ol the Chorilies Acl 2011 I'the Acl'l. I report in respect of my examination ol the Trust's accoun15 carried out under Section 145 01 the Act and in corrying out my examinah'on I hove followed oll applicoble Directi￿5 given by the Charity Commission vnder SectK)n 145151 Ibl ol the Acl. Independenl examlner'5 Statement I have completed my exominotion. I confirm that no moteriol motler5 hove come to my otlention in connection with the exominotK)n giving me couse to believe that in any malerial respect.. accounting record5 were not kept in respect ol the Trust os required by Section 130 01 the Act.. or the accounts do not occord with those recor 1.461.036 1.3CK).OCK) 1.843.206 1.300.( 1.754.683 382,170 382170 2.761.036 3.143.206 3.054,683 CURRENT ASSETS Debtors Cash ot bonk 15 4.121 183.023 4.121 190.014 3.841 184.910 6.991 187,144 6,991 194.135 188.751 CREDITORS Amounts falling due wqthin one yeor 116,9081 116.9081 117.8641 NE[ CURRENT ASSETS 170,236 6,991 177.227 170.887 TOTAL ASSEfs LESS CURRENT LIABILITIES 170,236 382.170 2,768.027 3,320,433 3.225,570 NE[ ASSEIS 170.236 382.170 2.768.027 3,320.433 3,225.570 The notes form part ol these finonciol slolemenls Poge 6 continued... DR SMARTS TRUST JAL4NCE SHEEf- continved 37 December 2025 FUNDS Unre5tricled lur)d5'. Income and expenditure occovnt Cyclicol moinlenance fund 129.690 40.546 112.501 38.884 170,236 151.385 Re51ricled funds.. Extroordinary repair fund Endowment funds.. Capitol funds Building fund 381170 389.768 1.468.027 I.3￿.[ 1.384.417 1.3(K>.O 2,768.027 2.684.417 TOTAL FUNDS 3.320.4 3.225.570 The finonciol 51utemenls were approved by the Board ol Trustee5 ond aulhorised for issue on 25 March 2026 and were signed on ils beholl by.. Truslee VI5cW￿F0SS L Trustee lib Il- Goi(Iv The notes form part of these ffnancial statements Poge 7 DR SMARfs TRUST NOTES TO THE FINANCIAL STATEMENTS For The Yeaf Ended 31 December 2025 ACCOUNTING POLICIES Basis ol prepurln9 Ihe Itnanclal 51olements The finoncial statements ol the chaiily, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling ond Reporting by Charitie5.' Stolemenl ol Recommended Proclice opplicoble to chorilies preporing their occounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Irelond IFRS 1021 leflective l Jonuory 20191 and the Charities Act 2011. The financ￿1 slalements have been prepared under the historical cost convention with the exception ol investments which ore included al markel volue. The financial 51alemenls are presented in sterling which is the functional currency ol the charity. Hnanclal reporllng 5tondard 7(r2- redvced dlsc105ure exemp11on$ The charity hos taken advantage ol the following disclosure exemption in preparing these financial slolements. os permilled by FRS 102 Yhe Financiol Reporting Slondard applicable in the UK and Republic of Ireland,: the requirements of seCt￿n 7 Statement of Cash Flows. Income All income is recognised in the Slolemenl ol Finonciol Activities once the chorily has enlillemenl lo the funds. it is probotJ$ thot the income wll be recepied ond Ihts omounl can be meosured rel￿O￿]y. ExpendSture Liabilities ore recognised as expenditure 0$ soon 05 there is a legol or construclNe obligolion committing the chority to that expendilure, it is probob1e thol a transfer ol economic benefits will be required in 5eltlemenl and the amount ol the obligation can be measured reliably. Expendilure is accounted for on on occruols basis and has been classified under headings that aggregole all cost related to the colegory. Where costs cannot be directly attributed to porticulor heodings they hove been ollocotecl to activities on a basis con515tent with the use of Tesources. Flxed assets Tangible r￿ed Ossels ole stoled ot deemed cost. Depreciolion not provided on freehold property as the trustees believe the current market value exceeds book value. Taxallon The chorily is exempt from lax on its charitoble octlvitl&s. Fund accounllng Unreslricled funds con be used in accordonce with the charitoble objectives al the discretion of the Irvstees. Designated hjnds ore unreslrpcled funds eormorked by the Trustee5 lor partic￿Or purpose5. Restricted lund5 can only be used for particular restricted purposes within the obj8cls ol the chortly. Re5tn"ctions arise wthen specified by the donor or when funds are raised for particular Testricted purpose5. Further explanation ol the nature and purpose of each fund 15 included in the note5 to the financ￿1 statements. Pen51on cosls and other post-rdkement beneftts The charity operates o defined contribution pension scheme. Contributions payoble lo the charivs pension scheme ore chorged to the 51alement of Financial Ach"vities in the period to which they relote. Page 8 continued... DR SMARfs TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued ForThe Yeor Ended 31 De¢ember 2025 ACCOUNTING POLICIES- ¢onllnued Inveslmen15 Inve51m&nts are included in the bolance sheet al their market value at the balance sheet dale. Any goin or Ios5 arising in the year. either on disposal or revaluotion is reflected in the Slolement of Financial Aclivilies. Golng concem Aller revpwing the lorecasls and reserves the truslees hove a reasonable expectation that Ihe T￿51 hos odeqvale resource5 to continue ils charitable activities for the foreseeable lulure. Debtors und credllots re¢er¥able / payable wllhln one yec Debtors and creditors wlh no stoled interest rate ond receivoble or payoble within one yeor ore recorded al tran50clion price. Anylosses orising from impairmenl are recognised in expenditure. INVESTMENT INCOME 2025 2024 Investment income Inleresl i&ceived 70.906 5.193 107,3 4.D97 76.099 111,397 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Actiwly Residential accommodation Residen15 lees 126.020 131.428 OTHER INCOME 2025 2024 Lodge rents 7,582 7.3(K) Poge 9 continued... DR SAIART'S TItUST NOTES TO THE ANANCIAL STATEMENTS . continued For The Year Ended 31 December 2025 RAISING FUNDS Investment managemenl ¢05ts 2025 2￿4 Investment odvisors lees Rent collection 10,178 999 10,359 892 CHARITABLE ACTIVITIES COSTS Th'rect C0515 Isee note 71 Suppc costs (see note 81 Tota15 Re￿dential accommodotK)n 171.422 18,644 190,066 DIRECT COSTS OF CHARITABLE ACTIVITIES 2025 2024 Staft c0515 Water rate5 Insurance Light ond heat Telephone Postage and 5talionery Advertising Sundries Provisions Laundry and cleaning Repairs and renewals Gordening Solor pane Subscriptions Bank charges Professional lees Council tax Travelling expenses 66.234 2.268 3.954 24.279 63.906 2.673 4,112 28,255 877 283 379 200 344 14.538 1.769 30.349 21.643 15.090 1.981 18.356 22.700 18.840 770 237 2,565 98 65 789 242 1.278 65 171.4 182,035 Page 10 continued... DR SMART'S TRUST NOTES TO THE FINANCIAL STATEMENTS - c¢)nlinved For The ye￿ Ended 31 December 2025 SUPPORT COSTS Governonce costs Managemenl Tolols Residential occommodotK)n 16.634 2.010 18.644 Support cos15. included in the obove. ore os follows: Management 2025 2024 Residenliol Total accommodotion octivilies Payroll adminisliotion Clerk's remuneration 869 15.765 15.CKJO 16.634 15.849 Governonce costs 2025 2U24 Re%denlial Total occommodolion octivilies Independent examiners lee5 2.010 1,940 INDEPENDENT EXAMINERS FEES The fees poyoble lo the independent exominer only relote lo the review ol the year end occounls. io. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remunerohon or other benefits lor the year ended 31 December 2025 nor for the yeor ended 31 December 2024. Trvstees. expenses There were no trustees, expenses paid lor the year ended 31 December 2025 nor lor the year ended 31 December 2024. STAFF COSTS 2025 2024 Woges ond salaries other pension costs 65.731 63.437 469 66.234 &3.906 The overoge monlhly nvmbsr ol employees during the yeorwas as follows.. 25 2(Y24 Choritoble octwities No ernployees received emolvmenls in excess 01 £60.C￿. Page 11 continued... DR SMARTS TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢onllnued ForThe Year Ended 31 December 2025 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcTrvmES Unreslricled funds Restricted funds Endowment funds Tolol lund5 INCOME AND ENDOWMENTS FROM Charltable acttvlNes Re5identiol occommodation 131,428 131,428 Investment income Other income 111.397 111.397 Total 2X).125 250.125 EXPENDIWRE ON Ruising funds 893 10.358 11.251 Chorltable ucllvllles Resiclentiol accommodation 199.824 199.824 Total 2(K).717 10,358 211,075 Net gainsll1055e51 on investments 18.867 152.1351 133.2&81 NEY INCOME/(ExPEND￿uRE} Transfers belween lunds 49.408 14.6741 18.867 162.4931 4.674 5,782 Net movement In fvnds 44.734 18,867 157,8191 5.782 RECONCILIATION OF FUNDS Tolal funds brought fotwoid 106.651 370.901 2.742.236 3.219.788 TOTAL FUNDS CARRIED FORWARD 151.385 389.768 2.684.417 3.225.570 13. TANGIBLE FIXED ASSETS The property held by the trust is used en￿"rety f(y direct charitoble purposes ond is included in the accounts ot d&&med cosl of £1,3(Kl,m). Poge 12 conlinued..- DR SMARfs TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOT The Year Ended 31 December 2025 14. FIXED ASSE[ INVESTMENTS Listed investments Unlisted investments Totols MARKE[ VALUE Al l January 2D25 Additions Disposals Revaluations 1.364.915 796.412 1794.2941 94.C03 189.768 1.754.683 796.412 1794,2941 86.405 17.5981 Al 31 December 2025 1,461,036 382.170 1.843,206 NEf BOOK VALUE Al 31 December 2025 1.461.036 382.170 1.843,206 Al 31 December 2024 1,364.915 389.768 1.754.é83 Investment as5els held in the UK ond overseos ore onoly5&d as lollovv5.' UK Fixed Interest UK Equities UK Property Allernotive UK Mixed Assets 8.70% 61.13% 16.19% 10.64% 3.34% The unlisted investments represent an investment in on oclively monag8d Charilies Investment Fund. The inveslmenls ore slated at market value as shown above ond chonges in voluolion of the investment5 ale shown in the above note. The majority ol the Ilsled investmenls addition5 ond di4p05a15 shown above reflect the chonge ol inv$strnenl manager in the year. The originol cos1 of the listed investment5 is £1.339.￿. IS. DEBTORS: AMOUNTS FALLING DUE wrtHIN ONE YEAR 2025 2024 Prepoyrnents 4,121 3.841 Page 13 continued... DR SMARTS TRUST NOTES TO THE FINANCIAL STATEMENTS - conllnved For The Year Ended 31 December 2025 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAIE 2025 2024 Social Security and other taxe5 Accrued expense5 1.684 15.224 2.342 15.522 16.908 17.864 17. MOVEMENT IN FUNDS Net movement n funds Tran51eTS between funds At 31.12.25 At 1.1.25 Unrestrlcted funds Income and expenditure occounl Cyclico1 mainlenonce fund 112.501 38,884 16.821 1,662 368 129.690 40,546 151.385 18.483 368 170.236 Restrlcted funds Exlroordinory repair fund 389.768 17,5981 382,170 Endowmenl funds Capitol funds BU￿IdIng fund 1.384,417 1,3CO,(YX) 83.978 13681 1.468.027 1,3CO,(X)O 2.684.417 83.978 13681 2.768.027 TOTAL FUNDS 3.225.570 94.8 3,320,433 Net movement in funds, included in the above ore 0$ follows.. Incoming resources Resources expended Gains and losses Movement in funds Unresfvlcled fund$ Incowe and expenditUTe account Cyclical maintenance fund 207.895 1.662 1191,0641 16,821 1.662 209,547 1191,0641 18,483 Re5tr1cted fvnds Extraordinary repoir fund 17.5981 17.5981 Endowment fund$ Capital lund5 154 110.1791 94.C03 .978 TOTAL FUNDS 209.701 1201.2431 86.405 94.863 Poge 14 continued... DR SMARfs TRUST NOTES TO THE FINANCIAL STATEMENTS - conllnued For The Year Endèd 31 December 2025 17. MOVEMENT IN FUNDS - Conllnued Compurallves lor movemenl In lund5 Net movement in funds Transfers between funds At 31.12.24 Al 1.1.24 Umestrlcled funds ncome ond expenditure account Cyclicol maintenance fund 69.662 36.989 47.513 1.895 14.6741 112.X)I 38.884 106.651 49.408 14.6741 151.385 est￿ted funds Extraordinary repair fund 370,901 18,867 389.76S End¢wmentfrJnd5 Capital funds Building fund 1.442.236 1.3(X),O(xi 162,4931 4.674 1.384.417 l.x￿.[ 2.742.236 162.4931 4.674 2,684,417 TOTAL FUNDS 3,219,78S 5.782 3.225.570 Comparative nel movement in funds. included in the abov6 are as follows.. Incoming resources Resource5 expended Gains ond 105ses Movement in fund5 Unrestrtcted fijnds Income ond expendilLre account Cyclicol maintenance lund 248,230 1,895 12CQ.7171 47.513 1.895 250,125 I2￿.777) 49.408 Restrlded fvnds Exlroordinary repair fund 18,867 18.867 Endowment fvnds Copilal fund5 110,3581 152,1351 162.4931 TOTAL FUNDS 250.125 1211.0751 133.2681 5.782 Endowment funds The Building Fund was established in 1927 wlh the purchos& ol the frv51's fir51 property in Scarborough. The fund is represented wholly by freehold property held as fixed os5els. The Copital Fund was initially set up wth two Pecuniary Legocies and voriou5 5ecurilies which were received upon the death of Mr E J Gross ond Miss M Smart. The fund has grown since Ihot time ￿th the addition ol ony nel profits earned on the disposal of investment 055ets. Reslricled lund5 The Exlraordinary Repair Rjnd wos estoblished to fund exlraoTdinary items ol repair expenditure, improvements or rebuilding ol the home5. Appropriation5 are mode lo or from thi5 fund os considered necessary by the trustee5. Transle￿ ore made from the fund lo cover exceplional expenditure. The ILJnd is represented by cosh ot bank and current 055et investment5. The fund also reflects the onnuol revalvolion ol Ihe unlisted investment5. Page 15 continuecl... DR SMARfs TRUST NOTES TO THE FINANCIAL STATEMENTS- conttnued F¢rThe Year Ended 31 December 2025 17. MOVEMENY IN FLINDS - conff nved Unrestricted funds The Cyclical Moinlenonce Fund is o designoled fund lo cover items ol repoir that occur over o regvlor cyclo. The funds are available lor use al the dkscrelion ol the trust895 and onnvol opproprialions are made lo thi5 fund as considered nece55ary. 18. RELATED PARTY DISCLOSURES There were no related party Iransaclion5 for the yeor ended 31 December 2025. 19. RNANCIAL INSTRUMENTS 2025 2024 The carr￿ng omounts ol the charity's financiol ir)slTvmen15 are as lollow5' fvnancial 055ets measured at loir volue Fixed osset 11gted investments Fixed asset unlisted investments 1,461.036 382,170 1.364.915 389.768 OPERATING LEASE INCOME There or8 minimum lease payments due lo Dr Smarts Trust within the next 12 months arnounh.ng lo £7.560 in respect ol non-cancellable operoling leases arising from The Lodge. Page 16 DR SMARfs TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIE5 For The Year Ended 31 December 2025 2025 2024 INCOME AND ENDOWMENTS Investment Income Investment income Inlerest received 70.906 5.193 107.3CO 4.097 76.099 111.397 Charflable acllv115es Residents fees 126.020 131.428 Other Income Lodge rents 7.582 7.3Ct) Tolal Incom5ng re50vrces 209,701 2X>.125 EXPENDITURE nvestmenl managemenl cosls Investment odvlsors lees Rent collection 10.178 999 10.359 892 11,251 Charitable aclivlllej Woges Pen540n contributions Woler rotes Insuronce Light and heal Telephone Posloge ond slalionery Advertising Sundries Provisions Loundry and cleoning Repair5 and renewals Gardening Solor poneL% Sub5CllPtions Bank charges Professional lees Council lox Travelling expenses 65.731 503 2,268 3,954 24,279 867 63.437 469 2.673 4.112 28.255 877 344 803 14,538 1.769 30.349 21.643 379 15.090 1.981 18,356 22,7(K) 18.840 770 237 2.565 98 65 789 242 1,278 65 171,422 182.035 Svpport costs Mtsnogement Poyroll administration Carried lorword 869 849 This page doe5 not form pcirt ol the 5tatutw finonciol stotements Poge 17 DR SMARfs TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2025 2025 2024 Management Brought forword Clerk's remuneration 869 15.765 849 IS.CK]) 16,634 15.849 Govemance costs Independent examiners fees 2.010 1,940 Tolol resources expended 201.243 211.075 Net Income 8,458 39.0&1 Tr)i5 page does nol lom) part ol the slalutory financial statements Poge 18