RECISTERED CHARITY Nb.MBER: 226893 Report oftbe Trustees and una￿dIted Fina￿¢1*[ s￿tt￿ents for the Year End￿ 30 Julle 21125 Spen£e's Hospitsl Charitt. StiTk tAmbert & Co Chart¢red AccouTbtants Kussell ChambeT5 61a Nonh Strect Keighley West Yorkshire BD21 3DS Spence's Hospital Chariti" Contents of tbe Financial StateD￿llts for the Year Ended 311 June 2025 P•ge Report of the Trustees I to 3 IDdependent Examiner's Report Stattmtrtt of Flllanclal Actlvltl Ba13n£e Sheet Notes t• the Fin#nci#l Statements 7 to 10 Detailed Statell￿￿t Df Fillancial Aetivities Spence's Hospltal Cbarity Report of the Trn$tees for the Yur Ended 30 June 2025 The trustees PFe5CRt their report wih the fin&n¢ial 51atemeTrts of the charity foT the year ended 3(} June 2025. The trusfres have adopted the provisions of Accounting and Reporting by Charities.. Sratemcnt of Recottunended Practice applicable to charitics preparing thcir a¢¢tsunts in 2¢COTdance with the Financial Reporting SiaTJdard applicable in the UK and Republi¢ of Ireland {FRS 1021 {effective l January 2019). OBJECTV*'ES AND ACTII'ITIES Pritnarilv the Charity was establisbcd to provide rcsidences for w)or persons residenl in the Parish of Carleton at the time of appoilltmeni. Wherc e14itn5 arc oihernise equal pref¢rence shall ￿ ¥i%"eii tts the nx)re agcd applicanL In default of a 5Ultable dpplicani resident as afort5aid the TnL81ees tnay appoint a person otherwise qualified who is resident in ally of the neighbouiing parisheb. ACHIEVEMENTS AND PERFORMAYCE Charii#ble activitie5 The Charity has continued io provide acco[Dn￿￿tioll for cight restdenis aJKI a wardtn at Spence's Court. the Charities premises ai Carleton ill CrdV•). During the year to 30th June 2025 there have beeTE exceptional ikn of expenditure on maintenance ￿Ph]ch are included under Cleaning and Maintenance Expenditllre as follo￿"S.. Completion of the Refurt)ishment tsf Flai 4 £1.065 FIWAN"CIAL REVIEW The result5 shown w"Ithin thcse FinaE]cial Stsiements in accordance with expectations of the Tnjstees. Maintenance Contributl0115 In conformity with the Trustees, policy (Trf periodic relie￿ the Weekly Mainienance CoDtribution was reviewed ai the Mceiing held on 22nd October 2024 when the Chari¢v's Budget based oll the Almshouse Association specimcn outline budget for 2024125 was considered in the light orcU￿ellt costs aud expenditure_ The Trustees resolN'ed ibal ihe Weekly MairttLndnce Coniribulion should be increasLrf by an akerdge of £4.03 per week per flat 1st Deecmber 20?4 which would also inLlude the Heattng contributio￿ This Contribution retnaiDed cffe¢tiN'e for the remainder of tbe year to 30t June 2025. The MainleDaDce Contribution Wds agatn revicwcd on ?Jrd Ociober 2025 and li was agreed that an average incr&qse of £4.19 per w¢k {4 /.) be irnpl¢mented fronj Isi Dwether 2025, Tnaking a current weekly rdie of £108.83. Res¢rYe5 policy The Tru5tee5 have establi5h¢d and maElltain a resm'es ptslicy and they itjclude eDsuring a pro￿1510￿ is budeeied ftir each year for Cyclical and Extraordinary Maintenance in accord8nte ￿1th Almshouse .4s50ciaiion recommendations_ The Trustees nortnall). tnakc a rontribuiioii ¢a¢li vr¢LI IO the ExtraorLlittary Rcpair Fund IERFI being a reserve fund tor the PUTpose ot providin2 for the extraordinary repair. improvemeni or rebuilding of the Alrn5houses from time to time belvngin8 to the Charity. Depetjdent upon the lei'el of expenditure in¢uTted on such item5 In an accounting period, transfers are then tnade froTll Income and Expend5tt￿e Account. This filnd can be draTh￿ upon io meet major items of improvements or extraordinary repaiT5 by applicaiion to the fi]nd man3uet5 ￿'ithOut the PTior conscnt of the Charity Commissioncrs. Each veaT the.41mshouse Association recommend a Thunimum level of provision for the ERF and this is normally invested in CharifuT)d M&G Accumulatioll Lnits and added to the Charity's existing holding. Thc Tru8tees have also cstablished a Cyclical M31ntenance Fund {CMFI to which transfeTS arc rnade from Jncome and Expenditurc Account froTll time to time and this fund is invested in COIF Charities Ikposii Fund where the intcrest is reinvested. The fund is rctained by the Trustees io meet rnainicnanc¢ oc¢urriDg at rcgular inteTr'als, for example external redccoration: and the c05t of professional fees in rcspeLt of Quinquennial In5peclioDS. Periodi¢allv at the Trnsiees Meetitigs, the TTustces constder the question of attH)unts to transfer io the ERF and CNdF on a reirylar basis_ However. the Trustees felt that in view of the reLrlll refurbishment expenditurc ulldertake￿ IhcTC %wned liiile reason ID rnakmg transfcrs to these funds dutiug the year. PilgFC Spence'5 Hosplt#l Ch3riti' Report of the Trustees for tht Year Ended 30 June 21J25 Illvestnwnts The Trnsiees rcviewed valuations of the Charitvs inv&%knents at the Oidinary Meeiings. The valuations have shoMI an overall incrvase in the totsl value of the investments compaTed to the previous year, but this was principally due to the ¢ontlAlled reinvcstment of income. There had becn 8 51i_£hi reduction in rhc unit value of the investments, but this had been anticipatEd follo￿n9 the gerkeral market condition5 for the year. The Twiees considered the positson was accepiable under the circwnstartces. li had been agrttd thai TJO Changcs in the ins'estsnents needed w be made. The Tn￿tec5 considered that the ovcrdll pcrfornjance of the investtnents was satisfactory. Almshouse Insuranee Policy The insuran¢e with Royal & Sun Alliance is renewed annually comm¢nLing 30th June each year. The buildings including thc Ctwity's contents art tutrenily insured for £1.724.106 and the Rcsidents contents ate iDsured for a total of £30,94418 units ill equal propottions)_ The Public Liabiliry Inde]nnity Limit is £5 lljillioll and ihe Legal R¢spunsibiliti¢% to Employees 15 £10 million. The ReIn5tatr￿enl cost of the propcrty was a&%s5ed by WBW Chartered Surveyors Ltd at 25th July 2022 as £1,350.(M)O. so tbe trustees eoDsider the CUTrent It￿¢] of coker was adequate. Charitv T￿ste¢ Assurance Within ihe Almsbouse inSUTance policy there is indemnity insurdnce cover providing for tn￿ces, liability of £250.000. The level considered appropriatc for the size and natllre of the ¢ban"ty. Auotrnents There are sevenieen allotment holdu5 who are charged the annual non-refundablc cbatge of £15 for a small allotmettt and L20 for a large allotTnent. Propertv V#lu#tion The value of the properry was a&ses5ed on an'¢x¥sting use. basis by Mcssrs. Cltsnered Survevors Ltd at 25th July 2022 at a value of £550,000_ This valuation disregard5 any W>ssible aliernati&e uses and any other chardCteristlC5 of the as$¢i that would cau5C ils Market Value to ditTer frotn thai needed 10 Teplace the remaining servitt Jx)teniial ai least cost. The irusiees regard thai this v31uailo￿ which wa5 undenaken on 25th Jlllv 2022 should be the revaluation arnount to be carricd forward at 30th June 2025 and atty differences in the atllounts between these dates would n(It b¢ material. STRUCTURE, GOVERNANCE AND ￿AGEMEN[ Governing document The charity is controlled by its governing a deed of fftLS1 and constitutcs aD ullillrorpotated Clwity. Spettce's Hospital Charity at CarlctOD ID Crnven was comprised in a Scheme of the High Court of Justice {Challcery Division} of 7 August 1877 and Schemes of the Charitv Co[ntlliS5ione￿ of 17 July 1888, 19 Febtuary 1901. 14 August 1931, 17 December 1968 and 2) October 197). The Sche￿¢ dated 25 October 1973 replaced the provisions of the earlier Schemes and therefore the 1973 Schetr* is the charl￿S Governing Do¢wMt. Organi5ational structure The Trllstee5 Shall consist when complete of seven ¢ompeient persons being one Nominative Trustee alld six Co-optaiive Tn￿rees. The Nominalive Tn]stee sh811 be appoinied by the Pati5b Council of Carleton alld each appoinrneni shall be made for a term of four Yea[5 al a me¢ting convened and held atcording to the ordinary PTa¢ti¢e of the Council. The person appointed may be. but rteed not be, a MeM￿r of the Council. The Co-optativc Tn￿t￿S shall be persons under the a¥¢ of seventy-five years ￿•10 thmugh residence: occupation or employment or othe￿Ise have Special knowledge of thc Parish of Carlaon. Any Co-optative Ttustre who has attsirted the age of seventy years may coniinue in office only with the ctsnseni of his or her c(>-llwiees. Every fvturc C04)PL2tive Trustee shall be appointed for a tern] of rive years by a rcsolution of the TnLStees passed al a Special Meeting of which Dot les5 than twenty-one days, notice has been given. The Trnstees norrnally tueet at least half yearly for Ordiw.Medings. and routine and maintenall¢e matters have been dealt with remotcly by the cotnmitiee. AD Annual Generdl MeeLing held OD 22Dd October 2024. The Charity is the 0￿￿er of eight Altnshouse5 a[￿ olle otbet flat o¢cupie41 by the Warden and they are 5itUY4ted at Spence's Court. Carletou Sk]"ptoJ North Yorkshire. When there is a vacancy. the Tn￿lee$ try to find a resident in th¢ Parish of Carleton suitable for appointment as all A]ULsper50TL. Where Clai￿ are otheTWry% equal, preference sh811 be ven to the more aged applicant. If on ibe occasion of a vac•￿Y there is no 5Ultable applicant qualTrfied. the TTUStees may appoint a person Other￿Se qualified WIM) is Ksident in any of the neighbouring parishes. Page 2 spe￿et's Ho$pit#l Charity Report of the Trnstee5 for the Ye4r Ended 311 Jtsne 21125 STRUCTURE, COVERNANCE AND MANAGEMEP Trustees Ther¢ were not any changes to ihe TrLTrStecs th]ring the year to 30th June 2025. Rtl#ted partles The ChaTity has no related parties. REFEREP4CE AND ADMtNtSTIL4TIVE DETAILS R¢gistered Charity Dutllber 226893 Prlncipal address at Carleton in CraTren clo Mr R Machi No.1 Thomton House Thumton in Crai'en N'orth Yorkshire BD23 3TB Trustee5 Mr N P Cla)ton-St¢ad (Chairperson) Mr P Holme* Mr J Cullen Mr J Churcher Ms F Sieel Mrs S Williams Rey K ShoesTnith IndepertdeDt Eiaminer HLlcn Luuise Barritt FMAAT Slirk Lambert & Co Chariertd Accountants Rllssell Chambers 6 la North Street Keighley West Yorkshire BD213DS Approved by ordeT of the board of trustees on 5 June 2026 and Signed on its beha]f by. r N P Cla￿on-Stead (Chairperson)- TTUStee Page 3 IDdependeni ExamiDer's Report to the Trnsttts of Sp¢Dce's H05Pital Charity IndepeThdent cxaminer's report to the trustees of Spence's Hospital Charitv I report to the charity Uustees On m). examination of the accounts of Spence's Hospital Charity (the Ttust) foT the year ended 30 June 2Q25. Re$ponslbilities and basis of report As the charity mi8tre8 ()f the TnLSi yoll 8Te r&sponsible for the preparaiton of ihc aecounts in accordance wth the requirements of the Charities Aet 2011 ('the Atc). I report in rcspecl of rny examination tsf the Trusi's ac¢ounts carried out uDder Section 145 of th¢ Act and tn carying out my exatllillation I have followed all applhcable DirectioDs given by the Charity" Commission under Scctiott 14515llbl of the Act. IDdependent examiner'5 statement I have Completed my examinatioD. I confirtn that no n]aterial matters have e¢)rne to tny attention in CODneetioll with the ¢xaminatiorÉ giving rne cause to ￿lieve thal in any material reSt￿t.. accounting records were not kept in respecl of the Tntst as by Section 130 of the ACL or the accounts do nol a¢wrd with those records.. or the accounts do not cornply with the applicable rquirernents Concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) RegulatioDs 2008 other than any requirerneni that the accounts give true and fair view which is uot a Tvatter cortsidered as part of an independent exart)IT￿lio￿. I have no roncetns and have acTOSS no other rnatters in coDnection with the examination to which att¢tttion thould be drawm in this re￿)rt in order to enable a proper undetstanding of the accounts to be reached. Helen Louise Barritt FMAAT Stirk Lambert & Co Chartered Accountants Russell Chambe 61a North Street Keighley We%t Yorkshire BD213DS 5 Jllne 2026 Page 4 Spellee's Hospital Charity St*icment of Fin*nciaJ Actii'itie5 ror the Yvar Ended 31) JuDe 2025 30.6.25 rotal fiJn(ts 30.6.24 Totsl U[￿estrIcted Restricted fimds fijnd Notes INCOME AND ENDOWMINTS FROM Other trading activitte8 Investrnent i￿LO￿t 42,050 23.712 42,050 23.712 34,323 63,030 Total 65,762 65.762 97,353 EXPENDIThIiE of* Other 31.395 31.395 39.659 NET INCOME 34,367 34.367 57,694 RECONCILtATION OF FUNDS Total funds hroughi forward 575,947 550.(NM) 1,125,947 1,068,253 TOTAL FUhTbS CARRIED FORWARD 610.314 550.(K ,I60.314 ,125,947 The notes forlll part of these fillanc￿l statements P8ge 5 Spence's Hospital Charity Balance Sheet 311 June 2025 30.6.25 Total fihtmjs 30.6.24 Total fund$ Unrestricted Restricted Notes FIXED ASSETS Investments Inve5tnientS Investment property 520.947 520,947 550.000 501.294 550,000 550.000 520.947 550.(MIO 1.070.947 1.051294 CURRENT ASSETS Debiors Cash at bank 774 89.889 774 89.889 1.383 81.804 90.663 90.663 83.187 CREDITORS AtnounLs fallin¥ due within one yfdr (1.296) (1.296) (8.534} NET CURRENT ASSETS 89J67 89,367 74,653 TOTAL ASSETS LESS CURREIYT LIABILITIES 610,314 550,IKK) 1.160.314 1.125,947 NET ASSETS 610.314 550.(M)O ,160,314 1.125.947 FbNDS Unrestricted fi￿dS Restricted fi￿dS 610.314 550.(KHJ 575.947 550.000 TOTAL FUNDS 1.160.314 1.125,947 The financial statements were approved by the B(wd of Tn￿teeS and authorised for i&sue on 5 June 2026 and were sigr1￿ on its behalf by.. r N P Clayton-stead {thtrperson)- Tnwee The llO*s foEm part of these finan¢ial statanellts Speltce's Hospitsl Charity Note5 to the Statements for Ihe Year Ended 30 J￿lle 21125 Accouf4TING POLICIES B#$is of prepari￿g the financi*l 5tateDWDts The financial statetnents of the ¢hariry, which is a public benefft eniity under FRS 102, have been prepared in accoTdance with the Chartties SORP IFRS 102) 'Aceounting and RerA)rtin8 by Charities.. Statement of RceomTnended Pwtice applicable to chariiie5 preparing their accounts in accordance ￿th the Financial Reporting Standard applicable in the UK and Republic of [￿land IFRS 1021 {eff￿￿lve l January 2019).. Financial Reporting Stsndard 102 The Financia] Reporting Sthndard applicablc irt the UK and Rcpublic of Ireland, and the Cbariiies Art 2011. The fitMDcial staietnent5 bavc been ptcpared und¢r the historiedl c05t convention. w'ith the exception of inN¢st[￿its whi¢b are iDcludeullt cao be measured reliably. EApeDditllre Liabillties are re¢o.(pnised as expenditure as soon a5 there is a legal or consrnctive oblioalion committing the charity to thai expenditure, it is probable that a trdnsfer of economi¢ benefits will be iequired in settlement and the amount of the obligation can be mwured reliably_ Expenditure is a¢¢ounted for on an a¢crnals basis dnd has be¢n classifjed under headings that aggregate all c051 related to the category. Where costs ca5￿0t be directly attributcd to particular headrngs they hai'¢ been allocated to actiTrities on a basi5 consistortt ￿7th the use of resources. Investment pruperty Tnve5trnent property is shosvn at m05t receni valvation. Anv aegregate sU￿[￿S or deficil arising from changes in fair value is recognised In the Statement of Financial Aciii'iiies. Tax#tioD Th¢ charity is exempt from tax on ils ¢tAritsble aeiivilies. OTHER TRADThG AcT[￿lEs 30.6.?5 30.6.24 Maintenance contributiolls Allotments. Other income 40.938 85 1.027 34,323 42.050 34,323 INYESTMEfiT If•COME 30.6.25 30.6.24 Dividends received- COIF DiMdcnds Re¢eived- BlackRo¢k Dcp051t account inieresr Rcvaluatiort- ERF Revaluatiort- accuTnulation Revaluation- incon 24.609 82 3.560 13.247} 16001 16921 22,336 92 3,663 32,433 3,292 1.214 23.712 63.030 Pagc 7 contiT]ued... Spence's Hospital Charih. Notes to th¢ F?naDcial Ststements- contiDued for the Year Ended 30 JuDe 2025 TRUSTEES, REMUNERATION AND BENEFITS There were no tn]siees' remuneration or other benefits for the Y￿ 30 June 2025 nor for the year ended 30 Junc 2024. Trusttes. expenses There were no trustees. expejw paid for the yeareDded 30 June 2025 nor fi)r the year ended 30 June 2024. FLXED ASSET INVESTMEf*TS Listed investEllents MARKET VALUE At l July 2024 Additions Rewaluauons 501,294 24.192 {4.539} At 30 June 2025 520.947 NET BOOK VALUE At 30 June 2025 520,947 At 30 June 2024 501.294 There were no inyesttnent a&sets outside the UK. Cosi or valuation at 30 Juue 2025 is represented by: Listed I￿Ve￿￿Ents Valuatiotl in 2025 520.947 INVESTMENT PROPERTY The investment prtspeTty known as Carleton Aimskn was Valu￿ on 25 July 2022 by WBW Surveyors Ltd of skiP￿tt 8¢ £550.000. Fair N'alue at 30 June 2025 is representrAi by. Valllation in 2022 550,000 Page 8 continu￿... Spth¢t'5 Hospital Charit) Notes ¢• tbe Financill Statements- tO￿tInued for the Year Ended 30 JuMe 21125 DEBTORS: AMouf4TS FALLIPIG DUE WITHLN 0￿E YEAR 30.6.25 30.6.24 Other (kbtors 774 1,383 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.6.25 30.6.24 Trddc Creditors 1,296 8,534 MOVEMENT IN FUNDS Net sTh)vement in funds At 30.6.25 At 1.7.24 Unrestricted funds Extraordinary repair Income Accumulatiofj Cyclical maintcnance 451,281 17,240 32.666 74,760 20.946 IU.472 16001 3.549 472,227 27,712 32.066 78,309 575,947 34,367 610,314 Restricted funds Land and Buildings 550,1NX 550.000 TOTAL FUNDS 1.125,947 34.367 1.160,314 Net mov¢￿ent in fut￿1 included in the above are as follo￿. Incominq restsuices Resources expendtyj Movert)ent in fimds Unrestrieted funds Extra(>rditLary Icpair Income Accumulation Cyclical Mainte1￿Ce 20.946 41.867 (6(Kll 3.549 2(Tr,Y40 10,472 (600) 3,549 (31.3951 65.762 (31,3951 34,367 TOTAL FUNDS 65,762 (31,3951 34,367 Page 9 coniinued... Spellce'5 Hospit*l Charili .Yote5 to the Fln*nel#l StaTem¢nts- contillued for tbe Year Ended 30 June 2025 MOVEMEryT IN FUNDS- tontlllued Comp*r*tives for mOveme￿t in funds Net rnovement in fund5 At 30.6.24 At 1.7.23 Unrestricted fulld5 Exttzoidinary repair Income Accumulatio Cyclical maintenance 396.917 20.865 29.374 71.(197 54.364 {3.6251 3292 3,663 451,281 17.240 32.666 74,760 518,253 57,694 575,947 Restricted fullds Land and Buildin85 550.0(M) 550.000 TOTAL FUNDS 1,068,253 57,694 1,125.947 Compardtive net t[￿ve￿¢￿t ill funds. included ill the atrf)ve att as follo￿.. I￿>Ining Resources expended Movement in funds UDrestricted fuThds Extraordinary r¢pair 54.363 36,035 3,292 3.663 54.364 13,6251 3.292 3.663 {39.660) A¢¢umulaiion CyLliLal maini¢nancc 97.353 139.659) 57,694 TOTAL FLNDS 97.353 139.659) 57.694 io. RELATED PARTY DISCLOSURLS There were no related party traTLsactioDs for the year ended 30 JuDe 2025. Pag¢ 10 Spellce's HospSt*l Charity Detailed StstemtTrt of Fin•n¢lal Actilrities for tht Y￿r Ended 30 Jknne ZOZS 30.6.25 30.6.24 INCOME AND ETr4DOWMKNTS Other trading activities Maintenancc Contribulions Allotments Othcr incoll 40,938 85 1.027 34.323 42,050 34.323 InvestD]ent into￿e Divid¢n(fs received- COTF Dividend8 Received- BlaLkRock Deposit account interest Re￿alUatIon- ERF Revaluation- accumulaiioll Rei?luation- income 24.609 82 3,560 {3.247} 1600} 1692} 22.336 92 3.663 32.433 3.292 1,214 23,712 63,030 Total IDtomiNg resources 65.762 97.353 EXPENDITURE Other Handvman Accountancy Suttdri¢5 Gas and LI￿tricItY Altnihouse inSUfdnce policy CILaning and mainienan¢e Rate5 and water Warden's salary Admini5tsative clkvges 904 958 801 9,511 2.592 6,681 1,857 6.891 1.200 914 2,284 10.187 16.443 1.527 5,788 2,400 31,395 39,059 Tot4J resources expended 31,395 39.659 Net income 34,367 57,694 This page does not fotm part of the Stat￿Ory finallcial statements Pagell