**REGISTERED CHARITY NUMBER: 229908** **Report of the Trustees and** **Unaudited Financial Statements** **for the Year Ended 31 December 2025** **for** **Eustace Hook & Drummond Memorial Almshouse** McLean Reid Chartered Accountants 1 Forstal Road Aylesford Kent ME20 7AU **Eustace Hook & Drummond Memorial Almshouse** ## **Contents of the Financial Statements for the Year Ended 31 December 2025** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|11| **Eustace Hook & Drummond Memorial Almshouse** ## **Report of the Trustees for the Year Ended 31 December 2025** The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The charity was formed to provide low cost housing for poor persons who are not less than sixty five years of age and who were born in, or have been an inhabitant for not less than ten years of, the Parish of Snodland, Kent. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Public benefit** In managing the charity's activities and finances during the financial year, the trustees were aware, and had due regard to, the Charity Commission's guidance on public benefit. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** The trustees are happy to report that the Eustace Hook and Drummond Almshouses Trust is still very much an ongoing concern. An outer building inspection was carried out in December 2025 with only a few minor recommendations reported. These will be carried out in the spring. The refurbishment of kitchens and wet rooms could continue in 2026 as there were two empty flats for a few months, this leaves one left to do. Unfortunately this leaves one of the residents nowhere to stay during the work. As most of the residents have been in their flats for a few years, the trustees had felt that a plan for internal decorating to be instigated during 2025. This was started at the beginning of the year with two flats being painted, but unfortunately this was put on hold due to having two flats empty for five months which reduced the income, along with the cost of paying electricity etc. during this time for these flats. Hopefully this will continue to be carried out in 2026. The trust's accounts are stable and in a good condition and all flats are occupied and maintenance charges paid regularly. Hopefully the trust will go on for many years to come. ## **FINANCIAL REVIEW** ## **Financial position** During the year ended 31st December 2025, the charity collected contributions from residents towards the maintenance of the almshouses amounting to £38,868 (2024: £45,073) and generated other investment income of £13,429 (2024: £13,333). The total income was £52,297 (2024: £58,406) and of that amount £52,850 (2024: £28,448) was expended , giving a deficit of £553 (2024: surplus of £29,958) for the year before movements on investments of £23,348 surplus (2024: surplus of £5,695). This unrealised surplus of £23,348 (2024: surplus of £5,695) was recognised in respect of the charity's listed investment portfolio during the year. There were no realised gains or losses during the year (2024: £nil). The overall surplus for the year was £22,795 (2024: surplus of £35,653). As at 31st December 2025, the charity's total funds amounted to £399,085 (2024: £376,290). The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Reserves policy** It is the policy of the charity to ultimately maintain 'free' reserves (being that element of the unrestricted funds which is not funding fixed assets) of at least one year's maintenance contributions uplifted to cover anticipated expenditure for the following year. As at 31st December 2025 the free reserves of the charity amounted to £170,815 (2024: £181,261). The trustees consider the closing level (being roughly equivalent to 5 (2024: 6) years of running costs) and growth of free reserves to be adequate, allowing for unplanned expenditure. Page 1 &Dru for STRucnJRE, GOVERIIANCE AND MANAGEMENT Govemlng docufflent The ¢harity iq contrdled by its g￿rn[￿j d0￿M￿l a d8&J oftrust8nd cons￿ an untr£oiporatsd chgrity. REFERENCE AND ADMINISTrATIVE DETAILS R•gl8tsr¢d Charfty number Pthlpal addreB8 27 La Snr*JlaTrJ ME6 5LP DrA Ashbeè Cfia S WG King5bury Trusteg Ms S L Shaw Trustee Ms V Tlpp Trusta8 Ms S Henyar Tnjstee P M Hicknott Tn D TompsettTrusto8 Indepond•nt ExamlneT A M ReKI FCA McLean Rpid Chartered Account• 1 Forstal Road AyK8sford Kent ME20 7AU Apwo%ed ty iydwofthtr IThTtI C{tr￿tee$ on 16 Marth 2028 •xi ¥P3n￿ on #8 be￿bY.. Ms V Tlpp- Trustee P&J8 2 Hook&D Almsho Independent ￿MIne￿ reportto th• tru8ta•s of EuBtac• Hook & Dnmmiond Mgrnorfal Alm¥lwu80 I roport lo the charty trLBtees on my examlnaÈon of the a¢c4)unts of E￿8tace H(￿ & Dwmmond MemNial Akn¥hcuq• {the Trugt) ye8rended 31 D￿ml￿r202S. R•spt>n*lbS1Stles and ba•ls of AS Ihe charity trust￿ of the TruBt YOU We re8pongNg for the pteparatton of ts aC0)￿ts In •)>)rd8nc* wilh the requ*emènt8 ofthe CIHribg8 Aci 2011 Cthe Arf). I repJrt In re¥￿t of my ex&YnNiation ot tho Tntsls ac¥xunts carri￿1 out L￿der Secllrffl 145 of ts Act and in carykng out rny 8￿￿￿tiOn I havè followed au applIC4b￿ Dlredons gNen by the Charty Ccmmtssion under Sethi 14515llbl of the Independent•xamin¢ts #tatement I hava completed rny axamlnation. I ￿nfirM Ihat no rn8terfal matter8 ha￿ to my attention in conneckn wlth tr examination gmng mè eau2¢ trs teligve Ihat in any mat￿￿ rasF*c* ¢ouni￿g recc(ds wèrn not k￿ kn fvSF¢Ct olthe Tr￿t as rw4ulr8d by s￿b￿n 130 ofth• Art or the accounts do rwt8c¢ord wth those rec4Jrds', c the accL)unts do not compty th& appllc¥tl¢ rtquirements ccfflr*mlng th8 fom) 8nd ¢¢ntsnl of 4￿nts Set ¢yJt in tho Charlles (Accounts and R9FX)rtsl RegulatiC￿5 2008 other than any raqulremant 1h8t the xvJunts gib and f￿rViewWhldj a rnatter con￿der&I as part of an Independent examinati¢)n. I have no 0)nc￿￿ ond conw acr￿ no other matters In connecllon wlth tha examlnaoon to vA*th attentiC￿ shoutd b8 drawn In this rewt in order to enable a prwr understsndiNJ ofthe accounts to b& reached. A M Rgld FCA M¢Le8n Re*J Chartered Ac))￿)￿nts 1 Forstsl Road AY￿1)rd Kent ME20 7AU 17 March 2028 Page 3 ## **Eustace Hook & Drummond Memorial Almshouse** ## **Statement of Financial Activities for the Year Ended 31 December 2025** |2025
Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
38,868
Investment income
2
13,429
**Total**
52,297
**EXPENDITURE ON**
**Charitable activities**
Low cost housing
52,850
Net gains on investments
23,348
**NET INCOME**
22,795
**RECONCILIATION OF FUNDS**
Total funds brought forward
376,290
**TOTAL FUNDS CARRIED FORWARD**
399,085|2024
Total
funds
£
45,073
13,333| |---|---| ||58,406| ||28,448| ||5,695| ||35,653
340,637| ||376,290| The notes form part of these financial statements Page 4 31 2024 Total nds Unrnstritsd nds FIXED k88ET8 In¥Rslmentg 228.270 195,029 CURRENT ASSETS Oebtors Cath 81 b8nk 1,182 173.436 1.141 183,749 174.816 184,8 CREDITORS Amourts lalltng wilhin ong > (3,8031 13,6291 PIET CURRENT ASSETS 170,815 181.281 TOTAL ASSET8 LE8S Ci*RENT UABIU 399,C¢5 376,290 14ET ASSEr8 393,085 376.290 FUNDS 399,085 378.2frJ TOTAL FUN08 399,085 376.tsj Tha ffinandgl Statem￿ h*re wov•J ty thg Bwd of Tru8tee8 8nd authori8¢d for18su* on 16 MaKh 2026 ned on tts behalfby. A h£ht•e-Tru8teg V Tl)p-TN8ts8 The notes fonn part oflfos¢ statsrmnts Paga 5 **Eustace Hook & Drummond Memorial Almshouse** ## **Notes to the Financial Statements for the Year Ended 31 December 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. No material uncertainties that may cast significant doubt about the ability of the charity to continue as a going concern have been identified by the trustees. The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': - the requirements of Section 7 Statement of Cash Flows; - the requirement of paragraph 3.17(d); - the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); - the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; - the requirement of paragraph 33.7; - the requirement of paragraph 24(b) of IFRS 6. ## **Income** Maintenance contributions from residents are recognised as income when received by the charity. Grants, donation income and income from investments are recognised when receivable. ## **Expenditure** All expenditure is accounted for on an accruals basis. Expenditure is allocated to cost categories based on the amount attributable to that activity in the year. Irrecoverable vat is allocated against the related expense. ## **Tangible fixed assets** Tangible fixed assets (including social housing properties) are stated at cost. The cost of housing properties includes the following: - 1). Development expenditure, including major structural refurbishment works. - 2). Amounts equal to acquisition and development allowances receivable. These costs are either termed 'qualifying costs' for the approved housing association schemes and are considered for mortgage loans by the appropriate lending authorities, or are met out of the charity's reserves. The cost of acquiring the charity's housing land and buildings, however, is not included. Title to the almshouses is vested in the charity under the terms of the trust deeds dated 30th July 1900 and 10th may 1904. the charity has therefore never incurred any cost in acquiring its land and buildings. The cost of housing and land and buildings is depreciated over the period to 2023. the trustees consider this to be a reasonable reflection of the expected useful life of the development cost. Housing properties in tangible fixed assets are valued at deemed cost at 1st January 2014. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 6 continued... **Eustace Hook & Drummond Memorial Almshouse** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025** ## **1. ACCOUNTING POLICIES - continued** ## **Impairment of fixed assets** At each reporting date, the charity reviews the carrying values of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **2. INVESTMENT INCOME** |Income on investment fund
Deposit account interest|2025
£
7,929
5,500
13,429|2024
£
7,061
6,272| |---|---|---| |||13,333| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** The secretary received aggregate fees for her work amounting to £1,789 (2024: £1,789). No other trustees received remuneration from the charity during the year (2024: £nil). ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024. ## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||funds| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|45,073| |Investment income|13,333| |**Total**|58,406| |**EXPENDITURE ON**|| |**Charitable activities**|| |Low cost housing|28,448| |Net gains on investments|5,695| |**NET INCOME**|35,653| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|340,637| |**TOTAL FUNDS CARRIED FORWARD**|376,290| Page 7 continued... **Eustace Hook & Drummond Memorial** **Almshouse** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025** ## **5. TANGIBLE FIXED ASSETS** |**TANGIBLE FIXED ASSETS**|| |---|---| |**COST**
At 1 January 2025 and 31 December 2025
**DEPRECIATION**
At 1 January 2025 and 31 December 2025
**NET BOOK VALUE**
At 31 December 2025
At 31 December 2024|Freehold
property
£
538,176| ||538,176| ||-| ||-| At the balance sheet date, the charity owned property which contained ten (2024: ten) dwelling units. All ten units were in use throughout the year for the one principle activity of the charity. The cost of acquiring the charity's housing land and buildings is not included in the above. Title to the almshouses is invested in the charity under the terms of the trust deeds dated 30th July 1900 and 10th may 1904. The charity has therefore never incurred any cost in acquiring its land and buildings. ## **6. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Listed| ||investments| ||£| |**MARKET VALUE**|| |At 1 January 2025|195,029| |Additions|9,893| |Revaluations|23,348| |At 31 December 2025|228,270| |**NET BOOK VALUE**|| |At 31 December 2025|228,270| |At 31 December 2024|195,029| |There were no investment assets outside the UK.|| |Cost or valuation at 31 December 2025 is represented by:|| ||Listed| ||investments| ||£| |Valuation in 2023|93,481| |Cost|134,789| ||228,270| Listed investments are valued at closing mid market value at the balance sheet date. The historical cost of fixed assets investments is £134,789 (2024: £124,896). Material investments (comprising more than 5% of the charity's overall share portfolio by value) at the balance sheet date were as follows: ||Market value| |---|---| ||£| |M&G Charity Multi Asset Fund Accumulation Units|138,053| |Blackrock Charities UN Equity Fund A Accumulation Units|76,890| |Blackrock Charities UN Bond Fund A Accumulation Units|8,560| |Blackrock Charities UN Equity Fund A Income|4,471| Page 8 continued... **Eustace Hook & Drummond Memorial Almshouse** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025** ## **6. FIXED ASSET INVESTMENTS - continued** |Blackrock Charities UN Bond Fund A Income
**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued income
Prepayments
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**9.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
52,297
**TOTAL FUNDS**
52,297
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|||||296| |---|---|---|---|---|---| ||At 1.1.25
£
376,290
376,290
Resources
expended
£
(52,850)
(52,850)
At 1.1.24
£
340,637
340,637|2025
2024
£
£
37
35
1,145
1,106
1,182
1,141
2025
2024
£
£
3,803
3,629
Net
movement
At
in funds
31.12.25
£
£
22,795
399,085
22,795
399,085
Gains and
Movement
losses
in funds
£
£
23,348
22,795
23,348
22,795
Net
movement
At
in funds
31.12.24
£
£
35,653
376,290
35,653
376,290|||| Page 9 continued... **Eustace Hook & Drummond Memorial Almshouse** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025** ## **9. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|58,406|(28,448)|5,695|35,653| |**TOTAL FUNDS**|58,406|(28,448)|5,695|35,653| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.24
£
340,637
340,637|Net
movement
in funds
£
58,448
58,448|At
31.12.25
£
399,085| |---|---|---|---| ||||399,085| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|110,703|(81,298)|29,043|58,448| |**TOTAL FUNDS**|110,703|(81,298)|29,043|58,448| Fixed asset fund - this fund holds the investment property which is used as the main premises of the charity and for income generation. Investment fund - these funds are invested to maximise total return and generate income. Other fund - these funds relate to a Government grant first issued in 2004, which was being written down on a straight line basis to 31st December 2023. The fixed asset fund and other fund are partly re-designated as investment fund in line with the depreciation of fixed assets. The charity maintains reserves which the trustees believe is adequate to ensure proper maintenance and renovation of the almshouses. Page 10 continued... **Eustace Hook & Drummond Memorial Almshouse** **Notes to the Financial Statements - continued for the Year Ended 31 December 2025** ## **10. RELATED PARTY DISCLOSURES** Note three explains the related parties transactions in 2025 and 2024. Page 11