Charlty number.. 231984 THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE HOSPITALOF ThE HOLY AND UNDMDED TRINITY CONTENTS Pagg Rol•ronc• and admlnljtra￿ve deta115 of the charlty. its Trustee and advl¥8rn Trusto•'s roport Ind8pond•nt Audltors. rèport on th• financlal statamonts Statement of flnanclal actlvltlè# 3-13 14-17 18-19 Balanc• $h•ot 20 Stat•menl of cash flows 21 Notes to the flnanclll $tat•mènts 22-40 THE HosprrAL OF THE HOLY AND UNDMDED TRINI REFERENCE AND ADMINISTRATf4E DETAILS OF THE CHARifY. ITS TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Tru$tg9 The Reverend Canon Nicholas J W Br￿, Mastsr & Governor Charfty Reglstered Numbor 231984 Estato Offlce Trinity Estsles Office Newcastle House 37 8ridgegal8 Relford DN22 7UX Almshou48# Ho8pltal Road Rgttord Nottinghamshire DN22 7BD Balllff & e•tato¥ Manag•r Mr John DavKI Marshall MRICS Ind•pend•nt Audlt¢rs Streets Audit LLP Tow8r H￿88 Lucy Tower Strè8t LSncoln LN11XW Bank•rs Vbrgln Monèy Jubllee House Newcasue Upon T￿e NE3 4PL National Wesbninsler Bank plc 250 8ishopsgat8 London EC2M 4AA Solleltor# Jon6s ar￿ Co 5 Churchgate Cannon Square R8tford Nottlnghamshire DN22 6PB lrtv6$tment Advlsors Investec Wealth & Investment Beech House 61 Napier Slraet Sheffield S11 8HA Agrkultural, Commorcial Fisher Gemian and R•sld•ntlal Property Unit 2 Carolina Court Advi¢8 Lak8sid8 Busin8ss Park Doncast8r DN4 5RA Pag8 1 THE HOSPITAL OF THE HOLY AND UNDMDED TRINITY REFERENCE AND ADMINISTFiATIVE DETAILS OF THE CHARITY. ITS TRUSTEE AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 OECEMBER 2024 AwhltKt Cart Andrews Soul Archilecls 13 Spark8n Hill Worksop Nottingh8mshlfe S8Q Ro8id•ntlal Pr¢porty Advlsors Brown & Co 2￿33 Grove Str881 Retford DN22 ￿P Page 2 THE HOSPITAL OF THE HOLY AND UNDMDED TRINITY TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trusleg presents his annual wport logath8r wth Ihe audile¢J finandal statBm8rbts of The Nospital of the Holy and Undlvlded Trinity Ilhe chartyl for the year onded 310ecombgr 2024. Tha Trust88 confimis that tha annual report and financlal slalom8nls ol tho charity comply vAlh th8 ￿rrent statultjry requlr8ments, thg requlremenls ol Ihg chariws govemlng documanl and the provisions of the Stslem8nt of Recommended Practice ISORPI. applicable lo Charities pr¢paring their accounts in accordance wilh the Financial Rgporbng Standard applicablg In the UK and Republ￿ of Ireland IFRS 102). Thg chafity also operates under the name Trlnity Hospltal Estates. structure, Gov8manc• and Manag•m•nt . Con$trtuUon John Darr91'8 Will stslas 'lhey my sald executors and truste85 by suth their d88d shall Ilm￿ a8slgn and appolnl that the said Hospltal and the poor and Impotent mgn thèrèln as br6lhr8n and tho Subdéan ol the glhgdral Church of the Blessed Virgln Mary of Llncdn and his successors as Masl8r and Govgrnor there ol shall bo lrt¢orpor8led by the nam8 of Mastor arKI Govomoi and the brethren of the Hospltal of the Holy and Undiwdgd Trinity of Wast R8lford In the County of Notbngham.. Governi The governing document of the ehaniy Is the Will ol John Darrel dated 11 Novambar 1864. John Darrel died on 8 March 1665. In his Will he specif￿d that.. the Subdean of Llncoln and his successors should be Ma81gr & Gov¢mor, 88 sola trusloe. (11} tho Maslor & Governor should appolnt a Bailfft. as a pald officer of the charlty, to manage and mainlaln th8 propgrty and land and adminlster the financigl aspocts of thè ¢harfty. 11111 a woman. holding the UU8 ol Nurse. but now ¢a118d Matron, 8hould be employod by th8 Master & Governor lo clean the common rcoms and Iwk after th8 weWar8 of the brethren. (Iv) the local Rector should18ad the dalty pra￿r3. These bmshes arg the b8s1s for the Trust Deed (Slatules. ordinan￿ Oftlers and Rvlesl for Ihg ¢harily. Several Schemes have been made and amended over the cenluries. Th8 lalesl Scheme 18 dated 28 June 1974. Tha Scheme benefited from a minor amendment. dated 26 Septernber 2005, which removed the necessity for Charlty Commisslon approval in respect of any annual increase in the 88iliffs salary. b. Oryanisatlonal Structure and D•clslon Maklng Office.. Master & Governor- as sole Iruslee. Nama.'The Reverend Canon NiC￿laS James Watson Brown. Date of Appoinlmenl= 9 March 2021 Appoinlmant.. Will of John Darrel dated 11 November 1664. The Master & Govemor is the sol8 trustee and ha5 overall responsibilty for the tharfty. John Darrel's Will ststes.. ..And further by th9 same deed they my saAd executors shall limit and appoint that the Subd&8n of Lincoln and his successors shall be sole visitors of the said Hospital alhl no other.. Page 3 THE HoSP￿AL OF THE HOLY AMO UNDMDED TRINITY TRUSTEE'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Officers Offi¢e.' Baillff & Estal8s Manager Nam&,' Mr John David Marshall Dale of Appointment.. 1 January 2020 AppoSnlmenl: Trust Deed dated 14 June 1672. The Baillff & Estates Manager is the senior officer and Is responsib￿ to the Master & Governor. The Bailiff & E8tales Manager is appointed by the Master & Ggvgmor and depulls88 for thè Master & Govemor during any prolonged absence. The Trinity Estates Office staff are direcdy responsible lo th8 88lllff & E$tstes Manager. Thg salary paltj lo tha 8ailiff & Estatss Manager Is detsmlned and approved by the TNsl8e and18 8ubject to 8n annual review. Offlce H8ld.' Chaplaln Namè.. The R8v&rand Canon Richard Charl9$ La￿3 Dale of Appoinlm8nl-. 1 August 2012 Appoinlm8nt.' Trust Deed dated 14 June 1872. The Chapl8in18 re8ponsSble to the Master & GoverrK)r ar￿ l¢)oks 8fter tho SPiritu81 welfar8 of the brethrgn. Matins 15 hgld in th8 frinity Chapel Monday to Fdday Incluswa. Holy Communion 18 takgn on Wednesday momings. Speclal services are held at Chri51m88 8nd Easter. The 8rrangomenl that the local R8ctor shguld le8d tha daily prayer5 (Clause 23 01 the Schame dated 16 June 1883 and Clause 6 of th8 Scherne dated 16 Dacamber 19191 wa5 alteréd by th6 Variallon of Ihe Schem8 daled 7 February 1972 . tho Chaplain shall be a pri881 in Hgly Orders Irb or near Wast Rellord appoinlea by Ihe Maslèrf. Offlce He￿.. Scheme Manager (formarty Matronl Name.. Mrs Jane Jackson Dale of Appointment.. 2 December 2019 Appolnlm8nl'. Trust Deed dated 14 Juno 1672. Th9 Sch8m8 Manager Is wsFKsnslble lo the Mastèr & Govemor. She oversee$ tha wetFare of the brethren. The Sch&me Manager visits each brother every morning. The Scheme Manager liaises daity with th8 Trinity E81ales Office staff over admln15tration and maintenanc8 matters relating to the almshousa3. ministr81ion of the Cha The Mast81 & Governor has lolal ovetsighl of the charity but lhe day-l￿aY adminislralion, mainlgnance of the olmshouses, eslale and finances are Ihe responsibility of Ihe Bailiff & Eslat8s Manager lassisled by an Office Administrator and an Accounts Adminislralorl. Th8 Chaplain looks after the spiritual welfare of the bralhren and tha Scheme M8n8g8r Ih8ir physical wellbeing. The Masl&r & Ggvgrnor m881s monthlywith the charitys offiw5 to monitor the brothers. wglfar6. An Annual General Meeting of the Master & Govemor 8nd Brethren of the Hospital is held as scK)n as the audit of the annual accounts has been wmKlgled and the financval Statements have beon pr8pared by th8 charity's accountants. Records of the meelirkgs are kept in "J]8 AGM Minute 8o¢Jk. Paga 4 THE HOSPITAL OF THE HOLY AND UNDMDED TRINITY TRUSTEFS REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2024 The Balllff & E8tal8s Manag8r and Trinity Estsles offl¢8 Staff cary out the administration of th8 estate and th8 almshouses, such as ronl collection. property rè4tting. propety maintenanGe. r8furblshm8nt arid r8palrs, and the day lo day financlal admlnistration of the charity- Any iwo signatorf&s of four (the Master & Govemor, the Bailiff & Estalas Manager, the Accounts Adminlslralor and the Office Administrator) are aulhorized to slgn theques and approve payments up to £5,000. Payn)gnls over £5,000 Must be authorised by the Master & Govwnor and one of the other thr6e mandated signatories. Th8 Bailiff & Estates Manager me8ls with Master & Govemor at monthly. and thèy communicate mora frequenuy by18lephone. e-mail and in writir@ on important matters of policy, expondilure and routine 8clivlty. The inv8slm8nl portfollo 18 man8ged by Invest￿ Woalth & Inv88knent. The Maslgr & Gov8mor, Baiirff & Estatss Managar and Accountant m&01 with the Fund Manager a year to dlscu8S th8 ￿rf0Manc￿ of th& portfollo. In b&￿een meetingg, the Fund M8nagor contacts tho charity with any Intèrim recommendallons and thes8 are dlscuss&d by the Master & Govomor. Balliff & Estal8s M8nag&r and AcGoyntanl and approprialg dgcisions lakan. Pollcy declsions such as large Ilnancial expendllurg, disposal of Illnd or propgrties ara made by the Master & Governor 8ft&r considedng th8 recommendations put forward ty the Baillff & Esial85 Manaoer and the profe88ional advisors lo Ihg charSty. such 8s local Land Agents. surv8yors, architects, solicitors, Inve8lm8nl manager, accountsnls elc. A record of decisions takèn is kept by the Bailiff & Egts188 Manager on th8 Mastèr & Govem¢*s fi19. S clflc Invest Thg Chortys Inv8slmenl powers are now conferred by Ihè TnJsle68' Act 2000. c. Ralat•d Party R•l•tlonshlps The John Darrel Scholarshlp is a charity sat up under the 8am8 Wlll. The Hospital of the Holy and und1￿¢ye￿ Trinlty Pfovld8 adrninlslralivè work for the charity and hold lh8 Investment propertie3 12 Scholarshlp Yard, Bridgegate & 66, 68, 70 & 72 Bridg8galel in the charlty In th￿r namg as cu51odlan. Thg chartly alds the funding of students from NL)ttinghamshire ond Lincolnshire attending Exeter College al the University of Oxford. Th8 properties are shown on the balance $heg1 of Ihg John Darrel Sch¢Jarship. The bank accounts of The John Darrel Scholarship ar9 also hehl by Trin￿ Ho8Prtal but are named in ordèr to distinguish the balances. d. Rl¥k Assessm&nt The TNslee has as8&880d th8 major rlsks lo which Ihe charity is exp058d, in particular those related lo the operations and finances of the charty. and is satisfied that 8JStom$ and prc¢edur88 aro in placg to rniligale exposurg lo the major risk5. Thg risk assessment pdicy has included the pmducdon of a fbod rlsk assessment for the Bridgegale prop8rt18s, which has been helplul lo lanants, particulady in gainirKJ adequate ￿Ve1$ of Insuranco. Although th8 8lmshouses ar8 unlikely lo be affected by flooding. a 'disa518r pLgn' has b99n produced and Implemented for use in ca8ès of omergency, including fire. fbod and @arihquake. All of tho chariws propety is insured through Ihg Ecdesiastical Insurance Group. Thg insurance cover also provides for Iwo years loss of rentsl income and Employer's and Public ￿abilIty Insurance. Page S THE HOSPITAL OF THE HOLY AND UNDfviDED TRINITY TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Obl8etlv•s and Actlvltl•s a. Obl8cls and Ams The objgcls and alms ol the charity ar8 sel out in the Sch8me dravm up by the Charfty Commission. These are-. {il Benefit of Brethren - the income of thè chartty shall be appligd for the benefit of the brethren of th8 charfty or any of them in such manner as the Masl8r or acting Master shall think fit from timo lo time, Tha br8lhr8n shall be poor bachèlors or widowers of good character who are nol18ss than 50 years of age. Clause 9 of the Scheme ol 28 June 1974 3ts18s that the 8lm8men of the chanty I￿11 bè known 88 brolhren. 1111 &Ypens8s of M8nagemonl - the cost of repairs, in8urance and all othèr charg88 and oLrtgoiThJs payablè In respact of th& propaty of the charity. and all the proper costs. charggs and 8xpenses incidental lo thg 8dminlslrallon and management of th8 charity shall first b• défrayed out of its Incorn8. b. Prlnclpal A¢tlvltl•s The main alm of the chadty Is to malntain Ihe boneffts the brother8 are entiugd lo on appolnlmenl. ThgS9 arg.. Accommodab'on, vhbSch 18 fre8 of any Weekly Service Charge. No mainlenartC8 charg8s. The chartty fvnds all repairs and renovations. The re¢eipl of a monthly stjpend. This 1$ reviewed annualty. As$islanc8 wrth hèaling and electricity costs. A holiday allowance. A resident Schemo Managor in Casè of emergencies and the provision of an emergency call alarm 8y$lem. The opportunity of weekd8y worship In the Chapd. The us8 of a mobility scooter for any brother who has mobility problems. Any b￿ther may reserve tho hospllalty sulte al Trinlty Hospttal for ￿Sits from relalfvos frtands. The provlslon of an annual Trlnlty Feast. External ￿sIts to place8 of intefesl. The monies n8wJed lo support the brolhers, pay stipend8 and salarfes, fund repairs and malntain all Ihg charity's propoty are derived from rentsl income. dividend incomè and bank deposit inl8resl. The charlty19 not a fvnd raislng charity and receives no donation8. In addition lo Trfnity Hospltal, the chartty owns and ￿nts out 55 ￿Idential propety units, 14 comm8rc181 unlts, one farm and approximately 280 acres of f8m) knd and 2 local leisure facilities. 111 Extraordlnary Rep41r Fund Subject to any ftjrther Ordw or Orders of the Commi851onws. a r8seNe fund lo be entitled tho Extraordlnary Repair Fund shall be established and malntained for the purpose of wgviding for the extraordlnary rppalr, Improvgment cf rebuilding of1h& almshouses bel¢ywJing to the charlty. The fund shall b8 established and maintained out of the income of th8 charity either by tmnsfer to the fund of a y8arly sum of not less than £320 or in such other manner as the Commissioner5 from time to limè apFmVg or direct. {11) Annual Dlnmr An annual dinner shall be prowded for the b￿1hrO￿ out of the In￿Me of the charity as n8ar lo Trinity Sunday 89 is convenienlty possible at such reasonable expense as the Mastèr Govemor or acting Masler Govemor shall thlnk rrt. Page 6 THE HOSPITAL OF THE HOLY AND UNDMDED TRINrrY TRUSTEE'S REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and Perlormanc• Eslabllshm&nt Acuvlues and Achlevements Evènts 3rd January 2024 Visit to The Royal Concert Hall, Notb'ngham to w*ch The Glen Millgr Trlbule Band. wllh lunch on the way 11 th JAnuary 2024 - The Épilhany Feast was hekl in The Dorrgl Room and attandad by th8 brcjtherg 12th January 2024- Colln Durh8m began re8iding at Trintty Hospltal 9th February 2024- Siuart Boothby began wkllng al Tflnlty Hospitsl 7th March 2024- Founderfs Day S8Nlce and lunch 16th Apdl 2024- Vlsll lo Uncoln Cathedrai 30th May 2024 - Trinity Feast Chapel S8rvica folbwed by 1￿ch In The Darrel Rc#)m 18th Juty 2024- Inducli¢)n Sèrvice for Colin Durtw 8th August 2024 . Tnnity H08pilal AGM 4th October 2024 . Inducllon SeThlce for Sbjart Boothty 24th O¢lobèf 2024 - Harvost Fesuval Chapel Semce folbwe(I by buffet lunth 12th November 2024 - vi811 to Dambustgrs Inn * Scampton for lunch 10th Docomber 2024- Brother Gordon Heaih sadfy passed away after a short illness 20th December 2024 - The ChrFslmas Carol S8rwc8 was held in the chapel, followed by a buffel and th8 giving of prgsenls to Ihg brethren and staff by the Maslor & Govemor Pago 7 THE HosprrAL OF THE HOLY AND UNDNIDED TRINITY TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 310ECEM8ER 2024 Brethron The br8thr8n ar8 8bly supported by The Scheme Manager and Ihe Chaplain. During 2024 Colln Durham and Stuart 8oothby b8came r8skl8nts and wer8 fornial￿ Inducted In the Same year. Rggrettabty. in November 2024 Ggrdon Healh sadly passed away at Wesl Villa Care Homa and in Janu8ry 2025 Chris Trend passed away al Bass8Uaw Hospitsl after a very sudden Illness. Both had resided al Trfnlty Hospital for many years and were valued members and conlribulors lo the cornmunity and are sadly mlssèd and rernembered. Publlc B•n•llt Summary The Master & Governor, in exerci9ing his powers and duties, is mindful of his n88d lo Gomply with th8 guidan¢è on public b8n8fl1 published by the Charity Commisslon. In degcrfblng the obl6clivg8. acllvf(io$ and achievem9nts, th8 Chadty conllnu8s lo d8monslralo its eL*mmilmenl and support lo 118 brethren in accDrdanc& with th8 Will of John DarTel. Th8 charlty Is proud of whal has been achlev&l over so many gengration5 in providing alm5hoys& ac¢omrnod8llon lo ihosè wlh a need for support and a welcwiiThJ community. 11 continues lo striv8 to fulfil Ihg oblgGlives $peGified in the Charity C¢ynmission Scheme for Trinty Hospital in accordanc8 with Bast Pracllce. In keeping th8 ben8fits to th8 Brethren under regular revi￿. the Ma$tw & G¢)vemor is confident that he Is meellng hi8 resF>onslbililiès for th8 provlsion of publ￿ Benefit in full. Hlstory of tho Charlty From 1672 John Darrel's own manor house was us8d as Ihe living accommodatr'on for the almsmgn. Having fallen Into dlsrep81r by the 18309, the house was demdished and replaced by the present buildlng Ith8 archllocl r&sponsible fot the new buil¢Jing was a150 commission8d foi the design and construcuon of Buckingham House, now Buckingham Palace). In 2024 thg charity und8rtook Ihé d8v6lopmenl of 5 slngle storey alms houses lo provld8 accommodalion for existing bfelhren experienclng mobility Issues and thes¢ were Gompleled in Dscember 2024. 4 of Ihg new cottage8 Inl8nd8d for albcation to existing brethren In need ol such accommodation and the 5th cottag8 lo be retained lor use where sudden temtK•ray illne88 or p811ialive care needs aris&. The piesent accommodab'on al Trinity Hospital provides 20 small cottagg units for brolh8rs, cottage accommodallon for the Scheme Manager, a Chapel, Audit Room, The Oarrel Room (day room), parlour and laundry f8cillies. The Audit R¢xJm and The Darrel Roorn ar8 used for social functions. The hospltsl building is Grade 11 listed and is set in Tis own ground$. These are laid lo lawns, with flowgr beds, tr@es and shrubs. The almshouses are routinely refurbished and upgraded. E8ch cenlr81ty healed cott8g8 is salf- contained and provides a liwng room. kitchen and shower room on the ground flwr wth a largè bedroom on the first floor. Th8 8lmshous8s are wthin walking distance of Ratlord lown cgntra. Estat•.' Stgwardshlp of Assets Maintenance and Rg External repairs have prevlousty been undertaken to Trinity Hospital including renewal and replacement of paving areas and rebuilding of gardenlrelaining walls as well as alteration of thg storage cupboards lo tha cottages to enable them lo be more easily accessible and useful sp8ces for the brethren. Various repairs and improvements have been undertaken to a number of properbes along Bridgegale with Nos 25 10 31 being scaffolded and the extemal frontage having ￿M￿er and wndow repairs followed by a schema of repaintiffj. Page 8 THE HOSPITAL OF THE HOLY AND UNOMDED TRINITY TRUSTEES REPORT ICONTINUEDI FOR THE YEAR EMDED 31 DECEMBER 2024 Hanglng baskets were again er8cted along the frontage of prop8rti*s al 8ridgegats, R8tford, and at Trfnlty H08piial, to improv8 and enhance the app8arancè ol the prop8rUes for thg brethrèn and Trinity resid8nts. The scheme on 8ddgegale was very well rec8iv8d by both r851dents and the widor R8tlord community and crealgd sensg of C1￿C pride as well as enhancing the app8afance of propertie5 owned by Trinity, Malnl8nanc8 of th8 fabrfc and compliance with legisL9tive obligations ha5 continued for Trlnity Ho$pilal and other property holdlngs ol the charity. Existing and forthcoming statutory obligations for restd&nli81 and commercial property has neGe8wtaled various inspections. in parts"cular EPC'S for the chorities prop8rknès, In proparalion of I￿1$10110n which will pol8nliolly ba introduced In 2025. R8tfoTd Pro and Potontial D8v810 man Wlth the past purcha8& of th• North Road Petrol Fllling Station Slle. along kn￿1h tho charlty's 0th8r rasldanllal, commerclal, agricultural and flnancial investmanl porfolio. tha eharfty hag a gcx)d broad mix of inv6tslment8 whlch are dlv8rs8 and I￿11 hopefvlty stsnd It in g¢o)d slead for tho 5)rvJ tonn. Thg charity ha5 boon prudènt il's fjnances and mindful of futur8 projects it wshod lo pursue and surplu8e8 of income has 8nabl8d the charity lo fund the dgvglopmeftl of S additional almshouses without th8 noad for borrowing. The cottages arg single slorey properties and m¢ye 8asily accessible to brethren experi¢n¢lng mobllity Issues. T G Sow8rby Ltd built the new cott8ges vthich were ¢omplelèd Docemb8r 2024 wlh the anlicipalign that in new year of 2025 existing brethren would ￿ offered the opportunity lo movè lo the n8W collages ￿th allocation based ¢Jn need of the facil￿.8$ afforded. The règidenlial and commercial land owned by the charity on Ihg North Road ha$ now been allocatsd In the Local Plan for residential and commercial dgvolopmenl and the charity will carefully consider Ifs options in terms of Income, invgslments and aspiratlons for th8 lutura. and is likety to pursue the sale of tho residential land In the flr8t Instance and Ih8n considgr it's opllons In relation lo the wmrnercial land allocaUon. trate Ic Dlrecllon of tho Cha Whilst salisfigd th81 the present work of the tharity fuffil8 the expeotstion$ of the erfginal bequest mado by John Darrell, the Irus18e Is aware Ihal any organisalion should a￿ay% seek lo ensur8 that it is well equipped for future demands. Over the last Gouple of years, this has kgd to the examination of areas for fvlure development within the charity. govemanca ol ¢he charrty and expansion ol facilitie5. 181 Governance As rowrted at Ihe prev*)us AGM, part of improwng and modemising the charity, yet retaining and prolacling long standing traditions and rts history, the charity is mindful of the n88d lo consider th8 currant arrangemgnl for Ihg govornanG8 of tho charity. Th8 Master & Governor, in consultation wth th8 Balllff and Eslales Manager, staff and brethren. Is in corre9pondenc8 ￿th th8 Charity Commission Ihrough tho ¢hartWs pmf8gsional advlsors, lo seek to alt8r th8 governance structure of the charty and increase the number of Irust8es. This work is progressing and wlll s88 changgs in 2025 Once the charity has Tnade amendmanls to the Structure of the gDveman¢e and all is in place and functioning Ih8n the Master & Govemor, an¢J the n8wly appointed tTU51ees. will consider the d8velopments proposed lor the North Road and how the receip15 from sales and investmenis may be used lo progress Ihe potentiallpossible expansion ef the objects of the charity lo prowde future accommodation and facilities for ladies, ￿￿1151 maintaining ar¥J ensuring the historic and existing promsions of the charty are protected. All proposals will be nsull¢d with the existing brethren anil stsff. Pagg 9 THE HosprrAL OF THE HOLY AND UNDMDED TRINITY TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ibl Expanslon of Provlslon The good stswardshlp of resources by past generations means that Trinity Hospltal Is In a p0811ion lo consld&r th8 ways In whlch tt could 8xpand the prov(si¢)n that tt makes.. A first el8m8nt of this has been lo enhance the exisb.ng facilities and the dev8lopment of the 5 additional cottages and which was completed in 2024 As reported in the 2021 Annu81 R8POrt and discussed wtth th& brethren al Ihg Annual Maéllngs slncé than, tha Iruslee is also awar6 that the current provlsion contlnu88 ￿8188 eslabllshed by John Darrel only for slngle men. and thought has gong into how parallèl provision for single woman might be developed if tharo Is dèmand. Providing comparable f8¢ililies18nd tha n8c&ssary r8sourc8sl to support and sustain prov55ion for the spiritual and physical welfare of single woman In a parall81 instituts.￿ would be a significant undertaklng. As w611 a$ accommodation. provlsltsn of r*liglJJs yeNlce8 would requlra the pro￿$10n of another chap81 for tho womgn lor a larger chapel Ihal coukl be shared by the wcyship of both brothers and sls18rsl, as well a8 provision for physlcal and splrltual welfare of any sisters. including th8 provtslon of a ¢haplaln. Despite tha potenllal challengès, consultslion has b8gun as to how such provls(on mlghl be dgvglopod in tho luluro and Indeed. whgthgr thoro 15 the d6mand for su¢h pmwsion. Rec8nUy, Ihg charity hos beon lortunalg In wl>3ing fund$ and devehwing a co￿lS18nt Surplus of annual Incompj, Th8 Incom8 accumulated In r8C8nt years has been used lo fund the Current expanslon and improvement of faciliti85. Future surplus funds will contlnue be accumulated so that the chadty is in 8 Position lo meet the subslanlial capital costs of developing paral￿1 provision lo me81 the spiribjal, emotional and phyBic81 negds of women in the futur9. The Scale of funds required lo build and put in placè Such prevlslon means that, unle8S subslanllal unexpecled funds become available, this is a medium to long term objecllva lor the charity. 1¢) Development of Land In considerlng future development of tho charlty. il Is also neGessary lo comrnent on the statu5 of plan8 10 develop the land holdlngs of the chartty. The charity is fortunate lo havg land holdings rgc8nlly alk)Cated In the Bassellaw Local Plan for residential and comme1c￿l devolownant. Approxlmatoly 44 acres has been allocalgd for the devolopmenl of 305 residenual homos on the North Road, Rolford, and the charity will be pursulng the sale ol the land in 2025 and beyond. There is also 14 acres of land on the oast side of Ihg North Flood, Retford allocated for cornmerrAal development and this althalion will be reVi￿rtd and Iheie VAII be consultation wlth th8 charivs advisors as lo th& b8sl way lo progress the developmenusale of this land. Flnancial Review including K•y P•rfom)an¢• Indlcators The Slalemenl of Financial A¢*'vities for the year is s81 out on pages 18 and 19 of the financlal stalemenls. A summary of the flnanclal results Is sel out bebw.. {al Charltable Actlvltl•$ The net W91d aftgr ￿eduC￿.0nS lor the inve5trnènt, proporty and management costs resulted in a figur8 of £722,56Q12023 £731,273) available lo 1he charity for lis core activitses. In meetinu th8 objects of the charity £74,268 12023 £65,851) was directed lo Ihg specffic benefits ol the Br8thr8n with a furth8r £4,850 12023 £4,163) spent on entertainment and leasts as detaile(l in note 9 to financial statements. Nel incoming resourc8s for the y8ar b8fore disposals. revaluations and transfers were £410,670 {2023 £432,258). An increase to th8 brethrgn's monthly stipend of 4.75Yo Wth effect from 1 January 2024 was approved. The healing allowanc8 remained un¢hanged th a ceiling cap of £900 and th8 br8thr&n's holiday allowance of up to £750 remained unthanged. Offl(*ts and staff salaiies w8r8 also increased by 11.25%. Paga 10 THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY TRUSTEE'S REPORT (CONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2024 {b) Net Incom• from Esl•t•s Total incom8 r6celvad from rent81 properknes was £789.276 12023 - £745,277), an incr8as8 of £43,999 on the prevlous year wllh the incr8a5e being largely due io rental increos8s in the year. Icl Property Ravaluatlon 2024 No dot8iled valuation has b88n undertaken during th9 year. A detalled valuation was undortaken by Fisher German LLP in 2022. No material movem&ntg or sgnificanl changes have been made b8s8d on the Trustee, oplnlon. {d) Oth•r Invo$tm•nt Retum* Th8 charty's 8ndowment cash funds are Invostsd In a wtda rangiw invgstmonl portrollo managed by Inv88180 Wgallh and M8n8gem8nl. The investmgnt rtsk lévd of medlum has remalned unchangèd durlng 2024. The chorlty has also invested other funds In a portfol￿? managed by Investsc with an inv8Stmenl risk level ol low which Is also unchanged during 2024. Two meetings wgr8 held the Fund Manager during th8 yaar, Total income Irom the invg8tmenl prfolio #nd other bank inter8s1 was £196.96612023- £204,749). Al 31 December 2024, the overall market value of the Investment portfolK*8 W88 £6,717,580 {2023- £6,459,571). The market value of endowmenl fund portfolio was £6.597,835 12023 t6,339,0021 and the market Value af other lund8 was £119,72512023- £120,5691- The chartty has also dèposlted a number of funds the CCLA. The$6 Include: COIF Permangnl Endowmant Fund (Ythhin Flxed Asset Inv8slm8nlsl thls fund has hèlpéd support th& conUnulng r8furblshmenl and upgradlng of the Gharws Pe￿anent Endowmant propertles. COIF Extraordinary RepaSr Acc￿nI this sJ8pog11 account Is manag9d by CCLA and Is a fund s819sSde for any major repair and rolurbishmenl works al Trinity Hospilal. Interest earned is reinv8stsd In the account, COIF General Purpgses Deposit Account this fund conlinugs lo supwi the property Inve8tsnenl strategy ol the Charity by maintaining availabl• cash on accessible deposit. COIF Ronlal Bond Account this fund represents the charivs rental bond deposit8. nlernel Banki Accounts The charfty operates (ts day lo day financial busln8ss Ihrough its int8m81 bank account8 held wllh Wrgin Monoy following the rebranding of Yorkshirg Bank during Ihe year. Banking through theso onlino accounts has saved the charity Ilme and money. It is underslood that Virgin Mongy is IfKely lo be purchas&é by Nalon5￿dfy Sho￿Y. le} Stsff P•nslon$ During the year. the charity continues to make Pa￿￿ents to comply %wth the Govemmenl's Aulo Enrolm8nl Scheme, {n Trust￿.5 Indemnlty Insuranca Trustee's Indemnity Insurance cover is £5rn. P8ge11 THE HOSPITAL OF THE HOLY AND UNDNIDED TRINITY TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2024 R•s•rv•¥ Total reserves as al 31 December 2024 are £27.600,66412023 £26,897,137). The charity ¢annol spgnd It8 p8man6nl endowm8nt fund. The poI￿Y i8 lo have sufficient trge reservgs lo meet Nyo years exp8nditur8 in order lo fulfll the objects of tho chartty. namely. MainlengnGe and upkeep of lh8 almshouses. related running costs. Provision of an annual dinner le* the brèlhren. 8en8flt of the brethren who Shall be poor bac￿lOry or v￿doW9Ts of good character WIK) are not less Ih8n 50 years of gge. It Is calculated that the fr*8 r*s8rv88 loth&rwls8 known as unr8stn.cled Funds not including any amounts Il•d wllhln Flxed Ass8ts or Loans) omount lo £443.97012023- £816,231). Thg charfly own8 Snveslm&nls In th& form of land and propbrty and as socudl8s wlthln both tho P6rman8nl Endowment and Unrestricted {A¢cumulaled Income) Funds. The oblaclive has boen to managg all th8 ass&ls In th8 best Inleresl of the Gharty in older to support its charltable aclivilios and lo prol8cI the Inlerosls of cuThenl and lulur8 br8lh,'en. From ts'me lo lirne an opportunity has arisen lo invest In prop8ty by acquisition or by improvamenl or development of existing holdlngs. Th& prytrolio ol other investments has b89n maintslned lo provld8 balance, Golng Con¢#rn After making appioprialo enquiries, the Trustee has a reasonabla exp8ctstion thal the chartty has adgquato resources to conllnug in opèrational axist8ncè for the foie8eeabl8 future. For thi5 rèason hè eonllnues to adopt tho going concern bas￿ In preparlng Ihe flnanclal statements. Pagg 12 THE 140sprrAL OF THE HOLY AND UNfAVIDEO TRINtrY TRUSTEES REPORT ICONTINUEDI FOR THEYUR ENDED 31 OECEMBER 2024 TRUSTEE'S RESPONSIBIUTIES STATEUEIIT Thé T.lu*e9 Is rgspon4bh fvr TnJEto8'8 tho IIAandal sia(&mgnll appllcabte law United Kingdom A￿￿tIng Stanrjards (Unllffi1 l¢Jngffi Corwauy AréNad Accourrtlng PractlGe}. The law Ipp￿abl81D charll¢s In Englan¢f & Wale9 wuires the Tntstèe to prepare fityanclal statsm&ntslpr èaGh ftn2nelo1 yo8r whioh glvg a tru¢ and fair view d Iho 8tsto of ofvirs of tho c*•rfty and ol the incorning rg1?OUVCOS ogpllL*tkr> of r4s¢urce& of thg rhacllyf(¥ that In pre￿rIl￿a tl8$8 fft18nciMI ststrfnents. thfy TFU81aè Is roqulred I &éldEt a(xounttng potleles and then apply Ihern consblontly, gbserve Ilw. m$th(MJs a￿d wlnclplos In the Ch8rlSièG SORP,. make ludgff*nls and a¢Gountiro 851¥￿rat￿$ that arèfpason8bl8 end pwdent stall whether applicable UK Awuftting Stond2fds hAve been foN¢A¥ed, suweot t¢ anymatsrial departures dlsclosed and oxplinwj In the f.nan¢Tal statgfflents: and r¥p3fe the fv)an¢lal statgmWt8 ths gofThJ >y￿ern basr8 unl8ss Itb Inwropriale to prfj8ume ltsl the ¢tsrtty w511 wiUnu8 In oporation. The Tf￿£?8 Is ros￿n81b￿ lor k•èplro ?oMunllng reeord8 that ar¢ sufflcl•nl to thow tnd 8%Pta¥n. IhB tharflls tr8nsactlon3 and d18dose wilh le￿onable acctswy fit ahy ljttts finanti81 pogltion or ch8rity and onzblo hlm to 8D6uro Ih* tho staiemtynts eomptywlth th¢ ChartUe3 Act 20.1 I, the cha￿lY IAccounis and R&ports) Regulai*)ns 2008 and the pro¥i*vng of Ihe tnJ8t deed. He r6 also respons￿￿ l()r $afgJLrardlng th& ass91s of the cThprtty And ha[￿• for taking reasona￿ st8ps for tho preY8nlDD 8nd dat*￿an.0f frnud #nd other Irregulartlkgs. Thk r4MW85 4Pkibv￿￿Y thè Tru8téeDn 07 fvJJsw8t a125 8r9nd Canon Nkli¢ilas J W Brown Mast•r & G¢¥grnor THE HOSPITAL OF THE HOLY AND UNDMDED TRINrrY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINI Oplnion We h8v& audited the financial slalements of The Hospital of the Holy and Undl￿ded Trinity {the 'thariill for the yaar 8nded 31 D8cembgr 2024 which comprise the Stalgment of finanoal a¢￿vItieS, th8 Balgnc8 sheet, the Slalamanl of cash flows and the related nole5, includlng a summary ol significant aC￿u￿tIng pollcies. The rinancial réportlng fram6w(*k that has bèan applled In Iheir prwratlon is applicable law and United Kingdom AccDuntlro Standards, including Finandal Roports'ng Standard 102'The Financial Reporty'ng Standard appllcable In tho UK and Rgpubli¢ of Irèland. Iunlted Klngdom Generally kn8pled Accounllng Practlcel. Thg financial 81alemenls have bgen pr8parad In accordanc8 Iwth AGcounlirrfJ and Reporting by Ch8riti8S proparlng their accounts In accordance w¢lh the Financial R8porting Stsndards applicable in the UK and R8public of Ireland IFRS 1021 in prefèrence to the Accounling and Reportlng by Charities.. Slalemenl of Rocomrn8nded Practic8 iSSU8é on 1 April 2005 whiGh is referratl lo in the extant regulations but has bèen wlhdrawn. Th18 has been done Sn order for the account5 to provide a true ond falr ￿eW In accordance wkh the Ggngrally Accopled Accounting PraCt￿e effeclive for reporting panods beginning on or aftar 1 January 2015. In Dur oplnlon the1Snanclal 8talemenl8: glva a true and fair vl8w of the slal8 of the charfV5 affalrs as at 31 Decembor 2024 and of118 Incomlng resources and applicatlon of resources for thg star then ended., have been propety pr&pared In accordance with United K(ngdom Generalty Accopted A¢counling Practice,. and have bebn prepared In accordance the requirements of the Charities Act 2011. 8a8ls lor oplnlon We conducted our audit in accordance wllh Inlernalional Slandafds on Audibng IUKI IISAS IUKII and appllcable law. Our responsibilities under those standards are furthgr described in the Auditors, responsibilities for the audit of the financial slalemenls s8cfy.on of our report. We are independent of Ihe charity in accordanc8 with th8 81hlcal requirements that are relevant to our audil of the financial slalem8nts in the United Kingdom, including the Financi81 Reporting Council's Elhical S18ndard. and we have fulfilled our other ethical rgsponsibililie8 in accordance with these requirements. We believe that the audit ewdenee we have oblalned 18 svfficienl and approprkqto lo provide a basis lor our opinion. Con¢luslons ralatlng to golng conc•m In audlt(ng the financk81 stalemonts. wo hav8 concluded that the Trustee's use of Ihe going conc8m basis ol accounting in th8 preparatlon of the finandal ststoments is appropdale. Based on Ihg WOrtL WO hav8 p8rformed, we have not Klentified any material uncertainties relating to 8venls or condibL)ns that, Individual￿ or co1￿Cb.Vety, may cast stgnificanl doubt on the charivs ability lo continu8 as a going concern for a period of al least twefve months from when the finan￿al statements are aulhorised for issue. Our responsibililigs and Iha responsibilitieg of the Trustee with respect lo ￿Illg concern are described in the relev8nl s&ctions of this rep)rL Page 14 THE HOSPITAL OF ThE HOLY AND UNDIWDED TRINITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HosprrAL OF THE HOLY AND UNDIVIDED TRINITY ICONTINUEDI Othér Inforniatlon The olher information compris9s tha informatson included in the Annual raport other than the financial statements and our Auditots, raport Ihareon. The Trusteè are responsibl8 for the other Infom)afion conlainad within th8 Annual report. Our opinion on th8 Ilnancial statements does not cover thg other infomiation and. exc8pI to the xtsnl othe￿158 axplicitly slated in our report, we do not 8xpre88 any form of assurance conclusion th8r8on. Our re8ponsibility Is lo read the olhgr Infomation and. In doing so, conslder whgth8r th& other Infomiallon 1$ materially incong18tent with Ihe flnan¢ial statements or our knowlèdge obtainetl in the ￿U[s8 of the audit, or othery41se appears lo b8 malerfally misstated. If w8 idenufy such malgrial In¢onsl8tenci8s or apparent materlal misslalaments, we arg required lo determine whether thi5 givas rise to a mal8rial mi5slalemonl in tho financial slalements Ihems&lv6s. If. based on the w¢xk wa have performed. w8 concludg that there Is a material misstatgmgnt tsf Ihls other infomiation. we are requiied lo report that la¢t. We have nothing lo rèport In this reg8fd. Matt•rs on whl¢h w• •r• rtyulr￿ to r•port by 8xcoptlon Wa hav& nothing to report In TeSP8Ct of the folbwAThJ matters whar8 th8 Charltie5 {Accounts and Reports) Regulation$ 2008 require8 us lo report to you If, In our oplnion.. th• information glvgn In the Tru$l¢e's report is Inconsislant In any materfal respgct wbth the financlal $ts16m8nls' or sufficient accounting rgcord¥ hava Th)t been kepl: c the financial slalements are not in agreement ￿th tho accountlng records and retums., or we hav8 not r8celved all thg infomatson and explanaU'on$ wa requlre for our audiL R68pon8lbllbtlos of trust•O11 A$ explained more fully in Ihg Tru$l88's resp)nsiblliti'es statement, th8 Trusleo is responsible for the preparation ol thg financral staltrmenls which give a true and fair view, 8nd lor such internal conlrol as the Trust¢¢ d8lermin& Is nec8ssary to enable the preparation ol financial Statements that 8rn frefr from molerial mlsstalemenl, whether due to fraud or error. In preparfng thè financial statements, the TnJstee arè responsibl8 for #ssessing the charW8 abilty lo Con￿nUe 88 8 90Sng conc8rn, disclosing. as applicable, mattars ￿lated lo goiro concgrn and usirkg th8 going conc8rn basis of aGcounling unless thg Trust88 èithèr Intend to 1Squldalo th8 charity or to cease operatlons, or have no reali811c allernallv8 but lo do so. Page 15 THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINrrY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HospfTAL OF THE HOLY AND UNDIVIDED TRINrrY ICONTINUEDI Audltorn. r•spon$lbllltl•s for tha audit of tho flnan¢lal stat•ments We have be8n apptslnted as auditor undei section 144 of the Charitie5 kl 2011 and report in accordance wllh tho Act and r8l#vanl r8gulaD'ons mad8 or having eff8Ct th8reunder. Our obj8ctiV8s ar8 to obtain reasonabl6 assuranco about vth8ther the financial statements as a wholo are Iraa from malertal misstatgmgnt. whèlher due lo fraud or 8rror. and lo Issu6 8n Auditors, rgport that includes our oplnlon. Reasonable assurance is a high level of assuranca, but is nol a guaranlea that an audit conductèd In aGCDrdanc8 wllh ISA8 (UK} wll a￿ayS delect a mat8rlal misslalemenl whon il gxlsls. Misstatem8nls can arl$e from fmud or error and ar8 consKlered matedal rf. indiwdualty or in the aogregat8, they could reasonably be expected to Influence the econ¢)mic deuslons of users tak8n on the basis of these financial statemènts. Irregulartllgs, Includlng fraud. arg Instances of nonvcomp118nce vlth kws arKI regula￿On5. We design prO¢¢du￿$ in line with our responsibilities, outlined above, lo detecl material misstalèments in r&specl ol 1r￿Ularl119S, Includlng Iraud. Th9 exlènl to ￿lch our pr¢)Gedure$ arè c8pable of delecting irrogularilies, Including fraud is detsiled below.. Our ipproach lo (den￿￿ng and a88esslng the dsks ol material mis8tatsment In respect of iThegularftig3. Includlng fraud and non-compll8nc8 wllh laws and r•guladons. was as follows.. the engagement partngr 9nsur8d that the engagemonl t8am ￿lI¢￿velY had th8 apprO￿at0 eompalance, capab116tles and skills lo identify or recognise non-complHnco with applicab￿ laws and regulallon5', we identified the laws and regulations applicable lo the company through discu5sion5 and from our commarcbal knowledge and experience ol the chaflty, the s6ctor in %thich il opgralgs and the 8erviceg11 provides.. w6 focused on specific Lqw$ and regulations which we consKlgr8d may have 8 d1￿cl material effect ¢)n the linanei81 slalemenls or the operations of the charity, including the Charities Act 2011, laxalion 1ggi$1otion, data prolectlon, ant￿bribery, empbymenl. enwronmèntal, landlord and health and saf&ly leglslation., we assessed the extent of com ￿Tance wth the laws 8nd regulati()ns idgntified above through maklng anquiries of management and inspecting legal correspondence, and Id8nlSflod la￿ and regulallons were communkalgd ¥￿thIr¢ the audit team regularly and th8 18am r8malned alert to Instances of non•wmpliance throughout tha audil. We asses58d th8 sust8p￿bIlitY of the chaws finanCh￿ statem8nts to materlal mlsslatomenl. including obtalnlng an understanding of how fraud might occur, by. making 8nquiries of manag8menl as to wh9rg they considered the￿ was susceptibility lo fraud, Ihelr knowledge pf ochjal. suspected and allegeL1 fraud: and considering the internal controls in p￿ce io rnilNJale risks of fraud and nonn O7Augu8t 2025 and s59￿d oo_thplrbèhakf bw. The Rewfrrend"CaHori Nkltola*J"IV u.row Ma8t8r & GovernOP The nr)tg$4n log08 22 to 40 fm w of the&p ftrianthl sistethgnts. THE HOSPITAL OF THE HOLY ANO UNDIVIDED TRINI STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 DECEMBER 2024 2024 2023 Cash flow8 from opgratlng actlvltles Net Cash u88d in operating 8cb'viti8s 1486,2171 (367,885) Cash flows from Invo8tlng actlvltSos Incom8 r8e8ived from Investrnents Purcha88 of langibla fixad assets I Investrnénl prop8ty Nel amounts withdrawn I Ip8id inl lo investm8nt portfolio 986.242 949, 183 {744,866) {16,405) 175,604) (130.588) Net cash provldod by inve¥tlng actlvltles 165.772 802,190 Ca8h flows from flnanclng actlvltl•s N•t rA8h provld•d by flnanclng a¢tlvMI•s Chang• In c•ih and cash Èqulval•nts In th• ￿ar Cash and Gash equivalents al the bèginning ol the 1320,4451 1,067,847 434,305 633,542 Cash and cash •qulvaSent$ at th• end of th• y••r 747,402 1,067,847 The notes on pages 22 10 40 fomi part of these fin•n¢i8131alemenls Page 21 THE HOSPITAL OF ThE HOLY AND UNDMDED TRINITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ggngral infomlatlon As set out in th8 Truslee's rowrt, The Hosprtal of the Hoty and Urmlivided Tdnity18 gn unincorporatgd registered chadty In England & Wales. The principal office of th8 tharlty Is Trinlty Estates Office, N&wcaslle House, 37 8ridgeg818, R8ttord, ON22 7UX. The principle obj8cliv8 ol th8 charfty L8 to Support tha 8relhr6n of the charty, tho 8rethren b￿ng poor bachelors or wldowers of good character who are nol1o$3 than 50 years of age. Accounting pollcl•s 2.1 Bas18 of preparatlon of financial 8tst•m•nts Th8 ftnanclal 8tstsm8nts have been prepared In accordance vlth the Charlties SORP IFRS 1021- ounting and Reporting by Ch8rOlies.' Statemènt of Recommended Practice, applicable lo charilles preparing th8ir accounts in accordance with the Financial R8P)rting St8ndard applicable In the UK and Republic ol Ireland IFRS 102). the Financial Reporting Standard applicable in tho UK and Ropubllc of Ire18nd IFRS 1021. and the Charities Acl 2011. Tho financial slalemenls have been prep8retl lo give 8 Irue and fairf view and, wherg neGe¥sary, depart from the Chadties IA¢counts and Reportsl Reguhb'ons 2008 to the extent required lo gchlevg that view, in accordance wlh the r8qulremenls of FRS 102 and thè Ch8riti88 SORP IFRS 1021. Th8 Hospital of tha Holy and Undlvlded frfnlty meets the defin￿lOn of a publlc bon¢flt $nlity under FRS 102. Asseis and liabilities are Initialty recognised al hi8torlcal cost or transact1￿ valug un195S olh8rw18e statod in the rglevant accounting p)Iky. The flnancial statements are prepared In slerting, which Is the funcllonal currency of th¢ ¢hartty. 2.2 Incom• All income is recognisgd once Ihe charity has èntitlement to the Income, il Is prob8ble Ihol th& incgme wlll be received and thg omounl of incorne T￿OI¥8b19 be measurèd reliably, Rental income Irom investrnenl properbes ￿ recognl8ed on a straight-ling basis over the period of the lease in accordance wth the terms of the tenancy agreements. Incom8 is recognisgd when 11 1$ probable that the economic benefits wlll flow to thg chartty and tho amount can be measured reliably. Income from Ihg ¢hanWs invéstrnent portfol￿. indudlng di￿dendS, interest, and dSslrlbutions, Is recognlsed when the charitls right to r8celpt Is established, and the amount can be measured reliabty- Other income is recognised in the p￿70￿ in vthich it Is receNable and lo the extent the good8 have been provided or on compEetion ol the service. Page 22 THE HOSPITAL OF THE HOLY ANO UNDMDED TRINITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcl•8 (contlnu•d) 2.3 Expenditur• Exp•r￿lture Is r8cognised once therg is alggal or constructive obligation to transfer economlc beneflt lo a third party. il is probable that a transf8r of economlc b8nellls will be required in setllérnenl and the amount of th6 obl￿allOn can be m8asur6d reliably. Expendllur6 Is classified by actlvlty. Th8 Go$ls of each activity are mado up of thé totsl of dlrect costs and shared costs. Includlng 5UPPOrt costs Invo￿ed in undertaking each act(￿ty. Expenditur8 on raising funds Includes 811 8xpenditure inGurred by the charlty lo raisg funds for its charhable pur￿$¢$ and Includ93 costs of all fiJNlrai8ing activl*'es evenl$ nonJnisad in the Slalomenl of flnancial activities as a finance cost. Pag& 24 THE HOSPITAL OF THE HOLY AND UNDMDED TRINITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Accounting policlos Icontlnued} 2.11 Flnanclal Instrum•nt8 Th8 charlty only has financial assèts and financial liabilitiès of a klnd that quallfy as basic flnanclal Instruments. Baslc flnanclal Instruments ar8 inib'ally racD3nised at transaction value and subsequèntly measured al their settlement value with thg 8XC8plon of bank loans wh1¢* aro subsequently measured al amorkn$8d cost using tha effectfve Inl8r88t melhod. 2.12 Pen$lons The charity operates 8 defined cl￿trIbUti(￿ p6nsion schema and the pension char90 repr&8ents thg lmounts payable by tho charity lo the fund in ￿SpO¢1 of the y88r. 2.13 Fund occountlng G8neral funds are unrèstrlcled lund8 which 8re av8ilable for us& al the discretion of the Trustea in furtherance of the general ob}edives of the charity and ¥thich have not bean deslgnaled for olhar purpo$g$. Restrlcted fundg ar8 funds vthlch are to be used in accordance wllh specific reslrlcUons Imposed by ¢Jonor$ Qr whlch have been ralsed by the charity for particular purposès. Th8 costs of ralsing and administgrtng such funds are charged agains: the spgdfi¢ fund. The airn and uso of éa¢h restrlcl&d fund18 sel out In the notes lo the financial stslemenls. Endowment fiJnd$ are lund$ where th& donor h8S spec￿8￿ that th8 caplt81 must be mtslned and Inv8sled lo ganaralg Incomg for the charlty. Income 8rising from ertdowmenl inv8slmen15 is credited to unrestricted or restricle(I funds in a¢cordan¢e Lhe lemi$ of the endowmenl. Endowment funds 8re Classified as either permanent or expendable in line wth the donor's wishes and arg held 81 falr V81ue, wlh movements in value recc*Jnised in the Slatemonl of Flnanclal Acti￿1￿68. Inveslrnenl Income, galns 8nd Ios8es arg allocaled to tho 8ppropriatg fvnd. Crltlcal accountlng •¥tlmate8 and ar•a$ of Judgmgnt Estinales and judgments are continualty evaluated 8nd ar8 bas￿ on hi5toricaJ experience and other fador5, ￿clUdIng expoctatsons ol future events that ar8 b8liaved to bo r9a50nabb undgr th clrcumstancos. Critical accounliro eslimalos and assufflptions.. The charity makès estimates and assumptions conceming the future. The resulting accounting esllmales and assurnplions wll, by definitK)n. selrjom equal the related acbJal results. The estimates and assurnptions that havtr a significant risk ol causing a mal8rial adjuslrngnt lo Ihe c8ffyirig amounts of assets and liabilib'es wilhin the next financi81 year are discussed below. Tangib18 fix￿ assets aro r8cognis8d at cost or valuation. less a￿lMU￿71@d d8pr8ciation and any impaimient. Depreciat￿n takes place over the esbmated useful life. down to the assessod resldual value. The carying amount of the chaiiivs fixed assets 18 tested as soon as changed condttions show that a need lor impairmenl has arisen. The valuation of freehold and investment property is based on third party valuations which by their nature ars judgmental and based on assumption5. Pag8 25 THE HOSPITAL OF THE HOLY AND UNDMDED TRINI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Crltl¢al accountlng ostlmates and areas of judgment {contlnuedl The pension provtsion is based on expected futuia Costs to the charity catuL418d b88ed on lrfe expectancy table$ and discounted at th8 charitys Inv6Stm6nt rala of retum. Incom• from Gharltable aetlvltle¥ UnY•strlct•d fvnd• 2024 Totul funds 2024 rolal fonds 2023 Incom& Irom Charitab18 Activities 6.137 6,137 4,722 Inv•8tmont Incorn• Unr••trlct*d fund* 2024 R•8Meted Endowm•fit lund• funds 2024 2024 Total lunds 2024 Total 2J23 Rental and Assoclaled In¢¢yne Inv8slm9nl Portfollo Income Inter851 Recelved 789.276 178,256 12.796 789,276 176.2S6 18,710 745,227 190,597 14, 152 5,914 Total 2024 980,328 5,914 986,242 949,976 Total 2023 946,846 1,57Q 1,560 949,9T6 Other Sncomlng r•sourco8 Unr•strlctod fvnd$ 2024 Total funds 2024 rotal funds 2023 Staff Recharges 900 900 900 Page 26 THE HosprrAL OF THE HOLY AND UNDMDED TRINrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Exponditurn on ralslng tunds Costs of Invo$tment prwrty manag•m•nt Unr•strlct•d funds 2024 Total lund* 2024 rot•l funds 2023 Repalr8 Rates, In5uranc8 and Utiliti88 Professional and MiscelLgneoug W8ges and Salaries N8tsonal In3ur8nce Penslon Costs 75.431 68,871 19,132 65,497 2.980 2,035 75.431 68,871 19,132 65,497 2,980 2,035 70,554 40,355 12, 788 60,960 2,378 7,879 Total 2024 233,946 233,946 188,914 Invoslment managemenl costs Unr••¢rlctgd Endowmnt nds fundi 2024 2024 Total funds 2024 Total fvnds 2023 Inv¢stment Management 666 36,107 36,773 35,411 Tol&l 2023 65f 34.754 35,411 Page 27 THE HOSPITAL OF THE HOLY AND UNDMDED TRINITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AnalyJls of expendlturo by actlvlti Actlvltlo8 undgrtakgn dlrKtty 2024 Support sts 2024 Tolal lund$ 2024 Total nds 2023 E¥labli8hrnenl Costs Oirect Benefits 81,419 79.118 151,353 232,772 79,118 229,001 70,014 Total 2024 160,537 151.353 311,890 299,015 Ttsl412Q23 152,951 146,084 299,015 Analys1• of dlre¢t co•ts Total fund 2024 Tolal fund$ 2023 stsff Costs Monthly AIIow8nce- Brethren Holiday AkJwance- Brethren Healing Alowanc8- Brelhr Entartainmenl Expensgs Feast Expenses Repairs and Maintenance Cottage R6lurbishmenl RBles, Utilities and Insurance Mlscellaneous Expenses 32.131 60,714 5,S01 8.053 2.705 2,145 28,140 187 30,086 52.940 5,265 7,646 2,240 1,923 27,503 3.800 li 17,228 3.733 19,046 2,502 Total 2024 160,537 152,951 Page 28 THE HOSPITAL OF ThE HOLY AND UNDIVIDED TRINITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of 6xp•ndlturn by •ctlvltl•s Icontlnuedl Analysis of support cost$ Total fvndj 2024 Totjl fund$ 2023 Slaft Costs t)eprecialion Rates, Uullles and Insuranc8 Offic8 Costs MSsGellaneous Expenses Irrecoverable VAT Gov8rnanc8 Costs Leg81 and Prol888k)nal Costs P•nslon Provlslon- Changès In Assumpdon$ Charge 22,863 7,203 26,806 9.097 403 21,682 3,232 17.353 8,122 1.545 27,460 6,SQO 68,068 (7,998) 21,901 7,250 39,868 15.962 Total 2024 151,353 146,064 10. Audltor8' ramunorjtlon 2024 2023 Fees payable lo the chadtys auditor for the audlt of Iho Gharftys annual account8 7,000 T,000 Page 29 THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 11. Stsff costs 2024 2023 Wages and salartes Social security costs Contribution to doftned contrlbudon pension schemes 116,526 4,S47 4.433 109, 124 3, 744 4,117 125,506 116,985 The average numbgr of persons empbyed by th& charity during Iho yoar wa$ as follows.. 2024 No. 2023 No. Hospital and AdMlnlslra￿On No omployeo r8c¢lved remuneration amounting to rncyg than £60,000 in 8llher yèar. The totsl amount of key management pgrsonnel benefits {includlng employar pen8lon ￿ntrIbU￿on$ and employer national insurance ContribUti￿s) receivod by key managem&nt personnal for thdr 88rvic88 10 the trust was £64,39412023- £61,417). 12. Tru#t••'# r•muntratlon and expens•• During the y98r, no Trusl8es r•ceived any remuneratkn or other ben8fits (2023- £NILJ. Ouring the year ended 31 December 2024, expenses lotslliThJ £333 were rèimbursèd or pald dlraclly lo 1 Trustee (2023 - £93 to l Truslee). Page 30 THE HOSPITAL OF THE HOLY AND UNDMDED TRINtTY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. TangSble flxed ass•l8 Frmhold Flxtures and property fittings Total Cost or valuation At 1 January 2024 Additions 1.643,000 806,589 73.895 11.975 1.718,895 818,564 Al 31 D8¢ernbèr 2024 2,449.589 85,870 2,535,459 D•pr•¢lailon Al 1 January 2024 Charge the year 57,808 7.203 57.808 7.203 Al 31 Decgmbgr 2024 65.011 55,011 Net book valu• Al 3108c8mb8r 2024 2,449,589 20,859 2,470.448 Al 31 DeGgmber 2023 1,643.000 16,087 1,659,087 Freehold propety is included in Ihe financial statements at a valuation. The 2022 valuations were made by Flsher Gèrman, an independent and approprialety qualified valuer. A valuation has not been undertaken irt the year a$ the TNslee does not consider there lo be any material movement in 2024. 14. Inv•¥tment property Freehold inve8tmont proporty Valuatlon Al 1 January 2024 17,870,500 Al 31 December 2024 17,870.$00 The 2022 valuations were made by Fisher German, an independent and appropriatety qualified valuer. A valuation has not been undertaken in the year as the Trustee does not consider there to be any material movement in 2024. Page 31 THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 15. Flxed asset Inv•stmonts Investment Portfollo Valu&tlon Al 1 January 2024 Addllions Oisposa15 Revaluallons 6,459,571 14S,6921 55,998 247,683 At 31 Dècember 2024 6,717,560 16. Invg8tmont Portfollo P•rnian•nt Endowm•nt Accumulated Fund Incom Fund 2024 2024 Total fund• 2024 Mal8rfal Inv•stmont$ UK Flxed Interest UK Equiles Overseas Fixed Interest Oversgas Equi118s Property Mulli Assel Diversified Emerging Economies Cash COIF Pèrmanent Endowment 1.028.339 1.315,332 492,341 2,572,091 224.742 707.947 146,597 71.3S4 39.091 92,331 1.120,670 1.31 5.332 S18.954 2.572,091 224.742 707,947 146,597 72,136 39,091 26.613 782 Total 2024 6,597.834 119,726 6,717,560 Page 32 THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Debtors 2024 2023 Duo wlthln ono yoar Trade debtors Other debtors Prepayment$ and 8c¢rued incomo 1.758 4.358 61.593 1,635 7,fj31 48,933 67,709 52, 199 18. Crodltor8: Amount8 falllng du• within on• y•ar 2024 2Q23 Tr8d8 creditors Oth8r taxation ond s¢¢ial Secur Other creditors Accruals and deferred income 1,417 17,251 41,980 153,841 19,152 16,201 39,175 79,393 214.489 153,921 2024 2023 Deferred income 811 January Rosources defgrred during the ygar Amounts released from prevlous periods 72.250 73,000 172,2501 63,875 T2,250 f63,875) 73,000 72,250 At the ygar-and, the total deferred income represents rental income received in advance for tho ygar. Page 33 THE HosprrAL OF THE HOLY AND UNDMDED TRINITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 19. Statement of funds statom&nt of fund8 - current year Balancg at 31 Galn$l D•c•mbor {Los$e$l 2024 Balanco at 1 January 2024 Incomo Expendlturo Unr•8tr1ctad Funds L￿acY Funds Genefal Funds s.soo 4.121,672 5,500 12,0831 4,560,452 987.365 {546,5021 4,127,172 987,365 546,5021 {2.0831 4,565,952 Endowrnont Funds Endowment Funds 22,732,577 (36.1071 294,940 22.991,410 R•slrl¢tod Funds Extraordinary Repalr Fund 37.388 5.914 43.302 Total ol Funds 20.897,137 993,279 1582,609) 292,857 27,600.664 Page 34 THE HOSPITAL OF THE HOLY AND UNDMDED TRINrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Stat6m8nt ol funds {contlnu8d) Statom•nt of funds - prlor year B81anc8 at l J8nu8ry 2023 Balan¢0 al Gal￿￿ 31 Decomb81 (Losses) 2023 Expondlltrrg Unr&strlcted Funds Legacy Funds General Funds 5.500 4.121,672 3.653.864 952.468 (488,586) 3,926 3,659,364 952,468 (488,586) 3,926 4,127,1 T2 Endowment Fund• Endowment Funds 22,655.797 t,560 (34,754) 109,9T4 22, 732,577 Re$lrlGtod Funds Extraordinary Repair Fund 35,818 1.570 37.388 Total of Fund$ 26,350,979 955.598 (523,340) t 13.900 26,89T, 137 Page 35 THE HOSPITAL OF THE HOLY AND UNDMDED TRINrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20, Dglalls ol Gharlty fund¥ Unr•strlcled Funds: General Funds rèprèsent the free lunds ￿ Ihe charity vthich are avaiL4ble for use towards any of the objects of the charity. Lagacy Funds r8pros&nts amounts left to the charity by fom8r Brethrèn %thlch ￿11 be pul to 8 specific purpose yel lo be agreed by the Trusleo. Endowment Funds.. Endowment Funds repie5enl a Pgrmanenl Endowment Fund bvhich musl b& held permanently by Ihg charity. Funds ar8 principally held in the forni of inv8strnonts and cannot be add8d to or 8pènl. Income arlslng from the lund Can be used in accordanGe wth the chariws objects and is therefore included wilhln unrgslriGted Income In the SOFA. Nel transfer8 in and out ol the Endovmi8nt Fund roprgs8nl 8ddltion8 to end1)￿￿nI assets out cf unrestrlcled incorne. R•strlct•d Fund$'. The Extraordinary Repair Fund is held spacfflcally for r6palr, malnlenanca and r88tor81ion of the almshouse bulldings and ch8P81. The fund shall b8 established and maintained out of tha Incomè of th charfty either by transfer lo the fund of a yearfy sum of not ￿5S than £320 or in such other manner as th8 Commlssloners from Ilme to ttm¢ approve or direcL In the current year, there were no rep8irs that were paid out of the Extraordinary Ropair Fund. Page 36 THE HOSPITAL OF THE HOLY AND UNDMDED TRINITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Summary oflundj Summary ol fund8-¢urr¢ntyoar Balanca at 31 Galn81 Doc8mber (Losses) 2024 Balancè at 1 January 2024 In¢om• Exp•ndlturn Goneral funds Endowmwt fund3 Reslrict8(i funds 4,127.172 22,732,577 37.388 987.365 {546.5021 (36,1071 12,0831 4,565,952 294.940 22,991,410 43,302 5,914 26,897,137 993,279 1582,6091 292,857 27,600,664 Summary of funds - prfory8ar Balanco al l January 2023 Bal8nco at G8lnsl 31 D•c8mbér (Lo$￿s) 2023 Expgnditu General fund8 Endowment funds Reslricled fund$ 3,659,364 22,655,797 35.818 952.468 1,560 1,570 (488,586J (34, T54J 3,926 4,127,172 109,974 22,732,577 3T,388 26.350.979 955,598 (523,340) 113,900 26,897, 137 Page 37 THE HOSPITAL OF THE HOLY AND UNOMDED TRINrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Anatysl8 Of net assets botweon fvnd8 Analysls of net 08S•ts betW￿n funds - cuvr•nt p•rlod UnM•trlct fund• 2024 Ro8trlciod Endowment fund$ lunds 2024 2024 Total fund• 2024 Tangibb fixed 88s8ts FIx9d 0888t Inv8slm8nts Inv8Stmenl property Current assets Creditors du8 ￿thIn one year Provislons for Ilabllilies and charges 970,448 119,725 3,210,000 538.734 {214,4891 {58,4661 1,500,000 2,470,448 6,597.835 6,717,560 14.660.500 17,870,500 233,075 815.111 1214.4891 158,4661 43,302 Total 4.565,952 43,302 22,991,410 27,600,664 Analy•ls of net a8•et• ￿twO•n lunds. prfor p•rlod Unresthded Rgstrtct•d Endowment fvnds fvnds funds 2023 2023 ?Q23 Totsl funds 2023 T8nglbLg fixed a5801s Fixed asset Investments 159.087 120.569 3.210.0 849.583 (153,921) (58. 146) 1,500,000 1,659,087 6.339,002 6,459,571 14,6SO,500 77,870,500 233,075 1, 120,046 (153,921) (58, 148J Inv¢strnenl property Current assets Cr8dittrrs due within (Me year Provi3ion$ for liabilitiès and charges 37.388 Total 4. 127, 1T2 37,388 22, T32.577 26,89T, 137 Pagè 38 THE HOSPITAL OF THE HOLY AND UNDMDEO TRINITY NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Reconclllatlon of net movemént in funds to nét cash flow from 0￿ratIng aGtivities 2024 2023 Nal Sncome for th8 per¥)d (as per Statement of FinanrAal Activlti681 703,527 546, 158 Adjustments for: Dèpreciation charges Gains on Investments Investment incom Increase In doblor5 Increase In ￿editOrS Inv6slm8nt portfolio m8n8gement costs Contributions paid agalnsl pension provision Charp for change In pension pmlslon assumptlons 7,203 3,232 {292,857 14,334 {988,242) (949,183) 11 $,5101 (9,308J 60,569 15,768 36,773 35,411 115,6421 f16,299) 15,962 (7.998) Not cash used In oporatlng ac¢lvltl•s 1486,2171 (367,885) 24. Analy$l8 of ts•h ènd cash equfval•nt• 2024 2023 Cash in hand 747,402 1,067,847 Total cash and cash equlvalents 747.402 1,067,847 25. Analy918 of changos In not debt At31 D•eembgr 2024 At 1 January 2024 Cash flows Cash at bank and in hand 1.067.847 1320.4451 747,402 1.067.847 1320,4451 747,402 Pag8 39 THE HOSPITAL OF THE HOLY AND UNDMDED TRINtrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 26. Ponslon commitments The charity operates a deflned contribution pension scheme. The asyets of the schema are held separalaly from th050 of the charity in an ind8pBndently adminlstered fund. The pension cost charge represents conldbLrtions payab18 by the charity lo Ihe fund and amounted lo £4,4,33 12023 - £4,177). Conlrlbulions tDialling £nil {2023 - £nill wara payabla to the fund at the bal8ne8 she61 dal& and are Included In cradilors. A provislon18 mada in the financial stsl8menls in respgcl of the charitys self-frjndgd pan8lon lo ilg retsr8d staff whlch is pald through the payroll. Ourtng the year, the charfty paid £15,642 12023 - £16,299) In r8specl of pgnsions with income12023 an 8xpens8} arising due to chang&s assumptions of £15,982 12023- £7,998). The prowision as a131 Decembor 2024 1$ £58,46612023 - £58.1461 27. Op•ratlng l•a¥• ¢ommltm•nts. as Lessor Al 31 December 2D24 the charrty had commthients to recalve fulurg minimum Igase paymenlg under non4ancellable operating ￿aSe$ as lolh)ws'. 2024 2023 Not kter than 1 year Later than 1 year and not later than 5 yeo Later than 5 years 398,810 1,197,515 3,040,537 393,172 7,228,990 3, 729,2T1 4,636,862 4, 751,433 28. R•lated party tranyactlons During the year, transactions took plac8 Wtth The John Darn81 Scholarship, a ¢harity in which the charlly trustee Is also the sole Iruslee. The Fcojndèr of the Hospital also established The John Darr61 Scholarshlp. Managemenl recharges of £90012023 - £900) w8ra recelved from The John Darrel Scholarshlp relRUng to stsff recharyes. The balance outstanding at th8 year ond is £1.40012023 - £1,400) and is included ￿thin other dabtors. Pago 40