BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 BOND'S HOSPITAL ESTATE CHARITY FOUNOED BYWILL DATED 18 MARCH 1506 INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Page Charty Information Feoffees, Report Audrtors, Report Slalement of Financial Activities 10 Balance Sheet 11 Notes lo the Financial Statements 12-17 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY IMLL DATED 18 MARCH 1506 CHARITY INFORMATION FEOFFEES: Mr M D H Pe8chey Ichairmanl Mr R M B Kenyon MrRJKMorton Mr S A W Chalker Councillor F Abbott Councillor J Clifford Mr A C Gillitt (Died December 20241 Ms S C Forte (Retired May 20251 Mr I S Grindal (Appointed July 20251 Clerk and Agentr. Mr P E Cowen Messrs. Godfrey-Payton Old Bablake Hill Street Coventry CV1 4AN Bankers.. L1oyds plc High Street Coventry CV15RE Solicitors.. Rotherham & Company Limited 8 & 9 The Quadrant Coventy CV12EG Auditors.. Daffern5 Audit Limited Chartered Accountants One Eastwood Harry Weston Road Binley Busine55 Park Coventry CV3 2UB Investment Advisors.. Brewin Dolphin Limited 9 Colmore Row Birmingham B3 2BJ Registered No.. 235581 Page 1 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 FEOFFEES. REPORT for the year ended 31 March 2025 Structure. Governance and Management The Charity was established in 1506 under the will of Thomas Bond and 15 constituted as an unincorporated aSS￿latIon being governed primarity by a Scheme of the Charity Commissioners dated 9th August 2002. 11 was estsblished lo endow the Almshouses of Bond's Hospital, now incorporated into Bond's and Ford's Hospital Charity. This involves the rnaintenan￿ of the existing Almshouses, their refurbishment and the provision of further accommodation The adminislralion of the Charity is vested in five ¢cFoplalive Feoffees and three Feoffees nominated by Coventry City Council The co-optative Feoffees are chosen by the existing Feoffees, being people considered lo have a particular Interest In the work of the Charity or knowledge and experEnce likely to assist in ils Proper adminislralion. No Feoffee re￿iVeS any remuneration. Firms of Chartered SurveyDrfs, Solicrtors and Stockbrokers advise the Feoffees with Philip Cowen, a Partner of the firm of Chartered Surveyor's filling the role as Clert( lo the Charity. All report lo the meetings of the Feoffees, normalty held at quarterly intervals, when recommendations are made, and decisions taken. Be￿een meetings, decisions on matters of lesser importance are tsken by the Chairman, with routine decisions Con￿rning building maintenance elc. and the general 8dminislralion of the Charity being delegated to the Clerk. The Feoffees monitor the strategic, business, and operational risks which the Charity faces and have systems and adopted processes in place lo control the possible impact of these risks so that ne￿SSary steps lo obviate them can be taken. Objectives and Activities The primary objective of the Charity is lo generate income for Bond's and Ford's Hospital Charity. The Feoffees have no discretion as lo the distribution of any surplus incorne generated during the year which, in accordan with its Scheme, is either wholly or partly distributed lo that beneficiary Charity las now administered by Coventry Church (Municipall Charities). In some years any balance from the distribution can be held on the beneficiary Charity'5 behalf pending a request for a subsequent dislribub'on towards its work. During the year £362,71512024. £337,386) was distributed to Coventry Church (Municipall Chanlies to support its activities and the Objects of that Charity, Including its loan repayment liabilities following the recent completion of 45 new Almshouses comprising the Bond's Lodge development in 2021 This represented a 7.50/0 year on year Increase. It Is understood with the beneficiary Charty that the di51ribulion is not spent on day-lo-day operational matters bul is directed towards a reduction in that Charity's borrowings. In eX￿pIlOn lo this, parts of the distribution have on occasions been used for capital projects, subject lo the prior agreement of this Charity. We understand that the funds which We￿ distributed during the year were directed towards the purchase of bNO properties on Hill Street in Coventy, with the iemainder being invested with the CCLA. The investrllenl pOI￿Y of the Feoffees is lo provide 3 steadily increasing surplus income for distribution coupled with reasonable capital growth and proper security of inveslmenL The Feoffees, investment powers are governed by a Scheme dated 28th ju￿ 2000 which largety replicates the Trustee Act 2000. The Feoffees believe that their investment aims can best be achieved by holding a fflixtu￿ of agricultural, residential and commercial pmperties along with a stock market investment F)Ortfolio, the balan￿ bebNeen these will vary depending upon the circumstances prevailing and, the Feoffees believe that this policy will avoid the Charity being exposed to major risks There have been no changes to this policy during the past year and the Feoffees consider that it remains appropriate. Following receipt of aboLJt £6m in January 2025 from the Pr￿eedS of the Bulkington land development sale, the Feoffees will be revEwing the investment policy during 202512026 to ensure that the balance of assets and associated risk remains appropriate lo the Objects of the Charity and enables enhanced distribub'ons for its beneficiary in future years. The Charity is not dependent upon any donab'ons or any other fDfm of fund raising, nor is it dependent upon the support of any individuals. The Charity does not engage the seNices of any volunteers. The Feoffees confirm that they have referred lo the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives and In planning future actThiities. Page 2 BOND'S HOSPITAL ESTATE CHARrrY FOUNDED BY WILL DATED 18 MARCH 1506 FEOFFEES, REPORT for the year ended 31 March 2025 Achievements and Performance The Feoffees have continued to manage the assets of the Trust in a structured and coordinated manner, whilst following the adopted Investment strategy and taking the neGes5ary actions lo ensure that the Object of the Charity continued lo be achieved. During the year, Income rose by 1.7'/0 to ex￿ed £460,000, in part as a result of increased dividend income from the inveslrrenl portfolio and interest on bank deposits. Rental income from property assets showed a marginal reduction in Income year on year, mainly due lo the Penny Collard Centre having lo be re-marketed following an initial abortive Te-letting process. Dividend income from the investment portfolio has shown a year-on-year increase of 20Q/o. with rental income from both comrnercial and agricultural investmenis having remained broadly static during the year. The combined Portrolio is managed on a proactive basis by the Feoffees to deliver a con51slent level of income return with simultaneous capital growth. The Feoffees met lor three Board meets'ngs during the year, with a fourth meeting based on 8 sile visit lo the Kinelon Estate Achieving a balance be￿een the key pillar5 of income and capitsl 9rowlh, whilst meeting the Charity's obligations and liabilities without exposing the Charity lo undue risk remain challenging, bul considerable focu5 has been directed towards both the long-lerm investment strategy and the continuous assessment of risk. Wlh inllab"onary presSu￿S remaining within the economy al large, and Bank of England base rates only reducing from S.250/o to 4.50/0 by the financial year end, the prevailing economic conditions within the UK remain challenging. Very sadly, Andrew Gillitt passed away in December 2024 having only become a Feoffee about 10 months earlier, and all those involved with the Charity pass on their condolences to his family at Andrew's loss so shortly after he had retired from a successful business career. The Charity was also sad lo lose the input of Sylvia Forte in May 2025 following a distinguished peTiod of 28 years as a Feoffee. Ms Forte's contribution to both this Charity and Ils beneficiary was widely acknowledged on her rel1￿Ment. The Feoffees were delighted lo wel￿￿￿e lan Gfindal a5 a new Feoffee in July 2025. As part of the periodic ￿VIeW of the Charity's investments. its advisers at Brewin Dolphin produce and monitor an ESG Risk Score lo measure the degree lo which the undertying investment's economic value may be al risk driven by material environmental, social and governance factors. The Portfolio has perfomied consislenlly al lowlmedium level of risk in that respect In addition. the Portfolio's exposure to carbon intensive businesses is monitored through Brewin Dolphin'5 carbon intensity index, to reflect the weighted average of each company, carbon emissions within the Portfolio, divided by their annual sales. The index identifies that the Portfolio holds low carbon intensity rating in the year lo March 2025. The total return from the Investment Portfolio during the year was 1.64Vo, although following a degree of restructuring of the portfolio, the Feoffees were pleased to note further 230h year on year rise in dividend payments. During Autumn 2024 terms were concluded with Vistry Homes for the sale of the Charity's land al Home Farm, Bulkinglon which benefited from a planning consent for the construction of the 149 dwellings on a gile ol about 18 acres. The net oceipt lo the Charity, following the deduction of direct costs incurred up to the date of the sale, was £6.018m with a further conditional retention of £83,333 relating lo aceess arrangements for the site. The sale completed on 23r¢ January 2025 and is now under construction by Bovis Homes. This was a significant milestone from the Charity's perspective following a journey of more than 10 years. The impact of this sale on the Charity's balance sheet is significant and is clearly shown in the accompanying Financi81 Statements. In addition to the land at 8ulkinglon, the Charity continues lo actively promote strategic opportunities for sidential and commercial development of ils land holdings al each stage of the relèvant planning processes, with particular focus towards L¢xal Plan reviews and public consullalion exerciseg. Other allern8twe uses, Including renew8ble energy schemes are also progressed where opportunities arise The Charity continues lo work with its development partner Gladman Developments in respect of a parcel of land on The Acton Hill Eslale. A planning consent for the enlargement of Blacklands Bungalow was granted in November 2024, and it Is anlicipaled that further progress will be made with this sile during 202512026 which is likely to include a planning application for the re- siting and repla￿ment of the existing dwelling. Page 3 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 FEOFFEES. REPORT for the year ended 31 March 2025 Achlevements and Performance (continued) Arrangements were concluded with the agricultural tenant of Manor Farm, Lawford Heath for a significant joint investment by landlord and tenant into that holding to Improve the live51ock facilities al the farm. The project benefi'ted from substsntial grant funding and will be of long-lerm benefit in terms of animal welfare, the environment and future operating arrangements at the farm. The first phase of the project was completed in earty 2025 to which the Charity made a one-off investment of £40,000 on conditional terms. A second phase lo this work will ft)Ilow during 202512026. The Charity's commercial properties conb.nue to be managed on a proactive basis, with routine matters handled as needs require Although an Initial letting of The Penny Collard Centre proved abortive during Autumn 2024, terms were subsequenlty agreed with a Coventry-based Charity, Ego, who are a local arts- orienlaled organisation. Their lease of the premises commenced In February 2025. Tems were also agreed with Godfrey Payton for their lease of Old Bablake to be renewed for a further 5-ye8r term from December 2024. The Feoffees also considered a number of potential commercial propety investment opportunities during the year, although that none were progressed prior to the year end. Financial Review The Feoffees carry out five yearly capital revaluations of their properties, however. since they have no powers to distribute any of the assets comprising of the endowed capital, any revaluations of the fi'xed assets will not affect the income available for distribution by the Feoffees. The assets are next due for ￿VIeW as at March 2026. The investments held on the Stock Market are managed by Brewin Dolphin on a discretionary basis and the Portfolio has performed In line with the industry benchmark and the Feoffees, expectations. The overall income from rents and investments was £460,173 12024.. £452,385) Expenditure in the year amounted to £476,93912024. £441,225), which included a distribution of £362,715 12024. £337,386) lo the Charity s benefi¢iary. The total unreslricled surplus for the year was £3,139 following a beneficiary distribution of £362,715 {2024'. unreslricled surplus of £25,329 after a distribution of £337.386). The Accumulated Income Iunreslrictedl Fund at 3151 March 2025 stands at £365,854, which therefore shows a small increase in the income which is available lor distribution lo the beneficiary Charity on adoption of the accounts. R￿gNeS Policy The Charity maintains an lrnproverllenl and Renovab'on Fund, established by a scheme dated 23r4 May 1994 for the purp05es of improving and repairing ils properties. 11 is held to ensure that should works of Improvement or repair beGorne necessary at the same time that urgent requests for income to be distributed lo Bond's and Ford'5 Hospital Charity are received, there are sufficient reserves for the works to be carried out. The amount held within the fund 15 entirely 81 the discretion of the Feoffees and remains unchanged from 2024 at £220,000. The Feoffee5 have sel up a designated Land Promotion Fund of £35,00012024.' £105.0001 which represents fees re￿iVed for land option and promotion agreernents which, should they be exercised, will be transferred to the endowment fund During the year £70,000 was transferred to the endowment fund following the completion of the 8ulkinglon land development sale. Al the year-end the Charity held total unreslricled funds of £620,854 of which £255,000 were designated. Free reserve5 at 31st March 2025 were £365,854 12024. £362,715}. The Feoffees believe these sums to tr)e sufficient lo meet the immediate future needs of the Charity. Page 4 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 FEOFFEES. REPORT for the year ended 31 March 2025 Plans for the Future The Feoffees have a clear plan lo invest the Charity s assets lo best overall effect., maintain and improve the propertie5 belonging lo the Charity,. lo manage the assets of the Charity as market conditions determine and the national economy permits., and lo increase the Income and asset value of the Charity having regard lo the financial, environmental, and social credentials which remain a key part of the Charity's function. They will look lo enhance the value of their assets where suitable opporlunilies arise. Following the significant capital receipt that was achieved in January 2025, the Feoffees concluded that il was in the best interests of the Charity for the net ￿CeIpt to be invested within a liquidity fund for Immediate growth on a short-term basis pending a further strategic decision with regards to future investments al their May meeting. It was subsequently agreed that about £3 sm of the re￿Ipt should be supplemented lo the existing investment portfolio with the balance of funds being held for commercial and 8gricullur81 inveslmenls. That policy was further evolved through an opportunity to acquire a 51gnificanl commercial properly investment in Stfftfford-upon-Avon for £2.8m. The purchase of that property completed in early Oclobef 2025 and will form significant part of the Charity's commercial portfolio in the future. These capital investments will result in a significant rise in income for the Charity in ftjture years and will also provide an opportunity for a wider strategic review of all assets and the ongoing investment strategy during 202512026. The appointment of lan Grindal as a new Feoffee in July 2025, following a long career in the legal profession, has helped lo diversify the skill sel within the Feoffee group such that the Charity is well placed to protect ils assets and lo drive forward growth in the prevailing market conditions. It was regrettable that the City Council were not able lo bring forward a nominee as a successor to Silver Forte al their Annual Meeting held in May 2025, and discussions will be taken forward with the City Council lo find a solution which enables the Charity lo continue with growth and enhanced levels of return in the future. Bonds Hospitsl Eslale Charity maintains a low annual operating budget which can a￿ayS be scaled back when necessary, and il does not carry significant fixed overhead costs. The meeting structure. allied lo the wide variety of matters on the agenda for each meeting, help to ensure that w15e decisions are taken with regard lo the endowment in order lo maintain a balanced portfolio, and maximise the income of the Charity lo the ultimate advantage of ils beneficiary. Fundraising Regulator Statement of Compliance Bond's H05Pital Estate Charity does not contract with a third paty lo undertake any fundraising on ils behalf. Hence, we have recewed no fundraising cofflplainls during the year. Page 5 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 FEOFFEES, REPORT for thg yoar ended 31 March 2025 Feoffees, Responsibilities in Relation to the Financial Statements The Feoffeeg are responsible for preparing the Feoffees, Report and the financial statements in accordance with applicable law and United Kingdom Atcounling Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo Charities in England and Wales requires the Feoffees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Chaty and of the incoming resourtss and 8pplicalion ol resources of the Charf(y for that perK)d. In preparing these financial slalements, the Feoffees are required lo.. select suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the Charf(ies SORP 2019", make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subiect lo any material departures discbsed and explain&l in the financial slalements. prepare the fi'nancial slalemenls on the going concern basis unless r( is inappropriate to presume that the Charty will continue in operation. The Feoffees are responsible for keeping accounting records that dis¢lose with reasonable accuracy at any lime the linancrdl posrtion of the Chaiity and enable them lo ensure that the financial statements comply with the Chanlies Act 2011. the Charity (Accounts and Report51 Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detectk?n of fraud and other irregularities. roved e Feoffees on 11 November 2025 and signed on their behalf by.. M D H Peachey- Feoffee Page 6 BOND'S HOSPITAL ESTA TE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 INDEPENDENT AUDITORS. REPORTTO THE FEOFFEES OF BOND'S HOSPITAL ESTATE CHARITY Opinion We have audited the financial statements of Bond's Hospital Eslale Charity for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Balance Sheet and notes lo the linancial slalements, including a summary ol significant accounting pOI￿leS. The financial reporting framework that has been applied In theiT preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A￿pted Accounting Praclicel. In our opinion, the financial statements.. give 8 true and fair view of the state of the Charity's affairs as al 31 March 2025 and of ils incoming resources and application of resources, for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable lo Smaller Entities., have been prepared in accordance with the requirement5 of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our resF)onsibililies under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going con¢em In auditing the financial statements, we have concluded that the Feoffees, use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlthed any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of al least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Feoffees with respect lo going concern a￿ described in the relevant sections of this report. Other Information The other infomialior¢ comprises the information included in the Feoffees, annual ￿POrt, other than the financial stslemenls and our auditor's report thereon. The Feoffees are responsible for the other information. Our opinion on the financial 5t8lemenls does not cover the other information and, except lo the extent otherwise explicitly staled in our report. we do not express any form of assurance conclusion thefeon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether there is a material misslalemenl in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Page 7 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY VVILL DATED 18 MARCH 1506 INDEPENDENT AUDITORS, REPORT TO THE FEOFFEES OF BOND'S HOSPITAL ESTATE CHARITY Matters on which we a￿ required to report by exceptlon We have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion.. Ihe information given in the financial statements is incon8islenl in any material respect with the Feoffees, report., or sufficient accounting records have not been kept,. or the linancial statements are not in agreement with the accounting record5', or we have not received all the Information and explanations we require for our audit. Responsibilities of Feoffees As explained more fully in the Feoffees, responsibilities sl8lemenl set out on page 5, the Feoffees are responsible for the pffparalion of financial statements which give a true and fair view, and for such inlemal control as the Feoffees determine is necessary to enable the preparation of financial statements that are f￿ e from material misstslement, whether due lo fraud or efror. In preparing the financial slalemenls, the Feoffees a￿ responsible for assessing the charity'5 ability lo continue as a going concern, disclosing, as applicable, mallers ￿lated lo going concern and using the going concern basis of accounting unless the Feoffees either intend to liquidate the charity or lo cease operations, or have no realistic alternative bul to do so. Audltor's responslbllltles for the audlt of the financial statements We have been appointed as aL¢ditor under section 144 of the Charib'es Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are lo obtain reasonable assurance about whether the financial slalemen15 as a whole are free from material misslalement. whether due lo fraud or error, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee lttal an audit conducted in a￿ordance with ISAS IUKI will always detect a material misstalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they Gould reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stslemenls. Irregularities, including fraud, are instances of non-compliance with law5 and ￿gUlations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements In respect of irregularities. including fraud. The specific procedures lor this engagement and the extent to which these are capable of detecting irregularities, including fraud is detsiled below". Enquiry of management and those charged with govemance around actual and potential Iiligalion and claims". Enquiry of Clerk and entity staff in compliance functions to identify any in5tance5 01 non-compliance with laws and regLJlatsons", Reviewing minutes of meetings of those charged with governance,. Reviewing financial statement disclosures and lesling lo supporting documentation to assess complian with applicable laws and regulations. Performing audit work over the risk of management override of controls, including testing of journal entries and other adjuslmenls for appropriateness. evaluating the business rationale ol significant transactions outside the normal course of busines5 and reviewing accounting ests'males for bias. Page 8 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BYWILL DATED 18 MARCH 1506 INDEPENDENT AUDITORS, REPORT TO THE FEOFFEES OF BOND'S HOSPITAL ESTATE CHARITY Audltor's responslbllltles for the audlt of the financial statements Icontinuedl Because of the inherent limitations of an audit, there is a risk that we will not delect 811 irregular6ties. inGluding those leading lo a material misst*ement in the financial slalements or non which is the functional currency of the charity and rounded lo the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless otherwise stated. Funds Unrestricted funds are available for use at the discretion of the Feoffees in fl*rtheran￿ of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Feoffees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Endowment funds represent those asse15 which fflusl be held permanently by the charity, principally investment properb"es. Income arising on the endowment funds can be used in accordan￿ with the objects of the charity and Is included as unreslricled income. Any capital gains or losses arising on the investments form part of the fund. Inve5trnent management charges and legal advi￿ relating lo the fund are charged against the fund. Income recognrtion All income is included in the Slalement of Financial Activities ISOFAI when the charity is legally entitled lo the income after any performan￿ conditions have been mel, the amount can be measured reliabty, and il is probable that the income will be received. Investment income is earned through holding assets for investrnenl purposes such as shares and propety. It includes dividends, interest and rent. Where it is not practicable lo idenb.fy Investment management costs incurred within a Scheme with reasonable accuracy the investment Income is feported net of these costs. 11 is included when the amount can be measured reliably Interest income is fecognised using the effective interest method and dividend and rent income Is recognised as the charity's right to receive payment Is established. The Income arising from Endowed Assets is treated as unreslricled income and is available lo meet the charitsble purpose of the Charity. Page 12 BOND'S HOSPITAL ESTATE CHARITY FOUNDED B Y WILL DATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 ACCOUNTING POLICIES (continued) Expenditure recognition All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related lo the category. Expendiluo is recognised where there is a legal or conslruclive obligation lo make payments lo third parties, it is probable that the selllemenl will be required and the arnount of the obligation can be measured reliabty. It is categorised under the follow1ng headings. Expenditure on raising funds includes those costs directly attributable lo managing the investsnenl portfolio, managing and maintaining the Charity's properb'es and raisiftg Investment income,. Expenditure on charitable activities includes grants made and asswiated govemance costs., The amounts payable lo the trustees of Coventy Chureh (Municipall Charkties are Ineluded in the accounts when paid. Govemance costs compnse all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related lo ststutory audit and legal fees together with an apportionment of the Clerk's lees. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Investments Investments are recognised inib.ally at fair value which is nomially the transaction price excluding transaction eosls. Subsequently, they are measured at fair value with changes recognised in 'nel gains I Ilossesl on Investments. in the SOFA if the shares are publicly traded or their fair value can otherwise be measured ￿liab￿. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due lo wider economic conditions, the attitude of investors lo investment risk, and changes in sentiment Con￿rning equities and within particular sectors or sub sectors. Invesbnent properti¢$ Investments propertie5 for which fair value can be measured reliably wilhoul undue cost or effort are measured at fair value al each reporting dale with changes in fair value ￿COgniSed in 'nel gains I Ilossesl on investments, in the SOFA. Properties are re-valued every 5 years when no account is taken of any development hope value. The undedying basis of a valuation is the capitalisalion of current rents, using rates of return appropriate to the type of pmperty. Adjustments are made where this method is Considered lo result in an unrealistic valuation. Financial instruments Basic financial instruments in debtors and creditors with no staled interest rate, and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Going ¢oneern The financial stslemenls have been prepared on a going concern basis as the Feoffees believe that no material uncertainties exist. The Feoffees have considered the level of fufids held and the expected level of income and expenditure for 12 months from aulhorising these financial slalemenls. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able lo continue as going concern. Page 13 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 EXPENDITURE ON RAISING FUNDS 2025 2024 Endowment Accumulated fund income Endowment fund Accumulated income Repairs and improvements to properties Insurance Agents fees Professional fees Investment Management Fee Bad debt written off Bank charges Re-lelling cost Retirement gift Electricity costs- vacant propety Other expendilu 19,232 22,100 33,121 4,381 30.958 16,413 33,328 1,020 19,905 14,169 25 60 3.408 5,168 329 4.050 1.966 728 257 19,905 90,372 14,169 86,172 GOVERNANCE COSTS 2025 2024 Luncfseon at rent audits and expenses of annual view Subscription - Country Land & Business Association Auditors, remuneration.. Audit Other services VAT reclaimed 512 984 768 901 5,000 2,990 15,539) 5,000 2,650 15,8211 3,947 3.498 Governance costs are allocated entirely lo the one charitable activity of the charity. EMPLOYEES & FEOFFEES REMUNERATION The Charity had no employees during the year12024'. None). No Feoffee or persons connected with Feoffees received or waived any ￿mUneratiOn or reimbursement of expenses lo the Charity dLJring the year12024. None). Page 14 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BYWILL DATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 FIXED ASSET INVESTMENTS Freehold Investment erties uoled Investments Total Market value at 1 April 2024 Additions Disposals Net real￿Sed and unrealised gains 11.027,829 40,000 16,100,546) 6,031,843 2,297,363 7,632,211 1206,5641 45,282 13,325,192 7,672,211 16,307,110) 6,077,125 Market value at 31 March 2025 10,999,126 9,768,292 20,767,418 Historical cost at 31 March 2025 4,023,244 9,396,444 13,419,688 The net realised and unrealised gains are unreslrthd £nil 12024.. £nill and endowment £6,077.125 12024. gains £201,536). The freehold properties were revalued as at 31 March 2021 by Godfrey~Paylon, Chartered Surveyors The valuation has not been made in accordance with RICS Valuation Standards and the Feoffees agree that going to that length is unnecessary and not cost effective. The Feoffees have ft)r many years adopted the practice of revaluing investment properties every five years lo provide a better indication of the value of such assets. For this reason, historical cost records of properties have not been retsined. Accordingly, the 1985 valuation is the earliest available Information concerning their historical cost. This valuation and the cost of subsequent additions comprises the above historul cost disclosure. 2025 2024 Quoted investments at market value comprise.. Liquidity account Stocks and equities Bonds Global investments and absolute returns Other investments 6,791,823 2,064,575 525,191 279,570 107,133 1,538.935 366.156 273.352 118,919 9,768,292 2.297,362 The fair value of the listed investments is determined by the referen￿ lo the quoted price for identical assets in an active market al the balance sheet date. The holdings within the liquidity investment account are the only quoted investment that comprise over 50k of the market value of lolal investments. Freehold investment properties comprising over 5¢kn of the market value of total investments are as follows". 2025 2024 Acton Hill Fami, Staffordshire 16- 20 High Street. Bridgnorth Herd Hill Farm, Kineton 2,278,261 1,850,000 1,406,756 2.278,261 1,850,000 1,406,756 Page 15 BOND'S HOSPITAL ESTATE CHARrrY FOUNDED BY WILL DATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2025 DEBTORS 2025 2024 Rents receivable Other debtors 60,129 87,961 20,627 2,054 148,090 22,681 Rents receivab￿ is measured al amortised cost. CASH AT BANK AND INVESTMENT MANAGERS 2025 2024 Lloyds Lloyds- Deposit Account Brewin Dolphin CCLA Virgin Money 215,533 35,425 29,851 214,395 16,284 293,521 209,568 8,968 225,698 16,008 511,488 753,763 CREDITORS: Amounts falling due within one year 2025 2024 Rents receNed in a(fvan Trade creditors VAT Other creditors A￿rUed expenditure 41,011 778 1,226.442 40,000 30,847 33,192 2,221 10,328 28,335 1,339,078 74,076 Rents receDied in advan￿ is measured at amortised cost. OPERATING LEASE COMMITMENTS LESSOR The charity leases out its investment properties under non-cancellable operating leases for the ft)Ilowing future minimum lease payments. There are no contingent rents.. 2025 2024 Within one year Belween and five years In over five year5 373,267 798,805 7,350 283.775 495.503 8,225 1,179,422 787,503 Page 16 BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 10. UNRESTRICTED FUNDS Balance a11 ril 2024 Transfers Balan Incomè between Ex enditure a131 and ains funds and losses March 2025 al Designated fund Improvement and renovation fund 220,000 Land promotions fund 105,000 220,000 35,000 170.0001 325.000 255,000 bl Accumulated income 362.715 460,173 1457,0341 385,854 Total unrestricted funds 687.715 460,173 170,0001 1457,0341 620,854 The improvement and renovation fund was established for the purpose of providing for the improvement of the Charity's propety and the renovation or re-building of any buildings forming part of that propety. The land promotions fund represents fees received for land option agreements which, should they be exercised, will be transferred lo the endowment fund. The accumulated income fund is available to be spent for any of the purposes of the charity. 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Nel current assets Freehold Investments Total Endowment fund 10,959,126 8,394,758 113,180 19,467,064 Unrestrnled funds". Improvement and renovation fund Land promotions fund Accumulated income 220,000 35,000 11,047,680) 220,000 35,000 365,854 40,000 1,373,534 Totsl nel assets 10,999,126 9,768,292 1679,5001 20,087,918 As disclosed in the accounting policies, the endowment fund represents those assets which musl be held permanently by the Charity, the income from which is freely available lo fvnd the activities of the Charity 12. RELATED PARTY TRANSACTIONS There are no ￿lated party transactions during the year12024.' £nill. Page 17