Charity registi*iOll Dumber.. 236518 The Charity of Mrs Mabel Luke Annual Rqxjrt and Financial SIMtemq)ts for Ihe Ye8r Ended 31 D￿j￿r 2025 Lfjly Ross Bx)oke Dor&qn Bu5ine5s Village Unit 10. Murdock Road Swindon Wiltshire SN3 SHY The Charity ol Mr5 Mabel Luke Contents Reference and AthDiJi5trative DetaÉls Trustee's Report 2-10 Stat¢m¢nt of Tn￿tee,3 Respoll8￿1 ilities IndepeJ)dent Rxamin&s Report 12 Stat¢m¢A)t ofFinallciai Activiti&% 13 Balance Sheet 15 Cash Flow Statement 16 Notes to the FinanciA] StstemeDts 17-24 The Charity of Mrs Mabel Lllke Reference and Administrative Detsi18 Trnttt Mthl L￿tTntsLtd Dtr¢¢torsMabel L￿t￿￿tLe Ltd E J G&*rd P MCA￿1￿ A Hyd¢ BL&yton MThoJ TNiEhol (Arvo￿d WI)V￿25) H ca￿L, lAWiLTr￿ 09mlQtr20 JGEaYes (AFFDIDtr￿ i￿N>3120261 L spiller{Ap￿iDIc￿ 09A)3ll026) K HoWlett(￿1￿d oim5r20251 Cl￿rityR¢&I5trx1￿ott 236518 Princi￿] OtrKe CIO UHYRossBt 201d Bath Ro8d N¢wbury BerAshite RG14 IQL IDdEp¢vde•l UHY R055Brooke DoiLW BusltJÈ￿vLrl UT)i* 16. murd￿kIl0 Swnd Wihsliire SN3 1d5 housed at Mabel Luke Place comprisd.. I hou5chold con5i81illg of sing]e aduli with four children 4 households consisting of Couples wttb two or thlye childr 5 households consisting of sin8Je people Iwith one or hvo cbi]dre I household consisting of a couple withoui children 3 hous¢hold5 COJ1515tingof single adults without children 2 vacant 2-bed flats In totaj, 19 adults 21 childreAJ were ill rcsidence at 31 Dettmber 2025. All th¢ ￿￿[t Tesidents were of working ￿¢. Both va¢ant properlies wcre re-ocwpied in January 2026. The Trllstee deGlares that it hos taken into acujunt the necd for c<)mplian¢e of Chartty Commission Guidance: Public Benefjt '. The Publi¢ Benefit RcquiT¢m¢nt PBI Publi¢ Benefft .. Rullning a Charity PB2 Public Benefit .. RepDrting PB3 Th¢ Th￿te¢ confimis that it complted with tbe requirEments of se¢tion 17 of the ￿8r[tIeS Act 2011 to have due regard to the public benefjt guidance published by the Cljarity cotMri￿on fOrEn¥Ja[￿ 8md W￿eS. Grntttmakingpoliaes The Charity does tK>t make gran Pag¢ 2 The Charity of Mrs M&ibel Luke Trustees, Report (continued) Aehlevements perform#Dee Keyfjnartdalptrfonmonee thdlcolors Regulator for S￿ial Elousing VaIue for Money metrics Metri¢ l - Reinve5tmeni 1.3¥A (2024- 0.74%) Metric 2- New supply delivered A.. New supply delivered (￿181 hovsing yniL4) 0% (2024- B.. New supply delivered {non-K￿la1 housing units) ￿ {2024- ()%) Metric 3- Gearing 36.6VA (2024- 37.IYA) MetrLG 4- Earning5 Before IttteresL Tax. Ikpreciation. Amorti5alion, Major Repwrs tncluded IEBITDA MRD Interest Cover IOW/o {2024 - 130%) Metric S- Headline Ix)u5ing cost per ￿￿1¢ £8,836 (2024 - £7.937) Metric 6- OperatiL8 MArgtii A. Operating Margin (social bou5ing lettings on]y) 51.38Y•{2024 - 68.76Y•) B. Opmting Margin (ovcrall) 50.24% (2024- 67.2Vh} Metric 7- Return 4)n Capi￿ employed (RO￿) 2.88Y•12024- 3.90%) During the y&v, the charity void IosKs of £14.163 (2024 - £3.3741 &s a result of lost maintenance olltributions due to properti￿ being ulloccupied. The Trustee considers that these Kpfs conftrm that the CTharity's fttwices remain on a stsble and sust&in&ble basis. The Charity ha5 no plan5 to provide furtberacc4)Jum(Mlation. Th¢ Charity Co￿S]dE￿ that 1¢ fully complies with the Governance and Financiaj Standard Tequtrements set out by the regulator. Page 3 The Charity of Mrs Mabel Luke Trustees, Report (continued) Financial revlew Income for the year was £147,987 (2024 - £151295k ￿rne £8.4k below budget. Other than ballk int¢rest receipts of £3283 (2ff24 - £5.4021. the Chhrity's onty illcome i5 from tbe Weekly Mwillt¢nanc¢ Contributiolls I'WMCS,) and service cbarg&s paid by residents (or in a few c&8es, where rtsid¢nts have agreed paymrnts. by the Departm4Jt of Work and Pensions oll theiT l￿bal￿. Et is thuefore ¢ssential that WMCS we paid on time and that any va¢ated flats are reld &s quickly 8S p)ssible. The Charit>. experien¢ed two very expensive licence t¢rminRtion4 one of which origiDated iffj 2024. durin8 the year. Otte flat had been relet in F¢bwary 2024. Directi)r5 Ihad decided to s¢t the new resident's appointment aside io November 2024, following a constaDt Sfrearn of wmplaints from other residents in the same block. The Charity ap￿inted specialist solicitors Lester Aldridge to advise on the pro￿$ of setting sn appointment aside. this being th¢ Charity's first such e4Mi¢n¢e siD¢e re-lettillg after the 2018 redevelopment. Delays in the court system and in the availobility of bailiffs to enforce repossession resulted in tbe residEnt Vacating the flat in ewly Nov¢mb¢r 2025, after occupying It while paying M mit for an entire ye4r. th¢ tlat was re-let in January 2026. Costs had beEn illcutTed ill 2024 in t¢rns of lo￿ of WMC income {£5721 and legal fees1£3.528). the Ioss¢8 in 2025 weTe sisnifiwtly gr¢ater, with a full year's Ios5 of iDcome of £10.3?5 legal costs of £7,115 and other Costs {deep cleaning. refurbishment) of £4.850. The totsl eom to the Cbartty of the licenL% terrnination and re- POSS￿511)n of th¢ flat in 202¥25 w&% £26,390. The Charity had to terniinate the licence for ather flat in mid-2025. again following the resident's anti-social behaviour. The resident a¢¢ewed the termination and moved out on 9 September 2025, 76 days after termination, but even so. the 1055 of WMC ineorn4 legal refu￿7$hMent during that per1￿j amounted to just shon of £IOk. This Ilat relet in November 2025. A5 a re5uEt of thes¢ significant losses and c05t4 total WMC and service cha￿t iDCOm¢ for tbe year w&$ 55Yo b¢low budgei which had included a allowance for vacanci&8. ExpenditiJre was £141,378 (2024 - £127.iK)O). £1.738 thive bud8¢t. Th¢ main varian¢e5 ag&iDst budget w¢re £4k for repairs and maintenance (virtually double the 20?4 cost) arld £2.6k on mortgage inter¢st I£IOk beltsw tbe 2024 cost) as a result of successive redllctioJJs in Bank of Eng]and base rate. However. exc￿5 lega] Alld other professional 8ervÈces costs exceeded budget by £5.5k and the 2024 equivalent bjp some £9k. The net r¢suli for the yeax before traDsfer5 W&8 a sDEplu$ of £6,609 (2024 - £24295}, som¢ £7k below budgeL FuThds held at the year-cnd were £1:583,215 (2024 - £1.576.606). Restricted funds totalled £51910 (2024 - £1.476,871) and consisted of an Extraontillary Repair Fund (f26JlO) and a Cyclical Maintenan¢¢ Fund (£26,000}. Unre5tri¢ted funds of £1,530.305 (2024 - £99.735) derive from WMCS l&Es expenses, being the general fwid of £63,502 and the designat¢d fimd (Mabel Luke Place) of £1,466,803. Th&se funds are co]]sidered sufficient to medilLe Charitys neats. The Charity had cash funds of £1 10.745 (m de￿￿11 * the end of 2025 (2024 - £107,461). p￿e4 The Charity of Mabel Luke Trustees, Rq)ort (contiDued) Th¢ Charity's w)li¢y Is to nMintsin a sillall swplus of WMC income over ffAt*ndithre and so to 5tEwJily build res¢TYes. to ellsure that fund5 are s¢t &5ide w ￿Ver ¢yclical and other planned maintenance. Thi5 policy came under Stra￿ in 2025 ￿ a result of the *rn]in*iolls detsiled aEove, but the Charity cxpects 5urplus¢s to rise significandy tn 2026 and beyond. while #ill falling short of those of a few years ago as a result of pernianently high￿ intertst fdtes on the Itws from Charity B8nk Iswn to dip below£l Enillionl. The Charity has d¢v¢loped a platslltd M8]nkn￿￿te programm4 tsking into account internal and extetll21 decoration and a]so the replacement cycle for the 8ppliAD¢es provided in the kitchcn. Rather than establi5b a rigid ¢yGliGal iDlernal redecorat10￿repl8¢eM￿t progrnnme. the Chsrity's policy is that the bulk of such work could most eifIciently athl economically bc Carried out duriDg the process of re-letting flats. following spectioTr and assessment of ¢ondition. This would avoid both the intrusion illto resid¢nts' quiet enjoyment of their homes that such progralljmes migbt otb¢nvise entsil atsd the unnecessary replacement of appliances and rtdecorntion unwarrant¢d by condition. Seyuai residellts have &sked for and been wted permission to cany out their re41ecoratioTrs, using paiDi specified by the Charity to app￿Ved colouTE. Several re-lets over the past year or two required little or ￿ elldwofthte5idency cleanin& let alone redeeoratioll OT 8ppliance replacement. Page 5 The Charity of Mrs Mabel Luke TrnSte￿, Report (￿)lltinued) Prlnrs keep the inVest￿ent ￿lIcY under review. The Charity of Mrs Mydbel Luke Trusteesl Report (¢ODtinued) Strneture> governAnet m*nagement R￿ruItMen1 dnd wol*thMtofdlreaors Directors of Mabel Luke Trnst¢¢ Ltd are recruit￿ by adverti5illg OD tts Thebsite, t)ther volunteer agency websit&8 and profe8sionai atmi personal Dciworks. Apart from a p¢rt¢xl from May to Octob¢r, 2024. th¢ post of Treasurer has remained wifilled since D¢cemF*r 2021 with the Cbair. E J Gatward FCA. cojnbining the posts of Chair alld Tr￿UrE[. J McDougall resigned in June 2025 10 pursue fuil-tim¢ studies. he Tdains a lirnk to th¢ TwstL¥ as IT advisor. K Howlett ￿Sign￿ in May 2025 for hea]th re&soos. The Board Success￿llY appointed l Nichol in August 2023 and so ended 2025 with six Dire¢lors. However, a su¢c¢s8ful recruilment drive ID Dec£Jni*r 2025 and Jauuary 2026 resulted in a thTee slThm8 andidates. all of w.hom were iThttr¥iewed by the Cbair and then by two otber Directots. All three were provisionally ap￿]nted by the Board at tts January meettD8 aDd formally confirmed at tbe sub5equellt Board meeting in March 2026, following the receipt of p)sitive ￿fel￿¢¢s. As well as providing the necessary stratsgic dtrection and Oversi￿L all Dire¢tors are etwed with the operational running of the Cbarity. With th¢ atwiDtment of the three new Director5 the Bo8td h&8 an cxe¢llent r8nge of skills aDd cxperiettc£, including ot)e Director with skills appropriatc to the T￿asurer rol¢. There are three Committccs. dealing with FinAuce. Residents and Property. all Committee metnb¢rs are Dir¢ctors at presenL although th¢ Arti¢145 of AsgOCi&tion do allow for ￿￿$pIerS. ArromgéMo￿Jory¢thH8 key mdnagemenlpers&nnelreNwnernli The Dir￿tOrS of th¢ Thistee are aIl ullpaid voluntee]s, drdwithg only oul-of-wket expenses from the Charity. Coniti]¢iors are selected for spe¢ific purpTr5es on a best value basis. There was oDe patd employee dwin. the year. The Clerk works an avernge of 15 hows per week. The Clerk's rEmuneration. temis and conditsons havc b￿n sct by the Board wtth regard to k)ca] tnEwket rates for simtlar positions and £￿d prn¢ti¢e. The present Clerk. h85 been allployed Since Jul}. 2023 and has a B￿d range of administrattve 5ki115, including bookk.eeping using ￿]ckBoOkS. and is an experienced user of Google Worksparx. the Charity's digital archiye operntit)g Syswn (see b¢low}. 0rgoptisolionql￿n&Cfyre The Tn]stee h&s adopted the NCVO ctrje: Govemance, A Code for the Voluntsry and C¢)mtnullity Sector, Version for Small Or8alli5ations". Th¢ eX1￿)ng Tnws of the w1inc0r￿rattd Charity are set out in the Scheme dated 17 November 1982. In 2016. in coll5ideration of the ri5Ls ts the individual T￿￿eeS of the Chority and ty fa¢ilitatr the proce&4 of requesting gw]ts and mortWd8e8 tbe TnL5tees fornied Mabel Luke Trustee Lli a Company Limited by GugJantee, with the then ¢urreot Trussees as Directors. This regi5¢tred at Comp￿leS House on 20 June 2016 with registered number 10241286. The Trnstees raised a Supplemental D¢¢d tt) th¢ 1982 Scheme on 22 jL￿e 2016. tnakiog the Co]npany the Sole Trustee of the Charity. This att8ngem¢ni w&8 approved by the Charity Commission in their Scheme Df 6 October 2016. The DIrtGt0￿ of Mabel Luke Trustee Ltd {'the TTU5ree'} are therefore responsible for managing and administering the Charity. which is a Rwtemj ￿la1 Housing Provider (236518). The property 0￿￿ed by the Charity is vested in the Official Cust(xliaD forcharilies. ge7 The Charity of Mr8 Mabel Luke Trustees, Report (continued) Sy5tsnLs At its meeting in Jun¢ 2024, th¢ Board had agreed to I￿k illto ffti8ralin8 its cowuter reci)rds and proct6SES from Google Drive w Google Workspace, with the inientii)n of improvin8 the coherence of its systems. This prooe$s w&$ instigated and managed by J McDougdl, then aD]r￿r. who had extensive senior tr exkwie4)ce. The pr¢para¢ion for and migr*ion of dats from Drive to Workspace a lengthy process that [￿4￿sSI1atCd ihe Clerk digitising all operational paper documentstion. The traDsf¢r of existing dig1f￿ dats from l)riv¢ had to be dolle folder by folder. It W&8 SUCW5hlly completed Aprii 2025. Qui¢kBooks remains th¢ Charity's syst¢m for fiD￿cial records and processe5. The Clerk ]naintain5 this day-to. day. 5upervi5Ed by thr Treasurel, who pJDvides quwterly management aco)unts for the Board and deals with the annual pmce55es of setting tht budget and c4)ttkpiling the inforniation required by the ￿arIty'S IndepeThd¢nt Examiner for LxTr]Dpleting the stabJtory atmuai acC￿lts. Page 8 The Charity of Mrs Mabel Luke Trustees, Report (¢ontinued) Mojor risks ofthoserfs RMk consideralio Directors attended an away day in June 2025. ellabling consideration of issues beyolld the constraints of ￿gUlar Board meetiDgs. Th¢ sesSi¢)n was focused on risk [llanage￿1cDt and r£th in a comprehensive risk regi5t6r t1￿1 was fornially approved at the Board meeting on 7 Augwi 2025. The register identifies 41 risks, e￿ one a&signed # risk seore Cothput￿ by multiplying the probability of Lumce by the imFa¢t and then addiDg th¢ ￿tential impacl again. This resutts in 7 risks {5core 15.30}, 13 or8nge risks (SC4)tt 9-12) and 21 green risks s¢orin8 8 OT b¢tow. ￿rO$S 5 ￿t¢Sories. Number of TotAI red liU￿ber of Total OnDge Nu￿ber of Totsl gree r&1 r18k ri8k score or*nge risk% risk score greeD risks risk store ole 65 33 20 Operational Financia] EnviroDm¢ntaVexter 45 27 43 15 63 12 12 18 18 Compliance Totsls 13 135 21 The ssvcll red risks wcre.. Governan¢e.' lack of successioll planDiDg for Chair (30). few diTectors to function eff￿tively {201" atLd failure to ￿rnit a qua]ified Tr￿urer (15), all refleL#ing a 8¢Derai la¢k of volunte¢r dire¢torthstee5 in th¢ Operdtional.. catastrophic events - fire. fl(M)d dc (15). dispuÉes between residents {15): and residents with u￿Ulfilled support needs that aff￿t others (15), th¢se iasf ￿.0 betD8 in the wake of the problem5 the Ctharity bad with one resident during the year, referred to earlier in this Rer Finance: ¢htoiii¢ operationa] c&%h defi¢it arising from lack of cash flow from income (15). A $llnilar cosh flow risk related to rising ￿sts but W&5 scowed orange {12). It can be seen fmm the tsble aiK)ve that five other finan¢ial TiSks w¢r¢ rat¢d oran8e, at least double the llumber in other categories. Most of the orall8e risks were s¢en a5 ¢apable of ￿ductIon as a r<8uIt ofapp)inling a Trwurer. The Board is focused on managing the 20 red and orange risks. l(K)kTllg to reduce or mitigate the risk lev¢1 where possible. The register will be reviewed aDnuallv (unless 3 ￿aJor change n￿gitateS immediate Actioll) gnd thot will include Asyessm¢nl of whdher th¢ gr¢en risks have chaugryl. A key finallcial risk for an organis8tion with substantial borrowings is that rises in interest rates feed throu into high¢r costs. Th¢ Bank of England b&se rdte Tose 5ubstalltially duriDg 2022 and into ?023. resulting in the Chkrity's interest bill in 2024 being 241Y• of the level in 2021, drastically reducing net incorn¢ from amund £75k in 2021 to around £24k in 2024 (when the budg¢ted n¢i in¢om¢ was half that). Fortynat¢ly, base rat¢ went illto gentle reverse during ?024 and this has contitiued in 2025, though at a slower ratt than many anti¢ip*ed. While basc rdte is expected to continue its slow downward trend alld to Stabilise within the next couple of ye4rs it is generAlly thougbt unlikely to fojl mu¢h below 3.50A & whicb WiDt the Charity might see current net income doubling (otber things being equal) bui Still at h￿f the level of the years UP to 2022. This issue is Ih¢refore not so mu¢h a risk ps a virh]a] certw within which the Charity h&8 to operate. Page 9 The Charity of Mrs Mabel Lmke Trustee5' Report (continued) Other than ir.terest costs, the nLaitt cost centre is Repairs & Yaintenallce. A 5i8nificant risk in th¢ longer terni is that the costs of mailltaLlliu8 Ibe property in a sound stste of repair rise beyond the financial capacity of the Chariry. This risk 15 r¢duced tn the short lo rnedium tmi beca￿Se the property was built relatively recently Alld to a high standard and itl the longer temi ixcause the external r￿lShi￿8S ate destgtsed ￿ minimis¢ maintEnanee ¢o$ts. The Charity ha5 built its free cash reserves to £85k, wtsicb should ellable planned and rcsponsiv¢ maiDtknllanee to continue in lin¢ with our p[aJ￿. &s long as ofber costs r¥n]ain stsble and income is not lost through lengiby vacancy peri(Kls or rEnt controls. As already stated under Reserves Pglicy. the Charity is setting asidc fLndg &Thnually &) help meet these costs. The Cbarity ILas built up a list of provcD contraciors to de￿ with day-to-day rgpairs. Tlie Charity inspects each flat annually to eD)itre the residents are maiDtsiDing it in a reasonable stale (and more generally, to maintaiti good contsct with each residellt and to ensure continuiog eligÉbth"ty for bollsing by the Clwiry). As already stated. the Charity has made provision for the costs of r￿¢coratiOll equipmettt replacemenL on the basis that such costs will generally be ittcutted when Aats are vacat¢d prior tts re-letting, which keeps sucb costs low and minimis¢5 disnjption to ]￿useholds. The ¢onununal ar￿$ - hallways a] staircases- are designed to be e&sity maintained and are regularly clealled. The Charity activ¢ly mauag¢s residenl armrs. wbicb at £9.038 at 31 December 2025 (2024 - £10,571) have fallen during the year and are considered reasoiiabl¢. A 5ignifieaDt element of allears arises because tb¢ tiniing of Universal Credit and other b¢nefit payments to r¢sidents Ès Oljt of step with the Clwity's ￿onthlY l&'.MC payment date5. Such 't¢¢knicat arrears, are recouped in the eourse of each molltb. Only ttvo Aats bave arrEaTS bevond 91 days of mor¢ £l.O(M). These balanccs are beillg paid off steadily througb a￿eements with residents. A baLance of £616 was written off as bad debi in the ￿ear fro￿ F"lai 4. Th¢ builditigs. public, cmployer&'direetots and employee liabiliry risks are illsured by Royal and Sun Alli44nce tbrough Grout lllsuraThce Brokers Ltd under an Almshouse group policy. The Charity has a fiLII suite of poli¢ies and procedures and other strateoic 8Dd working documents tbal are developed and a￿￿eed by tEi¢ Board. These are desitsned to minimise risks iTth¢r¢llt in I￿9nY operational areas, in particuiai. The Board reviews policies ¢very three years: each policy di5play5 a review date. The dc¢d5 for the Properries are held, for security. by Gatdnet Leader, Newbury. The laDd 15 vested in Official Custodiati for Charities by virtue of an Order of th¢ Coll￿nI￿10￿crs of the 25 Janwary 1929 as affeeted by the provisions of th¢ Cbaritie5 Act, 1960. The annual report was approved by the Tnts ofthe cI￿lty on.. . . ................... d signed ou behalf by.. atwar rmab Luk¢ Tn￿tee Ltd Pllge 10 The Charity of Mrs Mabel Luke Statemenl of Truste¢s Responsibilities The Ttwstee is resp)nsibl¢ for preparing the Trustees, retrfTrrt and tbe finallcÉa] statements in ￿ordanCe with the United Kingdom Accounting StaJMlards (United King{kn￿ G¢n¢rally Accept￿1 Acix)unting P￿tI￿) and appli¢able law and re8ulatiOnS. The law applicable to ch8rities requires the Tft￿tee lo prepar¢ fin￿¢La1 ststements for ¢ach financi#l yeor which give a tru¢ and fair view of the Sta￿ of affair5 of the Chartty and of the iticomillg resour¢es and application of r¢sourc¢s of the Charity for that period. In preparing th￿ fintsllcia] ststements. the Trustee is requjred to.. sclect suit&ble KLX)Utkting policies and then apply them ¢onsisteAJily" observE th¢ Jnetbod5 alld prinGipl¢s ID Lbe Charitie4 SORP. make judgements and estimates that ar¢ r¢wnable and prnden¢ state whether applicable accountillg 5ta]]dard5 have been followrf subjttt to any malErial departures disclosed and explained in the financial sttttemenw and pr¢paTe the finaDcial statements OD the going eonc¢rn b￿1$ ￿￿esS it is inappropriate to presume that the CbArity will cootinu¢ in business. The Tn]strC is responsible for keeping proper accounting rerA)rds that disclose with rwoDBble accuracy at any time the fuwcial positioll of the Charity alld enable them to ensure that the fi￿ancIal ststements wmply with the Chariti¢5 Act 2011, th¢ Ch8riiies {AccounLS and Rem) Regulations 2008. alld th¢ provi5iDnS of th¢ COll5titulion. Th¢ Trustee 15 also resp)nsible for safeguarding the assets of the Charity hence for taking reKsoDable stq)s for the prev on d daection of fraud amd other irregUl￿ltie8. Approved by the Trnstee on .. and signed on its beha]f by: tmar hrm el Luke Trustee IAd Pageii The Charity of Mrs Mabel Luke Independent Examiner's Report lo the Trustse of The Charity of Mrs Mabel Luke I rep)rt to the Tn¥tee on my &xomiti8tion of the a¢counts of The Clwity of Mrs Mabel Luke for the yEar ended 31 DecemtrKr 2025. Respon$lblMtles basi8 of report As the charity Trustee of The Chority of Mr5 Mabel Luke you art resw)llsible for the prepprHlion ofthe accounts in a¢wrdance with the [equircmeR￿ of the C]witi¢s A¢t 2011 (kne Ad,). J rqM)rt in respect of my ¢x8mination of The Cbarity. of Mrs Mabel Luke's accounts eatriEd out under wtion 145 of the 2011 Act and in Carrying out ￿Y exarnination I have followed ail the &ppliczble Di￿tIOnS given by the Charity Conunission undeT section 145(5Xb) of the Aci. IndepeDdent ex#mineFs ststemeDt I have eompleied my examinalion. I confirn that no materia] matters bave Corne to my attention in tDnnection with the examination giving me cause to beli¢v¢ that im any material re5 accounting r¢cor(ts were not kept to TW of The Charity of Mabd Luk¢ as r¢qui]vJ by section 130 of the A¢L' or 2. the accounts do not ac￿)rd with those or 3. the acwunts do not comply with the acwunting r¢quirnnellts eonc¢ming th¢ forni and content of accounts s¢t out in tbe Charities (A￿OUnts and Re￿rts) Regulations 2008 other tlwi ally requiremcnt that the accounts give a 'trne and faÉr view whieh is noi a matter coll5idered part of an independent examination. I have no eoncerns and haw¢ come acro&% no other rnatt¢rs in COnn￿tion with the eknqmin&tion to wht¢h attention shouId b¢ drawn in this in order to enable aproper und¢rsthnding of the accounts to be reached. Kerry Hawknns, FCCA. UHY Ro&$ Brooke Dorcw Business Village Unit 16, Murdock Ro￿1 Swiftdon Wiltshire SN3 SHY DAt¢:..&1.:..￿., Pa8e 12 The Charity of MTS Mabel Luke Statemellt of Finrdneial ActiVAtiQ8 for the Year Ended 31 December 2025 Totsl 2025 Total 2024 funds Note Income 8nd EDdowments from: Inveslmeni in¢ome SeNice charge income Weekly maitttenanGe contributions 3283 7,763 3283 7,763 3,402 8.160 136.941 139 733 Total Income 147 987 147 987 151 95 Expendlture on: Staff costs (13,789) (13,789) (12.554) Ind¢ptnd¢nt Examiner'5 femun￿*10n Allo¢ated support Costs (4.783) {4.783) (4.224) 110222 Total Extxnditur¢ 141 78 141378 127 000 Net inco]ne Gr05s transfers between fullds 6.609 1423 961 6.609 24295 Net rnove]Dent ill 1.430J70 (1.423,961) 6.609 24,295 Reconci]i&tioll of fuDds Totai thnds brought forw8rd 1476,871 1576 606 Totsl fillmjs carried foThvard 14 15 1576 606 The tkntes on pages 17 to 24 form integr81 part of those fiDaDcial slatements. Page 13 The Charity of Mr5 Mabel Luke Statement of Fin¥dDcial ActiYitiQ8 for the Yegr Ended 31 December 2025 Unrestritte41 Restiicted Totsl 2024 Note Income and ElldowtueDts frorn: tnvestsnent inwme Service ¢I￿rge income W¢ekly maintenanGE cOntributio￿S 3.402 8,160 139733 3,402 8,160 139 733 Total Income 151 95 Expenditure oll". Stsff ¢osts Independellt Ex8mither's rernunerdtion Allocated support Costs (12,554) {4.224) 110 22 {12,554) (4224) iio 22 Total Expxnditu N¢t in¢om¢ Gro&s transfers b¢ttv¢en funds 24295 36 02 24295 Net movement in funds (12,007) 36,302 24295 Reconciliatiou of fvnds Total funds brought fonvard 111742 1440.569 15<2311 Total funds ¢aTried fonvard 14 1.476 871 1.576 606 All of the thar&ty'$ activities d￿1ve from continuing operations during the aknve two puiod5. The funds breakthwn for 2024 is shown Éll ￿te 14. Tbe note5 on pages 17 to 24 f￿n an integra] part of financial ststements. Page 14 The Charity of Mrs Mabel Luke (Registrydtion number: 236S18) Balance Sheet As at 31 December 2025 2025 2024 Iyote Flxed assets Tangible 2,499.603 1499.603 curre￿ assets DebtoJ¥ Cash at bank and in hand io 9.989 116302 126.291 11,747 137 720 149.467 CredSton: knowits fallÉDg due one year 12 Net cur￿llt assets IIQ090 TotAI assets les4 curreDt liab￿lI]eS 2,579.476 2.609,693 C￿￿1]I0r5. Amounts falling dve Aftv rnDre one yMr 13 1033 087 Net Assets 1.583,215 1576 606 Funds ofthe charity: Restricted iDcome fvBds Restricted fundg 52,910 1,476,871 Unrestrlcted income Unrestricted fw)ds 1530 305 Total funds 14 1583 215 nancial State￿ellts on page 6 10 13 were approved by the Trn5te& and authoris¢d for issue on and sigDed on their behalf by: Chair Mabel k¢ T￿￿1¢¢ Ltd The notes on Pa￿ 17 tD 24 fom) an integral p8rt ofthes¢ fillanci8i statements. PAEe 15 The Charity of Mn Mabel Luke C&8h Flow Statement for the Year Ended 31 De¢¢mber 2025 202S 2024 Note Cash flows from O￿TAting xrtivities Net ￿lovE￿£￿t iti futMIs Inveth¢nt ineora¢ included in inve¥knient actsvities 6.609 83 3,326 24,295 20,893 Working capitsl sdjwtments Decreasel{increase) ID debtors Incr¢&5el(de￿Se) in credito 10 1,758 (4,536) Net cash ttows frorn opetHtin8 ￿tivitieS 8.141 13,376 Cash flows from tnvesting *ctivitl Interest re¢eiv&ble and similar income 3,283 3,402 Cash flows from ffflaDcing *ctivitie5 Net of llew loans receiv￿ and capital repayments made. Net decr6￿C in c&th aDd c&sh equivalents (21.418) (9,5241 Cash and c&th equivalents at l January 137 720 Cash and ¢&sh wuivalents a131 December 116.302 137720 Atl of the c&th llows are derived from LX)Dtinuingopu*iolls durin8 the aknve two periods. Th¢ not¢¥ on pas￿ 17 to )4 forni an tnlegral ￿tof these finan¢ial statements. Pag¢ 16 The Charity of Mrs Mabel Luke Notes to the Ftnancial Statements for the Year End￿ 31 Degember 2025 l Actounting policies StatemeJt of eompli#nee Th¢ fin8n¢ial stal¢ments have F£en prepared in &CO￿an¢t with the sttond edition tsf the Clwities Ststemettt of Reco￿￿￿endEd PractiG¢ i55ued ID O¢tober 2019, the Finallcial Rep)rting Sta[￿ard applic4ble in the United Kin8dorn and R£public of IrelaDd (FRS 102) alld the Charities Act 2011. Basis of prqmration The Charity of Mabel Luke meets the defmiuoD of a publi¢ b¢n¢fJt entity under FRS 102. The accounts (financial statements) hgve been prepared under tbe historical cost convention with It￿￿$ reeognised at cost or trBmsa¢tion V￿￿¢ unless oth¢rwi% s¢ated in the relevant note(5} to these accounts. Going concern The Trnstee considers that there are no materia] uncertaiDts aknut the tharity's 8bility to ￿ntinue a goiDg conctrn. Expemditure All expenditure is recogllised once there is a l¢gal OT Constructive obligation to expenditure. it 15 probable SEttlement 15 rtquired and the amount can be mwured reliably. All costs 8r¢ allocated to the applicthl¢ ¢xpendibJre heading that aggregate similar COSLS to that Category. Chttn'table cctiviliés Charitable expenditure corllpri5es those costs In￿rred by the charity in the delivery of its a¢tiviti¢s and services for its bell¢ficiarie$. It in¢lud¢s both costs that be alliKthI directly to such activities and those costs of on indirect t)aiwe necessary to supwrt them. TaDgible fixed Individu￿ fixed asset8 are initialty recorded at C4)SL aoy sUbsequ￿t accumulated depreciation and subsequenl ac¢umulatel impairment1055CS. No dqjreciation is charged on Land alld Buildings due ￿ the high Jwidual value of the Almshouses. Cash and cash equtv*lents C&sh aDd cash equivalents conjprise cash on hand and rall dep)sits, and othex short-trrrn highly liquid investments that are readily convertible lo a k￿wO autount of cagb and are subject to an insigllificant risk of change in vaiue. TrAde crediton Trode creditors are obligations to pay for goods or service5 that have bxn aequtred in the ordsn8ry course of opeTrtions from suppliers. Accounts payable a)r classified ws ¢urrent liabilities if the charity does not hav¢ an unconditional righi at the end of tbe rew>rting period. to d¢fEf 5¢tt1emenl of the Gredityr for at lea51 tw6lv¢ months after the rep)rting date. If there is ao unconditÈonal right to deftr ￿l￿n¢￿t for at least twelve month$ after tlie re￿rti￿g date. they are presented as non-cu￿[ liabilities. PaEe 17 The Charity of Mrs Mabel Luke Notes to the Fin2ncAAI Statements for the Year Endeil 31 December 2025 (Continued) Borrowin Interest-bearing borrowings are initially recorded at fair Ya]u4 net of transaction costs. IntEre5t-bearing borrowings arc subsequently carried at 9morris￿ rt with the diff¢T¢nc¢ E¢tweeu th¢ pr￿e¢d$, net of 'ansactioD WSt& wid the aujoullt due on rEd¢mption ￿ltig recognised as a charge to the Slalement of Financial Activities over the period of the relevant borrowin8. Interest expense is rEcOgnI￿ OD the basis of the effe£tive iTrrettst rnethrd 8nd is included in int¢r¢5t payabl¢ and similar ehars¢5. BO￿OWingS are classified as current liabilities w)less the charity has 8n unconditional right to defer s¢ttlem¢nt of th¢ liability for at l¢ast twehTe months afterthe reFrf)rting dat. Fund strutture Unrestricted income fun&% are general fund5 are available for use at the Trnstee's discretion in fiuth¢ran¢e of the objectives of the ¢harity. Desigllated funds are unrestricted fiu]ds sft &side for specific puryws at the discjrtion of the trustees. Restricted income funds are thos¢ donat¢d for us¢ a particul￿ are4 or for speeific p￿r￿se$. the yge of whtch s restrictsd io that area orpurp05E. 2 lllve5tmellt income Unrestiicted fwid$ GenerAI Totsl Interest receivable and similar incom¢- Int¢r¢st r¢ceivabl¢ on bank deFA)sits Total for 2025 3283 TotAI for 2024 J Other Unnstrictsl nds GeDerAI Totsl funils Weekly maiDtEnance rontributions Total for 2025 144 704 Totsl for 2024 147 893 147 893 Pa8e 18 The Charity of Mrs Mabel Luke Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 4 Staff costs The aggregate payroll costs were &s follows: 2025 2024 Staff eosts durlllg the year were: Wages and salaries Social security ¢osts Pension Costs 13,135 260 394 13,789 11,856 349 349 12,554 Th¢ monthly average number of persons (includ]ng senior llWla8¢￿eryt I leadership team) employed by the charity during the year expressed as fvll time equivalellts follows.. 202S No 2024 No Staff llllmbers No employee received emoluments of more tham £60,INXI during the year No key manag¢meDt personnel received any remunerallon or consideration dwillg th¢ year. 5 OtheT expenditure Unrestricted fuDds Totsl 2024 General 21125 Repairs and ￿.#Inte￿allCC SeTrice charge costs Trdvel and sub515tence Legal and professional fees Directors expenses and traillillg Rates Insurance Computer software and maintenance costs Printing. posrage 2nd stationery Subscriptions Office expenses Advertising Accountancy fees Other interest payable 24.820 8.187 24,820 8,187 18,406 311 12.484 1.023 12,484 1,023 3,528 1,466 2,687 306 20 2.688 7,688 858 858 1.190 1,190 2,047 200 450 486 71,026 122 806 486 71.026 122.806 110222 AII 2025 and 2024 expenditure was allocated to the unrestrict￿ Fun(L Page 19 The Charity of Mrs M&bel Luke Notes to the Flnancial Statements for the Year Ended 31 December 2025 (eontlnued) 6 Trustee remmneratlon and eIpen5es During the year £486 (2024 . £450) w85 paid by the elmtity for the accountillg fees of Mabel Luke TNs*e Limited. During tbe year the charity madc th¢ following tra￿L￿tiOnS with dllect0￿ of Nlabel Luke Tru5Éee Ltd: P McAuliff¢ £10 (2024.. £Nil) of expe0￿ were reimbursed to P McAuliffe dwillg the year. E J Gatsvard £34 {2024.. £40) of expenses w¢r¢ ￿l￿bU[s￿l0 E J GatW8rd durin8 the year. J McDougall £Nil (2094.. £246) of expen5¢s w¢r¢ ￿l￿b￿r3ed ts) J McDougall during the year. Neither the Trusttt nor any pcrsons connected with the Tn￿tee bave received any remuneration from the charity during the year. Neither the Trust¢e oor atty petSODS CODllected with the TTh￿tee have received any other beD¢fits frolll th¢ ch￿lty during tbe y¢ar. 7 Indepelldent examiller's remwneratioD 2025 2024 Exarniuatiou of the finallcial sratements 4,783 4224 S Taxatio The charity is a registered ¢harity and is therefore exempt from ¢axation. Page 20 The Cbgrity of Mrs Mabel Luke Notes to the Financial Statements for the Year Ended 31 December 2025 {contlDued) 9 Tsnglble fixed Lalld and buildings TDt81 Cost At l Jalluary 2025 2 499 603 2,499,603 At 31 D￿t￿ber 2025 2,499,603 2,499,603 Depreciition At 31 December 2025 T4et book value At 31 December 2Q25 2 499 603 2 499 603 At 31 Deeernber2Q24 2 499 603 2 499 603 10 Deb*or8 2025 2024 Prepayments Rent not yet ]rceived 951 9.038 1,176 io 71 11 C48h 8nd cash equivalents 2025 2024 C&8h at bank 116302 137 720 Page21 The Cbarity of Mabel Luke Notes to the Financial Ststements for the Year Ended 31 Decejnber 2025 (coiitinued) 12 Creditors: ll￿0￿￿ts fallimg thie withitt oneyear 21125 2024 Bank108t)s Oth¢r taxdtton and S￿la] 5e¢uThty Oiher Gr¢ditors Accrnals 36,540 260 1,001 32.$56 157 The loans aTe secured by a fixtMJ Ghtrge on the freehold int¢rest in the pyopty. 13 Creditors: ￿￿ounts f*lling thie after one year 2025 2024 Bank loans 1033 087 The loans are secured by a fixed tharge on the freehold inter&fi in the property. Page 22 The Charity of Mabel Luke Notes to the Financial Statements for the Year Ended 31 DeCe￿ber 2025 (eontlllued) 14 Funds B2￿nce Rt 31 l)ecembgr 2025 Bxlante at I J2llllAry 2025 Intornlng resour¢es ResDurc txptDded Transfers Unre8tricted fvnd5 Gerterrtl General Funds 99,735 147.987 {141 J78) (41842) 63.502 Designated Mabel Luke Place 1466 803 1466 803 Totsl unrestricted funds 147 987 141378 1423 961 05 Re8tric¢ed funds Mabcl Lukc Place Extr￿rdinary liepair Fund Cyclical Maintenattce Fund 1,433,961 21.910 (1,433.961) 5,000 26,910 Totil restrlcted funds 1476 871 1.423 961 Totsl fund5 1576 606 147.987 141.378 15 The R¢5tJicted Funds ronsist of the Extr￿￿illary R¢pair Fund and the Cyclical Mainttjwice Fw?d. AmouAts are transferred from time ts titnts from the Gtheral Fund tr provtde for fithwe tepairs atKI m&intenance. The Dwigoated Fund consists of the constnjdion and legal costs for the building of the Alm5knu8es (Mabel Luke Place), togetherwith the capitsl comw*nent of rnortgage repayments made at the balance sheet date. MabeS Luk"e Place w&8 included in Restricted FuDds a5 at 31 Decen]ber 2024 aj￿ was traDsf¢tted to Unrestiict Designated Funds as at l January 2025 ts) refiect th¢ charity's main obJ'ecÉiYe gf providing social housing in the forn) of Almshouse acconllnodation. Page 23 The Charity of Mr& Mabel Luke Notes to the Financial Statements for the Year Ended 31 De￿rnber 2025 (¢ontinued) Balxnce at 31 DeceJnb¢r 21124 B*l*nee gt I Infoming Resources January 21124 Tesourcea peDded TraDyfers unre9trlet￿I Genernl General Fwid$ 111.742 151295 (127.IAK)) (36.302} 99.735 Restrlcted Mabel Luke Place Extraordinary Repair Pund Cyclical Maintenance Fund 1.407,659 16.910 26J02 1,433961 21,910 1476 871 TotAI hnds 151 1576 606 15 Anafy81s of llrt assets between fund8 Total funds at 31 December 2025 fund5 General Restricted Tangible fixcd assets Curreot asseis Current liabilities Creditors over l y¢ar 2.499.603 73,381 {46,418) 61 1499,603 126,291 {46,4181 996 61 52.910 Total net a￿ets 30 05 1583215 Unrestricted fun Genernl Totsl fulld5 at 31 l)ecember 2024 Rutri¢ted funds Taugible fixed ￿ets Current assets Current liabillties Cr¢ditots ovw l year 2.499,603 41911 {32,556} 1,033,087 2,499.603 149,467 (39,377) ,033,087 106.556 (6.821) Total nel assets 1476871 1576 606