2025-12-31-accounts

REGISTERED CHARITY NUMBER: 238993 REGULATOR OF SOCIAL HOUSING NUMBER: A3458 Rgport of th• TN¥t•e¥ ¥rKI Unaudlt•d Flnanclal Statamantg for the Year Ended 31 December 2025 for ST JOSEPH'S ALMSHOUSES KNOX CROPPER

ST JOSEPH'S ALMSHOUSES Contents of the Flnanclal Statements for the Year Endgd 31 Dgcernbgr 2025 Po99 Rgfvrenco end Admlnl8tr4tlvo D¢tslls Report of thg Trust Independent Examlnel8 Report Statsment of Flnanclal Actlvllles Balart￿ Sho•t Notes to the Flnan¢l#l Ststoments 10 10 20 Dgtslled St•tsmÈnt of Flnanelal Actlvltl 21

ST JOSEPH'S ALMSHOUSES Referoncè and Admlnlstratlv• D•talls for th• Yaar End•d 31 D•eambor 20215 TRUSTEES Rev. S Middleton Chair P Afxlo Mrs M L Benton R Hairie8 PRINCIPAL ADDRESS Clo St M*s Reclory Draycott Terrace London SW3 2QR REGISTERED CHARITY NUMBER 238993 INDEPENDENT EXAMINER Knox Cropper LLP Chartered A¢countsnl8 65 Leadenhall Street London EC3A 2AD CLERK TO THE TRUSTEES Geral¢Jine Morrison Bookkeeper. Jonathan Th¢¥nps¢n INVESTMENT BROKERS CCLA Investment Managemenl Ltd Senator Hous8 85 Queen Victoria Street London EC4V 4Er M & G Inv8slm8nis PO Box 9038 Chelmsford Essex CM99 2XF BANKERS HSBC PLC 69 Pall hAall London SW1Y SEY SOLICITORS Stone King LLP Boundary House 91 Charterhouse Street London EC1M 8HR Page 1

ST JOSEPH'S ALMSHOUSE8 Rgport ol the Twst•OB for the Year Ended 31 Decemb•r 2025 The trustees present their ieport ￿1h the finanaal 61alements of th8 charity for thè year ended 31 December 2025. The Iru5tees have adopted the provisions ol Accounting a￿1 ReportirvJ by Charltles.. Ststemenl of Recommended Pr8¢1i¢e appllcable to Ghatits'e8 preparing their accounts in accordance wth thè Flnanclal Reportiro Standard applkable in the UK and Republic ol Irel8nd IFRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Oblaetlves and alms Tho Charity exis18 to rnalnialn and manage 10 Rlmshouses in Ils owner51ip for poor persons ol good tharacter who are members ol the Roman C311vJlic Church. The Tfuslees have the obj¢Gtivo of keeping all the propertles and gardens in good co￿l￿"0n, th&reby providing 8 comfortable and 88fe enwronment for each resident. Slgnlflcant actlvltlos A conditson suivey (Qulnquenniall was undertakgn of the property In April 2025. whtch found the building lo be In gocKY condition, wlh no health and safety risks. Ttusleps were pl8ased that prudent management has paid off and Ihe SUNèy I￿11 give a sound basis for lubjre maint8nan(* plaMirrfJ.11 wll 8180 feed into th8 Trustees, ￿an8 for ILrture investments in oidoi lo ensure proposed expenditure can be mel by avaIla￿e funds. Vvork was ￿l[led out lo remove asbestos In the boller room in May 2025. amountin9 to £7.440. Follovlng lh6 Ilre rl8k 8ssessmenl carried out in 2024, the last remedial works were Carl￿d out to fil external vents W￿re needed. at a cost of £2.980. The gas boAer service undértaken in Novembèr 2025 in(a¢atsd that these wer8 al the end of their working life. Quotes were obtsined to replace the domestic boilers with ￿ comm&rcial tr4)i￿r8, The contract w88 awarded to a gas eryJireer known to Paler Abdo, one of thè Truste68, and the work w88 carried out In December 2025. The contractor dld an ex¢ellonl job. not only installing the new bollers bul in maklng much needed repairs to the plant loom ilsell. HÉ wlll eontinuÈ to maintain and serwce the boil6rs yèar, ènsurlng that they shwld last l()r al least 15 years. Works costs. induding assodaled repairs, amounted lo £24.960. Work ¢x)nbnued lo en8ur8 that the charity holds policie3 requlred by the Charity Commisslon. A for flnan¢ial ¢ontrol8 was 8gr8èd by the board. An inveslwenl policy and risk policy are curr¢nlly in draft lorffl. A policy lor indepèndènt Ilvlng w88 written and distsibuled to all residents, dong with the updated t95idont8' handLK)ok An Irrrease 012.5% was agreed in th¢ monthly rnalnlenan¢e ¢onlribulion IMMCI and an increase 01 £25 w rnonth per rgsidÈnl lor the MSCC. This increase equates to £36 or £37 per resident and is In line wlh capitstions sel by I hg goverr#nent. There has been no ¢hango in Te8ideni8 during the year. Publk bet)efit Thè charity piovide5 public ben8fil by prowding arLornrnodation lo those are unable lo afford M￿et rents. By being In dose conto¢t with th989 individuals the charlty can ensure Ihelr health aThJ wellbeiThJ is proiected. Grantmaklng 11 is not the policy of the Trustees ￿ mEke grants. Page 2

ST JOSEPH'S ALMSHOU8E8 Roport of thè Trusts•s for the Year Ended 31 D•¢ambar 20211 FINANCIAL REVIEW Flnanclal posltlon The Charlty's financial perf￿anC6 for 2025 $h¢)W8 a surplu8 lor the year of £42,256 cornp8rgd to £27.077 in the previous year. Unrealised gains on Investments for the year amounlgd to £37.035 ¢ompared lo £19,796 in 2(Y24. This was partlalty offset by losses on di8po8al of hO￿ing comwnonls ￿OUnt￿n9 to £9,979, prinapalty relating to Ihe boilers which requved r8plecemenl prior lo being lully dèpr8ciatsd. There ha$ teen no lumover of residents during the year, meanlng no. volds on properti@s during the perfod12024.. £Nill. The Balan¢e Sh8el has strh)wn an I￿reasO In reserves of £42.258, being the surplus lor Ihe year. This Ig rèprosent8d by an i￿reasO in unreslri¢ted funds of £44,229 and a decrease in restricted fvnd8, aM￿ntIng to th8 d8preaah.on of the soclal hOus￿)g grant element of housiThJ properties, 01 £1.971. Investrn8nts al market Value have increasèd by £￿,887 as a result of a¢¢urnulaled dividends for the year of £18.852, Bnd unrealised galns on reyalualion of £37,035. Investmènt pollcy and obleGtlve¥ The Charty's Cydic81 Maintenance Fund, Extraordinary Repalrs Fund and Endownent Fund are invesl&S in Iow-rlsk inveslmèntg managed by professional manager8 on behalf of the National Association of Almshouse$ Common Investment Fund ar￿ COIF Chath"e$ Inveslm8nt Fund. Reserve8 poII¢y Res8rves are essential to maintain the fabric arwj Serv1￿ ol Il alrnshouses and wll be related to five-year $urveys that swll be carri&S out in fulure, as well as allowing for extroordinary expenses that could arise kn luture, glven the age ol Ihè buildings. The Trustees consider tha pres8nt reserves are adequate and wll m8intain the p￿sent reserves Yith an addltlon to m•81 bUild￿g costs, infiation. Setting aside annually the amounts greater than those athi8ed by Ihe National Assodation ol mshouses ts Eylr80rdln8ry R8p8lis. aThJ CydicBI Maintenanc8 vall (k) this. Ttte5e wrounts VAII be Sat at the same time a8 the draft annual Md9et arKI wlll bÈ reVie￿d at each meètlNJ ol Ihfj Trustees. Unrestsictéd r8s8rves al 31 December 2025 amounted to £877,002, restricted reserve5 tot8lle(5 £146,166, V￿th endowment lunds of£1,125. Golng concern The Board has rèasonable 6xpectalion that the tharity has adequate resources lo conlinue operations hr the fr)r8s6eable fulurè. For this rèason, the going cor￿rn basi5 has conth'nued lo be used in preparing the fina￿al 5talemen18. Th& 808rd has Gonsidered the short and long term health of the charlly, and is content that o robJ81 budoel provides as5uran¢e that the going con¢ern b8s is approprialo in proparin9 the financial slaternenl8. FUTURE PLANS Our futuro plans ¢0 ￿Inue lo maintain and develop the AJmshcAJs88 and Improve the admlniBtralion ol the charity. Specifically, ￿an5 for fvlure works #re,. To flnalise polic4es foi illvo8lmgn15 arKI the risk register., To seek an altemative provider for fire system malntènancè and monitoring as these costs have Increased svJnificanlly', To seek an atternalive providgr for M￿lI011n9 of resldent personal alanlls as the current pro￿d￿rIg not very responsive lo our noeds.. and To improve security by inslalling a gale a¢ross Ihe archway into Ihe courtyard. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document Thp Charity is goVer￿d by a scheme dated 241h March 1964_ The Ch8rlVs R8gist8r8d Number is 238993 and il 18 also reglstered by the Regulator ol Social Hou8ing (NuM￿r A34561. Chablty constltutlon Sl. Jos¢ph'5 AJmshous and the Endowment Fund is regulated by 8 8¢hème ol tho Charily Commissioners and admlnk%ler6d ar￿ managed ty B body ofTru5tees. Pagè 3

ST JOSEPH'S ALMSHOUSES Report of the Tru8tees fc+r th• Year Ended 3100¢th)ber 202S STRUCTURE. GOVERNANCE AND MANAGEMENT Recrultment and appolnbnont of tr4Wt9VS Trustees are appolntèd by thè Cardlnal Archbishop tsf Wè8lminsler. the Chairman of the Trustees belng the Parish Priesl ol St Mary's, Chelsea. New Twslees are ty the Board but artr able lo attend courses Nn by the Almsh¢)U8 A$so¢iaiion and othws. Ofganlsatlonal structure The tharily is administered by its Trustees. wth assistance lor th8 dBy to day running ol the charf(y from the Cleik lo the Trustegs, The Board of Twstees met ￿ce in 2025 to oversee the rnanag8m&nt ol thè chgrity and to delemlne its prlorth"e$. The Trustees also confimi that they have had règard lor the Charity Commisslon guidance Sn respect ol public benelil when reviewing the tharily's aims and objectNe$ and plannlng future a¢tiviti¢$. Internal Controls The Trustees acknO￿e￿9e Iheif responsibilty for the Charlly's syslem of ir¢l¢rn¥l ¢￿trol$. In¢ludlng Inlemal finanoal controls. Thè 8ystÈm of ¢ontrol$ cover$ governance, strategy and finance, relating to the safeguarthng of assets. the malntenance ol proper a¢¢ovnllng recoids and lh¢ reliabillly of finanryal inforrnalion u$g(l iwJth within tho oryanisalbon and lor Pkjbliealion. Thè syst6ms 8stsbll£hed and m81ntained Can provkle reaÉonablè bul not ab8tlutè 888wÈncè against matèrial misstatemenl or loss. Key managgmgnt Temunera￿On truÈt8ès r8cÈiv8 no r8munerafjon lor thelr swiees other th8n lh& r•iMt￿r$ernenl ol oul-ol-pockd expen8es. Rl8k managom•nl The Trustees give conslderalon to thg major risks lo whkh the charlly is exposod and havg re￿e￿￿4 establshed y$ièm5 and pro¢edures lo manage the58 ri8k8. It has bÈèrn agreed Ihal the Trustees will annualty wiow the$È risks. The Board's focus In th8 year w88 on the below prinrypal rlsk8'. Reports ar¢ made lo the 8oard and ea¢h meeting lo ensure all properties and inspections are up lo dale. A programme of works is in place for componenl revacernents. MaintaiThn ood servi(e lev815 to resident5 Sl JosBph's Almshouse5 adopts an. open forutn of cy)mmuniGalion bctweon 1¢sidenls and kpy management pgwnngl. Duiing the year th¢ ro&denls becamg mole Involved wlh the operallons of tho Charity th¢ welfare ol fellow ￿SIdentS, provKling key le&dback lo Trustees. Effectlve rnana ement ol th@ Chari s r8source5 The 8oard continue lo monitor Ihe Charlly'6 resource5 and partlc4Jlarly its finances gTrven Ihg economic uncertainlie8 currently Impa(aM)g the cost of Ilving lor Ihe resldontg and the d)aiity in mai)tainlng the properdes. Given the In￿$tr￿entS held by the tharity. the Truslees ar6 conf#Jenl that the charity is able to continu& deliverin9 Ils objectives. Code of Govgmanc• The code of governance ￿lopted by the Trustees Is the Charity Govemance Code, as thi8 best rts with the aims 8nd obj•cb"v8s of Sl Joseph's as an Almshouse Charity and represents a standard ol good govemanc8 practice to which all charile8 should aspire. The Board of Trustees confirms wmplIan￿ wqlh the Govemance and Finanaal Viability SlatKlard. In doing so, the &)aid confirms that it h8s an appropriat8. robust 8nd prudent business planning, risk aThJ contrd framework in place. The charity adheres lo the Fkjusing Ombudsman Complalnls Code and ensures that complaints and cOr￿rnS rai8ed ty re8idents are addiessed appropriately. Page 4

ST JOSEPH'S ALMSHOUSES Roport of the TTU8te•s lor thg Year Ended 31 December 2025 VALUE FOR MONEY IVFMI E8¢h year the Charity use8 a range of dats to measure VFM progress against the housing sector. Th8 r8suIts help infiuence investment decisions and provtde the regulators orKI other stakeholders with information on the progrgss of th9 Charity, whllsl also ensuring compliance wllh the regulatory VFM stsndard. The metrics have been Compa￿ lo The A¢uty Smaller Providers metrics for industry comparability, Motrlc 2026 2024 AGulty Score¢ard Commèntary New supply delivered 0.0% 0.00 0.0% The Charity has 10 Almshouses in managomenl, This remains as per the previous year, with no new supply of s(tial hou81 or new supply of non-soaial housing. Gearing 113.01% (18.4)% 13.8% The Charty ha5 minimal borrowings compared lo indusl standard. EBITDA MRI 19.924.7)0 5,375.20 192.0% The Charity has only minor borrowings and minimal interest in the year. The charity mad8 an op8raling deficit in the year due tr) boiler replacement works undertaken. Social Houslng Cost Per Unil £9,755 £8.159 £6,524 The charrty incurred s19nif￿anl expenditur8 on boiler feplacemenl and related work5 10 the boiler room. This is not routine, and the Trustees are salisfigd that the Cost p8r unil reflects the necessary work lo maintain the properties to a decent standard. The low numb8r of un￿$ means that there Is nificant im l on this metric. Operating Margln Overall 15.77% 8.0% 15.37% As a Charity. Sl Joseph's receives a signrficanl ￿Ve1 of income from its investment8. whlch produced £18.964 in 2025, thus impacting the operating margin. This incorne also und8rwri18s part of the charity's operating costs, allhough the investmen15 are held in accumulation units which do not provide a Gash inflow as returns are relnve81ed In the Inveslmenl portfolio. Social Housing Lellings only (18.01% 114.3)% 17.3(A* ROCE 0.5% 0.7% 3.1% Thi$ is particularfy low due lo the minimal liabilitie5 of the charil Reinvestment 5.3V 3.4% 3.4% The raplacement of boilers has been capilali5gd and reflects 8ignlficanl reinvestment in wmparison to similar rOv￿er$. Overall, these key perfomance indKalors reflect tho results for the year end8d 31st D8C8mber 2025 in comparison to the industry sector scorecard. demonslrallng robust asset management. Pag65

ST JOSEPH'S ALMSHOUSES Report of th¢ Trust for th• Yèar Endod 31 D•cember 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES Th8 trusteès arè responsible for preparing the Rewt of the Trustees and the fina￿31 statements in a¢￿[dance with applicable law and Unlted ￿ngdoM A¢winlin9 Slandards IUnit¢d Kingdom Generally Accepted Accounhng Practice). Tho law appll¢abl¢ to ¢haiiJes In ETrJland an¢S Wales, Ihe Charfl￿$ Act 2011. Charity IAcwJnts and Reports) Regulations 2008 and the provisions of the trust deed requires Ihe Iwstees lo prepare financial slalernonls for eaGh financial year ￿lch give a true arKI fair wew ol Ihe slat8 of aflairs ol Ihe charity and of the incoming rnsources and application of ￿soUrces, includlng the in¢ome and ¢xp?ndilure, pl Gharlty for that poriod. In prepaiing thm financial statements, the tnJstÉes ar8 req￿red to select sullaile a¢counling pol￿e$ and then apply them consi$lenUy,' obseive the methcmjs and principles in the Charty SORP.. - rnake judgements and e51imale8 that are reasonaile and prudent., prepare the financlal stat8m8nls on th8 going concem ba8is unless 11 is Inappropriats lo pre8ume that the charity will continue in buslness. The trustees are rasponsiblè f( kegping prop&r accountirrfJ rettjrds whlth di8dose reasonable accurary al any time the rinancial position ol the tharity and lo enable them lo ensure that th¢ finwncial sla19rn¢nls wmply wfjth the Charities Act 2011, thÉ Charity (Aceournls and Reports) Regulations 21￿8, the Housing and Regenera￿On Act 2tM)8, the Accounting Dlreclion for Private Registered Provlders ol Soci Housing 2022. and the pmwsions ol the de&. Th¢y ore also r95w)nsibl¢ for safeguarding the assets of th8 charity and henc8 for taking reasonable steps for the prevention and deleclion ol fraud and other Irregularilles. Approved by order of the knrd ol thjslees on 14 April 2026. and sIgr￿d on Its behalf by.. Rèv. S ru ee Pag¢ 6

Indepondont Examlner's Report to the Trustses of St Jo¥eph'¥ Alm8hou898 Indopgndent •xamlner'$ report to the tru8le•8 of St Jo8eph's Almshouses I report lo Ihe charity Iruslees on my examlnab'on ol Ihe accwnts of Sl Jgseph's Alrnshou88s Ilhe TIu811 lor the year ended 31 December 2025. Rasponslbllltle8 and ba818 of report As the charity trustee8 01 the Trust you are responsible for thg preparation of the accounts in accordance with the requiremen15 01 Charilios Act 2011 Ilhe Act?. I report In respect of rny examination DI the Tru3fs accounts carried out under Sedion 145 of the Act and in carrying out my 8xaminallon I hav• followéd all applicable DI(edi￿S given by Ihts Charity CommS8sion under Sectton 14515llbl of the Act, Inilèpond¢nt •x•mlner'$ $tstement I h8ve complelad my examination. I confimi that no mat6rial mattérs hav8 com8 to my att8nlKJn In connection with the xaminalion giving me cause lo believe that in any malerwl re$￿ct.. accounting records were not kepl in re8pe¢l ol Ihe Tw$1 as rgqulred by Secfjon 130 ol Ihe Act.. or the accounts do not accord with Ihose records: or the accounts do not Ix)tnply wlh the applicoble reqviremenl8 concerning the form and conlgnl of aC£o￿ts $gt out In the Charities (Accounts and Rpportsl Regulations 2CM)8 other than any re4uirernenl that Iho aw)unts give a true arby f8ir view whi¢* is not a matter Consida￿d as part of an Sndep&ndenl examinallon_ I have no concems and have come auoss no other mallers in cOnr￿Ction with the examination to which attention should be drawn in thls report in order lo enable a proper understanding of the accwnts lo be reached. Thi8 report18 mad8 to the Tru81ees, as a bDdy, in awordanco with the tgltns of my EngagomenL Our work has been undertaken go thal we might carry out an Independenl Examination ol the finanaal slatements in accordan￿ wth the General Direcbons given by the Charity commis￿oners. To the fulle81 extent permitted by law, we do not accept or assurne r¢$wnslbi1Sty Its anyone other than the Charity and the Charfty's Trustses, 88 a body. for ourwork or for this report. James Hollan&Leader FCA Knox Cropper LLP CharteTed Accountant8 65 LeadÈnh811 StwÈt London EC3A 2AD Page 7

ST JOSEPH'S ALMSHOUSES Statsment of Flnanclal Actlvltl09 for thg Y¥ar Ended 310ecembpr 2025 2025 Total lund8 2024 Totsl lunds Unre81ricted funds Re81rKted fund Endowment fund Noie8 INCOME AND ENDOWMENTS FROM Donations and legarAe8 143 143 Charltable actlvltle5 Housing Activities 77.280 77,280 73.440 Invethenl incorne 17,147 Total 96.387 91,187 EXPENDITURE ON Charltable acllvltle8 Housing Adiwlie¥ 91,164 Net g8ln$ on Investmen16 37,035 37,035 NET INCOMEIIEXPENDITUREI 44.229 11.9711 42.258 27,077 RECONCILIA TION OF FUNDS Total funds brought lorwaid 832.773 148,139 1.125 982,037 954.*0 TOTAL FUNDS CARRIED FORWARD 146 168 1024 2911 The notes form port ol thes$ than¢ld stal￿&Tht8 Pag8 8

ST JOSEPH'8 ALMSHOUSES Balance Sheet 31 Dgeombgr 2025 2025 Total funds 2024 Totsl funds Unr&stricted fund8 Restrid lund Endowrnenl f￿d NDles FIXED ASSETS Tangible asset$ Investments 10 11 301.671 146,168 447.839 450,259 518.822 875,255 146,168 1.126 1.022,548 969,081 CURRENT ASSÈTS D8btors Cash al bank and in hand 12 2,822 26,746 2,822 26.746 2.734 29,668 29,568 58.053 CREDITORS Amounts falling due within one year 13 242751 124.2751 138.0381 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABIUTIES 880.548 146,168 1.125 1.027,841 989.096 CREDITORS Amounts falling du8 after more than QT)g y¢ar 14 13.5481 3,5481 17,0591 NET ASSETS 877 002 148 168 1024 295 982 037 FUNDS Unre8lrietèd funds Rastricled funds Endowment 16 877,002 146,168 832,773 148,139 1,125 TOTAL FUNDS 1024 295 982,037 The thancial ststements were apprtsved by Ihe Board of Tru$lee$ ?nd authorised for i&sue on 14 AFM(12028 and w8r8 signed on 118 bghalf ty. n- Trustee ¢nlon Tiuslcg The noies fDrm part of Ihese statemen19 Page 9

ST JOSEPH'S ALPASHOUSES Not•8 to th• Flnanel81 stat•M￿ts for the Year Ended 31 December 2025 ACCOUNTING POLICIES Ba$ls of ￿P￿TIng the flnanclal •tatrm¢nts The finanaal stat8menis of the charty, whKh is a public b6n8fit 8nl.ly und8r FRS 102, have bèen prep8red In aco)rdance with the Charities SORP IFRS 1021 'Accounting and R8wrting by Charitiès.. Statèment ol Recommended Practice applicable lo charitiès preparing their aC￿nIS in ?￿ordan￿ wth the Finan¢io1 Reporting Stand8rd applicable in Ihe UK and Republlc of Ireland IFRS 102> leffedive 1 January 20191,, Finanaal Reporting S18ndard 102'The Finar￿181 Reporting Standard applicaNe in the" UK and Republlc ol Ireland, aThJ the Charities Act 2011. The accounts comply wllh the cha￿￿'e$ Act 2011, the Housing 8nd Regeneration Act 2008 and the Accounting Direction for Private Reglstered Provlders ol Soual HcAJsing In England 2022. Ttt& flnancial statements hav& been prepared under the hlstorical cost convenllon, wth excepti￿) ol Investments which are irKluded al market value, as rnodifiod by the revaluabon ol certain assets, The financral statements are presenlgd in s1grting, sthich18 the ￿nc￿onal currenw ol the Charity and are rounded to the nearest p￿nd. The acC￿nIS have been prepartd to glve a 'true and fair vlew and have departed trom thg Charities (Accounts and R8portsl R8gulations 21X)8 only to the eKtenl required to provide a 'tme atvj lair view,. This d&partur8 involv foilowng Accounting and Reporting by Chaillles preparing their accounts in accothnce wth Ihg Financi81 Reporting Siandard applleab16 in the UK and R￿UL410 ol Iieland IFRS1021 issuad on 16th July 2014 rathèr than the Accounb"ng and Reporting by Charlties Statement of Re￿mmended Practice effectlve from 1st Aprfl 2CW)5 whith has since been wlthdrawn. Golng concern The ffinanc4al statements have been prepared on a going cOr￿ern basis as the Trustees belleve that no materlal uncert8inlies exist. Trustee$ havé con8ldèr8d Ihe lewèl of tund8 hekl and thè expe¢led level of Income and expenditure for 12 months from authorising these financial statements. The budgeted wicome and eXpendIt￿e is sufflcient MAth thè level of resèrvès lor Charity to be able to eonl#)u• as a goiro conc&rn. Crltlcal gceountlng ludgoments and key sources of e8tlmatlon un¢ertalnty The following are Ihe crillcal judgements and key sources of estirnalion Ul￿ertaInty that the Board ha8 made in the procÈ88 tsf applying the chariV8 accounting policyes and that h8V8 the most SM3nific8nt 8ffect on the amounts recognised in tho fin￿e181 statements,. Identbfication of housin9 propty components The charity accounts for ils eX￿n¢JituIe on h()u4ng properties using Comp￿ent accounting. Undei Compo￿￿1 aceounllng, the housing property 1$ dI￿d￿d inte thosè malor ¢omponenl$ which are ¢on$idered lo have $ub8tsntially diff¢ronl useful lives. Judgem¢nl 1$ used in all￿￿ting property wsls botwegn wrnponenls Ilond, struclure. kitchens, bathrcoms etcl and in dÈl8imlnlng the usefvl economic lives ol each component. H¢)using property dep￿￿811(￿ 1$ calculated on a coM￿nent by coMpo￿nI basls. The idenlificatlon of such cornponent5 is a matter oljudgemenl 8nd rnay have a rnaierial irnp￿ on the depreriation charge. The componenlB Selected are Ihoso whlch reflect fK)wthe major repalrs to tt)e property 8re managed. Income All income is recogri8ed Or￿ the Charity has ¢ntilem9nt lo the income, il 15 probable thal the incomg wll received and th& amount of income receivable can be measured reliatTrly. Income from housing represents housing conlrlbutlons from weekiy maintenance charges from residents. No amount is Inc1￿led in the finaw81 statements for volunteer time in line wth the SORP IFRS 1021. Investment inwme 15 earned through holthng assets for invpslrnenl pur￿885 suth as 8har88. 11 included diwdends and Intero51. Whtsre il is practs.￿l lo identsfy Investsnenl managgmenl costs incuiied within a scheme with r&asonabl8 Rccuracy the investment income is reported net of ihese costs. 11 L8 Included when the amount can b8 measured reliably. InleTe51 I￿)Me is iecogni8ed using the effective Inter881 Tnethod and dwideThJ income is recognised as the Charitys rKJht to receive payment is establish8d. Page 10 continued...

ST JOSEPH'S ALM8HOUSES Nots¥ thg Flnan¢tal Statsm¢nts- contlnued for the Year Ended 31 Dectrmber 2025 ACCOUNTING POLICIES- contlnuod Incom• Soaal Housing Capital grants are recognised only when re￿1Vable, or in the period in which a 8¢heme Is Completed and where Ihe amount of Ihe grant has been de￿rMIned. Grants are reflected in the reslrfcted HousiryJ PropÈrty Fund wth d8pra¢iation on granl funded assets roducing this fund. Expendlture Liabilibes are recognised as ￿pendItUre as SOC￿ as Ihere is a legal or construclive obligation comThitting the charity lo Ihal exp8nditrve, it is probable that a Ir8n8ts of econom1¢ benefits Mll bo req(￿red in settlement and the amount ol thé obllga14on ￿ b• measur8d r81iably. Expend￿re is acwunted for on an accruals basis and has been cla85ified under heath'ngs that aggre9ate all co81 related lo the category. Where c08ts cannot be directly aits*uted to partlcular heading8 they hava b8en allcethd to aclbmties on a basis consistent with the use ol resources. Tanglble fixed o$$0ts Houslng propertles SI. Joseph's Almshouses were constructed In th8 latè Nln•t8enth C8nlury arKI there is no record ol the original cost and no v8luè is 8ltn'EMJted tha￿t0. The Hou￿n9 Properties costs relate to improveThenls (arried out Since 1985. whlch werg funded by a Housing Corporalion Grant. a mortgage loan from thè Royal Bank of Scodand aThJ from St. Josaph's Amshous88' own rasource$. Housing properties are $18led at dÈpreaaied cost. Tha c¥)st ol completed housing propertles is depreciated over the Ilfg gf th9 properties. Properties accounted on a ¢omponenl co81 tBsls vAlh èach component being depr￿lated ovei rls esimrated Éeonomlc lif8. The principal components Idenlifled and the derAeclalion rale applied lo each component are set out L￿lOw.. Yoars 100 70 40 30 30 30 20 15 Fabric Roof Ele¢trlcs ndows and doors B8lhrcAyn$ Mechanical system6 Kitchens Boilet¥ FuTnlture. Fltllng$ and Equlpment Depreclatlon on Fumi¢ure. Fittings and Equlpmenl ha8 bèen prov&l8d in ord8r to wrlt& off th? cost over 11$ expecled useful life on a red￿rn9 ba1￿ce basls. Th¢ rale used foi thi$ purpo$e is 25%. Taxatlon The charity i8 exempl from tsx on its charflable actNities. Fund acGountlng Unreslricled funds can be used in a¢xordance with the charitablg objpGtivos al tho discretic￿ ol the truslees. Resln"et•d lunds can only be used for parbcular re8trided purposes wthin tho obje¢ts of the charfty. RestiiGlions ari8e when 5perAfied by the donor ￿ when funds are raised for particular restrtcted purp08es. Further ex￿ana11￿ of the nalure Bnd purpose of each fund is included in the notos lo th6 flnan¢Oal Statements, Debtor8 Trade and other debtors 8re recognised al the s¢tt1gnent amount due after any trade discount offered. Prepaymènts are valued al the amount prgpaid nel of any trade discounts due. Ca8h at bank and In hand Cash at bank and cash in hand includes cash and short lemi hlghly liquKI illv¢slrnents with a short maturity ol three months or less from the dale ol acquisition or Dponing of the deposit or slmilar account Page 11 ontlnued...

ST JOSEPH'S ALMSHOUSES Note8 to the Flnanclal Stat•m•nts- contlnu•d for th• Y•ar End¥d 31 D¢¢gmber 2025 ACCOUNTING POLICIE8- contlnu¢d Debtor• Crodltors and provl¥lons Credilors and provislons are recognlsed where the Charity h88 a prosent obligation ￿e￿￿ting from a p88t event Ihal will piobabEy result in the Iiansfer ol funds lo a third paty and lh8 amount du• to $8tt18 th8 obligation Can measured or estimated reliably. Creditors and provisions are normally recognised at Iheir s&tUèmenl amount aftar albwing for any trade di8counts due. Flnanclal In8truments The eharity only ha$ flnan¢Oal assets and financial liabllilies of a kind that qualify as basic nanaal instruments. Basic fin￿r￿191 inslrutnenl8 are in1￿.allY recogni8ed al trans￿l0n value and 8ubsequenlly measured at their setuemenl value wth Ihe eXCep￿On of bank loans whlth are subsEquEnNy measured at amortised cost using the 8ffeGb've Inlere81 method. Invgslments lllve31rllenls ale a forrn of bas￿ fin8nEial inv8sltnenl and arp inilialty rec(NJni5ed at their transaction value arKf subsequenty measured at fBir value as at the balance sheet dale uslng the dosiThJ quoted market price. Th& slal8menl ol financial ￿NItIeS indudes the net gains and losses ari8ing on revaluatiorbs and disp08al8 throughout the year. Realised gains and losses on investfflents are rAI￿lated as the dlfferenee b&￿en sales proceeds and their opening arrying value or treir purchase value if ￿quired subsequent lo th8 firsl day ol the finanaal year. Unreali8ed gains and losses ar8 calculaled Ihe difference betwetsn the falr value al the year end and their carryln9 valLJ&. INVESTMENT INCOME 2025 2024 Investment income 17,147 INCOME FROM CHARITABLE ACTIVITIES 202$ 2024 Gros$ malnl¢n8n¢o ¢onlribulicfis from residents Losses from voids 77,260 73,440 Pag9 12 ¢ontinu¢d...

ST JOSEPH'S ALMSHOUSES Note8 to the F5nandal Statement8 . contlnued for tho Yaar End8d 31 D8c8mbar 2025 SUPPORT COSTS Governance ¢osts Management Flnan Totals Housing Adlvilles 157 Support costs. included in the above. are as follows.. Management 2025 Hou8lng Actlvtbes 2024 Totsl a¢tivfrbes Clerk's fees Sundriss Subscriptions 6.000 377 6.985 444 824 Flnance 2025 Houslng Actlvlties 2024 Total aclwlloes Bankthargès Loan 89 121 89 157 210 Governance co$ts 2025 Housing Activities 2024 Total activilies Inde￿ndent Examination TRUSTEES, REMUNERA TION AND BENEFITS There were trustees, remunorallon or other benefits for the year ended 31 DeCem1￿r 2025 nor for the year ended 31 December 2024. Trust••8' •xpon8•8 There w8r8 no Irust•8S' aXP8ns&s paid lor the yeBr ended 31 December 2025 neK for the year ended 31 December 2024. Po9e 13 eontlnued...

ST JOSEPH'S ALMSHOU8E8 Nots8 to the Flnanclal Statements. contlnued for the Year Endgd 31 D•cambgr 2025 STAFF COSTS Key Management p&rsonnel aro deflned as the Truslees and tho Clork io the Trusl8e8. None ol the Trustees received any em0￿MentS or reirnbursement of expenses. 2025 2024 The emolument8 ol the Clerk to the Twstees, who was also the hlghest paid m8mb8r of kay m8nagement, wa8 as follows £S,985 The avefage monthly nLhMber ol employees during the yearwag as follows.. 2025 2024 Clerk No employees received emoluments in excess of£60.aoo. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unre8trlcted Restrided funds tund Endowment fun Tolal fund8 INCOME AND ENDOWMENTS FROM Donations and legacies ChorSlable actlvltles Housing Acti¥ilie8 73.440 73,44a Irweslmenl In¢om$ Total EXPENDITURE ON Charltable activllle8 Housing A￿"￿tk$s 81.895 83,9)6 Net gains on investmenls 19,7 NET INCOMEIIEXPENDITUREI 29.288 12,2111 27,077 RECONCIUATION OF FUNDS Toial funds brought forward 803,485 150,350 1,125 954,980 TOTAL FUNDS CARRIED FORWARD 832 773 148,139 P?ge 14 continued...

ST JOSEpTrfs ALMSHOUSES Notes to Flnanclal Stat•mants- ¢onllnu•d for the Year Ended 31 December 2025 SOCIAL HOUSING ACTIVITIES 2025 2024 Tumov8r from SD&al Housing Operating costs of Soaal Housing 77,280 73.440 83,9061 Operating 8urplus and surplus on Social Housing actiwl'8S SOCIAL HOUSING GRANT The ￿tal Soclal Housing Grant received for St Joseph's Amshouses as a13181 D￿mber 2025 amounted lo £286.26é (2024.. £286,266). The full Cawtal Grant would only becorne repayable if the Almshouses w8re disposed ol and th• grant was not rweled. Aggregale ￿OUnt received Al 31st December 2025 an¢J 3181 DeCem￿r 2024 Rèlèaséd to St8l#mÈnt of FINan￿al Atttiville8 At 31st December 2025 and 3151 Der¢mber 2024 288.￿6) Sodal Hou$lng Grant Catried forw￿￿ 10. TANGIBLE FIXED ASSETS Fixtures and fittings Housing propertses Totals COST Al 1 January 2025 Additions DisPQ8al 631.057 23,521 26 8471 36,816 1,080 667,873 24,6D1 28 38SI Al 31 De￿rnber 2025 DEPRECIATION Al 1 January 2025 Charge for year Elirninatsd on disposBI 188,241 14,914 16 8961 29,373 2.128 217.614 17,042 184061 Al 31 Decefflbgr 2025 216 250 NET BOOK VALUE At 31 D8cember 2025 At 31 December 2024 442816 The abovs detalls in rgspecl of HousitYJ Propertles ralata to improvaments Carried out Élnt% 1985, whlcth were lunded by Housing Corporation Grants of £286,266 arKI a Mortgage Loan of £26,893 whkh was repaid Interesl over thity years from 1st Augus11986, Thè b8Lqnee was provided Irom Sl. Joseph s Alrnshouses. 0￿ resources. Pa￿ 15 conlinuèd...

ST JOSEPKS ALMSHOUSES Notgs to tho Flnanclal Statsm*nts - contlnuod for th• Yaar Endad 31 December 2025 11. FIXED ASSET INVESTMENTS Llsled inv8slments MARKET VALUE Al 1 January 2025 R8V81u8llons Ac¢umulated dmdgnd 518,622 37.035 18,862 At 31 Decèmber 2￿25 574,709 NET BOOK VALUE Al 31 Dpcember 2025 574.709 Al 31 D8￿mber 2024 518,822 There were no investment assets ouwde the UK. Accwnulation shar8 dNld8nds 81È ￿InvÈstèd In the tharity's investrnenl wrtfollo. Thi$ income assists the capital grtswth of the investments eath year and is Iherelore not immediately available lo (yjnlrlbule lo the operation8 of the harity. 2025 2024 Markèt Value. Market Value Cost Cost The Inv8slm8nls comprise the folloydng.. 2,64212024= 2,6421 M&G Charty Multi Asset Fund Income Shares {E,Fl 516.14 {2024.' 516.14) COIF Accumulation Share5 IE.R.F 2,854.21612D24', 2,854.2161 M&G Charty Mutti Asset Fund Accumulation Shares (E.R.Fl The Charitie5 Deposit Fund (C.M.Fl Balance al 31 Dec$mber 2026 2.732 1,125 2,452 1,125 131,892 49,510 134,514 47.008 402,242 37.843 574.709 281,128 345.564 37,843 36,292 369.606 518.822 266.329 36.292 350,754 12. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Prepayments and a(trueil Income 13. CREDITORS: AMouTrifs FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Othèr uediltrrs 3.160 5,008 38,038 Page 18 nllnued...

ST JOSEPH'S ALMSHOUSE8 Note8 to the Flnanclal Slot•monts - contlnuèd for thè Yèar Ended 31 December 2025 14. CREDITORS: APIOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2025 2024 Other creditors LOANS An anatysls of thè malurtty of loans is given bebvr. 2025 2024 Amounts lallng due wlhln one year on dernand.. National Association ol AJmshou8ès Loan Amounts fallng between one 8nd two years.. Other loans- 1.2 years 3,546 3,513 Amounts faI￿ng due btheen ￿ and five years.. other loan8- 2-5 years The National Assoclation of Alm$house$ Loan is uns8cured an¢J intere81 free. 16. MOVEMENT IN FUNDS Nel movernent In funds At 31.12.25 Al 1.1.25 Unrestrlet•d lunds General fund Inv&stmènl Revalualon Fund Cydical maInten￿Ce Fund Extraordinary Repalrs Fund 362,084 188,068 36,292 266.329 19,1561 37.035 1,551 362.928 205,103 3Y,843 831773 44.229 877.002 Restrlci•d fund8 Housing Property Fu￿1 148.139 11.9711 146,168 End0%￿nent fund8 Endowmènt Fund 1,125 1.125 TOTAL FUNDS 982 037 1024 295 Pa99 17 continued...

ST JOSEPH'S ALhlSHOUSES Not•8 to th& Flnanclal 8tstements- contlnued for the Year Ended 31 Decembèr 2026 16. MOVEMENT IN FUNDS - contlnu Net movernent in luThJs. Induded In the above are as ft41ows', Incomiro resources Resourc8S expended Gains and 105ses Movement in knds Unr&strl¢t¢d fund¥ General fund Inve51tnenl Revaluation Fund Cyclical Maintenance Fund Extraordinary Repalr8 Fund 80,037 189,1931 19,1561 37,035 1.551 37,035 1,551 14,799 96.387 189.1931 37,035 44.229 Rastrlelèd fund$ Houslng Property Fund 11,9711 11,9711 TOTAL FUNDS 911641 Cornparatlvp8 for movement In fund8 Net movemgnl in knd8 Trdnsfers between funds At 31.12.24 Al 1.1.24 Unrestilcted lund8 Gengral fund Investment Revaluation Fund Cyclical Maintsnance Fund Extraordinary Repairs Fund 381.872 146,273 34.524 238e16 14,7881 19,795 1.768 115,tiJ)I 3e2,084 168.C68 36,292 266 329 ,485 29,288 832,773 Restrletèd fundb Housing Property Fund 150,3 12,2111 148,139 Endowment fund$ End￿ment FuThJ 1,125 1,125 TOTAL FUNDS 27,077 982 037 Page 18 conb"nu8d...

ST JOSEPH'S ALf41SHOUSE8 Note5 to the Flnon¢lal Stgtem¢nts . ¢ontlnued for thg Ygar Endgd 31 December 2025 18. MOVEMENT IN FUNDS - ¢Mtlnued Comparalfve nel movemfjnl in funds, Sncluded in the atx)ve arè as follows= Resourc88 expended Gain8 and sses Movement in funds resources Unrestrlcted funds Ggneral fvnd Investment R8V8lUa￿.0n Fund Cyclical Maintenance Fund Extraordinary Repairs Fund 76,907 181,6951 14.7861 19,795 1.768 12,513 19.796 1,768 12,513 91.187 181.6951 19.796 29,288 Rfystrlcled fund¥ Housing Property Fund 12.2111 12,2111 TOTAL FUNDS 91.167 Cycllcal Malntanan¢e Fund IC.M.F.I Thi6 fund represenls amounts Set aside for cydlcal maintenance lo meÉl ¢o$ts in excess of budgeted expenditure for 8ny year. Extraordlnary Repalr8 Fund IE.R.F.I Thls represents amounis s8t asid8 to carry oul future major repalrs lo Housin9 Propeitiey. Investment Ravaluatlon R￿rva This represents the difference between the m8rk81 value and w8101 inve8tsnenls Houslng ProF¢ty Fund This r&pr•s8nts thé soc181 housing gwl recéived from the Housing Corporal￿ll loi property improv8menls lo the Almshouses since 1985. Depreciation on housin9 properties is ¢har9ed lo thi$ fvnd over the life ol the cornponfrnls of thè buildlno. Endowmènt Fund This fund was sel up in a declaration of trust dated 24th April 18￿). Income ari81ng from investments of the endowment fund shall be ￿ptied lor the general purposes for the rhatiiy. 17. RELATED PARTY DISCLOSURES During the ygar ended 3181 Decwllber 2025, no Trustee had any interest in any contract or anBngémÈnt wltm the Charlty. The Clerk to the charity is under conlracl of empltsymenl wfh St M8ry'8 Cadogan Street, Chelsea. The time SFent In administering Sl Jo5eph'¥ ￿￿$hOuse5 by the Clert( is recharged by Sl Mary's to St Joseph's Amshouses. Thls ainounled lo £6,¢J)O in the year12024'. £5.9851. At the 31sl December 2025 Sl M8rfs Cadogan Street was due to bo Teimbursed tr￿￿ Si Joseph's AlmshJu8es £Nil12024.' £￿11. Geraldine Morrlson. CIEtk gf Ihg Charity, rpnled one ol the Almshou8e8 during the year lo the valu8 01 £7,83612024- £7.440). No 8mounts remained outstanding at the year end date. Page 19 ¢ontlnued...

ST JOSEPH'S ALMSHOUSES Notes to the Flnanclal Statements- eontlnugd for tho Year Endgd 31 December 2025 UNITS IN MANAGEMENT The Charlty had 10 unlts In Management durfng the ye*.12024'. 101 Pag6 20

ST JOSEPH'8 ALMSHOUSES Detalled Slalemont of Flnan¢lo1 A¢tlvltl•$ for th¥ Year Ended 31 De¢¢mber 2025 2025 2024 INCOME AND ENtX)WMENTS DonatlonB and legacS08 Donations 143 800 Invèstment In¢on)e Inve81menl Income 10,964 17,147 Charltsble actlvltlos Housillg Actiwties Total Incomlng resoure¢$ 98,387 91.187 EXPENDITURE Charltsble actlvltles Roles and water Insurance Lwhl and h&8l Telephone Property repairs & malnlenan¢e CleanlThJ & gardering Alarrn costs Depredallon oftsnglbk flxed 358ets Loss on dfispo8d of component 2,15B 3.722 17,015 926 24,9B3 $95 4,927 17,042 1,668 3,620 18,385 1,195 28,026 1,348 3,139 17.082 81,346 74,463 support costs Management Clerks fees Sundrios Sub8cription5 6,000 377 444 824 7,501 7.253 Flnanc• Bank tharges Loan 68 89 89 121 107 210 Governance e08t8 Ind8pendent Exarninallon 1.980 Total resources expendgd 83.906 Net Incomfr 5.223 7,2e1 This page does ntrt form part of the statulory finanaal statements Pa9e 21