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 b8*s 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 AJmshou*s 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