2024-03-31-accounts

D￿U$l9n Env¢lop• ID: E5c2E3BE￿78E4T6S￿CE&FFg91646E82l Charlty numbor: 512217 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Do¢u8lgn Envelop8 ID: E5C2E3BE4)7BE47f&8CE&FF991646E821 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY CONTENTS Page Referenc• and Admlnlstrallv• Dotallg of the Charlty. Ils Trust••s and Advlsern Tru•lees' Report Ind•pondont Audllors. Report on th• Flnanclal Statem•nts 7-10 Statsm•nt of Flnan¢lal Actlvltlos 11 Balanca Shoot 12 Nole• lo the Flnanclal 8tat•m•nts 13-25 The following pages do rK)t fom) part of the statutory finandal 8latements: App•ndlx l . Sch•dul• of propertlo•

Docuslgn Erwelope ID: ESc2E3BE￿7BE478￿BcE￿FF99l646EB21 ST MARY THE VIRGIN ESTATE hlANAGEMENT CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, trs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trusts•s Mr S J Lightley, Chalrn￿n Mr N Paton. Vice Chaimian Ms R Amey Mr A Birkmyre Mr G C Hunter Or H Jone8- Lee Mrs C S Penn MJWKyle Charlty reglstarad numb•r 512217 Prlnclpal offlc• 5 - 7 Osbome Tefface Newcastle upon Tyn8 NE2 1SQ Ind•p•nd•nt •udltor• Kinnair A8sociate8 Llmlted Chartered Accountant8 Aston House Redburn Road Newcastle upon Tyne NE51NB Bank•r• Natlonal Westminster Bank plc 16 Northumbertand Slroet Newcastle upon Tyne NE17EL Sollcltors Mincoffs Sollcltors 5- 7 Osbome Terrace Newcastle upon Tyne NE2 ISQ Clork to the Tru•teo• Tlmothy Rohan Gray D•puty Cl•rk to th• Truste ChrIslo￿r Hu9he$ Paga 1

DoC￿n Envolopo ID: E5C2E3BE4J78E47654CE&FF991646E821 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report logether wlth the audlted flnandal slatements of the charity for the year from 1 April 2023 to 31 March 2024. The flnanclal statements have been prepared In accordance wllh the accounting policles set out In the notes to the financlal statements and comply with the Charlty's wv8mlng doGument, the Charities Act 2011 and th relevant version of the Statement ol Recommended Practice appllcable to charttles preparing thelr financlal statements In ac￿ttIanCe with the Flnanclal Reportlng Standard applicable in the UK and Republlc of Ifeland (FRS 102). Obl•ctlv•8 and aGtlvltl•• • Poll¢1￿ and obloCtIv•• In setting obj8CtiVeS and plannlng for actlvttlos, the Trustee8 have glven due conslderatlon to general guldance published by Ihè Charity Commission relaiing to public benefit, includlng the guldance 'Publlc benelll: runnlng a charlty {PB2)'. The object of lh& Charlty Is to admlnlster and manage the propety in its care. i. The income of the Estat8 Management Charity IB to be applled as follows: £400 to the Vlcar for Ihe tlme belng of the Ecckryslasllcal Parlsh of Salnt Matthew, Newcastle upon Tyne, lor hi8 own u8e and benefrt; and £1,000 to the Newcastle upon Tyne Royal Grammar School for appIl￿tion in advanclng the full-tlme further educatlon of students are under the 898 of 25 years and WI￿ hav8 for not1888 than Ihree years attended secondary school In tha Clty of N8wcastle upon Tyne. 11. The Estata Managamanl Trustees Shall pay tha resldue of Iho yearly income of Ihe Estale Management Charlty: 88 to 53% Ihereof to Iha Newc8Stle upon Tyne Roy81 Grammar Schr￿1 for appllcatlon In accordance wlth the trusts of the Charlty; and as to 47% thereof to Ihe Almshouse Trustees for application In accordance wlth the provlslons of thls Charlty Commlsslon Scheme. Achlevoment• and porfomiance • Rovl•w of a¢dvltl•• Net Investment In¢om• w8s £75k (2023: £68k). More recently, issu88 wlth the global economy, dlsruptlon lo manufaciurlng supply chalns and Ihe confllct In th8 Ukraine, accompanied by rislng Inflatlon and Intere8t rate8, have affected the current perfomiance of equlty investrnents adversely. Rental Incom8 h88 fallen marglnally thls year rafiecllng a small provision agalnst recov8rabi1Sty from one tenant. Property outgoings have reduced slightly. As a resul( net property Income was £362k (2023: £364k). Gener81 adminlstratlv8 Costs h8V8 reduced s11ghtty from18St year, Share investment values have increa8ed by £190k wh1181 propety valuatlons have reduced by £35k. Charity's Investment propertles have been revalued as at 31 March 2024 and this has resulted In reduction in value of the overall portfolio of £35.000. Induding a slgnillcanl reductlon In thg value of one Page 2

D0r￿￿gft Envelope ID., ESc2E3BE￿7BE476S.BCE￿FF99l64GEB21 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevemants and porfomianco Iconllnu•d) property In York. The propety slts on a relall slreet In c8ntral York whlch, In common with many high Streets, has suffered a drop In trade. The street Is, however, Ilkely to be redeveloped wlthln the foreseeable future and accordlngly, ralher than crystalllse a substantlal loss. Iha Trustees have resolved to hold onto the property on the ba818 that Its value Is likely to increase in the fulure. • Inv•slm•nt pollcy and ￿rfOrnIanc0 The Trustees have adopted a policy of seeklng medlum rlsk Investmants In order to gene￿te income and achleve some capltal growlh. The ch8rity remains a long tem) Investor and, on professlonal advlce, holds dlverslfied portlollo of equltles, bonds and property wlth some cash. Th8 portlollo lotal return was +11.8% for th8 ￿ar to 31 March 2024 (2023: .5.9%). Thi8 compares wlth tolal retum8 for the following indice8: Year to 31.03.24 Year to 31.03.23 BD Rlsk C8tegory 6 8an¢hmark FrsE BrStS8h Govemment All Stocks Index Iboxx £ Corporate Bond Index FfsE All Share Index FTSE All World Ex UK Index IA Property Index IA Targeted Absolute Return Index 13.4% - 0.0% + 7.4% + 8.4y• + 21.4% - 3.5% + 6.3% 1.4% - 16.3% - 10.6% + 2.9% 0.9% 8.4% * 0.3% The Brewln Dolphln Rl$k Category 6 Benchmark ¢ompri5e3 3.5% UK GIII8, 2.5% UK 8onds, 11% Overseas Bonds, 19Yo UK Equltles, 49.5% Overseas Equltles, 3% Propety, 9% Allernatives & 2.5% Cash. 2023 had stsrted well and largely confounded forecast8 ￿1th the global economy ggnerally prov5ng to be stronger than antldpated. The trends ￿)ntInUed Into the Second quarter. essentlally 2022,8 losers becomlng 2023's winners as the technology sector bounced back from the prevlous yearfs rout. Growlh 8nd qu811ty $ty18S were at the forefront, although perforniance was mainly powered by a handful of mega-C8p US tech stocks. The one toplc the market becarne exlremely exclted about was Artlficlal Intelllgence (Al). Overall. markets stabilised aflar th8 banking tumioll In March whlch gaw US banks Slgnature and SVB go bust and Swlss bank Credlt sulP￿e get taken over by reval UBS. and the doficlt In annual relatlve perfomiance narrowed markedly thls pe￿0d as a dreadful first quarter of 2022 fell out of the calculatlon. Thereafter, however. It was a struggl8 to make further prograss and 2023 gains were pared back. July and August had already been falrly mixed and Septemb8r proved to be typlcally weak as global mark8ts faltered and led to the worst month for a year. Hopes for a broadenlng of the rally were not rnet and, instead, leadershlp changed, with energy taklng over Ihe mantle from technology companles. Easlng Inflatlon and upward surprlses for growih had been supportive for most of Ihe year but the dynamic changed and higher energy prlces compllcated thosg storles and became the latest conundrum for central banks. The weakness contlnued Into the final quarter of 2023 before the most tanglble sYJns of an 88slng In Inflatlon came through and Ix)nvinced investors that major Western central banks were movlng Closer to a much 8walted plvot, from ralsing to cuttlng Int8rest rates. A8 lh8 end of the year approached, a 'Santa rally, Compounded galns and saw gl¢bal equity markets reglster a rlse of over 15% from lale Oclob8r. The S&P SOO Index trad8d ck>se to a record, the NASDAQ 100 had its best year slnce 1999, and lh6 global bond mathet saw Its biggest two-month gain on record, Market8 hav8 rallled strongly for the last 18 months and a posltlva quarter at tho start of 2024 bullt on th6 gains Pagg 3

Do¢uslgn Envelopè ID: E5C2E38E￿78E476￿BCE￿FF99l646E82l ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achhvemonts and p•rfornMnc• (contlnu•d) that vwe most noticeable from late 2023. The S&P 500 r88ch8d naw all-tlme highs and, from a technical persF>ective, It was encouraging to see evidance of leadership shifting from technology and growth stocks to a broader range of companles. The US and Japan vRre well ahead of other reglons although, for UK Investors, retums from the latter have been affected throughout the year by signfficant weakne88 in the Yen. As investors switched out of value and Income producI￿d sectors the UK was a (relatlve) straggler and ￿n¢eMS over the Chlnese economy saw Far East and emerglng mart(ets lag developad market retums slgnlficantly. Flnanclal rnvlow • Golng conc•rn The Tfustees have consldered the Ilkely effect of the current macro4conomlc global uncértalntles on th8 prospects for future Investment Income and on the ablllty of tenants to ¢ontlnue to meet theSr rental Income obllgatlons. These force8 wlll Ilkaly Smpaci adversely on tha Charlty'8 futurelovels of Income. However, as the greater part of the Charity's 8xp8nditure represent8 diBtrlbutlons to tha b8n8ficlarS8S thal are Ilnked lo the level of Incoma eamed and wlll reduce If Income levels remaln low the Tn*tees are satisfied Ihat the Charlty has adequaio resourcas to rA)ntlnu8 In op8ratlonal 8xlslenc8 for Ihg foreseeable future, For this reason, thay continue to adopt the going concem ba818. • R•••N•8 pollcy The Tru8tees have a pollcy, after allowlng for other expendltura and Interlm payrnents to beneficiaries, of paylng out the residual balance of the Charlvs nel Incomlng resourc88 lo the benetlclaries at the conclusion of the me8tlng 8pprovlng tho TNStees' rewrt and financial statements. Consequently the reseNes are repr88ent8d by Investrn8nt propertl8S, Other Inveslments and ￿ndS awahung Investment and chang88 In th098 reswves result from changes In the value ol Inve8tmenl propertles and other Inveslments as dictated by the Invostment Pollcy. 8tructur•, gov•rn•nc• and manag•m•nt Constltutlon Sl Mary the Vlrgln Estste Management Charity is a registered charlty. number 512217, and Is constituted under a Trust deed. It is regulated by the Saint Marfs HospStal (Newcastle upon Tyne) Acts 1888 and 1927 as affected by Schemes of the Charity Commlssioners of the 18 September 1903. the 18 March 1930, the 12 December 1966, the 2 Aprll 1979, 20 Sept8mber 2000 and 20 February 2014 as well as a Scheme mad8 by the Board of Educallon on the 4 Juty 1914. It Is organlsed Into Iwo sep8rate Ch8rf11es named Ihe Hospltal of St. Mary the Vlrgln (Rye Hlll and Benw811> Almshouses Charity, referred to as the Almshouses Charfty and the St. Mary the Virgin Estat8 Managemenl Charlty, referred to as the Estate Management Charity. There havè been no changes In the objecllves slncB the last annual report. Page 4

Do¢￿19n En¥olopo ID: E5C2E3BE4]7BE476SBCE&FF991646EB21 ST MARY THE VIRGIN ESTATE MANAGEMEKf CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 StruGturn, gov•rnanco and managomonl {contlnuod) Organlsatlonal 8tru¢tur• and d•¢lslon.maklng pollcl The Charity is run by a body of eight Tru8teeB (Increased In nurnb8r from sev8n by the Scheme of the 20 September 2000). The Trustees are asslsted by Iheir Clerk. The body of Trustees shall conslst of: Five Nominative Tru8tees One appolnted by the Blshop of Newcastle; Two appolnted by the Almshouse TNst88S; Two appointed by the Governors of The Newca811e upon T>￿0 Royal Grammar School: Three co￿ptIVe Trustees Appolnted by a speclal re801utlon of Estate Manag8m8nt Trustoes. • Pollcl•• adoptod for the Inductlon and tralnlng ol Tru•t••8 Upon appolntment, Tru8tees are glven coples of the Charfty Commlsslon S¢heme, the accounts and the minutes of the last meetings of the Trustees. They are also Bupplled wlth the Charlty Commi88ion booklet in relatlon to the responslblllty of charlty trustees. Trustees are appolnted for thelr partlcular skllls In d8allno wlth a charlty of thls nattsre. • Flnanclal rl8k manag•m•nt The Trustees have assessed tha major rlsks to whlch the Charity Is exposed, in partlcular those related to the operations and ffinanrAs of the charlty, and are satlsfi8d that systems and procedures are in place to mitigale exposure to the major rlsks. Plan8 for futur• p•rlod8 The Trustees Intend to malntaln thelr Investments In commercial propety and stock markets at current levels but the TNstees wlll keep thls under revlew. The Trustees do not antlcipate much change in the Charity's income from Investment properties in the comlng financial year ending 31 March 2025. However, the lease at the York propety, referred to earlier, explres In November 2025 and the Truslees antlcipate a slgnlficant drop In Income from that property from that time. The Trustees anticipate that divldend receipts will remaln at a reduced level for the foreseeable future and so amounts available for dlstrlbutlon to the Charlty's beneficiaries w511 continue generally lower than in prevlous years. The Trustees are mlndful of the adver8e effect thal thls has on the interests of the ChariVs bon￿clarIes. Page 5

DDfJJ81gn Erwelop8 ID: E5C2E3BE￿7BE476S￿cE&FF9g1648EB2l ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Statsment ol Tru$t••s' r•sponslbllltl•s The TNste6s are respon81ble for preparlng the Trustees, Report and th8 Itnanclal statements in accordance wlth appllGable law and Uni18d Klngdom Accountlng Standards (United Klr&dom Generally Accepted Accountlng Practica). The law appllcabla to charlties in England & Wales requlres Iho TNstees to prepare flnanclal statements for 88th financl81 y88r whlch glve 8 Irue and fair view of the state of affalrs of the charlty and of Its IncomSng r&sources and appllcatlon of resources, Includlng Its Income and expendlture, for that period. In preparfng these firbanclal stalements. the Truslees are requlred to: select sultable accountlng pollcles 8nd then apply them conslstently., obsepie the methods and prfnclples of the Charities SORP (FRS 102); make ludgments and accDuntlng estlmates that are reasonable and prudent; 818te whether appllcable UK Accounllng Standard8 (FRS 102) have been followed, 8ubl8Ct to any malerial depawiur88 dlsclosed and explalned In the financial stataments; prapare the ffinanclal 8talements on the golng con¢em bas18 un1&88 It Is Inappropriate to presume that Ihe charlty wlll contlnue in business. The Trustees are responsible for keeplng adaquate accounting record8 that are sufflclent to shLWI and explaln the charfty's transaclbns and dlsclose wilh reasonabl8 accuracy at any Ilme the financlal posltlon of the charity and enable them to ensure that the flnanclal statements comply wlth the Charitle8 Act 2011, the Charlty (Accounts and Reports) Ragulalions 2008 and tha provlslons of th8 Tru8t deed. They are al￿ responslble ft>r safeguardlng the assets of tho charity and hence for taklng reasonable steps for tha prevantlon and detection of fraud and other IrragularStl8S. Dli¢lo•ur• ol Infonnallon lo audltorn Each of the per8ons who are Trustees al the time when thls Trustees. Report Is approved has confimad th8L' 80 far a8 that Trustee Is aware, there Is no relevant audlt Informatlon of whlch charftys audltors are unaware. and that Trustee has taken all the steps that ought to have been tsken as a Trustee in order to b8 awar8 of any relevant audlt Inforrnatlon and to e8tsbllsh that the charfvs audltors are aware of that Infomiatlon. AudHors The audltors, Klnnalr Associat68 Limiled, have Indlcated thelr wllllngness lo contSnu8 In office. The designated Trustees wlll propose 8 rn011gn reappolntlng Ihe audllors at a meetlng of the Trustees. Approved by order of Ihe members of the board of Trustees on 15 October 2024 and slgned on their behalf by: ¥on•dbv.' [gkrfLuL b+K4 EAF14DF178C Mr S J Llghtlay Page 6

Oocuslgn Envolope ID: E5C2E3BE4I7BE4765.BCE￿F99l848EB2l ST MARY THE VIRGIN ESTATE MANAGEMENT CHARI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST MARY THE VIRGIN ESTATE MANAGEMENT CHARrrY Oplnlon We have audlted the flnanclal statements of St Mary the Vlfgin E8tate Managemenl Charity (Ihe 'charlty) for the year ended 31 March 2024 vthl¢h C￿MprIse the Statemenl of Flnancial Activiti8s, the Balance She81, the Statement of Cash Flow8 and the relatsd notes, Including a summary of significant accountlng policie3. The financlal reportlng framework that has been applled In their preparatlon Is applicable law and Unlted Klngdom Accountlng Standards, Includlng Financial Reportlng Stsndard 102 The Flnanclal Reportlng Stsndard applicable In the UK and Republlc of Ireland, (Unlted Klngdom Generally Accapted Accounting Practlce). The financlal slatements have been prepared In 8ccordance wlth Accountlng and Reportlng by Charilies preparing thelr accounts In accordance with the Fln8nclal Reporting Standards appllcable in the UK and R8publlG of Ireland (FRS 102) In preference to the Accountlng and Reporting by Ch8rilles.' Statement of Recommended Practlce Issued on 1 AprS12005 whlch Is referred to In tha extant r6gulatlons but has been withdrawn. This has been done Sn order for the accounts to provlde 8 true and falr vlew In accordance wlth the Gonerally Accepted Accountlng Practlce effactlve for reporting perlods beglnnlng on or after 1 January 2015. In our opSnlon the finandal statemen18: glve 8 Irue and lalr vlew of the state of the charitys affalrs as al 31 March 2024 and of its incomlng resources and appllcatlon of resources f(x the year then andad; have been proporly prepared In accordance wlth Unlted Klngdom Generally Accepted Accounting Practlce; and have b8en prepared In accordance wlth Iho requlr•ments of the CharSlles Acl 2011. Ba•1• for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng (UK) (ISAS (UK)) and 8ppllcable law, Our responslbllltles under those standards are further de9uibed In th8 Audltors. responslbllltles for the audlt of the financlal slaternents sectlon of our report. We aro Independent of the charlty In accordance with the ethlcal requlrements that are relevant to our audlt of Ihe financlal statements in the Unlted Klngdom, Includlng the Flnanclal R8POrtlng Councll's Ethlcal Standard, and we have fulftlled our other ethlcal responslbllltles In accordance with these r8qulrements. We believe that the audil evidence we have obtained Is Sufficient and approprlate to pr¢vlde a basis for our oplnS0n, Conclu•lon4 rolatlng to golng ¢on¢•m In audltlng the ftnanclal statements. have concluded that the TNsleas' use of the golng concem basis ol unting In Ihe preparatlon of the financial statements 1$ appropriate. Based on the work y￿ have perfonned, ￿ have not Sdentlffied any material uncertainties Telating to events or ccmdllions that. individually or Golleclively, may cast slgnlficant doubt ¢n Ihe charfvs ablllty to contlnue &8 a gdng concem for a period of at least iwelve months from wh8n the financial statements are 8ulhoiised for Ow responsSbilities and Ihe ￿sponSIbIlItIeS of the Trustees wlth fespect to going cA)ncwn are descrfbed In the rel&4ant sections of this reporL Page 7

Da(#JiwJTr EThvelope10: E5C2E3BE4J7BE47WCE&FF991646Ee21 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY INDEPENDEKf AUDITORS. REPORT TO THE MEMBERS OF ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY (CONTINUED) Other Inforniatlon The other Inf0m￿tiOn comprises the infomiatlon Induded In the Annual Report other than the finanoal statements and our Audllors. Report thereon. The Truste88 8r8 r8sponslble for the other Infomlation contalned within the Annual Report. Our oplnlon on the financial statements does not cover the other Information and, except to the extent otheThwl88 expllcltly stated In our report. we do not express any fomi of assurance condusEon thereon. Our responsibility is to read th8 Other Information and, In dolng so, consider whether the other Infomiatlon Is materially inconsistent wlth the financlal st8tement8 or our knowledga obtaln8d In the course of the audlt, or otherwlse appears to be materialty rnlsstated. If Identify such materlal Inwnsistencles or apparent materlal mlsslatements, we are requlred lo d8terrnln8 whether this gives rfga to a materfal mlsstatement In the financlal statements themselves. If, based on the work we have perfomied. we conclude that there Is a materlal mlsstatemenl of this other Inforrnatlon, we are required to r8POrt that fact. We hava nothlng to report In this regard. Matt•r• on whlch w• ar• Mqulr•d to r•port by •xc•pllon We havo nolhlng to report in re8P8Ct of the followlng matters where the Chartlles (Accounts and R6ports) Regulatlons 2008 requires us to report to you If, In our oplnion: the informallon glvan In tho Trustees. Report 13 Inconslstenl In any material respect wlth the finandal statements; or sufflclent accountlng record8 hav8 not been kapt; or the finan¢ial stalements are not In agreement with the accountlng records and returns: or we have not recelved all the Infomiatlon and explanations raqulre for our audit. R••pon•lbllltl•8 of tru•t••• As explalned more fully in Ihe Trustees, Responslbllltles Statement, the Trustees are responslb18 for the preparation of the fln8nclal statements whlch glve a true and falr view, and for such Inlem81 control as the Twstees determine is necessary to enable the preparatlon of financl81 statements that ara free from material ml88tatem8n( whelher due to fraud or error. In preparfng the financial statements, the Trustees are responslble for 8s8esslng Ihe charws ablllty to contlnue as a going concem, dlscloslng, as applicablo, matters related to going concem and using the golng concern basls of accounling unless the Trustees either Int8nd to Ilquldate the chaiity or to Cease operatoons, or have no roallstlc altematlve but to do 80. Page 8

Docuslgn Erwelope ID: E5C2E3BE¥J7BE476&BCWF991646EB21 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARrrY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF 8T MARY THE VIRGIN ESTATE MANAGEMENT CHARrrY (CONTINUED) Audltor8' rosponslbllltl•8 for th• audlt of th• flnanclal Stat￿lants We have been appolnted as auditor under seciion 144 of the Charities Act 2011 and report In 8c¢ordance wlth the Act and relevant regulatlons made or havlng effect thereunder. Our objectlves are to obtaln reasonable &88urance about whelher the financial stat8ments as a whole are frae from mat6rlal mlsstatement, whether due to fraud or error, and to i88ue an Audltors, Report thal Indudes our oplnlon. Reasonable assurance Is a hlgh level of assurance, but Is not a guarantee that an audlt conducted in accordance wlth ISAS {UK} wlll 8Iw8ys d8t8Ct 8 materlal mlsstat8ment when11 exlsts. Misslatem8nts CAn 8rlse from fr8ud or error and are con3ideffjd material If, Individually or In the aggregate, they could reasonably b8 expacted to Influanco the 6conomlc d8¢lslons of users tsken on th8 basis of these financlal stalements. Irregularftles, In¢ludlng fraud, are Inslances ol non-compliance wlth laws and regul8tlons. We deslgn proc￿dureS In Ilne wlth our r8sponslbllltl8S, Outllned above, to detect malerial m188tatemenls In respect of irregularitie8, induding fraud. The extent to whlch our procedures 8re capable of delectlng Irregularltles, Includlng fraud Is detallad below: the engagement partner en8ured thal the engagement leam collectlvely had the approprfate competence, capabllltlas and 8klllg lo Id8ntlfy or racognlsa non-complianc8 With appllcable laws and regulatlons,, we Identthed the laws and regulatlons appllcable lo th8 Charity through dlscusslons wlth Trustees and other managamenl, and from our comrnerclal kn¢)wledge and expeiienc8 of the sector; we focused on 8peclfic laws and regulatlons whlch we con8ld8r may have a direct materlal effect on the financlal statements or the oparatlons of thè Charity, Includlng the Charltles Acl 2011 et seq., the Charltl85 (Protectlon and Soclal Investment) Act 2016, Ihe Twstees Ac18 1925 and 2000 and Charity Commission regulatloDB: we assessed extent of complian¢8 with the lav￿ and regulatlons Identllled above through maklng enqulr188 of management and Inspecllng legal corre8pondence: and we ensured that the Identlfied laws and regulatlons were communleAted withln the audlt team regularty and the team remained a18rt to in8tanc88 of non-compllanca throughout the audit. We a88e88ed the susceptlblllty of Ihe Charltys financial ststements to materlal mlsstslemenl. Including obtaining an under8tandlng of how fraud mlght occur, by: . maklng enqulrles of management as to where they considered there was susceptlblllty to fraud and their knowledge of actual, suspected and alleg8d fraud; and consldering the intemal controls In place to mltlgate rlsks of fraud and nOr￿COMplIance wlth laws and regulatlons. To address Ihe risk of fraud through management blas and overrlde of controls, we: . perfomied analsthal procedures to Idenllfy any unusual or unexpected re￿tIonshIps. lested Joumal entri6s to Identify unusual transactlons; and assessed whether jLKlgements and assumptlons made In dotemiinlng the accountlng estlmales set out In the notes to the financSal statsments are indicative of pot8ntlal blas. In reSpO￿$e to the risk of irregularltl88 and non-compllance wlth laws and regulations, we deslgned procedures whlch InclLKle, but are nol Ilmlted to: . agreelng financial statement di8do8ures to und8rlying supporting documenlation: readlng the mlnutes of meetlngg of those charged with govemanca; enquiring of managemenl as lo actual and potential litigation and clalms: and revlewlng correspondence wilh HMRC, relevant regulators and the Charity's legal advlsors. Pag8 9

Do¢u$lgn Envalope ID: ESc2E3BE￿7BE476&BCE%FFg91846EB21 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY {CONTINUED) There are Inherent limltallons In our antlclpated audlt woceduras described above. The more removed that laws and regulallons are frorn financial transactions, the 188s Ilkely It Is that we would become aware of non- compliance. Audltlng stsndards also Ilmll the audlt procedures requlred to Idenllfy nOn-C￿Mplianc8 wlth laws and regulations to enqulry of tha Truste88 and olher management and the Inspectlon of regulatory and legal correspondence, If any. Materlal mlsstst8ments that aflse due to fraud can be harder to detect than those that arlse from error as they may invofve deliberate concealment or colluslon, A further descrlptlon of our responslbllltles for the audit of the flnanclal slatemen18 18 located on the Flnanclal Reporting Councll's webslte al.. .frc. Thls descrfptlon forms part of our Audltors, Report. Us• of our r•port Thls report is made solely to the charltys Trustees, as a body, in accordance wllh Part 4 of the Charltles (Accounts and Reports) Regulations 2008. Our audlt work has been undertaken 80 that we mlght state to the charlty's Trustees those matters are requlred to 8tate to them In an Auditors, Report and for olher purpose. To the fullest extent pemltted by law, w8 do nol accept or assume responsibility to anyone other than the charity and its Trustees, as a body, for our audlt work, for th18 report, or for tha oplnlons w6 have formed. ir IstsciAks (ithdLI IOD190ts10194$9 Klnnalr A8•oclate• Llmltsd Chartered Accountants Statutory Audltor Aston House Redbum Road N8wca8tle upon Tyne NE5 1NB 15 October 2024 Klnnalr A880clatas Llmlted are 8llglble to acl 8$ auditors in t8nn8 of secllon 1212 of the Cornpanles Act 2006. Pag& 10

Docusign Envelope ID: EsC2E3BE￿1BE47￿CE9FFg91646EB21 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Endowment funds 2024 R•8trfcted funds 2024 Total funds 2024 Total fvnds 2023 Not• Incom• and •ndowm•nts from: Investments Other Income 450,119 11,827 450,119 11,827 444.622 12,533 Total Incom• and •ndowm•nl• 461,946 461,946 457,155 Expondltur• on: Ralslng funds Charltable act6vltle8 24,868 437,078 24,868 437,078 25, 763 431,392 Total oxp•ndltur• 461,946 461,946 457, 155 N•t Incom• b•for• not galn•l(lo•M•) on Inv••lm•nts Nel galnsl{Iossag) on Invegtmants 155.300 155,300 (173,639) N•t mov•m•nt In fund• 154300 155,300 (173,639) Reconclllatlon of funds: Total funds brought forward Net movement In fund8 6,997,686 155.300 6,997.686 155.300 7,171,325 (173,639) Total fund• ￿rrf•d fomrd 7,152,986 7,152,986 6,997,686 The Statemenl of Flnanc181 Actlvltles Includes 811 galns and losses recognlsed In Ihe year. The notes on pages 13 to 25 forni part of Ihese financial Slatements. Page 11

D£¢uslgn En¥el¢)pe ID: E5c2E3BE￿78E476$8cEsFF9gl646E82l ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Not• Flx•d a880ts Investrn8nts Investrnent propety 13 12 2,601.194 4.505.000 2,426,393 4,540,000 7,101194 6,966,393 Curr•nt a8••ts Debtors Cash at bank and In hand 14 36.562 131,577 61,206 179,085 168.139 240,291 Credltots: amounts falllng duo wlthln one year 15 (121,347 (208,998) N•t curr•nt a•••l• 46,792 31,293 Total a•8•181•88 curr•nt Ilabllltl•s 7,152,986 6,997,686 Totsl n•t u••ts 7,152,986 6,997,686 Charlty funds Endowrnent funds 17 7.152.986 6,997,686 Total fund• 7,152,986 6,997,686 The fin8nclal statements were approved and aulhorlsed for i8sue by Ihe Tru8tees on 15 October 2024 and Blgned on their behall by: •liMd by. F14BF17BC Mr S J Llghtl•y The notes on pages 13 to 25 form part of these finandal stalements. Page 12

DoG￿l9Th Envolop• ID: ESC2E3BE4J7BE47&54CE&FF991646E821 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 G•n•ral Infomiallon St Mary the Virgin Estate Management Charity is a registered charlty, number $12217. The Charlty Is unincorporatad 8nd its registered office 1$ 5 - 7 Osbom6 Terrace, Newcastle upon Tyne. NE2 1SQ. Accountlng pollGlwd 2.1 Ba818 of praparatlon of financlal •tat•m•nts The financlal ststements have been prepared In accordance with Ihe Charitles SORP (FRS 102) - Accountlng and Reportlng by Charltl8s: Statement of Recommended Practice appllcable to charltlas pr8parlng th8lr accounts In accordance wlth the Flnancl81 Reportlng StandaTd appllcable In the UK and Republlc of Iraland (FRS 102) (effectove 1 January 2019), the Flnancial Reportlng Starmlard appllc8ble In Ihe UK and Republic of Ireland (FRS 102) and the Charlllas Acl 2011. The financlal staloments have baan prapar8d to glve o 'true and f81rf vlew and have departed from the Charilles (Accounts and Reports) Regulations 2008 only lo the 8xi8nt requlred to provlde a Irue and falrf vlew. Thls departure has Involved followlng Ihe Charltie8 SORP (FRS 102) published In October 2019 rathar than the Accountlng and Roportlng by Ch8rit1è8: Statement of Recommended Practice effective from 1 April 2005 whlch has slnce b88n wlthdrawn. st Mary tha Vlrgln E$tat& Managemont Charlty meets the definition of a publlc benefit entlty under FRS 102. Assets arKI Ilabllltles are Inltlally recognlsed at hlstorScal cost or transaction valu8 unless otheThvlse stated In the relevant accountlng pollcy. 2.2 Golng conc•rn The Trustees have consldered the likely effect of the curr8nt Macr￿ecOnomIC global uncertainties on the prospects for future Investment Income and on the ability of tenants to contlnue to meet thelr rental Income obllgattons. The9e forces wlll Ilkoly Impact adv•rsely on th8 Charlty's future levels of Income. However, as the greater part of the Charlty's exp8ndllure represents distributlons lo the beneflclarles that are Ilnked to the level of income eamed and wlll reduce If Income levels remaln low the Trustees are satlsfied that ihg Charlty has 8dequale resources lo contlnue In operatlonal exlstence for tha forese8abl8 futur8. Fcr Ihls raason, th8y contlnue to adopt the going concern basis In preparlng the ffinanclal sts18m8nts. 2.3 Incom• All Income Is recognlsed once the charlty ha8 entltlem8nl to Ihe Income. It Is probable that the Income wlll be recelved and the amount of Income recelvable can be measured rellably, 2.4 Exp•ndfturn Expendlturo 18 recognlsad once thera Is a legal or construciive obligation to Iransfer economic benefit to a thlrd party, It Is probable that a transfer of 8conomlc benefits will be requlred In settlement and Ihe amount of the obllgatl¢n can b& measured rellably. All expenditure is accounted for on an accrua15 basls. All expenses Includlng support costs and govemance ￿$ts are allocated to the appllcable expendlture headlngs. Expendlture Ss classlfied by actlvlty. The costs of each actlvlly are made up of th8 total of direct costs and Shared cosls. Includlng support cosls Involved In undertaklng each actlvtty. Page 13

Docu*n Envelope ID: E5c2E3BE￿7BE476￿CE&FF99l646EB2l ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY NOTES TO THE FINANCIAL 8TATEPaENTS FOR THE YEAR ENDED 31 MARCH 2024 AcGountlng pollcl•• (contlnu•d) 2A Exp•ndlture (contlnuod Expendlture on r8lslng funds includes all axpenditure incurr8d by lh8 charlty to raise furmls for Its charftable purposes and Includes costs of all fundralslng activities events and non-charltsble tradlng. Expendlture on charitable activlties18 incurred on dlractly undertaklng the actlvltl88 whlch further the ¢harlVs objectiV88, as well a8 ahy as8oclated support costs. 2.5 Inlerut rnc•lvab Inlerest on fvnds held on deposlt Is Included when fecelv8ble and the amount can be measured rellably by the tharlty. thls Is normally U￿)n notification of the Interest pald or payab18 by the Inslitutlon wlth whom the funds are deposttad. 2.6 Inv••tments Flxad asset Investments are a form of flnanclal Inslwmenl arKI are Inltlally racognlsed at their transactlon cost and subsequently measured at falr value at the Balance Sheet date, unless the value cannol be measured reliably in which case It Is measured at ¢ost1888 impalrment. Investment galns and losses, wh8lher reallsed or unreall8ed, are comblned and presented as 'Gain&l(Lo8ses) on Investments, in the Statemenl of Flnanclal Acdvltle8. The Charfty classlfle$ land and bulldlrrfJs 88 investment propertles when they ar8 held to earn rentals or for capital appreclatlon, or both. Investmenl propertie8 are Inltlally measured at WSt which comprfses the purchase price and any dSr8Ctly attrlbutable expenditure. Inveslment proportles are subsequently remgasured to fair value (which for thls purpose Is Ma￿81 value) at each reportlng date with any changes In tha falr valuo rocognlsod In the slatement of financlal activiti￿. 2.7 D•btorn Trade and other debtors are recognlsed at the settlement arnount after any trade discount offered. Prepayments are valued at the amount prepald net of any trade discounts due. 2.8 Cash it bank and In hand Cash at bank and In hand Include8 cash and short-tenn highly liquid Investments wlth a short maturity of three months or less from the date of acqulslllon or openlng of the d8poslt or simllar account. 2.9 Llabllltl•• and provlJlon8 Llabllltles are recognlsed when there Is an oblSgatlon at the Balance Sheet date as a result of a past event. it is probable thal a transfer of economSc beneflt w511 be requlred in settlement, and the amount of the settlement Gan be estimated reliably. Llabilities are recognised at amount that the charfty anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provlde. Page 14

Do¢uslgn Envelopo ID,, E5C2E38E￿TBE4T65￿CEsFFg9I646EB2l ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounllng pollcl•g (contlnu•d) 2.10 Flnanclal Instrumonls The charity only has financial asgets and flnancl81 Ilablllties of a kind Ihat qualify as ba8lc finanGlal Insiwments. Bas1¢ financial instruments are Inltlally recognlsed at Ir8ns8Ctlon value and 8ubs8qU8ntly measured at thelr s8ttlemenl value wilh the axceptlon of bank loans which are subsequently measured at amortlsed cost uslng the effectlve interest method. 2.11 Fund accountlng Restrlcted funds ara funds N*thl¢h are to be used in accordance wlth speclflc restrSctlons Imposed by donots or whlch have been ra18ed by th8 charlty for partlcular purposes. The costs of ralslng and admlnlsterfng such fund8 are charged agalnst the speclfic fund. Tha alm and use of each restrlct8d fund18 gat out In tha notes to the fln8ndal 3tat8m6nls. Investment income. gains and1038e8 are allocated lo the approprfate fund. Inv••tm•nt Ine¢ffl• Rutrl¢tod fund• 2024 Total fund• 2024 Rent recelvable Dlvldends and Interest on investmonl Bank deposit interest 362.016 85,878 2,225 362,016 85.878 2.225 450.119 450,119 Restrfcted funds 2023 Totel funds 2023 Rent rec8ivable Dlvklends and Interest on Inveslment Bank deposlt intere8t 364,200 79,736 364,200 79. 736 444,622 444,622 Page 15

DOC￿1￿ En¥•lopo ID: E5C2E3BE4]78E47&5-BCE&FF991646E821 ST hlARY THE VIRGIN ESTATE hlANAGEMENT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other Incomlng rn8ourc•• R•$trfctsd fund8 2024 Total fund 2024 Relmbursement of Insurance premiums 11,827 11,827 Restrfcted fvnds 2023 Total fvnds 2Q23 Relmbursemenl of Insuranco premlums 12,533 12,533 Investm•nt manaym•nt ¢08t8 R•8trlctod funds 2024 Total fund• 2024 Invastm8nt man8g8m8nl fees Outgoings on investment propertle8 13,061 11,807 13,061 11.807 24,868 24.868 R8slrfcted fvnds 2023 Total fvnds 2023 Investment managemenl fees Outgolngs on Investment propertl88 12.546 13,217 12,546 13.217 25,763 25,763 Page 16

D￿￿Sign Envelope ID: E5C2E3BEi17BE476MCE&FF991646E821 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY NOTES TO THE FINANCIAL STATEPIIENTS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Outgolng• on prop•rtlo8 Ir6urance Prcperty repairs 11.807 12,533 11,807 13,217 Analy•ls of grants Grants to Ingtitutlons 2024 Total fund• 2024 Payment of granls to Inslilution8 412,339 412,339 Grnnt8 to Instttutions 2023 Total funds 2023 Payment of grants to institulion3 404,623 404,623 Tho charity has made Ihe followlng materlal granls to Inslltullon8 durlng the year: 2024 2023 Nam• of Instltutlon Vlcar of the Parl8h of Salnl Matthew, Newcastle upon Tyne under Regulation 25 {1) (a) of the 1979 Scheme The Govemors of Newcastle upon Tyne Royal Grammar School payment under Regulatlon 25 (1) (b) of the 1979 Scheme The Govemors of the Newcastle upon Tyne Grammar School The Trustees of the Almshouses Charlty 400 1.000 217,798 193,141 I,OtXI 213, 708 189,515 412.339 404,623 Page 17

Docuslgn Env8lop• ID.. E5c2E3BE￿7BE47G￿BCE￿FF991e46EB2l ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analy818 of •xp•ndltuM on charltable actlvhlos Summary by lund type R•strlctod fund8 2024 Total 2024 Dlrect costs - Grant making activitles 437,078 437,078 Restricted funds 2023 Total 2023 Dlrect cosls - Granl m8klng 8Ctlvitie8 431,392 431,392 Analys18 of •xp•ndMur• by actlvltl Grnnt fundlng of actlvltl•s 2024 Support Total funds 2024 2024 Dlrect costs - Grant making actlvltl8S 412.339 24,739 437,078 Grant fundlng ol actlvltlas 2023 Support Costs 2023 Tot81 funds 2023 Dlrect cost8 - Grant making acti￿tIeS 404,623 26, 769 431,392 Page 18

DocWn En¥elopo ID: ESC2E3BE￿7BE476￿CEsFFg91G46EB2l ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anal￿18 of •xp•ndltur• by actlvltl•• (contlnu•d> Analy818 of gupport co•t4 Total funds 2024 Actlvlllo• 2024 Bank charge6 Clerk's fee8 Professlonal charges Governance costs Trustees, Indemnlty Insurance 279 11,250 4,058 8,790 362 11,250 4,058 8,790 362 24,739 24,739 Total funds 2023 Acfiw'ties 2023 8ank thargos Clerk's fee8 Professlonal charges Governance costs Trustees, Indemnlty Insurance 341 11,250 6,267 8,550 361 341 11,250 6,267 8,550 361 26, 769 26, 769 Governance costs comprls8: 2024 2023 Governance audltors, romuneratSon Clerk's fees 4,800 3, 750 3,750 8,790 8,550 Page 19

D￿sIgn Envolop• ID: E5C2E3BE417BE476&BCE&FFg91646E821 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Audllor8' r•mun•rallon 2024 2023 Fees payable to the charlty'8 audltor for tha aud6t of tho charlty's annual accounts 4.200 F8e8 payable to the chartys auditor in respect of: VAT and other profes8lonal 88rvlc88 1,300 1,171 10. Tru8ts••' r•rnun•rallon and oxpenM8 Durlng th& yaar, no TNste8s recelved any r8muneraiion or other benaffils (2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been Incurred (2023 - £NIL). 11. Nol galn•l(los•o•) on Investmonts 2024 2023 Galn81(losse8) on dlspo8al of share Inveslmenl a$sets (Galng1(losses) on revaluatlons of share investment a88ets Losses on revaluations of Investment propertlag 4173 187.127 135,000) (14, 170) (159,469) 155,300 (173,639) 11 Inve8tfflent property Fr••hold lrni•stment prop•rty Valuatlon At 1 Aprll 2023 D8firit on revalualion 4,540.000 (35.000) At 31 March 2024 4,505.000 Thg desktop valuations were made In September 2024 by Naylors Gavln Black, chartered 8urveyors, on an open mark8t value for existing use basis. Page 20

DorJJ51gn Envalopè ID: E5C2E38E￿7BE476￿BCE&FF99l646E82l ST MARY THE VIRGIN ESTATE MANAGEMENT CHARrrY NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Flxed a88et Invo8tmonts othor Ilx•d Ll8l•d a8Ut Inv•slmonts Invutm•nts Total Co•1 or valuatlon At 1 April 2023 Addltlons Dlsposals ReValUa￿on6 2,343.948 263,787 1197,490) 187.127 82,44S (78,623) 2.426,393 185.164 (197A90) 187,127 At 31 Marth 2024 2,597,372 3,822 2.601,194 Not book valu• Al 31 March 2024 1597.372 3,822 2,601,194 At 31 March 2023 2,343,948 82,445 2,426,393 1& D•btorn 2024 2023 Du• wllhln on• y•thr Rent and Insurancè d8btors The Hospltal of St Mary the Virgin AlmshouBes Charlty Prepaym8nts and accrued Income 24,054 4144 8,364 53.221 T,985 562 61,2Q6 Page 21

Do¢u*N Enveh)pe ID: E5C2E38E417BE47654CE&FF991646EB21 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARrrY NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 15. Cr•dltorn: Amounts falllng du• wlthln on• y•ar 2024 2023 The Hospltal of St Mary the Vlrgln Almshouses Charity Other texatlon and soclal securlty The Newcastle upon Tyne Royal Grammar School Accruals and daferred Income 36,775 27,953 46.470 97,800 22,723 1.328 97.296 121,347 208,998 Included In accruals and deferred Income abovo Is def•rr8d income of £86,636 (2023: £84,430) representlng rental Income recelved In advance. 1& Flnanclal Inslrum•nts 2024 2023 Flnanclal as$•ts Flnancial assets measured at falr value through Income and expendlture 2,597.372 2,343,948 Financial a8S8ts measured at falr value through Incom8 and expendltur8 comprlse quoted Investments stated at market value. Pago 22

DOCu￿9n Envelow ID: E5C2E3BE417BE476SBCE&FF991646E821 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Stat•m•nl of fund8 Stat•m•nt of funds - curr•nt y•ar Balance at 31 March 2024 Balanc• at 1 Aprfl 2023 Galnsl (Lo••••) Incom• Exp•ndltur• Endowmont fund• Endowment Funds 6,997,686 155,300 7.152.988 R•8trlct•d fund$ Restrtcted Funds 461,948 (461,946) Total of fund8 6,997,686 461,946 (461,946) 155,300 7,152.986 8tat•m•nt of fund• - prfor y•ar Balance at 31 March 2023 Balance at l Aprfl 2022 Galn (Lossesj Income Expenditure Endowm•nt fund8 Endowrnent Funds 7, 171,325 (173,639) 6,997,886 R•slrlctod fvnd$ Reslrfcted Funds 457,155 (457.155) Totsl of funds 7,171,325 457,155 (457. 155) (173,639) 8.997,688 Page 23

Doamlgn Envelop ID: E5C2E38EQ7BE476&BCE&FF991646EB21 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. summary ollunds Summary of funds - ¢urr•nt y•ar Balanc• at 31 March 2024 Balance at 1 Aprfl 2023 Galnsl (Los808) Incom• Expondltur• Endowment funds Restricted funds 6,997,686 155MOO 7.152.986 461,946 (461.946) 6,997,686 461,946 (461,946) 155,300 7.152.986 Summary of fund• - prlor y•ar 88lance at 31 March 2023 8al8nce at 1 Apnl 2022 Gain (L¢)sses) Income Expendlturn Endowrnent funds Restrfcted funds 7,171,325 (173,639) 6,997.686 457, 155 (457, 155) 7.171,325 457,155 (457, 155) (173,639) 6,997,686 The Income of the Estate Managèment Charfty arlslng from th8 Pemianenl End04vment Funds Is to bo applled to the ReslrKtsd Funds as follow8: - £400 to the Vlcar of the Parl8h of St Matthew, Newcastle upon Tyne, for hls own uso and benefit,. and - £1,000 to Ihe Newcastle upon Tyne Royal Grammar School for appllcatlon In a(fvanclng Ihe fijll-tlme further education of students who ar8 under the age of 25 year8 and who have for not less than three years attended secondary school In the Clty of Newcastle upon Tyne. The E8tate Managemonl Truslees shall pay the resldue of the yearfy Income of the Estate Management Charlty: as to 53% thereof to the Newcastl8 upon Tyne Royal Grammar School for application In a¢cordan¢e wlth Ihe trusts of th8 Charlty; and - as to 47% thereof lo the Almshouse Trustees for applScatlon In 8cMrdance wlth the provlslons of this Charity Commlsslon Scheme. Page 24

Docuslgn Envelopglo.. E5C2E38E4178E476MCE&FF991646E821 ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. AnalyslB of net aJsel8 betwMn funds Analysls of not au•ts b•twean lund• - Gurrant porlod Endowm•nt Re9￿cted funds funds 2024 2024 Total funds 2024 Flxad asset Investments Inv8strnent property Current assets Credltors due within on8 year 2.601,194 4.505,000 46,792 2,601.194 4,505.000 121,347 168.139 (121,347) {121.347) Total 7,152,986 7.152,986 Analy•l• of nel between lund• . prfor perlod Endowment funds 2023 Rostrlct8d funds 2023 Tot81 funds 2023 Flxed asset Investments Investmont propety Current assets Credltors due wlthln one year 2,428,393 4,540,000 31,293 2.426.393 4.540,000 208,998 240.291 (208,998) (208,998) Total 6,997,686 6,997,686 20. Rolat•d party Iran4acllon• The Charlty Is constltuled under a trust deed called the Hospital of Salnt Mary the Vlrgln, In Ihe City of Nawca8tl8 upon Tyne, In the County of Tyne and Wear. It Is organSsed Into two separate ¢h8rltl88 named Ihe Hospital of St. Mary the VSrgln (Rye Hlll and B8nw811) Almshouses Charity referred to as the 'Almshou8es Charlty. and the St. Mary Iho Vlrgln Estale Management Charity referre(I to as the "Estate Management CharSty'. Grants payable by thls Charity to the Almshouses Charity and the Newcastle upon Tyne Royal Grammar School are slM)wn wlthln the an8lysls of grants note lo the financial stalements. Amounts due to the mshouses Charity and th8 Newcastle upon Tyne Royal Grammar Sthool at the year-end are sh(h wllhln Ihe creditors due wfthin one year note to the financial statements. Page 25