HUGH SEXEY'S HOSPITAL

The trustees, who are known as the Visitors, are pleased to present their annual report together with the financial statements of the charity for the year ending 31 October 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Hugh Sexey’s Hospital is a charitable company incorporated and registered with the Charity Commission (1130351) on 15 May 2009. The charity is administered in accordance with a Charity Commission Scheme dated 23 November 2009. The charitable company known as Hugh Sexey’s Hospital (company registration 06906918) is limited by guarantee and was registered on 12 May 2009.

The Trustees of the charity, who are known as the Visitors, are also all directors of the charitable company. There are currently twelve Visitors, which allows for succession planning and a diverse skill set commensurate with the charity’s wide range of investments, which include an estate gifted by the original benefactor, Hugh Sexey, in 1638. Visitors are appointed in accordance with the provisions of the charitable company's Articles. All Visitors give their time voluntarily and receive no benefits from the charitable company.

As part of the induction process, new Visitors are briefed on the background and history of the Hospital and their responsibilities under charity law by the Chair and the Master. A file of relevant documents is provided, and all Visitors are encouraged to attend The Almshouse Association Seminars and take part in ad-hoc webinars provided by a number of organisations.

The Visitors, who are all unremunerated, meet four times a year; there are sub-committees covering House (Residents), Buildings, Finance, Estate matters. The Visitors receive regular reports from the Master, Finance Manager, Land Agents, and Investment Advisers, and make all policy decisions.

There are five staff members: the Master (who acts as the operational manager), Warden, Assistant Warden (this post was made redundant in February 2026), Housekeeper and Gardener who are all employed within the Hospital. Their remuneration is reviewed annually by the Visitors, taking into account rates of inflation, changes in their roles and responsibilities and comparison to remuneration levels for similar roles in other organisations. There is also a house-for-duty Chaplain who resides on the Hospital site for the majority of the year.

The Visitors have undertaken a complete review of arrangements relating to risk management in the following areas:

The Object of the chanty is to provide almshouse accommodation for eligible beneficiaries within the area of benefit which includes Bruton and named parishes. Eligibility includes local older people in need. Applicants living outside the area of benefice may be offered accommodation at the Hospital but their overall number is restricted. The use of the word Hospital refers to the historic term for an almshouse and has no relevance to the accommodation provided today.

The Hospital maintains a list of expressions of interest from applicants, and empty flats are allocated to those most in need at the time a flat becomes vacant. As flats become vacant, a review takes place by the Master, and modernisation is undertaken in line with the most recent regulations.

Further Objects are charitable purposes for the benefit of residents and other such charitable purposes as the Visitors decide.

The Visitors fulfil these objectives by administering the Almshouses, which provide subsidised accommodation in twenty-six flats within the Hospital buildings, fostering the schools established by the founder of the Hospital, and making donations for charitable purposes, mainly for the benefit and well-being of the young and the elderly or to other charities with similar objectives.

Activities central to the provision of the almshouses include measures to ensure resident welfare, through the provision of a warden, regular contact and fostering community spirit. Ensuring that vacant flats are re-allocated within as short a time as possible commensurate with refurbishing where necessary. Maintaining the almshouse buildings, which are listed or within the curtilage of a listed building, and ensuring they remain fit for purpose. Managing the investment portfolio and the endowment properties on the estate to ensure maximum income for the almshouses and the charitable purposes.

The Visitors have reviewed the Charity Commission's guidance on the requirement to report on public benefit. They are satisfied that the work of the Hospital in providing almshouses, as described above, accords with its stated objects and provides tangible public benefit to those eligible within the area stipulated within the governing document. There are no voids within the almshouse and residents are allocated accommodation following an application process where the resident in greatest need is offered accommodation at the time a vacancy arises.

Weekly Maintenance Contributions are paid by residents. Occupation is by way of a beneficiary licence. Levels of contributions are set by the Visitors taking into account comparable charges such as the Valuation Office Equivalent Fair Rent and the specimen outline budget from The Almshouse Association.

Voids (empty flats) throughout the year were minimal and the charity maintains a list of applications so that empty properties can be turned around as quickly as possible.

Increases in all areas of Hospital expenditure continue to be a concern, particularly for maintenance and repair..

Quinquennial repairs and refurbishment have continued through the year, where possible concentrating on external works, mostly masonry repairs, for which considerable resources have been applied.

In the past a Giving Committee has agreed the Hospital's policy for external donations, in compliance with the third of the Hospital’s objects, and has distributed funds accordingly. However, in view of the high level of expenditure in the previous and current year, no further amounts have been allocated for giving. Those amounts that have been gifted are at a minimal level. The Giving Committee has therefore been disbanded at the current time.

Reluctantly, the charity has recently undertaken a redundancy process to reduce staffing costs. The charity is also carrying out a full review of the services provided by external advisors and significant cost savings will be made on these areas to reduce overall expenditure.

In the summer of 2023, in line with good practice, the charity invested in a full review of its Governance arrangements for which an external consultant was engaged following presentations from three providers. The review included areas such as:

Review of this work continues with the board regularly evaluating its performance in line with good practice.

The way in which resident contributions are calculated is under review, to ensure that the charity’s approach to charges is transparent and equitable.

The condition of investment properties is regularly reviewed and the necessary resources are applied for repairs and improvement to ensure the assets are maintained to an acceptable standard.

In the interests of best value, the charity has secured a long term agreement for its insurance cover. Any valuable contents have undergone a re-valuation exercise to ensure sufficient insurance cover is in place.

Investment income amounts to £434,243 (2024: £434,940), a decrease of £697 (0.16%). Residents’ contributions were increased by 4.6% from September 2025 and income received increased to £245,177 (2024: £234,472) due to an increase in occupancy rates. After receipt of donations amounting to £2,825 (2024: £9,996) total income decreased by £25,291 to £704,117.

Expenditure on raising funds comprises costs of managing and maintaining the investment properties and managing the investment portfolio, which amounted to £196,637 (2024: £168,206), an increase of £28,431 which was largely attributable to an increase in repairs and maintenance costs.

Hospital operating costs have increased by £19,281 to £584,757 (2024: £565,476). Day-to-day running costs have increased by £25,334, due largely to increased costs of staff, and Hospital repair costs have decreased to £254,407 - these by their nature fluctuate significantly from year to year, as various repair projects are carried out. Administration and governance costs have increased by £5,259 due to increased administration costs.

Exceptional costs of £240,900 were incurred in the year (2024: £255,463). The majority of these were the building costs for ongoing development schemes, which amounted to £136,677. In addition, £94,833 was incurred for professional fees for ongoing development schemes, and £9,006 was incurred in connection with future Estate planning matters.

After inclusion of all expenditure, which amounted to £1,084,809 (2024: £1,047,592) including exceptional costs, there was an overall deficit for the year, before inclusion of gains on investments, of £380,692 (2024: £318,184 deficit).

The Estate properties were revalued by the Hospital’s Agents, Fowler Fortescue, at 31 October 2025, which gave rise to a gain of £410,853. There was an increase of £304,707 in the value of the investment portfolio (2024: £552,487 increase in value).

After including all expenditure on the Capital Projects and investment gains, overall funds have increased by £334,868 (2024: £386,607 increase) and amounted to £21,715,600 (2024: £21,380,732) at the year-end.

The Endowment Fund increased in value by £379,766 (2024: increased by £427,686) and amounted to £21,499,627 (2024: £21,119,861) at the year-end.

There was an unrestricted deficit of £44,898 arising in the year (2024: deficit of £41,079), therefore Unrestricted Funds decreased to £215,973 (2024: £260,871).

Information on Fundraising Agreements with Third Parties (as required by the Charities Act 2016)

In 2004 a desktop valuation of the Hospital was carried out, based on existing use values, which attributed a value of £1,100,000 to the Hospital. In view of the historic nature of the buildings and their central place within the activities of the Hospital, the Visitors do not believe that the cost of further revaluations can be justified. In order to ensure that the Hospital properties are kept fully maintained, the Visitors have a policy of undertaking quinquennial reviews of the state of the buildings - this review was carried out during 2018 by the Hospital’s architects and a costed programme of works drawn up to cover all matters identified.

In October 2020 the Blackford Room was completed, at a total cost of £1.25m; the Visitors consider that this cost fails to meet the test for capitalisation of expenditure as there is no subsequent economic benefit arising from this expenditure, and no new charitable outputs, so it has been fully written off against Endowment Funds - there was a residual cost of £97,683 which was written off against the Income Fund in the year ended 31 October 2020.

Hugh Sexey’s Hospital is a permanent endowment, with assets held in perpetuity. The investments comprise agricultural and residential properties, which comprise 75% (2024: 75%) of the value of the investments, and an investment portfolio. The Visitors regularly review the constituent parts of the Hospital's endowment, to monitor the balance between the values of the investment properties and the Stock Exchange investments but realise that with fluctuations in values, the ratio will change over time.

The Visitors employ agents, Fowler Fortescue, to manage their investment properties, known as the Blackford Estate, and a long-term management strategy is being implemented. It is not possible to adopt a Total Asset Return basis for the investment properties as their illiquid nature means it is impossible to withdraw any unrealised gains without disposing of properties. Fowler Fortescue carried out a desktop revaluation of the Estate on an Open Market Value basis at 31 October 2025, valuing the properties at £15,615,252, an increase in value of £410,853 which was credited to the Permanent Endowment Fund. A review of the agents was carried out in 2025 and after a competitive tender exercise, Fowler Fortescue have been reappointed.

The Visitors adopted in 2011 a Total Return approach to investment management. All investment returns, whether income or realised and unrealised gains and losses, are brought into the Permanent Endowment Fund and the Visitors then agree an annual transfer from the accumulated unapplied total return to the Income Fund, to subsidise the running costs of the Hospital. The Visitors believe this gives a fair balance between the interests of current and future beneficiaries. In 2011 the Permanent Endowment investments were valued at £2,271,405. A further £2,600,619 has subsequently been invested, and cash of £1,290,343 was withdrawn to fund the Blackford Room construction. Therefore, the balance stands at £3,342,524 (2024: £3,581,681). Note 8 to the accounts details the required information for the permanent endowment invested on a total return basis.

After discussions with the investment managers the annual transfer to the Income Fund was set at 3% of the opening value of the portfolio (excluding cash balances), or £146,634. Total investment returns in the year amounted to a surplus of £356,447 (2024: surplus of £617,482) - actual income received of £85,791 was slightly less than the target so this amount has been credited to the Income Fund, leaving £209,813 credited to Unapplied Total Return. Therefore, the cumulative balance since the policy was adopted now amounts to £1,545,281 (2024: £1,335,468). When added to the Capital balance, the closing portfolio has a value of £4,887,805 (2024: £4,917,149).

At the start of the year, total unrestricted funds were in surplus by £260,871. During the year, unrestricted funds have decreased by £44,898 to amount to £215,973 at the year-end.

Under the terms of the Hospital’s governing documents, the Visitors are obliged to maintain the Hospital, which is a Grade I listed building and inalienable, and they believe it prudent to maintain reserves in a designated Building Fund to allow them to cover anticipated repair costs for both the Hospital and the investment properties. Each year, the Visitors consult with the estate manager to consider the amount that should be held in reserves within the Building Fund.

This year, a transfer of £400,000 (2024: £300,000) into the Building Fund was agreed by the Visitors. Expenditure amounted to £343,353, and therefore, taking into account existing reserves within the Fund, it was determined that a transfer of £400,000 was sufficient. As such, this gave rise to a surplus of £56,647, and so the closing Fund balance amounts to £188,074 (2024: £131,427).

The Visitors are of the opinion that the closing balance held within the Building Fund is sufficient to fund foreseeable repair costs, however, have set the transfer for 2025-26 at £400,000 to cover works anticipated to take place in the coming year.

The Hospital has a Residents Bequest Fund, comprising amounts left to the Hospital in previous years which have been designated to provide benefits for residents; this has been invested and is managed by the investment managers. During the year, there was a deficit of £26; after including an increase of £6,534 in the value of investments, the fund increased by £6,508 to amount to £109,362 (2024: £102,854) at the year- end.

The unrestricted Income Fund, being amounts that have not been designated by the Visitors, as described above, has decreased by £108,053 during the year to stand at a deficit of £81,463 (2024: surplus of £26,590) at the year-end.

The overall plans are to keep the almshouse accommodation fully occupied by eligible residents and to maintain a good community spirit within the Hospital by continuing to employ experienced staff, keeping the fabric of the Hospital in good order, ensuring as far as possible that the almshouses are suitable for the changing needs of an older population, and to maintain the value of the Hospital's endowment, with a view to passing the Hospital on to future generations.

The Visitors will continue to maximise the income from the endowment to the charity through estate management advised currently by Fowler Fortescue land agents. There are potential landlord liabilities identified in relation to the replacement of buildings and fittings and the agents are advising on options available to the Visitors. In this regard there are plans to re-develop certain areas of the estate, subject to the required permissions for charity land disposal, which will ensure sustained income from an efficient estate into the medium to long term.

With the recent completion of the capital project to provide a community room within the Hospital, Visitors are concentrating on a repairs programme identified in the quinquennial survey which was updated this year.

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEY'S HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2025 (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

The accompanying accounting policies and notes form an integral part of these financial statements

The Visitors have prepared accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved by the Visitors at their meeting on 3 July 2026 and were signed on their behalf by:

The accompanying accounting policies and notes form an integral part of these financial statements.

The Charity is a company limited by guarantee, incorporated in England and Wales, and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the reference and administrative details on page 3 of the financial statements and the nature of the charity’s operations and principle activities are detailed in the Report of the Visitors.

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity.

Wages and salaries include redundancy costs amounting to £nil (2023-24: £nil).

Average number of employees for the year - 5 (2023-24:5). None earned in excess of £60,000 (2023-24 none).

At the end of the reporting period the following holdings comprised more than 5% of the value of the portfolio.

As described in note 10, the permanent endowment investment portfolio contains £57,574 (2024: £101,361) of unrestricted funds

Realised gains amounting to £298,173 were recognised in the Permanent Endowment fund (2024: Gain of £540,721.)

In addition, gains of £6,534 were recognised in the Former Residents' Bequest Fund (2024: Gain of £11,766.)

Therefore, the total investment gains shown in the Statement of Financial Activities amounted to £304,707 (2024: Gain of £552,487.)

Unapplied total return is calculated from a start date of 11 August 2011. The Hospital's policy is to transfer into unrestricted (Income) funds each year an amount approximately equal to 3% of the opening value of the Permanent

Endowment investment portfolio, which is available for charitable uses. For 2024-25 this transfer amounted to £146,634 (2023-24: £136,638). This is funded from the total investment returns (income and gains, less management charges) on the Hospital investments.

The Visitors intend to keep the distribution rate under review and adjust as necessary to take account of prevailing rates of investment return.

The amount of Permanent Endowment invested under the Total Return basis comprises:

As described in note 10, the permanent endowment investment portfolio contains £57,574 (2023-24: £101,361) of unrestricted funds. For simplicity the calculation of unapplied total return is based on the entire portfolio.

This represents historic realised gains on sales as well as amounts withdrawn in prior years.

The Charity holds three portfolios with Sarasin Asset Management. The larger of the three portfolios makes up part of the Charity s Endowment assets.

Although the investment portfolio is allocated to the endowment fund - it includes a balance of £57,574 (2024: £101,361) of unrestricted funds. The interfund balances reflects this unrestricted element of the portfolio.

Under the terms of the governing Orders, the Visitors are required to transfer a minimum of £590 into an Extraordinary Repairs Fund, to fund major long-term modernisation and repairs. The Visitors have agreed to provide for these repairs using the Almshouse Association suggested contribution rates of £475 per flat, which produces an annual charge of £13,775. Costs of remodelling fiats during the year exceed this figure - an equal cost has therefore been charged against the Fund.

Repairs, maintenance and modernisation costs arise erratically over the years; if charged directly to the income Fund the amount of surplus in any year can vary greatly. The object of the Buildings Fund is to even out the charge against the Income Fund by debiting a regular annual amount against it and crediting the same to the Buildings Fund against which expenditure on repairs, maintenance and modernisation is then charged.

The Visitors consider that setting aside funds in this way is a useful financial discipline which will help the Hospital to make the best use of its resources, even though there is no legal force to the designations.

Every year the Visitors decide on the amounts to allocate for external donations to local and regional beneficiaries. In view of the large cash requirement to fund the Blackford Room, no further amount has been allocated for grants.

From time to time Residents have left bequests to the Hospital. These are kept in a separate fund, the income from which is made available for items of expenditure which will be to the benefit of all residents, as recommended by the House Committee and endorsed by the Visitors,

At 31 October 2025 and 31 October 2024 there were no capital commitments or contingent liabilities.

17. PAYMENTS TO TRUSTEES AND CONNECTED PERSONS AND RELATED PARTY TRANSACTIONS

No remuneration or reimbursement of expenses was paid during the year to any of the Visitors.

The charitable company did not purchase trustees' liability insurance in 2024-25 £0 (2023-24: £2,200). The Charity Commission has confirmed that the Visitors have the power to take out such an insurance policy.

Under paragraph 7 of the Memorandum of Association all members undertake to contribute to the assets of the charitable company such an amount as maybe required, not exceeding £1, in the event of it being wound up during the year of membership and within one year afterwards.

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2025

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	Page

Report of the Visitors	3-12

Independent Auditor's Report	13-16

Statement of financial activities	17-18

Balance sheet	19-20

Cashflow Statement	21

Accounting policies	22-25

Notes to the financial statements	26-41

Nicholas Mann (Appointed Chair 17 February 2026)
(Appointed 17 January 2025)	Dr Susanna Davidson
Edward Bond	Julia de Sails
Ian Hepburn	Rupert White
Emily Showering	James Buxton (Resigned 17 February 2026)
Dan Bradshaw	Jonathan Duffy (Appointed 3 October 2025)
Mary Clare Rodwell	Janet Montgomery (Resigned 24 April 2025)
Matthew Rawlingson-Plant	Ann Lee (Resigned 4 September 2025)
Melinda Baker (Appointed 17 January 2025)	Edward Hobhouse (Resigned 4 April 2025)

The Master	Helen Rogerson

Finance and Administration	The Trust Partnership
	6 Trull Farm Buildings, Tetbury, Glos.

Land Agents	Fowler Fortescue
	The Old Dairy, Fonthill Bishop, Salisbury.

Investment Advisers	Sarasin & Partners LLP
	Juxon House, 100 St Paul Churchyard, London.

Bankers	CAFBank Ltd, 25 Kings Hill Avenue, West Mailing, Kent.

Auditors	Sumer Auditco Limited
	County Gate, County Way, Trowbridge, Wiltshire,BA14 7FJ

Solicitors	Loxleys
	Langford Mill, Wotton-Under-Edge, Glos.
	Stone King, Upper Borough Court, Bath

•	Governance
•	Operational Matters
•	Financial Matters
•	Compliance Matters
•	Environmental and External Factors

Registered Office	Hugh Sexey's Hospital,
	High Street, Bruton, Somerset, BA10 OAS

•	The recruitment and induction of new Trustees
•	The number of Trustees
•	Terms of office for Trustees
•	The number of meetings and sub-committees
•	Risk Management
•	Staffing
•	Residents
•	Hospital Buildings
•	Strategic Planning

•	select suitable accounting policies and then apply them consistently;
•	observe the methods and principles in the Charities SORP;
•	make judgements and estimates that are reasonable and prudent;
•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

•	there is no relevant audit information of which the charitable company's auditor is unaware; and
•	they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

•	give a true and fair view of the state of the charitable company's affairs as at 31 October 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

•	the information given in the Report of the Visitors (incorporating the directors' report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
•	the directors’ report has been prepared in accordance with applicable legal requirements.

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit; or
•	the Visitors were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

•	Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
•	Understanding of management’s internal controls designed to prevent and detect irregularities, and fraud;
•	Reviewing the minutes of Board of Trustees meetings;
•	Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;
•	Performing analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud;
•	Reviewing of the financial statements disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

		Endowment	Restricted	Unrestricted	Total	Total
	Note	Funds	Funds	Funds	2025	2024
		£	£	£	£	£
Income from:
Donations	1a	-	-	2,825	2,825	9,996
Charitable activities	1b	-	-	245,177	245,177	234,472
Investment activities	1c	85,791	-	348,452	434,243	434,940
Other income	1d	-	-	21,872	21,872	50,000

Total Income		85,791	-	618,326	704,117	729,408

Expenditure on:

Raising Funds	2	27,517	-	169,120	196,637	168,206

Charitable activities:
Hospital operating costs	3a	-	13,775	570,982	584,757	565,476
Administration costs	3b	-	-	50,250	50,250	47,769
External grants	3c	-	-	741	741	1,932
Exceptional costs	3d	240,900	-	-	240,900	255,463
Governance costs	3e	-	-	11,524	11,524	8,746

		240,900	13,775	633,497	888,172	879,386

Total expenditure	4	268,417	13,775	802,617	1,084,809	1,047,592

Net expenditure before gains		(182,626)	(13,775)	(184,291)	(380,692)	(318,184)

Net gains on investments:

Investment properties	7a	410,853	-	-	410,853	152,304
Investment portfolio	7b	298,173	-	6,534	304,707	552,487

Net income / (expenditure) before transfers		526,400	(13,775)	(177,757)	334,868	386,607

Transfers between funds	13& 14	(146,634)	13,775	132,859	-	-

Net movement in funds		379,766	-	(44,898)	334,868	386,607

Fund balances brought forward		21,119,861	-	260,871	21,380,732	20,994,125

Fund balances carried forward		21,499,627	-	215,973	21,715,600	21,380,732

________________________________	______________________________

Mr N Mann - Chairman and Director	Mrs E Showering - Director

		Endowment	Restricted	Unrestricted	Total	Total
	Note	Funds	Funds	Funds	2025	2024
		£	£	£	£	£

Fixed assets

Heritage assets: The Hospital	6	1,100.000	-	-	1,100,000	1,100,000

Investments:
Freehold properties	7a	15,615,252	-	-	15,615,252	15,204,399
Investment portfolio	7b	4,887,805	-	101,901	4,989,706	5,012,516

		21,603,067	-	101,901	21,704,958	21,316,915
Current assets
Debtors	9	-	-	36,927	36,927	31,422
Interfund balances	10	(57,574)		57,574	-	-
Cash at bank and in hand		-	-	108,593	108,593	115,199

		(57,574)	-	203,094	145,520	146,621
Creditors: amounts falling
due within one year	11	(45,856)	-	(89,022)	(134,878)	(82,804)

Net current assets / (liabilities)		(103,430)	-	114,072	10,642	63,817

Total assets less current liabilities		21,499,627	-	215,973	21,715,600	21,380,732

Capital funds

Permanent Endowment Fund	12	21,499,627	-	-	21,499,627	21,119,861
Income funds

Restricted	13	-	-	-	-	-
Unrestricted	14	-	-	215,973	215,973	260,871

		21,499,627	-	215,973	21,715,600	21,380,732

		Total	Total
		2025	2024
		£	£

Cash flows from operating activities

Net outgoing resources, per Statement of Financial Activities		(380,692)	(318,184)

Adjustments for
Dividends and bank interest		(109,409)	(117,058)
(Increase) / decrease in debtors		(5,505)	(2,233)
Increase / (decrease) in creditors		52,074	(20,150)

Net cash used in operating activities		(443,532)	(457,626)

Cash flows from investing activities

Investment income		109,409	117,058
Net proceeds from sale of investment properties	Note 7a	-	-
Net proceeds from sale of investments		327,449	178,158
Purchases of investments

Net cash generated from investing activities		436,858	295,217

Change in cash and cash equivalents in the reporting period		(6,674)	(162,409)

Cash and cash equivalents at the beginning of the reporting period		115,267	277,676

Cash and cash equivalents at the end of the reporting period		108,593	115,267

Analysis of cash and cash equivalents

Bank Balances		108,593	115,199
Cash held as part of Investment portfolio		-	68

Total cash and cash equivalents		108,593	115,267

•	Permanent endowment: The Hospital has a permanent endowment which it is legally prevented from spending and which must remain intact as part of the Hospital's capital. It has invested the endowment to provide income for its charitable activities.
•	Restricted funds: these are held to be used for specified purposes as laid down by the governing documents or by the donors
•	Unrestricted funds: these are other incoming resources received or generated for expenditure on the general objectives of the Hospital. The Visitors have designated certain of the unrestricted funds; they have decided that setting aside funds in this way is a useful financial discipline which will help the Hospital to make the best use of its resources, even though there is no legal force to the designations.

1a) Donations
Towards costs of running the Hospital	-		2,825	2,825	9,996

	-	-	2,825	2,825	9,996

1b) Charitable activities
Contributions from residents	-	-	245,177	245,177	234,472

1c) Investment activities
Investment property income	-	-	324,834	324,834	317,881
Dividends and bank interest	85,791	-	23,618	109,409	117,058

	85,791	-	348,452	434,243	434,940

1d) Other income
Other income	-	-	21,872	21,872	50,000

	-	-	21,872	21,872	50,000

Total income	85,791	-	618,326	704,117	729,408

Investment property costs:
Costs of Estate management		-	-	80,174	80,174	92,860
Day-to-day repairs and maintenance		-	-	88,946	88,946	47,188

		-	-	169,120	169,120	140,048
Brokers management fees	7b	27,517	-	-	27,517	28,158

		27,517	-	169,120	196,637	168,206

a) Hospital operating costs
Employment costs	Note 5	-	-	161,631	161,631	156,594
Other Hospital costs		-	-	165,056	165,056	144,759

Day-to-day running costs		-	-	326,687	326,687	301,353

Almshouse repairs and improvements		-	13,775	240,632	254,407	260,509
Former Residents' Bequest expenditure		-	-	3,663	3,663	3,614

		-	13,775	570,982	584,757	565,476

b) Administration costs
Accountancy and charity administration		-	-	45,860	45,860	43,946
Legal and professional fees				698	698	-
Other administration expenses		-	-	3,692	3,692	3,824

		-	-	50,250	50,250	47,769

c) External grants
Grants made to institutions		-	-	741	741	1,932

d) Exceptional costs
Hospital: Professional Fees		384	-	-	384	-
Hospital: Heating Project					-	-
Estate: professional costs re future development		94,833	-	-	94,833	75,218
Estate: building costs re future development sites		136,677			136,677	137,610
Estate: professional fees re future strategy		9,006	-	-	9,006	42,635

		240,900	-	-	240,900	255,463

e) Governance Costs
Audit fees	-	-	11,524	11,524	8,746

	-	-	11,524	11,524	8,746

Audit and accountancy fees:	Audit services	11,524	8,746
(all inclusive of VAT)	Non-audit services - payroll preparation	-	-

		Staff costs	Repair costs	Exceptional	Other costs	2025	2024
		£	£	£	£	£	£
Investment property costs	Note 2	-	88,946	-	80,174	169,120	140,048
Investment man charges	Note 7 b	-	-	-	27,517	27,517	28,158
Hospital operating costs	Note 3a	161,631	254,407	-	168,719	584,757	565,476
Administration costs	Note 3 b	-	-	-	50,250	50,250	47,769
External grants	Note 3c	-	-	-	741	741	1,932
Exceptional costs	Note 3d	-	-	240,900	-	240,900	255,463
Governance costs	Note 3e	-	-	-	11,524	11,524	8,746
Total resources expended		161,631	343,353	240,900	338,925	1,084,809	1,047,592

	2025	2024
	£	£
Staff costs during the year were:

Wages and salaries	150,659	143,809
Employers National Insurance contributions (less Employment Allowance)	6,534	8,569
Pension contributions	4,438	4,216

	161,631	156,594

			2025	2024
			£	£

Al beginning of the year			15,204,399	15,052,095
Movement in year:	Sales proceeds		-	-
	Gain arising on sales	Note 12	-	-
	Surplus arising on revaluation	Note 12	410,853	152,304

At end of the year			15,615,252	15,204,399

		Permanent	Unrestricted:
		Endowment	Former	Total	Total
				2025	2024
			£	£	£

Investment income received		85,791	3,638	89,429	107,713
Management fees charged		(27,517)	-	(27,517)	(28,158)
Funds invested / (withdrawn)		(300,000)	(3,638)	(303,638)	(152,793)
Unapplied total return allocated to income		(146,634)	-	(146,634)	(136,638)
Excess unapplied total return returned to capital		60,843		60,843	31,718

Realised and unrealised gains/(losses):
Permanent Endowment	Note 8	298,173	-	298,173	540,721
Former Residents Bequests	Note 14		6,534	6,534	11,766

The investments are held as follows:	Investment portfolio	4,989,706	5,012,447
	Cash balances held by brokers	-	68

		4,989,706	5,012,516

ICS - Sterling Liquidity Fund - Accumulation	1,500,949	1,747,244
Sarasin Endowments Fund Class A - Income	3,488,756	3,265,204

			2025	2024
			£	£

Total fixed assets			21,704,958	21,316,915
Exclude:	Heritage assets: The Hospital	Note 6	(1,100,000)	(1,100,000)
	Investment properties	Note 7a	(15,615,252)	(15,204,399)
	Residents Bequest Fund investments		(101,901)	(95,367)

			4,887,805	4,917,149

		Permanent	Unapplied	Total	Total
		Endowment	total return	2025	2024
		£	£	£	£

At beginning of period		3,581,681	1,335,468	4,917,149	4,554,586

Investment returns:	Realised and unrealised gains		298,173	298,173	540,721
	Investment income receivable		85,791	85,791	104,920
	Investment management costs		(27,517)	(27,517)	(28,158)

			356,447	356,447	617,482
Unapplied total return allocated to income			(146,634)	(146,634)	(136,638)

	2025	2024
	£	£

Investment income - amounts due from tenants	8,803	9,956
Prepayments and other debtors	28,124	21,466

	36,927	31,422

	2025	2024
	£	£
Trade creditors: Endowment Fund	45,856	325
Unrestricted Funds	7,861	55,172

Accruals and other creditors	77,909	24,627
Social security and other taxes	3,252	2,681

	134,878	82,804

		2025	2024
		£	£

Income
Other income	Note 1d	-	50,000

Expenditure charged against Endowment Funds:
Hospital: Heating Project	Note 3d	(384)	-
Estate: costs re future development site	Note 3d	(94,833)	(75,218)
Estate: building costs re future development sites	Note 3d	(136,677)	(137,610)
Estate: professional fees re future strategy	Note 3d	(9,006)	(42,635)

Net expenditure in the year		(240,900)	(205,463)

Realised gain arising on sale of Investment Properties	Note 7	-	-
Unrealised gain arising on revaluation of Investment Properties	Note 7	410,853	152,304
Funds (invested in)/withdrawn from investment portfolio	Note 7	300,000	150,000
Unapplied total return unallocated at year-end	Notes	(90,187)	330,845

Net movement in funds during the year		379,766	427,686

Fund balances brought forward at start of year		21,119,861	20,692,175

Fund balance carried forward at end of year		21,499,627	21,119,861

		2025	2024
Extraordinary Repairs Fund		£	£

Expenditure during the year	Note 3a	(13,775)	(13,775)
Annual transfer from income account	Note 14	13,775	13,775

Net movement in funds during the year		-	-

Fund balances brought forward at start of year		-	-

Fund balances carried forward at end of year		-	-

		Income	Buildings	Former	Giving	Total	Tota!
		Fund	Fund	Residents	Fund	2025	2024
				Bequest
		£	£	£	£	£	£

Surpius/(deficit) for the year		159,088	(343,353)	(26)	-	(184,291)	(175,708)
Allocated to Building Fund		(400,000)	400,000	-	-		-

Outgoing resources before transfers		(240,912)	56,647	(26)	-	(184,291)	(175,708)

Transfers
Total Asset Return adjustment	Note 7	146,634	-		-	146,634	136,638
Extraordinary Repairs	Note 13	(13,775)	-	-	-	(13,775)	(13,775)

Outgoing resources after transfers		(108,053)	56,647	(26)	-	(51,432)	(52,845)
Investment gain	Note 7	-	-	6,534	-	6,534	11,766

Net movement in funds during year		(108,053)	56,647	6,508	-	(44,898)	(41,079)

Fund balances at start of year		26,590	131,427	102,854	-	260,871	301,950

Fund balances at end of year		(81,463)	188,074	109,362	-	215,973	260,871