THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY REPORT OF THE TRUSTEES AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 INDEX Pa Report of the Trustees Report of the Independent Examiner Receipts and Payments Statement of Assets and Liabilities Notes to the Accounts THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMHOUSE CHARITY REPORT OF THE TRUSTEES The Trustees submit their report and financial statements for the year ended 31st March 2025. Histo ob"e¢tives and activities of the Chari The Charity is regulated by a scheme daled 15th October 1993. The Charity is a registered Charity number 1043589. The principal activity of the Charity is to provide almshouses in Cirencester and a qualification of residen￿ is that residents shall be poor persons who are inhabitanls of the parish of Cirencester and adjoining parishes with preference for persons who are members of the Society of Friends. In the ab￿nce of suitably qualified applicants the Trustees may appoint a poor person who is an inhabitant of the County of Glouceslershire. In planning our activities for the year, we kept in mir)d the Charity Commission guideline on public benefit at our trustee meetings. Achievements and erfomiance of the Trust The Charity has 16 almshouses and does not intend to increase its housing stock but focuses mainly on maintaining its present stock in good repair and condition with appropriate facilities to meet the needs of its beneficiaries and to make improvements when the opportunity arises. During 2024125, 5 Walermoor Road was refurbished. including a new kitchen and bathroom suite. It is now occupied. Refurbishment work was started on the remaining vacant propety. 25 Walem)oor Road. This requires extensive work, including a new bathroom suile, new kitchen and work to bring the external toilet inside. It is not projected to be completed this year. A new electrical healer was installed in 12 Watermoor Road. Roof repairs and repointing was completed on 21,23 & 25 Watermoor Road. We continue to work on improving EPC ratings on all propeth'es where allowed and enhance the resilien￿ fthe properties for predicted climate changes. Financial review inveslment olic and reserve Nel receipts for the year were £3,650 (2024 nel payments- £18.9)T) There are no reslriclions on the Charity's power to invest. The Trustees seek advice from stockbrokers. Beanng in mind the Charity's strong Quaker background the Trustees have adopted a policy of ethical investment and in order lo pursue this have appoint8d Rathbones who provide the relevant speualist advi￿. The Charity maintains unrestricted fvnds, the free reserves of the Charity (those ￿ndS which are not invested in fixed assets, designated for a specific purpose or otherwise commrtled) at a level suffiuenl to cover expected annual general expenditure. The adequacy of the reserves policy is reviewed annually. 11 is the intention of the Trustees to add to the Major Repairs Fund al the rale of at least £10,(X)O per annum. Mana ement and ovemance arran ements The trust deed provides for a maximum of 12 Trustees. Three Trustees are appointed by Cirencester Town Council, five by the Society of Friends and three a￿ co-opled. The incumbent of the benefice of Cirencester is Ihe ex-officio trustee. The Clerk to Ihe Trustees is responsible for the induction of any new tnjslee which involve5 awareness of a Iruslee's responsibilities, the goveTning document, administrative procedures. the hi510ry and philosophical approach of the Charity and provides training course opportunities. During the year the Tnjstees initiated a review of their investment strategy with particular attention to ensuring that the investments held srt cornfortably with the ethos of the Charity. The Trustees who served during the year were.. - Mrs. J. Gunner Mrs. A. Boxall Mr. P. Freke Mrs P Stevens Reve￿nd R Franklin Mrs E A Pill Reverend Canon G Morris Mrs. J. Stringer Mrs N Bloomer The Trustees annually review the risks that the Charity (￿$. Recently these have mainly related to investment management. and these have been ameliorated by diversffied porttolio management. THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY REPORT OF THE TRUSTEES CONTINUED Trustees rofessional advisers and corres ndence address Trustees.. Mrs. J. Gunner (Chaim)an) Mrs. A. Boxall Reverend Canon G Morris Mrs. J. Stringer Mrs N. Bloomer Reverend. R. Franklin Mr. P. Freke Mrs P. Stevens Mrs E. A. Pill Secretary.. Mrs C. L. Hawke Treasurer" Ms. A. Pine Independent Examiner.. Miss Ruth Herbert FCCA Wenn Townsend Gosditch House 5 Gosditch Street Cirencesler Gloucestershire GL7 2AG Bankers.. Lloyds Bank plc 14 Castle st￿et ciren￿St6r Gloucestershire GL7 1QJ Correspondenee Addres$'. 20 The Paddock Cirencesler Gloucestershire GL7 1EY THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY REPORT OF THE TRUSTEES CONTINUED Trustees res onsibilities The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees to Prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the receipts and payments for that period. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time Ihe financial position of the Charity and enable them to ensure thal the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Reguiaions and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Mrs J Gunner On behalf of the Trustees Date.. 1st July 2025 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY I report to the Charity Trustees on my examination of the accounls of the Charity for the year ended 31 sl March 2025 which are set out on pages 510 9. Responsibilities and basis of report As the Charity's Trustees you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Charity's accnunls carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5){bl of the Act. Independent examine￿$ statement I have completed my examination. I confimi Ihal no material matters have come to my attention in connection with the examination giving me cause to believe that in any malerial respect= accounting records were not kept in respect of the Clkqrity as required by section 130 of the Act.. or the accounts do not accord with those records. I have no mncems and have come across no other matters in connection with the examinalion to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Name,. R￿h Herbert FCCA Relevant Professional qualificatlon or body: Chartered Certified Accountant Address: Wenn Townsend Gosditch House 5 Gosditch Street Cirencester Gloucestershire GL7 2AG Date: 1st July 2025 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2025 Note Unrestricted Funds Restricted Funds Total 2025 2024 Receipts: Maintenance Contributions Donation Dividends and Interest Deposil Interest 101,922 7,500 5.5 101,922 7,500 5,596 29 92,535 6,018 172 115,047 45.750 115.047 45,750 98,725 66,499 Investment Sales Total Receipts 160.797 160,797 165,224 Payments: Property Expenses.. Surveyors Insurance Water Charges and Council Tax Repairs and Maintenance Light & Heal 9,058 7,990 12,534 51.(M)9 1.356 9,058 7,990 12,534 51,009 1,356 6,822 4,319 4,400 82,885 980 81,947 81,947 99,41 Governance Costs: Wages and Pension fees Investment Managers Fees Accountancy Charges Independent Examiners Fees Treasurers Fees Sundries Loan Charges 17,871 3,OC() 2,380 1.100 1,472 4.911 17.881 3,000 2,380 1,100 1,472 4,911 15,951 3,000 2,360 1,000 1,430 3,019 150 30.744 30,744 26,910 Asset and Investrnent Purchases and Loan Repaid 44,4 44,456 57,815 Total Payments 157,147 157,147 184,131 Net ReceiptsllPayments) for the Year Transfers between funds 3.650 3,650 {18,907) Cash Funds brought forward 45,735 45,735 64,642 Cash Funds carried fO￿ard £ 49,385 £ 49,385 £ 45,735 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY STATEMENT OF ASSETS AND LIABILITIES 31ST MARCH 2025 Note Unrestricted Funds Restricted Funds Totsl 2025 2024 Fixed Assets Housing Properties.. Cost 184,680 184,680 184,680 Investments 260,015 260,015 272,825 Total Fixed Assets 444,695 444.695 457,505 Current Assets Debtors Cash Funds 5.448 49.385 5,448 49,385 4,255 45,735 54.833 54.833 49,990 Current Liabilities Creditors 10 4,504 3,427 Net Current Assets 50.329 50,329 46,563 495,024 495,024 504.068 Net Assets £ 495,024 £ 495,024 £ 504,068 These accounls were approved by the Trustees on 1 st July 2025 and signed on its behalf by.. .J Gunner Tnjstees -A Boxall THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 Maintenance Contributions Received 2025 2024 maintenan￿ Contributions Received Setvice Charges Re￿iVed 95,946 5.976 87,359 5.176 £ 101.922 £ 92,535 Emoluments Paid None of the Truslees re￿iVed any emoluments. The emoluments paid to the Clerk to the Trustees and the Treasurer were as follows.. 2025 2024 Emoluments (including VAT): Clerk lo the Truslees Treasurer £1.472 £1.430 The total expenses reimbursed to the Trustees £ Nil Staff Costs 2025 2024 Wages and Salaries Pension Costs and National Insuran￿ Employers 16,513 1,358 15,202 749 £ 17,881 £ 15,951 There were no employees paid over £60,OCQ. Number of employees in year 2024 1 {2024 11. Asset and Investment Purchases and Loan Re 2025 2024 Propety Improvements Inveslmenl Purchases Loan Repaid 44,456 54,815 3,000 £ 44,456 £ 57,815 Taxation The Christopher and Sarah Aklam Bowlys Almshouse Charity is a registered Chaiity, and is, therefore, exempt from liability to taxation on its Income and Capital Gains. THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2025 Fixed Assets Freehold Housin Pro erties held for Lettin Com leted Freehold Housin Pro rties Cost-. Al 1 st April 2024 Addilions in Year 184,680 At 31st March 2025 184,680 The Housing Properties were donated lo the old individual Charities in 1837. There is no record of the original cosl and no value is attributed thereto. The above details relate to improvements carried out since 1961, which were part funded by a Social Housing Grant of £17,024. For insurance purposes the value of the almshouses is £5,377,958. Investments Market Value Cost At 31st March 2025 £ 266.954 £ 260,015 Al 31 $1 March 2024 £ 268,882 £ 272,825 Debtors 2025 2024 Debtors Prepayments 3,500 1,948 1,900 2,355 £ 5,448 £ 4,255 Cash Funds Lloyds Shawbrook Greenbank Petty Cash 43.456 3.436 2,449 44 27,988 3,408 14.259 80 £ 49.385 £ 45,735 10. Creditors Amounts falling due within one year.. Creditors and accruals National Association of Almshouses Loan 4.429 75 3,352 75 £ 4.504 £ 3,427 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2025 11. Funds 2025 2024 Unrestricted: General 185.024 194,068 Designated Planned Repairs and Maintenance Reserve 150,000 150,000 Major Repairs Reserve 160,CK)O 160,000 Restricted Endowment £ 495.024 £ 504,068 Unrestrided funds comprise those funds which the Trustees are free lo use in accordance with the harilable objecls. Designated funds are unrestricted furKls that have been sel aside by the Trustees for particular purposes. The endowment fund represents those assets which must be held by the Charity. Income arising from the endowmenl fund can be us8d in accordan￿ with the objects of the Charity and is included as unrestricted income.