Registered number 07568820 Charity number 1143234 Registered Social Landlord number A0513 JOHN BOWLEY AND SHERWOOD ALMSHOUSES (A COMPANY LIMITED BY GUARANTEE) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
JOHN BOWLEY AND SHERWOOD ALMSHOUSES CONTENTS Page Legal and administrative irrfomalion Trustees, report Independent auditors, report 10-12 Statement of comprehensNe income 13 Stslement of changes in reserves 14 Statement of financial position 15-16 Sialement of cash flows 17 Note5 to the financial slalemenls 18-26
JOHN BOWLEY AND SHERWOOD ALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Company regl8tratlon number 07568820 Charity regiytration number 1143234 Charity linked by uniting diredion 210959 Trustees Cllr R Wallace Mrs R l Braid Mr T S McNeice (Chairman) Cllr R West Mrs P West IDeceased 6 April 2024) Mr N Jones Cllr P Bingham Cllr R Shoob Mr D Burton MYS J Todd Mrs Ind Mrs M Lawes Company secretary Mrs T Pearson Scheme manager Mrs T Pearson Reglstered offlce Hgnwood House Henwood Ashford Kent TN24 8DH Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Audltors Magee Gammon Corpor* Limiied Henw¢)od House Henwood Ashford Kent TN24 8DH Page i
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRusfEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 The tree$ present their report and financial 8tslement8 for the year ended 31 December 2024. Constltutlon The John Bowley and Sherwood Almshouses Charity (charity number 2109591 was consliluted under a scheme documgnl dated 14 March 2007. During the year ended 31 December 2012, the trustees undertook the process of incorporation and all assets and liabilf(ies of the charity, exeepl those relating lo donations made under permanent endowment, weie transfeTred lo the new wrporale body (company registration number 075688201. The corporate charity. also known as John Bowley and Sherwwd Almshouses, was registered with tho Charity Commission and issued with a new charity number, 1143234. John Bowley and Sherwood Almshouses Icharty numb$r 11432341 is constituted under a Memorandum of Association dated 17 March 2011. The assets donated lo John Bowley and Sherwood Almshouses {charty number 210959} under pem)anent endowment remain in that charity. Under a uniting direction, John Bowley and Shemood Almshouses Icharity number 2109591 is linked lo John Bowley and Sherw¢Jod Almshouses (charity number 11432341 as a constituent charity (charity number 1143234-1. The financial statements therefore refflect the financial tranSaCtnS relating to both Chairties. The John Bowley and She0d Almshouses is a Registered Soctal L8ndloTd. Trustees and Governance The Gharity is overseen by the trustees, who meet 81 lea four limes a year. Thgy make all decisions regarding the conduct of the charty bul the daY-t(daY administration is undertaken by the scheme manager. Resident representatives from John Bowley House and the Sherwood Trust Homes attend the quarterty trustees, meetings. The trustees who served during the year were as follows-. Mrs Rosemary Braid Icwted) Mr Thomas McNeice (Co-opted) CIIT Roger West. Mrs Pal Wesl Ico-opled} {Deceased 6 April 2024) Cllr Richard Wallace" Mr Neil Jones Icovopled} Cllr Paul Bingham ' Mr David Burtort {CO<Jptedl Mrs Jennifer Todd (co-OPted} Mrs Mary Lawes. Mr Stephen Ind {co-Optl Cllr Retea Shoob Icowopledl Appointment of trustees Under the MemoTandum of Assoei81ion dated 17 March 2011, the minimum number of trustees pemiitted is four, but there is no maximum. The trustees and members (as defined in Ihe Memorandum of Associalionl have the power lo appoint new trustoes. There were four nominatèd trustees {mat*ed ' above) appointed by Folkestone Town Council, although there was no requirement for them to be town councillors. There were eight co-opted trustee5 appointed by the twslees. On joining the board. trustees are given copies of the Memorandum of Association, Ihe Schemè Document. Good Governan A code for the Communty and Voluntary Sector, the latesl audited accounts, the latest budget report. and minutes of recent trustees, meetings. Wrthin twelve months of joining the date of appoinlmgnl, 50% of the trustees must retire by rotation. Being eligible, retiring trustees can offer themselves for re-electKJn. Page 2
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRusfEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Membership of the trustee body is reviewed anftuaI as per the Charity Govemance Code adopted in July 2024. Four of the tru$lees have Served longer than nine years and their skills are still essential lor the smooth running of the tharty. One k)ng serving trustee was reappointed by the Town Council and three were co-opted. Mlsconduct The Iruslees have no financial interest in Ihe conduct of the charty. Other interests, whtch may arise from time to time, such as the appolnlmenl of a relative of a trustee as a resident, aTe provided for in detailed Regulation5 that are reviewed and approved by The Regulator for Social Housing. All affairs and transactions of the trustees are open to public scrutiny with the exception of the personal affairs of residents. All accounts aTe preparod and scrLrtinised by qualrfied £ccountants and independent auditors. Objectlves of the charlty for the publlc benefft The objectives of the charity are the provision of housing accommojation for persons in need, hardshlp or distress residing or having immediate famity residing in or near Folkeslone, with a preference for those who are members of the Church of England. Those persons in need may be individuals of either sex. or a couple without discrimination towards civil partnerships. The trustees conflm that they have referred to the 8dMce contained in the Charity Commission's general guidance on public benefit when review(ng the charty's aim and oblectives, and in planning future acEivitigs. A¢hlevements and Perfomiance in the year and Future Plans A. Achlevement and Perfoman¢e 2024 al Summary The charty continued to provide affordable well- maintained accommodation for people in Folkestonfj. Two properties became vacant during the year. Demand for almshouse properties remained high. because of the excessive cost of renting in the Pfivale sector. The void$ figure for year was only 2.1%. despite the vacancies. Work lo replace the Fire Doors in John Bowley House was completed in 2024. The trustees also replaced one intemal Crittall window and one door with modem double-glazed units al the bungalows. replaced the front d¢)or of John Bowley House, added CCTV lo John Bowley House carpark and front garden areas and replaced 3 consumer units. Work to replace one bathroom for one resident was r¢feTred to Social Service5 for a Disabled facilities Grant. b) Approach to Environmental Concerns The trustees continued to look at measures reduce the carbon footprint of managing the properties and ontinued supptying eeo- friendty products for cleaning the communal areas of John B¢)wley House. With help from Kent County CoLEncil the trustees added two 800 litre water storage containers to the SheNood Tiusl Homes to reduce dependenw on main fed water for watering gardens. cl Community Working The ChaTrty continued working with local organisation like 'lncredible Edible Chelon and Broadmead,, Hythe Hops and Cherilon Christmas Light and is represented al Di51riGt F¢)od Nthork meeting8 and CheTiton Communty meetings. Pèje 3
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRusfEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 d) Management and Flnance8 All fire safety measures recommended at John Bowley House by Kgnl Fire and Rescue SeNiGe in January 2023 have been addressed and the Charity is now follow¢ng the Housing Ombudsman's Complaint Handling Code. Th& &heme Manager completed a level 4 Housing QUalificatn with the Chartered Institute of Housing. B. Plans for 2025 11 Building$ The trustees aim to modernise the tsvo (emaining bathrooms at John Bowley House. The program of works to replace faulty double-glazed windows will Continue as needed lo cut dTaughts and reduce overall healing cost5. Money will be held in reserve to improve the properties as vacancies arise. One boiler will bo replaced wf(h a eombi boiler to reduce healing cost and reduce Tisk of legionella from water held in tanks. The SheN4ood Bungalows will be re-pointed. The rem8ining coping stones will b8 replaced on the raised bads at the bungalows. The trustees will ensure recommendations in th¢ QLbinquennial Inspections are addressed. Incidences of mould and damp will be tackled as a top priorty by reducing cold sPOt5 Ill buildings where water vapour ean condense, use of mould pfoof paints, and ensuring older style bathroom exiTaclors are replaced wth humidislal extractors. Two 800 litre water storage butts will be added to the Sherwood Bungalows lo reduce dependency on mains fed water. ii) Communlty Links and Environment The Trustee5 will continue working with the organiser5 of the District Food Neorff, the Cherilon Lights Festwal. the Cherlton Chrislm8s lights, Hythe Hops and 'lncredible Edible Cherilon and Broadmead,. Biannual residents. meetings will be bookgd. The Trustees will wntinue lo support FHDC maintaining the land adjacent to the bungalows for the benefit of wildlrfe. The Iruslees wll continue to look at measures to inGrease water catchm8nl. 1111 Management and Finances Scheme Manager to complete a level 5 Housing Qualification if required. Tru51ees to investigate implementing Service Charges for residents. Flnanclal rnview The charity is mainly funded by the weekly maintenance contributions receivable for the letting of the Iwelve flats at John Bowley House, and the fouT bungalows at sheOod Trust Homes. The total weekly maintenance contributions received durirbg the year amounted to £116,289 an increase of £9.922 over the prior year. John Bowley House weekly maintenance contributions at the énd of the year stood at either £143 or £132.87 per week for each of the eight single bedroom flats, and £146.29 for each of the four two-bedroom flats. For she0d Trust Homes, the weekty maintenance contributions for each of the four bungalows at the end of the yeaT stood al £116.34, £132.87 and £143 per week (depending on the property). These figures exclude the 'lntensive Housing Management, Inon-rent elemontl charge subsidvzed from Housing Benefft. Page 4
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Pollcy on resebves In accordanee with the fomial roserves policy, the ¢harity sets aside money in an extraordinary repair fund and a cy¢li¢al repair fund. Reserves are being held lo pay for any large, unexpected building costs, such as window upgrades. updating heating systems and measures required to eombat cllmate change. The charity maintains reserve funds lo meet unforeseen expendf(ure at least equivalent to one month's income. AS balances permit, il seeks lo add to ils funds, which are invested in appropriate stocks in accordance with the National Scheme for Almshouses to meet long lemi capital replacement costs. The Trustees will also put aside funds in short term l)onds. Investmgnt polity The chanty maintains no investments other than those referred to under the"Policy on Reserves" Major risks The charty provides two Almshouse buildings, which are usually oG¢upied fulty by residents that it appoints in accordance with the eTileria laid down. Risks are those typically associated with the buildings, those arising from the Conduct of its appointed residents, and those from the misconduct of the administrator, the scheme manager and the trustees. In these matters, the trustees are subject lo regulation and annual scrutiny by The Regulator for Social Housing, the Charty Commission and the Housing Ombudsman. Building risks The charity has comprehenswe insurance cover lo provide for risks to the fabric of the buildings and the replacement of fixiures and fittings damaged. other than by normal wear and lear. along with specific insurance cover for the scooter shed at John Bowley House. The quinquennial inspection was undertaken in 2023 and the insurance is kept under review. The Iruslees, insurances include cover for legal ¢osls arising from action5 which may be brought against them and Tisks lo thiTd parties. Residents. risks On appointment, residents are required to sign an agreement, in a fomi common to Almshouses in the United Kingdom, setting out the limits of their personal liability and restrictions on their use of the pr¢)pety so that the interests of the Ifuslees and other residents may be protected. Residents are thised to lake out insurance for their own bélongings. In rn0 recent years one of the major risks 15 from residents who are Increasing frail or who have dementia. The John Bowley and SheNood Almshousgs do not have the resources lo care for people as they become frailer and support for these people in the communty is limited. Value for Money IVFMI Introdurtlon This report sets out our VFM performance looking back over 2024 and provides QUT VFM targets going forward. It aims to provide tho reader with a Iran5parenl account of we aro striving lo make the most of the resources at our disposal in the pursuit of our strategic obj8Ctives. We positively encouraue feedback and challenge from our customers and otheT Stakeholders on our VFM performance. The report is slruclured to meet the requirements of the RSH'S VFM standard with which we musl comply as Registered Provider. Page 5
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRusfEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Our corporate objectlves & how we measure 8uccess Our strategic objectives aim lo delNer our social purpose. Thg objectives therefoTe reflect the value we are seeking lo maximise in the context of VFM. To measure our success, we have sel metrics against our objectNes'. Provlde good quallty, Safe. sg¢ur• housing Improvement to EPC ratings IE TeqU1ment by government) R8sponse lime for Emergency repairs Iwi(hin 24 hours) Health and safety complianee melricg (Gas safety checks, LOLER inspections, fixed wiring checks, PAT testing, fire alarm lestsl lifeline checks and rectrfying problems) Affordable weekly maintenance tharges compared to market rentals Ensure damp and mould problems are addressed promplty Support Dignlty and Independènce Number of residents living indepent1ently in the almshouse$. NLTrmber of residents maintaining thelr independence with the aid of families and Cars. Residents, views considored and Resident inVoement in decision making via attendance at trustees, meetings. Cornmunity Investment4naklng communltles work by improving tho local quality of Ibfe o Active involvement in community events o Resident satisfaction surveys o Feedback from partner OTganisation5 Our approach to Investmgnt Key contextual considerations frame our approach to investing in tyjr ob3'ectives. They include.. Maintaining the buildings lo ensure the Safety of the residents and to comply with legislation Appointing new residents Ibeneficiariesl in accordance wlh the trust deed Managing and maintaining the buildings lo a high standard in order to meet the standards sel by the Almshouses Association. the Charity Commission, the Housing Ombudsman and the Regulator for sla( Housing Maintaining a list of sui18bly qualified suppliers and contractors Taking into account residents, feedback and SLigge5tions Maintaining reserves and future planning Appertaining to these considerations. our approach to Investing in our objectives is as follows.. al To maintain existing stock and service5. bl Ensure the safety and security of residents and properties. c) Regularly review and implement environmental measures lo reduce C02 emissions and use ol harmful products. Page 6
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Mgasuring VFM Our strategic success measures above are key lo us undwstanding Our value as expressed by output5 and outcomes. However, lo fully understand VFM. we use a wider sel of indicators. 11 help$ us understand not only what we are achieving but how well the delivery system is working. It incorporates our strategic mgtr5cs and targets, as well as RSH metrics. Value for Money Metrics Metric RSH Actual 2024 Target 2025 Global accounts 2024 7.7% Metrics Reinvestment % New Supply Delivered % yes yes 0% oy. New Social Housing Supply yes 0% 1.7% New Non- Social Housing Supply Gearing %-Debt as a % of Assets E8ITDA MRI Interest Cover % yes 0% 0.2% ye5 46% yes 122% Headline Soclal Houslng Cost per Unlt Operatlng Margln % Soclal Houslng Operating Margln %- Overall Return on Capftal Employed {ROCEI % WMC increases (including servlce charges) Rent Loss from Volds Bad debts for the year Resident Arrears Turnover RSL EPC Rating'c, and above Resident Participation in Decision Making yes £7,691 £8,382 £5.800 yes 0.5% 0.2% 20.4% yes yes 0.5% 0.1% 0.2% 0.0% 18.5% 2.8% no 9.83% 25% no 2.1% £nil no £nil 5% £113,550 93.75% 50% no no £116.289 93.75% 50% no no P4e7
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRusfEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Our VFM perfomiance In 2024 The VFM dashboard in section 4 identifies the VFM tsrgets for 2024 against our strategic objectives. Overall, the charity performed well against global account metrics. The charity used ils resources to maintain the properties to a high standard rather than acquirSng new units. This strategy is unlikely to change In 2025. Most income is derived from Housing Benefit and paid dired to the landlord. The charty has foGus5ed on maintaining the properties al the Decent Homes Standard over the past year. It will be difficult lo make any Improvements to EPC ratings as latest EPC certfficates do not have recommendations th81 could raise ratings further. Residents continued to be invited to Iru5tees' meeting5. Oniy John Bowley House was represented due to the health of the residents at the bungalows. All residents were however surveyed and a summary of the survey ha5 been published on the chaTSys website in line with legislation. VFM targets golng forward Our foNard targets are set out in the labb at section 4. Raising EPC targets will be deperbdent on the cost and reliability of new technology as well as the opportunty to relrofrt properties when they are vacant. Statement of Trustees, Responsibiliti The registered housing legislation requires the Irustees to prepare financial sl8lements for each financial year whi¢h give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that period. In preparing these financial statements. the trustees are required to- select suitable accounting policies and then appty them consistently.. make judgements and estimates that are reasonable and prudent.. slate whether applicable accountlng standards have been followed. subject lo any mal8rial departures dlsdosed and explained in the financial statements., and prepare the financial statements on the going concem basis unles5 it 15 inoppropriate to presume that the charty will continuo in business. The trustees are responsible for keeping proper accounting records which disclose wilh Teasonable accuracy al 8ny time the financial position of the charity and enable it to ensure that the financial slalemenl$ comply with the Housing and Regeneration Act 2008 and The Accounting Direction for Social Housing in England from April 2015. The trustee5 have general responsibility for taking reasonable steps to safeguard the assets of the chanty and lo prevent and delect fraud and other irregulariltes. The trustees are responsible for the maintenants and integrity of tho Gorporale and financial information included on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of finort¢ial statements may differ from legislation in otherjurisdiclions. Page 8
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of dis¢losure of Infomiatlon to auditor& We, the trustees of the charity who held office at the (late of approval of these financial statements as set out above each eonfim, so far as we are aware, that.. there is no relevant audit inform*ion of whkh the charty's auditors are unaware., and we have taken all the steps we ought to have taken as trustees ofder to make ourselves aware of any relevant audit infomation and to establish that the chaTty's auditors are aware of that information. This report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006. The Trustees. Report was approved by the trustees on 23 July 2025 and signed on their b8haW by.. RE Mr T S MGNeice Trustee Mrs R l Braid Trustee Page 9
JOHN BOWLEY AND SHERWOOD ALMSHOUSES INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF JOHN BOWLEY AND SHERWOOD ALMSHOUSES (continued) Oplnlon We have audited the financial statements of John Bgwley ar Sherniood Almshouses (the 'charY') for the year ended 31 Decomb¢r 2024 which comprise the statement of comprehensive income, the statement of changes in resetwes, the statement of financial position, the statement of cash fl¢M and the relatecl notes. The financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial slalements have been prepared in accordance wrth The Accounting Direction for Private Registered Providers of Social Housing from Apr¢1 2015 and the Slalemenl of ReComnded Practi ISORPI Accounting by registered soc¢al housing providers lupdaled 2018). This has been done in order for the accounts to provide a true and fair view in &cord8nce with the Generally Accepted Accounting practi effeclwe for reporting periods beginning on or after 1 January 2019. In our opinion the financial slatemenls.. gNe a true and fair view ot the stsle of the charty's affairs as at 31 De¢8mber 2024, and of 115 incoming resources and application of resources, including rts incomo and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdcqn Generally Accepted Accounting Practice,. and have been Prepared in accordance with the Charities Act 2011, the HoLEsing and Regeneration Act 2008 and The Accounting Direction for Social Housing in England from April 2015. Basis for opinlon We conducted our audit in accordance with Inlernallonal Standards on Auditing (UK) IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent ol the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the Unite(f Kinydom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wtth these requirements. We bolieve that the audit evidence we heve obtained is sufficient 8nd approprhgte to provide a basis for our opinion. Conclusions relatlng to golng concern We have nothing to r8POrt in Tespecl of the followtng matters in rel*ion lo which the ISAS {UK) require us to report lo you where.. the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate. or the trustees have not disclosed in the financial statements any identifigd material uncertainttes that may cast signfficant doubl aL)oul the charity's abilty lo continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial ststements are aulhorised for issue. Other Infonnatlon The trustees are responsible for the other infomiation. The othef infoThnalion comprisès the information included in the Annual Report, other than the financial slalements and our Auditors. Report Ihereon. Our opinion on the financial statements dces not cover the other information and. except to the extent otherwise explicTtty stated in our report, we do not express any fomi of assurance conclusion theon. Page 10
JOHN BOWLEY AND SHERWOOD ALMSHOUSES INDEPENDENT AUDrroR'S REPORT TO THE TRusfEES OF JOHN BOWLEY AND SHERWOOD ALMSHOUSES (continued) In connection with our audrt of the financial statements, our responsibility is lo read the other infomiation and, in doing so, consider whether the other infomalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear8 to be materially misstated. If we idenlrfy such material inconsistencies or apparent material misstatements, we are required to detemine whether there is a material misstalemenl in the financia5 slalements or ? material mis5tatemenl of the other information. If, based on the work we have perfomed, we conclud& that there 1$ a material misstatement of Ihis other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report In respect of the following maiters where the Charities (Acmunls and Reports) Regutations 2008 requires us lo roport to you rf. in our opinion.. the infomation given in the Trustees, Report is Inconsistent in any material respect wlth the financial 8tatemenls', or $Lrfficient accounting records have not b88n kept; or Ihg financial Statements are not in agreement with the accounting records and relums,. or we have not received all the infomialion and explanations we require for our audit. In addilron, we have nothing to report in respect of the following matter whgre the Housing and Regeneration Act 2008 requires us to report to you IF. in our ppinion.. a satisfactory system of control over transacti¢)ns has not been maintained. Responslbllltles of trustees As explained more fully in the ststemenl of trustees, responsibilities set out on page 8, th8 Iruslees are responsible foT the preparation of the financial statements and for being satisfied that they give a true and lair view and for such internal control as the trustees detemine is necessary to enable the preparation of financial statements that are ffee from material misstslem¢nl, whether due to fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the Charty's abilty lo continue as a going concern, disclosing, as applicable. matters related lo going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Charity or to cease operations, or have no realistic allernativg bul to do so. Auditors, Tesponslbllltles for the audit of the finan¢ig1 statements OLsr objectives are lo obtain reasonable assurance about whether the financial stslornenls as a whole are free from material misslatemenl, whether due to fraud or error. and to issue an Auditors. R¢port that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit onducted in accordance with SSAS {UKI will always delect a maleTial misstatement when il exists. Misstalgm&nts can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reosonably be expected to influence the economic ijecisions of users taken on the basis of these financial slalements. IrregLÈlarilies, Including fraLKJ. are instances of non<ompliance with laws and regulations. We design procedures irt line wlh our responsibiif(ies, outlined above, to delect material misstatements in respect of irregularities. including fraud. The extent to which our PTocedures are capable of detecting irregularities, including fraud Ès detailed below.. Pa9e 11
JOHN BOWLEY AND SHERWOOD ALMSHOUSES INDEPENDENT AUDITOR'S REPORTTOTHE TRUSTEES OF JOHN BOWLEY AND SHERWOOD ALMSHOUSES (continued) Capablllty of the audit in detecting irregularities ¥ncludlng fraud Based on our understanding of the Charity, we have considered those laws and rogulations that have a direct impact on Ihe preparation of the financial statements such as the Charities Act 2011. We evaluated management incentives and opportunrties for fraudulent manipulation of the financial slalements including management override. and considered that the principal risk was related to the posting of inappropriate journal entrios to improve the result before tax for the year. We designed audit procedures lo respond lo the risk. recognising that the risk of not detecting a niaterial misstatement due lo fraud is higher than the risk of not detecting one resulting fiom error, as fraud may involve deliberate concealment ty, for exampte, forgery. misrgpresenlalions orthrough collusK)n. Procedures performed by the audit team included.. Discussions with management regarding known or SLFspecled instances of non-complian with laws and regulations., Evaluation of controls designed to prevent and detect irregularities.. and Assessing journal entries as part of our planned audit approach. There are inherent limitations in the audit procedures described above, and the fijrther removed non- compliance with laws and regulations is from the events and transactions reflected in the financial slalements, the less likety we would become aware of it. As in all of our audf(s wo also addressed the risk of management override of intemal controls, including testing joumals and evaluating whether there was evidence of bias by the directors that represented 8 risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on th8 Finon¢ial Reporting Council's websf(e at.. www.frc.org.ukjauditorsresponsibilf(ie$. This description form5 Part of our auditorfs reporL Magee Gammon Corporale Limited 1$ eliglble for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Use of our report This report is made solely to the charity's trustees, as a body, in aordanCe with Part 4 of the Charities (Account and Reports} Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might Slate lo the charity's Iruslees those matters we are required to state lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept 01 ossume responsibility to anyone other than the charity and ils Iruslee5 as a body, for our audit work, for this report, or for the opinions we have formed. Mr Andrew J Chllds FCA (Senior Statutory Audltorl For and on behalf of Mageo Gammon Corporate Llmited Chartered Accountsnts Statutory Audltor Henwood House Henwood Ashford Kent TN24 80H Dale- Pèje 12
JOHN BOWLEY AND SHERWOOD ALMSHOUSES STATEMENTOF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 Tumover 118.608 108,686 Operatlng expendlture Management expenses Repairs and maintenan¢¢ servi costs 71.249 41.156 6,821 36,585 7,298 {119,226) 1108,8491 16181 1,205 1163} 2.224 Otherincome Operatlng surplu5 587 2.081 Interest receN8ble and other income 2,462 2,916 Surplus for the year 3,049 4.977 Revaluation of investments 13 740 2,858 Total comprehenslve inctsme for the year 3.789 7,835 On behalf of the truslees.. Mr T S McNelce Trustee Mrs R l Brald Trustee Pwje 13
JOHN BOWLEY AND SHERWOOD ALMSHOUSES srATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 DECEMBER 2024 Revenue Reserves Designated Reservgs Restrlcted Funds Total Balance ot 1 January 2024 490,027 203.OCQ 49.850 742,877 Surplus I Ideficitl from slalement of comprehensive income 27,167 {24.378) 1,000 3,789 517,194 {23,3781 178,622 24.378 50,850 11,000} 746,666 Transfer ben funds Balance at 31 December 2024 493.816 203.000 49,850 746,666 Pwje 14
JOHN BOWLEY AND SHERWOOD ALMSHOUSES srATEMENT OF FINANCIAL posrrIoN AS AT ENDED 31 DECEMBER 2024 Notes 2024 2023 Flxed as$gts Tangible fixed assets Investments 12 13 790,747 48.263 8C6,629 47,523 839,010 854,152 Current assets Trade and other debtors Cash and cash equivalent5 14 S,626 73,362 9,517 62,383 78.988 71.900 Creditors: amounts falllng due within one year 15 {8,978) {18,502) Ngt current assgts 70.010 53,398 Totsl assets lèss cuftent liabilities 909,020 907,550 Creditoys: amounts falllng due after more than one year 16 1162.3541 1164,6731 Totsl net assets 746,666 742.877 P8ge15
JOHN BOWLEY AND SHERWOOD ALMSHOUSES srATEMENT OF FINANCIAL POSITION (continued) AS ATYEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 Reser¥es Revenue reserve Designated reserves Restricted reserves 493,816 203,000 49,850 490.027 203,000 49,850 18 746,666 742,877 The company's financial statements have been prepargd in accordan with the provisions apKable to companies subject to the Small companies regime. For the year in question, the charitable company was entitled lo exemptlon from an audit under section 477 of the Companies Act 20C6. The members have not required the charitable company lo obtain an aud¢t of ils accounts for the year in question in accordan wf(h the section 476 of the Act. The trusteesldirectors acknowledge their responsibilities for Gomplying with the requirements of the Companies Act 2006 wf(h Tespècl lo accounting records and the preparation of accounts. These financial statements were approved by the Iru$le85 and OLrthorised for issue on 23 July 2025. On behalf of the trustees.. MrT S McNei¢g Trustee Mrs R l Braid Trustee Company Registration No. 07568820 Charity Reglstratlon No. 1143234 Reglstered Social Landlord No. A0513 Page 16
JOHN BOWLEY AND SHERWOOD ALMSHOUSES STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 Ngt cash generated from operatlng actlyltles 20 13.431 22,481 Cash flow from investing actlvltles Purchase of tsngible fixed assets Interest recewed (3,8231 1,371 176.0691 1,763 10,979 (51.8251 Cash ftow from financlng actlvltles Interest paid Repayment of borrowings Net change In cash and c•$h ¢qulvalonts 10,979 151.8251 Cash and cash equivalents at beginning of the year 62,383 114,208 Cash and cash equlvalents at end ol the year 73.362 62,383 Pe 17
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. Accountlng policigs 1.1 Basls of preparation The Charity is incorporated under the Companies Act 2006. The charty is a registered charlty In accordance with the Charities Act 2011 and is a registered provider of social housing. The Gharity constitutes a public bonefrt entity as defined by FRS102. The financial statements have been prepared in accordance wfth applicable United Kingdom financial reporttng stsndards, the Housing SORP 2018., Statement of Recommended Practice for social housing providers. and with The Accounting Delemiinalion for Soclal Housing in England from Septembw 2018. The accounts are prepared In accordance with the historical cost basis of accounting except a5 modified by the revaluation of investments and Certain fixed assets. 1.2 Fund accountlng Revenue reseryes are unrestricted reserves which are available for use at the discretion of the Iruslees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated reserves are part of unrestricted reserves which have been eaarked by the trustees for particular purpose. Such designations may be reversed by future trustees. decisions. Expenditure cannot be directly sel against designated reserves bul is taken thiough the income and expenditure account. A transfer is then made from designated reserves as apprcpriale. Restricted resee8 are those resoTves which are only expendable in accordance with the wishes of the funder or regulatory body. Reslricled reseNes include funds raised in response to a specrfic appe81. Expenditur6 cannot be directly set against restricted reserves bul is taken through Ihe income and expenditure account. A IransfeT from restricted reserves 15 then made as appropriate. Where a restricted resgrve is represented by assets that are then rovalu8d, thg revaluation ernent is added to the restricted reserv8. 1.3 Income All in¢ome is recognised once the charity has entitlement to the income. it is probable that the income wll b& received and the amount of Income receivable can be measuTe(I reliably. Mainten?nrE contribul¢ons receivable, including Supporting Poople incomè, are induded in turnover, net of losses from voids. Soclal Housing Grants relating to assets are recognised as income on a systematic basis over the expected life of the a¥5ets. The income arising is included in lumover. Land donated or transferred at a price less than tts open market value 18 included at its current valufj on the date it is received. The drfference between the current value and the transfer price is taken to the property valuation reserve. Income tax recoverable in relalton to investment income 18 recognised al thg time the investment income is receivable. Interest on funds held on deposf( is included when receivable and the amount can be measured reliably by the charity.. thig is norn1 upon notffication of the interest paid or payable by the Bank. Page 18
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 1. Accounting policies (continued) 1.4 Expendlture Expendilure is recognised once there is a legal or Constructive c*Jligation to make payment to 8 third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expendf(ure is accounted for on sn accruals basis. All expon59s including support costs and govemance costs are allocated to the applicable expenditure headings. Irrecoverable VAT is charged against the expenditure heading forwhich it was incurred. 1.5 Flxed assets Al each balance sheet date, th? trustees review the carrying amounts of the char'ty's freehold prortY and fixtures and frttings lo detemiine whèther there is any indication that any assets have suffered an impairnenl loss. If any such indication exists. the recoverable amount of an asset is eslimaled in order to detem)Ine the extent of the impaiment1055, if any. If the rOverable amount of an asset is estimated to be less than its carying amount. the carrying amount of the asset is reduced to rts recoverable amount. The impaimient loss is recognised as expense in the SOFA immediatoly. Where an impaimienl loss subsequently reverses, the carying amount of the asset is increased to the revised estimate of ils recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been deleimined Inel of depTecialionl had no impainnenl loss been recogni58d for the asset in pr¢or years. The reversal of an impainmenl loss is recognised as income In the SOFA immediately Tangible fixed assets are stated al cost less depreciation_ Depreciation is provided at rates calculaled to write off the cost of fixed assets, less their e5tim81ed residual value, over their expected useful lives on the following bases: Houslng properties Housing property improvements Fixtures, fittings and equiprnenl Not depreciated Over an estimated useful lffe of 20 yeaTS on a straight line basis 15% slraighl line basis 1.6 Investments Investments are a form of basic financial inslrum8nt and are initially recognised at their transaction value and subsequentty measured al their fair value as al the balance sheet date using the closing quoted market price. The nel gains and losses arising on revaluation and disposals throughout the year are included in the SOFA. 1.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid nel of any trade diSUnt9 due. 1.8 Cash at bank and in hand Cash at bank and in hand includes cash and short temi highly Ilquid investments with a short maturity of three months or less from the date of acqulsitlon or opening of the deposit or similar account. Page 19
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 1. Accountlng poliGies Icontinued) 1.9 CredltOTS and provisions Creditors and provision5 are recognised where the charity has a present obligation resulting from a past event that will probably resuli in the Iransfer of funds to a third paty and the amount due 10 Settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally reccgnised at their settlement amount after allowing for any trade discounts due. 1.10 Flnanclal Instruments The charty only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are inrtially recognised al transaction value and subsequently measured at their settlement value wi(h the exception of bank loans which are subsequentty measured 81 amortised cost using the effective interest method. 2. Unlts In managomgnt Units at Unlts at end Supported housing and housing for older peopte 16 3. Tumover 2024 2023 Weekly maintenance contributions Social housing grant utilised in year 116,289 2,319 106.367 2,319 118,608 108,686 4. Management expenses 2024 2023 W8ler Tates Light and heat Insuranc8s Cleaning Telephone Administration Depreciation 112 922 2,641 3,266 416 44,187 19,705 134 516 2.849 2.238 42,110 16,753 71,249 64,966 S. Servic6 costs 2024 2023 Audit and accountancy SLFbscriplions Professional fees 4,659 1.466 696 4.558 985 1.755 6.821 7,298 Page 20
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 6. Othor Incorne 2024 2023 Non%ovemment grants and donations Govemmenl grants 205 1,000 2,224 1,205 2.224 7. Interest receivable and other Income 2024 2023 Dividends receNed Bank interest receNed 1.091 1,371 1,153 1,763 2.462 2,916 Notional dividends only are declared on the hoEding of BlackRock Char((Es UK Bond Fund A Accumulation Shares. The dividend is not distributed but is retained within the fund to increase the value of the shares. The amounts so treated during the year were £58712023 - £576). 8. Operatlng surplus 2024 2023 Operating surplus as stated aftgr charging.. Auditof s remuneration Depreciation 4,659 19,705 4,558 16,753 9. Auditors, r¢muneration 2024 2023 Fees payable foT the audrt of thg charity's firnCIal statements 4,659 4,558 Fees payable for other servic8s 800 10. Staff costs During the year, the charty continued lo employ a part-tim9 Clerk working 30 hours12023 - 30 hours) per week. No employee received remuneration above £60,00012023- none). staff costs for the year amounted to.. 2024 2023 Wages and salarie5 Pension costs 37,080 916 34,118 827 37,996 34,945 Paue 21
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 11. Trustees, remuneration, expense5 and transactions with related parties No trustees receNed any remuneration during the year {2023- £nill. No trustees receNed any benefits in kind during thg year12023 - £nil). One trustee recetved re5mbursement of expenses during the year totalllng £8012023- £nil}. Al 31 Oecember 2024, four trustees were coun¢illors of Folkgstorle Town Counci5. All Iransaclions wf(h Folkestone Town Council were on an arms length basis, and none of the trustees were able lo use their posf(ion lo their advantage. None of the trustees or other persons reLqted to the charity had any personal interest In any contract or transactr)n entered into by the chafty during the year12023- £nill. 12. Tanglb19 fixgd assots Housing property Improvements Housing properties for lettlng Flxtures and fSttlng8 Total equipmanl Cost or valuatlon At 1 January 2024 Addrtions Disposals 272,440 1.900 548.967 54,824 1,923 834 877,C65 3,823 Al 31 December 2024 274,340 548,967 56,747 834 880,888 Depreclatlon At 1 January 2024 Charge for the year Disposals 31,780 14,384 38,174 5.154 482 167 70,436 19,705 At 31 December 2024 46,164 43.328 649 90,141 Net book value Al 31 December 2024 228.176 548,967 13.419 185 790,747 Al 31 December 2023 240.660 548.967 16,650 352 806,629 A fomial valuation of John Bowley House was carried out in October 2010 81 which time the market value was estimated al £1.100.000. No fomial valuation has been prepared for Sheood Trust Homes bul the Ifustees are of the cpinion the market value is unlikety to b8 less than £S00.000. Housing properties for letting includes £49,850 in respect of donated land and buildings which remain the property of John Bowley and SheNJood Almshouses Icharty number 1143234-1. formerty 2109591. In accordance wf(h guidance issued by the Charity Commission, the transactions are refiecled in the account of John Bowley and Sherwood Almshouses Icharty number 1143234) 8S the constituent charity under niting direction. Page 22
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 13. Investments 2024 2023 The market value of investments as at 31 Decemb&r 2024 is as follows: M&G'. Charity Multi Asset Fund- 843 income units Bla¢kRock.. Charities UK Bond Fund A- 309.166 accumulation units BlackRock.' Charities UK Bond Fund A- 720 income units BlackRock.' Charities UK Equity Fund A- 2,753.536 income units COIF: 571 income unts 783 14,253 1,021 20.619 11,587 757 14,308 1,068 20.059 11,331 48,263 47,523 The cost of investments as at 31 December 2024 is as follows.. M&G'. Charty Mulb. Asset Fund- 843 income unlts BlackRock'. Charities UK Bond Fund A- 309.166 cMUlatIOn units BlackRoek'. Charities UK Bond Fund A- 720 income units BlackRock'. Charities UK Equity Fund A- 2.753.536 income unks COIF.. 571 inc¢me units 732 15,965 1,378 18,105 6,659 732 15.965 1,376 18,105 6.659 42,837 42,837 All investments held at 31 December 2024 are UK listed investments in managed funds. Market value at 1 January 2024 Unrealised surplus I Idefictt) 47,523 740 44,68S 2,858 Market value al 31 Deeember 2024 48,263 47,523 Pa9e 23
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STAIEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 14. Trade and other debtoys 2024 2023 Arrears of maintenance contribution$ Other deblofs Prepayments and accrued incom 1,352 179 4,095 5.879 3,638 5,626 9.517 15. Credltofs: amounts falling du8 wlthln one year 2024 2023 Trade creditors Accruals and deferred intome Other creditors 4.889 13.207 406 7.890 1.088 8,978 18,502 16. Creditors: amounts falling due after more than one year 2024 2023 Accruals and d8ferred income 162,354 164,673 17, Dgferrgd incom8 2024 2023 Balance brought forward Released in year 164,673 (2.3191 166,992 12,319) Balance carried foThvard 162,354 164,673 Defe¥red income represents a capital grant recewed for the construction of John Bowley House. The grant is being released over the estimateil useftjl lrfe of the property in accordance with FRS 102. Page 24
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 18. Restricted regerves Property valuatlon reserve Kgnt County Councll Total At 1 January 2024 Surplus I IdefieTtI for the year Transfer btheen fund8 49,850 49,850 1.CQO {1,0001 At 31 December 2024 49,850 49,850 Propgrty valuatlon Te$eryg The land and buildings were donated to the charity under pemanent endowment. The restrictions placed upon the donations are therefore applied lo the revaluation of the donated propety. Due to the restridions on the original donation5, the land and building and the related Tevaluation remain in the unincorporated charity known as John Bowley and Sherwcy)d Almshouses Icharsty number 1143234-1, fomerty 2109591. In accordance with guidance issued by the ChaTity Commission. the transactions are refiected in the 8ecounl of John Bowley and Sherwood Almshouses {charily number 1143234} as the consliluent charty under a unlting direction. Kent County Council reservo During the year a grant of £1,000 was recewed from Kent County Council towards the purchase of new water storage. The grant was frJI expended within the year. 19. D8$lgnat8d reserves Cycllcal maintenance fund Extra- ordlnary rapair fund Total At 1 January 2024 Surplus l (deficit) ft)r the year Transfers between funds TransfeTS for caprial spend 30,000 124.3781 28.201 13,823) 173,000 203,000 {24,3781 28,201 13,8231 Al 31 Drnber 2024 30,000 173,000 203.000 Page 25
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 20. Note to the statement of cash flows 2024 2023 Cash flow from operating activities Surplus for the year Adjustments for nonrycash Items: Depieciation of tangible fixed assets Loss on dlsposal of tangible fixed assets Ilncreasel I decrease in trade and other dobtors Increase l {decreasel in trade ar other eredilors Government grants ulllised in the year Interest received 3,049 4,977 19.705 16,753 3,891 12.902) 19,524) 12.319) 11.3711 7,735 12,319) 11,7631 13,431 22,481 Page 26