Registered number 07568820 Charity number 1143234 Registered So¢ial Landlord number A0513 JOHN BOWLEY AND SHERWOOD ALMSHOUSES IA COMPANY LIMITED BY GUARANTEEI REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
JOHN BOWLEY AND SHERWOOD ALMSHOUSES CONTENTS Page Legal and administrative inforynation Trustees, report Independent auditor$' report 10-12 Slalement of comprehensive income 13 Statement of ehanges In reseNes 14 Statement of financial posi(ion 15-16 SL*em&nl of cash flows 17 Notes lo the flnancial statements 18-26
JOHN BOWLEY AND SHERWOOD ALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Company registration number 07568820 Charity registration number 1143234 Charlty Ilnked by uniting directlon 210959 Trustees Cllr R Wallace Mrs R l Braid Mr T S McNeice Ichaimianl Cllr R West Mr N Jones Cllr P Bingham Cllr R Shoob Mr D Burton Mrs J Todd Mrslnd Mrs M Lawes (resigned 10111120251 Cllr L McGirr lappoinled 22101120261 Company secretary Mrs T Pearson Scheme manager Mrs T Pearson Reglstered office Henwood House Henw¢xJd Ashfor Kent TN24 80H Banker¥ CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Audito Magee Gammon Corporate Limitgd Henwood House Henwood Ashford Kent TN24 8DH Page I
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees present their report and financial statements for the year ended 31 December 2025. Constitution The John Bowley and she()d Almshouses Charity Icharily number 2109591 was constf(uted under a scheme document dated 14 March 2007. During the year ended 31 December 2012, the trustees undertook the process of incorporation and all assets and liabilities of the charity, except those relating to donations made under pemiangnt endowment, were transferied to the new corporate body (company Tegistralion number 07568820}. The corporate charity, also known as John Bowley and SherwcKJd Almshouses. was registered with the Charity Commission and issued with a new charity number, 1143234. John Bowley and SheM¢)od Almshouses (charity number 1143234) is ¢onstiluled under ? Memorandum of A$socialion dated 17 March 2011. The a8sets dated lo John Bowley and she1 Almshouses {ch8rity number 2109591 under pemianent endowment remain in that chari(y. Under a uni(ing direction, John Bowley and Sherwood Almshouses (charity number 210959) is linked to John Bowley and SheNood Almshouses Icharily number 114323418S constiluenl charty Icharsty t)umber 1143234-). The financial ststemenls therefore iefiect the financial transactions relating lo both charilÈs. The John 8owley and Sherw¢))d Alm5hou$es is a Registered Social Landlord. Trustses and Governance The chartty is overseen by the trustees, who meet al least four times a year. They make all decisions regarding the conduct of the charity bul the day-l04ay administration is undertaken by the scheme managef. Resident representatives from John Bowley House and the Sherwt)od Trust Homes attend the quarterly trustees. meetings. The trustees who served during the year were as follows-. Mrs Rosemary Braid Ico-QPtedl Mr Thomas mcNe1 Ic<>OPtedl Cllr Rogof Wgst" Cllr Richard Wallace. Mr Neil Jones {co-OPtedl Cllr Paul Bingham . Mr David Burton {cc>-OPtedl Mrs Jennrfer Todd {co-opledl Mrs Mary Lawes . (resigned 1011112025) Mr Stsphen Ind l¢o-opled} Cllr Rebecca Shoob (co-opted) Cllr L McGirr' {COwOPted} Appolntment of trustggs Under the Memorandum of Association dated 17 March 2011, the minimum number of Iruslees permittfjd is four, bul thoro is no maximum. The Iwstees and members las defined in the Memorandum of Associalionl have the power lo appoint new trustees. There We four nomin*ed trusleos (marked ' above} appointed by Folkestone Town Council, although there was no requirement for them to be town councillors. There were eight co-opted truste8s appointed by the trustee$. On joining the board, trustee5 are given copies of the Memorandum of Association. the Scheme Document, Good Govemance A code for the Communty and Voluntary Sector and minutes of rent Iru5tees' meetings. Page 2
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 Membership of the trustee body is reviewed annually as per the Charty Govemance Code adopted in Ju 2024. As por the Memorandum of Association 500h of the tru$lees sto¢Jd down at the October 2025 meeting and all agreed lo re-stand. Mtscondu¢t The trustees have no financial interest in the conduct of the charity. Other interests, which may arise from lime lo time, such as the appointment of a relative of a trustee as a resident, are provided for in detailed Regulations that are reviewed and approved by The Regulator for Social Housing. All affairs and transactions of the trustees are open lo public scrutiny with the exception of the personal affairs of res*Jents. All accounts are prepared and scrulinised by qualified accountants and independent auditors. Objectlves of the charlty forthe public bengfrt The objectives of the charty are the provision of housing ate¢Jmmodatiori for persons in need, hardship or distress residing or having immediate family residing in or near Folkeslone, with a preference for those who are members of the Church of England. Those parsons in need may be individuals of either sex, or 8 couple wilhoul discrimination towards civil partnerships. The trustees confirm that thoy have referred lo the advice contained in the Charty Commission's general guidan on public benefrt when reviewing the charity's aim and objectives, and in p18nning future activities. Achlevements and Performance In the year and Future Plans A. Achiovement and Perfonnance 2025 al Summary The John Bowley and Sherwood Almshouses has continugd lo provide affordable well- maintained accommodation for its residents. Demand for the properties remained htgh not only because of the excessive Cost of renting in the private sector but because the properties are well appointed and located. The voKJs figure for year conseqLtentty was only 3.36 %. despite 3 vacancies. During the year. the Iruslees addressed repair work identified in the 2023 Quinquennlal Inspections arKI other official reports. overall spending £23,000 on improving stock. Two PToperties were updated when they became vacant and fv40 dated bathrooms were modernised into modern shower rooms lone with the aid of a Disabled Facilities Grantl. The trustees also focussed on properties showings signs of mould and damp. Works included.. venting kf(cher¢ extractors lo outside.. swapping older style bathroom extractors lo humidistat extractors,. updating heating in empty properties,. upgrading older style double glazing which is prone to condensation., provision of dehumidrfiers,. provision of lemperalurelhumidty sensors,. the removal of two raised beds bordering the rear of the bungalows- and the provision of extra insulation in the rear porch of bungal¢)w 2. bl Operational Managemenl Flnancial Management and Regulatory Framework The trustees reviewed the running of the charity in response to the increased regulatory changes that had affected the administrative wotkload during the year for the Scheme Manager and trustees. Metroline look over the weekly and mot)thly fire safety cheeks at John Bowley House. The trustee5 introduced service ¢harges that were recoverable through Housing Benefft to replace Intensiv8 Housing Management. cl Communlty Worklng The Charity conlinued working with local organisation like 'lncredibk Edible Cheriton and Broadmead,, 'Hythe Hops,, 'Cheriton Christmas Lights, and 'The District Food Nelwork,. Residents continued lo participate in the decision making bohind the charity by attending trustees, meeting and holding a residents, meeting. Page 3
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 d) Complalnts and Wlder Leamlng from Complaints 2025 The trustees addressed two complaints from residents during the year. Retrospectively these should have been treated as antisocial behavtour. B. Plan6 for 2026 l) Bulldlngs The program of works to replace fauty double-glazed windows will conlinlte as needed to cut draughts and reduce overall healing costs. Money will be held in reserve lo improve the properties as vacancies arise. The chimneys al the Sherwood Bungalow8 will be capped. re•poinled and vented. The trustees wll continue lo ensure wommgndations in the Quinquennial Inspections a addressed. The dated storage healers al John Bowl2y House will bg replaced as and when they fail with high heat retention 5tor8ge heaters. This is the only option open lo trustees to ensure EPC ratings don't drop. 11) Community Links and Environment The Trustees will continue working with the organisers of the District Food Nefvrk, the Cheriton Lights Festival. the Cherbton Christmas lights, Hythe Hops and 'lncredible Edible Cheriton and Broadmead,. Residents, meetings wtll be booked as required. The Trustees will continue to support Folkeslone and Hythe District Council mainlaSning the land adjacent lo the bungalows for the benefit of wildlrfe. The trustees will continue to look al measures to increase water calchmenl 8t the properties. Flnanclal revlew The charlty Is mainty funded by the weekly maintenance contributions receNable for the letting ol the Melve als al John Bowley House, and the four bungalows al Sherwood Trust Homes. The lolal weekly maintenance contributions received during the year amounted to £133,373 an increase of £17.084 over the prior year. John Bowley House weekly maintenance contributions al the end of the year sl¢Jod at either £146.86 or £136.46 per week for each of the eight single bedroom flats, and £150.24 for each of the four two-bedroom als. For She0d Trust Homes, the weekly maintenance contributions for each of the four bungalows al the end of the year stood at £139.36, 136.46. 146.86 and 122.84 per week (depending on the propetyl. These figures exclude Ihe'setvice Charge, Inon-rent eMent) charge subsidized from Housing Benefft. The Trustees dlded to charge service charges from 114125. This was on top of the Weokly Maintenance Charge IWMCI. These charges relate to items of a communal nature such as staff or part of staff employed al the scheme, maintaining communal areas, such as gardens, laundry rooms and shared lounges. Lifeline is provided lo all the properties. The residents paid around £5-£8 per week in Intensive Management fees {depending on the property) prior to 114125, this Gharge no k)nger applies. The new service charge is often covored by Housing Benefrt. for iesidents on low incomes. The income from this will be used to fund improv&mants to properti$s and fund other costs. The charity is facing costs arising from increased regulation from the govemmenl and more than inflation increases in contractors, costs. Ptye4
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 Pollcy on reserves In accordance with the formal reserves policy, the charty sets aside money in an exiraordinary rep8lr fund and a cyclical repair fund. Reserves are being held to pay for any large. unexpe¢led building costs, such as window upgrados, updating heating system5 and measur&s required lo combat climate change. The charity maintains reserve funds to meet unforeseen expendf(ure al least equivalent lo one month's income. As balances pemiil, r( seeks to add to its funds, which are invested in appropr¢ale stocks in accordance with the National Scheme for Almshouses to meet long leTm c8Pltal replacement costs. The Trustees will aL80 Put aside funds in short term bonds. Investment pollcy The charity maintains no investments other than those referred to under the"Policy on Reserves" MaJor risks The charity provides Almshouse buildings, which are usualty occupied fully by residents that it appoints in accordance wf(h the criteria laid down. Risks are those typically associated with the buildings, Ih¢)se arising from the conduct of its appointed residents, and those from the misconduct ol the administrator. the scheme manager and the trustees. In these matters, the Iruslees are subject to regulaliorj and annual scrutiny by The Regul*or for Social Housing. the Charty Commission and the Housing Ombudsman. Buildlng rlsks The charty has comprehensive insurance cover to provide for risks to the fabric of the buildings and the replacement of fixtures and fittings damaged. other than by normal wear and tear, along with speci insurance cover for the scooter shed at John Bowley House. Th@ quinquennial inspection was undertaken in 2023 and the insurance is kept under review. The tnJsle8s' insurances include cover for legal ¢osts arising from actions which may be brought against them and risks to third parties. Resld8nts' rlsks On appointment. residents are required to sign an agreement, in a form common to Almshouses in the United Kingdom, setting out the limits ol their personal liabiljty and restrictions on their use of Ihe propety so that the interests of the trustees and other residents may be prot¢Gted. Residents are advised to take out Insuran for their own belongings. In more recent years one of the major risks is from residents who are incre85ingly frail or who have dementia. The John Bowley and Sherwood Almshouses do not have the resources to care for people as they become frailer and support for these people in the Community is limited. Value for Money (VFM InlroduGtion This report sets out our VFM performance looking back over 2025 and provides our VFM targets going fotward. 11 aims to provide the reader with a transparent account of how we are striving to mak¢ the most of the resources al our disposal in the pursuit of our strategic objectwes. We positively ¢n¢ourage feodback and challenge from our customers and other stakeholders on our VFM performance. The report is slruclured lo meet the fequlrements of the RSH'S VFM stsnd8rd w¢th which we must compty as Registered Provider. Page S
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 l Our corporate objective5 & how Twe measure succoss Our slralegic objectNes aim to deliver our social purpose. The objectives therefore reflect the value we are seeking to maximise in the context of VFM. To measLtre our success. we have sel metric5 against our objectives: Provide good quality, safe, securo houslng Improvement to EPC ratings IE requirement by gov$mment) Response time for Emergency repairs {within 24 hours} Health and safety compliance metrics (Gas safety checks, LOLER inspectiC$, fixed wiring hecks, PAT testing, fire alami leslsl lifeline checks and rectifying problems) Affordable weekly maintenance charges compared to markel rentals Ensure properties are free from mould and damp Support Dlgnlty and Independence Number of residents Ilving independently in the almshousos. NumbeT of residents maintaining their independence wtth the aid of families and carers. Residents, views considered and Resident involvement in decision making via attendan¢0 at trusteos, meetings and residents, meetings. Community Investment-rnaking communities work by improving the local quallty of Ilfe o Active involvement in communty events o Resident satisfaction surveys o Feedback from partner organisations Our approach to Investment Key corstextual considerations frame our approach to investing in our obj&tives. They include.. The residents of the John Bowley and Sherwood Almshouses are all aged 60 or over. Safety of residents is paramount, and trustees work tirele$sty to ensure the buildings are well maintained and sale. There is a high deman(f for social housing in the area, beeause the weekty charges aro Ofton lower than the market rents for comparable properties and in many cases the weekly mainlenanee charges are covered fully by Housing Benefit. Maintaining a list of suppliers and contractors who offer a good servtce and value for money can be a challenge. Residents feedback abouv requests for long lemi repairs is nomially considered at trustees, meetings, wlh residents, representatives in attendanca. The charty holds limited reserves for emergencies- so only limf(ed large scale projects can be implemented annually. Appertaining to these considerations, our approach to investing in our objgclives is as follows.. a) To maintain existing stock and services. b) Ensure the safety and security of residents and properties. c) Regularly review and implement environmentsl measures to reduts C02 emissions and use of ham)ful products. Page 6
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 a. Measurlng VFM Our strategic success measures above are key to us understanding our value as expressed by outPLts and outcomes. However, to fulty undetstand VFM, we use a wider set of indicaloTS. 11 helps us understand not only what we are achieving bul how well the delivery system is working. 11 incorporate5 our strategic metrics 8nd targets, as well as RSH metrics. b. VFM compared to global metrics 2025 Metrlc RSH Metrlcs Actual 2025 Target 2026 Global accounts 2025 7.5% Reinvestment % New Supply Delivered % yes yes 0% New Social Housing Supply yes 1.6% New Non- Social Housing Supply Gearing %-Debt as a % of Assets EBITDA MRI Interest Cover % yes 0.2% yes 0% 45.5% yes Oyo 112.9% Headline Social Housing Cost per Unit Operating Margln % Social Housing Operating Margln %- Overall Return on Capltal Employed {ROCE) % WMC increases (including service charges) Rent Loss from Voids Bad debts for the year Resident Arrears Turnover RSL EPC Rating'c, and above Resident Partlcipation in Decislon Making yes £9,211 £8,382 £5,688 yes 8.4% 0.2• 20,0% yes yes 8.4% 1.2% 0.2% 0.0% 17,4% no 20.59% 25% no no £nil £nil no no £133,373 93.75% £113,550 93.75% 50% no no Page 7
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 Our VFM perfom)ance In 2025 The VFM dashboard in S110n 4 idenlifRs the VFM targets for 2025 against our strategi¢ objecb'ves. Overall. the charity performed well against global account metrics. The charity uses ils resources to maintain the properties lo the Decent Homes Standard rather than acquirirtg new units and this strategy is unlikety lo change in 2025. Most income is derived from Housing Benefit and paid direct to the landlord. 11 will be difficult to make any improvements lo EPC ratings, other than by replacing dated storage healers with hKJh heat Tetention storage healers as Suggested on the latest EPC certrficales. Residents continue lo be invi(ed lo trustees, meetings. John Bowley House 15 represented bul due lo age and health of residents the bungalows are not. VFM taryets 2026 Our forward tsrgets are set out in the tab al seetion 4b. Raising EPC targe15 will be dependent on the cost and reliabilty of rwi technology as well as the opportunty lo relrofrt properties when they are vacant. Statement of Trustees. Responslbilities Thg registered housing legislation requires the trustees to prepare financial slalements for each financial year which give a true and fair view of the stste of affairs of Ihe charity and of the surplus or deficit for that Pgriod. In preparing these financial statements, the trustees are required lo.. select suitable accounting poltcies and then apply them Consistent., makejudgements and estimates that are Teasonable and prudent,. slate whether applicable accounting standards have been followed. subject to any materi81 departures dssctosed and explained in the financial statements,. and prepare the financial slalements on the going concem basis unless it is inappropriate to presumo that thg Gharily will continue in business. The trustees are responsible for keeping proper accounting records which disclose wilh reasonable accuracy at any time the financial posrtron of the charity and enable il lo ensure that the financial slalemenls comply with the Housing and Regeneration Act 2008 and The Accounting Direction for Social Housing in England from April 2015. The trustees have general responsibility for taking reasonable steps to safeguard the assets of the chanty and to prevent and delect fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corpordte and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dssseminalion of financlal statements may differ from legislation in otherjurisdictions. Ptye8
JOHN BOWLEY AND SHERWOOD ALMSHOUSES TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 statement of disclosure of infomiation to auditors We, the trustees of the ¢harity who held office al the date of approval of these finan¢ial sl8lemenls as Set out abovo oach confirm, so far as we are aware, that.. there Is no relevant audit information ofwhlch the charity's auditors are unaware,. and we have taken all the steps we ought lo have taken as trustees in order lo make ourselves aware of any relevant audit infomialion and lo establish that the charity's audrtors are aware of that information. This report has been prepared having taken advantage of the small companies exemption in the Companigs Act 2006. The Trustees, Report was approved by the trustees and signed on their behalf by.. Mr T S McNelce Trustee Mrs R l Braid Trustee Date.. ..%l...&L4* P4e9
JOHN BOWLEY AND SHERWOOD ALMSHOUSES INDEPENDEiYf AUDThOR'S REPORTTO THE TRusfEES OF JOHN BOWLEY AND SHERWOOD ALMSHOUSES (continued) Opinion We have audited the financial statemen15 of John Bowley and Sheood Almshouses Ithe 'charty'l for thg year ended 31 December 2025 which comprise the statement of comprehensive income. the slalement of changes in reserves, the statement of financial position, the slalemenl of cash flows and the related notes. The fin8nctal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting standard appli¢eble in the UK and Republic of Irel8nd' Iunited Kingdom Generally A¢cept8d Accounting Praclicel. The financial slalements have been prepared in accordan with The Accounting Direction for Private Registered Providers of Social Housing from April 2015 and the Slalement of Recommended Practicè ISORP} Accounting by registered social housing providers lupdaled 20181. This has been done in order for the accounts to provide a true and fair VEW in accordance wrth the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. In our opinion the financial ststemenls.. gNe a true and fair view of the state of the Chari$ affairs as al 31 December 2025, and of ils incoming Tesources and application of resources, including its income and expendf(ure, lor the year then ended.. have been propedy prepared in accordance with United Kingdcwn Generally A¢¢epted Accounting PraGli¢e.' and have been prepared in accordan wilh the Charities Act 2011, the Housing and RegeneralKJn Act 2008 and The Accounting Direction for Social Housing in England from April 2015. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial ststements section of our report. We are irsdependent Df the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the Uni(ed Kinodom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical re5ponsibilrf(ies in aecordance with these requirements. We believ8 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concem We have nothing to report in respect of the followlng matters In relation to which the ISAS (UK) require us to report to you where: the trustees, use of the going concern basis of aeeounting in the preparation of Ihe financial slalemenls is not appropriate,. or the trustees have not disclosed in the financial statements any Klentifyad matenal uncertainties that may cast signrficanl doubt about the ¢h8rity's ability to continue to adopt the going ¢oncem basis of ounting for a period of at least Iwelve months from the dale when the financial statsmenls are authorised for issue. Other infomiatlon The trustees are responsible for the other information. The other infomialion comprises the infom)alh)n included in the Annual Report, other than the financial statements and our Auditors, Report therec)n. Our opinion on the financial statements dces not cover the other infomialion and, except lo the extent olheTwise explicf(ly slated in our report, we do not express any fom of assurance conclusion thereon. Page LO
JOHN BOWLEY AND SHERWOOD ALMSHOUSES INDEPENDENT AUDrroR'S REPORTTO THE TRUSTEES OF JOHN BOWLEY AND SHERWOOD ALMSHOUSES (continued) In connection with our audÉ of the financial statement$, our responsibilty is lo read Ihg other inforynation and, in doing so. consider wh¢lh¢r the other infomialion is materially inconsisl&nt with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we Klentify such material inconsistencies or apparent material misslalemenls, we are required to detennine whether there is a material misstslemenl in Ihe financial statements or a mateTial misslalement of the other infomation. If, based on the work we have performed. we conclude that there is a material misstslemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have n¢)thing lo report in respect of the following matters where the Charitie5 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, Report is inconsislent in any material Tespecl with the financial statements: or sufficient aceounting records have not been kept.. or th8 finarKial statements are not in agreement with the accounting record5 and retums.. or we havo not recewed all the infomatv)n and explanations we require for our audit. In addi(ion, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us lo report lo you if, in our opinion.. a satisfactory system of control over transactions ha5 not been maintained. ResponslbllFtles of trustees As explained more fully in the statement of trustees, responsibilities set out on page 8, the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they gwe a tTue and fair view and for such internal control as the trustees dot¢mine is necessary lo enable the preparation of financ1 statements that are free fiom material misstatement. whether due to fraud or error. In preparing the financial stalemenls, the Iruslees are responsible for assesslng the Charity's abilty lo ontinue as a going conrn, disclosing, as applicable, matteTS related to going Goncern and using the going concern basis of accounting unless the directors either intend to liquidate the Charty or to ceaso 0poratnS. or have no realistic allemative bul to do so. Audltors. responslblllties for the audit of the financial $tatgments Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole 218 free from material misstatement, whether due to fraud or effor, and lo issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance bul is not 8 guarantee that an audit conducted in accordance with ISAS IUKI will s¥8Y5 delècl a materFal misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggfegale. they cotjld reasonably be expected to irfuence the economic de¢i5i0ns of users taken on the basis of these financial staloments. Irregularilie5, including fraud, are inslanees of non4ompliance wtih laws and wulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of iNegularilies. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed bekw4'. Page 11
JOHN BOWLEY AND SHERWOOD ALMSHOUSES INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF JOHN BOWLEY AND SHERWOOD ALMSHOUSES (continued) Capablllty of the audlt In detecting Irregularities Includlng fraud Based on our understanding of the Charity, we have considered those laws and regulations that have a direct impact on the preparation of the finaneial staemenls such as tho Charities Act 2011. We evaluated management incentives and opportunities for fraudulent manipulation of the financial slalemenls including management override, and considered that the principal iisk was related to the posting of inappropriate joumal entries to improve the result before tax for the year. We designed audrf( prOdre5 to respond lo the risk, rQgnISIng that Ihe risk of not delecling a material misstatement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example. forgery, misiepresentations or through collusion. Procedures performed by the audlt team Include¢J'. Discussions with management regarding known or suspected Instan¢es of non<omplian¢e with laws and regulations., Ev8lu8tion of controls designed lo prevent and delect irregularities,. and Assessing journal entrie5 as part of our planned audit approach. There are inherent limitations in the audit procedures described above, and the further removed non- compliance wrth laws and regulations is from the events and tr8nsath.ons reflected in the financlal statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management ovorride of inlemal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due lo fraud. A fvrther de$cripllon of our responsibilities for the audit of the ftnancial statements is located on the Financial Reporting Council's website at.. vA¥w.frc.org.uklauditorsresponsibilitiès. This description foms part of our auditor's report. Magee Gammon Corporate Limited is eligible for appoinlrnont as auditor of the char'ty by virtue of ils eligibility for appointment as auditor of 8 company under $e¢tion 1212 of the Companies Act 2006. Use of our report This report is made solely to the challty's trustees, as a body. in 8c¢ordanc8 with Part 4 of the Charitigs (Account and Reports) Regulations 2008 and section 137 of the Housing and Regoneration Act 2008. Our audit work has been undertaken so that we mighl stale to the charity's Iwslees those matters we are required to stste lo them in an auditorfs report and for no other purpose. To the fijllest extent permitted by law, we do not accept or assume responsibilty lo anyone other than the charty and its trustees as a b(xly, for our audit work, for this report, or for the opinions we havo foTmed. Mr Andrew Chllds FCA jsenlor Statutory Audltor) For and on behalf of Magee Gammon Corporate Llmlted Chartered Accountants Statutory Audltor Henwood House H8nwood Ashford Kent TN24 8DH Dale= Page 12
JOHN BOWLEY AND SHERWOOD ALMSHOUSES STATEMENTOF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025 Notes 2025 2024 Turnover 135,692 118,608 Operating expenditure Management expenses Repairs and maintenance serVe costs 73,3( 43,467 7,570 71,249 41,156 6.821 1124,3431 {119.2261 11.349 16181 1,205 Other income Operatlng surplus 11,349 587 Interest receivab and other income 2,854 2,462 Surplus for the year 14.203 3,049 Revaluation of investments 13 1.31? 740 Total comprehenslve Income for the year 15.514 3,789 On behalf of tho trust.. Mr T S McNeice Trustee Mrs R l Brald Trustee e13
JOHN BOWLEY AND SHERWOOD ALMSHOUSES srATEMEKf OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 DECEMBER 2025 Revenu8 Reserves Deslgnatgd Reser¥es Restricted Funds Total Balance at 1 January 2025 493.816 203,000 49,850 746.666 Surplus I Ideficf(} from slalement of comprehensive income 45,087 129,5731 15,514 538,903 129,5731 173,427 29,573 49,850 762,180 Transfer beiween funds Balance at 31 December 2025 509,330 203,000 49,850 762.180 Page 14
JOHN BOWLEY AND SHERWOOD ALMSHOUSES srATEMENT OF FINANCIAL posrrioN AS AT ENDED 31 DECEMBER 2025 Notes 2025 2024 Fixed assets Tangible fixed assets Investments 12 13 794,340 49.574 7.747 48,263 843.914 839,010 Current assèts Trade and other debtors Cash and cash equivalents 14 7,403 80,447 5,628 73.362 87.850 78.988 Creditors: amounts falling due within one year 15 {9,5491 18,9781 Net currènt assets 78,301 70,010 Totsl as¥ets less current IlabS1itle8 922,215 909.020 Credttors: amounts falllng due after more than one year 16 1160,0351 1162,3541 Totsl net assets 762,180 746,666 Page 15
JOHN BOWLEY AND SHERWOOD ALMSHOUSES srATEMENT OF FINANCIAL posrrIoN (continued) AS ATYEAR ENDED 31 DECEMBER 2025 Notes 2026 2024 Reserves Revenue reserve Designated reserves Reslricled reserves 509,330 203,000 49,850 493,816 203,000 49,850 19 18 762,180 746,6e6 The companls financial slalements have begn pryred in occordance with the provisions applicable to companies subject lo the small companies regime. For the year in question, the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006. The members have not required the eharilable eompany to obtain an aLKtil of its aceounts for the year in question in accordance with the section 476 of the Act. Thg trusteesldirecfors ackn¢)wledge their responsibilitie5 for complying with the requirements of thg Companies Act 2006 wf(h respect to accounting records and the preparation of accounts. These financial stalemenl$ We approved by the trustees and aulhorised for issue. On behalf of the trust. Mr T S McNelce Trustee Mr8 R l Braid Tnjstee Date.. .*?..b.4A.¥ry...kn£6 Company Reglstratlon No. 07568820 Char6ty Reglstratlon No. 1143234 Reglstered Soclal Landlord No. AO513 Page 16
JOHN BOWLEY AND SHERWOOD ALMSHOUSES srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 Notes 2025 2024 Nat ggnorated from op9rating activities 20 28,366 13,431 Cash flow from Investlng activltles Purchase of tangible fixed assets Purchase of fed 8sset investments Disp08al of fixed asset investments Interest recelved 123,040} 139,009} 39.009 1.759 13.8231 1.371 7.085 10.979 Cash flow from financing activities Interest paid Repayment of borrowings Net change In cash and c88h equivalents 7.085 10.979 Cash and Cash equivalents 81 beginning of the year 73,362 62,383 ash and cash equivalents at end of the year 80,447 73.362 Page 17
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1. Accounllng pollclfrs 1.1 Basls of preparatlon The charity is incorporated under the Companies Act 2006. The charily is a registered charity in accordance with tho Charities Act 2011 and is 8 registered provider of social housing. The charity constitutes a publlc benerrt entity as defined by FRS102. The financial statements have been prepared in accordance with appl¢cable United Kingdom financial reporting standards, the Housing SORP 2018,. Statement of Recommende(I Practice for Social housing PTovidgrs, and with The Accounting Determination for Social Housing in England from SeptembeT 2018. Tho accounts are prepared in accordance with the historical cost basis of aoUntIng excopl as modrfied by the revaluation of investments and certain fixed assets. 1.2 Fund accountlng Revenue reserves are Unrestrted reserves which are available for use at the discretion of the trustees in fvrtherance ol the general objectives of the charity and which have not been designated for olh&r purposes. Designated reserves are part of unrestricted reserves which have been eamiarked by the trustees for a particular purpose. Such designation5 may be reversed by future Iruslees. decisions. Expenditure cannot be directly set against designated reserves but is taken through the income and expendi(ure accwnt. A transfer is then made from designated reserves 8s appropriate. ReStrted resee8 are those reserves whi¢h afe only expendable in accordance with the wishes of the funder or regulatory body. Restricted reserves include funds raised in response to a speGrfie appeal. Expenditure cannot be dire¢tty set against restricted rpserves but is taken through the income and expendiluTe aonl A transfer from reslricled reserves is then made as appropriate. here a reslricled reserve 18 represented by 8ssets th81 are then revalued, the revaluation element is added lo the restricted reserve. 1.3 Income All income is recognised once the charity has entitlement to the income. it 18 probable that the Income will be received and the amount of income receivable can be measured reliab. Maintenance contribuligns r¢Geivable, including Supporting Peq)le income, are included in tumover. net of losses from voids. Social Housing Grants relating lo assets are recognised as income on a systemalK basis over the experted life of the assets. The income arising is included in tumover. Land donated or transferred al a pri¢¢ less than ils open maTkel value 18 Included at its current value on the dale it is received. The difference between the current value and the transfer price i8 taken to the prope*ty valuation rese8. Income tax recoverable in relatlon to Investment incomè is recognised al the timg th& investmenl income is receivable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charty., this is nomialty upon notrfication ol 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 2025 1. Accountlng pollclos (conllnued) 1A Expendlture Expenditure is recognised once there is a legal or ¢on$lru¢tive obligation to make payment lo a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliabty. All expendf(ure is accounted for on an accruals basis. All expenses Including SUPPOrt costs and governance costs are allocated lo the applicable expendiiure headings. IrreGoverable VAT is charged against the expenditure heading for which il was incurred. 1.5 Flxed assets Al each balance sheet dale, the Iru5tees review the carrying amounts of the charty's freehold property and fixtures and fittings lo dgterming whether there is any indication that any assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimaled in ordei to detemiine the exlent of the impairment loss, if any. 11 the recoverable an70unl of an asset is estimated lo be less than ils carrying amount. the earying amount of the asset is reduced lo Its fecoverable amount. The impaimient 10s8 is recognised a5 expense in the SOFA immediately. lthere an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of ils recoverable amount. to the extent that the increased eairying amount does not exceed the carrying amount that would have been detemiined (net of depreciation) had no impairynenl 1055 been recognised for the asset in prior years. The reversal of an impaiTmenl loss is recognised as income in the SOFA immgdi*ely Tangible fixed assets are staled al cost less depreciation. Depreciation is provided al rates calculated lo wrf(e off the e¢)St of fixed assets. kss their estimated residual value, over their expecled useful INes on the following bases.. Housing properties Housing property improvements Fixtures, fittings and equipment Not depreciated Over an eslimatgd useful life of 20 years on a slraohl line basis 159A straight line basis 1.6 Investments Investments are a form of basic financial instrument and are Initially recognlsed al their transaction value and subsequently measured at their fair value as al the balance sheet dale usin9 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 recognlsed al the settlement amount after any trade discount offered. Prepayments ar& valued at the amount repaid net of any trade discounts due. 1.8 Cash at bank and In hand Cash at bank and in hand includgs cash and short lern highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposi( or similar account. Page 19
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 1. Accountlng pollcles Icontlnuedl 1.9 Credltors and provisions CTedfLorg and provisrons are recognlsed where the eharity ha$ a presonl obligation resulting from a past event that will probably resul in the transfer of funds lo a third party and the amount due lo setme the obligation can be measured or estimated reliabty. Creditors and provisions are normally recconised at Ihoir settlement amount after allowing for any trade di$¢ounts due. 1.10 Financial instruments The charity onty has financial assets and financial liabilities of a kind that qualtfy as basic financial instTumenls. Basic financial instruments are initially recognised al Iransaetion value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the gffeclive interest meth¢. 2. Units in managèment Unlts at start Unlts at end Supported housing and housing for older people 16 16 3. Tumover 2025 2024 Weekly maintenance contributions Social housing grant utlllsed in year 133,373 2,319 116,289 2,319 135,692 118.608 4. Management expenseg 2025 2024 Water rates Light and hoat Insurances Cleaning Telephone Administration Depreciab'on 151 2,758 2.739 2.758 375 45,078 19,447 112 922 2.641 3.266 416 44,187 19,705 73.306 71,249 S. Service costs 2025 2024 Audit and accountancy Subscriptions Professional fees 4,740 2,021 4,659 1.466 7,570 6,821 Page 20
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continu} FOR THE YEAR ENDED 31 DECEMBER 2025 6. Other income 2025 2024 Non-govemment grants and donations Government grant5 205 1.000 1,205 7. Interest receivable and other Income 2025 2024 Dividends received Bank inlerest receNed 1,095 1,759 1.091 1.371 2,854 2.462 Noti)nal dividends only are declared on the holding of BlackRock charit5 UK Bond Fund A Aceumulalion Shares. The dNidend is not distributed bul is retained Wbthin the fund to increase the value of the shares. The amounts so Irealed during the year were £598 {2024 - £58n. 8. Operatlng surplus 2025 2024 Operating surplus as slated after charging.. Auditor's remuneration Depreciation 4.740 19.447 4,659 19,705 9. Auditors, remuneration 2025 2024 Fees payable lor the audit of the charity's financial statements 4,740 4.659 Fees payable for other See8 809 696 10. Staff costs During the year, the charity continued to employ a part4ime Clerk woiking 30 hours12024- 30 hour5) per week. No emptoyee received remuneration above £60.00012024- none). Stsff $1$ for the year amounled to.. 2025 2024 Wages and salaries Pansion costs 36,573 901 37,080 916 37,474 37,996 Page 21
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 11. Trustee5' remuneratlony expenses and tran$a¢tlons wlth relatod partlos No trustees received any remunerab'on during th& year12024- £nil)- No Irustees receNed 8ny benefits in kind during the year12024 - £nil). Two trnslees received reimbur5emenl of expenses during the year lotalling £87 {2024- £801. At 31 December 2025, four trustees were councillors of Folkeslone Town Council. All transactions with Folk6Stone Town Council were on an am)s length basis, and none of the trustees were able lo use their position lo their advantage. None of th8 trustee5 Qr other person$ related to the charty had any personal interest in any contract or transaction enle¥ed into by the charity during the year12024 - £nill. 12. Tanglble tlxed assets Houslng property improvernents Houslng propertSe$ for lfjtting Flxtures and fittings Office gqulpment Totsl Cost OT valuation Al 1 January 2025 Addtiions Disppsals 274,340 18,718 548,967 56,747 4,322 834 880.888 23,040 Al 310embeI 2025 293,058 548.967 61.069 834 903.928 Dgpreclatlon At 1 January 2025 Charge for the year Disposals 46,164 14,798 43,328 4,509 90,141 19,447 140 Al 31 December 2025 60,%2 47,837 789 109.588 Net book value Al 31 Dernber 2025 232.096 548.967 13,232 45 794,340 At 31 Detsmbet 2024 228.176 548,967 13.419 185 790.747 A formal valuation of John Bowley House was carried out in OGlober 2010 at which time the market value was estimated al £1,100,000. No formal valuation has been prepared for Sherwood Trust Homes but the trustees are of the opinion the market value is unlikely to be less than £500,000. Housing properties for letting includes £49,850 in respect of donated tand and buildings which remain the propety of John Bowley and Shernood Almshouses {charity number 1143234-1, fomerly 2109591. In accordance with guidance issued by the Charty Commission, the transactions are reflected in the account of John Bowley and ShorwcKJd AlM5hoLF$ (charity numb8r 1143234} as th8 conslrtuenl charity under a unf£ing direction. Page 22
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 13. Investments 2025 2024 The market value of investments as al 31 December 2025 is as follow5.. M&G.' Charty Mutti Asset Fund- nil {2024.. 8431 income unit5 BlackRock'. Charities UK Bond Fund A- nil12024- 309.166} accumulation units BlackRock'. Charities UK Bond Fund A- nil12024-. 7201 income units BlackRock: Charities UK Equity Fund A- nil {2024.. 2,753.5361 income units COIF.. 2,565.709 (2024.. 571} income uni15 783 14,253 1,021 20.619 49,574 11,587 49,574 48,263 The cost of investments as at 31 December 2025 is as follows: M&G.. ChaTty Mutti Asset Fund- nil {2024.' 843) inrne units BlaekR¢xk.. Charities UK Bond Fund A- nil {2024'. 309.1661 accumulation units BlackRock.. Charities UK Bond Fund A- nil {2024.. 7201 income units BlackRock.' Chariligs UK Equity Fund A- nil12024= 2.753.536) income units COIF-. 2.565.709 {2024.' 5711 income untis 732 15.965 1.376 18,105 45,868 6.859 45.668 42.837 All investmènts held at 31 December 2025 are UK listed investments in managed fiJnds. Market value 811 January 2025 Additions Di5po$a15 Unrealised surplu5 1 Idefief(I 48,263 39.OQ9 139,009) 1,311 47.523 740 Market value at 31 December 2025 49,574 48,263 Page 23
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 14. Tradg and other debtOf5 2025 2024 Arrears of maintenance contributions Other debtors Prepayments and accrued income 2,291 179 4,933 1.352 179 4.OY5 7,403 5,626 15. Credltors: amounts lalllng due wlthln ono year 2025 2024 Trade* creditors Arual5 and deferred incorne Other creditors 502 7,413 1.634 7,890 1.088 9,549 8,978 16. Credltors.. amounts falllng due after more than one year 2025 2024 Accruals and deferred income 160,035 162,354 17. Deferred income 2025 2024 Balance brought forward Released in year 162.354 12,319) 164,673 (2.3191 Balance carried foNard 160.035 162,354 Deferred income represents a capital grant received for the ¢onstru¢lion of John Bowley House. The grant is being released over the eslimaled useful lrfe of the property in accordan with FRS 102. Page 24
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 18. Restricted reserves Property valuatlon reserve Total At 1 January 2025 Surplus I Ideftcit} for the year TTansfer behveen fvnds 49,850 49,850 At 31 December 2025 49,850 49,850 Pmpèrty valuatlon reser41e The land and buildings werè donated lo the charity urKler pemianenl endowment. The restrictions placed upon the donations are therefore applied lo the fevalualion of the donated property. Duo to the restrictions on the original donations, the land and building and the related revaluation remain in the unincorporated charity known as John Bowley and Sherwood Almshouse5 Ichaiity number 1143234-1, formerly 2109591. In accordan with guidance issued by the ChaTty Commission, the Iransactions arè f1cted in the account of John Bo%eY and Sherwood Almshouses Icharty number 1143234) as the conslituenl charty under a uniting direction. 19. Deslgnated reserves Cyclical malntenance fund Extra. ordlnary repalr fund Total Al 1 January 2025 Surplus J Idefi¢itl for the year Transfers been funds Transfers for capital spend 30.000 129,573} 52,613 123,040) 173.000 203,000 129,S731 52,613 123.0401 At 31 December 2025 30.000 173,OlXI 203,000 Pe 25
JOHN BOWLEY AND SHERWOOD ALMSHOUSES NOTES TO THE FINANCIAL sfATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 20. Notg to the statement of cash flov 2026 2024 Cash flow from operating activitie5 Surplus for the year Adjustments for nonThcash items: Depreciation of tangible red assets Loss on disposal of tangible fixed assets (Increase) I decrease in trade and other debtor5 Increas¢ I (decrease) in trade and other credttors Government grants ulilisgd in Ihg year Inlefest received 14,203 3,049 19,447 19.705 (1,7771 3,891 571 19,524) {2,319) {1,3711 12,3191 (1,7591 28.366 13.431 Page 26