2024-12-31-accounts - Thorner's Homes

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THORNER'S HOMES Report and Financial Statements Year Ended 31 December 2024 Charitable Incorporated Organisation Charity number 1189291 Regulator of Social Housing number 5111

Thorner's Homes Contents of the financial statements For the year ended 31 December 2024 Contents Page: Reference and administration details Report of the Trustees........... Board Trustees, responsibilities 14 Independent auditor's report to the trustees of Thorner's Homes.......... 15 Statement of financial activities for the year ended 31 December 2024 . 19 Balance sheet at 31 December 2024 . .20 Statement of cash flows . .21 Notes forming part of the financial statement5 .22

Thorner's Home5 Reference and administration details For the year ended 31 December 2024 Reference and administration details Trustees Mrs A Bennett Mr R Brazier Mr D Butt Mr M Caton Mr D Hankins Mr P F Meacher (Chairman) Mr5 S Vaughan Cllrvwindle Chief Executlve & Clerk to the Trustees Mrs V Joynes MRICS Auditors Hopper Williams & Bell Limited Chartered Accountant5, Highland House, Mayflower Close, Chandlers Ford, Eastleigh, S053 4AR Bankers Lloyds Bank plc. 92-94 Above Bar Street, Southampton, S014 7DT Solicitors Paris Smith LLP, l London Road, Southampton, S015 2AE Registered Office 86 Thorner's Court, Henstead Road, Southampton, 5015 2GU Registered Numbers Charity Commission Regulator of Social Housing 1189291 5111

Thorner's Homes Report of the Trustees For the year ended 31 December 2024 Report of the Trustees The Trustees present their report and financial statements for the year ended the 31 December 2024 which should be read in conjunction with the information on page 3. Structure, Governance and Management Thorner's Homes and its linked charity Reardon Samaritan Fund are Charities governed by Schemes sealed by the Charity Commissioner, dated 30 April 2020 which established Thorner's Homes as a Charitable Incorporated Organisation ICIOI, and 10 October 1968 with subsequent variations for the Reardon Samaritan Fund. The Trustees listed on page 3 have held office during the whole period from the l January 2024 to the date of this report except as indicated. When a vacancy occurs for a Trustee, consideration is given to the skills required on the Board at the time and direct contact is made to persons with those skills. A meeting is arranged with the prospective Trustee to advise them of the required commitment, explain the charity's objectives and assess their interest. A guided tour of the various propefties is undertaken, a history and background of the Charity is given, a copy of the most recent accounts are provided and they are invited to attend a quarterly meeting as an observer. An induction file containing a copy of the governing instrument together with the policies and procedures of the charity is provided for the Trustees future reference. The charity monitors legislation, and training is on-going as required. The Board of Trustees meet quarterly, usually during the first or second week of March, June, September and December. The Annual General Meeting is held in June. From time-to-time sub-committees comprising at least four Trustees are created to make use of Trustees, skills. At present there is a Ref urbishment Sub-committee that comprises of four Trustees with the appropriate skills in, accountancy, surveying, construction and architecture. In addition, the Chairman has regular conversations, communications and meetings with the Chief Executive. Supplier invoices and payments are authorised online by two authorised signatories. The Trustees meet to review the quarterly accounts, financial budgets, business plans, set weekly maintenance contribution5, consider tenders, appoint contractors, set the policies, procedures, consider and plan for the future of the charity and receive reports from professional advisers and the Chief Executive. The charity has adopted Charity Governance Code for smaller charities. The Chief Executive takes responsibility for all aspects of the day-to-day management of the charity. The well-being of the resident5 and staff is monitored by daily contact with the staff team and through meetings. The Chief Executive has authority to order goods or instruct contractors for work up to a value of £2,500. All appointments of staff are made by the Trustees. Residents are kept informed of any changes that are proposed for the day to day running of the charity which will affect them, by way of circular. When major changes are being considered meetings are held with residents to discuss, consider and take account of their views and where possible incorporate them into any project. If it is necessary visit5 are made to individual residents if they are unable to attend a meeting.

Thornerfs Homes Report of the Trustees For the year ended 31 December 2024 Public Beneflt The Trustees follow guidance issued by the Charity Commission, the Regulator for Social Housing and the National Almshouse Association. The charity aims to provide quality sheltered almshouse accommodation for ladies, with limited financial means and in need, in a caring safe environment. Applicants do not need to come from Southampton and this enables them to move nearer their families whilst retaining their independence. Staff monitor the residents, well-being and enable them to access services which may be available to improve their quality of life and encourage them to participate in social activities. Objects and Activities Thorner's Homes exists to provide almshouse accommodation for poor widows, and single women aged 55 and over who require such accommodation due to poverty, financial hardship or other charitable need. To further these object5 the charity owns and manages two housing schemes in Southampton in which individual flats are provided for each resident.. Thorner's Court. Henstead Road. Southampton, S015 2GW This scheme was originally built as bedsits in 1971-1973. Originally remodelled to provide 38 one- bedroom flats with communal facilities during 1999-2000, it was by mid-December 2023, a remodelled 42 one-bedroom flat scheme, with refurbished communal facilities. Robert Thorner Court, 133 Regents Park Road, Shirley> Southampton, SOIS 4AG This scheme was redeveloped in 2010-2014 to provide 60 two-bedroom flats for single occupancy with communal facilities. The charity has two properties held as investment properties to create further incorne for the charity, both are normally let on assured shorthold tenancies. One of these is above the current administrative office. Achievements and Performance Following the refurbishment of Thorner's Court during 202212023 the charity has continued to provide good quality almshouse accommodation and as at 31 December 2024, 88 of the 102 flats available, were occupied. Post covid activities involving the residents have increased, with weekly activities at both sites, trips out, including to the theatre. Thornerfs Court hosted an end of the refurbishment summer barbeque that wa5 well attended by residents of both sites, contractors and trustees. Thorner's Court Since the 1st January 2024, there were sadly two deaths of residents. Thirteen new appointments and one move back from Robert Thorner Court following the refurbishment.

Thorner's Homes Report of the Trustees For the year ended 31 December 2024 Robert Thorner Court Since the I" January 2024, the charity sadly lost two residents, and another moved permanently to a care home. There was one move back to Thornerfs Court and there were two new appointments. Routine and programmed maintenance has continued throughout the year at both sites. Financial review The overall result for the year was net expenditure of E152,71812023'. net income of £1,939,897) This represents a significant change from the previous year, which was largely due to the receipt in 2023 of a one-off grant of £2.1 million, which was awarded to fund the major refurbishment of Thorners Court. In contrast, the deficit reported in the current year reflects a temporary reduction in rental income, caused by delays in letting the newly refurbished flats at Thorners Court. Although the refurbishment works have now been completed, the timing of reoccupation was later than expected, leading to a shortfall in income during the financial year. In addition, during the year the charlty incurred an unbudgeted cost of £17,309 relating to heating dlscount refunds at Robert Thorner Court. Initially, it wa5 not known if residents of this heat network scheme would be eligible for the government energy rebate. However, it was later confirmed that refunds were owed to certain residents, and the payments were made accordingly. The charity generated investment income of £90,153 during the year12023= £68,282), from its listed investments, bank deposlt5, and investment properties. The increase cornpared to the prior year is largely due to the full occupancy of both investment properties from February 2024, which contributed to a higher level of rental income. Income from bank deposits also improved as a result of rising interest rates, and the charity's investments continued to deliver stable and satisfactory returns throughout the year. Value for Money Standard Due to the relatively small size of the charity and the limited resources available the Trustees have always been very cost conscious whilst ensuring that there is sufficient and appropriate expenditure, on staff and facilities. to maintain suff icient and appropriate care and facilities for residents. The finances of the charity are very closely monitored and controlled with robust systems of authorisation and control over funds. All costs are carefully cornsidered for both the short and longer-term benefit. Consideratlon is given to capital improvements that enhance the facilities and reduce long term operational costs rather than a continual cycle of routine maintenance. All costs are monitored against prior periods and budgets and any variances are subject to scrutiny. The charity is committed to delivering effective and efficient services to re5ident5 and embraces the Value for Money IVFMI methodology as required by the Regulator of Social Housing IRSHI. The charity seeks to ensure that all financial and other resources are used to achieve the greatest benefits for the charity, i working towards the furtherance of the aims of the charity, as described in the governing documents.

Thorner's Homes Report of the Trustees For the year ended 31 December 2024 The requirements of the RSH are to include standard metrics,. the following shows these metrics for the charity. They compare the performance shown by these metrics with the charity's peers has been enabled by Acuity's benchmarking data for smaller providers, those with less than 1000 units, this is for the year ending March 2024. Metric l- Reinvestment % 2024 Charity 2023 2023124 Charity Sector A - Completed properties additions B - Completed properties closing net book value £1184,3571 £3,126,172 £11,357,618 £11,801,716 Result IA divided by Bl 11.61% 26.5% 2.7Yo Commentary In 2024, Thorners f inalised the costs for the refurbishment of Thorner's Court, resulting in an over-year provision of £184,357 at the end of 2023. Metric 2- New supply delivered 2024 Charity 2023 Charity 2023124 Sector A- New social housing units acquired B - New non-social housing units acquired C - Units of social housing owned at end of year D- Units of non-social housing owned at end of year 102 102 Result Social housing IA divided by Cl Result - Non-sgcial housing IB divided by D 3.9% Commentary In 2024, no new social housing units were acquired, compared to 4 units added in 2023 through the refurbishment of Thorner's Court. The charity has maintained 102 social housing units, reflecting stabilitv in the housing stock. This year, the focus has been on maintaining and improving existing properties rather than expanding the portfolio, ensuring long-term sustainability.

Thorner's Home5 Report of the Trustees For the year ended 31 December 2024 Metric 3- Gearing % 2024 Charity £nil 2 986 748 2 986 748 2023 Charity £nil 2 641527 2 641527 2023124 Sector Loans Less- Cash at bank and in hand A-Total B - Completed properties closing net book value £ 11,357,618 £ 11,801,716 Result IA divided by Bl 126.31% 122.41% 17.3% Commentory Like many smaller charities the charity does not currently have any borrowings but has cash funds and therefore has a negative gearing percentage. Metric 4- EBITDA MRI Interest cover % 2024 Charity 2023 Charitv 2023124 Sector Operating Surplus (Deficit) Plus - Depreciation charge Less- Gain on disposal of fixed assets Le55- Grant income receivable A-Total £1184,0211 £ 267,811 £nil £r)il £ 83,790 £ 1,908,587 £ 247,171 £151,814) £12,100,000) £ 3,944 B - Interest payable £nil £nil Result IA divided by Bl Not applicable Not applicable 200% Commentory Like many smaller charities, the charity does not currently have any borrowings and therefore there is no interest payable.

Thorner's Homes Report of the Trustees For the year ended 31 December 2024 Metric 5- Headline social housing cost per unit 2024 Charity 2023 Charity 2023124 Sector Charitable activitie5 expenditure Less- Depreciation charge Plus- Gain on disposal of fixed assets Less - Bad debts A - Total £ 1,167,482 £1267,8111 £nil £1431 £ 899,628 £ 1,031,711 £1247,1711 £ 51,814 £267 £ 836,621 B - Total social housing units owned 102 102 Result IA divided by 81 £ 8,820 £ 8,202 £ 6,447 Commentary The charity's headline social housing Cost per unlt has increased to £8,820 in 2024, up from £8,202 in 2023. This rise 15 primarily due to higher charitable activitie5 expenditure, particularly related to staff costs. Additionally, while the charity's social housing stock remains stable at 102 units, the absence of a gain on the disposal of fixed assets in 2024 (compared to £51,814 in 20231 also contribijted to the increase in costs per unit. Despite thls rise, the charity remains focused on improving the quality of its housing stock and ensuring long-term sustainability. Metric 6- Operating margin % 2024 Charity 2023 2023124 Charity Sector Operating Def icit Less- Grant income receivable Less - Gain on disposal of housing properties Less - Donations and Legacies Less - Investment Income Plus- Investment costs A - Operating deficit from social housing £1184,0211 £nil £nil £180,842) £190,1531 £5,295 £1349,7211 £ 1,908,587 £12,100,000) £176,69811 £132,2191 £168,282) £9,082 E1359,5301 B - Social housing turnover C- Total turnover £ 817,761 £ 988,756 £ 748,879 £ 2,949,380 Social housing result IA divided by Bl Total result IA divided by Cl 142.81 % 135.41 % 148.01 % 112.21 % 18.5% 15.5% Commentary The charity has reported a reduced operating deficit in 2024 compared to the previous year, with the operating margin improving from 148.01% in 2023 to 142.71% in 2024. This improvement reflects the gradual recovery following the refurbishment of Thornerfs Court, although several flats remained vacant throughout the year, continuing to impact rental income.

Thomer's Homes Report of the Trustees For the year ended 31 December 2024 Metric 7- Return on Capital employed 2024 Charity 2023 2023124 Charity Sector A - Operating Surplus (Deficit) £1184,0211 £ 1,908,587 B- Total assets le55 current liabilities £ 15,055,326 £ 15,206,737 Result IA divided by Bl 11.21 % 12.6 % 2.5% Comrnentt7ry In 2024, the charity reported a negative return on capital employed of-1.2Yo, compared to a positive 12.6% in 2023. The decrease is primarily due to the operating def icit reported for the year, in contrast to the significant surplus in 2023, which included a substantial one-off grant income. Investment Policy The Trustees, investment policy is to hold quoted investments for the endowment funds while maintaining liquid fund5 to enable the charity to pursue future opportunitie5, which includes strategic purchases of investment property and the investment in existing stock requiring refurbishment. Fundraising Statement Although the charity does not undertake widespread fundraising from the general public, the legislation defines fund raising as "solititing or otherwise procuring money or other property for charitable purposes." Such amount5 receivable are presented in our accounts as "voluntary income" and includes legacie5 and grants. All solicitations are managed internally, without involvement of commercial participators or professional f und-rai5er5, or third parties. The day-to-day management of all income generation is delegated to the Chief Executive who is accountable to the Trustee5. The charity has received no complaints in relation to fundraising activities. Staff terms of employment require all, to behave reasonably always and not to approach individuals for funds. The charity does not consider it necessary to design specific procedures to monitor such activities. Free reserves The trustees consider that the reserves requirements are in line with the Charity Commission Guidelines. The policy reflects their wish to commit safely as much as possible to our objectives whilst retaining financial stabilitv and the potential to respond to new opportunitie5.

Thornerfs Homes Report of the Trustees For the year ended 31 December 2024 At 31 December 2024 the total funds of the charity were £15,055,325 analysed as follows.. 2024 2023 Reserves tied up in buildings Reserve5 restricted to donor nominated purposes Reserves required to meet ongoing commitments Revaluation reserves 11,397,232 172,349 3,445,527 40.218 11,843,946 171,042 3,151,531 40,218 15,055,326 15,206,737 The Trustee5 have adopted the recommendations of the Charity Commissioners in respect of prudent reserves for f uture repairs and at 31 December 2024 these were as follows: 2024 2024 2023 2023 Other reserves as stated above 3.445,527 3,151,531 Cyclical repalrs and maintenance fund Extraordinary repairs fund 615,673 709,931 615,673 709,931 11,325,604) 11,325,6041 The Trustees also consider it prudent that unrestricted reserves should cover one year's operating cost5 (excluding exceptional repairs) which are estimated at (500,0001 {500,000} Free reserves 1.619,923 1,325,927 Risk management The Trustees have a risk management strategy whith comprises a review of principal risks and uncertainties that the charity faces, the establishment of policies, systems and procedures to mitigate those risks and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. Attention has been focused on non-f inancial risks arising from fire. health and safety of properties and residents. These are managed by having robust policies and procedures in place.

Thornerfs Homes Report of the Trustees For the year ended 31 December 2024 A key element in management of financial risk is the statutory restrictions on income, ensuring regular costs are met from that income and suff icient reserve5 are available to meet further capital expenditure including replacement of major components. Compliance with Governance and Financial Wiability Standard During the course of the year the Trustees have reviewed the charities systems and procedures to ensure compliance with our chosen code of practice- Charity Governance Code for smaller charitie5. The Trustees regularly review the f inancial viability of the charity and decisions regarding short term spending and longer-term investment are tested against these. Where appropriate the Trustees have taken advice and obtained reports from extemal professional advisors, this is an ongoing process. Following these reviews, the Trustees are of the opinion that the charity complies with the Governance and Financial Viability Standard during the course of the year and up to the signing of the accounts. Compliance with the Tenant Satisfaction Measures Standard ITSMI The Charity undertook the Residents Perception Survey in March 2024. The results were collated and will be used against those collated in 2025 and will be published should the Regulator of Social Housing introduce the reporting of the TSMS by providers with fewer than 1000 homes. In addition to this, during 2024 there was only one Stage One complaint. This was regarding water temperatures in the resident's flat. There were no Stage Two complaints. In line with the requirements of the Housing Ombudsman Service the annual complaints performance and service improvement report 2024 has been published on the Charity's website. Plans for future periods The Charity continues to improve its services for residents. The implementation of extended warden coverage from 8am to 8pm across all 51tes has been a success, ensuring greater support and presence throughout the day. Additionally, the range of activities available for residents has increased, contributing to a more engaging and pleasant living environment. The aim of the Trustees is to make Thornerfs Homes the first choice in Southampton for women looking for almshouses accommodation.

Thornerfs Homes Report of the Trustees For the year ended 31 December 2024 Auditors The auditor, Hopper Williams & Bell Limited Chartered Accountants will be proposed for reappointment at the meeting of the Trustees. Approved by the Trustees orn/fl L.-and signed on it5 behalf by: P. F. Meacher Chairman

Thorner's Homes Statement of Trustees, responsibilities For the year ended 31 December 2024 Board Trustees, responsibilities The Trustees of the board are responsible for preparing the board report and the financial statements in accordance with applicable law and regulations. The board Trustees are also responsible for preparing the financial 5tatement5 in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. The board Trustees rllust not approve the financial statements unless they are satlsfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these flnancial statements, the board Trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the applicable Charities SORP make judgements and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standard have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in busines5. The board of Trustee5 are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. They are also responsible for Safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 14

Thorner's Homes Report of the Independent Auditors to the Trustees of Thorner's Homes For the year ended 31 December 2024 Independent auditoes report to the trustees of Thornerf5 Homes We have audited the financial statements of Thorner's Homes I'the charity'l for the year ended 31 December 2024 which comprise of the Statement of financial activities, the balance, the statement of cash flows and notes to the financial statements, including significant accounting policies. The finar)cial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Iunited Kingdom Generally Accepted Accounting Practice). In our opinion. the f inancial statements.. "give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended- •have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and •have been prepared in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial Statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinlon. Conclusions relating to going Concern In auditing the financial statement5, we have concluded that the trustee's use of the going concern ba51S of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant section5 of this report. 15

Thornerfs Homes Report of the Independent Auditors to the Trustee5 of Thorner's Homes For the year ended 31 December 2024 Other information The other information comprises the information included in the annual report, including the trustees, report, other than the finèncial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not tover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material mi55tatement in the financial 5tatement5 themselves. If, based on the work we have performed, we conclude that there is a material misstatement 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. In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: •the information given in the trustees, report is inconsistent in any material respect with the financial statements,. or •sufficient accounting records have not been kept,. or •the financial statements are not in agreement with the accounting records: or •we have not received all the information and explanations we require for our audit. Responsibilities of tru5tee5 As explained more fully in the trustees, responsibilitie5 5tatement15et out on page 141, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to f raud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, a5 applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 16

Thorner's Homes Report of the Independent Auditors to the Trustees of Thornerfs Homes For the year ended 31 December 2024 Our objectives are to obtain reasonable assurance about whether the f inancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respett of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including f raud is detailed below.. We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitv, and the industry in which it operates. These include but are not limited to compliance with the Charities Act 2011, The Accounting Direction for Private Registered Providers of Social Housing, UK Generally Accepted Accounting Practice and the requirements of Regulator of Social Housing. We obtained an understanding of how the charity is complying with these frameworks through discussions with management. We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs, correspondence and a review of board minutes. We assessed the susceptibility of the charity's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature. We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team'5 knowledge and understanding of the industry in which the charity operates in, and their practical experience through training and participation with audit engagements of a similar nature. A f urther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Hopper Williams & Bell Limited 15 eligible 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.

Thorner's Homes Report of the Independent Auditors to the Trustees of Thorner's Homes For the year ended 31 December 2024 Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation5 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Hopper Williams & Bell Limited, Statutory Auditor Highland House Mayflower Close Chandlerfs Ford Eastleigh Hampshire S053 4AR 09 Jul 2025 18

Thorner's Homes Statement of financial activities for the year ended 31 December 2024 Note Unrestricted Endowment funds funds Total 2024 Total 2023 Income from: Donations and Legacies Charitable activities.. Income from social housing lettings Grant income receivable Investments Surplus on disposal of fixed asset 80,842 80,842 32,219 817,761 817,761 748,879 2, 100,000 68,282 76,698 90,153 90,153 Total income 988,756 988,756 3,026,078 Expenditure Charitable activities Investments 1,167,482 5,295 1,167,482 5,295 1,108,409 9,082 Total expenditure 1,172,777 1.172,777 1,117,491 Net {expenditure) / income before Investment galns (184,0211 {184,021) 1,908,587 Gains on investment assets 31,303 1,307 32,610 31,310 Net lexpenditurel / income for the year {152,7181 1,307 1151,411) 1,939,897 Net movement in funds (152,7181 1,307 1151,411) 1,939,897 Reconciliation of funds: Total f unds brought forward 14115 15,035,695 171,042 15,206.737 13,266,840 Total funds carried forward 14,882,977 172,349 15,055,326 15,206,737 The notes on pages 22 to 35 form part of these financial statements. 19

Thorner's Homes Balance sheet at 31 December 2024 Note 2024 2023 Fixed assets Tangible assets Investments 11,485,101 595,486 11,928,898 562,876 Total fixed assets 12,080,587 12,491,774 Current assets Debtors Cash at bank and in hand Current asset investments io 133,003 1,736,748 1,250,000 574,475 2,641,527 Total current assets 3,119,751 3,216,002 Creditors-. amounts falling due within one year li (145,012) 1501,0391 Net current assets 2,974,739 2,714,963 Totsl assets less current liabilities 15,055,326 15,206.737 The funds of the Charrty: Endowment funds 13 172,349 171,042 Accumulated profit Revaluation reseNe 2,119,923 40,218 1,825,927 40,218 General funds 14 2,160,141 1,866,145 Designated funds 14 12,722,836 13,169,550 Totsl unrestrlcted funds 14,882,977 15,035,695 Total Charity funds 14115 15,055,326 15,206,737 The notes on pages 22 to 35 form part of these f inancial statements The financial state 50n 5 22 to 35 were approved by the Board of Trustees, aLSthorised for issue on and are signed on its beh P F Meacher Chairman Trustee 20 /9 JtsLd 2013"

Thorner's Home5 Statement of cash flows for the year ended 31 December 2024 Note 2024 2024 2023 2023 Net cash inflow from operatlons 17 263,439 1,858,398 Cash inflows from investing artivities Investment income Fixed a55et disposal proceeds Current asset investment Payment for fixed assets 90,153 68,282 367,000 11,250,000) 18,3711 12,135,867) Net cash used by investing activities 1,168,218 11,700,585) Change in cash and cash equivalents in the reporting period 18 1904,7791 157,813 Cash and equivalents at the beginning of the reporting perlod 2,641,527 2,483,714 Cash and cash equivalents at the end of the reporting period 18 1,736.748 2,641,527 The notes on pages 22 to 35 form part of these financial statements. 21

Thorner's Homes Notes forming part of the financial statements for the year ended 31 December 2024 Accounting Policies The Charity is constituted as a Charitable Incorporated Organisation ICIOI and 15 registered in England and Wales. The registered office is 86 Thornerfs Court, Henstead Road, Southampton, S015 2GU. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: Basis ofpreparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS 1021 (effective ljanuary 20191- (Charities SORP IFRS 10211, the Financial Reporting St2nd3rd applicable in the UK and Republic of Ireland IFRS 1021 and in compliance with the Accounting Direction for Private Registered Provider5 Of Social Housing from January 2022. Thorner's Homes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unle5S Otherwise stated in the relevant accountlng policy note. The accounts include the results of both Thorner's Homes and the Permanent Endowment Fund of The Dunford Legacy and Reardon Samaritan Funds, which are combined for reporting purposes under the linking direction issued by the Charity Commission on 9 May 2019. Preparation of the account5 on a going concern basis The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The accounts have therefore been prepared on a going concern basis Judgements in applying accounting policies ond key sources of estimation uncertainty In preparing these financial statements the Trustees have not made any significant judgements in applying the policies, but have considered the following forms of estimation uncertainty- Investment properties The fair value of properties at the balance sheet date Fixed assets Residual value of assets- and the Economic lives of assets Valve of assets disposed of Debtors Debtors are assessed to identify net recoverable amounts. 22

Thorner's Homes Notes forming part of the financial statements for the year ended 31 December 2024 Income Income is recognised in the period in which the Charity is entitled to receipt when receipt is probable and when the amount can be measured with reasonable certainty. Income is deferred only when the Charity has to fulfil conditions before becoming entitled to it. The principal sources of income are rents receivable and social charge income which is recognised in the period to which they relate. Interest on funds held on deposit is included when receivable and the amount can be measured reliablv by the Charity,. this is normally upon notificatior) of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. Social Housing Grant Social Housing Grants have been recognised as income under the performance model. Fixed A55ets and Depreclation Housing pmpertles Housing properties have been split between their land and structure costs and a specific set of major components which require periodic replacement. Replacement of such components is capitali5ed, and depreciated over the useful economic lives of the components (excluding landl at the following rates.. Main fabric Roof Iconventionall Roof (Flatl Mechanical & electrical Bathrooms Kitchens Windows and external doors 100 year5 50 years 20 years 20 year5 20 years 20 years 20 years Plant & Equipment are depreciated over their expected useful economic life of 5 - 20 years. Assets in course of development are not depreciated until the point in time that they are brought into use. Investments Investments held as fixed assets are stated at market value. 23

Thorner's Homes Notes forming part of the financial statements for the year ended 31 December 2024 Fund Accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purpose. Designated funds are unrestricted funds which have been earmarked by the trustees for a specif ic purpose. Restricted funds are f unds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the Charity for a specific purpose. The Charity has permanent endowment funds for which the Trustees have to invest the capital in perpetuity. Cyclical repairs and maintenancefund The Trustees have adopted the recommendations of The Almshouses Association in respect of cyclical maintenance funds. Accordingly, the recommended fund level 15 reviewed annually and a transfer made from accumulated surplus to maintain the cyclical maintenance reserve at the required amount if required. Extrnordlnury repairsfund The Trustees have adopted the recommendation5 of The Almshouses A550ciation in respect of the extraordinary repairs tund. The fund level is maintained in accordance with these recommendations. Debtor5 Trade and other debtor5 are recognised at the settlement amount. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or Similar accounts. Financial ITnstruments The Charity only has financial asset5 and financial liabilities of a kind that qualify as basic f inancial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their Settlement value. 24

Thorner's Homes Notes forming part of the financial statements for the year ended 31 December 2024 Creditor5 and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of f unds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement arnount after allowing for any trade discounts due. Charitable actlvltles Income 2024 2023 Income from social housing lettings Management charges receivable Service charge income 556,225 261,536 468,145 280,734 817,761 748,879 Expenditure on social housing activity 1,167,482 1,108,409 Operating deficit from social housing activities 1349,721) 1359,5301 Void losses 168,024 246,077 Accommodation in management Housing for older people at social rent level. Non scheme property 102 102 Totsl owned 103 103 Investment income 2024 2023 Rental income from investment properties Income from listed investments Bank interest receivable 27.565 3,511 59,077 18,510 3,295 46,477 90,153 68,282 25

Thorner's Homes Notes forming part of the f inancial statements for the year ended 31 December 2024 Charltable actlvltles expenditure 2024 2023 Housing expenditure Staff costs Activities undertaken directlv Support costs 159.995 756,412 251,075 108,740 698,215 301,454 1,167,482 1,108,409 Analysis of net (expenditure) / income for the year 2024 2023 Unrestricted Funds Net lexpenditurel / income before investment gains Gains on investment assets 1184,0211 31,303 1,908,587 30,654 1152,7181 1,939,241 Endowment Funds Gains on investment assets 1,307 656 1,307 656 Total Fund5 {151,4111 1,939,897 There was no income or expenditure relating to Endowment Funds in 2024 or 2023 6 Analysis of support costs 2024 2023 Staff costs Governance costs Other 116,369 45.170 89,536 139,736 36,364 125,294 251,075 301,454 26

Thomer's Homes Notes forming part of the financial statements forthe year ended 31 December 2024 Included in governance costs above, are as follows.. 2024 2023 Auditors, remuneration Auditors, remuneration for non-audit work Professional fees 18,811 3,600 22,759 14,500 2,600 19,264 45,170 36,364 Included in other support costs are grant application costs totalling £Nil12023'. £45,996) Staff costs 2024 2023 Wages and salaries Social security costs Pell5ion 248,011 20,665 7,688 223,845 17,332 7,359 276,364 248,536 The average number of employees (including executive management team) during the year wa5 a5 follows.. 2024 Number 2023 Number Administration HoLJsing, support and care None of the Trustees have been paid any remuneration or received any other benefits from the Charity or any related entity12023- £Nill. Two trustees received expenses for parking totalling £3912023.. £1171. One employee received emoluments of more than £60,000. This was in the £80,000 to £90,0 band in 202412023: £80,000 to £90,000 bandl The key management personnel of the Charity is considered to be the Chief Executive Officer. The total employee benefits of key management personnel of the Charity were £98,475 12023: £95,106). During the year bereavement payments totalling £Nil12023.' £10,000) and statutory redundancy payments totalling £Nil12023: £12,639) were made. During the year the charity made contributions of £4,19712023: £4,056) into the pension of the Chief Executive Officer. The scheme is a private pension arrangement to which the charity make5 contributions. 27

Thorner's Homes Notes forming part of the financial statements for the year ended 31 December 2024 8 Fixed assets Non scheme properties Completed properties Plant and Equipment Total Cost At l January 2024 Additions Prior Year Overprovision Disp05als 13,682,893 127,984 37,265 8,371 13,848,142 8,371 1184,3571 14,0611 1184,3571 14,0611 At 31 December 2024 13,498,536 127,984 41,575 13,668,095 Depreciotion At l January 2024 Charge for the year On disposals 1,881.177 259,741 20,289 2,616 17,778 5,454 14,0611 1,919,244 267,811 14,0611 At 31 December 2024 2,140,918 22,905 19,171 2,182,994 Net book value At 31 December 2024 11,357,618 105,079 22.404 11,485,101 At 31 December 2023 11,801,716 107,695 19,487 11,928,898 Included within completed properties is freehold land held at a cost value of E65,46512024'. £65,465). Investments Listed investments (note 121 Investment properties Total Market value at l January 2024 Revaluation gain 77,876 2,610 485,000 30,000 562,876 32,610 Market value at 31 December 2024 80,486 515,000 595,486 The Trustees have reviewed, using internal expertise, the value of the investment properties and they have been included at fair value. All properties are freehold properties. 28

Thorner's Homes Notes forming part of the financial statement5 for the year ended 31 December 2024 The listed investments comprise: Cost 2024 Market Value 2024 2023 2023 General Fund 43,293 NAACIF Income shares Dun5ford Legary Fund 6,429 NAACIF Income shares Reardon Samarltan Fund 36,980 NAACIF Income shares 17,860 17,860 40,189 38,886 1,798 1,798 5.968 5,775 9,939 9,939 34.329 33,215 Total investments 29,597 29,597 80,486 77,876 10 Debtors 2024 2023 Rent and service charge Provision for doubtful debts Prepayments and accrued income Grant income receivable 16,247 20,151 116,756 29,325 524,999 133,003 574,475 11 Creditors: amounts falling due within one year 2024 2023 Trade creditors Rent and service charges received in advance Other creditors Tax and social security Accruals and deferred income 32,297 11.306 27,237 29,517 6,917 105,632 10,031 348.942 74,172 145,012 501,039 12 Flnanclal Instruments The Charitvs financial instruments may be analysed as follows: 2024 2023 Flnanclal assets Financial a5set5 measured at fair value through the statement of financial activity 80,486 77,876 Financial assets measured at fair value through the statement of financial activity comprise of listed f ixed asset investments. 29

Thorner's Homes Notes forming part of the financial statements forthe year ended 31 December 2024 13 Permanent endowment Dunsford Lega¢v Fund Reardon Samaritan Fund Permanent Endowment Fund Totsl At l January 2024 Gain for the year 5,775 194 33,215 1,113 132,052 171,042 1,307 At 31 December 2024 5,969 34,328 132.052 172,349 Represented by: Freehold land Cash at bank and in hand Investments 65,465 65.465 66,587 66,587 40,297 5,969 34,328 5,969 34,328 132,052 172,349 Prior Year At l January 2023 Loss for the year 5,677 98 32,657 558 132,052 170,386 656 At 31 December 2023 5,775 33,215 132,052 171,042 Represented by: Freehold land Cash at bank and in hand Investments 65,465 65,465 66,587 66,587 38,990 5,775 33,215 5,775 33,215 132,052 171,042 The Permanent Endowment Fund represents freehold land plus monies are from the sale of.. 10 Lawnside Road Land adjoining 9 Henstead Road Capital gains on realised investments 42,255 2,750 21,582 66,587 30

Thorner's Homes Notes forming part of the financial statements for the year ended 31 December 2024 The Dunford Legacy relates to J bequest from 1936 for which no will can be found and therefore the funds can never be used (per the Charity Commissionl. The Reardon Samaritan Fund is a linked charity Ino. 11892911 governed by a 1968 scheme requiring the funds to be kept as a Permanent Endowment. The freehold land and any related proceeds from sale must also be treated as a Permanent Endowment. 14 Unrestricted funds General funds Social housing assets Designated funds Cyclical Extraordinary maintenance repairs Total At l January 2024 Net loss Transfers 1,866,145 1152,7181 446,714 11,843,946 615,673 709,931 15,035,695 1152,7181 1446,7141 At 31 December 2024 2,160,141 11,397,232 615,673 709,931 14,882,977 Represented by: Tangible assets Investments Debtors Cash at bank and in hand Creditors.. amounts falling due within one 22,404 555,189 133,003 11,397,232 11,419,636 555,189 133,003 1,594,557 615,673 709,931 2,920,161 year 1145,0121 1145,0121 2,160,141 11,397,232 615,673 709,931 14,882,977 31

Thorner's Homes Notes forming part of the financial Statements for the year ended 31 December 2024 Unrestrlcted funds (Prior year) General funds Social housing assets Designated funds Cyclical Extraordinary maintenance repairs Total At l January 2023 Netgain Transfers 1,498,522 1,939,241 11,571,618) 10,272,328 615,673 709,931 13,096,454 1,939,241 1,571,618 At 31 December 2023 1,866,145 11,843,946 615,673 709,931 15,035,695 Represented by.. Tangible assets Investments Debtors Cash at bank and in hand Creditors: amount5 falling due within one 19,487 523,886 574,475 11,843,946 11,863,433 523,886 574,475 1,249,336 615,673 709,931 2,574.940 year 1501,0391 1501,0391 1,866,145 11,843,946 615,673 709,931 15,035,695 15 Other unrestrirted funds The following unrestricted funds are included in the Accumulated Profit on the Balance Sheet and as such form part of General Funds.. Rogerson & Rose bequests In 1991 a bequest of £25,000 was made by a local resident. Further amounts of £23,704 and £158,500 were received in 1992 and 2005 respectively. The Will did not specify a purpose for which the bequest was made and accordingly each amount has been included in the income and expenditure account in the year of receipt. The Trustees have agreed that a formal record should be kept of the use of this f und which has been, and will continue to be, used for the benefit of the residents. Notional interest Is added to the fund balance on a monthly basis. During 2009, a bequest of £5,000 was received from a former Trustee, and the Trustees added this amount to the fund. Details of movements on the fund for the year ended 31 December 2024 are as follows.. 32

Thorner's Homes Notes forming part of the financial statements for the year ended 31 December 2024 2024 2023 At l January 2024 Notional interest receivable Expenditure in the year 176,140 4,400 12,095} 173,245 3,800 19051 At 31 December 2024 178,445 176,140 Brenda Vera Cooper Will Trust The daughter of a former resident left an amount in a will trust for the benefit of Thornerfs Homes. The capital is held by the Trustees of that Will Trust and Thorner's Homes receives income periodically when the Trustees decide to make a distribution. Thorner's Homes have no influence over the investment policies or distribution policies of the Brenda Vera Cooper will trust. 2024 2023 At l January 2024 Income for the year Expenditure in the year 195,012 80,792 162,793 32,219 At 31 December 2024 275,804 195,012 16 Accumulated housing grant Included in Charity funds are Housing Grants totalling £8,818,66712023: £8,818,667) paid as a form of financial assistance under Section 19 of the Housing and Regeneration Act 2008. 17 Reconciliation of net incomlng resources to net cash inflow from operations 2024 2023 Net movement in funds {151,4111 1.939,897 Depreciation charges Gains on investment5 Surplus on disposal Loss on disposal Investment income Decrease / Ilncreasel in debtors IDecreasel / Increase in creditors 267.811 132,610) 247,171 131,3101 176,6981 24,884 168,2821 1539,6811 362,417 190,153) 441,472 1171,6701 Net cash provided by operations 263,439 1,858,398 33

Thorner's Homes Notes forming part of the financial statements forthe year ended 31 December 2024 18 Analysis of changes in net debt At l January 2024 Cash Flows At31 December 2024 Cash 2,641,527 1904,7791 1,736,748 19 Capltal Commitments 2024 2023 Authorised and contracted for 58,512 The company is undertaking a project to repair and upgrade the lift, which is expected to extend its useful life and improve functionality. Due to the impact on the lift's longevity, the costs will be capitalised as capital expenditure in accordance with accounting policies for property, plant, and equipment. A 50% deposit of £29256 for the project was paid in 2024 and has been recognised as a prepayment. The total expenditure has been recorded as a capital commitment In the statutory accounts, with the project expected to be completed in the upcoming financial year. 20 Operating Lease Commitments At the year-end date, the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows.. 2024 2023 Within one year Between two and five years 11,347 12,071 11,347 22,976 23,418 34,323

Thorner's Homes Notes forming part of the f inancial statements for the year ended 31 December 2024 21 Related party transactions During the year ended 31 December 2023, one of the Trustees, Paul Meacher, was a director of Pay Limited and Fiander Tovell Limited until 30 September 2023. In 2023, FT Pay Limited provided payroll services totalling £965, and Fiander Tovell Limited provided advice on staff restructuring totalling £5,220. At 31 December 2023, £241 was outstanding for FT Pay Limited, and £Nil for Fiander Tovell Limited. There were no related party transactions in 2024. 22 Post Balance Sheet Events The Trustees are in the process of merging Thorner's Homes with The Barlow & Ellyett Homes for Aged Women, another alms-house charity with similar objertives. The proposed merger is subject to approval by the Charity Commission and is expected to take place during the 2025 f inancial year. At the date of signing these financial statements. the Trustees are awaiting formal consent from the Charity Commission. Upon approval, the merger will result in the combination of assets, liabilities, and operations of both charities. The financial impact of the merger will be reflected in the accounts for the period in which it occurs. 35

Thorner's Homes

Audit Findings Report For the year ended 31 December 2024

Section 1: Management letter points arising from audit work .................................................................................................................................................................. 1 Section 2: Adjusted misstatements ............................................................................................................................................................................................................ 1 Section 3: Unadjusted misstatements ........................................................................................................................................................................................................ 1 Section 4: Going Concern ............................................................................................................................................................................................................................ 2 Section 5: Assignment Director Contact Details ........................................................................................................................................................................................ 3

Audit findings for Thorner's Homes for the year ended 31 December 2024

The Trustees Thorner's Homes 86 Thorner's Court Henstead Road Southampton Hampshire SO15 2GU

Dear Trustees

Audit findings for Thorner's Homes for the year ended 31 December 2024

In accordance with our normal practice we are writing to draw your attention to various matters which arose during the course of our audit of the accounts for the year ended 31 December 2024.

Audit opinion

There are no expected modifications to the auditors’ report on the financial statements.

Adjusted and unadjusted misstatements

The adjusted misstatements determined during the course of our audit, are summarised in section 2 of our audit findings report. A schedule of unadjusted misstatements over our audit triviality threshold of £11,400 is included in Section 3.

Letter of representation

A draft of our letter of representation, detailing the representations which we have relied upon for our audit, will be sent separately for your consideration.

Internal Controls

The control environment at the charity was good and the key financial controls that we would have expected to see were in place.

Improvements in the accounting and internal control systems

As you are aware from our letter of engagement, our audit procedures were directed towards testing the accounting systems in operation upon which we have based our assessment of the accounts.

Section 1 of this report contains details of matters identified during the course of our audit and our recommendations for improvements. This may not contain all areas for improvement that are present in your system.

In making our recommendations, we have considered the size of the charity and the number of staff you employ. Responses from the Finance Manager are included in the final column.

Other relevant matters relating to the audit

We have discussed with you the fact that we provide additional services to the charity in addition to acting as auditors. We wish to confirm to you that in our opinion the provision of such services does not affect

our independence as the additional services provided are of a routine compliance nature and the Finance Manager and Trustees take any decisions where judgement is required.

Other matters required by Auditing Standards to be communicated There are no other matters that we are required by auditing standards to communicate to you.

We would like to take this opportunity of expressing our thanks to all of your staff for their assistance during the course of our audit.

Please note that this report has been prepared for Thorner's Homes. It must not be disclosed, quoted or referred to third parties without prior written consent. No responsibility is assumed by us to any other person.

Yours faithfully

HWB

Section 1: Management letter points arising from audit work

No management letter points arising from audit work.

Section 2: Adjusted misstatements

Audit materiality of £228,000

No adjusted misstatements.

Section 3: Unadjusted misstatements

Schedule of unadjusted misstatements above audit triviality of £11,400

No unadjusted misstatements.

Section 4: Going Concern

Trustees’ assessment

After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the charity has sufficient resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.

Work performed by HWB

Review latest budgets to ascertain whether going concern has been correctly addressed.
Enquire into whether there have been any material new commitments, borrowings or guarantees post year end.
Enquire into whether there have been disposals or acquisition of material assets or any appropriation or destruction of assets. Consideration of any financial uncertainties regarding the charity’s financial sustainability as a result of Covid-19.

Conclusion

The charity has made a deficit of £151,411 for the year ended 31 December 2024 and the balance of funds at that date is £15,055,326.

The charity is projecting to make a deficit of £471,291 in the year ending 31 December 2025. Funds at that date are therefore forecast to be £14,584,035. Based on this, our assessment is that the charity continues to be a going concern and our audit report is not modified in this respect. The above projection does not include income and expenditure as a result of The Barlow & Ellyett Homes for Aged Women merger.

Section 5: Assignment Director Contact Details

Michaela Johns (FCCA) Audit Director T: 023 8046 1256 M: 07769 730189 E: michaela.johns@hwb-accountants.com

Address

HWB Chartered Accountants Highland House, Mayflower Close, Chandlers Ford Eastleigh, Hampshire, SO53 4AR

HWB Chartered Accountants @HWB_Accountants

HWB Chartered Accountants HWB Accountants HWB Accountants