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 





## Contents 

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 



1 

## 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. 







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## 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. 






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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