STEWART'S AND BUDGEN'S ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 INDEX TO THE FINANCIAL STATEMENTS Page Association information Report of the Trustees Auditor's report Income and expenditure account Balan￿ sheet Notes to the financial statements 9-14 STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 ASSOCIATION INFORMATION CHARITY NUMBER: 205886 HOMES ENGLAND: A3722 REPRESENTATIVE TRUSTEES: Mr R Elliott-Nowobllski (Chairl Mts D Brickell Mr H Shah ASSOCIATE TKusfEES: MrR Banks Mrs S Lee Mrs A Edgar Ms T Dallman Mrs C Searle (Resigned July 241 Mr T Simmons (Resign￿ April 241 Mrs W Mengham (Appointed August 24} Mrs A Mylordos (Appointed August 241 TREASURER: Mr H Shah SECRETARY: Mr A Riley {Resigned Apnl 2025) Isabel Perman REGISTERED OFFICE: Gladstone House 77-79 High Street Eghèm sUr￿Y TW20 9HY AUDITOR: Ian S Anderson Chartered Accountsnt & Statutory Auditor Greengarth Thicket Grove Maidenhead Berkshire SL6 4LW BANKERS: Barclays Bank PIC 210 High Street Hounslow TW3 IDL SOLICryORS: ome Engel & Freeman 47a High Street Egham TW20 9ES STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 REPORT OF THE TRUSTEES for the Year Ended 31 Dttemb•r 2024 (Continued) Accommodatlon of good quallty In the Trustees, opinion the charlty provides excellent value for money and good quality accommodatlon for its residents at low cost. Our visiting team of Trustees utxlated after the retirement of Mrs Christine Searle wlth Mrs Susan Lee taking an overall responsibillty for the A1rn5houses, and new trustees Mrs Wendy Mengham and Mrs Anthea Mylordos appointed in August. They take responsibility for Manor Farm and the Pooley G￿en propertles, respectively. Personnel The Trustees in Offl￿ this year are detailed on Page l. The Trustee Board has seen some movement in 2024 wlth the resignation of Mrs C Searle and Mr T Simmons along with the arrivals of new trustees Mrs Wendy Mengham and Mrs Anthea Mylordos appointed In September. The team have put in a tremendous amount of their effort and time to drive the charlty forwards and sUPPOrt the local community. Trustees •nd Trustees. Re5ponslbllltles The Trustees believe they have complied with relevant requirements ()f the Governan￿ and Financial viabillty standard, so far as applicable to a small ￿gIStered soci31 housing provider. The Trustees are responslble for keeping proper accounting records whlch dlsclose with reasonable accuracy at any time the financial position of the Association and to enable the Trustees to effsure that the financial ststements comply wlth the requirements of the Charities Act 2011 and the Accounting Dirertion for private reglstered providers of social houslng in England 2019. The Trustees are also fftsponsible for safeguarding the assets of the A550ciation and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularitles. T?x Status The Trustees are of the opinion that the AssocSation is not liable for taxation on its charStable activitie5. External Audltor A resolution to ￿appOInt the auditor, lan S Anderson, wlll be proposed at the Annual General Meetlng. stst•m•nt As To Dl$¢lo$ure Of Informatlon To Auditors So far as the Trustees are aware, there Is no relevant audit Infomiatlon of which the Association's auditor is unawa￿, and each Trustse has taken all the steps that he or she ought to have tsken as a Trustse In order to make themselves aware of any relevant audit inforFnation and to establish that the Assotsation's auditor Is aware of that information. Approval of FiRanclal Statem•nts The financial statements are approved by the Trustees for submSsslon and approval by the Auditor of the Association. BY ORDER OF THE TRu¥fEES Isabel Permafi Secretary Dated.. 4 September 2025 srEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 REPOR T OF ThTEINDEPENDENT AUDITOR TO THE TRUSTEES OFSTEWARTSAND BUDGEN'S ALMSIIOUSES Oplnion I have audited the financial statements of Stewart's and Budgen's Almshouses I'the Associètion-l on pages 7 to 13. The Association is tK)th È registered charity and a reglstered social landlord and these financial statement5 have been prepared in accordance with the Trust Deed dated 16 October 1925 las amended). ihe Statement of Recommended Prattl￿ ISORPI.. Accounting by Registered Social Housing Providers Iupdate 20181, the Housing and Regeneration Act 2008 and the Accounting Direttion for private registered provlders of social houslng in England 2023. in compliance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prartice) including FRS 102 Yhe Financial Reporting Stsndards appllcable In the UK and Republic of Ireland". In my opinion the finanaal ststements.. give a twe and fair view of the state of the Association's affair5 a5 at 31 December 2024 and of its total recognlsed result for the year then ended; and have been property prepared In accor(Jance the Trust Deed dated 16 October 1925 (as amended) and United "ngdom Generally A￿pted Accounting Prnrtice,. have been properly prePa￿d in accordance with the requirements of the Charities Art 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for private ￿gISter&I providers of sociol housing In England 2023. Basis for opinion I conducted my audit in accordance with International Standards on Auditing IUKI {ISAs IUKI) and appllcable law. I am independent of the Association in acCtsrdan￿ with the ethical requirements that are relevant to mil audlt of the flnanclal statements In the UK, including the FRC'S Ethical Standard, and believe that the audit evidence obtained Is sufficient and ppropriate to pmvide a basis for my opinion. I have nothing to report respect of the following matters whlch the ISAS IUKI requ1￿ me to report to you where.. the use of the going concem basis of accounting in the preparation of the financial statements is not appropriate,. or the financlal ststements fail to disclose any identified material uncertainties that may cast significant doubt on that basls for a period of at least twelve months from the date when the financial ststements a￿ authorised for issue. Concluslons relatlng to going eoncarn In auttyitlng the financial statements, I have concluded that the trustees. use of the golng concern basls of accounting in the preparation of the financial statements is appropriate. Based on the work I have performed, I have not identified any material uncertalnties relating to events gr cgn(Iityons that, Indlvldually or collectivew, may cast Slgnificant doubt on the charitable company's ability to continue as a going con￿rn for a penod of at least twelve months from when the financial statements are authorised for issue. My re5pon5ibilitie5 and the responsibi1Sties of the trustees with respect to going concem are described in the relevant sections of thls report. Other Informatlon The Trustees are responsible for the other InfOrMa￿￿n included in the annual ￿port ether than the financial statements and my auditor's rewrt thereon. My opSnion on the financial statements doe5 not ctsver the other information and I do not express any form c>f assurance cornclu510n themn. In connection with my audit of the financial statements. my responsibility is to ￿ad the other information and, In doing so, conslder whether the other information Is materially Inconsistent with the flnanclal statements or my knowledge obtained in the audit or othe￿iS￿ ap￿arS to be materially misstated. If, based on the work I have performed, I conclude that the￿ Is a material misstatement of this other inlomiation, I am ￿qUired to retx)rt that fact. I have nothing to report In this regard. Matters on which l am requlred to report by exception I have nothing to report In respect of the following matters where the Houslng and RegeneratiC)n Att 2008 arid the Charities Act 2011 wuire me to report to you if. in rny opinion-. The information in the Trustees, Report Is inconslstent In any materlal aspect wlth the flnanclal statements- or A satisfactory system of control over transactions has not been malntained; or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and retums; or I have not received all the inforniatyon and explanations I requlre for my audlt. R•sponsibiliti*s of th• Trustees As explained more fully in the Trustees. Re5ponsibllities Statement, the trustees are responsible for the p￿paratIon of financial statements which give a true and fair view, and for such Internal control as the Trustees determine Is necessary to enable the preparation of flnancial statements that are free from material misstatement, whether due to fraud or error. Further, the Trustees are responslble for assessing matters relating to golng cOn￿rn and for the use of the going concern basis for accounting. STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 Auditorfs re5ponslbllltles for thé audit of the flnancièl Statements I have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordan￿ with regulations made under section 154 of that Act. Ny responsibility is to audit and express an opinion on the financial statements in ccordance with applicable law and International Standards on Auditing ItSAs (UK). My objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from materSal misstatement, whether due to fraud or error, and to Issue a Report of the Audltors that inclu¢Ses my opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit corTrducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, Indlvidually or in the aggregate, they could reasonably be expected to influence the economic decislons of users taken on the basis of these financial statements. Irregularities. includSng frnud, a￿ Instances of non-compllance with laws and regulatlons. I design procedures in line with my ￿SpOnSibl11t1es, oudined above, to detect material misstatements in respect of irregularities, including frèud. The extent to which my prO￿d￿reS are capable of detecting irregularities, including fraud is detailed below.. As part of an audit in accordance wSth ISAS IUKI, l exercise professSonal judgment and maintain professlonal scepticism throughour the audit. l also.. l. Identlfy and assess the risks of rnaterfal misstatement of the flnanclal statements, whether due to fraud or error, design and perform audit pmcedures responsive to those risks, ènd obtain audit evidence that is sufficlent and appropriate to provide a basis for my opinion. The rlsk of not detecting a material misstatement resulting fmm fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. 2. Obtain an understanding of internal control relevant to the audit in order to de51gn audit protrdures that a appropriate in the circumstances. but not for the puwse of exp￿ssIng an opinlon on the effettivene5s of the Association's internal control. 3. Evaluate the appropriateness of accountlng policie5 used and the reasonableness of accounting estimates and related disclosures made by the trustees. 4. Conclude on the approprlateness of the Trustees, use of the going concern basis of accounting an¢J, based on the audit evidence obtsined, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Association's ability to continue as a going concern. If I concluLle that a material uncertainty exists, I am reqUI￿d to draw attention In my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Association to cease to continue as a going concem. 5. Evaluate the overall presentation, Structu￿ and content of the financlal statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in rnanner that achieves fair presentation. A further description of my ￿spOnSibl11t1es for the audlt Is Ictated in the Financial Reporting Councll's website at This descrlption fom)s part of my auditor's report. Uses of my report This report is made ￿lelY to the Association's trustees, as a bodyi in accordance wlth regulatlons under 5ettlon 154 of the Charities Att 2011 and section 137 of the Housing and Regeneration Att 20ts8. My aLJdlt work has been undertaken so that I might state to the ￿sOCiatIOn,5 trustees those matters l am ￿qUired to state to them In an audito45 report and for no other purpose. To the fullest e¥tent permitted by law, I L10 not accept or assume responsibility to anyone other than the A5sooation and its trustees as a body, for my audit work, for this ￿￿)rl or for the oplnions I have fomied. lan S Ander50n Charte￿d Accountant & Statutory Au¢Yitor Greengarth Thicket Grove Maidenhead, Berkshi￿ SL6 4LW Dated.. 4 September 2025 STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 De￿rnber 2024 2024 2023 Notes Turnover 39,465 41,198 Operating costs (65.5911 (49,237) Operating surplus/ (deficit) (26, 126) 18,039) Interest receivable and other income Interest payable and similar charges 55,985 50,221 Surplu$l (Deficit) on ordlnary actlvltles before taxation 29,859 42,182 Tax on result of ordinary activities Surplus/ (Deficlt) for the year after taxation 15 29,859 42.182 Other recognised galns and lossts: Revaluation of tangible fixed assets Movement in investment values Profit on sale of investments li 22,732 {14,049) Total comprehensive income/ (deficlt} for the year 52,591 28,133 All of the activities of the charity are dassed as continuing. On behalf of the Trustees- Mrs D Brickell Mr R Nowobilski Dated.. 4 September 2025 STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 BALANCE SHEET As at 31 December 2024 2024 2023 Notes Fixed assets Tangible assets 697.109 703,095 Current assets Debtors Investments Cash at bank io 3,372 838,179 569,839 3,447 810,398 537,957 12 1.411,390 1,351,802 Less: Creditors Amounts falling due within one year 13 6,778 5,767 Net current assets 1,404,612 1,346,035 Total assets less current liabilities 2,101,721 2,049,130 Provision$ for Ilabllitles and charges 14 50,000 3,686 50,000 3,686 Capital and reserves Income and expenditure account Revaluation reserve 15 15 1,631,350 420,371 1,625,073 420,371 2,101,721 2,049,130 These financial statements were approved by the Trustees and authorised for issue on 4 September 2025 and are signed on their behalf by.. Mrs D Brickell Mr R Nowobilski STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2024 ACCOUNTING POLICIES The financial statements have been prepared in accordance with applicable Financial Reporting Standards in the United Kingdom (including the Statement of Recommended Practi￿ (SORPI.. Accounting by Registered Social Housing Providers (Update 20181 and the Accounting Direction for private reglstered providers of social housing in England 2023 and FRS 102 Yhe Financial Reporting Standards applicable in the UK and Republic of Ireland-, as applicable to small entities per amendments published March 2018. Subject to the foregoing the policies are consistent with previous years. A summary of the more important accounting policies 15 set out below. General informatlon and basis of accountlng stewarts's and Budgen's Almshouses is a private registered provider of social housing in the United Kingdom. The address of the registered office is as detailed for the Secretary on page l. The Association is a public benefit entity and the nature of the A55ociation's operations and principal activity is as an almshouse charity. The financial statements are prepared on the histodcal cost basis of accountlng subjett to the annual revaluation of investment assets and periodic revaluation of its Freehold property wlthln Tangible fixed assets. Golng Concern in the current economlc condltlons The trustees have a reasonable expectation that the Association has adequate resources to ontinue in operational existence For the foreseeable future. In their opinion the impact of Brexit and the present Covid-19 crisis is not a concem to their adoption of the going concern basis in preparing the annual report and accounts. Cash Flow Statement As per FRS 102 published March 2018 by the Financial Reporting Council, as a small entity the Association is not required to produ￿ a cash flow statement. Turnover Tumover represents rental income receivable. Fixed Assets Freehold Properties are included at 2024 valuation, based on the professional valuation In the 2015 financial statements. Depreciation on buildings is charged on a straight line basis over the useful life of the building 50 years. As regards other fixed a55ets, the Association's policy is to charge expenditure on minor items to the Statement of Financial Activities. Major Repairs The Association provides for future major repalr expendlture on all housing properties developed under the original 1988 Housing Att arrangements and for other properties in so far as the major repairs expenditure is not eligible for grants from Homes England or local authorities. Social Housing Grant Where developments have been financed wholly or partly by "housing association- grant, the cost of those developments has been redU￿d by the amount of the grant received. Xnvastment$ Listed investments are recognised at mid-market value at the balance sheet date. Both realised and unrealised gains and losses on investments are reflected in the statement of financial attivities. Investment intome is credited to the statement of financial activities on an accruals basis, inclusive of taxation credit where appllcable. Expenditure Expenditure is allocated to expense headings elther on a dirert C05t basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates. STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2024 TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE TAXATION 2024 2023 Tumover from lettings.. Eleven units on average (2023 11 units) Rent losses from voids and provi5ion5 43,137 {3,672) 42,143 1945) 39,465 41,198 Rental income per unit was increased in April 2024 by 2.5Wo. Rents have been fLtrther increased by 2.5% effective April 2025. One unit which had been vacant from September 2023 was reoccupied from mid May 2024. Another tjnit became vacant in June 2024 and remalned so into 2025. Those tenants re￿Iving housing subsidy are treated 4 weekly in arears by the Council whereas rental is strirtly due on a monthly basis in advance. Tenants, who pay all or part of the rental due, do so on that basis. 2024 2023 Operating costs: Maintenall￿ and running costs of Almshouses Support costs Govemance 57,585 1,524 6,482 42,218 1,258 5,761 65,591 49,237 All govemance costs are attributable to the Association's principal attivity. TRUSTEES, EMOLUMENTS & RELATED PARTIES There were no Trustee emoluments paid during the period (2023 £ nil). Reimb,"Jrsed expenses of £25012023 £250) were payable relating to costs expended on behalf of the Charity. The Trustees also administer two other Charities which serve the same area of benefit- Egham Education Trust and Egham United Charity. Apart from sharing of meeting premises, no transactions took place between the three charities in the year under review. Copies of the accounts of the charities may be obtained from the Secretary. EMPLOYEE INFORMATION The Secretary to the Trustees and the Treasurer In sltu in the year claimed no honorarium. These are the only individuals falling within the remit of key management personnel. There We￿ no employees during the period. srEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2024 INTEREST RECEIVABLE AND SIMILAR INCOME 2024 2023 Investment income Bank and building society interest 48,165 7,820 45,653 4,568 55,985 50,221 INTEREsf PAYABLE AND SIMILAR CHARGES 2024 2023 Interest payable The A550ciation has no bank overdrafts or loans SURPLUS 2024 2023 Surplus on ordinary activities before taxation is stated after charging: Auditorfs remuneration (incl.VAT £600. 2023 £560} in their capacity ès auditors other governance costs Dep￿CiatIon - buildings 3,600 2,882 5,986 3,360 2,401 5,986 T￿￿ATION The Trustees are of the opinion that the Association Is not Ilable for taxation on its charitable activities. TANGIBLE FIXED ASSETS Freehold Properties Freehold Properties 2023 2024 COST OR VALUATION: Valuation as at l January 2024 Addition in year 750,984 750,984 As at 31 December 2024 750,984 750,984 DEPRECIATION.. As at l January 2024 Charge for year Release on revaluation 47,889 5,986 41,903 5.986 As at 31 December 2024 53,875 47,889 NET BOOK VALUE: At l January 2024 703,095 709,081 At 31 De￿mber 2024 697,109 703,095 io STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2024 TANGIBLE FIXED ASSEfs (continued) The freehold properties were professionally revalued on 16 De￿mber 2015 on an existing use basis, with a revaluation reserve of £420,371 arising. The above value also includes the Cost of a parking space for £10,983 in 2017. The Trustees have recently obtsined an informal valuation of the market value from a local estate agent, which is akin to that from the professional valuer in 2015. In the light of this and the specific cireurnstances relating to the almshouses, they feel the valuation remains valid for these financial statements. For 2016 onwards depreciation on the deemed buildings element is charged over 50 years useful life. Housing properties at cost less Homes England grant and internal funding account were: 2024 2023 Cost of properties Registered Social Landlord grants from (now) Homes England Internal funding account 637,512 637,512 (226,258) (3,4971 (226,2581 13,497} 407,757 407.757 io. DEBTORS 2024 2023 Other debtor5 Prepayments and accrued income 1,426 1,946 1,228 2,219 3,372 3,447 All debtors are due within one year. ii. INVESTMENTS 2024 2023 CHARITY.. Quoted investments Market value brotjght forward Accumulated income for year Additions/Disposals at cost Realised Igainsl/losses Unrealised gains1 (losses) for year 810,398 5.049 819,755 4,692 22,732 {14,049) Aggregate market value of listed investments 838,179 810,398 Breakdown of investment returns.. Charity Multi Asset Fund - Accumulation shares Cost Accumulated income Unrealised gains 27,961 54,917 49,914 27,961 49,868 45,104 Market value 132,792 122,933 STEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2024 NOTES TO THE FINANCIAL STATEMENTS for the Yaar Ended 31 December 2024 ii. INVESTMENTS (continued) 2024 2023 Charifund - Income Units C05t Additions at Cost un￿alIsed gain 468,599 468,599 236,788 218,866 Marf