2025-12-31-accounts - Bromley And Sheppard's Colleges Charity

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BROMLEY & SHEPPARD'S COLLEGES CHARITY Registered Charity Number 210337 Registered Social Landlord Number A0352

TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

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BROMLEY & SHEPPARD'S COLLEGES CHARITY INDEX

Page No.
1 to 9	Report of the Trustees
10	Independent Examiner's Report
11	Statement of Comprehensive Income
12	Statement of Changes in Reserves
13	Balance Sheet
14	Statement of Cash Flows
15 to 23	Notes to the Financial Statements

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BROMLEY & SHEPPARD'S COLLEGES CHARITY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their report together with the financial statements for the year ended 31[st] December 2025.

Legal and Administrative Information

The Charity is registered in the name of Bromley & Sheppard's Colleges Charity.

The Charity's “Governing Instrument” is a Charity Commission Scheme Ref. CD (Ldn), 210337/15863 which was sealed on 10[th] February 1997 and amended on 24[th] May 2004 to enable the acquisition of Trustee Indemnity Insurance. It was further amended on 26[th] March 2007 to incorporate Powers of Amendment, the requirement to appoint two elected Collegian Trustees and the facility to appoint non-voting Trustee Advisers where appropriate. The Governing Instrument was further revised on 28[th] November 2018.

The Charity is also a Registered Social Landlord with number A0352 and a member of The Almshouse Association, registered number 415.

The Trustees are incorporated by means of Certificate of Incorporation issued by the Charity Commission under Section 50 of the Charities Act 1993. The Certificate reference is 325/94, which was sealed on 14[th] July 1994.

The Trustee body consists of no more than eighteen persons who meet quarterly, to include six Ex-Officio Trustees, not fewer than seven and not more than ten Co-opted Trustees and two Collegian Trustees. The Ex-Officio Trustees have the power to appoint Deputies.

The Ex-Officio Trustees are the holders, for the time being, of the following appointments:

The Archbishop of Canterbury The Bishop of London The Bishop of Rochester The Chancellor of the Diocese of Rochester The Dean of St Paul's The Archdeacon of Bromley and Bexley

The Co-Opted Trustees:

Mr Richard Collins (Chairman) Mr Tony Bentley Mrs Tina Hill Sir Bob Neill Mr Christopher Scott Mrs Lynda Stimson Mr David Thomas (Treasurer) Mr John Thorogood

Appointed Deputies:

Mr Peter Morgan FRICS MCIArb (for the Dean of St Paul’s) Mr Christopher Scott (for the Bishop of Rochester)

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BROMLEY & SHEPPARD'S COLLEGES CHARITY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

Collegian Trustees: Miss Kathleen Craig The Revd. George Baisley

Clerk to the Trustees:

Mrs Jo Frost

Trustees’ Advisers:

Mr Graham Bradshaw Mr Martin Lee-Warner Mr Adrian Tutchings FRICS Miss Susan Gilder

The registered office of the Charity is The Chaplain's House, Bromley College, London Road, Bromley, Kent, BR1 1PE.

The Charity's bankers and professional advisers are as follows:-

Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Accounting advisers and Independent Examiners Moore Kingston Smith LLP 6[th] Floor, 9 Appold Street London EC2A 2AP Stockbrokers and Investment Advisers Brewin Dolphin Securities Limited 12 Smithfield Street, London EC1A 9BD.

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BROMLEY & SHEPPARD'S COLLEGES CHARITY REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102‚ ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Charity law and Housing Association legislation require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards 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 business; and
satisfy themselves on an annual basis that they are compliant with the standards issued by the Regulator of Social Housing (the “Regulator”).

The Trustees are responsible for maintaining an adequate system of internal control and keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the accounting requirements of the Governing Instrument, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2015.

They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Selection and Induction of Trustees

In selecting new Trustees, the primary aim of the existing Trustees is to find people who not only have an interest in the Colleges but also have the knowledge and experience to contribute to or complement the range of skills required to make up an effective Trustee team. Such people are likely to have knowledge of one or more of the legal, financial, social services, health, housing or local and national government fields.

The Trustees keep under review whether they and those they employ have the right competencies, experience and technical knowledge appropriate to the size, scale and risk profile of the organisation together with the need for further training or succession planning. Trustees themselves have the opportunity to attend training sessions provided by the

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BROMLEY & SHEPPARD'S COLLEGES CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

Almshouses Association and other relevant bodies, and any new trustees are inducted to the role as necessary.

Historical Background

Bromley College was founded in 1666 by the Will of John Warner, Bishop of Rochester. The first buildings – 20 houses, a chapel, and houses for a Chaplain and a Treasurer – were authorised by Act of Parliament in 1670.

The accommodation was to provide housing for "Twenty poore widowes of orthodoxe and loyall clergiemen" .

Twenty more dwellings were constructed between 1794 and 1805 funded by substantial gifts.

Sheppard's College was founded in 1840 from gifts of Mrs Sheppard, widow of Dr Thomas Sheppard, a Fellow of Magdalen College, Oxford, to make similar provision for unmarried daughters who had lived with their mothers.

Major modernisation and re-ordering of the buildings took place in the 1970s and 1980s, and again more recently in 2005 to 2007.

Both Colleges are listed buildings: Bromley College - Grade I, Sheppard's College - Grade II*.

Beneficiaries

Charity Commission Schemes in 1974, 1981 and 1997 extended the classes of beneficiary. These now include all retired Clerks in Holy Orders (male and female) of the Churches of England and Ireland, the Church in Wales and the Scottish Episcopal Church, and their legal partners, together with divorced and separated legal partners of such Clerks and some unmarried children and step-children of deceased former Collegians.

Objects and Administration of the Charity

As indicated above, the Charity exists to provide sheltered housing for the beneficiaries as defined in the Governing Instrument. Currently there are thirty nine Collegians' dwellings, one guest flat, a Chaplain’s flat and two staff dwellings. In addition, there are two separate dwellings which are let on an open market basis.

The Colleges are administered by the Trustees through the permanent members of staff. The Trustees meet at least four times each year and determine overall policy. Sub committees covering finance, fabric and welfare also meet regularly and day-to-day administration is carried out by the Clerk in consultation with the Chairman, Treasurer and Chair of the Fabric Committee. There is a team of full- and part-time staff (four in total during 2025). In addition to the provision of housing, it is the policy of the Trustees to provide as much support as resources allow and a response to emergencies, without impinging on the independence of the Collegians. The Collegians may also benefit from the services of outside voluntary organisations and those provided by Social Services and NHS Care in the Community.

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BROMLEY & SHEPPARD'S COLLEGES CHARITY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees have the option of appointing a Chaplain. It was decided on the resignation of the previous Chaplain to reassign the duties of the Chaplain amongst existing staff. Following review of these arrangements by the Trustees and consultation with Collegians , a Chaplain was appointed during 2025 on the basis of ‘House for Duty’, working three days a week and living on site in the Chaplain’s House. The Chaplain is not a Trustee.

Public Benefit

The Trustees have regard to the Charity Commission’s guidance on Public Benefit. The purpose of the Charity is to provide sheltered housing for the beneficiaries in accordance with the Governing Instrument.

In serving its purpose, the Charity maintains famous and traditional 17[th] , 18[th] and 19[th] century buildings with a prominent position in Bromley. The general public visit the site without charge for regular organised events, including the annual Open House.

Achievements and Performance

There was a total of 5 vacancies during the year and one flat vacant at the year end. It is policy to fill any flat as soon as possible following a vacancy and a small waiting list is maintained to facilitate this.

There are regular meetings between the Collegians and the Trustees to enable Collegians to express their views about the facilities provided and any proposed changes.

The Regulator publishes three economic standards which apply to the Charity as a provider of social housing. There is a Governance and Financial Viability Standard, a Rent Standard and a Value for Money Standard. The Trustees believe they meet these required standards as they affect an organisation of the size and nature of the Charity.

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BROMLEY & SHEPPARD'S COLLEGES CHARITY REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

Money Metrics

In April 2018 the Regulator of Social Housing (“Regulator”) introduced a set of common metrics, which each provider is required to publish each year. These metrics are considered the most appropriate set of measures to capture performance across the sector in a fair and comparable way.

Number	Metric	Value	Note
1	Reinvestment %	0	No new properties acquired or developed
2a	New supply (social housing units) %	0	No new properties acquired or developed
2b	New supply (non-social housing units) %	0	No new properties acquired or developed
3	Gearing %	Minus 11.7%	Cash and cash equivalents exceed total debt
4	EBITDA MRI interest cover % (MRI = Major Repairs included)	N/A	There is no material interest cost and no interest-bearing liabilities, so no meaningful interest cover ratio.
5	Headline Social Housing Cost ¬£	£ 9,912	Includes costs associated with the maintenance of listed buildings, including Grade 1
6a	Operating margin (social housing lettings) %	-7.6%
6b	Operating margin (overall) %	-7.6%	No disposals of properties
7	Return on Capital Employed %	-0.5%

Review of 2025

The level of occupancy was 97.7 % (2024‚ . 98.5%) and the average age of Collegians 79 years (2024, 78 years). The accounts record an operating deficit for the year to 31[st] December

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BROMLEY & SHEPPARD'S COLLEGES CHARITY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

2025 of £11,816 (2024, surplus £52,792), and an overall surplus for the year to 31[st] December 2025 of £83,890 (2024, surplus of £111,870).

The Trustees have a rolling programme of maintenance, renewal and redecoration of external and internal communal areas, and refurbishment and redecoration of flats is attended to when vacancies occur.

Quoted investments are recognised in the Balance Sheet at Market Value.

Movements on reserves are set out in notes 17 to 20 of the financial statements. Details of the reserves are as follows:

In accordance with the Governing Instrument , the Trustees maintain an Extraordinary Repair Fund (ERF) to which transfers were made during 2025. At 31st December 2025, the market value of the investments representing the ERF stood at £64,009 (2024, £44,359).
The Governing Instrument also provides for the Trustees to contribute an annual amount of £525 to a Recoupment Fund until 23[rd] September 2041 in accordance with the terms of a Charity Commission Scheme dated 23[rd] September 1981. At 31[st] December 2025 £22,575 had been contributed in this way and the market value of the investments representing the Recoupment Fund was £ 222,836 (2024, £ 226,615).
The Designated Reserve, the Charitable Fund Property Reserve, represents the net book value of the tangible fixed assets net of the unamortised amount of deferred capital grants. This designation arises as, in the opinion of the Trustees, this amount does not represent free reserves of the Charity.
The free reserves are represented by the Income and Expenditure account, the Investment Revaluation Fund and the ERF which together total £759,692 at 31[st] December 2025 (2024, £663,129). However, the Trustees do not believe that the level of free reserves held is excessive in the context of the need to maintain the listed buildings and the considerable uncertainties surrounding the costs of doing so. In 2025 the Trustees agreed that in addition to contributing to the ERF they would seek in the medium term to increase the overall liquidity of reserves (ie the proportion held in readily liquid forms).

Investment Policy

The Trustees keep under review investment policy to cover all funds /holdings managed on behalf of Bromley & Sheppard’s Colleges. During 2023 a formal review of investment advice was conducted with the Charity’s investment adviser Brewin Dolphin and in 2025 normal portfolio and progress discussions were held.

The 2023 review and 2025 discussions with advisers confirmed that Trustees seek sustainable and growing income from the investment portfolio and that, to reflect the nature of risks faced by the Charity, a long time horizon for investment is appropriate. The investment strategy does not aim to provide assured liquidity within this long-term portfolio.

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BROMLEY & SHEPPARD'S COLLEGES CHARITY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

The portfolio, including the ERF but not the Recoupment Fund, is classified by their investment manager as “category 6” for risk allocation. The Recoupment Fund, mandated to be invested solely in the COIF Charities Investment Fund, is considered “category 7”.

In a category 6 portfolio typically two thirds of value will be held in internationally diversified equity risk assets, and in a category 7 portfolio the proportion of long term equity holdings will be higher.

Management Policies, Risks and Uncertainties

The Trustees regularly review the risks and uncertainties facing the charity, many of which are concerned with the upkeep of the properties, the safety of residents and visitors given the age of the properties, and the safeguarding of vulnerable adults. Specific management policies are in place to mitigate these risks and these include as follows:

Safeguarding Policy

This policy has been developed to protect those who live, work, and visit Bromley & Sheppard’s Colleges and to ensure any concerns about physical, sexual, or emotional abuse or neglect will be dealt with quickly and effectively.

Complaints Policy

The Trustees take all complaints seriously and this policy creates the chance to put things right for the person or organisation that has made the complaint, we will take them as an opportunity to learn and improve for the future.

College Rules

College rules are the rules and guidance which the College considers necessary for the wellbeing and safety of the collegians, staff and/or to avoid damage to the College and/or the Accommodation.

Financial Spending and Payments Delegation of Authority Policy

This delegates authorities to incur expenditures of various kinds, and to authorise and make payments. All spending authority not specifically delegated is reserved to the Trustees as a body.

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BROMLEY & SHEPPARD'S COLLEGES CHARITY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

On Behalf of the Trustees:

Richard Collins

Chairman

Date: 13/5/2026 2026

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BROMLEY & SHEPPARD'S COLLEGES CHARITY

I report to the charity trustees on my examination of the accounts of Bromley & Sheppard's Colleges Charity for the year ended 31 December 2025.

Responsibilities of Trustees and Examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the ACCA, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1) accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2) the accounts do not accord with those records; or
3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

James Saunders FCCA, DChA

For and on behalf of Moore Kingston Smith LLP Chartered Accountants

6th Floor 9 Appold Street London EC2A 2AP

Date: 15/5/2026

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BROMLEY & SHEPPARD'S COLLEGES CHARITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025

Note Turnover 2 Other income 4 Less: operating costs 3 Operating surplus/(deficit) Interest receivable and investment income 5b Unrealised gains on investments 11 Surplus and total comprehensive income for the year	2025 £ 402,532 40,266 (454,614) (11,816) 23,226 72,480 83,890	2024 £ 390,884 58,806 (396,898)
		52,792 28,015 31,063
		111,870

13/5/2026 These financial statements were approved by the board of Trustees on and signed on its behalf by:

R. Collins Trustee

D. Thomas Trustee

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BROMLEY & SHEPPARD'S COLLEGES CHARITY STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 DECEMBER 2025

Charitable FundExtraordinary Investment Note Property Repair Revaluation Reserve Fund Fund £ £ £ Balance at 1 January 2024 247,046 25,505 710,173 Surplus from Income & Expenditure Account - - - Transfers (8,894) 18,854 36,301 Balance at 31 December 2024 238,152 44,359 746,474 Surplus from Income & Expenditure Account - - - Transfers (8,894) 19,650 72,671 Balance at 31 December 2025 229,258 64,009 819,145	Charitable FundExtraordinary Investment Note Property Repair Revaluation Reserve Fund Fund £ £ £ Balance at 1 January 2024 247,046 25,505 710,173 Surplus from Income & Expenditure Account - - - Transfers (8,894) 18,854 36,301 Balance at 31 December 2024 238,152 44,359 746,474 Surplus from Income & Expenditure Account - - - Transfers (8,894) 19,650 72,671 Balance at 31 December 2025 229,258 64,009 819,145	Charitable FundExtraordinary Investment Note Property Repair Revaluation Reserve Fund Fund £ £ £ Balance at 1 January 2024 247,046 25,505 710,173 Surplus from Income & Expenditure Account - - - Transfers (8,894) 18,854 36,301 Balance at 31 December 2024 238,152 44,359 746,474 Surplus from Income & Expenditure Account - - - Transfers (8,894) 19,650 72,671 Balance at 31 December 2025 229,258 64,009 819,145	Charitable FundExtraordinary Investment Note Property Repair Revaluation Reserve Fund Fund £ £ £ Balance at 1 January 2024 247,046 25,505 710,173 Surplus from Income & Expenditure Account - - - Transfers (8,894) 18,854 36,301 Balance at 31 December 2024 238,152 44,359 746,474 Surplus from Income & Expenditure Account - - - Transfers (8,894) 19,650 72,671 Balance at 31 December 2025 229,258 64,009 819,145	Income and Expenditure Recoupment Account Fund £ £ (182,117) 215,419 111,870 - (57,457) 11,196 (127,704) 226,615 83,890 - (79,648) (3,779) (123,462) 222,836	Income and Expenditure Recoupment Account Fund £ £ (182,117) 215,419 111,870 - (57,457) 11,196 (127,704) 226,615 83,890 - (79,648) (3,779) (123,462) 222,836	Total £ 1,016,026 111,870 -
	238,152 - (8,894)	44,359 - 19,650	746,474 - 72,671	(127,704) 83,890 (79,648)	226,615 - (3,779)	1,127,896 83,890 -
	229,258	64,009	819,145	(123,462)	222,836	1,211,786

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BROMLEY & SHEPPARD'S COLLEGES CHARITY BALANCE SHEET AS AT 31 DECEMBER 2025

Note Fixed Assets Tangible fixed assets 10 Investments 11 Current Assets Debtors 12 Cash and cash equivalents 13 Creditors: Amounts falling due within one year 14 Net Current (Liabilities)/ Assets Total Assets Less Current Liabilities Creditors: Amounts falling due after more than one year 15 Net assets Reserves and Special Funds Designated Reserves 17 Extraordinary Repair Fund 19 Investment Revaluation Fund 20 Income and Expenditure Account Special Funds 18	£ £ 693,993 874,106 1,568,099 49,621 106,843 156,464 (52,761) 103,703 1,671,802 (460,016) 1,211,786 229,258 64,009 819,145 (123,462) 222,836 1,211,786 2025	£ £ 724,404 791,436 1,515,840 48,012 116,511 164,523 (62,375) 102,148 1,617,988 (490,092) 1,127,896 238,152 44,359 746,474 (127,704) 226,615 1,127,896 2024	£ £ 724,404 791,436 1,515,840 48,012 116,511 164,523 (62,375) 102,148 1,617,988 (490,092) 1,127,896 238,152 44,359 746,474 (127,704) 226,615 1,127,896 2024
			1,515,840 102,148
			1,617,988 (490,092)
			1,127,896
			238,152 44,359 746,474 (127,704) 226,615
			1,127,896

These financial statements were approved by the board of Trustees on and 13/5/2026 signed on its behalf by:

R. Collins D. Thomas

Trustees

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BROMLEY & SHEPPARD'S COLLEGES CHARITY STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2025

Notes 2025 £ Cash generated by/(used in) operating activities: Net cash absorbed by operating activities see below 8,785 Cash flows from investing activities: Purchase of investments 11 (15,525) Proceeds on disposal of investments 11 5,630 Net cash (used in) investing activities (9,895) Cash flows from financing activities: Repayment of capital element of loan 14,15 (8,558) Net cash (used in) financing activities (8,558) Change in cash and cash equivalents in the reporting period (9,668) Cash and cash equivalents at the beginning of the reporting period 116,511 Cash and cash equivalents at the end of the reporting period 13 106,843 Reconciliation of net surplus to net cash flow from operating activities 2025 £ Net surplus (per the income and expenditure account) 83,890 Adjustments for: Depreciation charges 10 30,411 Release of deferred capital grant 16 (21,518) Gain on disposal of investments 11 (295) Unrealised gain on investments 11 (72,480) Movement in debtors 12 (1,609) Movement in creditors 14,15 (9,614) Net cash generated by operating activities 8,785 At 1 Jan Cash Other 2025 flows non-cash changes Cash and cash equivalents 116,511 (9,668) - Loans due within one year (8,558) 8,558 (8,558) Loans due in more than one year (16,800) - 8,558 Net cash 91,153 (1,110) -	2024 £ 80,720 (15,525) 5,212
	(10,313)
	(8,557)
	(8,557)
	61,850 54,661
	116,511
	2024 £ 111,870 30,411 (21,518) (3,776) (31,063) (3,774) (1,430)
	80,720
	At 31 Dec 2025 106,843 (8,558) (8,242)
	90,043

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BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Accounting Policies

The association is a Registered Social Landlord registered under the Charities Act 2011. The registered address is The Chaplain's House, Bromley College, London Road, Bromley, Kent, BR1 1PE.

The financial statements have been prepared in accordance with applicable law and UK accounting standards (United Kingdom Generally Accepted Accounting Practice) which for Bromley & Sheppard's Colleges Charity includes FRS 102 and the Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers and the Accounting Direction for Private Registered Providers of Social Housing 2022.

Bromley & Sheppard's Colleges Charity is a public benefit entity in accordance with FRS 102.

The financial statements are presented in Sterling (£), which is the financial currency of the charity. Monetary amounts in these financial statements are rounded to whole pounds.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies.

The following principal accounting policies have been applied:

Basis of Accounting

The financial statements have been prepared on the historical cost basis of accounting, modified to include certain financial instruments at fair value.

Going concern

The trustees have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity’s substantial excess in realisable investments, net current asset position, consistent annual surplus, forecasts and projections. Occupancy levels have been maintained in 2025, and investment income and returns, whilst potentially volatile, have been positive. The trustees do not expect much change in these conditions and after making enquiries they have therefore concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and meet its liabilities as they fall due, and that there are no material uncertainties about the charity's ability to continue as a going concern. Accordingly, these financial statements have been prepared on the going concern basis.

Turnover

Turnover represents maintenance, central heating, service contributions, Treasurer's house rent and lodge & basement rent receivable.

Housing Properties

The old quadrangle of Bromley College was constructed between 1670 and 1672 and the new quadrangle was constructed between 1782 and 1805. Sheppard's College was constructed around 1840. Although amounts contributed towards the cost of construction of Bromley College are known, there is no reliable record of the construction costs of either Bromley College or Sheppard's College. The housing properties' costs relate to modernisation costs carried out in the mid 1970's on Bromley College and between 1984 and 1986 on Sheppard's College, which were funded by Social Housing Grants (SHG), grants from the Historic Buildings Council, mortgage loans from the Greater London Council and the Housing Corporation and from Bromley and Sheppard's Colleges own resources.

Housing properties are stated at cost less depreciation. Depreciation is charged on the following basis:

Building costs	100 years straight line
Capitalised professional fees, finance charges and equipment	100 years straight line
Chaplain's House	100 years straight line
Lift to common room	30 years straight line
Kitchens and bathrooms	30 years straight line
Pipe lagging and loft insulation	30 years straight line

Other Assets

Other assets are written off to the Income and Expenditure Account in the year in which they are acquired.

Investments

Investments are stated at market value.

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BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Accounting Policies (cont'd)

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

Recoverable amount of rental receivables

The charity estimates the recoverable value of rental receivables and impairs the debtor by appropriate amounts. When assessing the amount to impair, it reviews the age profile of the debt, historical collection rates, and the personal circumstances of the debtor.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, and deposits held at call with banks.

Deferred capital grants

Social Housing Grants (SHGs) were paid by Homes England to reduce the cost of development. The SHGs are repayable under certain circumstances, primarily the sale of a property but will normally be restricted to the net proceeds of the sale.

In applying this model, such grants have been presented as deferred income to be recognised over the expected life of the underlying asset.

Cyclical Repairs and Maintenance

Bromley & Sheppard's Colleges has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue Account in the year in which they are incurred.

Extraordinary Repairs

Costs of extraordinary repairs, unless representing improvements to the properties, are charged to the Revenue Account in the year in which they are incurred.

Extraordinary Repair Fund

This fund, previously maintained out of the income of the charity, is established to provide for the extraordinary repair, improvement or rebuilding of the college buildings. From 1999 this is shown as a transfer from General Reserves.

Charitable Fund Property Reserve

This represents the net book value of the tangible fixed assets net of the unamortised amount of deferred capital grants.

Value Added Tax

Bromley & Sheppard's Colleges Charity is not registered for Value Added Tax. In these accounts, where applicable, expenditure is shown inclusive of VAT.

Apportionment of Management Expenses

Finance and administration costs are apportioned between management and service costs based on the estimated amount of time spent by individual staff members on management and services.

Pension Costs

The charity participates in a legacy multi-employer defined benefit pension scheme. As the charity is unable to identify its share of the scheme's liabilities, the scheme is accounted for as a defined contribution scheme in accordance with FRS102. The charity has no active members of the scheme and therefore no expense or potential liability has been recognised in the financial statements.

The charity also participates in a separate defined contribution scheme for current employees. Pension costs in the financial statements represent contributions payable for the period, with unpaid amounts included as creditors.

Docusign Envelope ID: F4E65A7E-A78E-833C-831E-B4DDC882CEC7

BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. Accounting Policies (cont'd)

Special Funds

The sum of £525 is transferred each year to the Recoupment Fund which is invested to recoup the proceeds from the sale of the land which has been utilised in modernisation of the colleges. From 1999 this transfer is made from the Income & Expenditure Account.

Critical accounting estimates and areas of judgement

In the view of the trustees in applying the accounting policies adopted, key judgements were made in respect of the following:

The expected useful life of fixed assets: the assets were broken down into components, and the useful economic life of each component has been assessed. During this assessment, the trustees considered the nature of the underlying assets acquired, the historic nature of the buildings, and the on-going programme of repair and maintenance.
The amortisation period of the deferred capital grants: the grants were split into separate amounts, each of which relate directly to an underlying component of fixed asset. The amortisation of the grants then follow the useful economic life of the underlying asset.
The Trustees' estimate of the defined benefit obligation is based on a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact any potential liability and annual defined expenses (as analysed in Note 7). The net defined benefit pension liability at 31 December 2025 was £nil.

2. Turnover From Lettings Maintenance contributions from residents Central heating charges Treasurer's house Lodge rent Parking donations Storage areas and guest flats Less: Losses from voids	2025 £ 297,829 63,561 21,696 12,475 2,500 12,929 410,990 (8,458) 402,532	2024 £ 286,533 61,369 21,696 12,474 2,900 12,320
		397,292 (6,408)
		390,884

The number of units of social housing accommodation in use during the year was 39 (2024 - 39) and all relates to Social rent for General Needs Housing.

3.	Operating Costs from Lettings Services Salaries General and water rates Insurance Gas and electricity Grounds works Other direct costs Management Fees and salaries Accountancy and payroll charges Bank charges Legal and professional fees	£ £ 33,708 19,623 21,632 68,043 8,775 2,985 154,766 36,467 15,543 58 5,839 57,907 2025	£ £ 27,872 15,015 21,435 72,957 12,440 1,498 151,217 35,759 14,775 61 5,427 56,022 2024

Docusign Envelope ID: F4E65A7E-A78E-833C-831E-B4DDC882CEC7

BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

3. Operating Costs from Lettings (Cont'd)

Maintenance

4. 5a. 5b.	Reactive Maintenance 96,605 Maintenance officers salary 31,792 Service Contracts 19,383 Planned Capital Projects 45,956 Operating costs from lettings Other operating costs (note 5a) Total operating costs Summary of Income and Expenditure from lettings Turnover (note 2) Operating costs from lettings - as above Surplus/(Deficit) Other Income Sundry donations Legacies Release of deferred capital grant (note 16) Other operating costs Telephone, postage and stationery Computer supplies and support Founders Day and functions Office sundries Subscriptions Chapel sundries Donations Advertising Chaplain's removal and recruitment costs Housekeeping and TV Depreciation Interest receivable and similar income Bank interest received Gain on disposal of investments Investment income	193,736 406,409 48,205 454,614 402,532 (406,409) (3,877) 2025 £ 18,748 - 21,518 40,266 2025 £ 2,686 2,270 628 703 1,807 1,515 4,474 340 2,076 1,295 30,411 48,205 2025 £ 2,232 295 20,699 23,226	30,787 31,164 13,270 69,132	144,353
				351,592 45,306
				396,898
				390,884 (351,592)
				39,292
				2024 £ 33,948 3,340 21,518
				58,806
				2024 £ 2,317 2,500 354 552 1,790 1,677 4,556 - 325 824 30,411
				45,306
				2024 £ 2,251 3,776 21,988
				28,015

Docusign Envelope ID: F4E65A7E-A78E-833C-831E-B4DDC882CEC7

BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Officers and senior executive's emoluments

Officers and senior executive's emoluments
Emoluments Pensions	2025 £ 53,785 855 54,640	2024 £ 51,645 824
		52,469

Under FRS102, officers and senior executive's emoluments includes the emoluments of key management personnel. During 2025 there were three employees who served as a member of key management personnel (2024: Two).

No employees earned more than £60,000 during the year (2024: £0). The Trustees received reimbursed expenses £Nil (2024 - £31) and close family of Trustees received reimbursed expenses of £16 in the year (2024: £67).

Trustees donated £300 during the year (2024: £15,300).

Two Collegians were Trustees during the year (2024: Two.) They made maintenance and heating contributions of £18,298 (2024: £18,121). The terms under which they hold their properties are the same as all other Collegians.

Trustee indemnity insurance was effective during the year for which the charity paid a premium of £666 (2024: £665).

There are no current members of the Church of England Funded Pension Scheme.

During the year, the aggregate compensation for loss of office of key management personnel was £nil (2024 - £nil).

7.

Employee information Staff costs during the year were :- Wages and salaries Social security costs Pension costs	2025 £ 98,593 2,126 1,825 102,544	2024 £ 90,361 2,800 1,634
		94,795

The average number of employees during the year was 5 (2024: 5).

Church of England Funded Pensions Scheme

Bromley & Sheppard's Colleges Charity participate in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies.

Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and contributions are accounted for as if the Scheme was a defined contribution scheme. Any pension costs under this scheme charged to the Statement of Comprehensive Income in the year are contributions payable towards benefits and accrued in that year, plus any impact of deficit contributions (see below).

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out as at 31 December 2024. This valuation revealed a surplus of £560m, based on assets of £2,010m.

The key actuarial assumptions used in the valuation of the pension scheme are:

An average discount rate of 5% p.a.;
RPI inflation of 3.4% p.a. (and pension increases consistent with this);
Increase in pensionable stipends of RPI less 0.7% p.a. pre-2030; and

• Mortality in accordance with 90% of the S3 base tables, with allowance for improvements in mortality rates in line with the CMI 2023 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7 and an initial addition to mortality improvements of 0.25% pa.

Docusign Envelope ID: F4E65A7E-A78E-833C-831E-B4DDC882CEC7

BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

7. Employee information (Cont'd)

Following the 31 December 2024 valuation, a recovery plan is not needed given the surplus.

The legal structure of the scheme is such that if another Responsible Body fails, Bromley & Sheppard's Colleges could become responsible for paying a share of that Responsible Body’s pension liabilities. However, when a Minor Responsible Body’s last active member leaves service, under a legal agreement in force, the CEFPS pension liabilities which would otherwise have been attributed to the Minor Responsible Body are instead apportioned on a pro rata basis to all the Major Responsible Bodies. Bromley & Sheppard's Colleges is considered a Minor Responsible Body.

8. Operating surplus Is stated after charging :- Amounts payable for Independent Examination	2025 £ 6,089	2024 £ 5,670

9. Taxation

Bromley & Sheppard's Colleges Charity is a registered charity, and is exempt for liability to taxation on its income and capital gains.

10. Housing Properties

Cost At 1 January 2025 and 31 December 2025 Depreciation At 1 January 2025 Charge for the year At 31 December 2025 Net book value carried forward At 31 December 2025 Net book value brought forward At 31 December 2024	Bromley College £ 1,191,019 629,174 24,353 653,527 537,492 561,845	Sheppard's College £ 336,699 174,140 6,058 180,198 156,501 162,559	Total £ 1,527,718
			803,314 30,411
			833,725
			693,993
			724,404

The original cost of the land and buildings is not known and therefore no cost or net book value is recorded. A valuation was provided in 2004 by Peter L. Coling, FRICS, of Kinleigh Folkard & Hayward, Chartered Surveyors of Leonard House, 7 Newman Road, Bromley BR1 1RJ, stating "As of October 2004 I value all the properties known as, and comprising, Bromley and Sheppard's Colleges on the basis of the existing use and with vacant possession, in the sum of £10,920,000 (ten million nine hundred and twenty thousand pounds)".

The above are all completed housing properties.

Docusign Envelope ID: F4E65A7E-A78E-833C-831E-B4DDC882CEC7

BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

11. Investments Quoted investments Market value at 1 January 2025 Sales proceeds Additions at cost Realised gain on value of investments Unrealised gain on value of investments Market value at 31 December 2025 Historic cost at 31 December 2025	2025 £ 791,436 (5,630) 785,806 15,525 801,331 295 72,480 874,106 504,181	2024 £ 746,284 (5,212)
		741,072 15,525
		756,597 3,776 31,063
		791,436
		491,282

All are UK investments apart from £571,530 (2024: £521,619) relating to overseas investments.

12. Debtors Maintenance contributions, central heating and service Charges receivable Other debtors and prepayments 13. Cash and cash equivalents Bank current and deposit accounts Cash in Hand 14. Creditors: Amounts falling due within one year Almshouse Association loans Tax and social security Accruals Deferred capital grant (note 16) Total	2025 £ 28,497 21,124 49,621 2025 £ 105,851 992 106,843 2025 £ 8,558 2,886 19,799 31,243 21,518 52,761	2024 £ 28,651 19,361
		48,012
		2024 £ 115,770 741
		116,511
		2024 £ 8,558 2,496 29,803
		40,857
		21,518
		62,375

Docusign Envelope ID: F4E65A7E-A78E-833C-831E-B4DDC882CEC7

BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

15. Creditors: Amounts falling due after more than one year

Creditors: Amounts falling due after more than one year Deferred capital grant (note 16) Almshouse Association loans Analysis of loans: Repayable within one year Repayable in two to five years	2025 £ 443,216 16,800 460,016 2025 8,558 16,800 25,358	2024 £ 464,734 25,358
		490,092
		2024 8,558 25,358
		33,916

The Almhouse loans are unsecured interest free loans, repayable over 10 years in 20 six monthly instalments. As the loans are interest free, the charity is not impacted by the Interest Rate Benchmark Reform.

16. Deferred capital grants At 1 January Released to income during the year At 31 December Analysis of grants: Deferral within one year Deferral in two to five years Deferral in more than five years 17. Designated Reserves Charitable Fund Property Reserve Balance at 1 January Transfer to Income & Expenditure Account Balance at 31 December 18. Special Funds Recoupment Fund Balance at 1 January Transfer from Income & Expenditure Account Transfer from/(to) Investment Revaluation Fund Balance at 31 December	2025 £ 486,252 (21,518) 464,734 2025 £ 21,518 86,072 357,144 464,734 2025 £ 238,152 (8,894) 229,258 2025 £ 226,615 525 (4,304) 222,836	2024 £ 507,770 (21,518)
		486,252
		2024 £ 21,518 86,072 378,662
		486,252
		2024 £ 247,046 (8,894)
		238,152
		2024 £ 215,419 525 10,671
		226,615

The Recoupment Fund is represented by a specific COIF investment with a market value equal to the fund balance.

Docusign Envelope ID: F4E65A7E-A78E-833C-831E-B4DDC882CEC7

BROMLEY & SHEPPARD'S COLLEGES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

19.Extraordinary Repair Fund Balance at 1 January Transfer from Income & Expenditure Account Transfer from Investment Revaluation Reserve Balance at 31 December 20.Investment Revaluation Fund As at 1 January Transfers from Income & Expenditure Account: Unrealised losses from past periods Now realised on disposals of investments Unrealised gains in the current year Transfer (to) / from Recoupment Fund Transfer to Extraordinary Repair Fund As at 31 December	2025 £ 44,359 15,000 4,650 64,009 2025 £ 746,475 - 268 72,749 4,304 (4,650) 819,145	2024 £ 25,505 15,000 3,854
		44,359
		2024 £ 710,173 - 19,764 31,063 (10,671) (3,854)
		746,475

21. Associated Funds

The Collegian Chaplain's Fund is a separate fund operated by the Collegians. It is not under the control of the Trustees and is not incorporated in these financial statements.

22. Contingent Liabilities

There were no contingent liabilities at 31 December 2025.