Dlxon Almshouse Charlty Trustee's Annual Report and Accounts Year Ended 31 March 2024 Charfty Number 223045 Dlxon Almshouse Charity Trustee report and flnanclal statements for the year endgd 31 March 2024 Contents Pag•: Rep(*t of Ihg Trusteg Trustee's responsli Illks statement Indewdent ouditofs Teport Stslement of financial athrtle6 Statement of financlal posltit 10 Notes forming part of the finan¢lal $tatemonts Trustaè Bolton At Home Ltd Almslmwse Manager. Bc41on At Home Ltd Company ￿Cl9t4ry and reg16t•r•d offlce Katrtna Cunllffe, Vatley House, 98 Waters m8et.ng R08d, Bolt￿, BL18SW ChaTIty number 223046 Sollcltor• Anthony Collins Solcilors LLP, 134 Edmund StTeet, Birmingham. B3 2ES Audltor Azèts Audit SeNice8, Fleet House, Mew Ro￿, Lar￿aster. LA11 EZ Banke CAF Bwtk, 25 langs Hlll Avenue. Kkngs Hlll, Wést Malllng, Kènt, MEI9 4JQ Dixon Almshouse Charity R¢port of the Trnstso forthe year ended 31 March 2024 The Trustee presents the annual report and the audlled financial statements for the year endgj 31 March 2024. The Trustee has adopted the provlslonB of the Chartdes SORP 2ntt EdIt￿n IFRS 1￿) in preparlng the annual report and finartlal stslements of the ¢harKy. structur8, GovemanGg and PAanagom8nt Bdton At wwe appoint￿ as Trustee on 31st Uar¢h 2024. The Trustee was PTeviousty Ar￿￿ Houslng A$50dalbn. Struelur• and acllvlll•8 The Charity. which 1$ w18tered vrith The Charity Commission, Is unincwjoraled and has as118 con8tituUon a dgGtaration of trust dated 2 March 1968 {a$ amended). In addition, tho TTu5tee hokls fvnd$ and investments with a vi8W to the fvrther deveknpmgnt of ¢*aritabi8 alrrn. Organlsatlon Board of Bolton At Home me•ts slx tinp5 a year and carrie8 Out an Annual Revbw.. As C¢xporateTrustee, thetru8tee meets atleastts￿ce a yearto discu88 perfomance, budgets and bu$ines8 P and approve the fjnandal statements. Objectlves and Acuvltles The Charltable objects of Ihe Charity are.. to F￿VIde Aousing accommodation and assislance to help house people who are elderly or d￿bIg￿ and 888cdatgJ facilitles and amonlles for such people or the relref of the aged. disabl￿.. and lo luther 8u¢h gtheral charftable objects as the Tru5te& may deteTmlng. Flnanclal rov16W The total [r￿OrnIng re80urcgs w8r8 £38.876 for the year to 31* Marth 2024 {2023: £32,587). wcKluGing *) operating sury)lus of £12,303) {2023.. £4,522). Losses on Inv88tments rgsulted In a loss of £12,267) IC￿ the 12 n￿nth perkxl to 3151 March 2024 {2023.' surplu8 of £4,465). Artumulated surplu$es held in genoral unrestricted reserves were £320,069 (2023: £322.336). Golng concgm The Lwsines8 pkn forecasts showthatthe cha￿ty has Suff￿1￿nI IKiuid funds and debt facilities in place that provKle adequate resources io fund all committed capital exp8nditure and Investsnenl wogrammes together day-tO- day activlli9S. The charity's acdvttles are expècted to continue unchanged for the foreseeable future and the Ur￿ert21nties nsklered. includlng the pandemiG, are not ÉXP8Cted to have a rroterial long lemi impact on the assoclation's [￿ancIal vLg1ility. On th18 basls, the Trustee is satisfied through consKlératlon of future yeaT8' forecasts that11 has adequate resources to finance future re-lnvestsment in its properties along wlth d8y-tO-d8y operalon8 for the n8xI 18 months from lh8 date of sioning of the accounts inGludlng sufficient cash to meet inter8St payments on thè outstanding108n. For thi8 rea80n. we oonllnue to adopt the going concern basls in the financial statements. Roserves pollcy The Trustee has ￿nsIdered the need for an approprlato level of r98erv8s In conjunctknn wllh tho guldance WaL￿1 by The Charity Commls510n. In determlning a reserve POI￿Y the Trustee has Identified core obJec￿e8 lo be These are as followB.' the establislNnent ofodequate free reserves (excluding fixed assets) lo ensure that the Charlty has adequate 'quidlty to meet any short-temi flUctuat￿n8 in occupancy levek or ex￿pIlonal Gosts outsth the scope ofth8 budget., arKI the developmnt of a strong balance sheet and pJsttfv8 cash ffvjw to support the funding of the improvement of the exlsting propety. The level of Tgserve8 requlred Is detemilned uslng cry8hensNe budgets aTrd cash Ibw fw88ts. ReguLgr updates and r￿nitOrIng of these documents are carded out to ensure that a surplus is achwed, and Cash fiow is adequate for the rEeds ofthe Charity. The benchmark for the free reseryes foi the Charity 18 btheen £300,000 and £500.000. At the year end the Charity has £360.533 of total fiJnd8 (2023.. £362.8001 of whlch £359,532 (2023.. £361,799) Is av8llable at the discretion of the trustee and deemad as free reserves. Rknk managoment The Trustee has klentlfied the dsks lo which the Charlty Is expos￿ and, lor each of these, an a88&55￿nI ha8 bean mad8 as to their impact, $¢verity, and probablllty. Intem4 and extemal controls have been revlew&J fr)r effectwene8s in mi1￿jatIng these risk5. Systerns have been estab115hed to rronage the level of risk wicludlng the ft>llowing'. The revlew of major risk related incidents {and steps taken to &dre88 these) at each meellng of the &)ard and the Group Audit and Rlsk Commiitee of the Tru8lee. inlgTn81 control system 18 monltored and supported by extemal audit Ihal r& ab￿ to provld8 an independent perspectiv8 on management of risk wlhSn the Charity. The managerrÉnl and control of iisk is an ongoing process In the Charty. Responsiblllty for ￿SUrfng that there are 8ppropri* risk management and audit structures in pla￿, arKI for revknving th088 struclwes, is delegated to the Group Audit and Wsk Commiltee of the Trustee, which 15 a shared commlttee wlth the Bolion al Home Group. Dixon Almshouse Charlty Report of th¢ tn*tO9 for the year gndgd 31 March 2024 (contlnuéd) Fundlng Source and Expondllur• The principal fundlng sourcgs 8re chaoes for P￿dIng hou8ing ac￿rnn￿jdStl0n. Expenditure Is al related to providlng this aC￿mMOdatbon. FutUTO dgvglopments A Stock condition suryey has teen cornplet￿ V+ryll inf(Ym fvture requlrements Improverrnnts to properti85 and wogrammgs are being prepwed accordlngty. Audltor Aze15 Audlt Servrces L￿1t￿ have wdiled the cuffent years a¢counts and have expressed thetr willingn98S to continue . A resolution for the revappolnlmenl of A2ets Audit ServI￿s Llmlted as auditors of the Assock?lion is to b8 prOp￿d at the Annua5 General Meetlng kn Ilne with the temis of the Charities Act 2011. olto tHo 8Ltd Date: 26 Septamter 2024 Dixon Almshouse Charlty Trustee'• re8ponslbllltl8s statoment lor thè y¢ar end￿ 31 March 2024 The Truste8 b responslble for preparlng the Annual report and the financial ststements in 8￿rd￿¢9 wllh ap￿1¢able law and T8gulalion8. Charfty low requlres the Trustee to preparg financHI statemgnts for each financlal y&ar In aGc¢xdance wlth Unlled Klngd¢)m Generalty Accepted ACCOUn￿ng Pr8Ctlce (United lQngdom Accountlng Stsndardg and appli¢abk lawl. Under charity law Ihe Trustee musl not approve the finandal statements unless they are satisfied that they give a Inj8 and falT view of the stale of affairs ofthe charity and oflhe Sncomlng resources and apFAicAb'on ofresources, Including the Income and expenditure. of the charlty for that perlod. In prepaiing these finandal 8tslements, the Tru$te8 15 requlred to: select suitable ￿COuntIr￿j pdkifjs arKI then apply conBlslendy,' rnakeJudgem8nl8 and accountirfj estim8tes that are reasonable and prudent,. state whether appll¢abl8 UK Accountlng Standards have been folk)wed. subject to any matertd departures disclosed explained in the financial ststem8nts,' and prepare the financfal stalernents on the golng concem basis unless it Is inapwopdate to pr65umg that the charity will rx)nUnue In buslne88. The Tru81ee L8 resFon$ible for k88ping adequale accounung record$ that are sufficlent lo show and exploin th8 charivs Ir8nsaGUons and dlsdose with reasonab￿ accuraw al any time the flnanclal F*)8111on of the ch8rty and enable them to ensure that the finanaal stslements compty thg Charities knt 2011. They are also responslble for 8afeguarding the 89sets of the cha￿ty and hence for taklng reasonable steps for the p￿ventiOn and detecllon of fraud and other Irregularities. Dixon Almshouse Charlty INDEPENDEwf AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARrwY Oplnlon INe ha￿ audli ed the financlal stalements of Dixon Alrrohouse Charity (the 'Charty'l for the ￿rIOd end￿ 31 Marth 2024 whlch wmpTise the statement of financial a¢lwilies, the statement of financlal w)si16on and notes to the financial slat8ments. in¢ludlng signrfKanl a¢counling policles. The flnancial reportlng fram8work Ihat has been applied in thelr FKeparatr)n 1$ sp￿ICable law and Unlted Kingdom Acc(MJnlin9 Stsndards, rKluding Flnanaal Reportkng Standard 102 The Flnancial Reportiry Starbdard appllcable in the UK arnl Republic of Ireland (United lQngdom Generalty Accepted Accountlng Praclice). In our oplnlDn th8 financLg1 sL7tem8nts: gfve a true and falr vlew of the slate of the Charvs affairs a$ •t 31 March 2024 and of Its surplu8 for the perIC￿ then ended,. have been proFerly propared in accordance with United Klngih)m Generalty Accepted Ar￿UntIr￿j Practice. and have been Prepar￿ In ￿rdanc0 vAth th8 requlrements ofthe.ChariUes Act 2011, Bas1$ for oplnlon W8 conductsd our audit in ¥cordance with Internauonal Standards on A￿￿King {UFq {ISAs (UK}l and 8pplicable law. Our responslbllltles under those standards are futher descrlbed in the Audilo¢s responsibillties for the audit of the financi￿ statements section of our rekX)rL are indepeThJent of the Charity in aecordance wllh the ethlcal requiremnts tI￿t are relèvant lo our audii of the finanGial statements In the UK, Includlng the FRC'S Ethical Stand*d, and we have fulfilled our other ethlcal reswnslbllltleB in accordan¢* wllh these requlrements. We belleve that th2 audit eviden￿ we have obtalned18 8ufficlonl and approprfate to provlde a tqsis for our opinion. Concluslons relating to golng conceyn In auditing the flnanclal statements, we have concluded that the Tw$tee's use of the going ￿nCern ba818 of accounting in the prepardllon of the fIn￿CIal 8tat8ments is appropriate. Based on the work we havo perfomied. we have not identlw any malerlal uncertaint￿$ r8kilng to events or condith)ns IhaL Indlvidualty or collectively, rnay cast skJnir￿ant doubt on the Chaty's abllity lo continue as a golng concem for a pemod of at18ast knelve monlhs from when the financial statements are authork8ed for issue. Our reS￿S￿lIrtieS and the respon5iblliiies of thè TNstee with respeci to going conwn de5crbed In the rolgvant sections of thls report other Inforniatlon The olher infcmation compdses th8 Informat￿ inrjuded In the annual report other than the financial statsments and our audilovs report thereon. The Trustee is responsible for the other information contained withln the annual reFrf)rt Ow oplnb)n ￿ the financ￿1 statements does not cover the other inbrmallon and, exGept to the 8xtent otherwise expliatly stated in our repJrL we do not expr8ss any form of assurance condusion thereon. Oui respOn￿bILlty is to read the other information and. in d¢lng so. c￿s￿lerWhelher th8 Other informallon Is w01erially Inconsistent with the financh81 statements, or our knowlédge obtained in the course of the audit, or otherwise app8ars to be materfally mlsstated. If we id8ntfy suGh materfal Inconslslenctes or apparent matetlal rnlsslalenEnts. we arg requlred to determine vth8ther Ihls 9lves rise to a mater181 misstatement In the financlal Statements themselves. If, bawj on the woth we have perfomied, we conclude that there Is a m8terfpl Misstste￿￿nI of this othèr Inforrnallon, we are requlred to report that fact We have nothing to re￿* in this reg¥d. Dixon Almshouse Charfty INDEPENDEKf AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARrrY (CONTINUED) Matters on whlch we arg rgqulrnd to report by oxc#ptlon We have nothing to report In respect ol the foll¢Mlng matters In relatlon to which the Ch8rftie8 Acl 2011 requlre us to report lo you if, in our oplnbn- the information given in the Trustee's Annual R8POrt or the financlal year for whkh the financLql statements ar8 prepared are not consi5tsnt with the financlal 8tstemgnts: OT adequate a¢counlng ￿cOrdS have not been kept,, or certain dlsGlosures of directors, remuneratbn specif￿1 by law are Mt m￿¢,. or Ihe finanoial slatements are not In agreement with tha accounung recorés and relum8: or we have nol reeelved all the information and explanations we requlre for our audll. RgBpon8lbllltle8 of Trust•? As ex￿ain￿l more fully in the Trustse's re8PDnslbililies statement set out on page 4, ihe T¥ustee b responsible for the preparatlon of the Inanclal stslements and for being Satisf￿ Ihal they give a true and falr vlew, and br such intsrnoj control as the board mernbets determine is necessary to 8nable the prepar8tkJn of ffnancial $taten*nls that arè Iree from matsrial misstatement. whether due to fraud or error. In preparing the financlal $lalemerrts. the Trustee Is responsib￿ for assesslng the Charity's abilty to Gonlinue as a going concem, dlscbsing. as applicable, matters related to golng conc£m and using the golng concern basis of accounting unless the Tnjstee either int8nd to Ilquldale the Charity or to cease operstkins, or hav8 realIS￿ altemallve bui to do Audllots rnsponslbiliti85 forthv audm of thg financlal 8tat8m•nts Our objectives are lo obtain reasonable assurance about whether the financlal statements as a whole are free from material mlsstsiemenl, wheth81 due to fmud or error, and to Issue an auditor's report that includes our oplnion. Reasonable assuran￿18 a hlgh level of assurance bul is not a gua•nteg thal an audit conducted In accordance with ISA5 (UK) will aws detsct a material Misstate￿EnI when it exlsts. Misstatements can arise from fraud error and are con81dered materkql rf, individually or in the aggregate. they could reasonably ke 8xpecled to inffuence the e¢onomic decisions of u8er8 taken on the basi8 of Ihe8e flnancLg1 stalémenls. A furthei descrfptbn of our responsibilities is avallable on the FinancLg1 Reportlng Counctl's web8it8 at.- https.'IhvWw.frc.org.uklaud￿rS¥eSponS1b1Iltl8￿. Thi5 description forms part of our auditor'5 reF(IrL Dixon Almshouso Charlty INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARITY (CONTINUEDJ Ext•nt to whlch thè audlt wa8 consldered capable of dètsctlng Irrggularltle6, Including fraud Irregularltles. Includlng traud, are instances of non-compliance wlth kws and regulations. We design procedur88 In line with our respJn8lbilities, outlined above and on the Financial Reporting Counch'8 Website, to detect malerbal misstatements In re$￿t of irregularities, inGludiNJ fraud. We c+Jlain and update our understsnding of the enlty, It8 actwlues, Its control environmenL and Ilkely futut developments. including in re181kin lo the legal regulatory framework applKable and h(M the entity 1$ complylng ￿th that framework. Based on thls understanding, we identify and assess the risks of maleiial mlsstatement of the financial slatemenls. whelher due to fraud or de$Kdn and perfomi audlt prtxedure8 reswnsNe lo th0sg risks, and obtaln audit eviden￿ that Is SUffic￿nt and appTorAI'ate Io PfDwd8 a basis for our opinion. This includes con$lderallon of the risk of * by the entlty that wer8 contrary to appltsbk laws and bpgulafjons, Includlng fraud. In response tothe rL8k of Irregularllles and noTrcompliancewllh laws and regulatlon$, Including fraud, we d8slgned procedures whkh Induded.. Enqutry of management and th08e chaTged with gov8manGe around actual and potsnllal Iltigatlon and cklms as well as aGtual, suspeGtsd and alleged fraud., Revlewing minutes of meeungs of those Gharged wlth gov8mance', As8e88lng th8 ext8nl of compllanc8 wlth the laws and r8gulation5 considered to have a dlrect material eff￿ on the financial staten￿nIS or the cp8ratif￿S of the Charfty Itmugh enqulry and Inspecth)n: Reviewing financlal statemnt disclosure5 and te81ing lo supportng documentation to asstss$ compliance with applicaLle laws arKI reguL9￿on3. PerfDmilng audit work over the risk of m8nagemenl blas and override of c￿trol$. IncludSng te8tlng of joumal entries and olh9r ad}uslments for approprfaleness, evaluaung the buslness ralhjnale of signltsnl Iransacllons (NJtshJe the normal Gouf8e of bu8ines8 and revwin9 accounliThJ estlmates for IndIcat￿8 of polenlial blas. Because of the inherent Ilmltath)ns of an audit, there16 a rfsk that we will rK)t detect all irregularth&8. includlng those leadlng lo a material mlsstslemenl In the financial statements or non-compliance wtth regulation. This risk Increases the ￿L)re IhatcomplianeR wllh a law or regulalionls removed from the events and transadon8 reflected in th8 financial statements. as we wll ￿ less likely lo become aware of instances of nonved fund Unrestrict8d Designaled reserve# General fund8 1,001 1,C(11 39.463 320,069 39fv63 321336 359,532 361,799 Total fund8 12 380,$33 382,800 ffina 13talementswere approved ty Ihe 8oard ofTruslee and aulhoris8d for issue 28 Septemter 2024. Iton omeL afrfty number- 223045 The notes on pages 10 to 18 form part of Ihes8 financial ststemonls. Dixon Almshouse Charity Not8s lomiing part of the flnancial statomonts for the year onded 31 March 2024 Accountlng polkle8 88$1$ of prnparn¢ion olflnandal s£thments The Itnanclal statements have been prepared Sn aG￿rdance wSlh the Charitie5 SORP Edrflon (FRS 1021- Accounting and R8Wrtlng by Charitlos.. Statement of Recommended PraCt￿e applicab￿ lo ch*ilies preparlng thelr *¢￿￿1$ In acc(Kdance wlth the Charttles SORP IFRS 1¢Y21 and the Ch*ihe$ 2011. Assets and fi8bllities arg initl81ty rec03n1s￿ al hlstorkal cost or transactlon va￿6 Un￿38 dheNAse staled in the relevant aecounling policy. All amounts are Fffesented In pour￿8 S￿￿Ing and aro rounded lo th8 nearest £1. The Trustee con$kJers that the Charity meets the definkn of a Benefit Entity u•¥Jer FRS102. The followlTrJ princip81 a¢￿Unting poI￿leS have been applled.. Income Inconx represents rental I￿￿me reGelvable and other Income. Income is reC￿nISed whero there Is entitlement, certainty of I￿pPI and th8 amount can be measured wlth sufficient reliabllhy. Rentsl In¢ome 18 recognlsed when the propety Is availab￿ for kl, net of void8 on a recelvgble bas18. Investsnènl Incomels reGogni8ed on a rece￿a￿e basls. Interest on funds hekl on deposit is included whgn receNabfe *)d the amount can be m&asured reliabty by the Charity,. this Is nomwlly upon notlficalion of the interest paid or payable by Ihg Instituuon wlth whom the funds are deposlted. Expendlture Expgndllure on ch8rit8ble ￿tivItieS relates to all costs of provlding housing &comModa￿n. Eynditure on harltable a¢livities is Incurred on dlreclly undertaklng the actwities which further th¢ Charty's objectives, as well as any asS￿lated support rnsts. Support costs of the Charlty represent the audrt fees, admlnlstralton costs fknance cosls. Tanglbl• flxed a888ts TarvJible f￿ed as5gls arg deprgclaled over theli u88ful I￿ tsking Into accoLrt resldual values, where appropnate. The actual IN8S ofthe Ossets and resfdual values areassessed annually and m8y vary dependlt)g cn a number of factors. In re•assessiThJ ass81 lives, faGlors such as t&hnologbal inr￿vatIOn. life Cyc￿8 and maintenance prc￿ram￿￿S are taken into account. ResKlual value assessments consider158ue8 such a$ fu￿re market condlNon5, the r6mainlng Iwe of the asset and projectgd dr6posal va￿e3. 10 Dixon Almshouse Charity Notés formlng part of Ihe liD•nclal statements fortho ygar èndod 31 Wlarch 2024 (contlnued) Ac¢ountlng pollcles (conlinued) Houslng Pmpgrll6s and Dopreclatlon H￿SIng properues for rent are ststed atCOSt less accumulated depredauon. Freehold land Is notdefftated. I propertles are reviewed for Impairrnent annually. here a hwslng property compri8e5 tsvo or ff￿re m¥)r components wllh subslanlkqlty different u?eful e¢onomk lives, each component Is a￿Unted for separatety and depreciated over Its indivldual useful econom￿ life. Expenditure reLqting to the subsequent rep￿4¢8Ment or Tenawal ol conp)nentS 18 GapRalised as in￿rred. Component UEL New bulld h(yJ5ing struoture Ext8rnal works Roots WndoW￿Owre Elect￿al 125 y8aT6 40 years eo years 40 year5 30 years 30 years 15 years 30 years 20 year8 Boilers HeatiriJ systems (exduding t•Jllers) Kltchens Impalmient ReV￿w$ tor Impalmwnt of housing propertles carrled out when a trlgger has 0¢(￿rr￿j and any Impaiment k736 In a G35h gen8Tatlng unit Is recogni$8d ty a ch8rg8 to the Statement of Comprehenslv8 Income. Impairment Is recognised where the carrying value of a cash ggneraling unit exceeds the higher of its net rgalisable value or its value In use. A cash generating unit is ￿rmalty a group of properiles 815Gheme level wh¢)se cash income can be separatsty identifiod. Fdlowlng 8 trlgger for Impai￿n( the Ch￿ty perfomw iffpaltment tests based on fatr value le35 ¢xtsts to sell or a value in use caloulalion, The falr valu816S8 COSt5 to sell calOuSat￿ is based on avaiL7ble data from sales transactions in an arm's length Iransactlon on slmilar Gash generating units {propertiegl or ob88Nable market prices less incremental costs for disposlng of the properties. The value in use calculation Is based on either a depreclaled r8plaGemenl ¢ost or a discounl8d cash flow mdel. The dewociated repL3c8ment cosl 15 based on available data of the oasl of constructing or acqulring replacement Prop￿IleS to provide the same level ol servtce rK)tenllal to the Charily as the exlsllng property. The cash flows are deiived from the business pkn for the nexi 30 years and do not include restructuring actNities that the Charity Is not yel perm'rtted lo or signrficant fvlure invgstrn8nts that wlll enhance the assevs ￿rforMan￿ of the cash generating unlt being tssted. The recoverab18 amount bs mos* sensib.ve lo the discount Tale used forthe discounted cash fthv nK)del as well as the expeGted future cash flows and the growth rate used for extrapolatlon purposes. 11 Dlxon Almshouse Charity Notes lomilng part of tho flnan¢lal statements for th8 yoar ended 31 Ma￿h 2024 (contlnuedj Accountlng pollcles (continued) Inv•$tments Flxed asset investments are a fom) of financial Instrument and are inilL4lly recc#Jnised al their Ifans8Ction cost and subsequenliy measured at falr value at the Yolance Sheet date, unless the walue Cannot be measured reliably in whlch case It Is measured al cost jess impairment. Inve51rrEnl gains and losses, whether ￿alIsed or unreallsed. are combined arKI presented as 'GalnsllLosses) on invesbnenls, S181emenl of Fin8ndal Ac15vittes. Flnanclallnstruments Th8 Charity onty ha8 finanotal 8ssets and flnanck91 Irabilities ofa klnd thatquallfy as bas1¢ flnandal Instruments. asic financial instruments are inltialty reocgnised at transaction value and Subsequent￿ measured al Ihelr settknienl value the exc8Ptlon ol bank k)an8 which are $ub8equenlly mea$vr&J al amortlsed co81 using the effeCt￿e Interest method. Fundaccountlng General funds unreslrfcled funds whioh are avallable for use al Ihe ¢JiscrgUon of the Trustee in fvrtherance ol the general oL¥eclNes of the Charity and whlch havg not been deslgnaled for other purpose8. The Charlty dgslgnales fund8 in retation to anliopaled m8jOt and cycltcal repalrs. Transfers to Desigrrated Funds are based on Managemenl e8timat8s of future Gosts. knlual expenditure18 expensed lo the Income and Exp8ndilure AcGount as Sn¢urred arKI a corresponding release offund615 then made from the D88ignated Funds. The balance is Tevlewed perIOd￿allY to ensure its adequacy. Judgemonts and key 80urce8 of ostlmatlon and un¢ortaliity The preparati¢Jrt of financL41 statemEnts rgqulres managernent lo npke judgements. estimates and assumptlons Ih8t8ffeol the an￿Unts reported forassets and Ilabllllies as at the Statement ofFlnano6al Posttion date and the an¥)unts reported for income and expenses during Ihe year. However, the nature of esllmab'on means that actual outcomes Goutd dwler from those estimates. The folkmlng Iltdgements (apwl from those involvlng estimates) have had the most slgnificant effeGt on an￿untS recognised in th$ financial statements.. G￿ng concom as$&￿Ment The business plan forecasts Show that the charfty has sufficient Ilqubj funds and d8bt facilities in place that provlde adequate reSou￿S to fvnd all oommilled capllal expeThJllure and investment programmes together wKh daY-t￿daY acltvitie8. The chwty's actlvltles are expected to continue unchanged for the foreseeabl8 future and the un¢grtaintfe$ consldered, Indudlng the pandemic, are notexpected lo have a material hJng lemi impact on the associallon's financlal viability. On this basis, the Trustee Is sallsfled through conslderalion of fulure yews, for&asls thal11 has adequate resources lo finaK4 future re-investment In Its properties along wlth daY-t￿daY opeTrUons for the next 18 months from the date ofsbning ofth&accwnts Including 8uffiel8nl cash to meet Snterest payments on the Olrtstandlng loan. For thK% reason, we continue to adopt the golng concem basls in the financial Statemgnts. 12 Dixon Almshouse Charlty Notes fomilng part of the flnanclal ¥t•temonts for the year gndgd 31 March 2024 (conlinu8d) Judgemgnts and IK•y *ourc•s of o•tlmatlDn and uncort•inty Iconvdl The cha￿t￿S activ￿88 are expected to continue un¢h8ng8d for the fores98ab￿ future and the uncertainl con8ider8d, Includlng the pandemk and the Inflatlonary pressures describ￿ abov8, arè not expeoled to have a mal8rlal long term Impact on the charity's financlal vk8bility. On this basis the Trustee h88 a reasona1￿& expectation that the charlty has adequats roBources to continue in operalonal existen￿ for the fm88eable future, being a perlod of at18ast 12 months after U)e d8te on which the financlal 8tatem8nls are slgned. Therefore, it Continues to adopt the golng concem b8315 In the financlal 8latem8nts. In¢¢)me from charltablg actlvltl88 Unre8trlctod 2024 Unre8tYlct•d 2023 Housing accommoda￿On arKI as8lst8nce 36,876 32,587 Income from Invtstments Unroslrlct•d Unrestrlcted 2024 2023 Interest and dlvld8nds ¢)n Investment d8PO¥It accounts 303 13 DlxonAlmshouse Charity Note8 lomilng part of thg flnanclal statemènts for th¢ year endgd 31 ￿rGh 2024 (contlnuedj 5 E*pendl¢ure on chanTtoblo acdvities 2024 DlreGt 2024 Support 2024 Total Hou&ng accomn70d8bon andassistanca 28,798 10,777 39￿75 2023 DirKt 2023 Support 2023 Houdng acC￿MOdatIOn and esslslanc8 18,168 10,200 28.368 AJI exppndilure on tharft8ble a¢￿￿leS was unrestrlcted In the ￿rrent and p￿Or year. Direct costs on charltablg actiwlle8.' 2024 2023 Repalrs and malntenant¢ Property costs Heat and light Depreciation Insurance Other d1￿1 17,943 3,169 2094 4A#0 7,966 2,613 5.150 180 28.798 18,168 GoYfrman¢• costs (which reprg5ont Ihg support C08ts) Audit fegF Admin and finance costs Other support 1,867 1028 73 8,299 8,850 10,Tn 10,200 Audltorn, remuneration 2024 2023 In relation lo audit of fin￿¢[al staten*nts Accountancy Serwces 1,803 1M14 14 Dlxon Almshouse Charlty Note• fomilng part of th¢ Ilnanclal 8tatomtnt8 for thè year ended 31 Mavch 2024 (contlnuod) Tnotse Yèmuh•ratlon and exp•n8e During Ihe year. the Trustee. Arcon Hou$lng Associatlon vrds pald a management fee of £8.850 (2023.. £8,299). No other r8rnlF￿ratKIn Of expenses were paij to the Trustse during the current or prtorye8r. Tanglble Ilxod ayB•ts Proporty At 1 Aprl 21r23 A(klilions DIS￿saI9 278.377 4,331 (1,171) At 31 March 2024 281￿37 Depreclallon At 1 April 2023 Charge in year Disposal8 59.704 4.410 11.171) At 31 March 2024 62J43 1¥8t b￿k v81u8 Al 31 March 2024 218,$94 At 31 March 2023 218,873 15 Dixon Almshouse Charity Not08 lormlng part ￿ tho financlal statomonts for thfj year onded 31 PAarch 2024 (contlnued) ve$tmgn18 2024 2023 AI&G MultI4￿9t fund Market value al l April Gain￿(lOS$) on revaluallon 1,898 2,055 arkgl value al 31 March 2,034 1,998 HiBtoric cost 1,000 1,000 Investments are fully reprgsentsd by 4uity shares. 10 Debtor8 2024 2023 Rent arrews Amunts owed by related partles Other debtor8 390 28 11 CiedltorJ: amounts falllng due wlthln one ygar 2024 2023 Amounts dug to related partles Accruals Tenants kn credlt 2,997 2,656 4,285 912 2,297 4￿73 9,938 7,582 16 Dixon Almshouse Charity Noto8 formlng part of the Ilnanclal statemonts for the year endèd 31 March 2024 (Gontlnued) 12 Analysls of lund8 At 1 Aprfl 2023 Al 31 Marth 2024 Galn# and transfers Income Exp6ndltur• Unrestslcted fund6 General D8signated 322,336 39,463 37,272 (39,575) 320.L￿9 39.463 361,799 37,272 {39,S75) 359.532 Endowed funds PemFanent endTh￿l funds Tr)tal funds 382,800 37,272 139,578) 360,633 At l Aprll 2022 At 31 March Galns and tran6hr8 In¢omg Expendlturg UnreBtrictsd funds General De8lgnated 317,871 39.463 32.890 (28,368) {57) 322.336 39,463 357.334 32,890 128,368} 157) 361,799 End¢)w¢d fund8 PenY*nent endowed fvnd8 1,001 1,001 Total fund8 358,335 32,890 128.388) 157) 382,800 Gèneral funds are unr8stricted funds whth are avaitable for use al the discrel'on of the Trustee In furth8r8nce of the genaral objectives of the Charity and which have not been designa￿ for other purpose8. The Charity de51gnates funds in Tel8llon lo antlcipaled maJor"and cycli(xl repairs. Transfers to Designated Funds are b88ed on Managem8nt esUm8te5 of future costs. Actuai expenditure is 8xpensed to the Inw and Expendllure Account as incurred and 8 corre$pondlng release of funds is then made from the Deslgn8led Funds. The bakncg is reviewed peAodlcally to ensure its adequacy. Endwd hjnds represent the hlstorKal G05t of the amounts held in Inveslments. 17 Dixon Almshouse Charity Notes formlng part of the flnanclal stafoments for the y8ar ondèd 31 hlarch 2024 (eontinuedj 13 Net ￿sets 2024 Genernl Do8lgnated EndoMd T•)tal Tarolble Ilxed assets Inv8Stm8nts Debtors Cash al bank Creditors.. amounts falllng due In one year 178,130 2.034 390 149,453 39,463 I,(K11 218,594 2.034 390 149,453 (9,938) {9,938) 320,069 3gA63 1.001 360,533 2023 Tangible ILxed assets Irweslments Dgbtors Cash at bank Credltors- anTr)unts falllng due In one yoar 178,209 1.998 28 149.683 39,463 1.ty)1 218,673 1,998 28 149,683 (7,582) {7,5821 322.336 39h63 1,001 362.800 14 Flnanclal In8tNmènf8 2024 2023 Finan¢ial assets measur&fj at fair value through wofit and loss 21134 1,998 Financlal a8sets measured al fair Yalu8 through profit and108s comprlse equlty Inygstments stated at mark8t vahje. 15 Relat8d party tran8actlon6 Amounts due atstart of year Amounts due at gnd of year R•calpts Payments 2024 Arcon Housing 912 25,064 122,9791 2,997 2023 Arcon Housing 3,341 ¥055 126,484) 912 18 Dlxon Almshouse Charlty Trustee's Annual Report and Accounts Year Ended 31 March 2024 Charfty Number 223045 Dlxon Almshouse Charity Trustee report and flnanclal statements for the year endgd 31 March 2024 Contents Pag•: Rep(*t of Ihg Trusteg Trustee's responsli Illks statement Indewdent ouditofs Teport Stslement of financial athrtle6 Statement of financlal posltit 10 Notes forming part of the finan¢lal $tatemonts Trustaè Bolton At Home Ltd Almslmwse Manager. Bc41on At Home Ltd Company ￿Cl9t4ry and reg16t•r•d offlce Katrtna Cunllffe, Vatley House, 98 Waters m8et.ng R08d, Bolt￿, BL18SW ChaTIty number 223046 Sollcltor• Anthony Collins Solcilors LLP, 134 Edmund StTeet, Birmingham. B3 2ES Audltor Azèts Audit SeNice8, Fleet House, Mew Ro￿, Lar￿aster. LA11 EZ Banke CAF Bwtk, 25 langs Hlll Avenue. Kkngs Hlll, Wést Malllng, Kènt, MEI9 4JQ Dixon Almshouse Charity R¢port of the Trnstso forthe year ended 31 March 2024 The Trustee presents the annual report and the audlled financial statements for the year endgj 31 March 2024. The Trustee has adopted the provlslonB of the Chartdes SORP 2ntt EdIt￿n IFRS 1￿) in preparlng the annual report and finartlal stslements of the ¢harKy. structur8, GovemanGg and PAanagom8nt Bdton At wwe appoint￿ as Trustee on 31st Uar¢h 2024. The Trustee was PTeviousty Ar￿￿ Houslng A$50dalbn. Struelur• and acllvlll•8 The Charity. which 1$ w18tered vrith The Charity Commission, Is unincwjoraled and has as118 con8tituUon a dgGtaration of trust dated 2 March 1968 {a$ amended). In addition, tho TTu5tee hokls fvnd$ and investments with a vi8W to the fvrther deveknpmgnt of ¢*aritabi8 alrrn. Organlsatlon Board of Bolton At Home me•ts slx tinp5 a year and carrie8 Out an Annual Revbw.. As C¢xporateTrustee, thetru8tee meets atleastts￿ce a yearto discu88 perfomance, budgets and bu$ines8 P and approve the fjnandal statements. Objectlves and Acuvltles The Charltable objects of Ihe Charity are.. to F￿VIde Aousing accommodation and assislance to help house people who are elderly or d￿bIg￿ and 888cdatgJ facilitles and amonlles for such people or the relref of the aged. disabl￿.. and lo luther 8u¢h gtheral charftable objects as the Tru5te& may deteTmlng. Flnanclal rov16W The total [r￿OrnIng re80urcgs w8r8 £38.876 for the year to 31* Marth 2024 {2023: £32,587). wcKluGing *) operating sury)lus of £12,303) {2023.. £4,522). Losses on Inv88tments rgsulted In a loss of £12,267) IC￿ the 12 n￿nth perkxl to 3151 March 2024 {2023.' surplu8 of £4,465). Artumulated surplu$es held in genoral unrestricted reserves were £320,069 (2023: £322.336). Golng concgm The Lwsines8 pkn forecasts showthatthe cha￿ty has Suff￿1￿nI IKiuid funds and debt facilities in place that provKle adequate resources io fund all committed capital exp8nditure and Investsnenl wogrammes together day-tO- day activlli9S. The charity's acdvttles are expècted to continue unchanged for the foreseeable future and the Ur￿ert21nties nsklered. includlng the pandemiG, are not ÉXP8Cted to have a rroterial long lemi impact on the assoclation's [￿ancIal vLg1ility. On th18 basls, the Trustee is satisfied through consKlératlon of future yeaT8' forecasts that11 has adequate resources to finance future re-lnvestsment in its properties along wlth d8y-tO-d8y operalon8 for the n8xI 18 months from lh8 date of sioning of the accounts inGludlng sufficient cash to meet inter8St payments on thè outstanding108n. For thi8 rea80n. we oonllnue to adopt the going concern basls in the financial statements. Roserves pollcy The Trustee has ￿nsIdered the need for an approprlato level of r98erv8s In conjunctknn wllh tho guldance WaL￿1 by The Charity Commls510n. In determlning a reserve POI￿Y the Trustee has Identified core obJec￿e8 lo be These are as followB.' the establislNnent ofodequate free reserves (excluding fixed assets) lo ensure that the Charlty has adequate 'quidlty to meet any short-temi flUctuat￿n8 in occupancy levek or ex￿pIlonal Gosts outsth the scope ofth8 budget., arKI the developmnt of a strong balance sheet and pJsttfv8 cash ffvjw to support the funding of the improvement of the exlsting propety. The level of Tgserve8 requlred Is detemilned uslng cry8hensNe budgets aTrd cash Ibw fw88ts. ReguLgr updates and r￿nitOrIng of these documents are carded out to ensure that a surplus is achwed, and Cash fiow is adequate for the rEeds ofthe Charity. The benchmark for the free reseryes foi the Charity 18 btheen £300,000 and £500.000. At the year end the Charity has £360.533 of total fiJnd8 (2023.. £362.8001 of whlch £359,532 (2023.. £361,799) Is av8llable at the discretion of the trustee and deemad as free reserves. Rknk managoment The Trustee has klentlfied the dsks lo which the Charlty Is expos￿ and, lor each of these, an a88&55￿nI ha8 bean mad8 as to their impact, $¢verity, and probablllty. Intem4 and extemal controls have been revlew&J fr)r effectwene8s in mi1￿jatIng these risk5. Systerns have been estab115hed to rronage the level of risk wicludlng the ft>llowing'. The revlew of major risk related incidents {and steps taken to &dre88 these) at each meellng of the &)ard and the Group Audit and Rlsk Commiitee of the Tru8lee. inlgTn81 control system 18 monltored and supported by extemal audit Ihal r& ab￿ to provld8 an independent perspectiv8 on management of risk wlhSn the Charity. The managerrÉnl and control of iisk is an ongoing process In the Charty. Responsiblllty for ￿SUrfng that there are 8ppropri* risk management and audit structures in pla￿, arKI for revknving th088 struclwes, is delegated to the Group Audit and Wsk Commiltee of the Trustee, which 15 a shared commlttee wlth the Bolion al Home Group. Dixon Almshouse Charlty Report of th¢ tn*tO9 for the year gndgd 31 March 2024 (contlnuéd) Fundlng Source and Expondllur• The principal fundlng sourcgs 8re chaoes for P￿dIng hou8ing ac￿rnn￿jdStl0n. Expenditure Is al related to providlng this aC￿mMOdatbon. FutUTO dgvglopments A Stock condition suryey has teen cornplet￿ V+ryll inf(Ym fvture requlrements Improverrnnts to properti85 and wogrammgs are being prepwed accordlngty. Audltor Aze15 Audlt Servrces L￿1t￿ have wdiled the cuffent years a¢counts and have expressed thetr willingn98S to continue . A resolution for the revappolnlmenl of A2ets Audit ServI￿s Llmlted as auditors of the Assock?lion is to b8 prOp￿d at the Annua5 General Meetlng kn Ilne with the temis of the Charities Act 2011. olto tHo 8Ltd Date: 26 Septamter 2024 Dixon Almshouse Charlty Trustee'• re8ponslbllltl8s statoment lor thè y¢ar end￿ 31 March 2024 The Truste8 b responslble for preparlng the Annual report and the financial ststements in 8￿rd￿¢9 wllh ap￿1¢able law and T8gulalion8. Charfty low requlres the Trustee to preparg financHI statemgnts for each financlal y&ar In aGc¢xdance wlth Unlled Klngd¢)m Generalty Accepted ACCOUn￿ng Pr8Ctlce (United lQngdom Accountlng Stsndardg and appli¢abk lawl. Under charity law Ihe Trustee musl not approve the finandal statements unless they are satisfied that they give a Inj8 and falT view of the stale of affairs ofthe charity and oflhe Sncomlng resources and apFAicAb'on ofresources, Including the Income and expenditure. of the charlty for that perlod. In prepaiing these finandal 8tslements, the Tru$te8 15 requlred to: select suitable ￿COuntIr￿j pdkifjs arKI then apply conBlslendy,' rnakeJudgem8nl8 and accountirfj estim8tes that are reasonable and prudent,. state whether appll¢abl8 UK Accountlng Standards have been folk)wed. subject to any matertd departures disclosed explained in the financial ststem8nts,' and prepare the financfal stalernents on the golng concem basis unless it Is inapwopdate to pr65umg that the charity will rx)nUnue In buslne88. The Tru81ee L8 resFon$ible for k88ping adequale accounung record$ that are sufficlent lo show and exploin th8 charivs Ir8nsaGUons and dlsdose with reasonab￿ accuraw al any time the flnanclal F*)8111on of the ch8rty and enable them to ensure that the finanaal stslements compty thg Charities knt 2011. They are also responslble for 8afeguarding the 89sets of the cha￿ty and hence for taklng reasonable steps for the p￿ventiOn and detecllon of fraud and other Irregularities. Dixon Almshouse Charlty INDEPENDEwf AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARrwY Oplnlon INe ha￿ audli ed the financlal stalements of Dixon Alrrohouse Charity (the 'Charty'l for the ￿rIOd end￿ 31 Marth 2024 whlch wmpTise the statement of financial a¢lwilies, the statement of financlal w)si16on and notes to the financial slat8ments. in¢ludlng signrfKanl a¢counling policles. The flnancial reportlng fram8work Ihat has been applied in thelr FKeparatr)n 1$ sp￿ICable law and Unlted Kingdom Acc(MJnlin9 Stsndards, rKluding Flnanaal Reportkng Standard 102 The Flnancial Reportiry Starbdard appllcable in the UK arnl Republic of Ireland (United lQngdom Generalty Accepted Accountlng Praclice). In our oplnlDn th8 financLg1 sL7tem8nts: gfve a true and falr vlew of the slate of the Charvs affairs a$ •t 31 March 2024 and of Its surplu8 for the perIC￿ then ended,. have been proFerly propared in accordance with United Klngih)m Generalty Accepted Ar￿UntIr￿j Practice. and have been Prepar￿ In ￿rdanc0 vAth th8 requlrements ofthe.ChariUes Act 2011, Bas1$ for oplnlon W8 conductsd our audit in ¥cordance with Internauonal Standards on A￿￿King {UFq {ISAs (UK}l and 8pplicable law. Our responslbllltles under those standards are futher descrlbed in the Audilo¢s responsibillties for the audit of the financi￿ statements section of our rekX)rL are indepeThJent of the Charity in aecordance wllh the ethlcal requiremnts tI￿t are relèvant lo our audii of the finanGial statements In the UK, Includlng the FRC'S Ethical Stand*d, and we have fulfilled our other ethlcal reswnslbllltleB in accordan¢* wllh these requlrements. We belleve that th2 audit eviden￿ we have obtalned18 8ufficlonl and approprfate to provlde a tqsis for our opinion. Concluslons relating to golng conceyn In auditing the flnanclal statements, we have concluded that the Tw$tee's use of the going ￿nCern ba818 of accounting in the prepardllon of the fIn￿CIal 8tat8ments is appropriate. Based on the work we havo perfomied. we have not identlw any malerlal uncertaint￿$ r8kilng to events or condith)ns IhaL Indlvidualty or collectively, rnay cast skJnir￿ant doubt on the Chaty's abllity lo continue as a golng concem for a pemod of at18ast knelve monlhs from when the financial statements are authork8ed for issue. Our reS￿S￿lIrtieS and the respon5iblliiies of thè TNstee with respeci to going conwn de5crbed In the rolgvant sections of thls report other Inforniatlon The olher infcmation compdses th8 Informat￿ inrjuded In the annual report other than the financial statsments and our audilovs report thereon. The Trustee is responsible for the other information contained withln the annual reFrf)rt Ow oplnb)n ￿ the financ￿1 statements does not cover the other inbrmallon and, exGept to the 8xtent otherwise expliatly stated in our repJrL we do not expr8ss any form of assurance condusion thereon. Oui respOn￿bILlty is to read the other information and. in d¢lng so. c￿s￿lerWhelher th8 Other informallon Is w01erially Inconsistent with the financh81 statements, or our knowlédge obtained in the course of the audit, or otherwise app8ars to be materfally mlsstated. If we id8ntfy suGh materfal Inconslslenctes or apparent matetlal rnlsslalenEnts. we arg requlred to determine vth8ther Ihls 9lves rise to a mater181 misstatement In the financlal Statements themselves. If, bawj on the woth we have perfomied, we conclude that there Is a m8terfpl Misstste￿￿nI of this othèr Inforrnallon, we are requlred to report that fact We have nothing to re￿* in this reg¥d. Dixon Almshouse Charfty INDEPENDEKf AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARrrY (CONTINUED) Matters on whlch we arg rgqulrnd to report by oxc#ptlon We have nothing to report In respect ol the foll¢Mlng matters In relatlon to which the Ch8rftie8 Acl 2011 requlre us to report lo you if, in our oplnbn- the information given in the Trustee's Annual R8POrt or the financlal year for whkh the financLql statements ar8 prepared are not consi5tsnt with the financlal 8tstemgnts: OT adequate a¢counlng ￿cOrdS have not been kept,, or certain dlsGlosures of directors, remuneratbn specif￿1 by law are Mt m￿¢,. or Ihe finanoial slatements are not In agreement with tha accounung recorés and relum8: or we have nol reeelved all the information and explanations we requlre for our audll. RgBpon8lbllltle8 of Trust•? As ex￿ain￿l more fully in the Trustse's re8PDnslbililies statement set out on page 4, ihe T¥ustee b responsible for the preparatlon of the Inanclal stslements and for being Satisf￿ Ihal they give a true and falr vlew, and br such intsrnoj control as the board mernbets determine is necessary to 8nable the prepar8tkJn of ffnancial $taten*nls that arè Iree from matsrial misstatement. whether due to fraud or error. In preparing the financlal $lalemerrts. the Trustee Is responsib￿ for assesslng the Charity's abilty to Gonlinue as a going concem, dlscbsing. as applicable, matters related to golng conc£m and using the golng concern basis of accounting unless the Tnjstee either int8nd to Ilquldale the Charity or to cease operstkins, or hav8 realIS￿ altemallve bui to do Audllots rnsponslbiliti85 forthv audm of thg financlal 8tat8m•nts Our objectives are lo obtain reasonable assurance about whether the financlal statements as a whole are free from material mlsstsiemenl, wheth81 due to fmud or error, and to Issue an auditor's report that includes our oplnion. Reasonable assuran￿18 a hlgh level of assurance bul is not a gua•nteg thal an audit conducted In accordance with ISA5 (UK) will aws detsct a material Misstate￿EnI when it exlsts. Misstatements can arise from fraud error and are con81dered materkql rf, individually or in the aggregate. they could reasonably ke 8xpecled to inffuence the e¢onomic decisions of u8er8 taken on the basi8 of Ihe8e flnancLg1 stalémenls. A furthei descrfptbn of our responsibilities is avallable on the FinancLg1 Reportlng Counctl's web8it8 at.- https.'IhvWw.frc.org.uklaud￿rS¥eSponS1b1Iltl8￿. Thi5 description forms part of our auditor'5 reF(IrL Dixon Almshouso Charlty INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARITY (CONTINUEDJ Ext•nt to whlch thè audlt wa8 consldered capable of dètsctlng Irrggularltle6, Including fraud Irregularltles. Includlng traud, are instances of non-compliance wlth kws and regulations. We design procedur88 In line with our respJn8lbilities, outlined above and on the Financial Reporting Counch'8 Website, to detect malerbal misstatements In re$￿t of irregularities, inGludiNJ fraud. We c+Jlain and update our understsnding of the enlty, It8 actwlues, Its control environmenL and Ilkely futut developments. including in re181kin lo the legal regulatory framework applKable and h(M the entity 1$ complylng ￿th that framework. Based on thls understanding, we identify and assess the risks of maleiial mlsstatement of the financial slatemenls. whelher due to fraud or de$Kdn and perfomi audlt prtxedure8 reswnsNe lo th0sg risks, and obtaln audit eviden￿ that Is SUffic￿nt and appTorAI'ate Io PfDwd8 a basis for our opinion. This includes con$lderallon of the risk of * by the entlty that wer8 contrary to appltsbk laws and bpgulafjons, Includlng fraud. In response tothe rL8k of Irregularllles and noTrcompliancewllh laws and regulatlon$, Including fraud, we d8slgned procedures whkh Induded.. Enqutry of management and th08e chaTged with gov8manGe around actual and potsnllal Iltigatlon and cklms as well as aGtual, suspeGtsd and alleged fraud., Revlewing minutes of meeungs of those Gharged wlth gov8mance', As8e88lng th8 ext8nl of compllanc8 wlth the laws and r8gulation5 considered to have a dlrect material eff￿ on the financial staten￿nIS or the cp8ratif￿S of the Charfty Itmugh enqulry and Inspecth)n: Reviewing financlal statemnt disclosure5 and te81ing lo supportng documentation to asstss$ compliance with applicaLle laws arKI reguL9￿on3. PerfDmilng audit work over the risk of m8nagemenl blas and override of c￿trol$. IncludSng te8tlng of joumal entries and olh9r ad}uslments for approprfaleness, evaluaung the buslness ralhjnale of signltsnl Iransacllons (NJtshJe the normal Gouf8e of bu8ines8 and revwin9 accounliThJ estlmates for IndIcat￿8 of polenlial blas. Because of the inherent Ilmltath)ns of an audit, there16 a rfsk that we will rK)t detect all irregularth&8. includlng those leadlng lo a material mlsstslemenl In the financial statements or non-compliance wtth regulation. This risk Increases the ￿L)re IhatcomplianeR wllh a law or regulalionls removed from the events and transadon8 reflected in th8 financial statements. as we wll ￿ less likely lo become aware of instances of nonved fund Unrestrict8d Designaled reserve# General fund8 1,001 1,C(11 39.463 320,069 39fv63 321336 359,532 361,799 Total fund8 12 380,$33 382,800 ffina 13talementswere approved ty Ihe 8oard ofTruslee and aulhoris8d for issue 28 Septemter 2024. Iton omeL afrfty number- 223045 The notes on pages 10 to 18 form part of Ihes8 financial ststemonls. Dixon Almshouse Charity Not8s lomiing part of the flnancial statomonts for the year onded 31 March 2024 Accountlng polkle8 88$1$ of prnparn¢ion olflnandal s£thments The Itnanclal statements have been prepared Sn aG￿rdance wSlh the Charitie5 SORP Edrflon (FRS 1021- Accounting and R8Wrtlng by Charitlos.. Statement of Recommended PraCt￿e applicab￿ lo ch*ilies preparlng thelr *¢￿￿1$ In acc(Kdance wlth the Charttles SORP IFRS 1¢Y21 and the Ch*ihe$ 2011. Assets and fi8bllities arg initl81ty rec03n1s￿ al hlstorkal cost or transactlon va￿6 Un￿38 dheNAse staled in the relevant aecounling policy. All amounts are Fffesented In pour￿8 S￿￿Ing and aro rounded lo th8 nearest £1. The Trustee con$kJers that the Charity meets the definkn of a Benefit Entity u•¥Jer FRS102. The followlTrJ princip81 a¢￿Unting poI￿leS have been applled.. Income Inconx represents rental I￿￿me reGelvable and other Income. Income is reC￿nISed whero there Is entitlement, certainty of I￿pPI and th8 amount can be measured wlth sufficient reliabllhy. Rentsl In¢ome 18 recognlsed when the propety Is availab￿ for kl, net of void8 on a recelvgble bas18. Investsnènl Incomels reGogni8ed on a rece￿a￿e basls. Interest on funds hekl on deposit is included whgn receNabfe *)d the amount can be m&asured reliabty by the Charity,. this Is nomwlly upon notlficalion of the interest paid or payable by Ihg Instituuon wlth whom the funds are deposlted. Expendlture Expgndllure on ch8rit8ble ￿tivItieS relates to all costs of provlding housing &comModa￿n. Eynditure on harltable a¢livities is Incurred on dlreclly undertaklng the actwities which further th¢ Charty's objectives, as well as any asS￿lated support rnsts. Support costs of the Charlty represent the audrt fees, admlnlstralton costs fknance cosls. Tanglbl• flxed a888ts TarvJible f￿ed as5gls arg deprgclaled over theli u88ful I￿ tsking Into accoLrt resldual values, where appropnate. The actual IN8S ofthe Ossets and resfdual values areassessed annually and m8y vary dependlt)g cn a number of factors. In re•assessiThJ ass81 lives, faGlors such as t&hnologbal inr￿vatIOn. life Cyc￿8 and maintenance prc￿ram￿￿S are taken into account. ResKlual value assessments consider158ue8 such a$ fu￿re market condlNon5, the r6mainlng Iwe of the asset and projectgd dr6posal va￿e3. 10 Dixon Almshouse Charity Notés formlng part of Ihe liD•nclal statements fortho ygar èndod 31 Wlarch 2024 (contlnued) Ac¢ountlng pollcles (conlinued) Houslng Pmpgrll6s and Dopreclatlon H￿SIng properues for rent are ststed atCOSt less accumulated depredauon. Freehold land Is notdefftated. I propertles are reviewed for Impairrnent annually. here a hwslng property compri8e5 tsvo or ff￿re m¥)r components wllh subslanlkqlty different u?eful e¢onomk lives, each component Is a￿Unted for separatety and depreciated over Its indivldual useful econom￿ life. Expenditure reLqting to the subsequent rep￿4¢8Ment or Tenawal ol conp)nentS 18 GapRalised as in￿rred. Component UEL New bulld h(yJ5ing struoture Ext8rnal works Roots WndoW￿Owre Elect￿al 125 y8aT6 40 years eo years 40 year5 30 years 30 years 15 years 30 years 20 year8 Boilers HeatiriJ systems (exduding t•Jllers) Kltchens Impalmient ReV￿w$ tor Impalmwnt of housing propertles carrled out when a trlgger has 0¢(￿rr￿j and any Impaiment k736 In a G35h gen8Tatlng unit Is recogni$8d ty a ch8rg8 to the Statement of Comprehenslv8 Income. Impairment Is recognised where the carrying value of a cash ggneraling unit exceeds the higher of its net rgalisable value or its value In use. A cash generating unit is ￿rmalty a group of properiles 815Gheme level wh¢)se cash income can be separatsty identifiod. Fdlowlng 8 trlgger for Impai￿n( the Ch￿ty perfomw iffpaltment tests based on fatr value le35 ¢xtsts to sell or a value in use caloulalion, The falr valu816S8 COSt5 to sell calOuSat￿ is based on avaiL7ble data from sales transactions in an arm's length Iransactlon on slmilar Gash generating units {propertiegl or ob88Nable market prices less incremental costs for disposlng of the properties. The value in use calculation Is based on either a depreclaled r8plaGemenl ¢ost or a discounl8d cash flow mdel. The dewociated repL3c8ment cosl 15 based on available data of the oasl of constructing or acqulring replacement Prop￿IleS to provide the same level ol servtce rK)tenllal to the Charily as the exlsllng property. The cash flows are deiived from the business pkn for the nexi 30 years and do not include restructuring actNities that the Charity Is not yel perm'rtted lo or signrficant fvlure invgstrn8nts that wlll enhance the assevs ￿rforMan￿ of the cash generating unlt being tssted. The recoverab18 amount bs mos* sensib.ve lo the discount Tale used forthe discounted cash fthv nK)del as well as the expeGted future cash flows and the growth rate used for extrapolatlon purposes. 11 Dlxon Almshouse Charity Notes lomilng part of tho flnan¢lal statements for th8 yoar ended 31 Ma￿h 2024 (contlnuedj Accountlng pollcles (continued) Inv•$tments Flxed asset investments are a fom) of financial Instrument and are inilL4lly recc#Jnised al their Ifans8Ction cost and subsequenliy measured at falr value at the Yolance Sheet date, unless the walue Cannot be measured reliably in whlch case It Is measured al cost jess impairment. Inve51rrEnl gains and losses, whether ￿alIsed or unreallsed. are combined arKI presented as 'GalnsllLosses) on invesbnenls, S181emenl of Fin8ndal Ac15vittes. Flnanclallnstruments Th8 Charity onty ha8 finanotal 8ssets and flnanck91 Irabilities ofa klnd thatquallfy as bas1¢ flnandal Instruments. asic financial instruments are inltialty reocgnised at transaction value and Subsequent￿ measured al Ihelr settknienl value the exc8Ptlon ol bank k)an8 which are $ub8equenlly mea$vr&J al amortlsed co81 using the effeCt￿e Interest method. Fundaccountlng General funds unreslrfcled funds whioh are avallable for use al Ihe ¢JiscrgUon of the Trustee in fvrtherance ol the general oL¥eclNes of the Charity and whlch havg not been deslgnaled for other purpose8. The Charlty dgslgnales fund8 in retation to anliopaled m8jOt and cycltcal repalrs. Transfers to Desigrrated Funds are based on Managemenl e8timat8s of future Gosts. knlual expenditure18 expensed lo the Income and Exp8ndilure AcGount as Sn¢urred arKI a corresponding release offund615 then made from the D88ignated Funds. The balance is Tevlewed perIOd￿allY to ensure its adequacy. Judgemonts and key 80urce8 of ostlmatlon and un¢ortaliity The preparati¢Jrt of financL41 statemEnts rgqulres managernent lo npke judgements. estimates and assumptlons Ih8t8ffeol the an￿Unts reported forassets and Ilabllllies as at the Statement ofFlnano6al Posttion date and the an¥)unts reported for income and expenses during Ihe year. However, the nature of esllmab'on means that actual outcomes Goutd dwler from those estimates. The folkmlng Iltdgements (apwl from those involvlng estimates) have had the most slgnificant effeGt on an￿untS recognised in th$ financial statements.. G￿ng concom as$&￿Ment The business plan forecasts Show that the charfty has sufficient Ilqubj funds and d8bt facilities in place that provlde adequate reSou￿S to fvnd all oommilled capllal expeThJllure and investment programmes together wKh daY-t￿daY acltvitie8. The chwty's actlvltles are expected to continue unchanged for the foreseeabl8 future and the un¢grtaintfe$ consldered, Indudlng the pandemic, are notexpected lo have a material hJng lemi impact on the associallon's financlal viability. On this basis, the Trustee Is sallsfled through conslderalion of fulure yews, for&asls thal11 has adequate resources lo finaK4 future re-investment In Its properties along wlth daY-t￿daY opeTrUons for the next 18 months from the date ofsbning ofth&accwnts Including 8uffiel8nl cash to meet Snterest payments on the Olrtstandlng loan. For thK% reason, we continue to adopt the golng concem basls in the financial Statemgnts. 12 Dixon Almshouse Charlty Notes fomilng part of the flnanclal ¥t•temonts for the year gndgd 31 March 2024 (conlinu8d) Judgemgnts and IK•y *ourc•s of o•tlmatlDn and uncort•inty Iconvdl The cha￿t￿S activ￿88 are expected to continue un¢h8ng8d for the fores98ab￿ future and the uncertainl con8ider8d, Includlng the pandemk and the Inflatlonary pressures describ￿ abov8, arè not expeoled to have a mal8rlal long term Impact on the charity's financlal vk8bility. On this basis the Trustee h88 a reasona1￿& expectation that the charlty has adequats roBources to continue in operalonal existen￿ for the fm88eable future, being a perlod of at18ast 12 months after U)e d8te on which the financlal 8tatem8nls are slgned. Therefore, it Continues to adopt the golng concem b8315 In the financlal 8latem8nts. In¢¢)me from charltablg actlvltl88 Unre8trlctod 2024 Unre8tYlct•d 2023 Housing accommoda￿On arKI as8lst8nce 36,876 32,587 Income from Invtstments Unroslrlct•d Unrestrlcted 2024 2023 Interest and dlvld8nds ¢)n Investment d8PO¥It accounts 303 13 DlxonAlmshouse Charity Note8 lomilng part of thg flnanclal statemènts for th¢ year endgd 31 ￿rGh 2024 (contlnuedj 5 E*pendl¢ure on chanTtoblo acdvities 2024 DlreGt 2024 Support 2024 Total Hou&ng accomn70d8bon andassistanca 28,798 10,777 39￿75 2023 DirKt 2023 Support 2023 Houdng acC￿MOdatIOn and esslslanc8 18,168 10,200 28.368 AJI exppndilure on tharft8ble a¢￿￿leS was unrestrlcted In the ￿rrent and p￿Or year. Direct costs on charltablg actiwlle8.' 2024 2023 Repalrs and malntenant¢ Property costs Heat and light Depreciation Insurance Other d1￿1 17,943 3,169 2094 4A#0 7,966 2,613 5.150 180 28.798 18,168 GoYfrman¢• costs (which reprg5ont Ihg support C08ts) Audit fegF Admin and finance costs Other support 1,867 1028 73 8,299 8,850 10,Tn 10,200 Audltorn, remuneration 2024 2023 In relation lo audit of fin￿¢[al staten*nts Accountancy Serwces 1,803 1M14 14 Dlxon Almshouse Charlty Note• fomilng part of th¢ Ilnanclal 8tatomtnt8 for thè year ended 31 Mavch 2024 (contlnuod) Tnotse Yèmuh•ratlon and exp•n8e During Ihe year. the Trustee. Arcon Hou$lng Associatlon vrds pald a management fee of £8.850 (2023.. £8,299). No other r8rnlF￿ratKIn Of expenses were paij to the Trustse during the current or prtorye8r. Tanglble Ilxod ayB•ts Proporty At 1 Aprl 21r23 A(klilions DIS￿saI9 278.377 4,331 (1,171) At 31 March 2024 281￿37 Depreclallon At 1 April 2023 Charge in year Disposal8 59.704 4.410 11.171) At 31 March 2024 62J43 1¥8t b￿k v81u8 Al 31 March 2024 218,$94 At 31 March 2023 218,873 15 Dixon Almshouse Charity Not08 lormlng part ￿ tho financlal statomonts for thfj year onded 31 PAarch 2024 (contlnued) ve$tmgn18 2024 2023 AI&G MultI4￿9t fund Market value al l April Gain￿(lOS$) on revaluallon 1,898 2,055 arkgl value al 31 March 2,034 1,998 HiBtoric cost 1,000 1,000 Investments are fully reprgsentsd by 4uity shares. 10 Debtor8 2024 2023 Rent arrews Amunts owed by related partles Other debtor8 390 28 11 CiedltorJ: amounts falllng due wlthln one ygar 2024 2023 Amounts dug to related partles Accruals Tenants kn credlt 2,997 2,656 4,285 912 2,297 4￿73 9,938 7,582 16 Dixon Almshouse Charity Noto8 formlng part of the Ilnanclal statemonts for the year endèd 31 March 2024 (Gontlnued) 12 Analysls of lund8 At 1 Aprfl 2023 Al 31 Marth 2024 Galn# and transfers Income Exp6ndltur• Unrestslcted fund6 General D8signated 322,336 39,463 37,272 (39,575) 320.L￿9 39.463 361,799 37,272 {39,S75) 359.532 Endowed funds PemFanent endTh￿l funds Tr)tal funds 382,800 37,272 139,578) 360,633 At l Aprll 2022 At 31 March Galns and tran6hr8 In¢omg Expendlturg UnreBtrictsd funds General De8lgnated 317,871 39.463 32.890 (28,368) {57) 322.336 39,463 357.334 32,890 128,368} 157) 361,799 End¢)w¢d fund8 PenY*nent endowed fvnd8 1,001 1,001 Total fund8 358,335 32,890 128.388) 157) 382,800 Gèneral funds are unr8stricted funds whth are avaitable for use al the discrel'on of the Trustee In furth8r8nce of the genaral objectives of the Charity and which have not been designa￿ for other purpose8. The Charity de51gnates funds in Tel8llon lo antlcipaled maJor"and cycli(xl repairs. Transfers to Designated Funds are b88ed on Managem8nt esUm8te5 of future costs. Actuai expenditure is 8xpensed to the Inw and Expendllure Account as incurred and 8 corre$pondlng release of funds is then made from the Deslgn8led Funds. The bakncg is reviewed peAodlcally to ensure its adequacy. Endwd hjnds represent the hlstorKal G05t of the amounts held in Inveslments. 17 Dixon Almshouse Charity Notes formlng part of the flnanclal stafoments for the y8ar ondèd 31 hlarch 2024 (eontinuedj 13 Net ￿sets 2024 Genernl Do8lgnated EndoMd T•)tal Tarolble Ilxed assets Inv8Stm8nts Debtors Cash al bank Creditors.. amounts falllng due In one year 178,130 2.034 390 149,453 39,463 I,(K11 218,594 2.034 390 149,453 (9,938) {9,938) 320,069 3gA63 1.001 360,533 2023 Tangible ILxed assets Irweslments Dgbtors Cash at bank Credltors- anTr)unts falllng due In one yoar 178,209 1.998 28 149.683 39,463 1.ty)1 218,673 1,998 28 149,683 (7,582) {7,5821 322.336 39h63 1,001 362.800 14 Flnanclal In8tNmènf8 2024 2023 Finan¢ial assets measur&fj at fair value through wofit and loss 21134 1,998 Financlal a8sets measured al fair Yalu8 through profit and108s comprlse equlty Inygstments stated at mark8t vahje. 15 Relat8d party tran8actlon6 Amounts due atstart of year Amounts due at gnd of year R•calpts Payments 2024 Arcon Housing 912 25,064 122,9791 2,997 2023 Arcon Housing 3,341 ¥055 126,484) 912 18 Fleet House New Road Lancaster LA1 1EZ T: +44 (0) 1524 541 200 F: +44 (0) 1524 541 201 azets.co.uk ## **Private & Confidential** Our ref: SC/AHM/C-10011797 The Board Members Bolton At Home Limited 98 Waters Meeting Road Bolton BL1 8SW 5 September 2024 Dear Sirs This Audit Findings Letter highlights the significant findings arising from the audit, for the benefit of those charged with governance. We appreciate that you may be aware of some of the matters contained in this report, however as required by International Standard on Auditing (UK) 260 we are required to communicate such matters to you formally. As auditors we are responsible for performing the audit, in accordance with International Standards on Auditing (UK) (ISAs (UK)), which is directed towards forming and expressing an opinion on the financial statements that have been prepared on behalf of management with the oversight of those charged with governance. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities for the preparation of the financial statements. This letter has been provided on the basis that it is for the information of the Board and management of Bolton at Home Ltd and its subsidiaries only and that it will not be distributed to others, quoted or referred to, in whole or in part, without our prior written consent. ## **Audit status and audit opinion** Our audit work is substantially complete and there are currently no matters which would require modification of our audit report, subject to the outstanding matters detailed below. Receipt of signed management letters of representation Receipt of signed financial statements We do not propose any modifications to our audit opinions which are unqualified. ## **Findings related to significant risks** Significant risks are defined by professional standards as risks that, in the judgement of the auditor, require special audit consideration. In identifying risks, we consider the nature of the risk, the potential magnitude of misstatement, and its likelihood. Significant risks are those risks that have a higher risk of material misstatement. |**Risk**|**Audit approach and conclusions**| |---|---| |**Management override of controls**|| |Management is in a unique position to perpetrate fraud|Our audit testing included detailed testing and overall| |because of management's ability to manipulate|review of journals as well as a review of accounting| |accounting records and prepare fraudulent financial|estimates used and the rationale behind them.| |statements by overriding controls that otherwise appear|| |to be operating effectively.|We did not identify evidence of management override of| |Although the level of risk of management override of|controls.| |controls will vary from entity to entity, the risk is|| |nevertheless present in all entities. Due to the|| |unpredictable way in which such override could occur, it|| |is a risk of material misstatement due to fraud and thus|| |a significant risk.|| ## **Risk of material misstatement: High** ## **Going Concern** In line with the approach required by ISA 570, going For each entity we reviewed and assessed post year concern has been identified as a significant risk. end forecasts and performance to analyse the ability of the entities to be a going concern for the next 12 **Risk of material misstatement: Medium** months. We also factored in available funding and each entities funding needs for the next 12 months. For the following companies we have obtained letters of support from Bolton at Home: Maxmedia Communications Ltd, R-Haus Living Ltd, and Stonecross Homes Ltd, Starts with You has not been deemed a going concern this year given the decision taken post year end to cease to trade through that company. 2 ## **Other identified risks** **Risk Audit approach Fraud in revenue recognition** Material misstatement due to fraudulent financial We have performed detailed substantive audit testing reporting relating to revenue recognition is a presumed on income streams risk in ISA 240 (The Auditor's Responsibilities Relating with the exception of Maxmedia (please see appendix to Fraud in an Audit of Financial Statements). 3). From a group position, there are no significant issues **Inherent risk of material misstatement:** noted from our work performed. **Accuracy: Medium Completeness: Medium Cut off: Medium Provisions for disrepairs and repair and improvements** We obtained and reviewed the basis of the calculations The provision is an estimate in the financial statements and corroborated back to appropriate supporting therefore at risk of material misstatement. evidence. We have raised a judgemental unadjusted difference in **Inherent risk of material misstatement:** relation to this. **Completeness: Medium Valuation of fixed assets** The value of investment properties should be reviewed We have reviewed the external valuation reports and annually. compared these to the carrying values of fixed assets, There are properties held for sale which could be held investment properties and properties held for sale. at an overstated value in the financial statements. We also considered impairment indicators and reviewed **Inherent risk of material misstatement:** from the Bolton at Home Group. **Valuation: Medium** We have not noted anything to report based on our work. ## **Defined benefit pension scheme** There is a risk that the liability and disclosures in respect of the defined benefit pension scheme with Greater Manchester Pension Fund may be materially misstated. We have reviewed the actuarial valuation report including the assumptions which underpin the calculation. We have also reviewed the actuar experience and independence from the Bolton at Home Group. The financials and disclosures are consistent with the valuation report that has been provided. Discussions are still being held around the opening balance in conjunction with the asset ceiling report supplied by the actuary. There is a potential £5.2m adjustment here to the opening balance. ## **Arcon transfer of assets** Given the fact that all the assets, liabilities and trade of Arcon Housing Association will be transferred to Bolton at Home prior to the year end this has been identified as a risk given the unique nature of this transaction. We held proactive discussions with the finance team before journals and disclosures were processed. There is no requirement for financial statements to be filed following the entity being de-registered. No concerns were noted from our work performed. 3 There were no changes to our audit plan previously communicated to you. ## **Going concern** basis and there are no material uncertainties relating to going concern which should be disclosed in the financial statements. Please see the going concern section, under Significant Findings, for our comments on the necessary letters of support which are needed to support this conclusion. The accounting policies used in preparing the financial statements are unchanged from the previous year. Our work included a review of the adequacy of disclosures in the financial statements and consideration of the appropriateness of the accounting policies and estimation techniques adopted by the company. We found the disclosed accounting policies, significant accounting estimates and the overall disclosure and presentation to be appropriate for the company. ## **Fraud or suspected fraud** We have not been made aware of any other incidents in the period and no other issues have been identified during the course of our audit. Our work as auditor is not intended to identify any instances of fraud of a non-material nature and should not be relied upon for this purpose. In the event that the directors wish to obtain enhanced assurance with regard to the effectiveness of internal control in preventing and detecting fraud we should be happy to provide additional services. ## **Non-compliance with laws and regulations** As part of our standard audit testing, we have reviewed the laws and regulations impacting the business. There are no indications from this work of any significant incidences of non-compliance or material breaches of laws and regulations stopping the business from continuing as a going concern or that would necessitate a provision or contingent liability. There are also many other laws and regulations relating to health and safety as well as human resources generally and industry specific requirements. We are not aware of any significant incidences of noncompliance. ## **Written representations** We enclose the draft letters of representation, we will request the Board sign these at the same time as the financial statements are approved. ## **Related parties** We are not aware of any related party transactions which have not been disclosed. ## **Confirmations from third parties** All requested confirmations have been received. We are required to inform you of any significant misstatements within the financial statements presented for audit that have been discovered during the course of our audit. Details of items corrected following discussions with management are set out in Appendix I. In addition, a number of non-trivial uncorrected misstatements were discovered during the course of our audit and a summary of these can be found within Appendix II to this letter. 4 The purpose of an audit is to express an opinion on the financial statements. As part of our work we considered internal controls relevant to the preparation of the financial statements such that we were able to design appropriate audit procedures. However, this work was not for the purpose of expressing an opinion on the effectiveness of internal controls. We are required to report to you in writing, significant deficiencies in internal controls that we have identified during the audit. These matters are limited to those which we have concluded are of sufficient importance to merit being reported to you. The scope of our work is not designed to be an extensive review of all internal controls. If we had performed more extensive procedures, we might have identified more deficiencies than those reported in Appendix III below. audit letter to you dated 19 January 2024 confirming audit planning arrangements there are no further matters to bring to your attention in relation to our integrity, objectivity and independence. We confirm that all threats to our independence have been properly addressed through appropriate safeguards and that we are independent and able to express an objective opinion on the financial statements. The contents of this report relate only to those matters which came to our attention during the conduct of our normal audit procedures which are designed primarily for the purpose of expressing our opinion on the financial statements. We do not accept any responsibility for any loss occasioned to any third party acting or refraining from acting on the basis of the content of this report, as this report was not prepared for, nor intended for, any other purpose. We would like to take this opportunity to record our appreciation for the kind assistance provided by your team during our audit. If we can be of any further assistance, please contact Susanna Cassey and Adam Hilton-Mason. Yours faithfully, ## **Azets Audit Services** I (D E o)£ w ui al > QI U KL(U Q)._