Dixon Almshouse Charity Trust88's Annual Rèport and AccoLJnts Year Ended 31 Maich 2025 Charity Number.. 223045 Dixon Almshouse Charity Tru$teè report and financial statem•nts for the year ended 31 March 2025 Contents P8g0'. Report of the Trustee Trustee's responsibilities statement Independent auditor's report Statement of financial 8clivilies statement of financial position 10 Notes forming part of the financial statements Trust•& Bolton At Home Ltd Almshouse Manager.. Bolton Al HDme Ltd Company secretary and r•gistor$d offire Katrina Cunliffe. Valley House, 98 Waters Meeting Road. Botton, BL1 8SW Charity number 223045 Solicitors Anthony Collins SoliGilors LLP, 134 Edmund Street. Birmingham, B3 2ES Auditor Azet5 Audit Service5. Fleet House. New Road. Lancaster. LA1 1 EZ Bankers CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Dixon Almshouse Charity Rèport of th• Trustè• for the ye•r endèd 31 Mar¢h 2025 The Trustee prèsents the annual report and the audited financial statements lor the year ended 31 March 2025. The Trustee hAS adopted the provisions of the Charilies SORP 2nd Editlon IFRS 1021 in preparifjg Ihc annual report and financial stslemenls of the charity. Structuro. Gov•rnanco and Managemont Bolton Al Home were appointed as Trustee on 31st March 2024_ The Trustee was previously Arcon Htsusing Association. Structure and activities The Charity, which is registered with The Charity Commission, is unincorporated and has as its constitution a declaration of trust dated 2 March 1968 las amended). In addition, the Truslee holds funds and investments with a view to the further development ol its chariiable airns. Org3n15ation The Board of Bolton Al Home meets six limes a year and catries out an Annual Review. As Corporale Trustee, the trustee meets at least fviice a year to discuss perforynance, budgets and business plans and approve the financial statements. Obj¢¢tives and Activitios The Charitable objects of the Charity are.. lo provide housing accommodation and assistance lo help house people who are elderly or disabled and associated facilities and amenities for such people or the relief of the aged. disabled.. and to further such general charitable objects as the Trustee may determine. Financial review The total incoming resources were £40,890 for the year to 3151 March 2025 12024.. £37,2721, producing an operating surplus of £9,92012024.. £12,30311, There was a net income of £9,968 for the 12-month perioé to 31. March 202512024.. loss of £12,26711. Accumulated surpluses held in general unreslriGled reserves were £330,037 12024. £320,069). Going con¢em The business plan forecasts show that thg charity has sufficient liquid funds and debl facilities In place that provide adequate resources lo fund all commilled capital expenditure and inveslmenl programmes together with day-lo- day activitie5. The charity's activities are expected to continue unchanged for the foreseeable future Bnd the uncertainties considered, are not expected lo have a materi81 long term impact on thé association's financial viability. On this basis, the Trustee is satisfied through consideration of lulure years. forecasts that il has adequale resources to financ8 lulure re-investment in its properties along with day-lo-day operations for the ngxl 18 months from the date of signing of the accounts. For this reason. we continue to adopt the going concern basis in the financial slatemenls. Rèservès policy The Trustee has considered the need for an appropriate level of reserves in conjunction with the guidance issued by The Charity Commission. In detemiining a reserve policy the Trustee h8s idenlrfied core obje¢tiv8s to be met. These are as follows.. the establishment of adequate free reserves (excluding fixed assetsl to ensure that the Charity has adequate liquidity lo meet any 5hort-term fluctuations in OCCLJpancy levels or exceptional costs outside the scope of the budget.. and the development of a strong balance sheet and p0511ive cash flow lo support the funding of the improvement of the existing property. The level ol reserves required is delerrnined using comprehensive budgets and cash flow forècasts. RegLJlar updates and monitoring of thèsè documènts are carried out to ensure that a surplus is achieved, and cash flow is adequate for the needs of the Gharity. The benchmark for the free reserves for the Charity is between £300,000 and £500,Of)O. Al the year end the Charity has £370,501 of total lunds12024'. £360.533) of which £369.50012024'. £359,532) is available al the discretion of the trustee and deemed as free reserves. Rl$k managém•nt The TrustÉè has idéntified the risks to which the Charity is exposed and, for each of these, an assessment has been made as lo their Impact, severity, and probability. Internal and exiernal controls have been reviewed for effectiveness in mitigating thesè risks. Systems have been establishe(I to manage the level of risk including the following.. The review of major risk related incidents land Steps taken lo address these) at each meeting of the 8oard and thè Group Audit and Risk Committee of the Trustee. The internal control syslem is monitored and supported by external audit that is able to provide an independent perspective on the management of risk within the Charily. The management and control of risk is an ongoing process in the Charity. Responsibility for ensuring that there are appropriate risk management and audit slrucluTes in place, and for reviewing those slructures. is delegated lo the Group Audit and Risk Committee of the Trustee, which is a sharèd committee with the Bolton at Home Group. Dixon Almshouse Charity Report of the truste8 for the year ended 31 March 2025 (contlnued) FundSng Sourcg and Expenditure The principal funding sources are charges for providing housing accommodation. Expen*Jilure is all related lo providing this accommodation Future developments A stock condition survey has been completed which will inform future requirements for improvements to properties and programmes are being prepared a¢¢ordingly. Auditor Azels Audit Services Limited have audited the current years a¢Gounts and have expressed their willingn95s to continue. A rèsolution lor the rè-appointment of A2ets Audit Services Limited as auditors of the Association is lo b8 prop05ed at the Annual General Meeting in line with the term5 of the Charities Acl 2011. Bolton At Homè Ltd Trustèe Date.. 25 September 2025 Dixon Almshouse Charity Trustee's responsibilities statement for the year ended 31 March 2025 The Trustee is responsible for preparing the Annual report and the financial statements In a¢¢ordan¢e with applicable law and regulations. Charity law requires the Trustee lo prepare financial statements for each financial year in a￿ordanCe with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and appli¢able lawl. Under charity law the Trustee musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity lor that period. In preparing these finan¢io1 statements, the Trustee is required lo.. select suitable accounting policies and then apply them consislenlly". make judgèmenls and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have begn followed, subject to any material departures disclosed and explained in the financial slalemenls.. and prepare the financial slalemenls on the going corTrcern basis unless it is Inapproprlale to presume that th8 charity will continue in business. The Trustee is responsible for keeping adèoLJate accounting records that are sufficient to show and explain the ¢harity s transa¢tion$ and disclose with reasonabk a¢¢ura¢y at any tirne the finan¢ial position Df the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets ol the charity and hence for iaking reasonable steps for the prevention and detection ol fraud and other Irregularities_ Dixon Almshouse Charlty INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARITY Opinion We have audited the financial statements of Dixon Almshouse Charity Ilhe 'Charity'l for the period ended 31 March 2025 which comprise the statemènt of financial activities, the statement ol financial position and notes lo the finoncial slalemenls. inGluding significalll accounting policies. The financial reporting framewL)rk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststemonts". giv8 a Ifue and fail view of the slate of the Charity's affairs as at 31 March 2025 and of its surplus for the period then ended., have been properly prepared in ac¢ordance with United Kingdom Gen*rally A¢cepl¢d Accounting PraGtiGe", and have been prepared in acGordance with the requirements of the Charities Act 2011. Basls lor oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law OLJr responsibilities under those standards are further described in the Auditoffs responsibilities for the audit of the financial slatemenlg section of our report. We are independenl of the Charity In accordance with thè ethical requirements that are relevant to our audit of the Iinancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded thal the Trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, wè have not identified any matèrial uncertainties rèlating to events or conditions that, individually or collectively, may cast signifiunt doLJbt on the Charity's ability lo continue as a going concern for a period ol at least twelve months from whèn thè financial 51alemenls are aulhoriséd for issuè. Our responsibilities and the responsibilities of the Trustee with respect to going concern are des¢ribed in the relevant sections of this report other infom)ation The other information comprises the information included in the annual report other than the financial slalemenls and our audilorfs report Ihereon. The Truslee is responsible for the other information contained within the annual report. Our opinion on the financial slatemenls does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of aSSLJrance conclusion thereon Our responsibility is lo read the other Information and, in doing $0, ¢onsider whether the other information is materially iDGon51slenl with the financial stalemenls. or our knowledge obtained in the course of the audit. or olhetwise appears lo be materially misstated. If we identify such rnalerial inconsi51encies or apparent rnalerial misstatements, we are required lo determine whether this gives rise lo a material misslalemenl in the finan¢181 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Dixon Almshouse Charity INDEPENDENT AUDITOR'S REPORT TO TPIE TRUSTEE OF DIXON ALMSHOUSE CHARITY (CONTINUED) Matters on whl¢h we ar¢ r*qulr•d to r•port by ex¢eptlon W$ have nothing lo report in respect of the following matters in relation lo which the Charities Act 2011 require us lo report lo you if, in our opinion.. the information given in the Trustee's Annual Report 01 the financial year lor which the financial slalemenls are prepared are not Gon5151enl with the financial slalemenls", or adequate accounting records have not been kept., or certain disclosu￿S of directors, remuneration specified by law are not made,, or the financial slalemenls are not in agreement with the accounting record5 and returns,. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of Trustee As explained more fully in the Trustee's responsibilities statement sel out on page 4, the Trustee is responsible for the preparation ol the financial statements and lor being satisfied that they give a trLJe and lair view. and lor such internal control as the board members determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to frau(J or error. In preparing the financial stalemenls, the Trustee is responsible for assessing the Charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Truste8 aither intend lo liquidale the Charily or to C8ase operations, or have no realistic allernalive but to do so_ Audltor's responsibilities for the audit of the financial statements Our objectives are to oblairi reasonable assurance about whether the financial statements as a whole are free from material mi5slalemenl, whether due lo fraud or error, and lo issue an auditorfs report that inGludes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually OT in the aggregate, they Could reasonably be expecled to inflLJence the economic decisions of users taken on the basis of these financial statements. A ILJrther description of OLJr rèsponsibilities is avÈilable on the Financial Reportirig Council's website at.. https".l/www.frG.org.ukJaudilorsresponsibililies. This description forms part of our auditor's report. Dixon Almshouse Charity INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARITY (CONTINUED) Extènt to which the audit wa5 conslder•d Capable of detecting irregvlarities, including fraud Irregularities, including fiaud, are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, Dutlined above and on the Financial Reporting CoLJncil's website. lo delect material Tnisslatetnents in respect of irregularilie5, including fraud. We obtain and update our understanding of the entity. ils ¥clivilies, its control environment, and likely fulurg developments. including in relation lo the legal and regulatory framework appli¢able and how the Èntity is complying with that Iramework. Based on this understanding, we identify and assess the risks of material missialement of the financial slalem6nls, whether due to IraLJd or Èrror, design and perform audit procedures responsive to those risks, and obtain audit èvidence that is sufficient and appropriate to provide a basis for our opinion. This in¢ludes consideration of the risk ol acts by thè èntity that were ¢ontrary lo applicable laws and regulalions, including fraud. In response to the risk of irregul8rilie5 and non-compliance with laws and regulations. including fraud, we designèd procedures which included". Enquiry of management and those charged with governance around actual and potential liligalion and claims as well as actual, suspeGted and alleged fraud., Reviewing minutes of meetings of those charged with governance., Assessing the exlenl of compliance with the laws and regulations ¢onsidered lo have a direct matèrial effect on the financial statements or the operations of the Charity through enquiry and inspection.. Reviewing financial statement di5cIosures and testing lo supporting documentation to assess compliance with applicablè laws and regulations.. Performing audit work over the risk of management bias and override of controls, including testing of ioumal enlries and other adjustments for appropriateness, evaluating the business rationale of significant transaction5 outside the nom)al course ol business and ieviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an aLJdit, there is a risk that we will not detect all irregularilie5. including Ih05e leading to a fflalerial misstatement In the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transadions reflected in the financial 51alements, as we will be less likely to become aware of instances of non-¢ompliance. The risk of not delecliDg a material misstatement resuhing from fraud is higher than for one iesulling from error, as fraud rnay involvè Collusion, forgery, intentional omissions, misrepresentations, or the override of internal conlrol. Use of our report This report Is made solèly lo the Charity's IrLJStee. as a body. in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might stale lo the Charity's Iruslee those matters we arg iequired lo slate to them in an aLJditor s report and lor no other purpose. To the full@st èxtènt permitted by law, wè do not accept or assume rèspon5ibilily lo anyone other than the Charity and thè Charity's trustee, as a body, for OLJr audit work, for this report, or for the opinions have formed. Susanna Cassey Isenior Statutory Auditor) For and on behalf of Azets Audit Services Charterèd Accounlanls Statutory Auditor Fleet House New Road LanG8Ster LA1 1WZ t '25 Dixon Almshouse Charity Stat•m•nt of financlal activltles for the year endèd 31 March 2025 Vnr•stricted 2025 Total 2025 Total 2024 Note Income from.. Charitable activities Investments 40,479 411 40,479 411 36,876 396 40,890 40,890 37.272 Expenditure on.. Charitable activities 30,970 30.970 39,575 30.970 30,970 39,575 Net expenditure belore galns and transfers 9,920 9,920 12,3031 Gain on investments 48 36 Net movements In funds 9,968 9,968 12.2671 Reconciliation in fund$ Balance brought forward al 1 April 2024 Movement in funds 360,533 9,968 360,533 9.968 362,800 (2,2671 Balancè carrièd forward at 31 March 202S 370,501 370,501 360.533 The notes on pages 10 10 18 form part of these financial tstatements. Dixon Almshouse Charity Statement of financial position at 31 March 2025 Note 2025 2025 2024 2024 Fixed a55et5 Tangible assets Investments 213,896 2.082 218,594 2,034 215.978 220,628 Current assets Debtors Cash at bank 10 708 168,347 390 149,453 169,055 149,843 Crèditor5- amounts falling due within onè year 114,5321 19,9381 Ntrt ¢urrgnt assets 154,523 139,905 Net assets 370.501 360,533 Funds Permanent endowed fund Unreslncled Designated reserves General funds 1.001 1,001 39,463 330,037 39.463 320,069 369,500 359,532 Total funds 12 370,501 360,533 The financial slatements wère approved by the Board of Trustee and authorised for issue on 25 September 2025. Bolton At Home Ltd Trustee Charity number- 223045 Th8 notes on pages 10 to 18 form part of these financial statements. Dixon Almshouse Charity Notes forming part of the financial statèments for the year ended 31 March 2025 Accounting policies Basis of preparalion oi financial statements The financial statements have been prepared in accordance with the Charities SORP 2nd Edition IFRS 1021- Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to ¢harilies preparing their accounts in accordance with the Charities SORP IFRS 1021 and the Cherities Act 2011. Assets and liabilities are inilially recognised at histori¢al Cost or transaction value unles5 otherwise staled in the relevant accounting policy. All amounts are presented in pounds sterling and are rounded lo the nearest £1. The Trustee considers that the Charity meets the definition of a Public Benefit Enlily under FRS102. The following principal accounting policies have b8en applied.. Incorne Income represents rental income receivable and other income. Income is recognised where there is entillemenl, certainty of receipt and the amount can be measured with sufficient reliability_ Rental income is recogni5ed when the property is available for let, net ol voids on a re¢eivable basis. Investment income is recognised on a receivable basis. Inte￿$t on funds held on dèposit is includéd when receivable and the amount can be measured reliably by the Charity,. this is normally upon nolificalion of the interest paid or payable by the inslilulion with whom the funds are deposited. Expenditure Expenditurè on charitable 8Gtivities relates lo all costs of providing housing a¢¢ommodalion. Expenditu￿ on charilable aGlivilies is incurred on directly undertaking the activities which further thé Charity's objèctlvès, 8$ well as any associated support costs. Support costs of the Charity represenl the audit fees, adminislralio costs and finance costs. ranglble fixed assets Tangible fix8d assèts arè depre¢iated over their useful lives taking into a¢count rgsiéual valugs, where appropriate The actual lives of the assets and residual values are assessed annually and may vary depending on a number ol factors. In re-assessing asset lives. factors such as technological innovation, product life cycl¢s and maintenanGe prograrrTffles are taken intu account. Residual value assessments consider issues such as future rnarket conditions, the remaining life ol the asset and proieclecs disposal values. 10 Dixon Almshouse Charity Notes forming part of the financlal statemènts for the year ended 31 March 2025 (Continued) Ac¢ountSng pollcles (continued) Housing Properties and DepreciTation Housing properties for rent are slated al ¢osl less a¢¢umulaled depreciation. Freehold larTd is not depreciated. All properties are reviewed for impairment annually. Where a housing property comprises two or more major components with subslanlially different useful economic lives, each cornponent is accounted for separately and depreciated over its individual useful economic lif8. ExpenditLJre rèlating to the subsequenl replacement or renewal of components is capitalised as incurred. Component UEL Now build housing slru¢turg Exlemal works Roofs WIndo￿lD00r$ Electrical Bathrooms Boilers Healing systems (excluding boilers) Kitchens 125 years 40 years 60 years 40 years 30 years 3D years 15 years 30 years 20 years Impalrment Reviews for impairment ol housing propértiès are ¢8rrled out when a trigger has ot¢urrèd and any impairmènt loss in a cash genergting unil is recognised by a charge lo the Statement of Comprehensive In¢ome. Impairment is recognised where the ¢arrying value of a cash generating unil exceeds the higher of its net realisable value or its value in use. A cash geneialing unit is normally a group of properties al SChe￿e level whose cash income can be separately identified. Following a trigger for impairmenl, the Charity performs impairment lests based on fair value less costs to sell or a value in use calcijlation. The fair value less costs to sell calculation is based on available data frorn sales transactions in an arm's length transaction on similar cash generating units Ipropertiesl or observable market prices less incremèntal costs for disposing ol the properties. The value in use calculation is based on either a depreciated replacement cost or a discounted Cash flow model. The depreciated repla¢ement cost is based on available data of the cost of conslrucling 01 acquiring replacement properties lo provide the same level of service potential lo the Charity 85 the existing property. The cash flows are derived trom the business plan lor the next 30 years do not Include restructuring activities that the Charity is nDt yet pemitled lo or significant future investments that will enhance the asset's performance of the cash generating vnit being lesled. The recoverable amount Is most sensitive to the discount rale used lor the discounted cash flow model s well as the expected future cash flows and the growth rale used for extrapolation purposes. Dixon Almshouse Charity Notes forming part of the flnancial statemènts for the year ended 31 March 2025 (¢ontinuedJ Accounting palici•$ (Gonlinued) Investments Fixed asset inveslmtrnls are a form of financial instrument and are initially recognised al Ihtrir transaction cost and subsequently measured al fair valu& at the Balance Sheet date, unless Ihtr value cannot be measured reliably in which case il is measured al cost1&s5 impairwenl. Investment gains and losses, whether realised or unrealised. are combined and presented as 'GainsllLossesl on inveslmenls, in the Slalemenl ol Financial Aclivilies. Financial Instrument5 The Charity only has fin8n¢i81 assets and financial liabilities of a kind that qualify as basic financial inslrumenl5. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised Cost Ljsing the effective interest method. Fund aecounting General funds are unrestricted funds which a￿ ?vai18ble for use at the discretion of the Trustee in furtherance of the general objectives ol Ihe Charity and which have not been designated for other purposes. The Charity dasignates funds in relation to 4ntieipat8d major and cyclical repairs. Transfers to Designated Funds are based on Management estimates of futurè costs. Actual expenditure is expensed lo the Income and Expenditure Accounl as incurred and a corresponding release of funds is then made from the Designated Funds. The balance is reviewed periodically to ensure ils adequacy. Judgements and key sources Df estimation and uncertainty The preparation of thè financial statements reqLJires management lo make judgerllenls, estimate5 and assumptions that 8ffecl the amounts reported for a55e15 and liabilities as al the Statement of Financial Position dale and the amounts reported for income and expènses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgemènts 18part from those involving estimates) have had the most significant effeGI on arnounts reoognisgd in the financial statements.. Going concem assessment The business plan forecasts show that the Charity has sufficient liquid funds and debt facilities in place that provide adequate resources to lund all comrnitted capital expenditure and investment programmes together with day-to-day activities. The charity's activities are expected lo continue unchanged for the foreseeable future and the uncertainties considered, are not expected lo have a material long term impact on the association's financial viability. On Ihls basis, Ine frusTee Is saiisned Inrough consl(leratlon or future years. Torecasis mai 11 nas a(Tequaiè resources to finance future re-investment In its properties along with day-to-day operations for the next 18 months from the date of signing of the accounts. For this reason, we continug to adopt the going Goncern ba51S in the financial slalemenls. 12 Dixon Almshouse Charity Notes forming part of the flnanclal statèments for the year ended 31 March 2025 f¢ontinuedJ Judgements and key sources of estimation and uncortainty Icont'dl The charily's activities are expected to continue unchanged for the foreseeable future and the uncertainties considered. including the pandemi¢ and the inflationary pressures described above, aw not &xpe¢led to havè a material long term impact on the charity's financial viability. On this basis the Tmstee has a reasonable expectation that the charity has adequate resoLJrc&s to continuè in operational existènce lor the foreseeable future. being a period ol al least 12 rnonlhs after the dale on which the financial slalements are 5iyned. Theiefore, il continues lo adopt the going concern basis in the financial stalemenls. Income from charitable activities Unrestricted 2025 Unrestricted 2024 Housing accommodation and assistancé 40,479 36,876 Income from investments Unr8stricted Unrestricted 2025 2024 Interest and dividends on investment deposit accounts 411 396 Dixon Almshouse Charity Notes formlng part of the financlal statements for tho year ended 31 March 2025 (continued) Expenditure on charitablè actlvities 2025 2025 Support 2025 Total Dirtr¢t Housing accommodation and assistance 18,983 11,987 30.970 2024 Direct 2024 Support 2024 Total Housing accommodation and assistance 28,798 10.777 39.575 All expenditure on charitable activities was unrestricted in the current and prior year. Direct costs on charitable aclivilies.. 2025 2024 Repairs and maintenance Property costs Heal and light Depreciation Insuran¢e Other dire¢t 8,739 2.481 2.344 4,698 300 421 17,943 3,159 2.394 4.410 208 684 18,983 28,798 Go¥ÈrnancÈ costs (which ￿pre$Èrtt thè support ¢ostsl Audit fees Admin and finance costs Other support 2,212 60 9.715 1,867 60 8,850 11,987 10.777 Auditors. remuneration 2025 2024 In relation to audit ol financial statements Accountancy Services 2,198 1,853 14 Dixon Almshouse Charity Notes fomiing part of the financial statements for the year Ènded 31 March 2025 (continugdj Trustee remuneration and expenses During the year. th@ TrLJStèè, Bolton at Hom6 was paid a managemgnl fee of £9,715 12024.. £8,8501. No other remuneration or expenses were paid lo the Trustee during the current or prior year. Tangible fixed assets Property Cosl At 1 April 2024 Additions Disposals 281,537 Al 31 March 2025 281,537 Depreciation At 1 April 2024 Charge in year Di5PQsals 62,943 4,698 At 31 March 2025 67,641 Nel book valu At 31 March 2025 213,896 At 31 March 2024 218.594 15 Dixon Almshouse Charity Notes fornilng part of the financlal statements for the year ended 31 March 2025 (continued) Investments 2025 2024 M&G Multl-asset fund Market value at 1 April GainsllLossl on ¥ÈvalLJation 2,034 1,998 36 Market value al 31 March 2.082 2,034 Historic cost 1.000 1,000 Investments are fully ropresented by equity shares. 10 Debtors 2025 2024 Rent arrears Amounts owed by related parties Other debtors 708 390 708 390 11 Creditors: amounts falling due within one year 2025 2024 Arnounls due lo related parties Accruals Tenants in credit 3,907 6,340 4,285 2,997 2,656 4,285 14.532 9.938 16 Dixon Almshouse Charity Notes foming part of the financial statements for the year ended 31 March 2025 (continued) 12 Analysis of funds At 1 April 2024 At 31 Mar¢h 2025 Gains and transfers Income Expenditure Unrèstricted funds General Designated 320,069 39,463 40.890 130,9701 48 330,037 39,463 359,532 40.890 130,9701 369,500 Endow9d lunds Permanent endowed funds 1,001 1,001 Total funds 360.533 40.890 30,9701 48 370,501 At 1 Aprll 2023 Al 31 March 2024 Gains and tran$f¥rs Income Expenditure Unrestricted funds General Designated 322,336 39,463 37,272 139,5751 36 320,069 39,463 361,799 37,272 139,5751 36 359.532 Endowed funds Perrnanenl endowed funds 1,001 1,001 Total funds 362,800 37,272 139.5751 36 360,533 General funds are unrestricted funds which are available for use at the discretion ol the Trustee in furtherance of the general objectives of the Charity and which have not been designated lor olher purposes. The Chanly designates lunds in relation lo anticipated major and Gyclical repairs. Tran5fer5 to D95ignaled Funds are based on Managernent eslimales of lulure CDsls. Actual expenditure is expensed to the Income and Expenditure A¢Gounl as inCu￿ed and a corresponding release of funds is then made from the Designated Funds. The balance is reviewed periodically to ensure ils adeqLJacy. Endowed funds represent Ihe historical cost of the amounts held in inveslmenl5. 17 Dixon Almshouse Charity Notes forming part of the financlal statem•nts for the year ended 31 March 2025 (contlnuedj 13 Net assets 2025 G•n*ral Designated Endowed Total Tangible fixed assets Investments Deblois Cash at bank Creditors.. amounts falling due in one year 173.432 2,082 708 168.347 39,463 1.001 213,896 2,082 708 168,347 114,532 114.5321 330,037 39,463 1,001 370,501 2024 Tangible fixed assets Investments Debtors Cash al bank Creditors.. amounts falling due in one year 178,130 2,034 390 149,453 39.463 1,001 218,594 2.034 390 149,453 19,9381 19,9381 320,069 39,463 1.001 360.533 14 Financial instruments 2025 2024 Financial assets measured al fair value through profil and loss 2,082 2,034 Financial assets measured al fair value through profil and loss comprise equity investments stated at market value. 1 S RÈlated party transactions Amounts due at start of year Amounts due at end of year RÈc•ipts Payment5 2025 Btsllon al Home 2,997 14,031 113,121 3,9D7 2024 Arcon Housing 912 25,064 122,9791 2,997 18 Dixon Almshouse Charity Trust88's Annual Rèport and AccoLJnts Year Ended 31 Maich 2025 Charity Number.. 223045 Dixon Almshouse Charity Tru$teè report and financial statem•nts for the year ended 31 March 2025 Contents P8g0'. Report of the Trustee Trustee's responsibilities statement Independent auditor's report Statement of financial 8clivilies statement of financial position 10 Notes forming part of the financial statements Trust•& Bolton At Home Ltd Almshouse Manager.. Bolton Al HDme Ltd Company secretary and r•gistor$d offire Katrina Cunliffe. Valley House, 98 Waters Meeting Road. Botton, BL1 8SW Charity number 223045 Solicitors Anthony Collins SoliGilors LLP, 134 Edmund Street. Birmingham, B3 2ES Auditor Azet5 Audit Service5. Fleet House. New Road. Lancaster. LA1 1 EZ Bankers CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Dixon Almshouse Charity Rèport of th• Trustè• for the ye•r endèd 31 Mar¢h 2025 The Trustee prèsents the annual report and the audited financial statements lor the year ended 31 March 2025. The Trustee hAS adopted the provisions of the Charilies SORP 2nd Editlon IFRS 1021 in preparifjg Ihc annual report and financial stslemenls of the charity. Structuro. Gov•rnanco and Managemont Bolton Al Home were appointed as Trustee on 31st March 2024_ The Trustee was previously Arcon Htsusing Association. Structure and activities The Charity, which is registered with The Charity Commission, is unincorporated and has as its constitution a declaration of trust dated 2 March 1968 las amended). In addition, the Truslee holds funds and investments with a view to the further development ol its chariiable airns. Org3n15ation The Board of Bolton Al Home meets six limes a year and catries out an Annual Review. As Corporale Trustee, the trustee meets at least fviice a year to discuss perforynance, budgets and business plans and approve the financial statements. Obj¢¢tives and Activitios The Charitable objects of the Charity are.. lo provide housing accommodation and assistance lo help house people who are elderly or disabled and associated facilities and amenities for such people or the relief of the aged. disabled.. and to further such general charitable objects as the Trustee may determine. Financial review The total incoming resources were £40,890 for the year to 3151 March 2025 12024.. £37,2721, producing an operating surplus of £9,92012024.. £12,30311, There was a net income of £9,968 for the 12-month perioé to 31. March 202512024.. loss of £12,26711. Accumulated surpluses held in general unreslriGled reserves were £330,037 12024. £320,069). Going con¢em The business plan forecasts show that thg charity has sufficient liquid funds and debl facilities In place that provide adequate resources lo fund all commilled capital expenditure and inveslmenl programmes together with day-lo- day activitie5. The charity's activities are expected to continue unchanged for the foreseeable future Bnd the uncertainties considered, are not expected lo have a materi81 long term impact on thé association's financial viability. On this basis, the Trustee is satisfied through consideration of lulure years. forecasts that il has adequale resources to financ8 lulure re-investment in its properties along with day-lo-day operations for the ngxl 18 months from the date of signing of the accounts. For this reason. we continue to adopt the going concern basis in the financial slatemenls. Rèservès policy The Trustee has considered the need for an appropriate level of reserves in conjunction with the guidance issued by The Charity Commission. In detemiining a reserve policy the Trustee h8s idenlrfied core obje¢tiv8s to be met. These are as follows.. the establishment of adequate free reserves (excluding fixed assetsl to ensure that the Charity has adequate liquidity lo meet any 5hort-term fluctuations in OCCLJpancy levels or exceptional costs outside the scope of the budget.. and the development of a strong balance sheet and p0511ive cash flow lo support the funding of the improvement of the existing property. The level ol reserves required is delerrnined using comprehensive budgets and cash flow forècasts. RegLJlar updates and monitoring of thèsè documènts are carried out to ensure that a surplus is achieved, and cash flow is adequate for the needs of the Gharity. The benchmark for the free reserves for the Charity is between £300,000 and £500,Of)O. Al the year end the Charity has £370,501 of total lunds12024'. £360.533) of which £369.50012024'. £359,532) is available al the discretion of the trustee and deemed as free reserves. Rl$k managém•nt The TrustÉè has idéntified the risks to which the Charity is exposed and, for each of these, an assessment has been made as lo their Impact, severity, and probability. Internal and exiernal controls have been reviewed for effectiveness in mitigating thesè risks. Systems have been establishe(I to manage the level of risk including the following.. The review of major risk related incidents land Steps taken lo address these) at each meeting of the 8oard and thè Group Audit and Risk Committee of the Trustee. The internal control syslem is monitored and supported by external audit that is able to provide an independent perspective on the management of risk within the Charily. The management and control of risk is an ongoing process in the Charity. Responsibility for ensuring that there are appropriate risk management and audit slrucluTes in place, and for reviewing those slructures. is delegated lo the Group Audit and Risk Committee of the Trustee, which is a sharèd committee with the Bolton at Home Group. Dixon Almshouse Charity Report of the truste8 for the year ended 31 March 2025 (contlnued) FundSng Sourcg and Expenditure The principal funding sources are charges for providing housing accommodation. Expen*Jilure is all related lo providing this accommodation Future developments A stock condition survey has been completed which will inform future requirements for improvements to properties and programmes are being prepared a¢¢ordingly. Auditor Azels Audit Services Limited have audited the current years a¢Gounts and have expressed their willingn95s to continue. A rèsolution lor the rè-appointment of A2ets Audit Services Limited as auditors of the Association is lo b8 prop05ed at the Annual General Meeting in line with the term5 of the Charities Acl 2011. Bolton At Homè Ltd Trustèe Date.. 25 September 2025 Dixon Almshouse Charity Trustee's responsibilities statement for the year ended 31 March 2025 The Trustee is responsible for preparing the Annual report and the financial statements In a¢¢ordan¢e with applicable law and regulations. Charity law requires the Trustee lo prepare financial statements for each financial year in a￿ordanCe with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and appli¢able lawl. Under charity law the Trustee musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity lor that period. In preparing these finan¢io1 statements, the Trustee is required lo.. select suitable accounting policies and then apply them consislenlly". make judgèmenls and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have begn followed, subject to any material departures disclosed and explained in the financial slalemenls.. and prepare the financial slalemenls on the going corTrcern basis unless it is Inapproprlale to presume that th8 charity will continue in business. The Trustee is responsible for keeping adèoLJate accounting records that are sufficient to show and explain the ¢harity s transa¢tion$ and disclose with reasonabk a¢¢ura¢y at any tirne the finan¢ial position Df the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets ol the charity and hence for iaking reasonable steps for the prevention and detection ol fraud and other Irregularities_ Dixon Almshouse Charlty INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARITY Opinion We have audited the financial statements of Dixon Almshouse Charity Ilhe 'Charity'l for the period ended 31 March 2025 which comprise the statemènt of financial activities, the statement ol financial position and notes lo the finoncial slalemenls. inGluding significalll accounting policies. The financial reporting framewL)rk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststemonts". giv8 a Ifue and fail view of the slate of the Charity's affairs as at 31 March 2025 and of its surplus for the period then ended., have been properly prepared in ac¢ordance with United Kingdom Gen*rally A¢cepl¢d Accounting PraGtiGe", and have been prepared in acGordance with the requirements of the Charities Act 2011. Basls lor oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law OLJr responsibilities under those standards are further described in the Auditoffs responsibilities for the audit of the financial slatemenlg section of our report. We are independenl of the Charity In accordance with thè ethical requirements that are relevant to our audit of the Iinancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded thal the Trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, wè have not identified any matèrial uncertainties rèlating to events or conditions that, individually or collectively, may cast signifiunt doLJbt on the Charity's ability lo continue as a going concern for a period ol at least twelve months from whèn thè financial 51alemenls are aulhoriséd for issuè. Our responsibilities and the responsibilities of the Trustee with respect to going concern are des¢ribed in the relevant sections of this report other infom)ation The other information comprises the information included in the annual report other than the financial slalemenls and our audilorfs report Ihereon. The Truslee is responsible for the other information contained within the annual report. Our opinion on the financial slatemenls does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of aSSLJrance conclusion thereon Our responsibility is lo read the other Information and, in doing $0, ¢onsider whether the other information is materially iDGon51slenl with the financial stalemenls. or our knowledge obtained in the course of the audit. or olhetwise appears lo be materially misstated. If we identify such rnalerial inconsi51encies or apparent rnalerial misstatements, we are required lo determine whether this gives rise lo a material misslalemenl in the finan¢181 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Dixon Almshouse Charity INDEPENDENT AUDITOR'S REPORT TO TPIE TRUSTEE OF DIXON ALMSHOUSE CHARITY (CONTINUED) Matters on whl¢h we ar¢ r*qulr•d to r•port by ex¢eptlon W$ have nothing lo report in respect of the following matters in relation lo which the Charities Act 2011 require us lo report lo you if, in our opinion.. the information given in the Trustee's Annual Report 01 the financial year lor which the financial slalemenls are prepared are not Gon5151enl with the financial slalemenls", or adequate accounting records have not been kept., or certain disclosu￿S of directors, remuneration specified by law are not made,, or the financial slalemenls are not in agreement with the accounting record5 and returns,. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of Trustee As explained more fully in the Trustee's responsibilities statement sel out on page 4, the Trustee is responsible for the preparation ol the financial statements and lor being satisfied that they give a trLJe and lair view. and lor such internal control as the board members determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to frau(J or error. In preparing the financial stalemenls, the Trustee is responsible for assessing the Charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Truste8 aither intend lo liquidale the Charily or to C8ase operations, or have no realistic allernalive but to do so_ Audltor's responsibilities for the audit of the financial statements Our objectives are to oblairi reasonable assurance about whether the financial statements as a whole are free from material mi5slalemenl, whether due lo fraud or error, and lo issue an auditorfs report that inGludes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually OT in the aggregate, they Could reasonably be expecled to inflLJence the economic decisions of users taken on the basis of these financial statements. A ILJrther description of OLJr rèsponsibilities is avÈilable on the Financial Reportirig Council's website at.. https".l/www.frG.org.ukJaudilorsresponsibililies. This description forms part of our auditor's report. Dixon Almshouse Charity INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DIXON ALMSHOUSE CHARITY (CONTINUED) Extènt to which the audit wa5 conslder•d Capable of detecting irregvlarities, including fraud Irregularities, including fiaud, are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, Dutlined above and on the Financial Reporting CoLJncil's website. lo delect material Tnisslatetnents in respect of irregularilie5, including fraud. We obtain and update our understanding of the entity. ils ¥clivilies, its control environment, and likely fulurg developments. including in relation lo the legal and regulatory framework appli¢able and how the Èntity is complying with that Iramework. Based on this understanding, we identify and assess the risks of material missialement of the financial slalem6nls, whether due to IraLJd or Èrror, design and perform audit procedures responsive to those risks, and obtain audit èvidence that is sufficient and appropriate to provide a basis for our opinion. This in¢ludes consideration of the risk ol acts by thè èntity that were ¢ontrary lo applicable laws and regulalions, including fraud. In response to the risk of irregul8rilie5 and non-compliance with laws and regulations. including fraud, we designèd procedures which included". Enquiry of management and those charged with governance around actual and potential liligalion and claims as well as actual, suspeGted and alleged fraud., Reviewing minutes of meetings of those charged with governance., Assessing the exlenl of compliance with the laws and regulations ¢onsidered lo have a direct matèrial effect on the financial statements or the operations of the Charity through enquiry and inspection.. Reviewing financial statement di5cIosures and testing lo supporting documentation to assess compliance with applicablè laws and regulations.. Performing audit work over the risk of management bias and override of controls, including testing of ioumal enlries and other adjustments for appropriateness, evaluating the business rationale of significant transaction5 outside the nom)al course ol business and ieviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an aLJdit, there is a risk that we will not detect all irregularilie5. including Ih05e leading to a fflalerial misstatement In the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transadions reflected in the financial 51alements, as we will be less likely to become aware of instances of non-¢ompliance. The risk of not delecliDg a material misstatement resuhing from fraud is higher than for one iesulling from error, as fraud rnay involvè Collusion, forgery, intentional omissions, misrepresentations, or the override of internal conlrol. Use of our report This report Is made solèly lo the Charity's IrLJStee. as a body. in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might stale lo the Charity's Iruslee those matters we arg iequired lo slate to them in an aLJditor s report and lor no other purpose. To the full@st èxtènt permitted by law, wè do not accept or assume rèspon5ibilily lo anyone other than the Charity and thè Charity's trustee, as a body, for OLJr audit work, for this report, or for the opinions have formed. Susanna Cassey Isenior Statutory Auditor) For and on behalf of Azets Audit Services Charterèd Accounlanls Statutory Auditor Fleet House New Road LanG8Ster LA1 1WZ t '25 Dixon Almshouse Charity Stat•m•nt of financlal activltles for the year endèd 31 March 2025 Vnr•stricted 2025 Total 2025 Total 2024 Note Income from.. Charitable activities Investments 40,479 411 40,479 411 36,876 396 40,890 40,890 37.272 Expenditure on.. Charitable activities 30,970 30.970 39,575 30.970 30,970 39,575 Net expenditure belore galns and transfers 9,920 9,920 12,3031 Gain on investments 48 36 Net movements In funds 9,968 9,968 12.2671 Reconciliation in fund$ Balance brought forward al 1 April 2024 Movement in funds 360,533 9,968 360,533 9.968 362,800 (2,2671 Balancè carrièd forward at 31 March 202S 370,501 370,501 360.533 The notes on pages 10 10 18 form part of these financial tstatements. Dixon Almshouse Charity Statement of financial position at 31 March 2025 Note 2025 2025 2024 2024 Fixed a55et5 Tangible assets Investments 213,896 2.082 218,594 2,034 215.978 220,628 Current assets Debtors Cash at bank 10 708 168,347 390 149,453 169,055 149,843 Crèditor5- amounts falling due within onè year 114,5321 19,9381 Ntrt ¢urrgnt assets 154,523 139,905 Net assets 370.501 360,533 Funds Permanent endowed fund Unreslncled Designated reserves General funds 1.001 1,001 39,463 330,037 39.463 320,069 369,500 359,532 Total funds 12 370,501 360,533 The financial slatements wère approved by the Board of Trustee and authorised for issue on 25 September 2025. Bolton At Home Ltd Trustee Charity number- 223045 Th8 notes on pages 10 to 18 form part of these financial statements. Dixon Almshouse Charity Notes forming part of the financial statèments for the year ended 31 March 2025 Accounting policies Basis of preparalion oi financial statements The financial statements have been prepared in accordance with the Charities SORP 2nd Edition IFRS 1021- Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to ¢harilies preparing their accounts in accordance with the Charities SORP IFRS 1021 and the Cherities Act 2011. Assets and liabilities are inilially recognised at histori¢al Cost or transaction value unles5 otherwise staled in the relevant accounting policy. All amounts are presented in pounds sterling and are rounded lo the nearest £1. The Trustee considers that the Charity meets the definition of a Public Benefit Enlily under FRS102. The following principal accounting policies have b8en applied.. Incorne Income represents rental income receivable and other income. Income is recognised where there is entillemenl, certainty of receipt and the amount can be measured with sufficient reliability_ Rental income is recogni5ed when the property is available for let, net ol voids on a re¢eivable basis. Investment income is recognised on a receivable basis. Inte￿$t on funds held on dèposit is includéd when receivable and the amount can be measured reliably by the Charity,. this is normally upon nolificalion of the interest paid or payable by the inslilulion with whom the funds are deposited. Expenditure Expenditurè on charitable 8Gtivities relates lo all costs of providing housing a¢¢ommodalion. Expenditu￿ on charilable aGlivilies is incurred on directly undertaking the activities which further thé Charity's objèctlvès, 8$ well as any associated support costs. Support costs of the Charity represenl the audit fees, adminislralio costs and finance costs. ranglble fixed assets Tangible fix8d assèts arè depre¢iated over their useful lives taking into a¢count rgsiéual valugs, where appropriate The actual lives of the assets and residual values are assessed annually and may vary depending on a number ol factors. In re-assessing asset lives. factors such as technological innovation, product life cycl¢s and maintenanGe prograrrTffles are taken intu account. Residual value assessments consider issues such as future rnarket conditions, the remaining life ol the asset and proieclecs disposal values. 10 Dixon Almshouse Charity Notes forming part of the financlal statemènts for the year ended 31 March 2025 (Continued) Ac¢ountSng pollcles (continued) Housing Properties and DepreciTation Housing properties for rent are slated al ¢osl less a¢¢umulaled depreciation. Freehold larTd is not depreciated. All properties are reviewed for impairment annually. Where a housing property comprises two or more major components with subslanlially different useful economic lives, each cornponent is accounted for separately and depreciated over its individual useful economic lif8. ExpenditLJre rèlating to the subsequenl replacement or renewal of components is capitalised as incurred. Component UEL Now build housing slru¢turg Exlemal works Roofs WIndo￿lD00r$ Electrical Bathrooms Boilers Healing systems (excluding boilers) Kitchens 125 years 40 years 60 years 40 years 30 years 3D years 15 years 30 years 20 years Impalrment Reviews for impairment ol housing propértiès are ¢8rrled out when a trigger has ot¢urrèd and any impairmènt loss in a cash genergting unil is recognised by a charge lo the Statement of Comprehensive In¢ome. Impairment is recognised where the ¢arrying value of a cash generating unil exceeds the higher of its net realisable value or its value in use. A cash geneialing unit is normally a group of properties al SChe￿e level whose cash income can be separately identified. Following a trigger for impairmenl, the Charity performs impairment lests based on fair value less costs to sell or a value in use calcijlation. The fair value less costs to sell calculation is based on available data frorn sales transactions in an arm's length transaction on similar cash generating units Ipropertiesl or observable market prices less incremèntal costs for disposing ol the properties. The value in use calculation is based on either a depreciated replacement cost or a discounted Cash flow model. The depreciated repla¢ement cost is based on available data of the cost of conslrucling 01 acquiring replacement properties lo provide the same level of service potential lo the Charity 85 the existing property. The cash flows are derived trom the business plan lor the next 30 years do not Include restructuring activities that the Charity is nDt yet pemitled lo or significant future investments that will enhance the asset's performance of the cash generating vnit being lesled. The recoverable amount Is most sensitive to the discount rale used lor the discounted cash flow model s well as the expected future cash flows and the growth rale used for extrapolation purposes. Dixon Almshouse Charity Notes forming part of the flnancial statemènts for the year ended 31 March 2025 (¢ontinuedJ Accounting palici•$ (Gonlinued) Investments Fixed asset inveslmtrnls are a form of financial instrument and are initially recognised al Ihtrir transaction cost and subsequently measured al fair valu& at the Balance Sheet date, unless Ihtr value cannot be measured reliably in which case il is measured al cost1&s5 impairwenl. Investment gains and losses, whether realised or unrealised. are combined and presented as 'GainsllLossesl on inveslmenls, in the Slalemenl ol Financial Aclivilies. Financial Instrument5 The Charity only has fin8n¢i81 assets and financial liabilities of a kind that qualify as basic financial inslrumenl5. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised Cost Ljsing the effective interest method. Fund aecounting General funds are unrestricted funds which a￿ ?vai18ble for use at the discretion of the Trustee in furtherance of the general objectives ol Ihe Charity and which have not been designated for other purposes. The Charity dasignates funds in relation to 4ntieipat8d major and cyclical repairs. Transfers to Designated Funds are based on Management estimates of futurè costs. Actual expenditure is expensed lo the Income and Expenditure Accounl as incurred and a corresponding release of funds is then made from the Designated Funds. The balance is reviewed periodically to ensure ils adequacy. Judgements and key sources Df estimation and uncertainty The preparation of thè financial statements reqLJires management lo make judgerllenls, estimate5 and assumptions that 8ffecl the amounts reported for a55e15 and liabilities as al the Statement of Financial Position dale and the amounts reported for income and expènses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgemènts 18part from those involving estimates) have had the most significant effeGI on arnounts reoognisgd in the financial statements.. Going concem assessment The business plan forecasts show that the Charity has sufficient liquid funds and debt facilities in place that provide adequate resources to lund all comrnitted capital expenditure and investment programmes together with day-to-day activities. The charity's activities are expected lo continue unchanged for the foreseeable future and the uncertainties considered, are not expected lo have a material long term impact on the association's financial viability. On Ihls basis, Ine frusTee Is saiisned Inrough consl(leratlon or future years. Torecasis mai 11 nas a(Tequaiè resources to finance future re-investment In its properties along with day-to-day operations for the next 18 months from the date of signing of the accounts. For this reason, we continug to adopt the going Goncern ba51S in the financial slalemenls. 12 Dixon Almshouse Charity Notes forming part of the flnanclal statèments for the year ended 31 March 2025 f¢ontinuedJ Judgements and key sources of estimation and uncortainty Icont'dl The charily's activities are expected to continue unchanged for the foreseeable future and the uncertainties considered. including the pandemi¢ and the inflationary pressures described above, aw not &xpe¢led to havè a material long term impact on the charity's financial viability. On this basis the Tmstee has a reasonable expectation that the charity has adequate resoLJrc&s to continuè in operational existènce lor the foreseeable future. being a period ol al least 12 rnonlhs after the dale on which the financial slalements are 5iyned. Theiefore, il continues lo adopt the going concern basis in the financial stalemenls. Income from charitable activities Unrestricted 2025 Unrestricted 2024 Housing accommodation and assistancé 40,479 36,876 Income from investments Unr8stricted Unrestricted 2025 2024 Interest and dividends on investment deposit accounts 411 396 Dixon Almshouse Charity Notes formlng part of the financlal statements for tho year ended 31 March 2025 (continued) Expenditure on charitablè actlvities 2025 2025 Support 2025 Total Dirtr¢t Housing accommodation and assistance 18,983 11,987 30.970 2024 Direct 2024 Support 2024 Total Housing accommodation and assistance 28,798 10.777 39.575 All expenditure on charitable activities was unrestricted in the current and prior year. Direct costs on charitable aclivilies.. 2025 2024 Repairs and maintenance Property costs Heal and light Depreciation Insuran¢e Other dire¢t 8,739 2.481 2.344 4,698 300 421 17,943 3,159 2.394 4.410 208 684 18,983 28,798 Go¥ÈrnancÈ costs (which ￿pre$Èrtt thè support ¢ostsl Audit fees Admin and finance costs Other support 2,212 60 9.715 1,867 60 8,850 11,987 10.777 Auditors. remuneration 2025 2024 In relation to audit ol financial statements Accountancy Services 2,198 1,853 14 Dixon Almshouse Charity Notes fomiing part of the financial statements for the year Ènded 31 March 2025 (continugdj Trustee remuneration and expenses During the year. th@ TrLJStèè, Bolton at Hom6 was paid a managemgnl fee of £9,715 12024.. £8,8501. No other remuneration or expenses were paid lo the Trustee during the current or prior year. Tangible fixed assets Property Cosl At 1 April 2024 Additions Disposals 281,537 Al 31 March 2025 281,537 Depreciation At 1 April 2024 Charge in year Di5PQsals 62,943 4,698 At 31 March 2025 67,641 Nel book valu At 31 March 2025 213,896 At 31 March 2024 218.594 15 Dixon Almshouse Charity Notes fornilng part of the financlal statements for the year ended 31 March 2025 (continued) Investments 2025 2024 M&G Multl-asset fund Market value at 1 April GainsllLossl on ¥ÈvalLJation 2,034 1,998 36 Market value al 31 March 2.082 2,034 Historic cost 1.000 1,000 Investments are fully ropresented by equity shares. 10 Debtors 2025 2024 Rent arrears Amounts owed by related parties Other debtors 708 390 708 390 11 Creditors: amounts falling due within one year 2025 2024 Arnounls due lo related parties Accruals Tenants in credit 3,907 6,340 4,285 2,997 2,656 4,285 14.532 9.938 16 Dixon Almshouse Charity Notes foming part of the financial statements for the year ended 31 March 2025 (continued) 12 Analysis of funds At 1 April 2024 At 31 Mar¢h 2025 Gains and transfers Income Expenditure Unrèstricted funds General Designated 320,069 39,463 40.890 130,9701 48 330,037 39,463 359,532 40.890 130,9701 369,500 Endow9d lunds Permanent endowed funds 1,001 1,001 Total funds 360.533 40.890 30,9701 48 370,501 At 1 Aprll 2023 Al 31 March 2024 Gains and tran$f¥rs Income Expenditure Unrestricted funds General Designated 322,336 39,463 37,272 139,5751 36 320,069 39,463 361,799 37,272 139,5751 36 359.532 Endowed funds Perrnanenl endowed funds 1,001 1,001 Total funds 362,800 37,272 139.5751 36 360,533 General funds are unrestricted funds which are available for use at the discretion ol the Trustee in furtherance of the general objectives of the Charity and which have not been designated lor olher purposes. The Chanly designates lunds in relation lo anticipated major and Gyclical repairs. Tran5fer5 to D95ignaled Funds are based on Managernent eslimales of lulure CDsls. Actual expenditure is expensed to the Income and Expenditure A¢Gounl as inCu￿ed and a corresponding release of funds is then made from the Designated Funds. The balance is reviewed periodically to ensure ils adeqLJacy. Endowed funds represent Ihe historical cost of the amounts held in inveslmenl5. 17 Dixon Almshouse Charity Notes forming part of the financlal statem•nts for the year ended 31 March 2025 (contlnuedj 13 Net assets 2025 G•n*ral Designated Endowed Total Tangible fixed assets Investments Deblois Cash at bank Creditors.. amounts falling due in one year 173.432 2,082 708 168.347 39,463 1.001 213,896 2,082 708 168,347 114,532 114.5321 330,037 39,463 1,001 370,501 2024 Tangible fixed assets Investments Debtors Cash al bank Creditors.. amounts falling due in one year 178,130 2,034 390 149,453 39.463 1,001 218,594 2.034 390 149,453 19,9381 19,9381 320,069 39,463 1.001 360.533 14 Financial instruments 2025 2024 Financial assets measured al fair value through profil and loss 2,082 2,034 Financial assets measured al fair value through profil and loss comprise equity investments stated at market value. 1 S RÈlated party transactions Amounts due at start of year Amounts due at end of year RÈc•ipts Payment5 2025 Btsllon al Home 2,997 14,031 113,121 3,9D7 2024 Arcon Housing 912 25,064 122,9791 2,997 18 |eport to
R|**Group Audit and Risk Committee**| |---|---| |ate of Meeting
D|**11 September 2025**| |Confidentiality|**CONFIDENTIAL**
**This report is considered a confidential item due to one of**
**the following reasons:**
ro ides information relating to the financial or usiness affairs
P
v
b
of the organisation or a particular indi idual and is considered to
v
e of a sensiti e nature
b
v
.| |eport Title
R|**External audit findings letter**| |eport of
R|am Welford,
ec irector of Finance
P
Ex
D| |ccounta le irector
A
b
D|am Welford,
ec irector of Finance
P
Ex
D| |urpose of eport
P
R|| |To present the audit findings of the e ternal auditors
ets
x
Az
.|| |ecommendation s
R
( )|| |It is recommended that the committee:
ote the audit findings as detailed in the letter attached
N
.|| ## **Executive Summary** The audit findings letter highlights the significant findings arising from the audit of olton at B Home, its subsidiaries and connected entities. This is currently a draft letter as there are some areas of work still to e completedb . These aren’t expected to change the audit opinion, subject to the completion of the outstanding items. It is anticipated that a final ersion will e shared prior to the committee meetingv b . |**Impacts**||||| |---|---|---|---|---| |**Risk**|This relates to the S|0 Control of costs maintaining focus on fM
RR 1
/
V||
;| ||S
is of Fraud
RR 16- R k
.|||| |**Legal &**|The e ternal audit of the financial statements is a legal and regulatory
x|||| |**Regulatory**|o ligation
b
.|||| |**Compliance**||||| |**Finance**|These financial statements pro ide information on the performance of the
v|||| ||entities|||| |**VfM**|The Financial statements are e idence of our commitment to fM to
v
V|||our| ||sta eholders and customers
k||.|| |**Customer**|N/A|||| |**Voice**||||| |**People**|N/A|||| |**Governance**|N/A|||| |**EDI**|N/A|||| |**Net Zero**|N/A|||| ## **1. Background and context** - 1.1 The findings of the external audit is summarised in the audit findings letter. ## **2. Key Issues** - 2.1 It is expected that the audit opinion is unqualified, subject to the completion of the outstanding items noted in the report as follows: - Manager/Senior Manager/Partner review of audit work performed to date and final statutory accounts - • Capital commitments • Review of year end covenants • Tittle deeds for 2 properties pending for physical erificationv • Finalisation of tax as the MG JV tax computation has een delayedb - Stonecross going concern - Finalisation of other debtors difference - Finalisation of housing properties reconciliation - Cash flow ueriesq - • Pro ect for partners testingj • Final update of subsequent events and going concern Officers are fully committed to resolving these items . - 2.2 It was noted that some elements of preparation work y officers was not in a b finalised position at the start of the audit which did cause delays. This was due to unforeseen staff absences which occurred at a crucial time and the impact of the introduction of the new housing management system in anuaryJ . We are taking steps to measures in place to ensure we mitigate the risks as far as possible next year. - 2.3 It is intended to provide a revised audit letter in advance of the meeting. ## **3. Implications** - 3.1 These findings will drive the audit opinion in the financial statements. ## **4. Summary** - 4.1 There is nothing to note. ## **Appendices & Background Documents** Appendix 1 Azets udit Findings letterA ## **Contact Details for Report Author/Accountable Director** Name Pam Welford Job Title Exec irector of FinanceD E-mail Pam.welford@boltonathome.org.uk Contact umN ber 07760 165551