2024-03-31-accounts - James Ainsworth Almshouses

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James Ainsworth Almshouses Charity T5188, Annual R8POrt and Al%ntS Year Ended 31 March 2024 Charity Number 224838

James Ainsworth Almshouses Charlty Trustso's rnport and flnancial statomènts for the year end8d 31 March 2024 Contents Pago: Report of the Truste8 Tru8tee'g resFonstbllllles Statement Independ1 auditors rewt statement of Inanclal actlvltle8 stateThnt of ffinanGkg1 posluon io Notes fomilng part of the financial 8t8tements Trust00 Bolton At Home Ltd Alu88S Manager Bolton At Home Ltd Company Becretary and ro91stsred offlvo Katrlna Cunliffe, Valw House, 98 Waters M8eting Road, Bolton, BL18SW Charlty number 224838 Solkltors Anthony Collins Solicilors LLP, 134 Edmund Street, Bimiingham, B3 2ES Auditor A2ets Audit Services, Fleet House, New Road, Lan¢a8ler, LA11EZ Bankers CAF Bank, 25 Kings Hill Avenue, King5 Hill, West Maling. Kènt, ME19 4JQ

James Ainsworth Almshouses Charlty Rfjport of the TYuste8 for tho yr onded 31 Iqar¢h 2024 The Trustee presents the annual r8POrt arbd Ihg audited financial statemènts for the year ended 31 March 2024. The Trustge has &Jopted the provisions of the Charities SORP 2r Edllltsn (FRS 12) In preparkng the annual port and financlal statements of the charity. Slructure, Govomanco and Managomgnt Bolton At Home were appolnted as Trustee on 31 March 2024. Tho Trustee was provttiusty Arcon Housibvj A$60ciation. Slru¢tur¢ and actlvltle8 The Charlty, which Is registsred with Th8 Charlty CommI8slc. Is unlncorForated and has as Sis Gonstitulk)n deGlaration of tru8t dated 2 March 1968 (as amendedl. In addition, the Charfty holds lund8 and Inve8tmeni8 with a vmv to the further devek4)ment of It3 chadtabfe aims. OryanlBatlon The Board of Bolton At Home rneets 8Lx Me6 a year and cathes out an Annual Revw. As Corpordte Trustee. Ih8trustee meets at kast l¢e 8 Yt0 dlscuss FWtonnance, budgets and buslness plans and approve the financial statements. ObJ•ctlvo8 and AcUvltlo8 Thg Charftsble obkcts of the Charty are.. to provide housing 0mModatknn and as51stance to help house p8ople WPKJ are elderfy or dlBabled and assocpted facjlllles and amen[eS for such people or the relf of the aged, di5abl8d'. and to further Buch general charitable obAeGts ag the Trustee may determine. Fknanolal r•vlèw The total incomlng resourtsg wor8 £49.2C6 th8 year to 31¢1 March 2024 12023.. £44,347), produclng an opetatlng surplus of £16,557 (2023.. £15,619). Gains on Itwestments resultsd in a surplus of £18.955 for the 12- month period to 31 Marth 2024 (2023,. surplus of £13.2611. Acujmulaled surpluses held in general fvnds were £547,136 (2023.. £528.181). Golng Concern Thg business plan fwasts showthal the charity has sufficient Ilquid funds and debt facillues in plaee that pro)lde adequate r8source5 to fund all committed capltsl expendllure and Inve8tmenl wogrammes lother with day-to- day aclmlies. The chaTity'8 activi1185 ara expected to contlnue unchar#J8d for Ihe fCese8abI8 future and the uncertainl considerod, including IhB pandemtc. are not expected lo have a material long term impact on the a8soclalion' finarKial viatm'lity. On this basis, the Trustee Is sallsfied through conskleralion of fvlure years, forecasts that It h88 adequate resources to finance future re-lnvestment in its propert8 abng wth daY-tdaY operdlk)ns for the xI 18 months from the dale of signlng of the accounts IncludlThJ suffent cash to meet interest payments on the oulstandlng108n. For thls reason, we Gtsnlinue io adopt the golng concern basls the financial statements.

R983 pollcy The Trust8e haB considerad tha ne&Y for an approprLqte thl of reserves n conjun¢*on wrfh the guidance issued by The Char¢ty CommlsshYK In determlnlng a reseNe polKy, the Trustee has idenh'fied core obJe¢tlvés to be rMt These ar8 a8 follows.. the establlshment of 8deqLtate free reserves lexcludln9 flxéd assets) to ensure that the Charlty has adequate Ilqukllly to meet any short-lorm fltuationS in oGGupancy levels or excepllonal costs outsKle the scope ofthe iwdgol; and the development of a $lrcffjg balance sheet and p0841Ne cash flow to 8UPPKlrt the fvnding of the Improvement of the ex18tlng PTopety. The level of reserve$ requlred Is delemiined uslng comprthensivo budgets and Gash flow forecasts. Regular updates and monitoring of these do¢uments a carried out to ensure that a surpbjs is achieved, and c88h flow is adequate for the needs of th8 Charity. Tha benchmark for the free reserves for the Charlty is been £400,000 and £500,000. At the year end the Chawity has total funds of £S91,192 {2023: £572,237} of whh £590,942 {2023'. £571,987) ' available at the discrelion of lh8 trustse and deemed as fe reseNes. Rlsk managemènt The Trustee has Identified the risks to whkh the Charlty is exposed and, for exh of these, an assessment ha5 been made as lo their impac( severity, arKI probabilily. Inknal and exlemal controts have been revlewed for effectfveness In miligaling th8se fi$ks. SyslenNs have been establishwj to manage the level of rlsk IncludirvJ the following: The revl8w major risk relatsd in¢ident$ (and steps taken lo addres$ these) al each meeting of the Board and the Group Audit and Risk Commitlae of the Trustee. Tho hternal ¢trol 8y8tem 18 monllored and Suppted by 8xt8mal audll that 18 ab to prode an indepgndent persptiVe on tho management of risk wllhln the Charity. management and control of risk is an ongoln9 process in the Charity. Responsibillty for ensurlng that there are appropriate rlsk management and audit structures In place, and for revlewlng those 5truclure5,1¥ delegated to the Group Audit and Commlll8e of the Trustee, Ythioh is a shad committee w6th the Bolton al Home Group.

James Ainsworth Almshouses Charity Report of tho Trust90 for th• y•ar endtrd 31 March 2024 (¢ontlnued) Fundlng Sour¢e and Expgndlturo The prI1par funding sources are ¢harge8 for providing hous1 accornrnodabon. Expenditure is all related to providing thts accommodatlon. Ftsture developmont8 Astock condrfaon 8uNey has been completsd whlch will infoTh lulure reqLtlrements lor Improvements to prowties and prcorammes are being prepared accordlngty. Audltor Azels Audll ServKes Llmited have audited the current yearg acoounls end have expressed thelr willingne8B to continue . A resolution for the re-appolnlmenl of Azets Audlt Servlces Lirroled as auditors ofthe A3socratv)n Is to be proSed at the Annual General MeEng In Ilne wllh thg to5 of the ch1185 Act 2011. on At Homo Ltd Trustee Date: 26 Septamber 2024

James Ainsworth Almshouses Charity Trustg9'N r96pon61bllltlgs sLitemont for th8 yaar onded 31 March 2024 The Tw$tee Is responsible for weparing tha Annual rep¢¥t and the financlal statsments in accordance wllh appllcable law and regulatlons. Charity law requlres.theTru$lee io prepare finand81 statsnwnts for each financial year In )rdanr* wllh Unlted Kingdom Generally Accept Accounts"ng Practice Iunited Kingdom AccountiThJ Standards and applicabte lawl. Under Gharfty law the Trustee must not approve the financial slatements unless they are satisfied that they give a true and fair view of Ihe State of affaks olthe charty aThJ of the In¢omlng resrceS and appllcallon of resourees, including th8.income and 8xpendlturq of the charlty for that period. In preparfng these financial statemts, th8 Truslee is required io: select 8ultable awouAtlng polkles and then appty them COrlSteny. makejudgerrents and accounllTrJ estlmates that reasonable and ptuden( slate whether appllcable UK Ac%ounting Standards have been fQlbvd, subj1 to materkgl deparbJre¥ disclosed 8nd expla'lned In the fknancial 8latements' and preparo the"fjnandal slatemenls on the gdng concern b8sL8 unless it inapproate to presume that the charity will CDnlinue In.trA1nes$. The Twsteeis respDnslble for.keepiThJ adequate accwnung rdS that ate suflklenl to show and explain the ¢lkrty'stransactions"3nd discbse with reasonabb acGuraGy al any lime Ihe finandal FosIt(on of the charity and enable them40 ensUTe1hat.tfift8nciaI Strdtements compty with the Charilig$ A¢12011. They are also responslble for safeguarding the assets of the charity and herKe for tang reasonab steps for the pr8v8ntion and detecllon of tral and other Irregularltks.

James Ainsworth Almshouses Charity INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF JAPAES AINSWORTH ALMSHOUSES CHARrrY Oplnlon We have audited the firAnclal statenlnts of Jawtss Alnsworth Amshouses Charity {tr'Chal for the period ended 31 March 2024 which comprise the statement of financlal aclN'rti88, the Statemenl of finala1 posiiion and tes lo the financ7 slatements: Induding slgnificanl accounting policles. The finala1 reporting framework Ih8t has been applEd in thelr preparats'on is applicable law and Unite(l Kingdom Accounting Standards, 5ncludlng Financl81 RetM)rting Slandard 102 The Financlal Reportin9 Standard applicable In the UK and Republ of Ireland (United Klngjom Generdty Accepted knountlng Ptice>. In our opinion the finarKlal statem8nts.' gfve a true and falr vl8w of the state of the Charltys affalts a5 al 31 March 21y24 and of it8 8urplus ky the wod then 8rbYed', h8V8 be property prepared in ac¢ordanc8 with Uned Klngdom Generally Acce&rted AtttyJnllTrJ Practlc&', aTr have been prepared In accordan¢9 wlth the requlrements of the Charitle8 Act 2011. Ba8ls for oplnlon We conducted our audlt in aG¢ordance wih Intematfjonal Standards on AudltSng IUKI IISAS (UK)) and applicat4e law. Our responsibillties under those 8tandardB are further descrfbgd In the Auditor's re5ponsiblillas for the alt ofthè finandal slalemen18 seotion ol our report. We are Independentof the Charity in accordance wlth the ethlcal requirements that are relevant to our audit of Ihe financial statements In the UK, Includlng the FRC'S Ethi11 Siandard. and we have Illed our other ethkal rgsponslbllille8 in accordance with these requlr8ffBnts. We bellwe that the alt evidence we have oblalned 18 SLrfftclent and approprth lo provid9 a basi5 for our opinion. co[US1on$ relating to golng concem In audiling the finanaal sialements. we have conGluded Ihal IhB Trustee's use of the gcing contn ba818 of acujunttng In the preparation of the finarKlal stalempnts is appropriate. Based on the work we have pgrform8d, we have not id8ntlfled any matedal uncertalndes rel8llng to ev8nls or ¢orKJ6tlons that Indfvldually or collectivety, may casl signlflcanl éoubton the Charlty's ability io ¢onlinue as a goi corK¢rn for a pervjd of at least tsvelve month$ from when the flnanckl statements are authorfsed for issue. Our responsibililies and the responslbilili8s ol the Trustee re5peci to going G¢ncem are d85crlbed in the relevant sections of this report other infomiallon The other InfomiatKsn cornprises the informatK)n includod in the annual report other than the financial ststements an¢J our auditor's report Ih8reon. Th8 TNstee18 respcgnslble for the other informallon contained wllhin the annual report. Our oplnion on the financlal slatenEnls does not cover the other infomallon and. except to the extent 4Xhgrwi5e explicitty sl3t8d In our report, we do not express any form of assUrae conclusion thereon. Our responsibility is to read the other Informalton and, In dolng so, Gonsiderwhether thg Other 1nfom)at)n Is nwterially inconsistent with the financjal statements, or our knowledge obtainfjd in the coutse of the audit. or otherwi8e appears to be materialty mlsstated. If we identify Such material Incon8islencies or apparent m8terf8l mlsstatements, we are requlred to determine whether Ihls gfves rise lo a matsrial misstatement In the finandal stslements themselves. If, based the work we have performed, we eondude that Ihere is a mrial mk4statem8nt of this 011 infomiaiion. we are requlred lo mporl that fact. We have nothing to report in Ihls regard.

James Ainsworth Almshouses Charlty INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF JAMES AINSWORTH ALIfjSHOUSES CHARITY {continuod} Matters on whlch wg av• rnqulr•d to report by oXC•Ption We have nothing to Teport in respect of the followlng matters In relauon to whh the Charibes Act 2011 requlre us to report to you If, In our oplnlon: the information gNen in the Trustee's Annual RepNt or the financlal year for whlch the fbnanclal statements are prepared are nol consistent with the financial stalemenls; or lequate accounting records have not been kept., or certain disak)sureB of dlreclor8' Temuneratltsn Speeffi by law aro not made., or the ffinanal statents are not In agreement wllh thg acCoUnng records and retums; or we have not re1Vj all the Infom1 and explanatlon$ we requlre for our audiL R•Bponsibiliti8s of Tru$tfjg As explained more fully in the Trustee's r8spon5iExliti85 Statement sgt out on pag8 4, the Trustee is r8swnsibie for the preparation of the financlal statements and for bel satisfied that they gNe a true and fair vlew, and for Such Intsrnal control as the board ffembers detsrmine Is necessary to enable the preparation ol Ilnanci81 stalèm8nts that are fre& from material mlsstatemenl, whether due lo fraud or error. In preparlng the flnanclal Statements, the Twstee is responsible for assesslng the Charfty'5 ability to continue as a g(Mng Gonoern, disGkJsing, as applicable, matters related to golng wnceTn and using the going concem basis of accounllng unless the Trustee either intend to Irquidate the Charty or io cgas8 Opgralions, or have no realistic artemalbve but to do AudltorfB rnsponslbllluots fiyr the audlt of Ihe flnanclal 8tstements Our objectives are lo obtain reasonable assurance about whelhar the financlal statements as a whde ale freè from mal8rial misststemenl, whether due to fraud or error, and to an auditoffs report that includes our opinion. R885Dnable as8UTance 18 a high level of assurance but is not a guarantee that an audit conducted in accordance 1 ISAS {UKI wfll 8bNay5 detect 8 material mlsststement when r( exists. TrAisstatemenls can arise from fraud or emr and are ConSered malertal 11, Indlvldually or in the aggregate. they ¢ould reasonably be fjxpeded to influen¢9 the en0m deciS)nS of users taken on th& basls of these financlal statements. A further deSCTipUon of our responsibililies 55 available on the Financial Reporling CounGil'5 website aL- httpsjhvw.fic.org.uk1audilo1e$ponSibil1lies. Thls descripllon foims part of our auditors report.

James Ainsworth Almshouses Charlty INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEE OF JAMES AINSWORTH ALMSHOUSES CHARITY Icontlnuod) Exl•nt to which the audlt was consld8r•d capabli of dotsctlng Irrngularltle8, Includlng fraud Irregularlli88, Includlng fraud, are Insian¢es of nonumpliance with laws and regulations. We design preduleS In Ilnewith our responsibilities, oulllned above and on the Flnanclal Reportlng Councd'5webSe, to dotect mterkql n¥sstalements in respect of Irregularllies. includiryJ frdud. obtwn and UFJate our undw8t8ndlng of the gty. its xtivlU8s, its Control envlrenrnnt, Ilk8 fulure developments, including in rektkn to th& 18gal and regu18tory framework applicable and how the entity is comptyiro wllh that framework. Based on understanding, we Identlfy and assess the risk5 of material m188talement of the fina781 statements, ther due to Iraud or error, design and perfomi audit procedures spon8lve lo Ihose risks. and obl&n evKlence that Is suffl¢tenl and appropriats to provide 8 ba81s for our oplnkn. This indudeg conslderation ol the rt8k of acts by Ihg entity that were contrary to appluble laws and regulations. Including tra. In resp)nse tothe dskof trregularlties and nonwliance with l&vs #nd regulatbns. Includir¥J fraud, wedesign prrtedures whl¢h InCIled.. Enqulry of management aThl those ¢horged with g¢)vern8nce jnd aclual aThJ polal liligalon and clalms as well as &tual, su5pect8d and alleged fr8ud', Revi8wkng mthutes of meetlngs ofthose charged vAth gOVerrAnr. Asses8lng the extent of complianGe with the laws and regulation8 consld6red to have a dYeGt material effect on the linanclal statements or the operalions of the Ch¥ty through enquiry and inspectlDn; Reviewing financ statement dl8cbsures and testlng to supportlng documentalkn to a$8ess ¢ompliance with appll¢abl8 la and regulaUon8', Performing 8udtt work over the rfsk of management blas and override of controls, including teylng of journal entries and othgr adjustments for appropriateness, evaluallng the business raliDnale of slgnfficanl transadon8 oulskle the nomial course of buslness and reviewing accounting estinNgtss hJlcatoTr of potenllal bias. BeCae of the Inherent Ilmilath)n8 of an audll. there Is a risk that we not (lete¢t all irregularrttes. includlng those leading to a malerfal mis$latemenl In the financial $tatemants ¢X non-compllance with regulation. This risk Increases the nKre that comF4iance with a law or regulation Is removed from the evenl8 and transactiorts refle in the financial stsleNnls, as we wll be less likely lo become aware of Instances of norkcompliance. The risk of notdolecllng a malerlal misslalemnl resultlng from fraud is hlgherthan ts one resulting from aFror, as fraud may Involv8 coNu8lon, forgery, Intentional omissions, mpresentk)S, or th8 override of intemal control. Usè of our report Thls rep)rt is rnle solely lo tho Ch8rlty's trusteè. as o body, In accordance with the Ch8rille8 Act2011. Our audit work has b88n undertaken so that we might sl&le to the Charlty's trustgo those matters we are requifed to state to Ih8m In an auditorf8 report and for no other purpose. To th8 fullesl extent pprmitted by law. we do not aG¢ept or &sumE responslbility lo anyone other than thg Charity and the Charity's trustee, BS a dy, for our audit worK for thi5 report. or for the opinlons we have formed. Ilth ftu&ik 2wcof) SuBanna Ca880y (S&nlor Stalutory Audltor) For and on behalf of Az&ts Audlt Servlco5 Chartored Ac¢ountants 27 tefflXk(29 statutory Audltor Fleet House New Roaj Lancaster LAI 1WZ

James Ainsworth Almshouses Charity Statemont ol Ilnanclal actrvbtie• for the year ended 31 March 2024 Unrestrkted Total Total 2024 2024 2023 Note Incoma from.. Charllable activiti8s Invesbnents 47,009 2,197 47.009 2,197 43,065 1,282 49.2[ 49,208 44,347 Expendlturn on." Charltablo activities 32,649 32,649 28,391 32,649 32,649 28,391 N•t Income before gains and n8101 16,557 16.557 15,619 Galns l (L088) on Inve8tff*nts 2,398 2,398 12,358} Npt movem•nts In funds 18.955 18,955 13,261 Reconclltation In fundB Balance brought foTh¥ard * 1 April 2023 ovemenl In fvnds 672.237 18,955 572,237 18,955 558.839 13,598 Balanco carrfed fo)ward at 31 March 2024 591,192 691,192 572,237 The notes on pages 10 to 18 fomi part of these financial statements.

James Ainsworth Almshouses Charity ststernont lif tlnanclal poslt at 31 P4larch 2024 2024 2024 2023 2023 Flx•d a8sets Tanglble as88ts Investments 36B,773 63,049 376,301 69,275 431,822 4456 Current •ssets Debtors Cash 8t bank 10 3,897 162,801 2,168 133,615 186,698 135,783 Cmditorn: amounts falllng duo within one year 11 17,327 {9,1221 Not current •ssets 159,371 126,861 Net assets 591,193 572.237 Funds Pemianenl endowed fund Unrestrict8d Deslynated reserves Gengrl funds 250 43,806 647,137 4306 628,181 690,943 571,987 Total fvDd8 13 591,193 572,237 e finan¢lal statements were approved ty the Board of Trustee arKI authoTlsed for issug on 26 septe[er 2024 Bol Tru Chanty numbèr 224838 Al om¢ Ltd Thg ncles on pages 10 to 18 forffl part of these financlal statements

James Ainsworth Almshouses Charity Notes forming part of tho flnanclal 8tatements for the year ended 31 Plarch 2024 Ac¢ountlng polkha Basls ofpreparntson ofacc¢)unts The financJal $talem&nls have been prepsred In accordance wllh the Charilw6 SORP 2nd Edlllon {FRS 1021- Ac¢ounllng and Reporttn9 by Challti8s'. Statement of Recommended Praetlce appllcab18 to charities woparlNJ Ihelr ac¢ounts In aOrdanCe th the Charities SORP (FRS 10218nd the Ch8rilks A¢1 2011. All 8mounts 8re presant In pounds sterfing and are rolrnded to the nearest £1. The Trustee considers that the Charity me8ts the d0flnit ofa Publtc Beneffil Entity under FRS1W2. The followlng prKKlp81 auntIng pollcle8 have be applled.. Income Incoff* Tepresent5 rental Income receivab olher incorne. IncK)me Is recognised wheie there Is entlU8rrEnt. certalnty of recelpt and the anUnt w be nSured wlth suthient relrability. R8nial Inojme is recognlsed wlEn th8 woFerty 18 avallabl8 for 1, net of VOKfs on a re1Vab b8s1s. Investhtnt income is reCgniSed on a recelvable basis. Intergst on funds held on dep)slt Is included when re¢eivable and the amount can te m8asur8d reliabty by the Charfty,. this 18 normally uwn notificallon of the interest Pald or payab by th& InStU00n with whom the funds are deposlled. Expendlturn EKpendtture on charitable aclNilies refates 10 811 costs of providlng housing accomn70datlon. Expendlture on charitable actfvities 58 Incurred on dk8ctiy undertaking the aclivitles which further the Charity's obJeclive5, as well as any a$sclated support costs. Support c¥)sts of the Charlty represent the audlt fees, admlnistralion (>)5ts and finance costs. T8nglble fued essots Tangible fixed assets are depreciated over lhr useful INe8 tsklng into account reshlts values, where approprlale. The actual Ilvès oflhe assets and residual values are assessed annually and may vary depending on a numt¢r of factors. In reryassessing asset INes, factors such as technobgical innovatlon, prcduot lrfe cycles and maintenance progiammes tsken into account. Residual value assessrfftnts ¢on$lder UeS such as fvture market condrtions, the remalning life of the asset and projected disposal values. 10

James Alnsworth Almshouses Charlty Note8 fomln9 of tho flnanclal stateni5 ftjr the year end•d 31 March 2024 (contlnuad) Accountlng pollcles (m?tinu8d) Housing Prop8ths and Depreciatlon Houslng properdes for renl are stated al costloss 4mulat depreciation. Freehold land 16 not depreciaknl. All p18 are reviewgd for impaimEnt annualty. lthere a housirg property comFxlses two or nN)re lOr ¢omFonents with substantiauy dlfferenl useful ecorMi¢ INes, e&h component 1$ aCUnted for separatsty and depreciated over lis indIvjU81 usefvl economlc life. Expendlture relatlng to the subsequent replacement or neWa1 of comwnents Is capltal8ed as Inourred. Component UEL New buibl houslng slruGture Ext8mal twork8 Rrnfs nd(rDoors Electral Bathrooms Boilers He8ting 8yStem5 laxduding t118) KIGh8ns 125 years 40 years 60 years 40 years 30 years 30 years 15 years 30 years 20 years Impalrment Revlews for ImpalrmBnl of houslng prcTLIeS are ¢•nled out when a trbjer has ocojrred ony Impalrment loss in a cash generallng unil 15 recognised by a chwge to the Ststemenl of Ccfflprehensive Income. Impainnenl is rec(•3nis8d wh8re the carrying value of a cash genern9 unlt exceeds the higher of its nel realisable value or ils value In use. A cash generating unlt 18 nomTrlty a group of properties at scheme level whose cash In¢ome can be s¢pwatety Njgntmled. Follthwng a tryger for impalrm8nL th¢ Charity perfoTms impairment tests based on falr value less t16 to sell or a value kn use cakulalp)n. The f3irvalue costs to sell calculatlon18 based on avallable data from sabs transactions in an ami'5 length transa¢llon on similar cash generallng units Ipropeth51 or obsèrvable market prfces18ss in¢rementsl costs for disposlng of the PToperdes. The value in use cal¢ulathJn is based on elther a deprecialei Teplacemenl cost or a dlscounted cash Ilow model. The depreclated replacement cost Is bas8d on avallable d8la of th& c08t of oonslructlng or acquirlng rgplxement propertles lo wovide the same level of seryice potential to the Charfty as the existing property. The cash flows are defved from tho busSness plan for the next 30 year5 and do not include reslwlurlng aclhfilles that the Chanty is not yel pgrmilted to OT slgnillcant fuiure investments that wlll enhance the assers performance of the cash generating unlt being tssted. The recoverable amount18 rst Sensltlve to the di5Unt rate used for the discounted cash flow rndel as well as the expected future ca8h IIow8 and the growth Tate used for &xtrapolation purp¢XS. Investmants Flxed asset inv8Stm8nts are a fonn of financlal InStrunnt and are in1lla1 recogni5ed at their tran88Ction o)sl and subsequenlty measured at fair value at the Balance Sheet dale, unl&ss the value cannot be masured re8bfy in which case tt is measured at cost less impaimenl. Inv8Stment galns and losse5, whether realised or Lmrealised. are comblned and presented as 'G8insl(Lo3ses) on Investrnents, in Iho Sla18ment of Flnanclal AclNilie8. 11

James Alnsworth Almshouses Charity Not•s formlng part ol Ihe flnanclal 8tstemen18 for thè y8ar ond•d 31 Aqarch 2024 (contlnuedj Accountlng pollcle8 {continu8d) Fln?nGial Instruments The Charity only has finanGial assets and financial liabllllk5 of a kind that qualify as basic financial In$truments. Basic financlal instruments are Inltsally recognlsed * Iransacuon value and subsequently measured al their selllemenl value wlth the exceplon ol bank loans whrch are subsequenuy measured al amrtlsed cost using the offeclive interest meth(Kl. Fund a¢wnling Gen8ral fvnds are unrestricted funds whh are available for use at the d18crets of the TTuslee In furtherance of the general obJeclN88 of the Charity and which have not been desKJnatsd ts other purpDseB. The Charity designates funds In lation to anllcipated major and oyclical repair5. Transfers lo Deslgnatgj Funds aTe based on Management esllmates of future costs. Actual expenditure is expensed to the Income and Exp8ndllure Acwunt a8 Incurrgd and a correspondlng release of funds then made from the Designated Funds. The balanc8 18 revlewgj periodlcalty to ensure lis adw4U8Cy. Judgements and koy source8 of eBtlmatk)n and uncertalnty The preparallon of the flnancial statenEnts rgqulre8 nag9Thnt lo make judgements, estimate8 and 8ssumpUons that affect the amounts report8d foras$ets and Ilabllllle8 as al th8 Slatefftnl of Fin8ncial Poslllon d8te and the anv)unts reported for Income and exp8ns8s during thg year. However, th8 nature of estlmatlon means that actual outGome8 could dlffer frt)m those ests'male8. Th& followlng judggments (apart from thos? involvlng e8Im8188) have had the most signfftant eff¢cl on amounts reccgnlsed in the financial statements: Going concem a8S0S5ment The business plan foTecasls show ihat th6 charfty has sufficient Thquld lunds and debt fatilFties in pLqce that provide 8dequal8 resources lo fund all committed capital expendSbJre and Investment programmes togeth V•ryth dty-tTrday acllvltle$. The charily's acltvltles are expected lo continue unchanged for the fore888able luture and the uncertaintle5 con$ldeTed, including the pandemk, are not expected lo have a material knng term Impact on the assoGialion's financial viabllity. On this ba518. the Tru51ee Is salisfled through WnsideraOn of future years, fOraSts that it has adequate SoUrceS to flnan¢e lulure inveStMent in its propert4e8 along wllh day-tO•day operations for thg next 18 months from the date ofsigning ofthe accounts including sufficient Gash ID Thet Interest payments on the outstandlng loan. For th18 reason, we continue to adopt the going concem ba8ls in the financlal slatemonts. 12

James Ainsworth Almshouses Charity Not•8 forming part of thg fln•n¢lal statements for tho y•ar ended 31 March 2024 (contlnuod) Incom8 from ¢harltable activities Unrestrlcted Unre6tr1ctod 2024 2023 HtyJslNJ accommoda¢ and assi51ance 47,009 4365 Investm•nt Income Unrestrictod 2024 Unrn8trlct¢d 2023 Interest and dfvldeThJ5 on investmgnl depostt aGcounts l197 1.282 13

James Ainsworth Almshouses Charity Notss formlng port of the ftnancjal statoment6 lor the year onded 31 March 2024 (conrtlnuod) Expendlture on charltable actrviti88 2024 Dlrnct 2024 Support 2024 Total Housing accommc4JaUon a1 assi51ance 19,936 12,713 32.649 2023 DIM¢t 2023 support 21)23 Total Housing accOmmcdat and 88slstsnce 17,302 11.089 28.391 All expendttufv on charitable actNItkn was unrestrtcted in the current and fv year. Dlre¢l w¥ts on charftable acbvilie8'. 2024 2023 Repairs and malnten8nce Propety costs Heat and light Depreclallon Insurance Olher direct 5,260 4,220 4,694 1,954 5,422 377 635 2.447 7.528 415 286 49,936 17,302 Total support Costs: Govemanco CQSt8 Iwhlch repment the 8UPPOrt Gosts Audlt fees Admin and financ* c4)sts Other sUPPOrt 1,867 60 10,786 1,828 73 9,188 12,713 11,089 14

James Alnsworth Almshouses Charity ' NoteB fomilng part of tho tlnanclal Statements for the year ended 31 March 2024 (contlnued) Auditorn, remun8rallon 2024 2023 In rel81icm to aj11 of ffinancial statents Accountancy SerVS 1,867 1,828 Trustso rgmun•ratlon and expenses No remunemlon or expenses were paid to the Trustees durfng th• Gurrent OT prior year. Tanglblo Ilxed assets Prop•rty Cost At 1 April 2023 Addllions DIspos8L% 5C6.222 Al 31 March 2024 606,222 Dapre¢latton 11 April 2023 Charge for the year Dlsposa 129,921 7.528 31 March %)24 137A49 Net book valua At 31 March 2024 36B,773 31 March 2023 376,301 15

James Ainsworth Almshouses Charlty Notes fomiing part of thg flnanclal statements for tho year endèd 31 March 2024 (contlnu8dJ Inv•8tm•nts 2023 Plarkel valu8 bfvld at 1 April Addltlons Dlsposals GainsllLos31 on revaluauon 69275 71,633 I824) (2,308 Market value al 31 Mar 63,049 69275 Hisloric cost 28N33 28A33 Investments are represent8d by.. Bonds Equlti88 9.215 80.060 63W9 69,275 10 Debtors 2024 2023 Amounts due from relatsd parti8s Rent 8r8 other debtors 3,298 2,168 3097 2,168 11 Credltors: amounts falling duo wlthln one year 2024 2023 Amounts due to related parties Trade credltors Tenants in credit Accruals 2,351 4,758 2,097 2,879 2,236 2,128 7,327 9,122 16

James Ainsworth Almshouses Charlty Notss fomllng part of the flnanclal statemènts for thè ywr endod 31 ma h 2024 (¢ontlnued) 12 Analy818 of funds At 1 Aprll 2023 Galns and tran8for8 Al 31 March 2024 Income Expèndftuye Unrestfictsd funds General Designated 528,181 43,806 49,2C (32.649) 2,398 547,136 43,806 671,987 49,206 (320491 2A98 590,942 Endow0d funds Permanent endowed funds 250 250 Total funds 572,237 49306 (32.6491 2,398 591,192 At l Aprll 2022 Galns anfl trnnsfers At 31 March 2023 Income Expènditure Unrfjstrlcted fund8 General 3nated 514.583 43,806 44,347 128,391) (2,358) 528,181 43.BC6 44,347 1288911 {2,358) 571,987 Endowed fvnd$ Pem*nent enduwed funds 250 250 Total fund8 558,639 44347 {28,391 12,36B) 572,237 General fvnds are unre51dcted funds whh are avallable for use at tho diScreOn of Ihg Trustee in fvrther of the general obleclfves of the Charity and which have not been de8i9nated for olh8r purpo8e8. The Charity d8signale$ funds in relation to antiGipated malor and cyclcal repairs. Transfers lo Deslgnated Funds are based on Management estimate5 of future costs. Actual expgndllure Is expensed to the Income and Eyndllure Account as incurred and a corresponding release of funds is then made from the Desnated Funds. The balance 18 revl6wed perfallY to ensure its adequacy. End[yed funds represent the hl$torKal c05t of the amounts held in inve5trn8nlB. 17

James Alnsworth Almshouses Charity Noteg forming part of the financlal statement8 for the year •ndod 31 Alawch 2024 (eontInu) 13 Net omots 2024 GeneMI Designat•d Endowed Total Tangltle fixed assets Investments Debtot5 Cash at bank Creditors: amounts falling due In one year 368.773 18,993 3,897 162,801 368,773 83,049 3.897 162.801 43,806 250 (7,327) 17,32n 547,137 43,806 250 591,193 2023 Tangible fixed assets Inve81m&nls DebtcKs Ca8h at bank CrediloT8.' amounls falllng due in one ygar 376,301 25,219 2,188 133.615 376,301 69,275 2,168 133,615 43,8L 250 {9,122) {9,1221 528,181 43.806 572337 14 Financlal imtruments 2024 2023 Financial assets mea8ure(l al fair value through profit and10$6 63,049 69,275 Financial as8ets measured at falr value through proffit and Ioss compr18e ¢Ufrenl 888et bonds and equity Inve5trnents staled at market valu8. 15 Rolatod p•rty tran6actlons Amounts due atstart ofyear Amounts duo at ènd year Receipts Paymonts Arcon Housing 4,758 17,580 {19.9871 2,361 21Y23 Arcon Housing 5,171 26.593 (27,006) 4,758 18

James Ainsworth Almshouses Charity T5188, Annual R8POrt and Al%ntS Year Ended 31 March 2024 Charity Number 224838

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.

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.

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.

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

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