James Ainsworth Almshouses Charity Trustèè's Annual Report and AceoLJnts Year Ended 31 March 2025 Charity Number 224838 James Ainsworth Almshouses Charity Trustee's report and financlal $tat•ment$ for the year ended 31 March 2025 Contents Pag¥: Report of the Trustee Trustee's responsibilities slatement Independent audilorfs report S181emenl of financial activities Statement of financial positlon Notes forming part of the financial statements Trustee Bolton Al Howe Ltd Almshouses Manager.. Bolton Al Home Ltd Company secratary and registered offi¢e Katrina Cunliffe. Valley House. 98 Walefs Meeting Road. Bolton, BL1 8SW charity number 224838 Solicitors Anthony Collins Solicitors LLP, 134 Edmund Street, Birmingham, 83 2ES Audilor Azels Audit Servicès, Fl8èt House, New Road, Lancaster. LA1 1 EZ Bankers CAF Bank, 25 Kings Hill Avenue. Kings Hill. West Malling, Kent, ME19 4JQ James Ainsworth Almshouses Charity Report of th¢ Trustè• for the year ended 31 March 2025 The Trustee p￿SentS the annual report and the audited financial statements for the year ended 31 March 2025. The Tru51ec has adopted iho provi510n5 01 the Charities SORP 2nd Edition IFRS 1021 in preparing the annu21 report and financial slalements of the charity. Structurè, Governance and Managom•nt Bolton Al Home were appointed as Trusletr on 31 March 2025. The Trustee was previously Arcon HoLJsing Association. Structure and activities The Charity, which is registered with The Charity Commission, is Ljnincorporaled and has as its constitution a d8¢laration of trust dated 2 March 196818s amended). In addition, the Charity holds funds and investments with a view to the further developmenl of ils charitable aims. Organlsation The Board of Bolton al Home meets srx times a year and carries out an Annual Review. As Corporate Trustee. the Iruslee meets at leasl twice a year to discuss perforrnance, budgets and business plans and approve the financial slalemenls. Objectives and Activities The Charitable objects of the Charity are.. to provide housing accommodation and assistance to help house people who are elderly or disabled and associated facilities and amenities for such people or the relief of the aged, disabled., and lo further such general charitable objects as the Trustee may determine. Financial rèview The lolal incoming resources were £56,496 for the year lo 3151 March 2025 12024". £49,206). producing an operating surplus of £6,921 12024.. £16,557}. Gains on investments resulted in a surplus of £10,467 for the 12- month period to 31 sl March 202512024.. surplus of £18,955). Accumulated surpluses held in generel funds were £557.60312024.' £547,137) Golng concern The business plan forecasts show that the charity has sufficient liquid fund5 and debt facilities in place that provide adequate resources lo fund all committed capital expenditure and investment programmes together with day-lo- day activities. The charity'5 8clivilies are expected lo continuè unchanged for the forèseèable future and the uncertainties considered, are not expected to have a materiAI long term Impact on the association's financial viability. On this basis, the Trustee is sakn'sfied Ihrough consideration of future years. forecasts that il has adequalg resour¢es lo finance ILJture re-investment in ils properties along with day-to-day operations lor the next 18 months from the date ol signing ol the accounts. For this reason, we continue to adopt the going concern basis in the financial slalements. Reserves policy The Trustee has considered the need for an appropriate level of reserves in conjunction with the guidance issued by The Charity Commission. In detemining a reserve policy, the Trustee has idenllfied CO￿ objectives lo be mel. These are as follows.. the establishment of adequate free reserves lex¢luding fix8d assets) to ensure that the Charity has adeqLJate liquidity to meet any short-term fluctuatlDns in occupancy levels or exceptional cos15 Outside the scope of the budget.. and the development of a strong balance sheet and positive cash flow lo support the funding of the irnpTovemenl of the existing property. The level ol rèserves required is delermined using comprehensive budgets and cash flow forecasts. Regular updates and monitoring ol these documents are carried out to ensLJre that a SLJrplus is achieved, and cash flow is adequate lor the needs of the Charity. The benchmark for the free reserves for the Charity is between £400,000 and £500.000. Al the year end the Charity has lolal funds of £601,65912024'. £591,193) of which £601.40912024' £590,943) is available at thè discretion of the truslee and deemed as free reserves. Risk managomont The Trustee has identified the risks to which the Charity is exposed and, for each ol these, an as5esswenl has been made as to their impact, severity. and probability. Inlemal and external controls have been reviewed for effectiveness in mitigating these risks. Systems have been established to manage the level of risk including the following.. The ieview of major risk related incidents land steps taken lo address these) al each meeting of the Board and the Group Audit and Risk Committee ol the Trustee. The internal control system 15 monitored and supported by external audit that is able to provide an independent perspective on the rnanagemenl of risk within the Charity. The management and control of risk is an ongoing process in the Charity. Responsibility for ensuring that there are appropriate risk management and audit structures in place, and for reviewing those slrudures, is délegated to the GroLJP Audit and Committ@e of the Trustee, which is a shared committee with the Bolton al Home Group. James Ainsworth Almshouses Charity Report of the Trustee for the year ended 31 March 2025 (continued) Funding sou￿? #nd Expenditure The principal funding sources are charges for providing housing accommodation. Exp8ndilure is all ielaled lo providing this accommodation. Future developments A stock condition survey has been completed which will inform future requirements for improvements lo properties and programmes are being p￿pared accordingly. Auditor Azèls Audit Services Limited have audited the current years a¢counts and have expressgd their willingnes5 to continue. A resolution for the rè-appointment of A2ets Audit Services Limited as auditors of the Association is to be proposeij at the Annual General Meeting in line with the terms of the Charitlgs Act 2011. Bolton At Home Ltd Trust00 Date.. 25 September 2025 James Ainsworth Almshouses Charity Trustee's responsibilities statement for the year ended 31 March 2025 The Trustee is responsible for preparing the Annual report and the financial stalemenls in accordance with applicable law and regulations. Charity18w requires the Trustee lo prepare financial statements for each financial year in accordance with Unrf(ed Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl Under charity law the Trustee musl not approve the financial statements unloss they are satisfied that they give a true and lair view of the slate of affairs ol Ihe Charity and of the inGorning resources and application of resources, including the income and expenditure, of the Charity lor that period. In preparing these finan¢ial statements, the Trustee Is required lo.. select suitable accounting policies and then apply them wnsistenlly", make judgements and accounting estimates that are reasonable and prudent, slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained In the financial stalemenls,. ané prepare the financial statements on the going concern basis unless it is inappropriate to prèsume that the charity will continue in bLJsiness_ The TrLJStee is responsible for keeping adequ8te accounting records that are sufficient to show and explaill the charity's Iran5aGIIons and disGlose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the finAn¢ial ststements comply with the Charities Act 2011. They are also ￿sponsible for safeguarding the assets ol the charity and hence for taking reasonable steps for the prevention and detection of fraijd and other irregularities. James Ainsworth Almshouses Charity INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF JAMES AINSWORTH ALMSHOUSES CHARITY Opinion We have Budited the financial ststements ol James Ainsworth Almshouses Charity (the 'Charity'l for the period ènded 31 March 2025 which comprise the slalement of financial aclivilies, the slalement of financial positic>n and n(>tes lo Ihe financial statements, including signifiGanl accounting policies. The financial reporting framework 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 Iuniled Kingdom Generally Accepted AccoLJnting Praclicel. In our opinion the financial ststements. glve a true and fair view of the slate ol the Charity's affairs as al 31 March 2025 and of its surplus for the period then ended., have been properly prepared in aGcordance wilh United Kingdom Genèrally Accepted Accounting Practice., and have been prepared in a¢cordance ￿q1h the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in acwrdanGe with Inlernalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 undei those standards are luriher described in the Auditor's responsibilities for the audit ol the financial slalemenls section ol our report We are independent of the Charity In accordance with the elhica requirements that are relevant to our audit of the financial staterllen15 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 Ihe audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustee's use of the goin9 ¢on¢ern basis of accounting In the preparation of the financial stalements Is appropriate. Based on the work we have pèrformed. we have not identified any material uncertainties relating lo events or conditions that, individually or ¢oll&¢tively, may cast significant doubl on the Charity's ability lo continue as a going concern lor a period of at least twelve months from when the financial 51alemenls are authorised for issue. Our responsibilities and the respor)sibililies of the Trustee with respect to going ¢oncèrn are described in the relevant 5edions of this report Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our auditor's report (hereon. The Trusiee is responsible for the other inforrnation EontaiTred within the annLJal report. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly slalcd in Dur report, we do not express any form of assuran¢e conclusion Ihereon. Our responsibility is lo lead the other information and, in doing so. consider whether the other informalitsn Is matèrially inconsislenl with the finanGial slalements, or our knowledge obtained in the course of the audit, or othen￿lSe appears to be materially misstatéd_ If wè identify such material Inconsistencies or apparent material misstatements, we are required lo determine whelher this gives rise to a material misstatement in the financial statements thèmsèlves. 11, based on the work we have pertormed, we conclude that there is a material rnisslalemenl of this other information, we are required to report that fact. We have nothing to report in this regard James Ainsworth Almshouses Charity INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF JAMES AINSWORTH ALMSHOUSES CHARITY Icontinued} Matters on which we are required to report by exception We have nolhing lo report in respect ol the following matters in relation lo which the Charities Act 2011 require us lo report lo you il, in our opinion.. the information given in the Trustee's Annual Report or the financial year for which the financial statements ale prepared are nol consislenl with the financial statements., or adequate accounting records have not bean kèpt,. or certain disclosures of directors, rèmuneration specified by law are not made." or the financial slalemenls are not in agreement with the ac¢ounting ￿COrdS and returns., or we have not received all the inlormalion and explanations we require for our audit. Responslbilities of Trust8e As explained morè fully in the Trustee's responsibilities statement set out on page 4, the Trustee is responsible for the preparation of the financial statements and for being satisfièd that they give a true and fair view, and for such intemal control as the board members determine is neGe5sary lo enable the preparation of financial statements that are free from material misstatemenl, whèthèr due to fraud or error. In preparing the finanGial slatement5, the Trustee is responsible for assessing the Charity's ability to continue as a going concern, dis¢losing, as applicable, matters related to going ooncern and using the going concem basis of accounting unless the Trustee either intend to liquidate the Charity or lo cease operations, or have no realisti¢ alternative bul to do so. Auditor's responsibilitiès for th• audit of the financial statom•nt$ Our objectives are to obtain reasonable 85surance about whether the financial statements as a whole are free from material misslatemenl. whether due lo fraud or error, and to issue an aLJditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not 2 guaranteé that an audit conducted in accordance with ISAS IUKI wlll always delect a material misstatement when it exists. Misststemenls can arise from fraud or error and are Considered material if, individLJally or in thè aggregate, they could reasonably be expected to inllueft¢e the economic decisions of users takèn on the basis of these financial slalemenls. A further description of our responsibilities is available on the Financial Reporting Council's website at.. htlps".Ilwww.frG.org.uklauditor5responsibililies. This description forms part of our auditor's report. James Ainsworth Almshouses Charity INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEE OF JAMES AINSWORTH ALMSHOUSES CHARITY Icontinuedl Extènt to whi¢h the oudlt was consldered capable of dètectlng Irregularities. Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitles. Dutlined above and on the Financial Reporting Council's website, to det6Ct material misstatements in respect of irregularities, in¢luding fraud. We obtain and update our understanding of the entity. ils a¢livilies, ils control environment. and likely future developmtrnls. including in relation lo the legal and regulatory framgwork applicable and how the enlily is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial slalemenls, whether due lo fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response lo the risk of irregularities and non-compliance with laws and regulations, including fraud, we de5ign?d pro¢edures which included.. Enquiry of management and those charged wilh governance around actual and potential litigation and claims as well as artual, suspected and alleged fravd", Reviewing minutes of meetings of those charged with govemance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the Dperalions of the Charity through enquiry and inspection,. Reviewing financial statement disclosures and testing to supporting documentatic>n to assess compliance with applicable laws and regulations, Performing audit work over the risk of management bias and override of controls. including lesling of journal entries and other adjustments for approprialene5s. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting eslimales for Indicators of potential bias. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. including those leading to a material 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 transactions reflected in the financial slaterTTrents, as we will be less likely to becorne aware of inslan¢85 of non-compliance. The risk ol not dètecting a material misslalernenl resufting Irorn fraud is higher than lor one resulting from error, as fraud may Involve collusion, forgery, Intentional omissions, misrepresentslions, or the override ol Inlemal control. Use of our report Tnis report Is ma(Je solely to the Gharity's trustee, as a body. in accordance wlth the Gharities Act 2011. Our audit work has been undertaken so that we might slate to the Charity's trustee those matters we are required to state to Ihem in an auditor's report and lor no other purpose. To the fullest extenl permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustee, as a body, for our audit work. lor this report, or for the opinions we have formed. Azdo LJUICI Susanna Cass•y Isènior Statutory Auditor) For and on bèhalf af Azèts Audit SÈrvicès Chartered Accountants StsILrtory Audltor Flegl House New Roa Lant8sler LA1 1WZ l 'Z5 James Ainsworth Almshouses Charity Statement of finan¢ial a¢tivitiès for the year ended 31 March 2025 Unrestricted Total Total 2025 2025 2024 Note Income from." Charitable activities Investments 54,900 1,596 54,900 1,596 47,009 2,197 56,496 56,498 49,206 Expènditurn on.. Charitabltr activities 49,575 49.575 32,649 49,575 49,575 32,649 Nèt incom• bgfore gains and transfers 6,921 6,921 16,557 Gains on Investments 3,546 3,546 2,398 Net movements in funds 10,467 10,467 18.955 Reconrlllatlon In funds Balance brought forward at 1 April 2024 Mtrvemenl in funds 591,192 10.467 591,192 10,467 572,237 18,955 Balan¢È carrièd foThvard at 31 March 2025 601,659 601,6S9 591,192 The notes Dn pages 10 to 18 form part of thès8 financial statements. James Ainsworth Almshouses Charity Statement of flnanclal posltlon at 31 March 2025 Note 2025 2025 2024 2024 Fixed assets Tangible assets Investments 365,403 66.595 368,773 63.049 431,998 431,822 Current assets Debtors Cash at bank 10 4.058 193,380 3,897 162,801 197,438 166,698 Creditor5- amounts falling due within onè yèar 127.7771 17,3271 Nèt eurrènt asset$ 169,661 159,371 Net a55ets 601,659 591,193 Funds Permanent endowed fund Unrestricted Designaled reserves General funds 250 250 43,806 557,603 43,806 547,137 601,409 590,943 Total funds 601,659 591,193 The financial slalemenls were approved by the Board of Trustee and authorised for issue on 25 September 2025 Bolton At Home Ltd Trustèè Charity number 224838 The notes on pages 10 10 18 form part of these finan¢ial statèments James Ainsworth Almshouses Charity Notes forming part of the financial statèments for the year ended 31 March 2025 Accounting polieiès Basis ofprsparalion of aGGounts The financial statements have been preparèd In a¢¢ord8n¢e wtth the Charities SORP 2fid Edition IFRS 1021- Accounting and Reporting by Charities.. Statemtrnl of RecoTnmended Practice applicable to charities preparing their accounts in accordance with the Gharilies SORP IFRS 1021 and the Charities Act 2011. All amoLJnts 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 Entity under FRS102. The following principal aCCOL)nting policies have been applied.. InGome Income represents rental income receivable and other incom6. Income is recognised where there is enlillemenl, certainly of receipt and the amount ¢an be measured with sufficient reliability. Rental income is recognised when thè property is available for let, nel of voids on a re¢eivable basi5. Investment income is recognised on a receivable basis. Interest on funds held on deposit is included when receivable alld the amount can be measured reliably by the Charity., this is nomzlly upon nolificalion of the interest paid 01 payable by the in5tilulion with whom the funds are deposited. Expenditu Expenditure on charitable activities relatès lo all costs of providing housing accornmodation. Expenditure on charitable activities is incurred on dire¢tly undertaking the activities which further the Charity's objectives, as well as any associated support ¢osls. Support ws15 of the Charity represent the audit fees, administration C0515 and finance costs. Tangible fixed assels Tangible fixed assets are deprecièled over their useful lives taking into ac¢ounl residual values, where appropriate. Thè a¢tual liv&s 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 innc>valion. product life cycles and maintenance programmes are taken into account. Residual valuè èssessmenls consider issues such as future market condillons, the remaining life ol the asset and projectÈd disposal values. James Ainsworth Almshouses Charity Notts fomilng part of the finan¢ial statements for the year ended 31 March 2025 (continued) A¢countlng poli¢ios (Continued) Housing Properties and Depreciation Housing properties for rent are stated al cost less accumulated depreciation. Freehold land is not depreciated. I properties revigwed lor impairment annually. Where a housing property comprises two or more major components with substantially different useful economic lives, each component is accounted for separately and depreciated over ils individual useftjl economic life. Expenditure relating lo the subsequent replacement or ￿neW81 of components Is c8pilalised as incurred. Component UEL New bijild housing structure External works Roofs WindowslDoors Electrical Bathrooms Boilers Heating systems lexcluding boilers) Kitchens 125 years 40 years 60 years 40 years 30 years 30 years 15 years 30 years 20 years Impairment Reviews for impairment ol housing properties are Carried out when a trigger has o¢curred and any impairment loss in a cash generating unil is recognised by a charge lo the Slaternent of Comprehgnsive Income. Impairrllent is recognised where the carrying value of a cash generating unil exceeds the higher of ils net realisable value or ils value in use. A cash generating unit is norrllally a group of properties al sGheme level whose cash income can be separately identified. Following a trigger for impairment, the Charity performs impairment tests based on fair value less costs to sell or a value in use calcLJlation. The lair value less costs to sell calculation is based on available data from sales transactions in an s length Iiansaclion on similar cash generating units Iprop8rtiesl or observabl6 rn2rk6t price5 less inGremenlal G0515 for disposing of the propertie5. The value in use Calculation is basgd on either a depreciatèd replacement ¢ost or a discounted ¢ash flow model The dèpreciatèd replacèment cost Is based on available data of the cost of conslrucling or acquiring replacement properties to provide the same level of service ptstenti81 to the Charity 85 the existing property. The cash flows are derived from the business plan lor the next 30 years and do not illclude reslrucluring activities Ihel the Charity is not yel permitted lo or significant future investments that will enhance the asset's performance of the Gash generating unil being lesled. The recoverable amount Is most sensitive to the discount rale usèd for the discount&d tash flow model as well as the expected future cash flows and the growth rale used for extrapolation purpose5. Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value al the Balance Sheet dale, unless the value cannot be measured reliably In which case il 15 measured al cost less impairment. Inveslrnenl gains and105se5, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statèmènt of Financial Activities. James Ainsworth Almshouses Charity Notes fornilng part of the financial statements for the year ended 31 March 2025 (continued) Accounting policies (confinuedj Financial Instwmsnls The Charity only has finan¢ial assets and financlal Ilabilllies of a klnd that quallty as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al Iheir settlement value with thts ex¢eplion of bank loans which are subsequently measured at amortised cost using the effective interest method. Fund aGcounling General funds are unrestricted funds which are available foi use at the discretion of the Trustee in furtherance of the general objectives of the Charity and whi¢h have not been designated lor other purposes. The Charity designates fund5 in relation to anticipated major and cyclical repairs. Transfers to Designated Funds are based on Management estimates of ftJtLJre costs. Actual expenditure is expensed lo the Income and Expenditure Account as incurred and a coriesponding ielea5e of fund5 15 then made from the Designated Funds. The balance is reviewed periodiGally to ensure ils adequacy. Judg•m•nts and key sources of estlmatlon and uncertainty The preparatitsn of thg financial 8tatem8nts r8quires mana9&ment to mak$ judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as al the Statement ol Financial Position date and the amounts reportad for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimatès) have had thè most signifieant éffe¢l on amounts reGognised in the financial slalements.. Goffng concern assessment The business plan forecasts show that the charity has sufficiÈnl liquid fLJnds and debt facilities in place Ihal provide adequate resources to ftjnd all committed ¢apilal expenditure and investment programmes together with day-to-day activitiès. The charity's aclivilies are expe¢ted lo continue unchanged for the foreseeable future and the uncertainties conside￿d, are not èxpècted to have a material long term impact on the association's financial viability. On this basis, the TmstÈÈ is satlsfied through ctsrisideralion of future years, lorecasls that it has adequate resources to finance future re-investment in ils properties along with day-lo-day operations for the next 18 months from the date of signing of the accounts. Forthis reason, we continue to adopt the going concem basis in the financial slatetnenls. 12 James Ainsworth Almshouses Charity Notes forniing part of the flnan¢lal statements for the year ended 31 March 202$ (continued) Incomg from charitable activltlès Unrestrictod 2025 Unrestricted 2024 Housing accommodation and assistsnce 54,900 47,009 Investment income Unrestricted 2025 Unrestricted 2024 Interest and (lividends on investment deposit a¢￿UnIS 1,596 2,197 James Ainsworth Almshouses Charity Notès forniing part of the financSal statements for the year ended 31 March 2025 (continued) Expenditure on charltablo activities 2025 Dire¢t 2025 Support 202S Total Housing accommodation and assistance 35,213 14,362 49,575 2024 Direct 2024 Support 2024 Totsl Housing a¢Gommodalion and assistance 19,936 12.713 32,649 All expenditure on charitable activities was unreslricled in th8 CLJrrenl and prior year. Direct costs on charitable aclivilies.. 2025 2024 Repairs and maintenance Property costs Heal and light Depreciation Insuranc& Other direct 24,320 896 2.037 7.528 704 12721 5.260 4,000 2,447 7.528 415 286 35,213 19.936 Total support costs.. Governance eo$t$ (which représènt the support costs) Audit lees Admin and finance costs Other support 1,936 60 12,366 1,867 60 10.786 14,362 12,713 14 James Ainsworth Almshouses Charity Notes formlng part of th8 flnan¢ial 5tatementS for the year ended 31 March 2025 fconlinuedj Auditors. remuneration 2025 2024 In relation to audit of financial statements Accounlan¢y services 1,936 1.867 Tru$tee remuneration and expense5 No remuneration or expenses were paid lo the Trustees during the Current or prior year, Tanglble fixed assgt$ Property Cost Al 1 April 2024 Additions Disposals 506,222 4,158 Al 31 March 2025 510,380 Dep￿Ciall0n Al 1 April 2024 Charge for the year Oisposals 137.449 7,528 At 31 March 2025 144,977 Net book value At 31 March 2025 365.403 At 31 March 2024 368,733 15 James Ainsworth Almshouses Charity Notes forming part of the financlal statements for the y¢ar ended 31 March 2025 (continued) Invgstments 2025 2024 Market value bfwd at 1 April Additions Di5POsals GainsllLossI on revaluatK)n 63,049 69,275 18,6241 2,398 3,546 Market value 0131 March 66,595 63,049 Historic cost 28,433 28,433 Investmènts are represented by.. Equities 66.595 63,049 66,595 63,049 10 Dèbtors 2025 2024 AmoLJnls due from related parti8s Rent arrears Other debtors 3,459 599 3,298 599 4.058 3,897 11 CrÈdit¢rs 2025 2024 Amounts due lo related parties Trade eredilors Tenants in credit Accrua15 21,243 2.351 1,021 5,513 2,097 2,879 27.777 7,327 16 James Ainsworth Almshouses Charity Nottrs forming part of the Ilnancial statements for the year ended 31 March 2025 fcontinuedj 12 Analysis of fund$ At 1 April 2024 Gains and transfers At 31 March 2025 Income Expenditure Unrestricted funds General Designated 547,136 43.806 56,496 149.5751 3,546 5S7,603 43,806 590,942 56,496 149,5751 3,546 601,409 Endowed funds Permanent endowèd funds 250 250 Total funds 591,192 56,496 149,5751 3.S46 601,659 At 1 April 2023 Gains and transfers At 31 Marrh 2024 Intom• Expenditure Unre5trlcted funds General Designated 528.181 43,806 49,206 132,6491 2,398 547,136 43,806 571,987 49.206 132,6491 2,398 590,942 Endowed funds Permanent endowed funds 250 250 Total funds 572,237 49.206 132,6491 2,398 591,192 General funds are unrestricted funds which are available lor Ljse at the discretion of the Trustee in furtherance of the geneial objectives of Ihe Charity and which have not been designated lor other purpose5. The Charity designates funds in relation lo anliGipaled Major and cyclical repairs, Transfers to Designated Funds are based on Management estimates of future costs. Actual expenditure is expensed to the Incolne and Expenditure Account as incurred and a corresponding release of funds is thèn made from the Designated Funds. The balance is reviewed periodically to ensure ils adequacy. Endowed funds represènt the historical cost ol the amounts held in investments. James Ainsworth Almshouses Charity Notès formlng part of the frnancial statements for the year ended 31 March 2025 (continued) 13 Net assèts 2025 G•nèral Designated Endowed Total Tangible fixed assets Investments Debtors Cash al bank 365.403 22,539 4,058 193.380 365,403 66,595 4,Q58 193,380 43,80 250 Creditors.. amounts falling due irTr one year 127,777} 127,777) 557,603 43,806 250 601.659 2024 Tangible fixed assets Investments Debtors Cash at bank 368,773 18,993 3,897 162,801 368,773 63,049 3,897 162,801 43,806 250 Creditors.. amounts lalling due in one year 17,3271 17,3271 547.137 43,806 250 591.192 14 Financial in$trument5 2025 2024 Finan¢ial assets measured al fair value through profil and loss 66,595 63,049 Financial assets measured at fair value through profit and loss comprise equity inveslfflents slated al mark8t value. 15 Relatèd party transaction5 Amounts due t start of year Amounts due at end of year Recelpts Payments 2025 Bolton at Home 2,3S1 18.892 21.243 2024 Arcon Housing 4,758 17,580 119.9871 2,351 18 James Ainsworth Almshouses Charity Trustèè's Annual Report and AceoLJnts Year Ended 31 March 2025 Charity Number 224838 James Ainsworth Almshouses Charity Trustee's report and financlal $tat•ment$ for the year ended 31 March 2025 Contents Pag¥: Report of the Trustee Trustee's responsibilities slatement Independent audilorfs report S181emenl of financial activities Statement of financial positlon Notes forming part of the financial statements Trustee Bolton Al Howe Ltd Almshouses Manager.. Bolton Al Home Ltd Company secratary and registered offi¢e Katrina Cunliffe. Valley House. 98 Walefs Meeting Road. Bolton, BL1 8SW charity number 224838 Solicitors Anthony Collins Solicitors LLP, 134 Edmund Street, Birmingham, 83 2ES Audilor Azels Audit Servicès, Fl8èt House, New Road, Lancaster. LA1 1 EZ Bankers CAF Bank, 25 Kings Hill Avenue. Kings Hill. West Malling, Kent, ME19 4JQ James Ainsworth Almshouses Charity Report of th¢ Trustè• for the year ended 31 March 2025 The Trustee p￿SentS the annual report and the audited financial statements for the year ended 31 March 2025. The Tru51ec has adopted iho provi510n5 01 the Charities SORP 2nd Edition IFRS 1021 in preparing the annu21 report and financial slalements of the charity. Structurè, Governance and Managom•nt Bolton Al Home were appointed as Trusletr on 31 March 2025. The Trustee was previously Arcon HoLJsing Association. Structure and activities The Charity, which is registered with The Charity Commission, is Ljnincorporaled and has as its constitution a d8¢laration of trust dated 2 March 196818s amended). In addition, the Charity holds funds and investments with a view to the further developmenl of ils charitable aims. Organlsation The Board of Bolton al Home meets srx times a year and carries out an Annual Review. As Corporate Trustee. the Iruslee meets at leasl twice a year to discuss perforrnance, budgets and business plans and approve the financial slalemenls. Objectives and Activities The Charitable objects of the Charity are.. to provide housing accommodation and assistance to help house people who are elderly or disabled and associated facilities and amenities for such people or the relief of the aged, disabled., and lo further such general charitable objects as the Trustee may determine. Financial rèview The lolal incoming resources were £56,496 for the year lo 3151 March 2025 12024". £49,206). producing an operating surplus of £6,921 12024.. £16,557}. Gains on investments resulted in a surplus of £10,467 for the 12- month period to 31 sl March 202512024.. surplus of £18,955). Accumulated surpluses held in generel funds were £557.60312024.' £547,137) Golng concern The business plan forecasts show that the charity has sufficient liquid fund5 and debt facilities in place that provide adequate resources lo fund all committed capital expenditure and investment programmes together with day-lo- day activities. The charity'5 8clivilies are expected lo continuè unchanged for the forèseèable future and the uncertainties considered, are not expected to have a materiAI long term Impact on the association's financial viability. On this basis, the Trustee is sakn'sfied Ihrough consideration of future years. forecasts that il has adequalg resour¢es lo finance ILJture re-investment in ils properties along with day-to-day operations lor the next 18 months from the date ol signing ol the accounts. For this reason, we continue to adopt the going concern basis in the financial slalements. Reserves policy The Trustee has considered the need for an appropriate level of reserves in conjunction with the guidance issued by The Charity Commission. In detemining a reserve policy, the Trustee has idenllfied CO￿ objectives lo be mel. These are as follows.. the establishment of adequate free reserves lex¢luding fix8d assets) to ensure that the Charity has adeqLJate liquidity to meet any short-term fluctuatlDns in occupancy levels or exceptional cos15 Outside the scope of the budget.. and the development of a strong balance sheet and positive cash flow lo support the funding of the irnpTovemenl of the existing property. The level ol rèserves required is delermined using comprehensive budgets and cash flow forecasts. Regular updates and monitoring ol these documents are carried out to ensLJre that a SLJrplus is achieved, and cash flow is adequate lor the needs of the Charity. The benchmark for the free reserves for the Charity is between £400,000 and £500.000. Al the year end the Charity has lolal funds of £601,65912024'. £591,193) of which £601.40912024' £590,943) is available at thè discretion of the truslee and deemed as free reserves. Risk managomont The Trustee has identified the risks to which the Charity is exposed and, for each ol these, an as5esswenl has been made as to their impact, severity. and probability. Inlemal and external controls have been reviewed for effectiveness in mitigating these risks. Systems have been established to manage the level of risk including the following.. The ieview of major risk related incidents land steps taken lo address these) al each meeting of the Board and the Group Audit and Risk Committee ol the Trustee. The internal control system 15 monitored and supported by external audit that is able to provide an independent perspective on the rnanagemenl of risk within the Charity. The management and control of risk is an ongoing process in the Charity. Responsibility for ensuring that there are appropriate risk management and audit structures in place, and for reviewing those slrudures, is délegated to the GroLJP Audit and Committ@e of the Trustee, which is a shared committee with the Bolton al Home Group. James Ainsworth Almshouses Charity Report of the Trustee for the year ended 31 March 2025 (continued) Funding sou￿? #nd Expenditure The principal funding sources are charges for providing housing accommodation. Exp8ndilure is all ielaled lo providing this accommodation. Future developments A stock condition survey has been completed which will inform future requirements for improvements lo properties and programmes are being p￿pared accordingly. Auditor Azèls Audit Services Limited have audited the current years a¢counts and have expressgd their willingnes5 to continue. A resolution for the rè-appointment of A2ets Audit Services Limited as auditors of the Association is to be proposeij at the Annual General Meeting in line with the terms of the Charitlgs Act 2011. Bolton At Home Ltd Trust00 Date.. 25 September 2025 James Ainsworth Almshouses Charity Trustee's responsibilities statement for the year ended 31 March 2025 The Trustee is responsible for preparing the Annual report and the financial stalemenls in accordance with applicable law and regulations. Charity18w requires the Trustee lo prepare financial statements for each financial year in accordance with Unrf(ed Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl Under charity law the Trustee musl not approve the financial statements unloss they are satisfied that they give a true and lair view of the slate of affairs ol Ihe Charity and of the inGorning resources and application of resources, including the income and expenditure, of the Charity lor that period. In preparing these finan¢ial statements, the Trustee Is required lo.. select suitable accounting policies and then apply them wnsistenlly", make judgements and accounting estimates that are reasonable and prudent, slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained In the financial stalemenls,. ané prepare the financial statements on the going concern basis unless it is inappropriate to prèsume that the charity will continue in bLJsiness_ The TrLJStee is responsible for keeping adequ8te accounting records that are sufficient to show and explaill the charity's Iran5aGIIons and disGlose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the finAn¢ial ststements comply with the Charities Act 2011. They are also ￿sponsible for safeguarding the assets ol the charity and hence for taking reasonable steps for the prevention and detection of fraijd and other irregularities. James Ainsworth Almshouses Charity INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF JAMES AINSWORTH ALMSHOUSES CHARITY Opinion We have Budited the financial ststements ol James Ainsworth Almshouses Charity (the 'Charity'l for the period ènded 31 March 2025 which comprise the slalement of financial aclivilies, the slalement of financial positic>n and n(>tes lo Ihe financial statements, including signifiGanl accounting policies. The financial reporting framework 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 Iuniled Kingdom Generally Accepted AccoLJnting Praclicel. In our opinion the financial ststements. glve a true and fair view of the slate ol the Charity's affairs as al 31 March 2025 and of its surplus for the period then ended., have been properly prepared in aGcordance wilh United Kingdom Genèrally Accepted Accounting Practice., and have been prepared in a¢cordance ￿q1h the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in acwrdanGe with Inlernalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 undei those standards are luriher described in the Auditor's responsibilities for the audit ol the financial slalemenls section ol our report We are independent of the Charity In accordance with the elhica requirements that are relevant to our audit of the financial staterllen15 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 Ihe audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustee's use of the goin9 ¢on¢ern basis of accounting In the preparation of the financial stalements Is appropriate. Based on the work we have pèrformed. we have not identified any material uncertainties relating lo events or conditions that, individually or ¢oll&¢tively, may cast significant doubl on the Charity's ability lo continue as a going concern lor a period of at least twelve months from when the financial 51alemenls are authorised for issue. Our responsibilities and the respor)sibililies of the Trustee with respect to going ¢oncèrn are described in the relevant 5edions of this report Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our auditor's report (hereon. The Trusiee is responsible for the other inforrnation EontaiTred within the annLJal report. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly slalcd in Dur report, we do not express any form of assuran¢e conclusion Ihereon. Our responsibility is lo lead the other information and, in doing so. consider whether the other informalitsn Is matèrially inconsislenl with the finanGial slalements, or our knowledge obtained in the course of the audit, or othen￿lSe appears to be materially misstatéd_ If wè identify such material Inconsistencies or apparent material misstatements, we are required lo determine whelher this gives rise to a material misstatement in the financial statements thèmsèlves. 11, based on the work we have pertormed, we conclude that there is a material rnisslalemenl of this other information, we are required to report that fact. We have nothing to report in this regard James Ainsworth Almshouses Charity INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF JAMES AINSWORTH ALMSHOUSES CHARITY Icontinued} Matters on which we are required to report by exception We have nolhing lo report in respect ol the following matters in relation lo which the Charities Act 2011 require us lo report lo you il, in our opinion.. the information given in the Trustee's Annual Report or the financial year for which the financial statements ale prepared are nol consislenl with the financial statements., or adequate accounting records have not bean kèpt,. or certain disclosures of directors, rèmuneration specified by law are not made." or the financial slalemenls are not in agreement with the ac¢ounting ￿COrdS and returns., or we have not received all the inlormalion and explanations we require for our audit. Responslbilities of Trust8e As explained morè fully in the Trustee's responsibilities statement set out on page 4, the Trustee is responsible for the preparation of the financial statements and for being satisfièd that they give a true and fair view, and for such intemal control as the board members determine is neGe5sary lo enable the preparation of financial statements that are free from material misstatemenl, whèthèr due to fraud or error. In preparing the finanGial slatement5, the Trustee is responsible for assessing the Charity's ability to continue as a going concern, dis¢losing, as applicable, matters related to going ooncern and using the going concem basis of accounting unless the Trustee either intend to liquidate the Charity or lo cease operations, or have no realisti¢ alternative bul to do so. Auditor's responsibilitiès for th• audit of the financial statom•nt$ Our objectives are to obtain reasonable 85surance about whether the financial statements as a whole are free from material misslatemenl. whether due lo fraud or error, and to issue an aLJditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not 2 guaranteé that an audit conducted in accordance with ISAS IUKI wlll always delect a material misstatement when it exists. Misststemenls can arise from fraud or error and are Considered material if, individLJally or in thè aggregate, they could reasonably be expected to inllueft¢e the economic decisions of users takèn on the basis of these financial slalemenls. A further description of our responsibilities is available on the Financial Reporting Council's website at.. htlps".Ilwww.frG.org.uklauditor5responsibililies. This description forms part of our auditor's report. James Ainsworth Almshouses Charity INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEE OF JAMES AINSWORTH ALMSHOUSES CHARITY Icontinuedl Extènt to whi¢h the oudlt was consldered capable of dètectlng Irregularities. Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitles. Dutlined above and on the Financial Reporting Council's website, to det6Ct material misstatements in respect of irregularities, in¢luding fraud. We obtain and update our understanding of the entity. ils a¢livilies, ils control environment. and likely future developmtrnls. including in relation lo the legal and regulatory framgwork applicable and how the enlily is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial slalemenls, whether due lo fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response lo the risk of irregularities and non-compliance with laws and regulations, including fraud, we de5ign?d pro¢edures which included.. Enquiry of management and those charged wilh governance around actual and potential litigation and claims as well as artual, suspected and alleged fravd", Reviewing minutes of meetings of those charged with govemance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the Dperalions of the Charity through enquiry and inspection,. Reviewing financial statement disclosures and testing to supporting documentatic>n to assess compliance with applicable laws and regulations, Performing audit work over the risk of management bias and override of controls. including lesling of journal entries and other adjustments for approprialene5s. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting eslimales for Indicators of potential bias. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. including those leading to a material 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 transactions reflected in the financial slaterTTrents, as we will be less likely to becorne aware of inslan¢85 of non-compliance. The risk ol not dètecting a material misslalernenl resufting Irorn fraud is higher than lor one resulting from error, as fraud may Involve collusion, forgery, Intentional omissions, misrepresentslions, or the override ol Inlemal control. Use of our report Tnis report Is ma(Je solely to the Gharity's trustee, as a body. in accordance wlth the Gharities Act 2011. Our audit work has been undertaken so that we might slate to the Charity's trustee those matters we are required to state to Ihem in an auditor's report and lor no other purpose. To the fullest extenl permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustee, as a body, for our audit work. lor this report, or for the opinions we have formed. Azdo LJUICI Susanna Cass•y Isènior Statutory Auditor) For and on bèhalf af Azèts Audit SÈrvicès Chartered Accountants StsILrtory Audltor Flegl House New Roa Lant8sler LA1 1WZ l 'Z5 James Ainsworth Almshouses Charity Statement of finan¢ial a¢tivitiès for the year ended 31 March 2025 Unrestricted Total Total 2025 2025 2024 Note Income from." Charitable activities Investments 54,900 1,596 54,900 1,596 47,009 2,197 56,496 56,498 49,206 Expènditurn on.. Charitabltr activities 49,575 49.575 32,649 49,575 49,575 32,649 Nèt incom• bgfore gains and transfers 6,921 6,921 16,557 Gains on Investments 3,546 3,546 2,398 Net movements in funds 10,467 10,467 18.955 Reconrlllatlon In funds Balance brought forward at 1 April 2024 Mtrvemenl in funds 591,192 10.467 591,192 10,467 572,237 18,955 Balan¢È carrièd foThvard at 31 March 2025 601,659 601,6S9 591,192 The notes Dn pages 10 to 18 form part of thès8 financial statements. James Ainsworth Almshouses Charity Statement of flnanclal posltlon at 31 March 2025 Note 2025 2025 2024 2024 Fixed assets Tangible assets Investments 365,403 66.595 368,773 63.049 431,998 431,822 Current assets Debtors Cash at bank 10 4.058 193,380 3,897 162,801 197,438 166,698 Creditor5- amounts falling due within onè yèar 127.7771 17,3271 Nèt eurrènt asset$ 169,661 159,371 Net a55ets 601,659 591,193 Funds Permanent endowed fund Unrestricted Designaled reserves General funds 250 250 43,806 557,603 43,806 547,137 601,409 590,943 Total funds 601,659 591,193 The financial slalemenls were approved by the Board of Trustee and authorised for issue on 25 September 2025 Bolton At Home Ltd Trustèè Charity number 224838 The notes on pages 10 10 18 form part of these finan¢ial statèments James Ainsworth Almshouses Charity Notes forming part of the financial statèments for the year ended 31 March 2025 Accounting polieiès Basis ofprsparalion of aGGounts The financial statements have been preparèd In a¢¢ord8n¢e wtth the Charities SORP 2fid Edition IFRS 1021- Accounting and Reporting by Charities.. Statemtrnl of RecoTnmended Practice applicable to charities preparing their accounts in accordance with the Gharilies SORP IFRS 1021 and the Charities Act 2011. All amoLJnts 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 Entity under FRS102. The following principal aCCOL)nting policies have been applied.. InGome Income represents rental income receivable and other incom6. Income is recognised where there is enlillemenl, certainly of receipt and the amount ¢an be measured with sufficient reliability. Rental income is recognised when thè property is available for let, nel of voids on a re¢eivable basi5. Investment income is recognised on a receivable basis. Interest on funds held on deposit is included when receivable alld the amount can be measured reliably by the Charity., this is nomzlly upon nolificalion of the interest paid 01 payable by the in5tilulion with whom the funds are deposited. Expenditu Expenditure on charitable activities relatès lo all costs of providing housing accornmodation. Expenditure on charitable activities is incurred on dire¢tly undertaking the activities which further the Charity's objectives, as well as any associated support ¢osls. Support ws15 of the Charity represent the audit fees, administration C0515 and finance costs. Tangible fixed assels Tangible fixed assets are deprecièled over their useful lives taking into ac¢ounl residual values, where appropriate. Thè a¢tual liv&s 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 innc>valion. product life cycles and maintenance programmes are taken into account. Residual valuè èssessmenls consider issues such as future market condillons, the remaining life ol the asset and projectÈd disposal values. James Ainsworth Almshouses Charity Notts fomilng part of the finan¢ial statements for the year ended 31 March 2025 (continued) A¢countlng poli¢ios (Continued) Housing Properties and Depreciation Housing properties for rent are stated al cost less accumulated depreciation. Freehold land is not depreciated. I properties revigwed lor impairment annually. Where a housing property comprises two or more major components with substantially different useful economic lives, each component is accounted for separately and depreciated over ils individual useftjl economic life. Expenditure relating lo the subsequent replacement or ￿neW81 of components Is c8pilalised as incurred. Component UEL New bijild housing structure External works Roofs WindowslDoors Electrical Bathrooms Boilers Heating systems lexcluding boilers) Kitchens 125 years 40 years 60 years 40 years 30 years 30 years 15 years 30 years 20 years Impairment Reviews for impairment ol housing properties are Carried out when a trigger has o¢curred and any impairment loss in a cash generating unil is recognised by a charge lo the Slaternent of Comprehgnsive Income. Impairrllent is recognised where the carrying value of a cash generating unil exceeds the higher of ils net realisable value or ils value in use. A cash generating unit is norrllally a group of properties al sGheme level whose cash income can be separately identified. Following a trigger for impairment, the Charity performs impairment tests based on fair value less costs to sell or a value in use calcLJlation. The lair value less costs to sell calculation is based on available data from sales transactions in an s length Iiansaclion on similar cash generating units Iprop8rtiesl or observabl6 rn2rk6t price5 less inGremenlal G0515 for disposing of the propertie5. The value in use Calculation is basgd on either a depreciatèd replacement ¢ost or a discounted ¢ash flow model The dèpreciatèd replacèment cost Is based on available data of the cost of conslrucling or acquiring replacement properties to provide the same level of service ptstenti81 to the Charity 85 the existing property. The cash flows are derived from the business plan lor the next 30 years and do not illclude reslrucluring activities Ihel the Charity is not yel permitted lo or significant future investments that will enhance the asset's performance of the Gash generating unil being lesled. The recoverable amount Is most sensitive to the discount rale usèd for the discount&d tash flow model as well as the expected future cash flows and the growth rale used for extrapolation purpose5. Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value al the Balance Sheet dale, unless the value cannot be measured reliably In which case il 15 measured al cost less impairment. Inveslrnenl gains and105se5, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statèmènt of Financial Activities. James Ainsworth Almshouses Charity Notes fornilng part of the financial statements for the year ended 31 March 2025 (continued) Accounting policies (confinuedj Financial Instwmsnls The Charity only has finan¢ial assets and financlal Ilabilllies of a klnd that quallty as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al Iheir settlement value with thts ex¢eplion of bank loans which are subsequently measured at amortised cost using the effective interest method. Fund aGcounling General funds are unrestricted funds which are available foi use at the discretion of the Trustee in furtherance of the general objectives of the Charity and whi¢h have not been designated lor other purposes. The Charity designates fund5 in relation to anticipated major and cyclical repairs. Transfers to Designated Funds are based on Management estimates of ftJtLJre costs. Actual expenditure is expensed lo the Income and Expenditure Account as incurred and a coriesponding ielea5e of fund5 15 then made from the Designated Funds. The balance is reviewed periodiGally to ensure ils adequacy. Judg•m•nts and key sources of estlmatlon and uncertainty The preparatitsn of thg financial 8tatem8nts r8quires mana9&ment to mak$ judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as al the Statement ol Financial Position date and the amounts reportad for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimatès) have had thè most signifieant éffe¢l on amounts reGognised in the financial slalements.. Goffng concern assessment The business plan forecasts show that the charity has sufficiÈnl liquid fLJnds and debt facilities in place Ihal provide adequate resources to ftjnd all committed ¢apilal expenditure and investment programmes together with day-to-day activitiès. The charity's aclivilies are expe¢ted lo continue unchanged for the foreseeable future and the uncertainties conside￿d, are not èxpècted to have a material long term impact on the association's financial viability. On this basis, the TmstÈÈ is satlsfied through ctsrisideralion of future years, lorecasls that it has adequate resources to finance future re-investment in ils properties along with day-lo-day operations for the next 18 months from the date of signing of the accounts. Forthis reason, we continue to adopt the going concem basis in the financial slatetnenls. 12 James Ainsworth Almshouses Charity Notes forniing part of the flnan¢lal statements for the year ended 31 March 202$ (continued) Incomg from charitable activltlès Unrestrictod 2025 Unrestricted 2024 Housing accommodation and assistsnce 54,900 47,009 Investment income Unrestricted 2025 Unrestricted 2024 Interest and (lividends on investment deposit a¢￿UnIS 1,596 2,197 James Ainsworth Almshouses Charity Notès forniing part of the financSal statements for the year ended 31 March 2025 (continued) Expenditure on charltablo activities 2025 Dire¢t 2025 Support 202S Total Housing accommodation and assistance 35,213 14,362 49,575 2024 Direct 2024 Support 2024 Totsl Housing a¢Gommodalion and assistance 19,936 12.713 32,649 All expenditure on charitable activities was unreslricled in th8 CLJrrenl and prior year. Direct costs on charitable aclivilies.. 2025 2024 Repairs and maintenance Property costs Heal and light Depreciation Insuranc& Other direct 24,320 896 2.037 7.528 704 12721 5.260 4,000 2,447 7.528 415 286 35,213 19.936 Total support costs.. Governance eo$t$ (which représènt the support costs) Audit lees Admin and finance costs Other support 1,936 60 12,366 1,867 60 10.786 14,362 12,713 14 James Ainsworth Almshouses Charity Notes formlng part of th8 flnan¢ial 5tatementS for the year ended 31 March 2025 fconlinuedj Auditors. remuneration 2025 2024 In relation to audit of financial statements Accounlan¢y services 1,936 1.867 Tru$tee remuneration and expense5 No remuneration or expenses were paid lo the Trustees during the Current or prior year, Tanglble fixed assgt$ Property Cost Al 1 April 2024 Additions Disposals 506,222 4,158 Al 31 March 2025 510,380 Dep￿Ciall0n Al 1 April 2024 Charge for the year Oisposals 137.449 7,528 At 31 March 2025 144,977 Net book value At 31 March 2025 365.403 At 31 March 2024 368,733 15 James Ainsworth Almshouses Charity Notes forming part of the financlal statements for the y¢ar ended 31 March 2025 (continued) Invgstments 2025 2024 Market value bfwd at 1 April Additions Di5POsals GainsllLossI on revaluatK)n 63,049 69,275 18,6241 2,398 3,546 Market value 0131 March 66,595 63,049 Historic cost 28,433 28,433 Investmènts are represented by.. Equities 66.595 63,049 66,595 63,049 10 Dèbtors 2025 2024 AmoLJnls due from related parti8s Rent arrears Other debtors 3,459 599 3,298 599 4.058 3,897 11 CrÈdit¢rs 2025 2024 Amounts due lo related parties Trade eredilors Tenants in credit Accrua15 21,243 2.351 1,021 5,513 2,097 2,879 27.777 7,327 16 James Ainsworth Almshouses Charity Nottrs forming part of the Ilnancial statements for the year ended 31 March 2025 fcontinuedj 12 Analysis of fund$ At 1 April 2024 Gains and transfers At 31 March 2025 Income Expenditure Unrestricted funds General Designated 547,136 43.806 56,496 149.5751 3,546 5S7,603 43,806 590,942 56,496 149,5751 3,546 601,409 Endowed funds Permanent endowèd funds 250 250 Total funds 591,192 56,496 149,5751 3.S46 601,659 At 1 April 2023 Gains and transfers At 31 Marrh 2024 Intom• Expenditure Unre5trlcted funds General Designated 528.181 43,806 49,206 132,6491 2,398 547,136 43,806 571,987 49.206 132,6491 2,398 590,942 Endowed funds Permanent endowed funds 250 250 Total funds 572,237 49.206 132,6491 2,398 591,192 General funds are unrestricted funds which are available lor Ljse at the discretion of the Trustee in furtherance of the geneial objectives of Ihe Charity and which have not been designated lor other purpose5. The Charity designates funds in relation lo anliGipaled Major and cyclical repairs, Transfers to Designated Funds are based on Management estimates of future costs. Actual expenditure is expensed to the Incolne and Expenditure Account as incurred and a corresponding release of funds is thèn made from the Designated Funds. The balance is reviewed periodically to ensure ils adequacy. Endowed funds represènt the historical cost ol the amounts held in investments. James Ainsworth Almshouses Charity Notès formlng part of the frnancial statements for the year ended 31 March 2025 (continued) 13 Net assèts 2025 G•nèral Designated Endowed Total Tangible fixed assets Investments Debtors Cash al bank 365.403 22,539 4,058 193.380 365,403 66,595 4,Q58 193,380 43,80 250 Creditors.. amounts falling due irTr one year 127,777} 127,777) 557,603 43,806 250 601.659 2024 Tangible fixed assets Investments Debtors Cash at bank 368,773 18,993 3,897 162,801 368,773 63,049 3,897 162,801 43,806 250 Creditors.. amounts lalling due in one year 17,3271 17,3271 547.137 43,806 250 591.192 14 Financial in$trument5 2025 2024 Finan¢ial assets measured al fair value through profil and loss 66,595 63,049 Financial assets measured at fair value through profit and loss comprise equity inveslfflents slated al mark8t value. 15 Relatèd party transaction5 Amounts due t start of year Amounts due at end of year Recelpts Payments 2025 Bolton at Home 2,3S1 18.892 21.243 2024 Arcon Housing 4,758 17,580 119.9871 2,351 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
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b
of the organisation or a particular indi idual and is considered to
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e of a sensiti e nature
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.| |eport Title
R|**External audit findings letter**| |eport of
R|am Welford,
ec irector of Finance
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Ex
D| |ccounta le irector
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D|am Welford,
ec irector of Finance
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D| |urpose of eport
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R|| |To present the audit findings of the e ternal auditors
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Az
.|| |ecommendation s
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( )|| |It is recommended that the committee:
ote the audit findings as detailed in the letter attached
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.|| ## **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
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is of Fraud
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.|||| |**Legal &**|The e ternal audit of the financial statements is a legal and regulatory
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.|||| |**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
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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