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Pickering and Ferens Homes Report and Financial Statements

31 March 2025

Pickering and Ferens Homes

BOARD OF DIRECTORS

At the date of this report the directors of Pickering and Ferens Homes Trustee Ltd were:

John Glenton (Chair) Co-opted board member Ali Akbor Co-opted board member Kate Calvert Co-opted board member Valerie Crowhurst Co-opted resident board member Pam Davies Co-opted board member Anna Folwell Co-opted board member John Holmes Co-opted resident board member Catherine Kelly Co-opted board member Andy Micklethwaite Co-opted board member Cheryl Payne Nominated board member Emma Whittles Co-opted board member Matthew Hubbert Co-opted board member Committee Members Liz Hoyland Co-opted committee member Andy Gladwin Co-opted committee member

The following changes took place:

Rachel Garton Resigned 26 Feb 2025 Anna Folwell Retired 21 May 2025 Allen Healand Resigned 26 Feb 2025 Matthew Hubbert Appointed 21 May 2025 Ali Akbor Appointed 26 Feb 2025 Liz Hoyland Appointed 26 Feb 2025

EXECUTIVE TEAM

Claire Warren Chief Executive Lish Harris Business Services Director (retired 31 Dec 2024) Kristina Thrush Business Services Director (from 1[st] Jan 2025) Richard Walker Home Services Director

EXTERNAL AUDITORS

INTERNAL AUDITORS

Beever and Struthers TIAA Ltd One Express Artillery House 1 George Leigh Street Fort Fareham, Newgate Lane Manchester M4 5DL Fareham PO14 1AH

PRINCIPAL BANKERS

Santander UK plc National Westminster Bank plc Barclays Bank plc 6-8 King Edward Street 34 King Edward Street (Hull Branch) Hull HU1 3SS Hull HU1 3SS Leicester LE87 2BB LENDERS Nationwide Building Society The Housing Finance Corporation Ltd / Orchardbrook / BCM Global Kings Park Road Affordable Housing Finance plc Mortgage Services Ltd Northampton 3rd Floor PO Box 861 NN3 6NW 17 St. Swithin’s Lane, Ipswich London EC4N 8AL IP1 9LW SOLICITORS Rollits LLP Anthony Collins Solicitors LLP Citadel House 134 Edmund Street 58 High Street Birmingham Hull HU1 1QE B3 2ES REGISTERED OFFICE REGULATOR OF SOCIAL HOUSING REGISTERED No. 7 Beacon Way A4020 Hull PICKERING AND FERENS HOMES TRUSTEE LTD COMPANY No. HU3 4AE 13968187 CHARITY COMMISSION REGISTERED No. 1014862 NATIONAL ASSOCIATION OF ALMSHOUSES REGISTERED No. 981

Pickering and Ferens Homes REPORT OF THE TRUSTEE for the year ended 31 March 2025

INCORPORATION

Pickering and Ferens Homes is a registered Charity (the Charity), a registered provider with the Regulator of Social Housing, and a member of the National Association of Almshouses.

In March 2022, the Board of Trustees agreed to incorporate Pickering and Ferens Homes Trustee Limited as a trustee company (No. 13968187), and for that company to be appointed as corporate trustee of the Charity by a Charity Commission Scheme. The individual trustees of the Charity are now Directors of the trustee company and operate the Charity through the trustee company with the benefit of limited liability.

DIRECTORS

The Directors during the year are those listed on page 1. The full complement of Directors comprises two nominated Hull City Councillors, two residents, eight co-opted board members and two? co-opted committee member.

DIRECTORS INTERESTS

The Directors do not receive any remuneration from the trustee company or the Charity.

THE CHARITABLE TRUST DEED AND ADDITIONAL MATTERS

On 14 March 2022 the Charity Commissioners for England and Wales approved a new Charitable Trust Scheme. This scheme forms the governing document of the Charity. The powers of the corporate trustee are included within the Charitable Trust Scheme. No Directors of the trustee company may have a personal interest in the Charity and all Directors exercise their powers jointly at properly convened meetings.

Beneficiaries of the Charity are “persons who are in need by reason of age, ill health, disability, financial hardship or other disadvantage with priority being given to those who were either born or are resident in the area of benefit”. The objects of the Charity are:-

a) the provision of temporary or permanent housing accommodation for the beneficiaries, and
b) such charitable purposes for the benefit of the beneficiaries as the Board of Directors decide, including but not limited to the provision of health and social care and wellbeing activity to improve their quality of life, relief of financial hardship, sickness and poor health amongst them, and the provision of specially designed or adapted housing, and items, services or facilities calculated to relieve their needs.

The Charity has a Corporate Plan which holds its strategic ambitions, designed to demonstrate its exemplar status:

a) To provide a home where residents feel safe.
b) To invest in its homes and keep them to a high standard.
c) To deliver services that offer value for money.
d) To increase the energy efficiency of its homes (and reduce the carbon they produce).
e) To build more homes to support the area’s older persons housing needs.
f) To meet residents’ needs by offering a range of ways to access services, embracing user friendly technology, when it makes residents’ lives easier or better.
g) To work alongside the community, and other agencies, to help residents live well in the Charity’s homes, for as long as they want to.
h) To run the Charity well, ensuring everyone working on behalf of residents is professional and has the right skills, tools and knowledge.

The Charity’s strategic review is driven by the following factors:

A desire to be a local organisation delivering quality nationally recognised exemplar services to older people.
A commitment to reviewing performance, reducing costs and maintaining quality services so that they are competitive, affordable and achieve value for money as judged by sector comparisons and the Charity’s beneficiaries.
A desire to meet local demand by providing a supply of new housing for older people.
The opportunity to review and modernise strategic approaches and working practices so that they remain relevant, offer choice and recognise differing needs.
The opportunity to work with partners to deliver health and wellbeing outcomes particularly with regards to combatting loneliness and isolation and to offer homes as a ‘home for life’ wherever possible.

Pickering and Ferens Homes REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

To have an ongoing conversation with our residents to identify how we can add value to our communities and be “more than just a landlord”.

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS

Our primary objective is to provide quality social housing homes and services which enhance the lives of older people within our communities.

As at 31 March 2025, the Charity was responsible for the management of 1,453 properties. All properties are located within the city of Kingston upon Hull and the East Riding of Yorkshire.

During the year ended 31 March 2025, the Charity -

Refreshed its Corporate Plan to 2027/28. An accompanying Financial Plan enabled the setting of rents, service charges, capital and revenue budgets, new development targets and property improvement programmes.
To improve customer contact and service, implemented our new PFH Connect proactive technology system to all residents in partnership with Alertacall.
Appointed a new Chair, John Glenton
Appointed Ali Akbor as a new board member, and Liz Hoyland as a co-opted committee member to both the Audit and Risk Committee and Governance and Remuneration Committee.
Recruited to the Business Services Director role, following the retirement of Lish Harris.
Successfully evidenced its governance and financial strength through a regulatory stability check where the highest G1/V1 rating was retained.
Began engagement with the Regulator of Social Housing, as part of a planned regulatory inspection, with outcomes to be reported in June 2025.
Took handover of 24 new homes for residents at our Padstow Close development, phase 1.
Invested in and implemented a new Civica CX Housing Management system.
Invested in and implemented a new Civica Financials replacement financial management system.
Co-designed, with the staff team, a new leadership framework “The PFH Way”.
With residents, redesigned and reprocured the Grounds Maintenance Service and Private Garden Service under competitive commercial terms.
Completed a programme of externally commissioned audits of all building related health and safety compliance areas including damp, mould and condensation.
Using independent researchers, Viewpoint, undertook regulatory Tenant Satisfaction Measures survey work, and achieved an overall satisfaction score of 93%, with 90% of residents satisfied with the repairs service and 94% satisfied that their home is well maintained. 92% of residents felt that their views were listened to and acted upon and the Charity worked with its resident scrutiny panel to progress their recommendations in relation to grounds maintenance and aids and adaptation services.
Completed stock condition work to increase the level of physical surveys and to validate associated financial assumptions within our long-term plans.
Continued work to maintain exemplary standards in relation to health and safety compliance, including detailed asbestos management surveys on relevant homes.
Achieved significant savings within our insurance portfolio cost,.
Successfully recruited to our Property and Compliance Manager role.
Reduced sickness levels to within target range and supported our colleagues in training and development on the new IT systems.
Held strategic workshops to refresh the Charity’s key risks and evaluate how these risks could affect the finances through a process of robust stress testing and mitigation planning.
Completed a governance and board effectiveness review, commissioning Campbell Tickell to also undertake Board Member appraisals.
Made a self-referral to The Regulator of Social Housing following issues with the certified gas installs at our Padstow Close scheme. The necessary notifications were made, and all systems were made safe on the day the issues were discovered, the outcome to be notified within our June regulatory inspection results.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS (continued)

As at 31 March 2025 the Charity was also:

Progressing a development pipeline that will deliver approximately 151 new homes over the next 3 years and securing the necessary Homes England grant and further loan facilities.
Onboarding of 3 new board members who have joined us since February 2025.
Completing final phases of the insulation works and internal remodelling to the original, Grade II listed Pickering Crescent Almshouses and upgrading external spaces.
Awaiting the outcome of our programmed regulatory inspection undertaken by The Regulator of Social Housing, including our first judgement against the new consumer regulations.
Self-assessing against the revised Ombudsman Complaints Handling Code requirements.
Continuing projects prioritised as part of the “More Than a Landlord” research inc. a recommended gardener service, a new support services delivery structure and an updated Aids and Adaptations service offer
Implementing phase 2 Civica system developments including the resident portal facility.

Public Benefit

We have referred to the guidance set out in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning future activities. The Board of Directors consider the Charity’s activities reflect our aims and objectives, and that they are designed to provide accessible services that benefit the social housing sector in accordance with our charitable activities.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

BUSINESS AND FINANCIAL REVIEW

Comprehensive income - highlights Total turnover Operating surplus Interest payable and similar charges Surplus for the year Cash flow - highlights Net cash inflow from operating activities Financial position - highlights Housing property at cost Cash at bank Net current assets Total loans Defined benefit pension (liability) / asset Net assets Statistics Units in ownership Operating margin overall Operating margin social housing lettings Rent lost from voids and bad debts Rent arrears (current residents) Interest cover (earnings before interest, tax, depreciation, amortisation, major repairs included to net interest payable) Adjusted gearing	*2025* *2024* *2023* *2022* *2021* *£’000* *£'000* *£'000* *£'000* *£'000* 10,509 9,593 9,201 8,304 9,528 2,235 1,258 1,354 1,286 3,118 450 452 463 477 389 2,063 1,093 993 923 2,890
	*2025* *2024* *2023* *2022* *2021* *£’000* *£'000* *£'000* *£'000* *£'000* 3,006 3,454 2,232 2,739 3,551
	*2025* *2024* *2023* *2022* *2021* *£’000* *£'000* *£'000* *£'000* *£'000* 104,131 101,805 97,599 95,281 89,860 4,410 4,652 5,469 6,749 11,054 5,121 4,731 5,670 6,470 11,417 17,114 17,216 17,471 18,123 20,394 - - - (63) (1,267) 39,098 37,036 35,943 34,798 32,481
	*2025* *2024* *2023* *2022* *2021* *£’000* *£'000* *£'000* *£'000* *£'000* 1,453 1,429 1,429 1,392 1,379 21.75% 13.11% 14.72% 15.49% 32.72% 21.36% 12.76% 11.04% 14.74% 20.67% 1.18% 1.15% 1.04% 2.02% 1.64% 1.44% 1.16% 1.12% 0.48% 1.23% 6.73 3.28 3.96 3.67 9.67 15.33% 15.75% 15.10% 14.54% 12.64%

The Charity is pleased to report a net surplus for the year of £2,063k (2024 £1,093k). The improvement on net surplus was mainly driven by the increase in income from weekly maintenance charges offset by lower management costs than the previous year. Net surplus was 19.6% (2024: 11.4%) of turnover and the operating margin on social housing lettings was 21.36% (2024: 12.76%). Total loans reduced during the year by £102k following scheduled repayments.

Total turnover increased from £9,593k in 2024 to £10,509k in 2025, an increase of 9.6%, which was predominantly due to weekly maintenance contribution and service charge increases. Operating expenditure decreased from £8,335k to £8,274k in 2025 following reductions in management and maintenance costs.

The Charity continues to generate a strong net cash flow from operating activities of £3,006k (2024: £3,454k).

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

BUSINESS AND FINANCIAL REVIEW (continued)

Tangible fixed assets stood at £84,781k (2024: £83,584k) an increase of 1.43% predominantly driven by the investment in new and existing homes. The Charity ended the year with cash and short-term investments of £6,137k (2024: £6,283k). The decrease was due to cash being utilised for the development and investment in the Charity’s homes. These resources will continue to be used to fund the Charity’s operational and development objectives over the next two years.

Interest cover (which measures the extent to which the surplus covers interest payments) was 6.73 at 31 March 2025 (2024: 3.28), and gearing (which measures the level of indebtedness, using the value for money metrics definition for adjusted gearing) reduced to 15.33% (2024: 15.75%) following the reduction of loan balances in the year.

VALUE FOR MONEY (VFM)

Introduction

The Charity remains committed to providing high quality services which represent value for money for both its customers and stakeholders. VFM is central to the Charity being able to deliver its mission and strategic ambitions and is about:

doing the right things and investing in the right physical and human assets at the right price;
doing things right through economic, efficient, and effective delivery; and
evaluating success and checking that the right outcomes have been delivered.

Effective management of the Charity’s resources enables a healthy generation of surpluses that can be reinvested in both existing and new homes and in services that residents value. Strong financial performance also enables access to new loans at an affordable interest rate to support future development plans.

Linked to its strategic ambitions the Charity has developed the following VFM objectives:

Involve board members, staff, and residents in understanding costs, how they relate to performance and how the Charity compares with others.
Assess the return on assets and ensure effective procurement and delivery of alternative models and solutions for poor performing assets.
Deliver cost effective services to residents, at the right level of quality and with particular emphasis being placed on a range of customer access options, including a digital platform.
Delivering added value elements to our service that improve resident’s health and general well-being including affordable warmth projects.
Increase development capacity and the supply of new homes.
Explore all avenues of improving VFM including using partnership working and alternative methods of service delivery.

We recognise that value for money does not have to mean cheapest. There are however many competing demands on the resources available to us for example: development of new homes, investment in our existing homes, achieving net zero carbon targets, complying with building safety regulations, providing a wide range of services to our customers, and investing in local communities. We are not seeking to minimise cost to maximise profit or improve our metrics, for us, Value for Money means using our resources wisely to achieve these ambitions for the benefit of those we serve.

VFM Framework and Communication

The Board meets at least six times a year and as part of the scheduled agenda items, board members receive Performance and Value for Money reports. The Board demonstrates ownership and oversight of VFM activities in the following ways:

Approval of the Charity’s VFM strategy.
Approval of all business strategies, plans and actions that underpin the Charity’s approach to creating value.
Consider the VFM implications of key decisions through standardised board reporting templates, where possible considering the costs and benefits of alternative options.
Review and agree VFM targets and monitor VFM achievements against targets through half yearly progress reports.
Proactively championing a culture of VFM outcomes throughout the Charity.
Give importance to and assess the social value created through the Charity’s activities.

Pickering and Ferens Homes REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

The Charity communicates its VFM achievements to stakeholders in the following ways:

Through the Report of the Trustee in the annual financial statements, which are also published on its website.
In its periodic newsletter to residents “People First”.
Through its Annual Report to residents which is also distributed to partners and funders.
Through the leadership and management team to staff at management, staff, and team meetings.

Understanding our costs

The code of practice that supports the VFM standard states that registered providers must understand absolute costs, how these have moved over time and how they compare. We are committed to carrying out benchmark analysis against a peer group of registered providers that offer similar services and are similar in size to the Charity. Our peer group is reviewed annually and includes the following organisations: Arawak Walton HA, Arches HA, Durham Aged Mineworkers HA, Nehemiah, and Railway HA. We use the latest data set from Housemark and the Regulator of Social Housing to compare results (currently 2023-24).

Regulator metrics

The table below shows our performance against the metrics set out by the regulator. It also shows the average performance against both our peer group and the sector and sets out our expected outturn and performance targets (VFM Ambitions) for the coming years.

----- Start of picture text -----
Backward Look Current Performance Forward Look
2023-24 2022-23
2022-23 2023-24 2024-
Metric Peer 2024-25 Status 2025-26 2026-27 VFM
PFH PFH 25
Group Target against Year 1 Year 2 Ambition
Actual Actual Actual
Average Target
Reinvestment in
Existing Stock 3.53% 5.57% 2.54% 8.18% 3.10% 12.55% 13.85% >6%
and New Build 
New Supply
Delivered as a
Percentage of 2.59% 0% 1.00% 1.65% 1.65% 0% 6.65% >1%
total stock 
owned
Adjusted net
leverage / 15.10% 15.75% 37.55% 18.40% 15.33% 18.48% 20.93% <40%
Gearing 
Interest Cover
320% 328% 159% 431% 673% 457% 196% >300%
EBITDA (MRI) 
Headline social
housing cost per £5,126 £5,768 £4,599 £5,960 £5,229 £6,014 £5,923 <£5,250
unit 
Operating
Margin - Social 11.01% 12.76% 15.13% 12.73% 21.36% 15.06% 16.01% >14%
Housing lettings 
Operating
14.72% 13.11% 15.00% 13.08% 21.75% 15.47% 16.32% >15%
Margin - Overall 
Return on capital
1.57% 1.42% 2.58% 1.50% 2.54% 1.70% 1.62% >3%
employed 
----- End of picture text -----

- New Supply (Non social housing units)

The Charity does not own any non-social housing units, nor does it have plans to acquire or develop any – therefore this metric is 0% and is not shown in the table above.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

Reinvestment in Existing stock and new build

This metric looks at the investment we have made in properties (existing stock and new supply) as a percentage of the total properties we hold. The higher the percentage, the more investment has been made.

The outturn for this metric has gone down from 5.57% in 2023-24 to 3.10% in the reporting year. This reflects the final investment of £1.2m in the new homes being built at Padstow Close and a further £1.4m in our existing homes during 2024-25, which is £1.4m lower than in 2023-24. Our longer-term strategy is to continue to progress our programme of component replacements in line with our asset strategy and build an average of 15-20 new homes each year.

Housemark Benchmark results for 2023-24:

New Supply Delivered

This metric sets out the number of new social housing units that have been constructed (acquired or developed) in the year as a proportion of the total social housing units we owned at the end of the year. The higher the percentage, the greater the number of units added.

In line with our development plans there were 24 properties added to our portfolio of stock during the year as we completed the new properties at Padstow Close.

During the year we gained initial approval for an additional three schemes comprising of 47 properties. These fell outside the Homes England Affordable Homes grant allocation scheme, hence have been delayed whilst the new national affordable homes programme is mobilised. As a result, new supply closed the year at 3.10%, which is 5.08% lower than the targeted 8.18%.

Housemark Benchmark results for 2023-24:

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

Adjusted Net Leverage / Gearing

This metric assesses how much of our adjusted assets are made up of debt and the extent to which we depend on debt finance. It can be seen as a registered provider’s appetite for growth. The lower this percentage the better as a highly geared organisation is more susceptible to economic downturns and is more at risk of financial failure.

The metric decreased slightly in 2024-25 but ended the year lower than expected. It also remained significantly below the benchmark average of 37.55% for the year. The 15.33% outturn reflects a small reduction in cash and loan balances at the end of the year. We expect further upward movement to circa 21% over the next 2 years however the Charity will continue to remain significantly below the benchmark average and lower than most of our peers.

Housemark Benchmark results for 2023-24:

Interest Cover - EBITDA (MRI)

This measures the level of surplus that is generated compared to interest payable. It is a key indicator for liquidity and investment capacity. The higher this percentage is, the better.

This metric was better than forecast at 673% in 2024-25, a large increase from the 328% recorded in 2023-24, and significantly higher than the benchmark average of 159%. It is expected to reduce in the next 2 years but will continue to perform better than most of our peers.

Housemark Benchmark results for 2023-24:

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

Headline Social Housing cost

This metric assesses the headline social housing cost as defined by the regulator. It takes into account management costs, service charge costs, maintenance and repair costs as a proportion of the total number of units owned.

Large underspends in maintenance and management service costs during the year have meant that there has been a reduction in this metric from the £5,768 reported for 2023-24 to £5,229 in 2024-25. We understand that our commitment to a high-quality repairs and maintenance programmes along with the unprecedented high cost of insuring our properties, means that this metric is generally higher compared to our peers. As a result of retendering for the insurance contract during 2023-24 there was a reduction in the cost of insurance for 2024-25, however this came with a reduction in cover for flood events. This has been re-negotiated for 2025-26 allowing for an increase in flood cover which, even though comes it with an increased cost, means the overall cost of insurance still remains lower than the cost for 2022-23. We anticipate that, as a result of continued cost pressures, this metric will gradually increase over the coming years.

Housemark Benchmark results for 2023-24:

Operating Margin (Overall)

The operating margin demonstrates the profitability of operating assets before exceptional expenses are taken into account.

For 2023-24 the overall operating margin has reduced to 21.75% from the 13.11% reported last year. The annual turnover has increased and operating costs have reduced resulting in an improved operating margin. We forecast this metric to decrease over the next two years but plan to continue to seek efficiency measures to ensure that our target of >20% is achieved.

Housemark Benchmark results for 2023-24:

Return on Capital Employed

This metric compares the operating surplus to total assets, less current liabilities. It is a common measure for assessing the efficient investment of capital resources. The higher the percentage, the higher the return and the better the performance.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

This metric has seen an increase on the 1.42% reported last year to 2.54% for 2024-25, as a result of the increased operating margin . As we continue to invest in new properties, surpluses are expected to be slightly lower than this over the next 3 years. Work continues on an efficiency plan for current and future years with the intention that it will move the Charity closer to the benchmark average.

Housemark Benchmark results for 2023-24:

2024-25 Performance Against Strategic Objectives and Local Value for Money Measures

In addition to the Regulatory VFM metrics, we have identified some local VFM measures against each of our strategic objectives.

Strategic Ambitions 1 and 2

To provide a home where residents feel safe. To invest in our homes and keep them to a high standard.

VfM Metric Measure of: 2024- 25 Target 2024- 25 Actual RAG Status 2025- 26 Target Notes / Rationale	VfM Metric Measure of: 2024- 25 Target 2024- 25 Actual RAG Status 2025- 26 Target Notes / Rationale	VfM Metric Measure of: 2024- 25 Target 2024- 25 Actual RAG Status 2025- 26 Target Notes / Rationale	VfM Metric Measure of: 2024- 25 Target 2024- 25 Actual RAG Status 2025- 26 Target Notes / Rationale	VfM Metric Measure of: 2024- 25 Target 2024- 25 Actual RAG Status 2025- 26 Target Notes / Rationale	VfM Metric Measure of: 2024- 25 Target 2024- 25 Actual RAG Status 2025- 26 Target Notes / Rationale	VfM Metric Measure of: 2024- 25 Target 2024- 25 Actual RAG Status 2025- 26 Target Notes / Rationale
% Emergency Repairs attended in time Efficiency 99% 99.7%  >99% The definition of this metric was expanded to include all contractors, rather than just the main 3.
% Repairs completed in target Efficiency 99% 99.6%  >99% Good performance throughout the year, expected to be maintained during 2025-26.
% Properties meeting the Decent Homes Standard Effectiveness 100% 100%  100% One property was ‘non decent’ for a period during the year, but was resolved by the end of theyear.
Full compliance with Landlord Health and Safety (Inc Gas Safety) Effectiveness 100% 100%  100% Full compliance achieved.
% properties with valid Electrical (EICR) certificate Effectiveness 100% 100%  100% Full compliance achieved.
% properties with a valid Fire Risk Assessments Effectiveness 100% 100%  100% Full compliance achieved.
% of non-domestic properties with an Asbestos survey Effectiveness 100% 100%  100% Full compliance achieved.
% Tenant satisfaction that their home is well maintained Effectiveness 95% 94%  95% Close to target but not quite achieved – see notes on next metric below.
% Tenant satisfaction with repairs	Effectiveness	95%	90%		93%	Satisfaction decreased in 24-25. Analysis suggests linked to Pest Control and Void Standards. New pest control contractor already in place and with key actions outlined in the customer strategy.

Pickering and Ferens Homes REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

Strategic Ambition 3

To increase the energy efficiency of homes and reduce the carbon they produce.

VfM Metric	Measure of:	2024- 25 Target	2024- 25 Actual	RAG Status 2025-26 Target	RAG Status 2025-26 Target	Notes / Rationale
Number of Properties with an EPC rating lower than C	Efficiency	< 200	177		150	The year end target was achieved.

Strategic Ambition 4

To meet residents’ needs by offering a range of ways to access services, embracing user friendly technology, when it makes residents’ lives easier or better.

VfM Metric	Measure of:	2024- 25 Target	2024- 25 Actual	RAG Status 2025- 26 Target	RAG Status 2025- 26 Target	Notes / Rationale
Satisfaction that PFH listens to views and acts upon them	Effectiveness	87%	92%		89%	Results were ahead of target for 2024-25.

Strategic Objective 5

To deliver services that offer value for money.

----- Start of picture text -----
2024- 2024- 2025-
Measure RAG
VfM Metric 25 25 26 Notes
of: Status
Target Actual Target
Overall satisfaction Efficiency 90.00% 93% 92% We maintain a high satisfaction rating.

Results based on 25 surveys per month,
satisfaction dropped in final month of the
% Residents satisfied that
Efficiency 86.00% 86% 90% year following the receipt of letters
service charge provides VFM 
informing residents of the WMC (Rent)
increase.
Performance was ahead of target following
performance improvements implemented
% Rent Loss through void throughout year. Higher than usual void
Efficiency 1.05% 0.94% 1.00%
properties  numbers at year end were balanced out by
exceptional performance earlier in year.
Actual performance was below expected
levels for 2024-25 as a result of higher than
usual void numbers at year end. This
Average Re-let time (days) Efficiency 19 24.6 19
 excludes Major Works. Including Major
works, performance was 34.6 against a 35
day target.
Rent collection levels remain positive and
fluctuate slightly due to timing of housing
% Rent Collected Efficiency 99.5% 101.67% 99.5%
 benefit payments and direct debit
collections.
% Current Rent Arrears (Excl. Performance impacted by change to process
amounts due from Housing Efficiency 0.50% 1.21% TBC posting HB later than in previous years.

benefit) Target for 25/26 to be examined as a result.
----- End of picture text -----

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

Strategic Ambition 6

To work alongside the community, and other agencies, to help residents live well in the Charity’s homes, for as long as they want.

VfM Metric	Measure of:	2024- 25 Target	2024- 25 Actual	RAG Status 2024- 26 Target	RAG Status 2024- 26 Target	Notes / Rationale
% Tenancy Turnover	Effectiveness	8.13%	8.90%	 8.10%		Tenancy Turnover ended the year slightly ahead of target, and higher than 2023-24.
Resident Loneliness & Isolation Score	Effectiveness	17%	17%	 17%		Result from the Resident Satisfaction Survey carried out in November 2022. Note that the next full RSS is due shortly and will refresh this metric
Funding from external sources	Efficiency	£10,000	£10,000		£10,000	Targets achieved. Includes £6500 Winter Warmth funding.

Strategic Ambition 7

To run the Charity well, ensuring everyone working on behalf of residents is professional and has the right skills, tools and knowledge.

----- Start of picture text -----
2024- 2024- 2025-
Measure RAG
VfM Metric 25 25 26 Notes / Rationale
of: Status
Target Actual Target
Staff turnover has been steady
Staff turnover Effectiveness 15.00% 11.63% <15% throughout the year and ended the

period below the 15% target.
RIDDOR cases identified related to Gas
Health and safety breaches Effectiveness None 7 None supplies at Padstow Close, all cases

previously reported to board
Following a regulator inspection in
Governance and viability
Effectiveness G1/V1 C1/G1/V1 C1/G1/V1 early 2025-26 the C1/G1/V1 grading
regulatory rating 
was confirmed.
Sickness levels continued to drop in
Working days lost to sickness
Efficiency <9 days 6.66 days <7 days 2024-25 and remained below target for
(days) 
the year.
----- End of picture text -----

Strategic Ambition 8

To build more homes to support the area’s older persons housing needs.

VfM Metric	Measure of:	2024- 25 Target	2024- 25 Actual	RAG Status 2025- 26 Target	RAG Status 2025- 26 Target	Notes / Rationale
Number of new homes completed	Effectiveness	24	24		0	24 homes completed relate to Padstow Close.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

Other VFM headlines for 2024-25

Maintain use of local contractors (Strategic Ambitions 5 and 8)

During 2024-25 we placed 60% of our spend with local suppliers, an estimated impact of around £9.5m in the local economy. During 2025-26 we will continue to look for opportunities to increase our ‘influenceable spend’ with local suppliers, with the aim of increasing this to around 63% in line with the Procurement Strategy.

Continue to achieve the best possible deals on utility contract prices and maximise energy grants available (Strategic Ambition 3 and 5)

Fluctuating energy prices continued to impact our residents during the year. Through our continued partnership work with Auditel we re-procured several utility contracts that ended during 2024-25, ensuring that a comprehensive market search was done in order to secure the best value for money for our residents keeping service charge increases as low as possible.

We currently have 18 fixed utility contracts, with a total annual cost of around £287k.

3 of these were renewed in September 2024 and fixed for between 1 and 3 years (current annual spend approx. £10k)
7 of these were renewed in October 2024 and fixed for between 18 months and 3 years (current annual spend approx. £154k)
4 of these were renewed in December 2024 and fixed for between 10 months and 2 years (current annual spend approx. £70k)
1 of these was renewed in March 2025 and fixed for 2 years (current annual spend approx. £9k)
1 ended in April 2025 but we are unable to move the current contract due to an ongoing invoice dispute (current annual spend approx. £33k)
1 is due to end in July 2025 (current annual spend approx. £9k)
1 is due to end in October 2025 (current annual spend approx. (£2k)

We have been undertaking trials of an ‘Eco Champion’ project, testing the effectiveness of air source heat pumps and infra-red heating systems in their PFH properties. As part of this, 2 air source heat pumps have been installed, one in a domestic property and one in a ‘pop-in’ community building. Early feedback on these is good. Infrared wallpaper has been installed in one property which will also be connected to solar panels in the future. We will continue to update progress on this and any other future developments.

During 2025-26 we will continue to work with procurement specialists to find best value in the current energy market and ensure that we secure the best deals possible as current contracts come to an end. We will also continue to regularly investigate and participate in grant schemes that provide support with improvements to energy systems. This will allow us to offer residents modern, energy efficient homes and improve our EPC ratings in line with Government requirements.

The Charity has photo voltaic (PV) panels installed at 5 retirement living schemes, 8 blocks of flats, 4 pop-ins and 82 bungalows. During the year these panels generated Feed in Tariff income of £49k, we expect this to remain at a similar level in 2025-26.

Implementation of a new housing and finance management system (Strategic Ambition 4 and 7)

Civica ‘go-live’ happened at the beginning of November 2024. Thorough work has been undertaken on the contractor portal, and it is expected that, alongside the future introduction of the resident portal, these will provide valuable ‘self service’ options for both groups.

New ‘PFH Connect’ tablets have been rolled out to around 86% of residents to date and are proving a success. Residents can request non-emergency repairs, send direct messages and voice-notes to our customer services team, utilise the ‘OK Each Day’ service and provide feedback through surveys. We are also able to send important messages to all our residents at the push of a button, which has already provided a saving for printing and postage of over £70k since July. We have issued 176 proactive messages, which equates to 72,109 individual messages. We have had 2,475 inbound messages from residents since early November, from a total of 479 individual users. The cost of this project is being supported via a large social value subsidy, allowing us to provide the service without having to charge existing residents anything additional for the extra benefits

Pickering and Ferens Homes REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

which they are receiving. Feedback from residents of all ages has been excellent, and work is ongoing to develop the services available on the tablets to provide the best support and value for money for them.

“More Than a Landlord” (MTAL) Initiative (Strategic Ambition 4)

Within the 2024-25 budget, a sum of £25k was again agreed to support the progression of MTAL projects.

The new PFH Connect tablets, are part of the MTAL digitalisation agenda, giving our residents access to a better digital service in their homes.

We now have access to Blood Pressure monitors within the sheltered schemes, along with regular attendance from health professionals providing dental services, flu vaccinations etc.

Background work has been undertaken to look at the implementation of a Recommended Contractor service through the More than a Landlord project, and we launched a Recommended Gardener service at the start of the new growing season offering our residents an alternative and enhancement to our current private gardening service.

A further £25k has been allocated for 2025-26 to enable the project to continue its valuable work in enhancing the services we provide to our residents.

Continue to evaluate and develop ways to ensure sustainable tenancies for our residents (Strategic Ambition 2 & 6)

As an organisation whose purpose is to house and support those over the age of 55 we said we would continue our work to develop our homes and services to enable sustainable tenancies for our residents, enabling them to stay in their PFH home for longer.

This was to not only improve the quality of life of our residents, it’s aim was also to reduce void loss and the costs associated with void property turnaround. This allows us to reduce costs and provide better value for money for our residents.

To date this year we have spent over £2,500k on developing existing properties and the final stages of the build at Padstow Close. During the year we replaced kitchens in 20 of our properties, 58 properties had doors and windows replaced and a further 38 had new boilers installed.

At the end of March we had 98.3% occupancy and void loss was at 0.94%, well below the target of 1.05% for the end of the year.

3.5.6 Provide Improved Aids and Adaptations for our Residents (Strategic Ambition 4)

A full review of our aids and adaptations service was undertaken with members of the resident scrutiny group during 2023-24. This included a full review of the existing service and provided recommendations as to how this service could be improved.

During 2024-25 we planned to implement the recommendations, supporting our aim to build a ‘best in class’ aids and adaptations service offer. Unfortunately, this was delayed while a full review of the scheme services provision was carried out, this will now be followed up in 2025-26. The project will deliver measures which will help to prevent further health issues for our residents and enhance PFH’s social value contribution.

In the meantime, we continue to make any changes required by residents to support them to stay in their own homes.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

3.5.7 Ensure the best solution for Grounds Maintenance is achieved during a comprehensive procurement process (Strategic Ambition 2)

During 2024-25 we undertook a full review of our grounds maintenance provision, which included a comprehensive tender process.

As part of the tender process several options were considered in regard to maintenance provision for communal grounds, private gardens, non-contract works and gritting. All proposals received were carefully considered in order to find a solution that provided the best value service for our residents, while trying to ensure there was no significant loss of service.

The procurement process for the Grounds Maintenance resulted with us contracting with a new contractor. All ‘lots’ of the contract were awarded to the same contractor. This option provides a saving of over £85k compared to what had been included in the Brixx model. This saving will cover the cost of gritting during the winter months, and a new staff role is being considered to support the monitoring and development of the service, and ensure that quality is maintained and value for money is being achieved.

Our Future Plans

We will continue to look to make Value for Money efficiencies through the following projects during 2025-26:

Maintain use of local contractors and increase influenceable spend (Strategic Ambitions 5 and 8)

We currently place between 55% and 60% of our business with local suppliers which has had an estimated impact of around £7m on the local economy. During the coming year, we will look to increase the percentage of our ‘influenceable’ spend with firms across the Yorkshire and Humber region to 63% in line with our Procurement Strategy. This will support the local economy and keep contractor travel requirements to a minimum, therefore ensuring residents receive the best value for money for the services they receive. We will also aim to work towards our ambition of 81% ‘influenceable’ spend across all regions during 2025-26.

Continue to achieve the best possible deals on utility contract prices, improve energy efficiency and maximise energy grants available (Strategic Ambition 3)

The impact of increasing energy prices will continue to have a significant impact on our residents during the next financial year. By striving to ensure that we regularly review the markets and achieve the best prices we can to prevent costs rising to an unmanageable level. We can also support this by continuing to explore and install energy efficient systems where suitable. This will give peace of mind to our residents as they will not be burdened with large increases in their service charges.

We will continue to regularly investigate and participate in grant schemes that provide support with energy system improvements, particularly those that encourage the replacement of older systems to create more energy efficient homes. We will also look to utilise funding that enables the use of renewable energy in our homes. This will allow us to offer our residents modern, energy efficient homes and improve our EPC ratings in line with Government requirements.

Maximise use of the IT systems to ensure a positive digital experience for all users (Strategic Ambition 4 & 7)

Following the implementation of Civica we will continue to support all users to ensure that the functionality of the software is fully utilised. This will include supporting residents to ensure they can access and use all services within the resident portal and ensuring that they gain full benefit from the services offered.

We will also support contractors to ensure that, now it is live, they are getting a sufficient level of service from the new contractor portal. This will support reduced processing times across several areas of the organisation, improving efficiencies and reducing operating costs.

Following the roll out of PFH Connect during 2024 we will look to continue with ‘phase 2’ and with the implementation of ‘My PFH Home’ resident portal. This will enhance both outgoing and incoming communications with all our residents and provide them with a greater level of ‘self-service’ to our facilities and enhanced support in their homes.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

“More Than a Landlord” Initiative (Strategic Ambition 4)

The More Than A Landlord (MTAL) project will continue in 2025-26 to enhance the service provided to residents.

In prior years the project has successfully covered areas such as:

 An integrated bereavement support service, in partnership with other agencies

Activities programmes, in partnership with other agencies.

 Warmer homes offer, in partnership with other agencies

An integrated welcome service

 A recommended contractor list for private garden maintenance

The next phase of project priorities is yet to be confirmed, however they will continue to cover the key themes of:  Physical and mental changes

Life Changes
Health and Wellbeing
Environmental changes
Digitalisation
Socialisation

A sum of £25k has again been agreed to support the progression of MTAL projects during 2025- 26.

Continue to evaluate and develop ways to ensure sustainable tenancies for our residents (Strategic Ambition 2 & 6)

As an organisation whose purpose is to house and support those over the age of 55, we will continue our work to develop our homes and services to enable sustainable tenancies for our residents, enabling them to stay in their PFH home for longer.

This will not only improve the quality of life for our residents, it will also aim to reduce void loss and the costs associated with void property turnaround. This will allow us to reduce costs and provide better value for money for our residents.

Provide Improved Aids and Adaptations for our Residents (Strategic Ambition 4)

A full review of our aids and adaptations service was undertaken with members of the resident scrutiny group during 2023-24. This covered a full review of our current service and provided recommendations as to how this service could be improved.

During 2024-25 we have undertaken a full review of the scheme services provision which has delayed the implementation of the aids and adaptations recommendations, however we will be picking this up again during 2025-26. Resuming this initiative will continue to support our aim to build a ‘best in class’ aids and adaptations service offer. This will deliver measures which will help to prevent further health issues for our residents and enhance PFH’s social value contribution in future years.

Ensure the best solution for Grounds Maintenance is achieved during a comprehensive procurement process (Strategic Ambition 2)

During 2024-25 we have undertaken a full review of the grounds maintenance service for both communal areas and private gardens. Following a comprehensive procurement process a new contractor has been engaged for maintaining communal gardens in the Hull area, with a separate contractor taking responsibility for the East Riding properties, resulting in financial savings. During 2025-26 we will investigate the viability of a new role within the property services team that will manage, monitor and develop the service to ensure resident satisfaction and value for money, and this will be paid for with some of the savings made.

We will also look to expand our ‘More Than A Landlord’ trusted contractor scheme, to incorporate handyperson services in 2025-6, enabling residents to engage directly with ‘recommended’ contractors and vice versa.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

Invest in staff training to ensure that they have all the skills and knowledge to deliver our ambitions (Strategic Ambition 7)

During 2025-26 we will look to continue to provide the best training opportunities for our employees. CIH training has been undertaken in 2024-25 by some of our team, and this will continue, to ensure that we meet regulatory requirements. Other training will also be undertaken across the team to ensure that all staff have the knowledge and skills needed to provide the best service and support for our residents.

It is also hoped that continued investment in training for our team will support reduced staff turnover initiatives, which will in turn reduce the cost of recruitment and retain the skills and knowledge that we have within PFH. Look to reinvest insurance premium savings in flood prevention measures where possible to reduce the risk from future flood events (Strategic Ambition 2)

During 2025-26 we will explore possibilities for flood prevention measures in our homes., with a view to trialling and evaluating them in subsequent years. Our current insurance premiums are lower than in previous years, however this has come with reduced cover for damage cause by flooding. We need to investigate in detail the option we have to reinvest the savings we are making on insurance premiums in flood prevention measures within our most vulnerable homes, to ensure that, should a flood occur, minimal damage is incurred. This will give our residents peace of mind and reduce the financial impact on PFH of any uninsured damages

Aim to achieve 10% Social Value Weighting for all high value procurement (Strategic Ambitions 5 & 8)

We will set clear roles and responsibilities in the contract management cycle in order to achieve our aim to reach a 10% social value weighting, where relevant and appropriate, for all contract procurement over £100k, as referenced in the Procurement Strategy. This will ensure that we make the best use of resources and improve supplier performance in order to deliver the best possible value for money.

Social Value

The wide range of services provided by the Charity have an impact on two levels: the benefits to our customers and the benefits to society as a whole. These combined benefits are referred to as the social value of our work. This social value is created through:

Our properties – we provide safe and secure homes for our residents, where they can gain stability in their later lives.
Support and advice - the support and advice provided by our staff enhances the independence and quality of life for the people we support.
Community activities - participation in training, education and volunteering improves the health and wellbeing of our residents.

Our aim is to create sufficient social value from the investment decisions that we make. We have delivered (and continue to increase)activities for our residents such as art classes, IT training, financial wellbeing workshops and intergeneration partnership events.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

FIXED ASSETS

Details of movements in fixed assets are set out in notes 12 and 13 of the financial statements. Housing properties have been depreciated in accordance with the Statement of Recommended Practice - Accounting by Registered Social Housing Providers (SORP 2018).

RENTS, SUPPORT AND SERVICE CHARGES, AND RENT ARREARS

Gross rental income from social housing lettings for the year amounted to £10,146,877 (2024: £9,169,567). The Charity has an established rent policy which aims to charge affordable rents within the guidelines set out by the Regulator of Social Housing. Current rent arrears represent 1.44% of income due (2024 1.16%). Voids and bad debts represent 1.18% of income due (2024: 1.15%).

RESERVES

It is the Board of Directors intention to retain levels of reserves which allow for the on-going provision of quality housing at affordable rents, provide sufficient funding for investment in future repair and regeneration programmes and enable the Charity to raise new funding and manage risk associated with a large organisation. A budget for the forthcoming year has been set to attain these objectives. Total reserves at 31 March 2025 amounted to £39,098k (2024: £37,036k). Free reserves, i.e. unrestricted funds excluding tangible fixed assets net of grant and other commitments, were -£11,613k (2024: -£12,435k); £84,781k (2024: £83,584k) is represented by fixed assets and can only be realised by their disposal. The loan facilities are secured against the housing property fixed assets.

TREASURY MANAGEMENT

The Charity’s treasury operations are managed by the finance team and are subject to policies approved by the Board of Directors, with delegated authorities supplemented by detailed procedures and bank mandates. The Charity’s treasury activities are routinely reported to the Board of Directors and are subject to review by the internal auditors. The main financial risks to which the Charity is exposed relate to liquidity and movements in interest rates.

Interest rate risk

The Charity finances its operations through a mixture of retained surpluses and loans from banks and building societies. The Charity borrows at both fixed and variable rates of interest. At the end of the year long term fixed rate debt formed 98.3% (2024: 98.3%) of total borrowing.

Liquidity

Throughout the year the Charity’s policy has been to ensure flexibility and continuity of funding through the use of term deposits and borrowings with a range of maturities. All committed capital investment for the next year is covered by cash, investments or current borrowing facilities. Loans have continued to be repaid in accordance with financial agreements, and no breaches of covenants have occurred since the loans were established in 1998.

EMPLOYEES

The Charity believes firmly in equal opportunities, personal development and in on-going training opportunities. The organisation wishes all staff to be trained to their maximum potential. The Charity encourages staff involvement and is committed to ensuring the health, safety and welfare of its entire workforce. On-going training is also provided to the Board of Directors. As at 31 March 2025 the organisation employed 42 members of staff, of which 28 were full-time and 14 were part-time.

DIRECTOR AND OFFICER INDEMNITY INSURANCE

During the year the Charity purchased and maintained liability insurance for its Directors and Officers.

AUDITORS

A resolution to appoint external auditors will be proposed at the Annual General Meeting.

DISCLOSURE OF INFORMATION TO AUDITORS

The Directors who held office at the date of the approval of this report confirm that, so far as they are each aware, there is no relevant audit information of which the Charity’s auditors are unaware; and each Director has taken all the steps that he or she ought to have taken to be aware of any relevant audit information, and to establish that the auditors are aware of that information.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

STATEMENT OF THE TRUSTEE’S RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS The Trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Legislation requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period. In preparing those financial statements the Trustee has delegated the preparation of the financial statements to the Business Services Director and required them to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
follow applicable accounting standards and the Housing SORP 2018 - Statement of Recommended Practice for Social Housing Providers (SORP 2018); and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustee confirms that the financial statements comply with the above requirements. The Trustee is responsible for:

keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable it to ensure that the financial statements comply with the Housing and Regeneration Act 2008 and The Accounting Direction for Private Registered Providers of Social Housing 2022 and the provisions of the trust deed;
safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities; and for
the maintenance and integrity of the Charity and the financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL

NHF Code of Governance

The Charity complies with the principal recommendations of the NHF Code of Governance (2020). The ways in which we seek to achieve good governance are outlined below. The Board of Directors formally adopted the NHF Code of Governance at a meeting of the Board of Directors held on 27 September 2021. The Board has reviewed compliance against the Regulator of Social Housing’s Regulatory Standards and has devised a plan to support enhancement of compliance activities and assurances. The Charity’s Board has determined that it is compliant with all elements of the Regulator’s Economic Standards and Consumer Standards. In relation to considering future partnerships, the Charity has not adopted the Merger Code but has developed a merger, acquisitions and partnership strategy which is reviewed periodically.

The Board of Directors

The Charity is led by a Board of up to 12 Directors who have collective responsibility for all aspects of the Charity. There are three forms of Director on the Board: two nominees, appointed by Kingston upon Hull City Council; two co-opted Resident Directors appointed by the Directors of the Charity; and eight co-opted independent Directors who are persons, through residence, occupation, employment or otherwise that have a special knowledge of the City of Kingston upon Hull. Independent co-optees are appointed by the Board of Directors of the Charity. The Board meets on a minimum bi-monthly basis and has overall responsibility for every aspect of the affairs and business of the Charity. Its key purpose is to direct and control the Charity’s work, to determine strategic direction and policy, to establish and oversee risk and control frameworks and to ensure that the Charity achieves its aims and objectives. The Charity has both a financial and non-financial delegation scheme set out within its Manual of Governance. The Board of Directors does not have capacity to deal with all details of the Charity’s business and has therefore delegated several decisions to either Board committees, working groups or to staff. The Committees of the Charity are:

Pickering and Ferens Homes REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL (Continued)

Governance and Remuneration Committee – its main purpose is to oversee the Charity’s governance arrangements and compliance, ensure that an appraisal of the performance of the Chief Executive of the Charity is undertaken on an annual basis and to determine the remuneration of the Chief Executive and annual pay awards for the Charity’s staff. The Charity benchmarks all salaries by utilising housing sector salaries and benefits data, peer group comparators and local market information.
Audit and Risk Committee – its overall purpose is to ensure that the Charity identifies and manages risk effectively, to ensure that an effective framework of controls is present and is satisfactorily in place, to ensure that all internal control systems are subject to an effective audit and to oversee the work programme and performance of the internal and external auditors.
Resident Committee – its overall purpose is to ensure that residents are able to provide their views with regard to the work of the organisation, the services provided and to promote resident engagement.

The Charity works with residents to enable them to deliver a task and finish approach to policy and service scrutiny. Scrutiny is the process where residents can review how the organisation provides services, and challenge and make recommendations on how these services can be improved. The Board and Executive Team consider all reports and recommendations made by the group.

The minutes of committee meetings are forwarded to each ordinary meeting of the full Board of Directors for consideration.

Executive Officers

The Chief Executive and Directors are the senior officers of the Charity from a control perspective. It is their responsibility to ensure that officers of the Charity undertake their duties in accordance with the policies of the Board, to ensure that various operational targets set by the Board are met, to present the Board through the committees with sufficient information to enable the Board to gather assurance and monitor the operation of the policies and to identify the need for new policies or amendments to existing policies and to present proposals to the Board through the committees. The Chief Executive and Executive Team can also delegate specific financial and operational matters to other members of the Charity’s staff, as they deem appropriate.

INTERNAL CONTROLS ASSURANCE

Scope of Responsibility

The Charity, through its Executive Team, has responsibility for maintaining a sound system of internal control that supports the achievement of the organisation’s policies, aims and objectives set by the Board of Directors, whilst safeguarding the Charity’s funds and assets. The work of the Executive Team in delivering the control framework is governed through the Board of Directors and the Audit and Risk Committee’s delegated responsibilities. In carrying out these responsibilities, the Charity needs to comply with the regulatory requirements of The Charity Commission and Regulator of Social Housing to ensure proper handling and reporting of its funds, emphasising value for money, good practice and high standards of integrity and propriety.

Purpose of the System of Internal Control

The system of internal control is designed to manage rather than eliminate the failure to achieve the Charity’s policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify the principal risks to the achievement of the Charity’s policies, aims and objectives; to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. Its effectiveness is reviewed on an annual basis.

Risk and Control Framework

Identification and evaluation of key risks The identification of key risks is undertaken through review of key strategic risks at Board strategic away days, each Audit and Risk Committee meeting and an annual committee level review of the operational register. The Executive Team considers the risk environment through periodic team reviews and through subject specific reviews at committee level. Following periodic reviews of the operational risk register, significant risks are transferred to the corporate strategic risk register. The strategic level risk register is submitted to each meeting of the Audit and Risk Committee. The Committee also considers the level of risk appetite and tolerance for each strategic risk and makes appropriate recommendations to the Board.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL (Continued)

Leadership to the risk agenda is provided through the Chief Executive and the Chair of the Audit and Risk Committee. The risk matrix is used to inform the Charity’s forthcoming internal audit plans and activities. Training and guidance on the risk framework is provided through the Charity’s internal audit contract and external providers.

Monitoring and corrective action There is an on-going process of self-assessment coupled with regular management reporting as described above. The risks are identified and scored in respect of likelihood and impact and changes in scores noted to generate increased focus and activity where necessary. This process also includes the updating of effective controls and mitigating actions. The work is supplemented by regular reviews by internal audit that provide independent assurance to the Board of Directors via its Audit and Risk Committee. The arrangements include a rigorous procedure monitored by the Committee for ensuring that corrective action is taken in relation to any significant control issues.
Control environment and control procedures

The Board of Directors is responsible for the risk and control framework of the organisation. It also delivers leadership and maintains strong governance of the Charity. A statement of internal control is produced and submitted to both the Board and the Audit and Risk Committee each year. The Board considers and approves appropriate policies and procedures which are applicable to Directors and Employees of the organisation such as:

  - Standing Orders

  - Financial Regulations and Financial Procedure Rules

  - Delegated Authorities

  - Accountancy Practices

  - Treasury Management

  - Whistleblowing

  - Other items of statutory compliance and best practice in areas including equality, health and safety, employment, anti-fraud and bribery; and data protection.

Information and financial reporting systems
The Charity prepares and approves an annual financial plan which sets out detailed budgets and other financial considerations for the year ahead together with forecasts for subsequent years. Budget monitoring and management accounts are provided to the Board of Directors on a quarterly basis. The Board also reviews key performance and management information to assess progress towards the achievement of its key objectives.

Review of Effectiveness

The Executive Team receives reports setting out key performance and risk indicators and considers possible control issues brought to their attention by early warning mechanisms, which are embedded within teams and reinforced by risk awareness training.

The Executive Team and the Audit and Risk Committee also receive regular reports from internal audit, which include recommendations for improvement. The Audit and Risk Committee's role in this area is confined to a high-level review of the arrangements for internal control. At its May 2025 meeting, the Board of Directors carried out the annual assessment for the year ended 31 March 2025 by considering documentation from the Executive Team and internal audit and taking account of events since 31 March 2025.

Based on the advice of the Audit and Risk Committee and Chief Executive, the Board of Directors is of the opinion that the Charity has an adequate and effective framework for governance, risk management and internal control.

Pickering and Ferens Homes

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

Statement of Compliance

The Board of Directors confirms that this report has been prepared in accordance with the principles set out in Para 4.7 of the 2018 SORP for Registered Social Housing Providers.

Governance and Financial Viability

The Board of Directors has reviewed its compliance with the Governance and Financial Viability Standard and confirms that it complies with the requirements of the standard for the year.

Approved by order of the Board of Directors on 23 July 2025, and signed on its behalf by

John Glenton Chair 23 July 2025

Pickering and Ferens Homes INDEPENDENT AUDITORS’ REPORT to the Trustee of Pickering and Ferens Homes

Opinion

We have audited the financial statements of Pickering and Ferens Homes “the charity” for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Reserves, the Statement of Cashflows and the notes to the financial statements, including a summary of significant accounting policies in note 2. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 March 2025 and of its incoming resources and application of resources including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate 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 going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Pickering and Ferens Homes INDEPENDENT AUDITORS’ REPORT to the Trustee of Pickering and Ferens Homes (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the Report of the Trustee is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

Responsibilities of the Trustee

As explained more fully in the Statement of the Trustee’s Responsibilities in respect of the financial statements set out on page 20, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s web-site at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

We obtained an understanding of laws, regulations and guidance that affect the charity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws, regulations and guidance that we identified included the Charities Act 2011, the Statement of Recommended Practice for registered housing providers: Housing SORP 2018, the Housing and Regeneration Act 2008, the Accounting Direction for Private Registered Providers of Social Housing 2022, tax legislation, health and safety legislation, and employment legislation.
We enquired of the Board and reviewed correspondence and trustee meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Board has in place, where necessary, to ensure compliance.
We gained an understanding of the controls that the Board has in place to prevent and detect fraud. We enquired of the Board about any incidences of fraud that had taken place during the accounting period.
The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: laws related to the construction and provision of social housing recognising the regulated nature of the charity’s activities.

Pickering and Ferens Homes INDEPENDENT AUDITORS’ REPORT

to the Trustee of Pickering and Ferens Homes (continued)

We reviewed financial statements disclosures and supporting documentation to assess compliance with relevant laws and regulations discussed above.
We enquired of the Board about actual and potential litigation and claims.
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

Use of our report

This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent 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, for this report, or for the opinions we have formed.

Beever and Struthers

Woe

Statutory Auditor

Beever and Struthers is eligible to act as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

One Express 1 George Leigh Street Manchester M4 5DL

Date: 12 August 2025

Pickering and Ferens Homes

STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 March 2025

----- Start of picture text -----
||||| |---|---|---|---| |Notes|2025|2024| |£|£| |TURNOVER|3|10,509,375|9,592,838| |Operating expenditure|3|(8,273,776)|(8,335,234)| |OPERATING SURPLUS|3|2,235,599|1,257,604| |Movement in fair value of investments|15|27,978|22,313| |Income from investments|6|249,484|265,429| |Interest payable and similar charges|7|(450,274)|(452,449)| |SURPLUS BEFORE TAXATION|8|2,062,787|1,092,897| |Taxation|11|-|-| |SURPLUS FOR THE YEAR|2,062,787|1,092,897| |OTHER COMPREHENSIVE INCOME / (EXPENDITURE)|-|-| |TOTAL COMPREHENSIVE INCOME FOR THE YEAR|2,062,787|1,092,897|

----- End of picture text -----

The financial statements on pages 27 to 43 were approved and authorised for issue by the Board on 23 July 2025 and were signed on its behalf by:

John Glenton Chair Andy Micklethwaite Director Claire Warren Secretary

The notes on pages 31 to 43 form part of these financial statements.

Pickering and Ferens Homes STATEMENT OF FINANCIAL POSITION for the year ended 31 March 2025

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |Notes|£|£| |FIXED ASSETS| |Housing properties|12|83,535,246|82,530,389| |Other fixed assets|13|1,245,326|1,053,650| |84,780,572|83,584,039| |CURRENT ASSETS| |Debtors|14|510,834|428,834| |Investments|15|1,726,966|1,631,666| |Cash and cash equivalents|16|4,409,782|4,651,526| |6,647,582| |6,712,026| |CURRENT LIABILITIES| |Creditors: amounts falling due within one year|17|(1,526,557)|(1,980,712)| |NET CURRENT ASSETS|5,121,025|4,731,314| |TOTAL ASSETS LESS CURRENT LIABILITIES|89,901,597|88,315,353| |CREDITORS|: amounts falling due after more than one year|18|(50,803,216)|(51,279,760)| |NET ASSETS EXCLUDING PENSION LIABILITY|39,098,381|37,035,593| |TOTAL NET ASSETS|39,098,381|37,035,593| |RESERVES| |Income and expenditure reserve|20|39,098,381|37,035,593|

----- End of picture text -----

The financial statements on pages 27 to 43 were approved and authorised for issue by the Board on 23 July 2025 and were signed on its behalf by:

John Glenton Chair Andy Micklethwaite Director Claire Warren Secretary

The notes on pages 31 to 43 form part of these financial statements.

Pickering and Ferens Homes

STATEMENT OF CHANGES IN RESERVES for the year ended 31 March 2025

Balance as at 1 April 2023 Surplus for the year after tax Balance at 31 March 2024 Surplus for the year after tax Balance at 31 March 2025

£ 35,942,696 1,092,897 37,035,593 2,062,787 39,098,381

The notes on pages 31 to 43 form part of these financial statements.

Pickering and Ferens Homes STATEMENT OF CASHFLOWS for the year ended 31 March 2025

Notes NET CASH GENERATED FROM OPERATING ACTIVITIES 25 CASH FLOW FROM INVESTING ACTIVITIES Acquisition and investment in housing properties Purchase of other tangible fixed assets Grants received Interest received Transfers to current asset investments Cash inflow on sale of other fixed assets NET CASH USED IN INVESTING ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES Interest paid New secured loans Repayment of borrowings NET CASH USED IN FINANCING ACTIVITIES NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS AT END OF THE YEAR CASH AND CASH EQUIVALENTS COMPRISE: Cash at bank and in hand Short term deposits	2025 £ 3,005,831 (2,805,418) (441,334) 330,000 251,979 (30,923) - (2,695,696) (549,861) - (2,018) (551,879) (241,745) 4,651,526 4,409,782 1,080,780 3,329,002 4,409,782	2024 £ 3,454,055 (4,515,993) (373,640) 990,000 252,436 (21,692) -
		(3,668,889) (540,146) 300,000 (362,027)
		(602,173)
		(817,007)
		5,468,533
		4,651,526
		1,125,812 3,525,714 4,651,526

The notes on pages 31 to 43 form part of these financial statements.

Pickering and Ferens Homes

LEGAL STATUS AND ACCOUNTING POLICIES for the year ended 31 March 2025

1. LEGAL STATUS

Pickering and Ferens Homes (the Charity) is a registered provider with the Regulator of Social Housing, a registered Charity, a member of the National Association of Almshouses and a Public Benefit Entity. The Charity’s primary objective is to provide quality social housing homes and services which enhance the lives of older people. The financial statements of the Charity are prepared in accordance with the provisions of the Housing and Regeneration Act 2008, and the Accounting Direction for Private Registered Providers of Social Housing 2022. The Charity is registered in England and Wales, and its principal place of business is: 7 Beacon Way, Hull HU3 4AE.

2. ACCOUNTING POLICIES

Basis of accounting

These financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP), and under the historical cost convention modified to include certain financial instruments at fair value. The financial statements have also been prepared in accordance with the Housing SORP 2018 - Statement of Recommended Practice for Registered Social Housing Providers (SORP 2018), issued by the National Housing Federation and under the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Directors have determined that it is appropriate to prepare accounts in line with the Housing Statement of Recommended Practice due to the current status and activities of the Charity. The financial statements are presented in £ sterling.

Going concern

The activities of the Charity, together with the factors likely to affect its future development and performance are set out in the Report of the Trustee. The financial position of the Charity, its cash flow, liquidity and borrowings are described in the Financial Statements and accompanying Notes. The financial statements have been prepared on a going concern basis after consideration of the future prospects for the Charity and the preparation of long-term financial forecasts and plans which include an assessment of the availability of funding, continued compliance against lenders’ covenants and certainty of cash flow from the rental of social housing stock. The Charity has a strong cash position and continues to hold significant unencumbered assets valued at approximately £55.4m (Market Value - Subject to Tenancies). During the year the key strategic risks monitored by the Charity have been health and safety compliance, cyber security risks and the risk of increases in property insurance costs. The business plan has been stress tested and assessed for any imminent or likely future breach in loan covenants, taking into account radical multi-variant scenarios covering the above risks. Management and Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and in particular, for a period of at least twelve months after the date on which the report and financial statements are signed. The Charity therefore continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Business combinations

The financial statements comprise the financial statements of the Charity incorporating any organisations previously acquired by the charity or acquired during the year. The results of the acquired organisations are included from the effective date of acquisition. Where acquisitions are in substance the gifting control of a business to the Charity, the combination is treated as a non-exchange transaction and the fair value of the gifted assets and liabilities in the transaction is recorded as a gain or loss in the statement of comprehensive income in the year of combination.

Turnover and revenue recognition

Turnover comprises rental and service charge income receivable in the period, amortised capital grant, revenue based grants receivable from the local authority, and management charge income from charitable organisations managed by the Charity. Rental and service charge income is recognised from the point when properties under development reach practical completion or otherwise become available for letting, net of any voids. Revenue grants are recognised when the conditions for receipt of agreed grant funding have been met. All other income is recognised on an accruals basis.

Pickering and Ferens Homes

ACCOUNTING POLICIES (continued) for the year ended 31 March 2025

Borrowing costs

All borrowing costs in relation to long-term loans are accounted for over the life of the matched underlying liability and are released to the statement of comprehensive income over the life of the loan.

Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Value Added Tax

The Charity charges VAT on some of its income and is able to recover part of the VAT it incurs on expenditure. All amounts disclosed in the accounts are inclusive of VAT to the extent that it is suffered by the Charity and not recoverable.

Fixed assets

Housing properties under construction are stated at cost and are not depreciated. These are reclassified as completed housing properties on practical completion of construction. The Charity only capitalises expenditure on housing which results in an increase in the net rental income, a reduction in future maintenance costs or a significant extension of the life of a property and/or its components. All other expenditure incurred in respect of general repairs to its housing stock is charged to the statement of comprehensive income in the year in which it is incurred. Freehold land is not depreciated. Depreciation is charged so as to write down the cost of freehold properties other than freehold land to their estimated residual value on a straight-line basis over their estimated useful economic lives. The Charity depreciates freehold housing properties by component at the following annual rates:

Housing Properties 40 – 120 years

Major components: Roofs 50 years Doors / Windows / Bathrooms 25 years Lifts 20 years Photovoltaic Panels 25 years Kitchens 20 years Boilers 15 years

The Charity depreciates housing properties held on long leases in the same manner as freehold properties, except where the unexpired lease term is shorter than the longest component life envisaged, in which case the unexpired term of the lease is adopted as the useful economic life of the relevant component category. Other tangible fixed assets are stated at cost less accumulated depreciation. The Charity depreciates its freehold office (excluding land) by component in the same manner as its housing properties. All other tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses. Depreciation is charged on other tangible fixed assets to write off the cost less residual value over their anticipated economic useful lives which are as follows:

Computer equipment 2-3 years Furniture and equipment 5-10 years Housing Software 7-10 years Where there is evidence of impairment, assets are written down to their recoverable amount through a charge to the statement of comprehensive income.

Leasing

Leases are treated as operating leases and payments are charged to the statement of comprehensive income on a straight-line basis over the term of the lease. Any incentives received for entering into an operating lease are accounted for as a reduction to the expense and are recognised, on a straight-line basis over the lease term.

Current asset investments

Current asset investments include equities which are held for short term and are valued at fair value on a recognised stock exchange at the reporting date. Upward revaluations are reported in the statement of comprehensive income and credited to the investment revaluation reserve. Diminutions in value are recognised in the statement of comprehensive income until the investment revaluation reserve (see note 20) in respect of that asset no longer exists. Further diminutions in value or impairments of current asset investments are recognised in the statement of comprehensive income.

Current asset investments also include cash and cash equivalents invested for periods of more than 3 months which are not accessible on demand and are held to cover 12 months’ interest in respect of the Affordable Housing Finance and The Housing Finance Corporation facilities. Current asset investments are recognised initially at cost and subsequently at fair value at the reporting date. Any change in valuation between reporting dates is recognised in the statement of comprehensive income.

Pickering and Ferens Homes

ACCOUNTING POLICIES (continued) for the year ended 31 March 2025

Deposits and liquid resources

Cash and cash equivalents comprise cash in hand and deposits repayable on demand, less overdrafts repayable on demand. Liquid resources are current asset investments that are disposable without curtailing or disrupting the business and are readily convertible into known amounts of cash at or close to their carrying value.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the year end and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement accrued at the end of the period.

Social housing grant

Where developments have been financed wholly or partly by social housing and other grants, the amount of the grant received has been included as deferred income and recognised in Turnover over the estimated useful life of the associated asset structure (not land), under the accruals model. Social housing grant received for items of cost written off in the statement of comprehensive income is included as part of Turnover. Social housing grant, which is received in advance of the total development programme costs, if applicable, is shown as a current liability. Social housing grant must be recycled by registered providers under certain conditions, if a property is sold or if another “relevant event” takes place. In these cases, the social housing grant can be used for projects approved by Homes England. However, the social housing grant may have to be repaid if certain conditions are not met. If grant is not required to be recycled or repaid, any unamortised grant is recognised as Turnover. In certain circumstances, grant may be repayable, and, in that event, is subordinated unsecured repayable debt.

Other grants

Grants received in respect of revenue expenditure are credited to the statement of comprehensive income in the same period as the expenditure to which they relate.

Retirement benefits

The Charity operates a defined contribution scheme with Legal and General Assurance Society Ltd which is made available to all employees. The amount charged to the statement of comprehensive income is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. The assets in the scheme are invested and managed independently of the finances of the Charity. Pension costs are assessed in accordance with the advice of an independent qualified actuary.

Financial instruments

The Charity has applied the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument and are offset only when the Charity currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets Debtors

Debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in the statement of comprehensive income for the excess of the carrying value of the debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in the statement of comprehensive income.

In the case of payment arrangements that exist with residents, these are deemed to constitute financing transactions and, if material, are measured at the present value of the future payments discounted at a market rate of interest applicable to similar debt instruments.

Pickering and Ferens Homes

ACCOUNTING POLICIES (continued) for the year ended 31 March 2025

Financial liabilities

Creditors

Creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. Commitments to receive a loan are measured at cost less impairment. All loans provided by the Charity’s lenders are classed as basic under the requirements of FRS102, and are measured at amortised cost.

Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below.

a) Development expenditure

The Charity capitalises development expenditure in accordance with the accounting policy described on page 32. Initial capitalisation of costs is based on management’s judgement that the development scheme is confirmed, usually when Board approval has taken place including access to the appropriate funding. In determining whether a project is likely to cease, management monitors the development and considers if changes have occurred that result in impairment.

b) Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated economic useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

c) Impairment of assets Reviews for impairment of housing properties are carried out when a trigger has occurred and any impairment loss in a cash generating unit is recognised by a charge to the statement of comprehensive income. Impairment is recognised where the carrying value of a cash generating unit exceeds the higher of its net realisable value or its value in use. A cash generating unit is normally a group of properties at scheme level whose cash income can be separately identified.

Following a trigger for impairment, the Charity estimates the recoverable amount of the asset. Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use of the asset based on its service potential (VIU-SP), are recognised as impairment losses in the statement of comprehensive income.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in statement of comprehensive income. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life.

Pickering and Ferens Homes

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

3. TURNOVER, OPERATING EXPENDITURE AND OPERATING SURPLUS

31 March 2025 Social housing lettings (Note 4) Other social housing activities Management charges and other income 31 March 2024 Social housing lettings (Note 4) Other social housing activities Management charges and other income	Turnover £ 10,457,688 51,687 10,509,375 9,554,775 38,063 9,592,838	Operating Expenditure £ (8,273,776) - (8,273,776) (8,335,234) - (8,335,234)	Operating Surplus £ 2,183,912 51,687
			2,235,599
			1,219,541 38,063 1,257,604

4. TURNOVER AND OPERATING EXPENDITURE FROM SOCIAL HOUSING LETTINGS

Income Rent receivable net of identifiable service charges and net of voids Service charge income Amortised government grants Other grants Turnover from Social Housing Lettings Operating Expenditure Management Service charge costs Routine maintenance Planned maintenance Major repairs expenditure Bad debts Internal support grants and related costs Depreciation of housing properties Lease costs Other costs Operating expenditure on social housing lettings Operating Surplus on Social Housing Lettings	2025 £ £ £ General needs housing Housing for older people Total 7,436,122 995,081 8,431,203 865,502 735,199 1,600,701 8,301,624 1,730,280 10,031,904 327,573 46,453 374,026 46,765 4,993 51,758 8,675,962 1,781,726 10,457,688 2,145,395 280,582 2,425,977 964,389 745,212 1,709,601 1,081,927 110,533 1,192,460 389,172 54,546 443,718 422,456 69,219 491,675 2,877 2,020 4,897 0 258 258 1,429,184 151,779 1,580,963 79,248 1,801 81,049 265,304 77,874 343,178 6,779,952 1,493,824 8,273,776 1,896,010 287,902 2,183,912	2024 £ Total 7,737,873 1,338,537
		9,076,410 376,838 101,527
		9,554,775
		2,699,498 1,403,143 1,142,435 505,413 584,536 12,085 274 1,541,360 80,665 365,825
		8,335,234
		1,219,541

Total rent receivable net of identifiable service charges includes void loss of £114,972 (2024: £93,157). This amount is rent lost through dwellings being vacant.

Pickering and Ferens Homes

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

5. ACCOMMODATION IN MANAGEMENT

ACCOMMODATION IN MANAGEMENT
Number of units - general needs and housing for older people let at social rent levels Housing accommodation Total units in management	2025 No. 1,453 1,453	2024 No. 1,429
		1,429

There were no units in development at 31 March 2025 (2023: 24). During the year there were 24 additions.

6. INCOME FROM INVESTMENTS

INCOME FROM INVESTMENTS
	2025	2024
	£	£
Interest on bank deposits	203,995	221,205
Income from listed investments	45,489	44,224
	249,484	265,429

7. INTEREST PAYABLE AND SIMILAR CHARGES

On bank loans repayable wholly or partly after more than five years Defined benefit pension charge Amortisation of issue costs of bank loan	2025 £ 432,325 - 17,948 450,273	2024 £ 434,501 - 17,948
		452,449

The Charity has £599,627 (2024: £568,704) in designated interest-bearing accounts charged in respect of Affordable Housing Finance plc’s £10m facility and The Housing Finance Corporation Ltd's £4.5m facility - covering 12 months interest.

8. SURPLUS BEFORE TAXATION

SURPLUS BEFORE TAXATION
		2025	2024
		£	£
Surplus before taxation is stated after charging / (crediting):
Depreciation of tangible fixed assets	- housing properties	1,580,963	1,541,360
	- other	249,658	258,718
Auditors’ remuneration (excluding VAT):	- statutory audit	22,677	17,652
	- internal audit	11,349	10,912
Operating lease rentals (note 22)	- buildings	73,302	72,746
	-equipment	4,315	4,486
Amortisation of governments grants		(374,026)	(376,838)

9. EMPLOYEES

The average monthly number of persons employed during the year including the executive team (expressed as full-time equivalents of 37 hours per week) was:

Resident and customer services Corporate and business services Property services Scheme Managers and Cleaners	2025 No. 16 11 6 5 38	2024 No. 17 11 6 5
		39

Pickering and Ferens Homes

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

9. EMPLOYEES (continued)

Staff costs (for the above persons) were: Wages and salaries Social security costs Other pension costs and current service cost (note 24) Defined contribution pension cost The full time equivalent number of staff whose remuneration exceeded £60,000 in the period: £70,001 to £80,000 £80,001 to £90,000 £90,001 to £100,000 £100,001 to £110,000 £110,001 to £120,000 £120,001 to £130,000 £130,001 to £140,000 £140,001 to £150,000 £150,001 to £160,000 £160,001 to £170,000	2025 £ 1,538,109 158,038 - 160,248 1,856,395 2025 No. 1 1 - 1 1 - - - - 1	2024 £ 1,426,339 145,918 162,899 155,711
		1,727,968
		2024 No. 2 - - - 1 1 - 1 - -

10. KEY MANAGEMENT PERSONNEL REMUNERATION

Key management personnel are defined as non-executive members of the Board, the Chief Executive and the Executive Directors.

Emoluments of the Executive Officers (including the Chief Executive) Emoluments Social security costs Pension contributions The emoluments of the Chief Executive, being the highest paid person, were: Emoluments Social security costs Pension contributions	2025 £ 340,252 42,900 44,159 427,311	2024 £ 307,861 38,599 43,913
		390,373
	2025 £ 125,822 16,083 20,559 162,464	2024 £ 119,844 15,257 19,580
		154,681

The Executive Officers are entitled to ordinary membership of the Charity's pension scheme. No special terms or funded individual pension arrangements apply to these posts. Board members serve on a voluntary basis and receive no emoluments in their capacity as board members of the corporate trustee company.

Pickering and Ferens Homes NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

11. TAXATION

The Charity is registered for VAT. A large proportion of its income is exempt for VAT purposes which gives rise to a partial exemption calculation. Expenditure is therefore shown inclusive of VAT and any input tax recovered is deducted from appropriate expenditure. As the Charity only undertakes charitable activities it is therefore generally exempt from liability to taxation on Income and Capital Gains.

12. TANGIBLE FIXED ASSETS - HOUSING PROPERTIES

Cost: At 1 April 2024 Additions - construction costs Additions - replacement components Schemes completed Disposals (including replaced components) At 31 March 2025 Depreciation and impairment: At 1 April 2024 Charge in the year Released on disposal At 31 March 2025 Carrying amount: At 31 March 2025 At 31 March 2024	Completed housing properties £ 99,366,989 - 960,378 4,063,232 (260,055) 104,130,544 19,274,390 1,580,963 (260,055) 20,595,298 83,535,246 80,092,599	Housing properties in the course of construction £ 2,437,790 1,625,442 - (4,063,232) - - - - - - - 2,437,790	Total £ 101,804,779 1,625,442 960,378 - (260,055)
			104,130,544
			19,274,390 1,580,963 (260,055)
			20,595,298
			83,535,246
			82,530,389

The carrying amount of housing properties charged as security is £19,156,806 (2024: £18,991,949)

13. TANGIBLE FIXED ASSETS - OTHER

Cost: At 1 April 2024 Additions At 31 March 2025 Depreciation and impairment: At 1 April 2024 Charge in the year At 31 March 2025 Carrying amount: At 31 March 2025 At 31 March 2024	IT Systems £ 1,127,870 441,334 1,569,204 605,979 227,572 833,551 735,653 521,892	Furniture fixtures and fittings £ 716,810 - 716,810 185,052 22,086 207,138 509,673 531,759	Total £ 1,844,680 441,334
			2,286,014
			791,030 249,658
			1,040,688
			1,245,326
			1,053,650

Pickering and Ferens Homes

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

14. DEBTORS Rent arrears Less: provision for bad debts Net arrears Other debtors Prepayments and accrued income	2025 £ 83,335 (14,548) 68,787 146,046 296,001 510,834	2024 £ 106,707 (16,520)
		90,187 145,846 192,801 428,834

15. INVESTMENTS Cost or valuation At 1 April 2024 Additions Change in fair value At 31 March 2025 Listed investments at cost - 31 March 2025 Listed investments at cost - 31 March 2024	Listed investments Unlisted investments Total £ £ £ 1,062,962 568,704 1,631,666 36,399 30,923 67,322 27,978 - 27,978
	1,127,339 599,627 1,726,966
	£ 580,983 544,584

Investments are held for short term and are valued at fair value on a recognised stock exchange at the reporting date.

16. CASH AND CASH EQUIVALENTS Cash at bank and in hand Short term deposits 17. CREDITORS: amounts falling due within one year Loans (Note 18a) Deferred capital grant (Note 18b) Rents and service charges received in advance Accruals and deferred income Trade creditors Other creditors	2025 £ 1,080,780 3,329,002 4,409,782 2025 £ 101,560 380,211 201,485 41,508 775,631 26,162 1,526,557	2024 £ 1,125,812 3,525,714 4,651,526 2024 £ 98,541 382,343 171,116 41,759 1,234,408 52,545 1,980,712

Pickering and Ferens Homes

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

18. CREDITORS: amounts falling after more than one year Loans (Note 18a) Deferred capital grant (Note 18b) Other long-term creditors 18(a). BORROWINGS Loans > 1 year Loans Loan issue costs		2025 £ 17,114,036 33,689,180 - 50,803,216 2025 £ 17,114,036 17,114,036 17,321,358 (207,322) 17,114,036		2024 £ 17,215,595 33,731,075 333,090 51,279,760 2024 £ 17,215,595
				17,215,595
				17,440,865 (225,270) 17,215,595

No additional funding was raised during the year. All loans are secured by specific charges on the Charity's housing land and buildings. The following interest rates have applied to all loans held during the year.

					% of Total
					Debt at 31
Lender	Type	Rate	Rate Expiry Date	Loan Expiry Date	March 2025
Nationwide	Variable	4.83%-5.23%	Apr 2033	Apr 2033	1.73%
AHF plc	Fixed	2.89%	Aug 2043	Aug 2043	59.95%
THFC Ltd	Fixed	5.2%	Oct 2043	Oct 2043	38.13%
Orchardbrook	Fixed	12.25% / 15.25%	Jul 2044 / Mar 2031	Jul 2044 / Mar 2031	0.19%

Bank loans due: Within 1 year Between 1-2 years Between 2-5 years After 5 years Total 18(b). DEFERRED CAPITAL GRANT At 1 April Grant received in the year Capital grant released At 31 March Amount due to be released < 1 year Amount due to be released > 1 year		2025 £ 101,560 104,366 447,535 16,562,135 17,114,036 17,215,596 2025 £ 34,113,415 330,000 (374,026) 34,069,392 380,211 33,689,181 34,069,392	2024 £ 98,541 101,560 321,945 16,792,090 17,215,595 17,314,136 2024 £ 33,500,256 990,000 (376,838)
			34,113,418
			382,343 33,731,075 34,113,418

Pickering and Ferens Homes NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

19. FINANCIAL INSTRUMENTS

The carrying amount of the Charity's financial instruments at 31 March were: Instruments measured at fair value Investments Total 20. INCOME AND EXPENDITURE RESERVE Investment revaluation reserve £ At 1 April 2024 191,883 Surplus from Statement of Comprehensive Income - Transfer from / (to) general reserves 27,978 At 31 March 2025 219,861	The carrying amount of the Charity's financial instruments at 31 March were: Instruments measured at fair value Investments Total 20. INCOME AND EXPENDITURE RESERVE Investment revaluation reserve £ At 1 April 2024 191,883 Surplus from Statement of Comprehensive Income - Transfer from / (to) general reserves 27,978 At 31 March 2025 219,861	2025 2024 £ £ 1,726,966 1,631,666 1,726,966 1,631,666
		General reserve Total £ £ 36,843,710 37,035,593 2,062,787 2,062,787 (27,978) -
	219,861	38,878,520 39,098,381

Historically negative goodwill has arisen on the acquisition of smaller charities. In accordance with the SORP, these transactions are accounted for as non-exchange transactions, and the fair value of the assets and liabilities in the combining entity are treated as a gain or loss to the statement of comprehensive income. The general reserve includes cumulative negative goodwill of £4,579,110 (2024: £4,579,110).

21. CAPITAL COMMITMENTS

Capital expenditure contracted but not provided for in the financial statements Capital expenditure approved by the Board of Directors but not contracted at the year end The above commitments will be funded from: Capital grants Cash reserves	2025 2024 £ £ - 1,555,138 - -
	- 1,555,138
	- 330,000 - 1,225,138 - 1,555,138

Pickering and Ferens Homes

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

22. OPERATING LEASE COMMITMENTS

The total future minimum lease payments under non- cancellable operating leases are as follows: Amounts due: Not later than one year Later than one year and not later than five years Later than five years GRANT AND FINANCIAL ASSISTANCE Social Housing grants £ Total accumulated government grant and financial assistance received or receivable at 31 March: 41,354,964 Recognised as income in Statement of Comprehensive Income (8,200,572) Held as deferred capital grant 33,154,392		2025 2024 £ £ £ £ Buildings Equipment Total Total 82,032 4,221 86,253 81,863 294,750 1,749 296,499 323,802 - - - 58,950 376,782 5,970 382,752 464,615 Other grants 2025 2024 £ £ £ 915,000 42,269,964 41,939,964 - (8,200,572) (7,826,546) 915,000 34,069,392 34,113,418	2025 2024 £ £ £ £ Buildings Equipment Total Total 82,032 4,221 86,253 81,863 294,750 1,749 296,499 323,802 - - - 58,950 376,782 5,970 382,752 464,615 Other grants 2025 2024 £ £ £ 915,000 42,269,964 41,939,964 - (8,200,572) (7,826,546) 915,000 34,069,392 34,113,418	2024 £ Total 81,863 323,802 58,950 464,615
		376,782
		Other grants £ 915,000 - 915,000	2025 £ 42,269,964 (8,200,572) 34,069,392

23. GRANT AND FINANCIAL ASSISTANCE

24. RETIREMENT BENEFITS

Defined contribution scheme

Defined contribution pension arrangements were put in place during 2015-16 with Legal and General Assurance Society Ltd. During the year these arrangements were available to all employees who were not members of the East Riding Pension Fund (ERPF). On 30 November 2022 the Charity closed its defined benefit pension scheme with the ERPF to future accrual and transferred all active members to its defined contribution scheme. Employer contribution rates are fixed at 10%, however an enhancement of 8% (to November 2025) or a cash lumpsum of 25% of annual salary was offered to transitioning employees. The assets of the scheme are held separately from those of the Charity, in an independently administered fund.

The charge to the statement of comprehensive income in respect of the defined contribution scheme was £160,433 (2024: £155,305). Included in the figure above are accrued contributions of £2,052 (2024: £2,237)

Pickering and Ferens Homes

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

25. NET CASH GENERATED FROM OPERATING ACTIVITIES

NET CASH GENERATED FROM OPERATING ACTIVITIES
Surplus for the year Adjustments for: Depreciation Amortisation of government grants Defined benefit pension schemes Gain on sale of other fixed assets Interest received Interest payable Amortisation of discounted interest on loan issue costs Operating cash flows before movements in working capital Decrease / (increase) Increase / (decrease in creditors Cash generated from operations	2025 £ 2,062,787 1,830,621 (374,026) - - (249,484) 450,273 114,471 3,834,642 (79,505) (749,307) 3,005,831	2024 £ 1,092,897 1,800,078 (376,838) - - (265,429) 452,449 112,738
		2,815,895
		21,856 616,304 3,454,055

26. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand Bank and other loans Refinance costs Short-term deposits Current Asset Investments	At 1 April 2024 Cashflow Other changes At 31 March 2025 £ £ £ £ 1,125,812 (14,109) (30,923) 1,080,780 (17,557,356) 2,018 114,471 (17,440,867) 243,219 - (17,948) 225,271 3,525,714 (196,712) - 3,329,002 568,704 - 30,923 599,627 (12,093,907) (208,803) 96,523 (12,206,187)

27. RELATED PARTY TRANSACTIONS

During the year Cheryl Payne and Allen Healand served as nominated board members by Kingston upon Hull City Council. Emma Whittles, an employee of Hull City Council is a co-opted member of the Board. All transactions with the Council are made at arm's length and on normal commercial terms.

John Holmes and Valerie Crowhurst served as resident board members during the year. Resident board members of the Charity occupy properties on normal commercial terms.

Transactions and balances outstanding at 31 March are as follows:	2025	2024
	£	£
Rent and service charges during the year	16,059	14,813
Balances owed to the Charity at 31 March	-	-
Balances owed to residents at 31 March	558	740

Details of the Key management personnel's remuneration are disclosed in note 10.

No one party / person has over-all control.

2025-03-31-accounts

Pickering and Ferens Homes Report and Financial Statements

BOARD OF DIRECTORS

EXECUTIVE TEAM

EXTERNAL AUDITORS

INTERNAL AUDITORS

PRINCIPAL BANKERS

INCORPORATION

DIRECTORS

DIRECTORS INTERESTS

THE CHARITABLE TRUST DEED AND ADDITIONAL MATTERS

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS (continued)

Public Benefit

BUSINESS AND FINANCIAL REVIEW

BUSINESS AND FINANCIAL REVIEW (continued)

VALUE FOR MONEY (VFM)

Introduction

VFM Framework and Communication

VALUE FOR MONEY (VFM) (continued)

Understanding our costs

Regulator metrics

- New Supply (Non social housing units)

VALUE FOR MONEY (VFM) (continued)

Reinvestment in Existing stock and new build

New Supply Delivered

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

Adjusted Net Leverage / Gearing

Interest Cover - EBITDA (MRI)

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

VALUE FOR MONEY (VFM) (continued)

Headline Social Housing cost

Operating Margin (Overall)

Return on Capital Employed

VALUE FOR MONEY (VFM) (continued)

2024-25 Performance Against Strategic Objectives and Local Value for Money Measures

Strategic Ambitions 1 and 2

VALUE FOR MONEY (VFM) (continued)

Strategic Ambition 3

Strategic Ambition 4

Strategic Objective 5

VALUE FOR MONEY (VFM) (continued)

Strategic Ambition 6

Strategic Ambition 7

Strategic Ambition 8

VALUE FOR MONEY (VFM) (continued)

Other VFM headlines for 2024-25

VALUE FOR MONEY (VFM) (continued)

“More Than a Landlord” (MTAL) Initiative (Strategic Ambition 4)

VALUE FOR MONEY (VFM) (continued)

Our Future Plans

VALUE FOR MONEY (VFM) (continued)

VALUE FOR MONEY (VFM) (continued)

Social Value

FIXED ASSETS

RENTS, SUPPORT AND SERVICE CHARGES, AND RENT ARREARS

RESERVES

TREASURY MANAGEMENT

Interest rate risk

Liquidity

EMPLOYEES

DIRECTOR AND OFFICER INDEMNITY INSURANCE

AUDITORS

DISCLOSURE OF INFORMATION TO AUDITORS

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL

NHF Code of Governance

The Board of Directors

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL (Continued)

Executive Officers

INTERNAL CONTROLS ASSURANCE

Scope of Responsibility

Purpose of the System of Internal Control

Risk and Control Framework

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL (Continued)

Review of Effectiveness

REPORT OF THE TRUSTEE (continued) for the year ended 31 March 2025

Statement of Compliance

Governance and Financial Viability