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2025-09-30-accounts

REALL LIMITED

(a company limited by guarantee)

ANNUAL REPORT & CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 September 2025

Reall Limited is a Company Limited by Guarantee No. 2713841 Registered Charity in England and Wales No.1017255)

Registered Office: 6th Floor, Friars House Manor House Drive Coventry CV1 2TE

REALL LIMITED (a company limited by guarantee)

Contents

CHARITY AND COMPANY INFORMATION ..................................................................... 2
CHAIR’S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 ...................................... 3
TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) ................................................. 4
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF REALL LIMITED 25
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES .............................................. 29
CONSOLIDATED BALANCE SHEET as at 30 September 2025 ......................................... 30
CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 30 September 2025 .. 32
ACCOUNTING POLICIES ............................................................................................. 33
NOTES TO THE FINANCIAL STATEMENTS ..................................................................... 40

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REALL LIMITED (a company limited by guarantee)

CHARITY AND COMPANY INFORMATION

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Trustees

Mr Steve Troop (Chair of the Board – appointed 2015 - term extended) Ms Diana Mitlin (appointed 2019 - term extended) Ms Sarah Smith (appointed 2020) Mr Hakeem Ogunniran (appointed 2022) Mr Dhaval Monani (appointed 2022) Ms Victoria Jardine (appointed 2023) Mr Ranil De Silva (appointed 2023) Mr Friedemann Roy (appointed 2024) Ms Vivienne Yeda (appointed 2024) Ms Kathleen Guis (appointed 2024)

Company registered number

1017255

Charity registered number

2713841

Registered Office

6th Floor, Friars House Manor House Drive Coventry CV1 2TE

Chief Executive Officer

Ian Shapiro (resigned July 2025) Dawn Cole (appointed Interim Chief Executive July 2025)

Independent Auditor

Crowe U.K. LLP, 4[th] Floor, St James House, St James Square, Cheltenham GL50 3PR

Bankers

The Royal Bank of Scotland plc, 144 New Street Birmingham B2 4NY

Solicitors

Hill Dickinson, 1 St Michael's, 36 Jacksons Row, Manchester, M2 5WD

Dentons (Pro bono), 1 Fleet Place, Moorgate, London EC4M 7RA

Devonshires Solicitors 30 Finsbury Circus Finsbury, London EC2M 7DT

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CHAIR’S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

This year has been one of profound challenge and change for Reall, but also a year that reaffirmed the importance of our mission. Across Africa and Asia, millions of low-income families continue to face barriers to safe, affordable, climate-resilient housing.

Throughout 2024–25, external pressures associated with political shifts and macroeconomic volatility created significant uncertainty. Yet what stood out most clearly was the determination of our partners, our colleagues and the communities we serve. Despite challenging conditions, Reall continued to work side by side with organisations, supporting them to maintain delivery and keep homes affordable for the people who need them most.

During the year, it became increasingly clear that Reall was operating in an environment that had seen fundamental change. Diminished fundraising prospects and continued uncertainty around portfolio repayments meant that Reall could no longer rely on a stable flow of income to sustain operations into the future. After careful reflection, the Board reached the difficult conclusion that an orderly wind-down was the most prudent course of action. This decision was not easy, and was taken with consideration for our people, partners, and mission.

As we progress over the coming months, we will continue to focus on our core responsibilities, ongoing support for our partners, oversight of our portfolio and safeguarding affordability for our beneficiaries. As we look ahead, the Board remains firmly committed to guiding Reall responsibly through this next phase, ensuring that decisions are grounded in our values and in our duty to the communities whose livelihoods and futures are shaped by access to safe, climate-resilient homes.

Steve Troop Chair of the Board 24[th] June 2026

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______________ TRUSTEES REPORT (INCLUDING DIRECTORS REPORT)

Reall’s vision is to strive to create ‘Housing markets that work for all’.

Reall’s mission is to ‘Improve the lives of under-served households in urban Africa and Asia by building and increasing access to green, resilient, affordable homes.’

Our Core Values are Curiosity, Accountability, Respect, Enterprising

We present Reall's annual Trustees’ Report and Financial Statements for the 12 months ended 30 September 2025, meeting the Directors’ Report and Accounts requirements.

Reall’s purpose remains unchanged. Our activities are directed towards low-income and informal sector households in urban and peri-urban areas, supporting those who would otherwise have limited access to safe, affordable and climate-resilient housing. We have continued to progress key activities in collaboration with partners across Africa and Asia and our commitment to demonstrating the potential of climate-smart, affordable housing to transforming lives and contributing to resilient, inclusive cities continues to be central to everything we do.

Financial year 2024-25 has been a difficult year. In 2023 our long-term partner the Swedish International Development Cooperation Agency (Sida) took a policy decision to re-direct funding away from affordable housing provision. Since then, Reall’s business pivot towards provision of new services and alternative funding sources has been financed by our extant Investment Portfolio. However, changes in the global political environment over the last twelve months, including reductions in US foreign aid budgets, have directly impacted on Reall’s ability to raise funds through our Green City Homes International initiative. Similarly, downward trends in European overseas development aid have given rise to increased uncertainties in the wider fundraising environment and made it more difficult to replace lost Sida funding. As a result, shortly after the year end, and following updated budget and cashflow forecasts and external legal advice, the Board took the difficult decision to begin a managed wind-down of charitable operations.

Throughout this period, Reall’s people demonstrated professionalism and resilience, continuing to uphold the organisation’s values while adapting to a more focused operating model. The Board is deeply appreciative of the commitment shown by colleagues and partners alike.

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FINANCIAL REVIEW

A loss for the year of £7.7m is driven by two key elements; a lack of new external funding, alongside decisions taken to resolve positions with partners which have led to investment balances being written off or converted to grant.

Fundraising expectations for the year were revised downward significantly in a difficult external environment, with final income at £180k. A contract with the World Bank together with partnerships with Convergence, under the Social Impact Finance Initiative (SIFI), and Warwick University were important in supporting mission delivery, but ultimately fell significantly short of initial budgeted expectations.

Nevertheless, expenditure remained tightly managed. Programme activity was reduced and focused exclusively on interventions that protected asset value and strengthened partner compliance. Overheads were controlled through regular expenditure reviews and consolidation of operational activity.

In the light of disappointing income projections, liquidity remained an ongoing issue throughout the year. As a result, the Board focussed on accelerating recoveries, including from Janaadhar (May 2025) and Ansaar Management Company (post year-end). Whilst this safeguarded operational and strategic capability and provided Trustees with flexibility in decision-making, they ultimately judged that restructuring the organisation to focus resources on continued partner support, regulatory compliance, and effective governance represented the most prudent course of action in the short- to medium-term. A redundancy process was therefore initiated in August 2025, and eleven colleagues left the organisation at, or shortly after, the year end.

The Board concluded that the financial actions taken during the year - restructuring, cost containment, prioritisation of debt recovery, enhanced oversight and scenario planning - represented the most responsible course to sustain the organisation through uncertainty. However, in October 2025, following review of updated forecasts, partner recoverability assessments and external legal advice, the Board unanimously concluded that a managed wind-down represented the most realistic and responsible strategic pathway. This decision reflected the challenging geopolitical climate, limited prospects for new fundraising, and the need to prioritise creditor protection while safeguarding the organisation’s mission and beneficiaries.

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IMPACT AND BENEFICIARIES

Reall continued to oversee a portfolio supporting several thousand households across Africa and Asia, with active engagement across multiple partner organisations. While new delivery was limited, long-term investments continued to provide social value, with occupancy levels remaining strong and benefits sustained for low-income households across multiple markets. This reflects continued demand for secure, affordable and climate-resilient homes.

Reall’s ongoing oversight, governance support and active engagement with partners helped maintain project delivery, support occupancy levels, minimise disruption and protect affordability during a period of constrained funding. This approach ensured sustained public benefit was delivered during a period of organisational transition and constrained programme delivery.

Build Impact

Provision of affordable homes and water and sanitation (WATSAN) units through partners in Africa and in Asia remains a key approach to delivering on our core objectives:

During the financial year 2024-25, Reall funded local partners across Africa and Asia to successfully complete about 350 housing units , in a variety of typologies, creating in the region of 2,000 jobs. Demographic changes in developing markets will require a different approach to building homes and in view of this construction included vertical build, allowing us to test the adjustments needed to protect delivery in the future.

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Detailed activity is as follows:

Country Number of housing
units (incl. Water &
Sanitation systems)		 Comments
India 248 This includes about 18 units delivered under the
Roof Over Our Head (ROOH) programme
Kenya 25 Zima Homes Block C
Total Sold - 21 / 25 Homes
Occupied with tenants - 20 /25 homes
Block A comprising of 59 units is currently under
construction and is due to complete in April
2026. 51 units have been sold in Block A.
Mozambique 10 This includes 4 green resilient units financed
by ILO.
Uganda 45 35 occupied, of which 15 were acquired by female
headed households

Highlights for the financial year 2024-25 include:

Zima Homes project (Kenya – Nairobi) The first of three blocks, comprising 25 units, was completed in late 2024. Upon full completion, the development will deliver 137 climate-smart homes designed to serve diverse client groups, including female-headed households.

Sanand Project (India – Ahmedabad) The first phase of this 817-unit development was completed in 2025, delivering 230 homes. These units are currently being marketed to prospective buyers.

Partner-Led Developments

Several local partners have successfully forged new partnerships, building on a strong track record of delivering housing schemes previously funded by Reall.

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Case Study: Zima Homes project – vertical housing development scheme

Zima Homes is a residential development in Nairobi comprising three blocks with a total of 137 apartments. One block of 25 homes has been completed. Block A, consisting of 59 units, is currently under construction and scheduled for completion in April 2026. Construction of Block B, which will feature 53 units, is expected to commence in 2026 following the completion of Block A.

The project introduces several innovations to the local market, including the development of a middensity urban community, a protected green courtyard, and a SolarisKit water system that harnesses solar energy to supply hot water. The incremental delivery model enables progressive occupancy, with income from unit sales reinvested to fund the construction of subsequent blocks.

In addition, the project has generated employment for a substantial workforce, including a number of skilled and unskilled women.

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Zima Homes Block C (completed in late 2024)

Apartment block C is now occupied. The innovative aspect of this development led to Zima Homes winning the 2024 African Union for Housing Finance (AUHF) award for the Most Promising Emerging Affordable Housing Developer in Africa. The project demonstrates integration of sustainability, affordability and gender inclusivity.

Zima Homes Block A (under construction)

Looking ahead to financial year 2025-26 and beyond, it is anticipated that the current pipeline of housing developments will deliver about 1,000 new housing units for underserved households. In addition to the Zima Homes (Kenya) and Sanand (India) projects, Reall’s other partners in India, Nigeria, Pakistan and Uganda have housing schemes under way. A 384-unit project in Bodhan in Telangana state in South India, is in the final stages of approval by the local municipality. The project

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will be handed over to local authorities after approval is granted, which is expected to be during 2026. In addition, some of our partners, including AMC our partner in Pakistan, have implemented DEWAT (Decentralised Wastewater Treatment) systems to give the wider community access to water treatment solutions.

Non-Build Initiatives

Reall has continued to undertake non build activities that can help to structure local affordable housing markets. During 2024-25, we completed a feasibility study for the Green Affordable Housing Finance (GAHF) initiative. In 2023, Reall secured a grant from SDG Impact Finance Initiative (SiFi) to undertake a feasibility study into GAHF, a programme intended to address the deeply gendered global housing challenge and the urgent need for climate-smart building solutions. The report’s findings highlighted significant barriers facing women, including insufficient credit histories and restrictive evaluation tools that limit access to housing finance. It underlined the extent to which tailored gender-responsive products could provide the solution by recognising women as primary household decision-makers and economic contributors. The report also borrowed insights from a workshop held for local financiers whose feedback revealed that performance and default guarantees are highly applicable for reducing lending risks associated with women borrowers. GAHF is intended to pilot in Kenya before scaling to other identified markets in Sub-Saharan Africa and Southeast Asia.

In Kenya, Reall funded the initial phase of FLORAH (Flood Resilience for Affordable Housing) , a design challenge that invited students and graduates to develop nature-based, affordable solutions for flood-affected homes in the Three Heights Estate in Kamulu, Nairobi. Over a six-week period, 15 teams registered, and eight presented creative, technically robust proposals, ranging from bioswales and “living with water” strategies to earth berm defences. As Reall begins winding down its operations, efforts are underway to ensure that this promising initiative is responsibly transitioned to capable partners equipped to transform it into a practical, scalable solution for the affected community and other flood-prone areas across Kenya, safeguarding the continuity and scalability of this work for the communities that stand to benefit most.

Building reliable data and evidence to support decision making has been a key part of Reall’s mission as it provides potential investors with market information and insights. A Warwick Business School student project was carried out to support Reall's income and affordability work, building on previous activity to visualise household incomes across different countries, states, counties and districts, using data from national statistical office surveys. For the Kenyan market, a new Kenya Housing Affordability Dashboard has been developed: bringing together the Kenya household income data above and data from CAHF’s (Centre for Affordable Housing Finance in Africa) Housing Developments in the Nairobi Metropolitan Area Dashboard, to demonstrate affordability for different income groups based on simple mortgage terms, and highlight gaps in housing delivery. These calculators are not intended to provide definitive figures, but to support investors, researchers and a wide range of other users.

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Sector Engagement

Reall focused its sector engagement on high-value events that advanced fundraising, strengthened partner relationships, informed Board decision-making and reinforced the importance of climatesmart affordable housing globally. Through active engagement with DFIs, regulators, policymakers and other ecosystem players, we contributed meaningfully to ongoing dialogues around regulatory alignment, investment pipelines, housing innovations and policy frameworks.

Given the financial constraints of the year, Reall adopted a highly selective approach, attending only events that offered clear, mission-aligned value to support Reall’s Theory of Change:

Demonstrate – Events that provided platforms to showcase Reall’s housing innovations and business models, proving that affordable, climate-resilient housing is commercially viable and scalable.

Evidence – Participation that enabled Reall to share data and insights from its projects, contributing to global dialogues on policy frameworks, investment pipelines, and regulatory alignment, while gathering intelligence to inform organisational strategy.

Advocate – Forums which amplified Reall’s voice in influencing policy and investment decisions, strengthening relationships with DFIs, regulators, and investors critical to unlocking systemic change in housing markets.

The major events attended cut across climate, housing and investment sectors and included 100+ stakeholder engagements with DFIs, investors, regulators and ecosystem actors.

Collaboration with the United Nations Global Compact

Throughout 2024–25, Reall continued its engagement with the United Nations Global Compact, reaffirming its commitment to the Ten Principles covering human rights, labour standards, environmental responsibility and anti-corruption. Sustained activities undertaken during the year supported:

As part of this commitment, Reall submitted its annual Communication on Engagement, setting out how the principles of the Global Compact are embedded within the organisation’s strategy,

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governance arrangements and operational activity. The Board believes that sustained engagement with the UN Global Compact remains an important signal of Reall’s commitment to high standards of governance and ethical conduct. As the Trustees continue to navigate a complex operating environment, this alignment provides an important reference point for decision-making.

GOVERNING DOCUMENT

Reall was incorporated as a company limited by guarantee on 12 May 1992. It is governed by its Articles of Association, as amended by special resolutions.

The objects of the Charity are:

The Trustees consider that the activities of Reall meet the requirements of the public benefit requirements under the Charities Act 2011. Reall’s activities and objectives are focused on the alleviation of poverty in Africa and Asia through the provision of affordable housing, clean water supplies, and improved sanitation to people on low incomes in those economies, thereby increasing the life opportunities of low-income people in those societies. Since its formation in 1992 and supported by numerous funders, Reall has worked with partners, contractors, governments, and finance institutions to build networks, advocate, and change policies, alongside the delivery of many thousands of affordable homes.

RELATIONSHIPS WITH OTHER ORGANISATIONS

Although, as indicated above, Reall is committed to achieving its objectives through partnership with other organisations, other than through its investments in certain companies as set out in note 12 and below, it is not directly connected with any other charities or similar organisations.

SUBSIDIARIES

Reall established Green City Homes International (GCHI) as a company limited by shares on 14 March 2023. GCHI is a wholly owned subsidiary for future potential utilisation and was non-trading throughout this period.

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On 15 April 2025 Reall assumed full control of SEWA Nirman (Pvt), a company registered in Nepal. The results of this business have been consolidated into the Reall Group from this date.

BOARD AND TRUSTEES

Reall is governed by a Board who are directors of the company and Group for the purposes of the Companies Act and Trustees in charity law (“the Board” or “Trustees”). Under the Articles of Association, the Board is formed from the Trustees, who are independently appointed and consists of no less than 3 members but no maximum number. Trustees are usually each appointed for a maximum of 9 years except for the Chair, who can serve for an additional year. This can be extended in exceptional circumstances. After their term, former Trustees may not then return to the Board for a period of 3 years. The Board is empowered to co-opt further members, taking account of the skills needed, up to a maximum of 5 Board members. The Chair is elected by the Board. During the year, the Board approved the re-election of the Chair in accordance with the Articles of Association. The Board also exercised its discretion under the Articles to extend Diana Mitlin’s term by one year, in order to retain continuity of skills and experience during a period of organisational transition.

Trustees are recruited through open advertising on job boards and promotion on our website. We actively encourage applications from all sectors of society regardless of ethnicity, gender or other protected characteristic.

Board Meetings: The Board meets at least quarterly, setting aside an additional day for strategic review. Members also attend sub-groups and Committees as required. At Board meetings, the Trustees receive reports on areas of operation, reports from the Audit Committee, and agree the corporate strategy and business plans.

The Audit Committee meets quarterly and provides oversight of finance, assurance and risk management, and reports the work of the Committee to the Board in accordance with the governance timetable of meetings.

A strategy review is carried out each year with the Board and the Executive. Outcomes from this exercise feed into business planning and staff development processes as well as the annual plan and budget, which is approved by the Board. The Board retains responsibility for the approval of the audited financial statements, the appointment of the Chief Executive, equity investments, the management of risk, and the internal controls framework.

Board Skills & Effectiveness : The Board recognises the importance of maintaining an effective balance of skills, experience and independence. All newly appointed Trustees follow a standard induction process that includes an initial meeting with the Chief Executive as well as the completion of a skills analysis to establish the specialism that the new member brings to the Board. A formal induction pack provides information on Reall’s background and aims, its legal and governance structure, and staffing structure.

Members receive regular briefings from staff on relevant changes to legislation and the impact that this may have on the activities of the organisation or the way in which they carry out their role. During

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the year, Trustees received updates on directors’ duties and financial oversight, including advice from specialist legal counsel. The Board also considered succession planning following the CEO transition. It agreed to review Trustee recruitment needs in FY26 in light of the organisation’s strategic direction.

The Board carries out a self-assessment of its performance each year, also identifying any gaps in the governance framework or where additional skills are required. A review of individual Trustee performance is carried out by the Chair.

Chair Leadership and Board Continuity: During 2024-25, the Board faced heightened uncertainty and a series of strategically important decisions. It therefore unanimously resolved to retain Steve Troop as Chair for the remainder of the wind-down period. Trustees judged that maintaining continuity in Board leadership was essential to ensuring stability, safeguarding organisational memory and ensuring consistent oversight of the complex financial, regulatory and partner-related issues facing Reall.

Conflicts of Interest : Reall operates a formal Conflicts of Interest Policy, and all Trustees are required to declare interests at the start of each Board or committee meeting. Any potential conflicts arising during the year were recorded and managed in line with policy requirements. The Board is satisfied that no conflicts materially affected decision-making during 2024-25. Trustees declared interests at each meeting, and all conflicts were appropriately managed.

Restructuring of the organisation : The Board concluded that reducing staff numbers during the year was necessary to align the cost base with projected income and ensure that essential portfolio management functions could continue. Trustees considered alternative scenarios, including delaying restructuring or seeking short-term borrowing, but determined these options would create greater insolvency risk. The restructuring decision was therefore made in the interests of safeguarding the organisation’s viability.

Trustees judged that focusing resources on debt recovery provided the highest likelihood of securing liquidity and meeting creditor obligations. New programme activity was deprioritised to ensure financial discipline and concentrate staff capacity on activities most critical to stabilisation.

The Trustees have had regard to the principles of the UK Charity Governance Code. They consider that the governance arrangements described in this report are consistent with those principles. These include organisational purpose, leadership, integrity, decision-making, risk and control, board effectiveness, diversity, openness, and accountability. In light of the organisation’s transition to a managed wind-down, particular emphasis has been placed on strong governance oversight, financial stewardship and compliance with Trustee duties. The Trustees are satisfied that the charity’s governance framework remains appropriate and proportionate to its current phase.

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Directors and Trustees since 1 October 2024:

Name Specialism
a

v
Steven Troop
(Chair)		 Treasury management, investment, and banking
Diana Mitlin Urban housing development and governance, academia, research,
emerging markets
Sarah Smith
(Chair of Audit Committee)		 Finance, Audit, Regulation, Governance and Business Planning in UK
Social Housing
Dhaval Monani Housing policy, financial inclusion, urban sustainability, affordable
housing solutions, urbanisation strategies and self-build homes.
Advisory roles in the field of housing and infrastructure development.
Hakeem Ogunniran Property development, Investment, Fundraising, Housing finance
and expertise on housing development and infrastructure related issue
in Africa
Friedemann Roy Strategist and Advisor - Investment, Consulting, Emerging Markets, Re
Estate
Victoria Jardine Charity and third sector governance, Contractual and constitutional
matters, Regulatory matters, strategic initiatives, structural changes,
and diversification within the social housing sector, Group structures
and mergers, Urban regeneration projects, Major property
developments and Joint ventures and collaborative working
arrangements.
Ranil De Silva Finance and accounting, Commercial and Charity sector, risk
management, Complex reporting and operational structures
Vivienne Yeda Banker and international business lawyer with over 25 years of
experience in development banking, finance, and management across
Africa. Expertise in strategic management, resource mobilisation, and
project management.
Kathy Guis 14 years of experience in impact investing, currently serving as Executi
Vice President of Investments at Kiva, a US nonprofit organisation
focusing on impact-first debt investments for financial services and
social enterprises.

Qualifying third party indemnity provision is in place for the benefit of all Trustees of Reall.

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CHIEF EXECUTIVE OFFICER AND EXECUTIVE TEAM

The Chief Executive Officer is appointed by the Trustees to manage the day-to-day operations of Reall, subject to the direction of the Board and any restrictions set out within the Articles of Association. To facilitate effective operations, the Chief Executive has delegated authority, as set out in the Schedule of Delegated Authority, for all operational matters including finance, employment, and operations.

The Executive Team serving during the financial year and afterwards were as follows:

Name Position
Ian Shapiro Chief Executive (until July 2025)
Patrick Domingos-Tembwa Commercial Build & Transitions Director
Mewahib Mohammed Programme & Business Development Director (until November 2025)
Dawn Cole Finance & Investment Director (interim Chief Executive from July 2025)
Emma Ahmed Managing Director – GCHI (appointed November 2024)

Pay Policy for Senior Staff

The directors consider that the Board, who are the Trustees of Reall, and the senior management team (as set out in the table above) comprise the key management personnel in charge of directing and controlling, running, and operating Reall on a day-to-day basis.

The pay of the senior staff is reviewed regularly following a formal review carried out by external consultants, considering benchmarking against similar organisations and the salary market more generally. The remuneration of the senior management team is detailed in note 8 to these accounts.

None of the Trustees receives any remuneration or other benefit from their work with Reall. They are entitled to receive expenses to reimburse them for the costs of carrying out their role as Trustees.

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RISK MANAGEMENT, INTERNAL CONTROLS AND ASSURANCE

The Board is responsible for governance, risk management, and internal controls. These arrangements support informed decision-making and safeguard Reall’s mission, assets, and beneficiaries. The Corporate Risk Register is the principal risk management tool and is reviewed regularly by the Executive Management Team, the Audit Committee and the Board alongside consideration of the organisation’s risk appetite. Supporting registers are maintained for fraud risk and ICT cyber risk.

Priority risks include liquidity management, recovery of outstanding portfolio debt, regulatory compliance across multiple jurisdictions, and maintaining sufficient operational capacity to oversee the existing portfolio while progressing wind-down planning. Mitigating actions include scenario planning, external legal and financial advice, active oversight of recovery actions, and cost-reduction measures. Particular attention is given to liquidity monitoring. This helps ensure that the organisation has sufficient resources to meet its obligations as they fall due.

Reall also works closely with in-country partners and professional advisers to monitor developments in the jurisdictions in which it operates and to manage associated operational, legal and regulatory risks.

During the year, the Board and Audit Committee increased their monitoring of Reall’s riskmanagement and internal-control systems. The review was more structured and more frequent than in previous periods. This included:

This increased scrutiny gave Trustees clearer visibility of risk exposure. It also enabled timely interventions and a quicker response to changes in partner markets and liquidity conditions.

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Board Declaration on Effectiveness of Material Controls

Based on the monitoring undertaken during the financial year, the Board concludes that Reall’s material controls were effective as at 30 September 2025 . These controls covered financial, operational, compliance, and reporting matters. The Board nevertheless recognises material external uncertainties linked to regulatory approvals, partner repayments, and macroeconomic conditions. The Board is satisfied that the control improvements implemented during the year strengthened Reall’s resilience and supported the approval of the statutory accounts on a basis other than going concern.

Areas Where Controls Were Enhanced

The Board identified several areas in which controls were enhanced with closer oversight during the year:

Actions taken included:

The Board is satisfied that these steps addressed the risks identified and improved the effectiveness of the assurance framework during the remainder of the year.

Reall’s risk-management and internal-control systems are tightly integrated. Key risks - liquidity, partner repayment uncertainty, regulatory compliance and organisational capacity – are directly linked to specific controls and mitigation actions within the risk register.

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RESERVES POLICY

The Trustees’ policy is to maintain sufficient accessible reserves to ensure that:

Reserves are not held for the purpose of future expansion or investment but to support the execution of the wind-down plan.

The assessment of reserves:

The Trustees review the adequacy of reserves on an ongoing basis, taking into account changes in financial position, risk profile and progress against the wind-down plan.

Where financial indicators suggest increased risk to solvency, Trustees will have regard to their duties under the Companies Act 2006 and Insolvency Act 1986, including the need to prioritise the interests of creditors.

Free reserves available to the charity (as opposed to the group) at 30 September 2025 comprise £6.9 million restricted funds and £0.5 million unrestricted funds, providing sufficient reserves to remain compliant with our Reserves Policy where identified commitments during the wind-down period are £4.3m.

GOING CONCERN

The Board resolved in October 2025 to pursue a managed wind-down of Reall and it is expected that this will be achieved during the period 2025-27. For this reason, the financial statements are not prepared on a going concern basis.

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FUNDRAISING

During the financial year, Reall had a dedicated Fundraising Team within its staff complement. Most of Reall’s funds are raised from large institutional investors and multilateral donors, and not from the public. Reall does not have anyone who fundraises or campaigns for funds on its behalf. Reall receives nominal amounts of unsolicited donations raised by other organisations and individuals, who have chosen Reall as a beneficiary of their own charitable activities. These funds are treated as General Unrestricted Funds within the Statement of Financial Activities.

We work closely with our funders and investors to ensure that we are meeting the requirements of our funding agreements with them, and that we are reporting to them as needed on the progress of projects.

We have not received any complaints in the year about our fundraising activity.

We do not sell our supporters’ details to anyone else, and all information on funders and investors is held securely and only accessed and managed by Reall staff in performance of their role. We work diligently to ensure that we are compliant with relevant legislation and codes of practice.

DONATIONS IN KIND

Reall is not dependent upon the services of unpaid volunteers. It has benefited from certain voluntary services, primarily uncharged professional advice, and assistance from supporting organisations and individuals. Such donations in kind are not included in the Statement of Financial Activities as they cannot be easily quantified and are not considered to be significant in the context of expenditure generally.

GRANTS AND INVESTMENT POLICY

Reall maintains an investment policy which, during the year, operated within a managed wind-down framework. Accordingly, the focus shifted from new investment activity to the oversight, management and realisation of the existing portfolio.

The policy provides a framework for maintaining delivery and occupancy across partner projects, protecting social value for beneficiaries, and seeking to maximise recoveries where appropriate, in line with the charity’s objectives and fiduciary duties.

In this context:

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PEOPLE AND ORGANISATIONAL CHANGE

2024-25 was a year of significant organisational transition, and Reall’s people remained central to its ability to navigate a challenging operating environment. The Board recognises the resilience, professionalism and commitment demonstrated by colleagues throughout a period marked by uncertainty, restructuring and shifting organisational priorities.

In August 2025, the Board approved a reduction in staff numbers from 21 to 9 roles following detailed scenario planning and legal advice. Trustees concluded that this restructuring was necessary to align the organisation’s cost base with projected income, to enable ongoing oversight of the investment portfolio and to shift to wind down status

A formal consultation process was undertaken in line with employment law and Reall’s internal policies. Subsequent changes to the organisation’s operating model were implemented sensitively and in full compliance with these obligations. The Board ensured that restructuring supported organisational continuity, protected essential functions and enabled sustained collaboration with partners.

To protect organisational continuity, managers facilitated structured handovers, knowledge capture and cross-training before staff departures took effect. This ensured that essential information, institutional memory and key partner relationships were retained. Remaining colleagues were supported to take on broader responsibilities as part of a more streamlined operating model, with targeted skills development where required.

Supporting Staff Wellbeing

The Board is mindful of the pressure experienced by all colleagues during this period. Support measures were put in place, including access to HR advice, regular communication from leadership, and opportunities for staff to raise concerns. Remaining staff received additional support to manage increased workloads during the transition, recognising the importance of safeguarding wellbeing and maintaining morale.

The Board monitored cultural indicators throughout the restructuring process, including staff wellbeing, transparency of communication, leadership visibility and adherence to organisational values. Trustees welcomed the fact that colleagues continued to demonstrate professionalism and

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integrity and judged that the organisation’s culture remained aligned with Reall’s mission and governance standards.

Leadership Transition

In July 2025, CEO Ian Shapiro stepped down after seven and a half years of service, having played a central role in building Reall’s reputation, strengthening partner ecosystems and guiding earlier strategic shifts.

Given the heightened financial and operational risks facing the organisation at the time, the Board concluded that appointing Dawn Cole, then Director of Finance and Investment, as Interim CEO was the most prudent and mission-aligned option. Dawn’s deep knowledge of Reall’s portfolio, debt recovery pipeline, regulatory dependencies and risk environment equipped her to provide immediate continuity at a time when leadership stability was essential for safeguarding beneficiaries, creditors and organisational integrity.

Equity, Diversity and Inclusion

While the scope for new initiatives was limited due to financial constraints, the organisation maintained its commitment to equity, diversity and inclusion throughout the period. Decisions were monitored for fairness, and inclusive recruitment principles continued to guide internal processes.

Looking Forward

Reall enters 2026 with a smaller but highly committed team. The Board extends its sincere appreciation to all colleagues for their professionalism and dedication throughout the year. The organisation’s people remain its greatest asset, and Trustees will continue to oversee workforce wellbeing, capacity and development as part of Reall’s ongoing risk management and governance processes.

LOOKING AHEAD

During 2025-26 Reall will continue with its orderly wind-down strategy. Central to successful delivery are the following commitments:

The decisions taken during 2024-25 to focus on financial stabilisation, strengthened governance, enhanced partner oversight, and a more streamlined operating model provide a necessary foundation for responsible stewardship in the period ahead. However, Trustees are clear that this will require sustained discipline, close monitoring and evidence-based decision-making as the external environment evolves.

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REALL LIMITED (a company limited by guarantee)

______________

The Board will continue to assess organisational viability through a combination of enhanced cashflow forecasting, partner recovery trajectories and updated regulatory timelines. Particular focus will remain on the progress of repayments, the stabilisation of partners undergoing restructuring, and the impact of macroeconomic factors on debt settlement. These dependencies will play a central role in determining the organisation’s strategic flexibility and liquidity position during the year.

The Board remains grateful to colleagues, partners, and stakeholders for their continued commitment and professionalism.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees, who are also the directors of the company for the purposes of company law, are responsible for preparing a Trustees’ Annual Report including Directors’ Report, Strategic Report, and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and group, and of the incoming resources and application of resources, including income and expenditure, of the charitable company and group for that period. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company, and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charitable company and group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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REALL LIMITED (a company limited by guarantee)

______________

Statement as to Disclosure to our Auditors

In so far as the Trustees are aware at the time of approving our Trustees’ Annual Report:

The Report of the Trustees prepared under the Charities Act 2011, which also contains all information required in a Directors’ Report by the Companies Act 2006, and the incorporated Strategic Report prepared under the Companies Act 2006, were approved by the Board of Trustees on 24[th] June 2026 and signed on behalf of the Trustees by:

Steve Troop

Chair of the Board 24[th] June 2026

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REALL LIMITED (a company limited by guarantee)

______________

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF REALL LIMITED

Opinion

We have audited the financial statements of Reall Limited (the “charitable company”) and its subsidiary (the “group”) for the year ended 30 September 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Statement of Cash Flows, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’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.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to a statement within the accounting policies to the financial statements which explains that the Trustees have decided to begin a wind-down process for the group, which is expected to be completed in 2026 or beyond. For this reason, the financial statements are prepared on a basis other than a going concern.

Our opinion is not modified in respect of this matter.

Other information

The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not

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REALL LIMITED (a company limited by guarantee)

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express any form of assurance conclusion thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 23, the Trustees (who are also the directors of the charitable company for the purposes of company law) are 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 Trustees determine 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 Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going

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REALL LIMITED (a company limited by guarantee)

______________

concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Taxation legislation and the Charities SORP (FRS102) 2019.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the group’s and charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the group and charitable company for fraud. The laws and regulations we considered in this context for the UK operations were Anti-fraud, bribery and corruption legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and programme related investments. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases, obtaining confirmations for balance for programme related investments and performing testing on these to assessing for impairment, reviewing correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing 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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This

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REALL LIMITED (a company limited by guarantee)

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description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tara Westcott Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 4[th] Floor St James House St James Square Cheltenham GL50 3PR

Date: 29 June 2026

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REALL LIMITED (a company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Including Consolidated Income and Expenditure Account) for the year ended 30 September 2025

______________

Notes
INCOME FROM:
Donations and legacies
2,3
Other trading activities
2
Charitable activities
2
Investments
2
TOTAL INCOME
EXPENDITURE ON:
Raising funds
4
Charitable activities
5
TOTAL EXPENDITURE
Net income/(expenditure)
for the year
Transfers between funds
Other recognised
gains/(losses)
Actuarial gains/(losses) in
respect of pension scheme
21
Exchange differences arising
on translation of overseas
subsidiary
23
Share of subsidiary losses
attributable to non-
controlling interest
NET MOVEMENT IN FUNDS
RECONCILIATION OF
FUNDS:
Balance brought forward at
1 October 2024
BALANCE CARRIED
FORWARD AT
30 SEPTEMBER 2025
22/
23		 Unrestricted
Funds
Restricted
Funds
GROUP
TOTAL
2025
2024 –
Charity
only
Total
£
£
£
£
4,409
-
4,409
6,393
46,730
5,332
52,062
3,038
-
73,404
73,404
125,955
10,464
40,058
50,522
11,748
61,603
118,794
180,397
147,134
2,865
-
2,865
2,748
29,090
7,531,486
7,560,576
3,846,650
31,955
7,531,486
7,563,441
3,849,398
29,648
(7,412,692)
(7,383,044)
(3,702,264)
-
-
-
-
29,648
(7,412,692)
(7,383,044)
(3,702,264)
-
54,339
54,339
(2,000)
-
(343,505)
(343,505)
-
-
3,389
3,389
-
29,648
(7,698,469)
(7,668,821)
(3,704,264)
754,085
16,105,218
16,859,303
20,563,567
783,733
8,406,749
9,190,482
16,859,303

The notes on pages 33 to 65 form part of these accounts.

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REALL LIMITED (a company limited by guarantee)

Company Number: 02713841

CONSOLIDATED BALANCE SHEET as at 30 September 2025

______________

Group Charity Charity
2025 2025 2024
Note £ £ £
Fixed assets:
Intangible assets 10 17,076 17,076 34,976
Tangible assets 11 248,846 224,973 276,101
Investments:
Joint Ventures & Associates 12 73,714 73,714 473,686
Programme Related Investments 13 4,628,350 7,030,268 14,455,991
Total fixed assets 4,967,986 7,346,031 15,240,754
Current Assets
Stock 14 43,523 - -
Debtors falling due within one year 15 1,718,110 78,674 981,274
Cash at bank and in hand 20 3,268,727 810,473 1,328,496
Total Current Assets 5,030,360 889,147 2,309,770
LIABILITIES:
Creditors falling due within one year 16 (309,574) (310,474) (253,354)
Net current assets 4,720,786 578,673 2,056,416
Total assets less current liabilities 9,688,772 7,924,704 17,297,170
Creditors falling due after more than
one year		 17 (82,815) (82,815) (104,970)
Net Assets excluding pension
liability		 9,605,957 7,841,889 17,192,200
Net defined benefit pension scheme
obligation		 21 (190,001) (190,001) (332,897)
TOTAL NET ASSETS 9,415,956 7,651,888 16,859,303
FUNDS:
Restricted funds 8,406,749 6,868,155 16,105,218
Unrestricted funds 783733 783,733 754,085
REALL GROUP FUNDS 22/23 9,190,482 7,651,888 16,859,303
SEWA Nirman Non-Controlling
Interest 225,474 - -
TOTAL 9,415,956 7,651,888 16,859,303

Page 30

Company Number: 02713841

REALL LIMITED (a company limited by guarantee)

The accounting policies and notes on pages 33 to 65 form part of these accounts.

The financial statements were approved by the Board of Trustees and authorised for issue on 24[th] June 2026 and are signed on its behalf by:

Steve Troop, Chair Sarah Smith, Chair of Audit Committee

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REALL LIMITED (a company limited by guarantee)

____________ CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 30 September 2025

_________
Note
Cash flows from operating activities:
Net cash generated by operating activities
19
Cash flow from Housing Investment:
Loans to Partners
Loans repaid by partners
Cash flows from other investing activities:
Bank interest received
Purchase of tangible fixed assets
Cash introduced on consolidation of Sewa Nirman
(Pvt)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
year
Change in cash and cash equivalents due to
exchange rate movements
Total cash and cash equivalents at the end of the
reporting period
20		 __
Group 2025
£
(2,739,108)
-
2,107,528
2,107,528
50,522
(1,100)
2,532,813
2,582,235
1,950,655
1,328,496
(10,424)
3,268,727		 ___
Charity
2024
£
(1,707,652)
-
1,613,564
1,613,564
11,748
-
11,748
(82,340)
1,583,792
(172,956)
1,328,496

The accounting policies and notes on pages 33 to 65 form part of these accounts.

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REALL LIMITED (a company limited by guarantee)

ACCOUNTING POLICIES

______________

The principal accounting policies adopted in the preparation of the financial statements are as follows:

General information

The charity is a company limited by guarantee and therefore has no share capital. It is a registered charity at the Charity Commission in England & Wales (registered number 1017255). The liability of each member in the event of a winding up is limited to £1. The address of the Charity’s registered office and principal place of business is 6th Floor, Friars House, Manor House Drive, Coventry, UK, CV1 2TE.

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Consolidated financial statements have been produced for the year ended 30 September 2025 for the first time and includes the results of Reall and its partially owned subsidiary Sewa Nirman (Pvt), a company registered in Nepal (95% owned). Non-controlling interests represent 5% external ownership of Sewa Nirman (Pvt) and this is recorded in group funds on the balance sheet. The results of Sewa Nirman (Pvt) have been consolidated from 15 April 2025 which is the point at which Reall had effective control of the operations and activity. The results have been consolidated on a line-by-line basis. Income and expenditure has been converted into the reporting currency at the year-end exchange rate. Activity between the group entities has been eliminated within the consolidation, along with intercompany balances at the year end. Green City Homes International Limited is a wholly owned dormant subsidiary of Reall. It has not traded in the year or the prior year. As a result, it has been excluded from the consolidation.

Where Group comparatives are presented, these relate solely to Reall.

The financial statements are prepared in sterling, which is the functional currency of the charity and group. Monetary amounts in these financial statements are rounded to the nearest £.

Reall meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

In October 2025 the Trustees took the decision to wind up the charity in an orderly fashion. It is expected that this will be achieved over the period 2025-27 and the accounts have therefore been prepared other than on a going concern basis. The results presented in these financial statements do not differ from the values that would have been presented had the going concern basis been adopted.

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REALL LIMITED (a company limited by guarantee)

Income

Income is recognised when the charity has entitlement to the funds, any conditions of receipt have been met, it is probable that the income will be received, and the amount can be measured reliably.

Expenditure

Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. The charity cannot recover most of the VAT incurred and consequently the relevant costs are inclusive of VAT where applicable. Expenditure is classified under the following activity headings:

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REALL LIMITED (a company limited by guarantee)

time spent in that area.

Fund accounting

General Unrestricted Funds are available for use at the Trustees’ discretion in furtherance of the charity’s objectives. Restricted Funds are those donated and restricted for use in a particular area or for specific purposes.

Operating leases

All leases are “operating leases” and the annual rentals are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The holiday pay year for the charity ends on 31 December each year and employees are entitled to carry forward up to 10 days of any unused entitlement at the end of the calendar year. The cost of any unused entitlement is recognised in the period when employees’ services are received.

Foreign currencies

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.

The consolidated financial statements include the results of the charity and its 95% owned subsidiary undertaking SEWA Nirman (Pvt). The subsidiary’s functional currency is Nepalese Rupees (NPR). The trading results, assets and liabilities of SEWA Nirman (Pvt), are translated at the exchange rate ruling at the year-end. Exchange differences arising on consolidation are allocated to non-controlling interest as appropriate and are recognised in Other recognised gains and losses and accumulated in a Foreign Currency Translation Reserve.

Taxation

Tax recovered from voluntary income received under gift aid is recognised when the related income is receivable and is allocated to the income category to which the income relates.

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REALL LIMITED (a company limited by guarantee)

Tangible & Intangible fixed assets

Tangible fixed assets are capitalised at cost and are depreciated over their useful economic lives as follows:

Computer equipment - over 2 years (straight-line) Furniture and fixtures - over 4 to 10 years (straight-line) Intangible assets - over 3 years (straight-line)

Joint ventures and associates

Joint ventures and associates comprise equity shareholdings in international partner organisations in furtherance of our aims. These shareholdings are generally made in sterling and disclosed at cost although the underlying shares are denominated in the relevant local currency.

Investments in these entities are reviewed on an annual basis to ensure that their carrying value reflects the underlying assets and liabilities of each entity. Provisions for impairment are made where necessary and are taken to the Statement of Financial Activities. It is the opinion of the Trustees that cost less provision for impairment represents the best estimate of the carrying value of the investments as at the Balance Sheet date.

Programme Related Investments

Programme Related Investments comprise loans issued to, and equity stakes in, international partner organisations for projects in furtherance of our aims. The majority of these loans or equity stakes are disbursed in the usual functional currency for the relevant partner.

Payments of the principal and any repayments of either principal or interest are initially disclosed in the Balance Sheet at cost using the exchange rate ruling at the date of the transaction. Exchange rate differences arising at the time of any repayment are taken to Charitable Activities in the Statement of Financial Activities. Outstanding balances at the year-end are re-translated at the prevailing exchange rate at the Balance Sheet date, with any further exchange rate gains or losses also taken to the Statement of Financial Activities.

Due to the breadth of our loan portfolio across numerous countries there is the potential for material exchange rate fluctuations which could impact the total valuation of Programme Related Investments both positively and negatively. We monitor this on a cyclical basis throughout the year.

Each year, the Trustees consider the recoverable amount of each outstanding loan and make provisions for impairment based on a formal assessment carried out by management. Provisions for impairment are taken to the Statement of Financial Activities.

It is the opinion of the Trustees that cost less provision for impairment represents the best estimate of the carrying value of the loans as at the Balance Sheet date.

Debtors

Other debtors and prepayments are recognised at the settlement amount.

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REALL LIMITED (a company limited by guarantee)

Cash and cash equivalents

Cash and cash equivalents include cash and short-term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Pension costs

The charity participates in the Social Housing Pension Scheme (SHPS) which is a multi-employer scheme which provides benefits to some 500 non-associated employers in the UK. The charity participates in two separate active defined contribution schemes and one closed defined benefit scheme within SHPS as follows:

Defined Contribution Scheme

This scheme acts as the auto-enrolment scheme and all employees are automatically enrolled in the scheme when they join unless they opt to join the Higher Rate Defined Contribution Scheme. Contributions are charged to the Statement of Financial Activities in the year they are payable.

Higher Rate Defined Contribution Scheme

This scheme replaced the Defined Benefit Scheme that Reall had been a member of for many years and is open to any employees who wish to join it instead of the auto-enrolment scheme. Contributions are charged to the Statement of Financial Activities in the year they are payable.

Defined Benefit Scheme

This scheme was open to any employees who wished to join it until 1 October 2018 when the scheme was closed to new accrual. The closure took place following the outcomes from the autumn 2017 employer risk assessment, which indicated that Reall did not have a strong enough covenant to maintain an active Defined Benefit scheme under the scheme provider’s rules.

The deficit on the scheme is reported as a Defined Benefit Pension Scheme obligation on the Balance Sheet. The net defined benefit asset/obligation represents the present value of the defined benefit obligation minus the fair value of scheme assets out of which obligations are to be settled.

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REALL LIMITED (a company limited by guarantee)

The rate used to discount the benefit obligations to their present value is based on market yields for high quality corporate bonds with terms consistent with those of the benefit obligations. The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. Net interest on the net defined benefit liability comprises the interest cost on the defined benefit obligations and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. These amounts are recognised within net income/expenses. Actuarial gains and losses and the difference between the interest income on scheme assets and the actual return on scheme assets are recognised in other recognised gains and losses.

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 Trustees have identified that the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are as follows:

Provisions for impairment as set out in note 13 are made based on a formal review carried out by management which focuses on a range of factors including compliance with loan repayment terms, delays in project implementation and the organisational and financial stability of the partner as well as external factors such as policy change or political interference. This is also informed by regular reviews of the expected outcomes of the project against the initial business case. Partners tend to be relatively new organisations, with their operations reliant on a small number of key individuals. In general, the Trustees consider that Programme Related Investments have limited realisable value if they are not repaid in accordance with the terms on which the investment was made.

The Charity has several equity stakes in partners as set out in note 12 – Joint Ventures and Associates. The charity considers the substance of each of these investments where the shareholding would generally require that the results and net assets of the partners to be consolidated into the accounts of the UK charity. Note 12 sets out the rationale for the nonconsolidation of each of the relevant partner entities, which the Trustees regularly review to confirm the position. As a result, Reall has not consolidated certain partner entities accounts.

The Charity took an equity stake in its partner in Nepal because the legislation in that country did not allow the partner to receive loans from the charity. Whilst prior to 2024-5 loans advanced by Reall to this partner were therefore recognised as equity in the accounts of our Nepalese partner, the Trustees considered that the substance of this transaction remained

Page 38

REALL LIMITED

(a company limited by guarantee)

that of a loan, rather than an equity, investment and the equity stake was therefore assessed and subjected to impairment using the same accounting policies as other Programme Related Investments. As of 15[th] April 2025 Reall took an active role in the management of Sewa Nirman and the activities of this investment have therefore been consolidated into the group accounts as of this date.

The charity, in conjunction with the scheme actuary, assesses the assets and liabilities of the scheme, and hence the net liability at each year-end using a number of key assumptions including mortality rates, discount rates, inflation and salary growth in order to establish the fair value of the assets and liabilities at the Balance Sheet date. Further information in relation to the assumptions used to evaluate the deficit as of 30 September 2025 is set out in note 21 to these accounts.

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REALL LIMITED (a company limited by guarantee)

____________

NOTES TO THE FINANCIAL STATEMENTS

______________

1 FINANCIAL PERFORMANCE OF THE CHARITY

Income
General Donations
Other trading activities
Charitable activities
Investments
Total Income
EXPENDITURE ON:
Raising funds
Charitable activities
Net (expenditure)/income for
the year
Other recognised gains/(losses)
Actuarial gain/ (loss) in respect of
pension scheme
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Balance brought forward at 1
October
Balance at 30 Sept 2025		 Unrestricte
d Funds
Restricted
Funds
2025
Total
2024
Total
£
£
£
£
4,409
-
4,409
6,393
46,730
-
46,730
3,038
-
73,404
73,404
125,955
10,464
-
10,464
11,748
61,603
73,404
135,007
147,134
2,865
-
2,865
2,748
29,090
9,364,806
9,393,896
3,845,717
31,955
9,364,806
9,396,761
3,849,398
29,648
(9,291,402)
(9,261,754)
(3,702,264)
-
54,339
54,339
(2,000)
29,648
(9,237,063)
(9,207,415)
(3,704,264)
754,085
16,105,218
16,859,303
20,563,567
-
783,733
6,868,155
7,651,888
16,859,303

Page 40

REALL LIMITED (a company limited by guarantee)

2 INCOME

Income from donations &
legacies
Other trading activities:
Global Advisory Services
Other
Charitable activities:
Trusts & Foundations
Interest on Loans
Investment Income: Interest
on deposit accounts
Total Income		 Unrestricted
Funds
Restricted
Funds
2025 Group
Total
2024 Charity
Total
£
£
£
£
4,409
-
4,409
6,393
46,730
-
46,730
2,969
-
5,332
5,332
69
-
73,404
73,404
92,644
-
-
-
33,311
10,464
40,058
50,522
11,748
61,603
118,794
180,397
147,134

Investment income consists of interest received and accrued on deposits with UK and overseas banks.

3 TRUSTS, FOUNDATIONS, AND OTHER GRANTS RECEIVABLE

SIFI
Happold Foundation		 Unrestricted
Funds
Restricted
Funds
2025 Group
Total
£
£
£
-
73,404
73,404
-
-
-
-
73,404
73,404		 2024 Charity
Total
£
62,644
30,000
92,644

4 EXPENDITURE ON RAISING FUNDS

Support costs
Total cost of raising
funds		 Unrestricted
Funds
£
2,865
2,865		 Restricted
Funds
£
-
-		 2025 Group
Total
£
2,865
2,865		 2024 Charity
Total
£
2,748
2,748

Page 41

REALL LIMITED (a company limited by guarantee)

5 CHARITABLE EXPENDITURE

Investment Programme
Capital and Capacity Grants
(note 7A)
Loans and equity converted to
grant (note 7B)
Reversal of Accrued Interest
income
Impairment provision
movement on remedial
projects
Exchange losses/ (gains)
Support costs (Employees &
Overheads note 8)
Direct Operational Costs
Other
Support costs (note 8)
Total		 Unrestricted
Funds
£
-
-
-
-
-
-
-
-
-
31,955
31,955
31,955		 Restricted
Funds
£
2,549
833,385
1,240,653
2,175,815
(450,080)
3,802,322
2,284,995
1,444,169		 2025
Group
Total
£
2,549
833,385
1,240,653
2,175,815
(450,080)
3,802,322
2,284,955
1,444,169
3,729,164
31,955
31,955
7,563,441		 2024
Charity
Total
£
16,485
355,993
-
(206,761)
1,342,571
1,508,288
2,083,026
227,436
3,729,164 2,310,462
-
-
7,531,486		 27,901
27,901
3,846,650

6. SUBSIDIARY UNDERTAKINGS

Reall owns the whole of the issued ordinary share capital of Green City Homes International Limited, a company registered in England and Wales (company number 14729932). The subsidiary was dormant throughout the current year and also the prior year and therefore its results have not been incorporated into these financial statements.

Its net assets amounted to £1, represented by the Share Capital.

Its registered office is 6[th] Floor, Friars House, Manor House Drive, Coventry, United Kingdom, CV1 2TE

Reall also owns 95% of the share capital of Sewa Nirman (Pvt) Limited as well as having control of its activities and resources. This control was effective from 15[th] April 2025 and therefore has been consolidated from this point in time. All activities have been consolidated on a line by line basis in the Statement of Financial Activities and converted into the functional currency at the year end rate. Sewa Nirman (Pvt) is a registered company incorporated in Nepal and its activities relate to the development of affordable housing.

Page 42

REALL LIMITED (a company limited by guarantee)

At the point that control arose, balance sheet of Sewa Nirman (Pvt) was as follows:

Tangible Fixed Assets
Stock
Debtors
Cash at Bank and in Hand
Liabilities
Net assets
Represented by:
Reall’s share of net assets
Non-Controlling interest
Total		 £
48,071
47,450
1,728,309
2,738,312
14,417
4,577,279
4,348,415
228,864
4,577,279

The results of Sewa Nirman (Pvt) at the year end is summarised as follows:

15 April 2025 to 30
September 2025
£
Income
Other trading activities 5,332
Investments 40,057
45,389
EXPENDITURE ON:
Other trading activities 113,177
113,177
NET MOVEMENT IN FUNDS (67,788)
The aggregate of the assets, liabilities and reserves at 30 September 2025 was:
£
Assets 4,165,088
Liabilities (899)
Reserves 4,164,189

There is a non-controlling interest of 5% in respect of Sewa Nirman (Pvt) and this equates to £225,474 at 30 September 2025.

Page 43

REALL LIMITED (a company limited by guarantee)

____________ 7 INVESTMENT PROGRAMME GRANTS

7
INVESTMENT PROGRAMME GRANTS
7A. COMMUNITIES PROGRAMME GRANTS PAID
Janaadhar (India)
Modulus Tech (Private) Limited (Pakistan)
Syntellect (India)
Total grants paid in year


7B: Loans and equity converted to grants:
Millard Fuller Foundation (Nigeria)
Janaadhar Sanand (India)
Total capacity loans converted to grants in year		 2025
Group
£
-
2,549
-
2,549
2025
£
41,244
792,141
833,385		 2024
Charity
£
11,485
-
5,000
16,485
2024
£
355,993
-
355,993

Capital funds are generally given to partners as loans rather than grants and these amounts appear as Programme Related Investments on the balance sheet (note 13). Grants which relate principally to capital projects totalled £2.5k (to 1 partner) to provide solar power connectivity for a 4-unit housing project in Jacobabad, Pakistan.

8. SUPPORT COSTS

Charitable expenditure
(note 5)
Programme support costs
Other unrestricted
Raising funds (note 4)
Support costs
Total support costs		 Personnel
Costs
£
1,651,392
20,597
2,029
1,674,018		 Office Costs &
Depreciation
£
633,603
8,493
836
642,932		 2025
Group Total
£
2,284,955
29,090
2,865
2,316,910		 2024
Charity
Total
£
2,083,026
27,901
2,748
2,113,675

Personnel costs include the following:

Salaries and wages
Employer’s social security
Pension costs (note 21)
Consultants		 2025
Group
£
1,429,167
165,989
76,332
1,671,488
2,530
1,674,018		 2024
Charity
£
1,166,894
137,744
72,105
1,376,743
77,467
1,454,210

Key Management Personnel are those having authority and responsibility, delegated to them by the Trustees, for planning, directing, and controlling the activities of the charity. Remuneration for key management personnel, including employer’s national insurance contributions and contributions to the pension scheme, amounted to £694,468 for 2025 (year to 30 September 2024: £512,550).

Page 44

REALL LIMITED (a company limited by guarantee)

Band (excluding pension contributions and NI) Group Charity
Total Total
Number Number
2025 2024
£160,000-£169,999 - 1
£120,000-£129,999 1 -
£110,000-£119,999 1 -
£100,000-£109,999 - -
£90,000-£99,999 2 3
£80,000-£89,999 1 1
£70,000-£79,999 1 -
£60,000-£69,999 1 1

During the year termination payments totalling £39,059 were paid (2024: £30,000).

The average number of employees during the year was 26 (year to 30 September 2024: 24).

All directors give of their time freely and no director (or person connected to any director) received remuneration in the year. Expenses have been paid to 1 director totalling £77.20, (year to 30 September 2024: £2,835) during the year. This was to cover their travelling expenses incurred in attending meetings of the charity. Directors' Liability Insurance has been paid on behalf of the directors amounting to £2,323 (year to 30 September 2024: £2,323).

9 EXPENDITURE
Group Charity
Total Total
2025 2024
£ £
Net expenditure includes charges for:
Defined Benefit Scheme – net interest expense 15,000 21,000
Auditor’s remuneration – audit services 38,065 47,340
Depreciation 76,337 90,745
Rent on office accommodation 136,416 121,232
Operating leases – plant and machinery 909 2,167

Page 45

REALL LIMITED (a company limited by guarantee)

10. INTANGIBLE ASSETS (Charity & Group)

Cost
As at 1 October 2024
Additions
Disposals
As at 30 September 2025
Depreciation
As at 1 October 2024
Charge for the year
Disposals
As at 30 September 2025
Net Book Value
As at 30 September 2024
As at 30 September 2025		 Group
Software
Total
£
186,565
-
(12,336)
174,229
151,589
17,900
(12,336)
157,153
34,976
17,076

Page 46

REALL LIMITED (a company limited by guarantee)

11A TANGIBLE FIXED ASSETS (Group)

Building,
Plant and
Machinery		 Computer
equipment		 Furniture,
Fixtures &
general
equipment		 Group
Total
£ £ £
Cost
As at 1 October 2024 - 100,020 493,113 593,133
Acquisition of 60,148 2,258 1,241 63,646
subsidiary
Additions - 1,100 - 1,100
Disposals (14,964) (18,099) (4,966) (38,029)
As at 30 September 45,184 85,279 489,388 619,851
2025
Depreciation
As at 1 October 2024 - 98,718 218,314 317,032
Acquisition of 17,101 1,157 342 18,600
subsidiary
Charge for the year 5,521 2,262 50,654 58,437
Disposals - (18,099) (4,966) (23,064)
As at 30 September 22,622 84,038 264,345 371,004
2025
Net Book Value
As at 30 September - 1,302 274,799 276,101
2024
As at 30 September 22,562 1,241 225,043 248,846
2025

These assets are used for administration and for the direct charitable purposes of the group. Individual assets are not allocated to specific purposes.

Page 47

REALL LIMITED (a company limited by guarantee)

11B TANGIBLE FIXED ASSETS (Charity)

Cost
As at 1 October 2024
Additions
Disposals
As at 30 September
2025
Depreciation
As at 1 October 2024
Charge for the year
Disposals
As at 30 September
2025
Net Book Value
As at 30 September
2024
As at 30 September
2025		 Building,
Plant and
Machinery
£
-
-
-
-
-
-
-
-
-
-		 Computer
equipment
Furniture,
Fixtures &
general
equipment
£
100,020
493,113
1,100
-
(18,099)
(4,966)
83,021
488,147
98,718
218,314
1,735
50,493
(18,099)
(4,966)
82,354
263,841
1,302
274,799
667
224,306		 Total
£
593,133
1,100
(23,065)
571,168
317,032
52,228
(23,065)
346,195
276,101
224,973

Page 48

REALL LIMITED (a company limited by guarantee)

12. JOINT VENTURES AND ASSOCIATES (Charity and Group)

Class of
holding
Sheltersol
Holdings
(incorporated in
Zimbabwe)
Limited
Ansaar
Management
Company (Private)
Limited
(incorporated in
Pakistan)
Limited
Syntellect India
PVT Ltd
(incorporated in
India)
Limited		 Cost of
investment
Proportion
held
Aggregate
capital and
reserves
Results for
the period
Nature of
business
£
£
£
-
49%
(3,815,244)
(92,850)
Investment

178,830
25%
1,068,592
29,691
Investment
368,570
14%
(62,455)
(74,762)
Investment
547,400

Where Reall has made loans or grants to these companies, these are recorded in Charitable Expenditure within the Statement of Financial Activities (grants) or in Programme Related Investments (note 13) (loans).

The figures for aggregate capital and reserves and results for the period set out in the table in this note have been extracted from the most recent unaudited management information available at the date of signing these Financial Statements – this is as at 30 September 2025.

Page 49

REALL LIMITED (a company limited by guarantee)

12. JOINT VENTURES AND ASSOCIATES (Charity & Group continued)

The movement in the carrying value of joint ventures and associates over the year is as follows:

Balance at 1 October
Additions in the year
Disposals in the year
At 30 September
Impairment at 1 October
Impairment provisions in the year
At 30 September
Net Book Value at 30 September		 2025
£
547,400
-
-
547,400
73,714
399,972
473,686
73,714		 2024
£
547,400
-
-
547,400
-
73,714
73,714
473,686

The registered addresses of these joint ventures and associates are as follows:

Sheltersol Holdings 50 Bradfield Road, Hillside, Harare, Zimbabwe Ansaar Management 31/10-A, Abu Bakr Block, New Garden Town, Lahore, Pakistan Company Syntellect India PVT C - 802 Golden Square, CST Road, Sundar Nagar Extension Kalina, Santa Cruz East, Mumbai, 400098, India

Page 50

REALL LIMITED (a company limited by guarantee)

13 PROGRAMME RELATED INVESTMENTS

Loans
Accrued interest on loans
LOANS - GROUP
Gross investments – loans:
As at 1 October 2024
Loans converted to grant
Loans written off
Loan repayments made
Exchange rate losses on translation
As at 30 September 2025
Impairment provisions:
As at 1 October 2024
Impairment movement in the year
Exchange rate (losses)/gains on revaluation
As at 30 September 2025
Net investments as at 30 September 2025		 Charity
2025
Group
2025
£
£
7,001,991
4,600,073
28,277
28,277
7,030,268
4,628,350
Loan Fund
Total
£
£
24,914,256
24,914,256
(833,385)
(833,385)
-
-
(2,107,528)
(2,107,528)
(85,145)
(85,145)
21,888,198
21,888,198
13,029,697
13,029,697
4,059,614
4,059,614
198,814
198,814
17,288,125
17,288,125
4,600,073
4,600,073		 Charity
2025
Group
2025		 Charity
2024
£
13,264,558
1,191,433
£
£
14,455,991

Page 51

REALL LIMITED (a company limited by guarantee)

13 PROGRAMME RELATED INVESTMENTS (continued)

LOANS - CHARITY
Gross investments – loans:
As at 1 October 2024
Loans converted to grant
Loans written off
Loan repayments made
Exchange rate losses on translation
As at 30 September 2025
Impairment provisions:
As at 1 October 2024
Impairment movement in the year
Exchange rate (losses)/gains on
revaluation
As at 30 September 2025
Net investments as at 30 September
2025
Net investments as at 30 September
2024		 Loan Fund
£
24,914,256
(833,385)
-
(2,107,528)
(85,145)
21,888,198
13,029,697
4,059,614
198,814
17,288,125
4,600,073
11,884,559		 Equity
Investments
£
4,484,439
-
-
-
(230,721)
4,253,718
3,104,440
(1,092,918)
(159,722)
1,851,800
2,401,918
1,379,999		 Total
£
29,398,695
(833,385)
-
(2,107,528)
(315,866)
26,141,916
16,134,137
2,966,696
39,092
19,139,925
7,001,991
13,264,558

All loans are concessionary loans, with a typical term of 5-7 years. Loans advanced since the end of 2014 have generally been interest bearing at varying rates (generally between 5% and 7%). As at 30 September 2025, 55% (30 September 2024: 63%) of the current loan portfolio is interestbearing.

Reall’s loans are largely denominated in local currency and all exchange gains and losses are absorbed into/by the funding portfolio. We operate in a number of countries with volatile currencies and as such the valuation of our loan portfolio can vary significantly over relatively short time periods.

These recoverable amounts are subject to loan impairment (shown above).

GROUP
Analysis of gross loans by debt maturity:
Amounts payable:
In one year or less or on demand
In more than one year but not more than two years
In more than two years but not more than five years
In five years or more		 2025
£
17,856,256
863,092
3,130,764
38,086
21,888,198

Page 52

REALL LIMITED (a company limited by guarantee)

13. PROGRAMME RELATED INVESTMENTS (continued)

CHARITY
Analysis of gross loans by debt maturity:
Amounts payable:
In one year or less or on demand
In more than one year but not more than two years
In more than two years but not more than five years
In five years or more		 2025
£
17,856,256
863,092
3,130,764
4,291,804
26,141,916		 2024
£
21,268,722
865,773
2,550,069
4,714,131
29,398,695
GROUP AND CHARITY
ACCRUED INTEREST ON LOANS
Gross accrued loan interest:
As at 1 October
nterest repaid in cash in the year
nterest on loans converted to grant in year
New accrued interest in year
As at 30 September 2025
Loan Interest Impairment provisions:
As at 1 October
New provisions during the year
Release of impairment provisions on loans converted to grant
Withholding tax movement in year
As at 30 September 2025
Net accrued interest as at 30 September 2025
Net accrued interest as at 30 September 2024		 Loan Funds
£
3,105,457
(4,904)
(1,008,617)
-
2,091,936
1,914,024
232,036
-
(82,400)
2,063,659
28,277
1,191,433

Page 53

REALL LIMITED (a company limited by guarantee)

14
STOCKS
Construction materials
Total		 Group
2025
£
43,523
43,523		 Charity
2025
£
-
-		 Charity
2024
£
-
-

Stock primarily consists of construction materials procured for project-related activities and is held for utilisation in upcoming project operations.

15
DEBTORS
Debtors due within
one year:
Prepayments and
accrued income
Deferred Tax Asset
Other
Total		 Group
2025
£
1,685,552
32,558
-
1,718,110		 Charity
2025
Charity
2024
£
£
78,674
127,415
-
-
-
853,859
78,674
981,274

16 CREDITORS – amounts falling due within one year

Trade Creditors
Taxation and pension
costs outstanding
Accruals
Deferred rent (note 18)
Holiday pay accrual		 Group
2025
Charity
2025
Charity
2024
£
£
£
109,820
114,793
57,381
35,273
34,284
54,287
103,339
103,339
66,735
25,605
25,605
26,777
35,537
32,453
48,174
309,574
310,474
253,354

Page 54

REALL LIMITED (a company limited by guarantee)

17 CREDITORS – amounts falling due after more than one year (Charity & Group)

Deferred rent (note 18) 2025
£
82,815
82,815		 2024
£
104,970
104,970

18. Movement on Deferred Rent during the year was as follows:

Charity & Group
Balance as at 1 October
Accrued rent utilised during the
year
At 30 September
Analysis of debt maturity:
In one year or less or on demand
In more than one year but not
more than two years
In more than two years but not
more than five years
In five years or more		 2025
£
131,747
(23,327)
108,420
25,605
25,605
57,210
-
108,420		 2024
£
155,827
(24,080)
131,747
26,266
26,266
71,300
7,915
131,747

Reall entered into a premises lease which began on 14 February 2020 for a period of ten years. The lease allowed for a reduced rent period of 20 months, the benefit of which is being spread over the life of the lease. The analysis of this is shown above.

Page 55

REALL LIMITED (a company limited by guarantee)

19 CASH FROM OPERATING ACTIVITIES

Net expenditure for the year (as per the Statement of
Financial Activities)
Adjustments for:
Amortisation of intangible assets
Depreciation
Loss on disposal of fixed assets
Movement in pension provision
Decrease in stock
Decrease in debtors
Increase/ (decrease) in creditors
Bank Interest receivable
Unrealised exchange rate losses on loans
Exchange rate losses / (gains) on cash and cash
equivalents due to exchange rate movements
Loans converted to grant or written off
Impairment movement
Movement on accrued interest on loans
Elimination of equity investment on consolidation
Equity Investment
Net cash generated by operating activities		 Group
2025
£
(7,328,705)
17,900
58,437
14,964
(142,890)
449
861,771
47,401
(50,522)
283,959
10,424
833,385
4,459,586
1,163,156
1,379,999
(4,348,422)
(2,739,108)		 Charity
2024
£
(3,704,264)
33,251
57,494
-
(88,103)
-
556,770
(203,403)
(11,748)
1,317,781
172,956
355,992
(206,761)
12,383
-
-
(1,707,652)

20 ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand and at bank Group
2025
£
3,268,727
3,268,727		 Charity
2025
Charity
2024
£
£
810,473
1,328,496
810,473
1,328,496

Page 56

REALL LIMITED (a company limited by guarantee)

21 PENSION COMMITMENTS (Charity & Group)

Defined benefit liability 2025
£
190,001		 2024
£
332,897

Reall participates in three schemes under the Social Housing Pension Scheme (“SHPS”) that are managed by The Pensions Trust. Two schemes are Defined Contribution Schemes, one being a designated auto-enrolment scheme and the other a Higher Rate Defined Contribution Scheme.

Defined Contribution Scheme

This scheme was set up to enable Reall to meet its obligations with regard to auto-enrolment. The assets of this scheme are held separately from those of Reall and are administered separately from the assets of the Reall Defined Benefit Scheme. The pension charge represents contributions payable by Reall to the fund during the year and amounted to £13,109 (year to 30 September 2024: £17,790). Contributions totalling £nil (in relation to the September 2025 payroll deductions) were due to the fund as at 30 September 2025 (30 September 2024: £nil).

Higher Rate Defined Contribution Scheme

This scheme was set up to replace the closed Defined Benefit Scheme that the charity had been a member of for many years and is open to any employees who wish to join it instead of the autoenrolment scheme. The assets of this scheme are held separately from those of Reall and are administered separately from the assets of the Reall Defined Benefit Scheme. The pension charge represents contributions payable by Reall to the fund during the year and amounted to £43,370 (year to 30 September 2024: £29,361). Contributions totalling £nil (in relation to the September 2025 payroll deductions) were due to the fund as at 30 September 2025 (30 September 2024: £nil).

Defined Benefit Scheme

Reall also participates in the Social Housing Pension Scheme (SHPS), a multi-employer scheme which provides benefits to some 500 non-associated employers. The Scheme is a defined benefit scheme in the UK.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004, which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The last completed triennial valuation of the scheme for funding purposes was carried out as at 30 September 2023. This valuation revealed a deficit of £700m. A recovery plan has been put in place with the aim of removing this deficit by 31 March 2028.

The scheme is classified as a “last man standing arrangement”. Therefore, Reall is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

Page 57

REALL LIMITED (a company limited by guarantee)

21 PENSION COMMITMENTS (Charity & Group - continued)

For accounting purposes, a valuation of the scheme is carried out with an effective date of 30 September each year, with the latest accounting valuation being with an effective date of 30 September 2025.

The liabilities are compared, at the relevant accounting date, with the company’s fair share of the Scheme’s total assets to calculate the company’s net deficit or surplus.

Contingent Liability Disclosure

We have been notified by the Trustee of the Scheme that it has performed a review of the changes made to the Scheme’s benefits over the years, and the result is that there is uncertainty surrounding some of these changes. The Trustee has been advised to seek clarification from the Court on these items. This process is ongoing, and the matter is unlikely to be resolved before the spring of 2026 at the earliest. It is recognised that this could potentially impact the value of Scheme liabilities, but until Court directions are received, it is not possible to calculate the impact of this issue, particularly on an individual employer basis, with any accuracy at this time. No adjustment has been made in these financial statements in respect of this potential issue.

Fair value of plan assets, present value of defined benefit obligation and defined benefit (liability)

2025 2024
£’000 £’000
Fair value of scheme assets 1,800 1,830
Present value of defined benefit obligation 1,990 2,172
Deficit in scheme (190) (342)

Reconciliation of opening and closing balances of the defined benefit obligation

Defined benefit obligation 2025 2024
£’000 £’000
At start ofyear 2,172 1,979
Current service cost - -
Expenses 7 5
Interest expense 111 110
Member contributions - -
Actuarial losses(gains)due to scheme experience 103 (2)
Actuarial losses(gains)due to changes in demographic assumptions - (21)
Actuarial losses(gains)due to changes in financial assumptions (365) 137
Benefitspaid and expenses (38) (36)
Defined benefit obligation at end ofyear 1,990 2,172

Page 58

REALL LIMITED (a company limited by guarantee)

21 PENSION COMMITMENTS (Charity & Group - continued)

Reconciliation of opening and closing balances of the fair value of scheme assets

Scheme assets 2025 2024
£’000 £’000
At start ofyear 1,830 1,558
Interest income 96 89
Experience on plan assets (excluding amounts included in interest
income –gain(loss)		 (208) 112
Employer contributions 120 107
Member contributions - -
Benefitspaid and expenses (38) (36)
Fair value ofplan assets at end ofyear 1,800 1,830

Defined benefit costs recognised in Statement of Financial Activities

Defined benefit costs recognised in Statement of Financial Activities
2025 2024
£’000 £’000
Expenses 7 5
Net interest expense 15 21
Defined benefit costs recognised in SOFA 22 26

Defined benefit costs recognised in Other Recognised Gains & Losses

2025 2024
£’000 £’000
Experience on plan assets (excluding amounts included in net interest
cost)–gain(loss)		 (208) 112
Experience gains and losses arising on plan liabilities – gain (loss) (103) 2
Effect of changes in demographic assumptions underlying the present
value of the defined benefit obligation –gain(loss)		 - 21
Effect of changes in financial assumptions underlying the present value of
the defined benefit obligation –gain(loss)		 365 (137)
Total actuarial gains and losses 54 (2)
Effect of changes in the amount of surplus that is not recoverable
(excludingamounts included in net interest cost)		 -
Total amount recognised in Other Recognised Gains & Losses 54 (2)

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REALL LIMITED (a company limited by guarantee)

____________

21 PENSION COMMITMENTS (Charity & Group - continued)

Defined benefit costs recognised in Other Recognised Gains & Losses Assets

30
September
2025
£’000		 30
September
2024
£’000
Global Equity 218 222
Absolute Return -
Distressed Opportunities - -
Credit Relative Value - -
Alternative Risk Premia - -
Liquid Alternative 315 294
EmergingMarkets Debt - 74
Insurance-Linked Securities 5 6
Property 90 70
Infrastructure - -
Private Equity 3 1
Reall Assets 213 190
Private Credit 235 227
Credit 72 -
Investment Grade Debt 60 -
High Yield - -
Cash 16 30
Corporate Bond Fund - 34
Liquid Credit - 10
LongLease Property - -
Secured Income 32 46
LiabilityDriven Investment 539 619
Currencyhedging - 4
Net Current Assets 2 3
Total Assets 1,800 1,830

None of the fair values of the assets shown above include any direct investments in the employer’s own financial instruments or any property occupied by, or other assets used by, the employer.

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REALL LIMITED (a company limited by guarantee)

21 PENSION COMMITMENTS (Charity & Group - continued)

Key Assumptions

2025 2024
% per
annum		 % per
annum
Discount rate 6.09 5.13
Inflation(RPI) 2.93 3.02
Inflation(CPI) 2.73 2.77
Salary growth 3.73 3.77
Allowance for commutation of pension for cash at retirement 75% of
maximum
allowance		 75% of
maximum
allowance

The mortality assumptions adopted at 30 September 2025 imply the following life expectancies

Life expectancy at age 65
Years
Male retiringin 2022 20.5
Female retiringin 2022 23.0
Male retiringin 2042 21.7
Female retiringin 2042 24.5
22
UNRESTRICTED FUNDS (Charity and Group)
General Unrestricted Funds:
Balance as at 1 October 2024
Other recognised gains / (losses)
Income
Expenditure
Transfers between funds
Balance as at 30 September 2025		 2025
2024
£
£
754,085
763,555
-
61,603
21,179
(31,955)
(30,649)
-
-
783,733
754,085

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REALL LIMITED (a company limited by guarantee)

23 RESTRICTED FUNDS (Charity & Group)

Restricted Funds are those donated & restricted for use in a particular area or for specific purposes:

Charity
Programme Funds
Happold
SIFI
Total Charity
Group
Programme Funds
Happold
SIFI
Foreign Currency
Translation Reserve
Non-Controlling
Interest
Total Group		 As at 1
October
2024
£
16,043,460
55,870
5,888
16,105,218
16,043,460
55,870
5,888
-
-
16,105,218		 Other
recognised
gains/(losses)
£
54,339
-
-
54,339
54,339
-
-
(343,505)
-
(289,166)		 NCI Arising on
Acquisition
£
-
-
-
-
-
-
-
-
228,863
228,863		 Income
£
-
-
73,404
73,404
45,390
-
73,404
-
-
118,794		 Expenditure
£
(9,215,173)
(55,870)
(93,764)
(9,364,807)
(7,381,852)
(55,870)
(93,764)
-
-
(7,531,486)		 NCI Share of
Loss
£
-
-
-
-
3,389
-
-
-
(3,389)
-		 As at 30
September 2025
£
6,882,626
-
(14,472)
6,868,154
8,764,726
-
(14,472)
(343,505)
225,474
8,632,223

Programme Funds - The investment programme has been funded by FCDO & Sida with some limited contributions from General Unrestricted Reserves. Reall co-ordinates the investment programme at the global/central level and development partners co-ordinate investment programme at the local level in the country concerned. Whilst these funds are to be used to deliver Reall’s objectives and mission, we have presently identified these as restricted funds.

Happold Foundation – Funding has been provided to support Reall’s activities, including inclusion, gender equity, responding to the climate crisis and antiracism across our programmes and governance

SIFI – Funding has been provided to conduct feasibility and pre-implementation activities for the subsequent deployment of commercial risk guarantees to local financial institutions, alongside targeted support to unlock flows of finance for the construction of green affordable homes and their ownership by female-headed low-income households.

Foreign Currency Translation Reserve - represents unrealised exchange differences arising from the translation of the net investment in the overseas subsidiary and will be released to income only on disposal or liquidation of the subsidiary.

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REALL LIMITED (a company limited by guarantee)

24 ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP
As at 30 September 2025:
Intangible assets
Tangible assets
Investments
Investments Joint Ventures & Associates
Net Current Assets
Creditors: amounts falling due after more than
one year
Net Defined Benefit Scheme obligation
Net assets at 30 September 2025
CHARITY
As at 30 September 2024
Intangible assets
Tangible assets
Investments
Investments in Joint Ventures & Associates
Net Current Assets
Creditors: amounts falling due after more than
one year
Net Defined Benefit Scheme obligation
Net assets at 30 September 2024		 Restricted
Funds
£
-
-
4,628,350
73,714
4,200,975
(82,815)
(188,001)
8,632,223
Restricted
Funds
£
-
-
14,455,991
473,686
1,611,408
(104,970)
(330,897)
16,105,218		 Unrestricted
Funds
£
17,076
248,846
-
-
519,811
-
(2,000)
783,733
Unrestricted
Funds
£
34,976
276,101
-
-
445,008
-
(2,000)
754,085		 Total
Funds
£
17,076
248,846
4,628,350
73,714
4,720,786
(82,815)
(190,001)
9,415,956
Total
Funds
£
34,976
276,101
14,455,991
473,686
2,056,416
(104,970)
(332,897)
16,859,303

25 MEMBERS OF THE COMPANY

The company is limited by guarantee and thus does not have any issued share capital. Each member guarantees during their membership and for one year after membership ceases, the sum of £1 to the company in the event of a winding up order. Details of members as at 30 September 2025 are included within the Directors’ Report. Any surplus on winding up is to go to a charity whose objects are of a similar nature.

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REALL LIMITED (a company limited by guarantee)

26 FINANCIAL COMMITMENTS

As at 30 September 2025, the Group had commitments under non-cancellable operating leases as set out below:

Payable:
In less than one year
In two to five years
In more than 5 years		 Group
2025
£
162,684
550,116
-
712,800		 Charity
2025
Charity
2024
£
£
162,684
146,646
550,116
652,442
-
163,117		 Charity
2025
Charity
2024
£
£
162,684
146,646
550,116
652,442
-
163,117
712,80 0
962,207

Reall entered into a premises lease on 14 February 2020 for a period of 10 years. The lease allowed for a reduced rent period of 20 months, the benefit of which is being spread over the life of the lease. Reall has also entered into a lease for two printer / copiers, which began on 2 July 2020 for 60 months. The value of the lease payments is reflected above.

27 RELATED PARTY TRANSACTIONS (Charity & Group)

The following transactions with joint ventures and associates as detailed in note 12 have taken place as set out below:

2025
Programme related Investments:
Gross interest-free loans
Gross interest-bearing loans
Gross equity investments
Impairment provision
Net loans as at 30 September 2025
Interest rate payable
Grants:
Non-repayable grants
Total grants year ended 30
September 2025
Invoiced to Reall for services		 Sheltersol
Holdings
£
3,340,930
1,509,076
-
(4,550,006)
300,000
0-5%
-
-
-		 Ansaar
Management
Company
(Private)
£
300,533
2,931,951
178,830
(1,884,754)
1,526,560
0-6%
-
-
-		 Syntellect
£
-
-
368,570
(294,856)
73,714
0%
-
-
-

Reall has equity investments at 30 September 2025 which are owed from Sewa Nirman (Pvt). The net balance at year end was £2,401,918. Impairment provisions were made in the year totalling £1,092,918. Full details of the movements in the year are recorded in Note 13. The equity investment has been eliminated on consolidation.

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REALL LIMITED (a company limited by guarantee)

28 FINANCIAL INSTRUMENTS

Financial assets:
Cash
Loans measured at cost less impairment plus accrued
interest
Total
Financial liabilities:
Other measured at amortised cost
Total		 Charity
2025
Group
2025
Charity
2024
£
£
£
810,473
3,268,727
1,328,496
7,030,268
4,628,350
14,455,991
7,840,741
7,897,077
15,784,487
284,867
283,969
215,077
8,125,608
8,181,046
15,999,564

29 Post Balance Sheet Events

The Board resolved in October 2025 to pursue a managed wind-down of Reall and it is expected that this will be achieved during the period 2025-27. The decision was made after the year end and this is considered a non-adjusting event. As such, the financial statements have been prepared on a basis other than going concern.

Post year end the Trustees approved the creation of a new subsidiary in Kenya. This was incorporated on 13 April 2026 and the company is called Reaken Limited. The entity is currently dormant with no activity and is wholly owned by Reall by virtue of 100% shareholding. Its registered address is 5th Avenue office suites,5th Avenue, Nairobi, Starehe District, 00100, Kenya.

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