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← Herring House Trust (Great Yarmouth)

2025-03-31-accounts

HERRING HOUSE TRUST (GREAT YARMOUTH)

AUDITED ACCOUNTS

31 MARCH 2025

Registered Charity No. 1057387

Company No. 03202862 Regulator of Social Housing No. LH4261

Herring House Trust (Great Yarmouth)

Index to Accounts

For The Year Ended 31 March 2025

Page No.
Report of the Board 1 - 8
Report of the Auditor 9 - 12
Statement of Comprehensive Income 13
Balance Sheet 14
Statement of Changes in Reserves 15
Statement of Cashflows 16
Notes to the Accounts 17 - 30

Herring House Trust (Great Yarmouth)

Report of the Board

For The Year Ended 31 March 2025

The Management Committee, who are also directors for the purposes of company law and trustees for the purposes of charity law, has pleasure in presenting its report and accounts for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the organisation’s governing document, the Companies Act 2006, the Statement of Recommended Practice for registered housing providers: Housing SORP 2018, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022.

REFERENCE AND ADMINISTRATION INFORMATION

Charity Name: Herring House Trust (Great Yarmouth) Registered Charity No: 1057387 Registered Company No: 03202862 Regulator of Social Housing registration No: LH4261 Registered Address: Bauleah House 51 St Nicholas Road Great Yarmouth Norfolk NR30 1NR Management Committee (Trustees): C Beales – Chairman B Robinson – Treasurer D Cooper G Doyle (Passed away 11 June 2024) M Drewery J Shrimpton A Grier (Appointed 26 February 2025) Operations Manager: G Collin Client Services Manager: L Fleming Auditor: Lovewell Blake LLP Chartered Accountants & Statutory Auditor Bankside 300 Peachman Way Broadland Business Park Norwich Norfolk NR7 0LB Bankers: National Westminster Bank Plc 1-2 King Street Great Yarmouth Norfolk NR30 2BA

1

Herring House Trust (Great Yarmouth)

Report of the Board (Continued)

For The Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

The principal objectives are to provide resettlement and outreach support services, together with an open access hostel for the single homeless in the Great Yarmouth area.

In order to fulfil the above objectives, the organisation continues to provide supported housing accommodation at both its hostel and halfway houses.

Mission statement

Our vision is that everyone has a safe and secure place to live, where they can begin to achieve their goals and move out of homelessness.

We achieve this through:

Public benefit

The Management Committee have had due regard to the guidance issued by the Charity Commission on Public Benefit.

The organisation was established to provide emergency accommodation and support to single homeless people in Great Yarmouth.

Through its activities the organisation aims to provide opportunities to those individuals motivated to change and for those who require longer to begin a process of change. It is recognised that for some individuals the long term goal of change may not be realised.

In order to achieve its aims, the organisation endeavours to provide a range of services to support homeless people and through partnership working we are able to provide access to specialist intervention services, with a view to establishing ongoing relationships aimed at addressing all aspects of physical, emotional and mental wellbeing.

2

Herring House Trust (Great Yarmouth)

Report of the Board (Continued)

For The Year Ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE

Overview

During the 2024/2025 financial year, the Trust maintained its commitment to providing comprehensive services within our hostel facility. We successfully delivered 27 units of accommodation and support to single homeless individuals, alongside 4 units in our High Support Unit dedicated to individuals undergoing a community detox program. Additionally, our Halfway House Schemes continued to offer supplementary move-on accommodation.

The Trust provides self-contained accommodation options as a final stage, move-on solution for service users. These independent housing units come with support services designed to assist tenants in achieving long-term stability and independence.

We have maintained the ‘street to home’ offer within our stand-alone unit of self-contained accommodation for one person, who requires additional support to transition from living an unsheltered life to living independently within their own home.

Lived Experience Community Group

The Herring House Trust Lived Experience Group has continued its development and has established itself as The Lived Experience Collective, comprised of current service users, this group aims to promote recovery by engaging with various local groups and partners, thereby extending the message of recovery throughout the community. They continue to offer service evaluation for services within the Homeless Sector and have plans to work across sectors to establish a lived experience community within the Town.

Continued Commitment

Throughout the year, the Trust has diligently pursued its aim of providing support and accommodation to single homeless individuals in Great Yarmouth. Our efforts have been focused on offering supported housing through our hostel facility, halfway houses, and move-on homes, ensuring that our clients receive the necessary assistance to transition towards independence.

3

Herring House Trust (Great Yarmouth)

Report of the Board (Continued)

For The Year Ended 31 March 2025

VALUE FOR MONEY

The Regulator of Social Housing (RSH) has published a value for money standard which must be adhered to by registered Providers. This includes the need to publish nine measures in a standard form to enable comparison across the sector, accepting that there will be variances associated with each business’s policies, strategy and focus.

==> picture [456 x 122] intentionally omitted <==

----- Start of picture text -----
VFM Metric 2025 2024
1. Reinvestment % 10,3% 5.4%
2. New supply delivered (social housing units %) 8.1% 6.6%
- - -
3. New supply delivered (non social housing units %)
4. Gearing % 15.9% (26.0%)
5. EBITA MRI interest cover % 1,162.6% 1,430.7%
6. Headline social housing cost per unit £16,989 £16,107
7. Operating margin (social housing) % 5.2% 8.7%
8. Operating margin (overall) % 5,2% 8.7%
9. ROCE % 2.2% 3.6%
----- End of picture text -----

The Management Committee are satisfied value for money is achieved through the full provision of services at a rate which is below that of local providers.

The Management Committee has also considered how it achieves value for money in delivering services to meet the needs of single homeless people in Great Yarmouth; this is assessed over four key areas of operations, being financial measures, cost measures, asset measures and people measures.

KEY PERFORMANCE INDICATORS

The organisation has continued to achieve its objectives for the year, offering ongoing support and accommodation through various stages of its services. We are committed to delivering effective housing solutions to single homeless people in Great Yarmouth.

Throughout the year management have monitored activity levels and key performance indicators identifying areas such as outstanding housing benefit and top payments, client referrals and engagement, occupancy levels and number of clients moving-on and their eventual destination.

CODE OF GOVERNANCE

The Management Committee are committed to achieving good governance and being an efficient provider of services, meeting both regulatory codes and standards. The Management Committee apply the Charity Commission Code of Governance.

FINANCIAL REVIEW

The organisation’s principal funding sources are predominately rent and service charges together with the Housing Related Support grant.

As at 31 March 2025 total reserves amounted to £2,028,522 (2024: £1,970,004) of which £2,006,855 (2024: £1,950,263) related to unrestricted funds and £21,667 (2024: £19,741) to restricted funds.

The organisation had a net surplus in the year of £58,518 (2024: net surplus £96,119) as shown on page 13 of the accounts.

4

Herring House Trust (Great Yarmouth)

Report of the Board (Continued)

For The Year Ended 31 March 2025

Reserves policy

The Management Committee is mindful of the need for sufficient reserves to be maintained to ensure the continued operation of the organisation on a day to day basis. It is the aim of the committee to maintain sufficient reserves to cover 3 months’ cash expenditure. At 31 March 2025 net current assets within the unrestricted funds were £519,206 (2024: £713,908) which represents approximately 6 months’ expenditure. The organisation also had net current assets within the restricted funds of £21,667 (2024: £19,741).

The Management Committee were also aware at the year-end that loan repayments will be made in the following 12 months. This will be met from the organisation’s free reserves together with future property developments as detailed below.

PLANS FOR THE FUTURE

Developments

Herring House Trust expanded its housing stock during 2024/25 by adding four new units of accommodation. This expansion will facilitate move-on options from existing first-stage accommodations, further supporting our service users' progression. A programme of refurbishment has taken place on the new building and was ready for occupation at the start of the new financial year 25/26.

In addition, the Trust has purchased an additional building which will allow for 3 units of shared accommodation.

The development of the Lived Experience Collective will remain a priority, as it becomes an integral part of our work. The group has worked with consultant to establish an evaluation tool to benchmark service delivery and establish a system for evaluating services provided to homeless people in the Town.

Our collaboration to create a bespoke service user management system, was piloted in June 2025. This system will automate and enhance our existing internal processes, improving efficiency and service delivery.

New Developments

Work will begin on the refurbishment of the new building to allow for 3 additional units of accommodation and space for client training.

We remain dedicated to our mission and are committed to continuously enhancing our services to better serve our community and support our clients on their journey to recovery and independence.

5

Herring House Trust (Great Yarmouth)

Report of the Board (Continued)

For The Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Herring House Trust operates as a charitable company registered with the Charities Commission (Registration Number 1057387) and is approved as a Registered Social Housing Provider under Section 3 of the Housing and Regeneration Act 2008.

Recruitment and appointment of Management Committee

Management Committee members shall be persons who through residence, occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects or management of the organisation.

Induction and training of Management Committee

All Management Committee members are provided with copies of:

In addition, Management Committee members are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.

Organisational structure

A Management Committee meets on a regular basis, administers the organisation and its finances. An operations manager is appointed by the Committee to manage the day to day operations of the organisation.

Key management personnel salary review

There are arrangements for salary review of key staff, which is decided at annual pay reviews by the Management Committee.

Directors

The members of the Management Committee, who are directors of the company within the meaning of the Companies Act 2006 and held office throughout the year are shown on Page 1.

Fundraising standards

The Management Committee have chosen for the organisation to be regulated by the Fundraising Regulator and listed on the Fundraising Preference Service.

The organisation does not use any third party organisations to act on its behalf in making direct unsolicited appeals.

Since joining the Fundraising Regulator, the organisation has received no complaints via their preference service, or directly from any organisation or individual.

All donations to the organisation are voluntary and the organisation does not solicit donations from its clients or beneficiaries directly or conduct any contact practice that may place an individual under pressure or obligation.

6

Herring House Trust (Great Yarmouth)

Report of the Board (Continued)

For The Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk assessment

The Management Committee have undertaken a review of the risks faced by the organisation and have implemented systems to mitigate these risks. The risk assessment is reviewed on an annual basis.

The Management Committee acknowledges its overall responsibilities for overseeing and reviewing its effectiveness in the delivery of services to homeless people in Great Yarmouth. A system of internal control exists to ensure reliability of financial and operational information with Herring House Trust. Internal systems ensure the safeguarding of the organisation’s assets and interests.

The principal risks identified are:

Responsibilities of the Management Committee

The Management Committee (who are also directors of Herring House Trust (Great Yarmouth) for the purposes of company law) are responsible for preparing the Report of the Board and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law and registered social housing legislation requires the Management Committee to prepare financial statements for each financial year. Under company law the Management Committee 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 organisation and of the incoming resources and application of resources, including income and expenditure, of the organisation for that period.

7

Herring House Trust (Great Yarmouth)

Report of the Board (Continued)

For The Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Responsibilities of the Management Committee (continued)

In preparing the financial statements, the Management Committee is required to:

The Management Committee is responsible for keeping adequate and proper accounting records that disclose with reasonable accuracy at any time the financial position of the organisation and enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. They are also responsible for safeguarding the assets of the organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We, the Management Committee can confirm so far as we are aware that:

Auditor

Lovewell Blake LLP are willing to continue as auditor.

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under Part 415A of the Companies Act 2006.

Signed on behalf of the Management Committee

C BEALES

Date:12 December 2025

8

Independent Auditor’s Report to the Members of

Herring House Trust (Great Yarmouth)

For The Year Ended 31 March 2025

We have audited the financial statements of Herring House Trust (Great Yarmouth) for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Reserves, the Statement of Cashflows and notes to the financial statements, including 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 organisation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Management Committee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

9

Independent Report of the Auditor to the Members of

Herring House Trust (Great Yarmouth)

For The Year Ended 31 March 2025

Other information

The other information comprises the information included in the Report of the Board, other than the financial statements and our auditor’s report thereon. The Management Committee are responsible for the other information contained within the annual report. 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 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 course of 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.

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the organisation and its environment obtained in the course of the audit, we have not identified material misstatements in Report for the Board.

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

10

Independent Report of the Auditor to the Members of

Herring House Trust (Great Yarmouth)

For The Year Ended 31 March 2025

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

Responsibilities of the Management Committee

As explained more fully in the Management Committee’s Responsibilities Statement set out on pages 7 and 8, the Management Committee (who are also the directors of the organisation 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 Management Committee 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 Management Committee is responsible for assessing the organisation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management Committee either intends to liquidate the organisation or to cease operations, or has no realistic alternative but to do so.

Auditor 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

11

Independent Report of the Auditor to the Members of

Herring House Trust (Great Yarmouth)

For The Year Ended 31 March 2025

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the organisation’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and Section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the organisation’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 organisation and the organisation’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Bankside 300 Peachman Way Mark Proctor FCA DChA (Senior Statutory Auditor) Broadland Business Park For and on behalf of Lovewell Blake LLP Norwich Statutory Auditor Norfolk NR7 0LB Date: 22 December 2025

12

Herring House Trust (Great Yarmouth)

Statement of Comprehensive Income (including Income and Expenditure Account)

For The Year Ended 31 March 2025

Notes
Turnover
3
Operating expenditure
7
Operating surplus
Other income
6
Interest receivable
Interest and financing costs
Total comprehensive income for the year
9
Reserve brought forward
Reserves carried forward		 Total Funds
2025
2024
£
£
1,120,420
1,088,005
(1,053,307)
(982,545)
67,113
105,460
513
70
1,047
986
(10,155)
(10,397)
58,518
96,119
1,970,004
1,873,885
2,028,522
1,970,004

There are no recognised gains or losses during the year other than as stated above.

The statement of comprehensive income reflects the activity during the year which is of a continuing nature.

The accounts were approved by the Management Committee on 12 December 2025

C BEALES

B ROBINSON

The notes set out on pages 17 to 30 form an integral part of these accounts

13

Herring House Trust (Great Yarmouth)

Balance Sheet

As at 31 March 2025 Company Number: 03202862
2025
2024
£ £
2,119,817
1,889,953
61,999
35,946
541,791
759,090
603,790
795,036
(62,917)
(61,387)
540,873
733,649
2,660,690
2,623,602
(632,168)
(653,598)
2,028,522
1,970,004
2,006,855
1,950,263
21,667
19,741
2,028,522
1,970,004
Notes

Fixed Asset
Tangible fixed assets
10
Current Assets
Debtors
11
Cash and bank balances
Creditors: Amounts falling due
within one year
12
Net Current Assets
Total Assets less Current Liabilities
Creditors: amounts falling due
after more than one year
13
Total Net Assets
Funds
Unrestricted funds
15
Restricted funds
15
Total Funds		 2025
£
2,119,817
61,999
541,791
603,790
(62,917)
540,873
2,660,690
(632,168)
2,028,522
2,006,855
21,667
2,028,522

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of Companies Act 2006.

These accounts were approved and authorised for issue by the Management Committee on 12 December 2025 and signed on their behalf by:

C BEALES

B ROBINSON

The notes set out on pages 17 to 30 form an integral part of these accounts

14

Herring House Trust (Great Yarmouth)

Statement of Changes in Reserves

As at 31 March 2025

Unrestricted
Fund
Restricted
Funds
£
£
At 1 April 2023
1,873,885
-
Surplus for the year
76,378
19,741
Total comprehensive
income
76,378
19,741
At 31 March 2024 and
1 April 2024
1,950,263
19,741
Surplus for the year
56,592
1,926
Total comprehensive
income
56,592
1,926
At 31 March 2025
2,006,855
21,667		 Total
£
1,873,885
96,119
96,119
1,970,004		 Total
£
1,873,885
96,119
96,119
1,970,004

58,518
58,518
2,028,522
58,518
58,518

The notes set out on pages 17 to 30 form an integral part of these accounts

15

Herring House Trust (Great Yarmouth)

Statement of Cashflows

For The Year Ended 31 March 2025

2025
Note
£
Net cash generated from operating activities
21
103,502
Cash flow from investing activities
Payments to acquire fixed assets
(307,803)

Interest received
1,047
Net cash flow from investing activities
(306,756)

Cash flow from financing activities
Loan repayments
(5,089)
Interest paid
(8,956)
Net cash flow from financing activities
(14,045)
Net increase in cash and cash equivalents
(217,299)
Cash and cash equivalents at 1 April 2024
759,090
Cash and cash equivalents at 31 March 2025
541,791

Cash and cash equivalents consists of:
Cash at bank and in hand
759,090
Cash and cash equivalents at 31 March 2025
541,791
 2024
£
168,607
(155,851)
986
(154,865)
(4,658)
(9,360)
(14,018)
(276)
759,366
759,090
759,366
759.090

The notes set out on pages 17 to 30 form an integral part of these accounts

16

Herring House Trust (Great Yarmouth)

Notes To The Accounts

For The Year Ended 31 March 2025

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) General information

Herring House Trust (Great Yarmouth) is a UK registered Company under the Companies Act 2006, Charity under the Charities Act 2011 and is a registered housing provider. The address of the registered office is given in the reference and administration information on page 1 of these financial statements. The nature of the Housing Trust’s operations and principal activities are to provide resettlement and outreach support services, together with an open access hostel for the single homeless in the Great Yarmouth area.

The Trust constitutes a public benefit entity as defined by FRS 102.

(b) Basis of accounting and statement of compliance

These financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006.

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The financial statements are presented in Sterling.

(c) Funds

Unrestricted funds are available for use at the discretion of the Management Committee in furtherance of the general objectives of the organisation.

Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

(d) Turnover

Turnover is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of turnover are as follows:

Turnover represents rental and service charges income receivable in the year net of rent and service charge losses from voids.

Donations are included in the year in which they are receivable, which is when the organisation becomes entitled to the resource.

17

Notes To The Accounts (Continued)

Herring House Trust (Great Yarmouth)

For The Year Ended 31 March 2025

1 Accounting Policies (continued)

(d) Turnover (continued)

Grants in respect of revenue expenditure are credited to the Statement of Comprehensive Income account on a receivable basis. Grants received in advance of the period to which they relate are shown within the Balance Sheet as deferred income and released to the Statement of Comprehensive Income on a receivable basis.

(e) Capital grants

Grants received from non-government sources are recognised using the performance model. A grant which does not impose future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the organisation is recognised only when these conditions are met. A grant received before the revenue recognition criteria are satisfied is recognised as a liability.

(f) Government grants

Government grants include grants receivable from the Homes England, local authorities and other government organisations. Government grants received in respect of housing properties are recognised as income over the useful life of the housing property structure and, where applicable, its individual components (excluding land) under the accruals model.

Grants relating to revenue are recognised as income and expenditure over the same period as the expenditure to which they relate once reasonable assurance has been gained that the entity will comply with the conditions and that the funds have been received.

Grants due from government organisations or received in advance are included as current assets or liabilities.

(g) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

Operating expenditure comprises those costs incurred by the organisation in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

All costs are allocated between the expenditure categories of the Statement of Comprehensive Income on a basis designed to reflect the use of the resource.

18

Notes To The Accounts (Continued)

Herring House Trust (Great Yarmouth)

For The Year Ended 31 March 2025

1 Accounting Policies (continued)

(h) Housing properties

Housing properties are principally properties available for rent and are stated at cost less depreciation. Cost includes the cost of acquiring land and buildings, development costs and expenditure incurred in respect of improvements.

Improvements are works which result in an increase in the net rental income, such as a reduction in future maintenance costs, or result in a significant extension of the useful economic life of the property in the organisation. Only the direct overhead costs associated with new developments or improvements are capitalised.

(i) Depreciation

Fixed assets are included at cost. Depreciation is calculated to write off the cost, less estimated residual value of all tangible fixed assets, with the exception of land and property under development, over their estimated useful lives to the organisation. The annual rates and methods used are as follows:

Computer 20% straight line Fixtures and fittings 20% straight line Motor vehicles 20% straight line

Component accounting has been given consideration and the following appropriate percentages have been applied to each component part of the property over there useful economic lives.

Land Nil depreciation
Building envelope 2% straight line
Windows and external doors 3.3% straight line
Kitchens 6.6% straight line
Bathrooms 4% straight line
Mechanical and electrical 2.5% straight line
Boilers 6.6% straight line
Flooring 5-10% straight line

(j) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

19

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

1 Accounting Policies (continued)

(k) Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured amortised cost using the effective interest method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

(l) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

(m) Pension costs

The organisation operates a Defined Contribution Pension Scheme for employees. The assets of the scheme are held separately from those of the organisation. The contributions payable are charged to the Income and Expenditure account as they fall due.

(n) Going concern

The financial statements have been prepared on a going concern basis as the Management Committee believe that no material uncertainties exist. The Management Committee have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the organisation to be able to continue as a going concern.

2

Turnover 2025 2024
Turnover Operating Operating Turnover Operating Operating
Costs Surplus Costs Surplus
£ £ £ £ £ £
Supported housing
lettings 1,120,420 (1,053,307) 67,113 1,088,005 (982,545) 105,460

All turnover, operating costs and operating surpluses have been generated through the organisation’s 59 Supported Housing units (2024: 59 units).

20

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

3
Turnover from lettings
Rents and service charges (note 4)
Donations and grants (note 5)
 2025
£
779,891
340,529
1,120,420		 2024
£
733,273
354,732
1,088,005

During the year ended 31 March 2025, £40,031 of turnover from lettings was restricted (2024: £66,289) and £1,080,389 was unrestricted (2024: £1,021,716).

4
Rental Income
Rents
Top Ups
Rent (losses) from voids		 Hostel
£
431,033
49,296
(2,149)
478,180		 Halfway
Houses
£
311,507
21,840
(31,636)
301,711		 2025
£
742,540
71,136
(33,785)
779,891		 2024
£
694,099
67,496
(28,322)
733,273

The calculation of voids takes into account the maximum theoretical income that could be achieved.

5 Donations and grants

Housing Related Support grant
Norfolk County Council grant
B & Q grant
Government grants - capital
Capital grant
Other grants, donations and legacy		 2025
£
277,837
40,031
-
9,937
5,000
7,724
340,529		 2024
£
264,337
53,789
10,000
9,937
5,000
11,669
354,732

Of the total income received £1,002,584 (2024: £987,428) was received from local authorities.

Government grants amounting to £379,272 (2024: £389,209) were deferred at the year end.

21

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

6 Other income
2025 2024
£ £
Court income 44 70
Other income 469 -
513 70

7 Operating costs – Social Housing Lettings

Provision of services:
Hostel
Other costs
Premises
Maintenance
Loss on disposal
Food, laundry and residents
Project costs
Office costs
Equipment rental
Professional fees
Bad debts
Miscellaneous		 Staff
costs Depreciation
£
£
680,086
73,429
680,086
73,429
welfare		 Other
costs
£
299,792
299,792		 2025
£
1,053,307
1,053,307
2025
£
111,451
48,742
4,510
56,000
13,105
29,525
4,386
23,726
847
7,500
299,792		 2024
£
982,545
982,545
2024
£
104,875
44,381
-
47,855
2,135
39,770
2,997
24,088
4,701
10,998
281,800

During the year ended 31 March 2025, £38,105 of operating costs were restricted (2024: £46,548) and £1,015,202 unrestricted (2024: £935,997).

22

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued) For The Year Ended 31 March 2025

8 Staff costs
2025 2024
£ £
Staff costs
Wages and salaries 614,404 573,260
Social security costs 54,114 49,034
Pension costs
 11,568 10,809
680,086 633,103
The average number employees during the year were: 2025 2024
£ £
Hostel 18 18
Halfway Houses and Resettlement Services 2 2
Rough Sleeper 1 1
Higher paid staff 21 21
The number of employees whose employee benefits (excluding employer pension costs)
exceeded £60,000 was:
2025 2024
£60,001 - £69,999 1 2
£70,000 - £79,999 1 -

Key management personnel remuneration amounted to £158,138 (2024: £154,505) in respect of two employee (2024: two employees).

Emoluments of Executive Officers

For the purposes of this note Executive Officers consist of the Operations Manager and the Client Services Manager.

No members of the Management Committee received any remuneration during the year.

The remuneration paid to Executive Officers was as follows:

The remuneration paid to Executive Officers was as follows:
Total emoluments
Pension contributions		 2025
£
138,846
2,642
141,488		 2024
£
135,651
2,642
138,293

The Executive Officers are members of the defined contribution pension scheme operated by the organisation. No enhances or special terms apply. During the period the total amount contributed to the pension arrangement was £2,642 (2024: £2,642).

23

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

9 Operating Surplus

The operating surplus is stated after charging (inclusive of VAT):
Operating lease rentals
Rent and service charge bad debts
Depreciation
Loss on disposal
Audit fees (excluding VAT)		 2025
£
4,386
847
73,429
4,510
10,277		 2024
£
2,997
4,701
67,642
-
9,695

10 Fixed Assets

Housing
Fixtures,
properties
fittings &
for lettings
Equipment
£
£
Cost
At 1 April 2024
2,561,652
411,513
Additions
293,284
14,519
Disposals
(10,000)
-
At 31 March 2025
2,844,936
426,032
Depreciation
At 1 April 2024
689,522
393,690
Eliminated on disposal
(5,490)
-
Charge for the year
67,412
6,017
At 31 March 2025
751,444
399,707
Net Book Value
At 31 March 2025
2,093,492
26,325
At 31 March 2024
1,872,130
17,823
11
Debtors
Social Housing rent arrears (net of bad debt provision of
£2,132 (2024: £2,132))
Rough Sleeper Grant
Prepayments		 Housing
Fixtures,
properties
fittings &
for lettings
Equipment
£
£
Cost
At 1 April 2024
2,561,652
411,513
Additions
293,284
14,519
Disposals
(10,000)
-
At 31 March 2025
2,844,936
426,032
Depreciation
At 1 April 2024
689,522
393,690
Eliminated on disposal
(5,490)
-
Charge for the year
67,412
6,017
At 31 March 2025
751,444
399,707
Net Book Value
At 31 March 2025
2,093,492
26,325
At 31 March 2024
1,872,130
17,823
11
Debtors
Social Housing rent arrears (net of bad debt provision of
£2,132 (2024: £2,132))
Rough Sleeper Grant
Prepayments		 Housing
Fixtures,
properties
fittings &
for lettings
Equipment
£
£
Cost
At 1 April 2024
2,561,652
411,513
Additions
293,284
14,519
Disposals
(10,000)
-
At 31 March 2025
2,844,936
426,032
Depreciation
At 1 April 2024
689,522
393,690
Eliminated on disposal
(5,490)
-
Charge for the year
67,412
6,017
At 31 March 2025
751,444
399,707
Net Book Value
At 31 March 2025
2,093,492
26,325
At 31 March 2024
1,872,130
17,823
11
Debtors
Social Housing rent arrears (net of bad debt provision of
£2,132 (2024: £2,132))
Rough Sleeper Grant
Prepayments		 Motor
vehicles
£
13,875
-
-
13,875
13,875
-
-
13,875
-
-
2025
£
38,488
10,008
13,503

61,999		 1 Total
£
2,987,040
307,803
(10,000)
3,284,843
1,097,087
(5,490)
73,429
1,165,026
2,119,817
1,889,953
2024
£
22,803
-
3,143
35,946
393,690
-
6,017
399,707
26,325
17,823
of

24

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

12
Creditors: Amounts Falling Due Within One Year
Bank loans and overdrafts
Tax and social security
Other
Accruals
Trade creditors
Deferred grant income		 2025
£
5,410
13,140
2,152
18,932
8,346
14,937
62,917		 2024
£
4,006
12,526
2,094
16,605
11,219
14,937
61,387

The following liabilities disclosed under creditors falling due within one year are secured by the organisation:

Bank loans and overdrafts 2025
£
5,410		 2024
£
4,006

The bank loan is on a repayment basis repayable over 25 years and is secured on the Halfway House properties. Interest is calculated at a rate of 5% above base, resulting in a rate of 9.5% at the balance sheet date.

13
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
Deferred grant income (note 14)		 2025
£
82,838
549,330
632,168		 2024
£
89,331
564,267
653,598

The following liabilities disclosed under creditors falling due after more than one year are secured by the organisation:

Bank loans and overdrafts
Included within creditors falling due after more than one year are
In more than one year but not more than two years
In more than two years but not more than five years
In more than five years		 2025
2024
£
£
82,838
89,331
amounts repayable:
5,695
5,029
20,826
18,392
56,317
65,910

25

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

14
Deferred grant income
Deferred income brought forward
Released in the year

Deferred income carried forward
Amounts to be released within one year
Amounts to be released in more than one year		 2025
£
579,204
(14,937)
564,267
14,937
549,330
564,267		 2024
£
594,141
(14,937)
579,204
14,937
564,267
579,204

Included within deferred income at the year end are government grants amounting to £379,272 (2024: £389,209).

15 Reconciliation of Movements in Funds

Funds at Income (Expenditure) Funds at 31
1 April 2024 in the year
in the year		 March 2025
£ £
£		 £
Unrestricted Fund
Unrestricted funds 1,950,263 1,081,949
(1,025,357)		 2,006,855
1,950,263 1,081,949
(1,025,357)		 2,006,855
Restricted Funds
Rough Sleeper Drug & Alcohol
Treatment 7,741 40,031
(38,105)		 9,667
Property Development Fund12,000
-		 - 12,000
19,741 40,031
(38,105)		 21,667
Total Funds 1,970,004 1,121,980
(1,063,462)		 2,028,522

26

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

15 Reconciliation of Movements in Funds (continued)

Funds at Income (Expenditure) Funds at 31
1 April 2023 in the year
in the year		 March 2024
£ £
£		 £
Unrestricted Funds
Unrestricted funds 1,873,885 1,022,772 (946,394) 1,950,263
1,873,885 1,022,772
(946,394)		 1,950,263
Restricted Funds
Norfolk Community Foundation
NCF Adult Social Services - 500
(500)		 -
Rough Sleeper Drug & Alcohol
Treatment - 53,789
(46,048)		 7,741
Property Development Fund - 12,000
-		 12,000
- 66,289
(46,548)		 19,741
Total Funds
1,873,885		 1,089,061
(992,942)		 1,970,004

Unrestricted Funds :

Unrestricted funds include income and expenditure to provide emergency accommodation and support to 31 single homeless people, offering 24-hour support and access to services (including a further 4 high support units) in the Hostel and to provide move on accommodation to 28 individuals in semi-independent, shared accommodation. The resettlement scheme offers move-on resettlement support to people moving into the houses and also support to move on to longer term accommodation through their part within the Great Yarmouth Homesupport Consortium. This provides tenancy support to people living independently within the community.

Restricted Funds

Norfolk Community Foundation – Funding for running workshops and the cover of costs related to this.

Norfolk County Council – Funding for the Rough Sleeper Drug and Alcohol Treatment for wages, bursary and running costs related to Rise Reset Café, Brew Crew and Lived Experience.

Property Development Fund – Funding to development properties owned by the Trust.

28

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

16 Net Analysis of Funds

Each is represented by the following assets and liabilities:

2025
Cash Other Long
Fixed and bank current Current term
assets balances assets liabilities liabilities Total
£ £ £ £ £ £
Unrestricted funds
Unrestricted fund 2,119,817 520,124 61,999 (62,917) (632,168) 2,006,855
2,119,817 520,124 61,999 (62,917) (632,168) 2,006,855
Restricted funds
Rough Sleeper Drug &
Alcohol Treatment - 9,667 - - - 9,667
Property Development Fund - 12,000 - - - 12,000
- 21,667 - - - 21,667
Total funds 2,119,817 541,791 61,999 (62,917) (632,168) 2,028,522
2024
Cash Other Long
Fixed and bank current Current term
assets balances assets liabilities liabilities Total
£ £ £ £ £ £
Unrestricted funds
Unrestricted fund 1,889,953 739,349 35,946 (61,387) (653,598) 1,950,263
1,889,953 739,349 35,946 (61,387) (653,598) 1,950,263
Restricted funds
Rough Sleeper Drug &
Alcohol Treatment - 7,741 - - - 7,741
Property Development Fund - 12,000 - - - 12,000
- 19,741 - - - 19,741
Total funds 1,889,953 759,090 35,946 (61,387) (653,598) 1,970,004

28

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

17 Accommodation owned and in management

Accommodation owned and in management
Number of units at
31 March 2025 31 March 2024
£ £
Social housing
Supported housing 59 59

18 Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases are as follows:

Plant and Machinery
Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
4,201
10,503
14,704
 2024
£
4,201
14,705
18,906

19 Related party transactions

Unrestricted donations were received from the Management Committee amounting to £200 (2024: £300).

During the year ended 31 March 2024 the spouse of a member of the management team received remuneration as a relief support worker. Their appointment was made in open competition and the member of the management team was not involved in the decision making process regarding their appointment. The individual was paid within the normal pay scale for the role and receives no special treatment as a result of their relationship with the management team.

20 Company Status

The company is limited by guarantee. Each member of the company undertakes to contribute such amount (not exceeding £10) as may be required in the event of a winding up.

21 Reconciliation of operating surplus to cash flow from operating activities

Surplus for the year
Depreciation on tangible fixed assets
Loss on disposal
(Increase) / decrease in trade and other debtors
(Decrease) / increase in trade and other creditors
Finance charges
Interest receivable		 2025
£
58,518
73,429
4,510
(26,053)
(14,811)

8,956
(1,047)
103,502		 2024
£
96,119
67,642
-
3,434
(6,962)
9,360
(986)
168,607

29

Herring House Trust (Great Yarmouth)

Notes To The Accounts (Continued)

For The Year Ended 31 March 2025

22 Analysis of changes in net debt

At 1 April
2024
Cashflows
Other
non-
cash
changes
Cash at bank and in hand
759,090
(217,299)
-
Loans falling due within
one year
(4,006)
5,089
(6,493)
Loans falling due after
more than one year
(89,331)
-
6,493
665,753
(212,210)
-		 At 31
March
2025
541,791
(5,410)
(82,838)
453,543

23 Pension costs

The organisation operates a defined contribution pension scheme for the benefit of the employees. The assets of the scheme are administered by Trustees in a fund independent from those of the organisation. The total contributions paid in the year amounted to £11,568 (2024: £10,809). At the year end there is an amount included within creditors of £2,143 (2024: £2,086) owing to the scheme.

30

Herring House Trust (Great Yarmouth)

Income And Expenditure Account Hostel and Halfway House Scheme

For The Year Ended 31 March 2025

Income
Rents received (inc Housing Benefit)
Top ups
Donations
Other income
Interest
Housing Related Support income
Grants
Expenditure
Food and other household costs
Rates
Residents’ welfare
Laundry and cleaning
Salaries and national insurance
Light, heat and water
Insurances
Postage and stationery
Telephone
Travel and subsistence
Professional costs
General
TV licence
Advertising & subscriptions
Training
Recruitment costs
Repairs & consumables
Equipment rental
Motor expenses
Depreciation - Freehold & leasehold property
- Fixtures and fittings
Fixed asset loss on disposal
Bad debts/write off
Bank charges and loan interest
Excess income over expenditure		 2025
£
714,943
64,948
7,724
513
1,047
277,837
14,937
1,081,949
29,034
4,244
3,629
23,337
655,086
82,310
24,897
3,402
13,747
72
23,726
10,343
1,187
2,331
1,492
1,661
48,742
4,386
2,790

67,412
6,017
4,510
847
10,155
(1,025,357)
56,592		 2024
£
669,395
63,878
9,517
70
986
264,337
27,089
1,035,272
24,534
4,130
4,496
18,825
591,919
78,357
22,388
3,124
23,487
71
24,088
10,039
1,590
1,679
4,777
-
44,381
2,997
3,273
61,914
5,728
-
4,701
10,397
(946,895)
88,377

31

Herring House Trust (Great Yarmouth)

Income And Expenditure Account

Rough Sleeper Drug & Alcohol Treatment Project

For The Year Ended 31 March 2025

2025
£
Income
Grant income
40,031
Expenditure
Brew Crew & Resett Café
13,105
Salaries and national insurance
25,000
Training
-
General
-
(38,105)
Excess income over expenditure
1,926		 2024
£
53,789
2,135
41,184
1,770
959
(46,048)
7,741		 2024
£
53,789
2,135
41,184
1,770
959
(46,048)
7,741

7,741

32