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← Norwood Ravenswood

2025-03-31-accounts

NoR￿00D Taking on life together NORWOOD RAVENSWOOD (A Charitable Company Limited by Guarantee) Trustees, Annual Report and Financial Statements For the year ended 31 March 2025 Patron HM King Charles111 Registered Charity No. 1059050 Registered Company Number: 03263519 UNDFIAISP

Contents Page
Charity Information 3 – 4
Chair’s Statement 5 - 6
Trustees’ Annual Report (incorporating Strategic report) 7 – 26
Independent Auditor’s Report 27 – 30
Consolidated Statement of Financial Activities 31
Consolidated and Parent Charity Balance Sheets 32
Consolidated Cash Flow Statement 33
Notes to the Financial Statements 34 – 60

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Charity Information

Patron HM King Charles III Patron of Children’s Cherie Blair CBE KC Services

Patron of Volunteering Chief Rabbi Sir Ephraim Mirvis KBE Presidents Lord Jon Mendelsohn, Lady Nicola Mendelsohn CBE Honorary Life Presidents Sir Trevor Chinn CVO, David Ereira, Carol Sopher, Ronnie Harris Vice Presidents Neville Kahn, Mark Pollack, Gary Sacks

Trustees and Directors Miles Webber (Chair) Dame Tamara Finkelstein DCB (Vice Chair) Allyson Abel (appointed 29.10.24) Angela Hodes (resigned 01.11.24) Ben Freeman (Joint Treasurer) Cassy Martell Glynnis Joffe Justine Harris Mark Berelowitz

Rachael Davis-Stollar Richard Hatter (appointed 16.7.25) Sarah Sultman MBE (appointed 31.10.24) Tania Marcus (appointed 17.2.25) Tim Isaacs (Joint Treasurer)

Senior Leadership Team Chief Executive Officer

Director of Finance and Corporate Services

Director of Finance and Resources

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Director of Fundraising

Director of Services and Development

Director of Children and Family Services

Director of People and Culture

Interim Director of People and Culture

Director of Risk and Compliance

Director of Major Projects

Director of Marketing and Communications

• Huw Thomas (appointed 06.05.2025)

Company Secretary

Nick Bernstein (resigned 31.3.25) Obinna Chijioke (appointed 31.3.25)

Auditors

HaysMac LLP

Investment Managers CCLA Investment Management Sarasin & Partners

Bankers Barclays Bank plc

Principal and Registered Broadway House, 80-82 The Broadway, Stanmore, HA7 4HB Office

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Chair’s Statement

I am delighted to share with you the Norwood Ravenswood (“Norwood”) Annual Report for the financial year ended 31 March 2025. In our third century of operation, we occupy a proud place in the hearts and minds of the Jewish community in North London and Hertfordshire. Over our history we’ve evolved from supporting underprivileged children in an orphanage to providing supported living and residential care for adults, and family-focused services - all for people with neurodiversity or neurodevelopmental disabilities.

The need for Norwood’s services has never been greater. The ongoing cost of living crisis disproportionately affects people with learning disabilities, and the wider support system is under increasing strain. Families tell us they are exhausted by trying to navigate complex systems that put up endless barriers to accessing support. Waiting lists for Special Educational Needs and Disabilities (SEND) support are lengthening while families are crying out for support now. The transition from child to adult services is particularly fraught, with families describing to us the ‘cliff edge’ they face of support potentially being removed as their children become adults.

This is why I am so proud of Norwood’s new direction. In 2024 we developed a new strategy with a mission to empower Jewish people of all ages with neurodiversity or

neurodevelopment disabilities, and their families, to lead fulfilled lives in communities that value them. We are now into the first year of implementation, with our Children and Families Service delivering targeted early intervention for families that does not rely on a diagnostic test but instead trusts the instincts of parents, who are best placed to know when support is needed. This enables us to bridge the gaps left by statutory services and offer critical support while families negotiate the SEND system. We also work tirelessly to back families in the move from children’s to adult services, often helping them advocate for ongoing support and welcoming them to the next stage of their life in our care.

Part of our strategy is to work with and support the Jewish community to be more inclusive of neurodivergence. We have secured significant funding for our Open Front Door triage service for members of the community with support needs, and we have begun scoping it in collaboration with 11 partner charities. We look forward to launching the service in 2026.

Of course, the vital support we provide requires money. We end the year in a satisfactory financial position, but the financial climate remains challenging. Amid rising costs - including higher employer National Insurance contributions, wage increases, and inflation - we worked hard to strengthen statutory income and ensure our services remain responsibly funded. We achieved a 3% overall increase in statutory funding for adults. This offset a 2% fall in donations and grants and an 18% reduction in legacy income which is inherently variable. As a result, total income grew from £34.0m £34.4m, with 70% (2024: 66%) coming from statutory sources. We are grateful for the support of all of our donors and grant providers. We need to increase donations and grants further as they are critical to ensure we can cover rising costs in a challenging environment for statutory funding, to provide the vital Jewish cultural activities that make Norwood such a special place for the people we support, and to ensure the roll out of strategic plans to enhance provision for our beneficiaries.

I want to end by celebrating the work of our extraordinary team that makes all this possible. I continue to be inspired by the commitment of our staff, volunteers and trustees, and the

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engagement of our families and supporters, all of which enable us to do what we do best at Norwood – helping the people we support to live their best possible lives.

With very best wishes,

Miles Webber, Chair

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Trustees’ Annual Report (incorporating Strategic Report)

The trustees are pleased to present their annual report and audited financial statements for the year ended 31 March 2025. These statements comply with the Charities Act 2011 and the Charities (Protection and Social Investment) Act 2016, the Companies Act 2006, the Memorandum and Articles of Association, and the 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).

About Norwood

Norwood Ravenswood (“Norwood”, “the Charity”) supports and empowers Jewish people of all ages with neurodiversity or neurodevelopmental disabilities, along with their families, to live their best lives in communities that value them. Founded in 1795, Norwood is the oldest Jewish charity in the UK and has been privileged to receive Royal Patronage since 1815.

Norwood works with local authorities to deliver wide-ranging services including residential and supported living accommodation and short-breaks facilities, as well as a range of support groups aimed at the whole family, not just the individual.

Children & Family Services

Our Children and Family provision is based in two northwest London locations. Our needsand strengths-based support strengthens the family unit, giving them the tools to create meaningful and fulfilling relationships.

We are proud to run a range of support groups, including One to One Parenting, Exploring Autism and Exploring Autism for Grandparents courses, and Unity, our short breaks weekend and holiday provision for cohorts of children and young people aged 5-12 and 12-18 years. Our broader support includes Rainbow and Rainbow Plus (for the parents of primary and secondary school-aged children respectively), 2Gether Group (parenting drop in), and an Afternoon Homework Club.

Our Psychotherapy and Counselling service delivers individual and group psychotherapy for children/young people in schools or in the community; individual psychotherapy for young adults (18-25) with learning disabilities and autism; psychotherapeutic parenting support; adult counselling; groups designed to build resilience and increase social and emotional competence; and sessions to enable children with ongoing difficulties to explore their experiences in a safe and non-judgemental space.

Adult Services

Our residential and supported living accommodation services in London and Berkshire are suitable for neurodiverse adults and/or adults who have a neurodevelopmental disability. Our residents receive appropriate support according to their needs, where they can enjoy being part of a community. All our homes offer a warm, supportive environment where Jewish values are at the heart of daily life. Our person-centred support enables people to live the life of their choosing.

Beyond accommodation our adult services include the provision of Assistive Technology, promoting independence and enhancing day-to-day living using technology. This includes nighttime telecare systems that avoid the need for intrusive nighttime checks, and Eye Gaze technology to enable people to use environmental control systems. We also use laptops,

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music systems, toys and many other devices to facilitate communication and support early screen engagement skills.

We also offer complementary services that promote good physical and mental wellbeing through activities such as equine and hydrotherapy.

Transition services

Norwood provides information, guidance, and advocacy for parents of 16-25 year-olds with a learning disability and/or autism, to help them navigate the social care system; benefits and welfare advice; and Jewish cultural activities.

Our Highlights, Challenges and Achievements in the year

1. The Hub opening

In September 2024, our Unity short breaks services moved to an alternative Norwood location known as The Hub in northwest London, to enable us to expand our offer. This large multi-faceted specialist space includes a sensory room, a music room, an arts/crafts room, a soft playroom and an outdoor adventure playground. Our offer now includes after-school clubs, including a life skills club for our children and young adults aged 16+.

The extended offer provides families with a regular short break, strengthening the whole family unit, and enabling them to thrive. We provide activities for children and young people tailored to their interests, wellbeing and development. These opportunities foster their participation in the Jewish and wider community, and expand social and friendship opportunities, preparing them to live their best independent lives.

2. Ravenswood Village

The Board’s Ravenswood Steering Group continued to discuss next steps for Ravenswood Village, our purpose-built multi-home site providing supported living and residential care for adults with neurodevelopmental disabilities or autism. We remain fully committed to providing the highest standards of care for the residents at Ravenswood. We continue to review the needs and care plans of residents on an ongoing basis, as part of our commitment to providing person-centred care and to maximise capacity in the future. A significant stabilisation of the management team and a leadership development programme helped to promote the positive transition of new residents and good engagement from staff.

3. Fee renegotiation programme

We continued our ambitious fee review, which will continue into 2025/6. This is to ensure that the people we support receive an appropriate care package from statutory commissioners and that Norwood receives a fair fee for the support we provide.

4. Fundraising

The fundraising environment remained challenging in 2024/25, with several key donors reducing their annual gifts or diverting funding to help ameliorate the impacts of the tragic war in Israel and Gaza.

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Despite these significant headwinds, key successes included:

5. Condition survey – London homes

Norwood commissioned a full property condition survey across all our London-based homes. The purpose was to establish an objective, independent view of the physical condition of our estate; ensure ongoing compliance with statutory requirements; and create a clear, costed plan for maintaining safe, high-quality environments for the people we support.

The survey identified priority maintenance, lifecycle replacements, and improvement works, which have been developed into a five-year programme. Implementation commenced in April 2025 and progress to date includes:

In addition, we renegotiated facilities management contracts and worked with contractors to ensure works are sequenced around operational needs and minimise disruption to residents and staff.

We strengthened our ability to manage our estate proactively, reduce reactive repair demand, and ensure our homes remain safe, compliant, and fit for purpose.

6. Staff satisfaction

We continued to focus on enhancing staff satisfaction and retention. These included enhancing our benefits with increased sleep-in rates and access to the Blue Light Card discount scheme, mental health first aid, wellbeing and resilience training for managers and refreshed long-service awards to recognise outstanding commitment and loyalty. We also recently launched a new management development programme.

Among the key findings from our staff survey, 86% of staff enjoy working with our people across the organisation; 81% say they’re comfortable being themselves at work; 85% enjoy the work they do; and 82% of staff feel like they’re making a difference. We are pleased to note that staff satisfaction rose further in 2025/26 year and we will report on this encouraging trend next year.

Feedback from team meetings to discuss the survey results was shared with our leadership and incorporated into three priorities for change: Pay, Reward and Recognition; Leadership; and People Management.

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7. Staff remuneration

We developed and implemented a pay and recognition review to ensure our pay is fair, consistent, and financially sustainable, as well as recognising our staff’s commitment to making our work possible.

Included in that review was an increase in the hourly rate for our front-line care staff, based on a premium over National Living Wage, which had positive impacts on staff retention.

In the 2024 state budget, the government announced increases significant increases to the National Living Wage and employers’ National Insurance contributions. The additional burden represents a significant challenge for the care sector going forwards and has added over £1 million to Norwood’s employment costs for 2025/26.

8. Strategy and governance

The recommendations in the Bayes Business School’s review of Norwood’s governance were implemented from September 2024. A new board and subcommittee timetable and reporting framework was implemented in January 2025. The Board of Trustees is now supported by six committees and several groups. See ‘Our Committees’ below for further details.

9. Our Volunteers

By the end of 2024/25, Norwood was supported by 192 (2024: 173) volunteers across services, cultural programmes, and head office. Volunteer numbers grew steadily, especially within London Adult Services.

We welcomed new corporate partners for volunteering days, including Johnson & Johnson, EY, Virgin Media, Bayer, and others. Community Engagement Volunteering expanded with flexible opportunities, and Jewish Cultural Volunteering grew through regular contributions from local synagogues.

We are deeply grateful to all our volunteers. Their time, energy and commitment to enriches lives and strengthens our community.

Our Strategic Priorities and Focus for 2025/2026

In 2024, we launched a bold new strategy to transform our services and deliver sectorleading, empowering support for Jewish children, families, and individuals with neurodevelopmental disabilities and neurodiversity. This strategy sets our direction through 2027.

Our vision

A world where the people we support can:

Our mission

To empower Jewish people of all ages with neurodiversity or neurodevelopmental disabilities, and their families, to lead fulfilled lives in communities that value them.

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Values

Everything we do is guided by our Values:

Our strategy is focused on four pillars that outline our main areas of service delivery, and which will continue to drive our work next year.

Pillar One: Our Open Front Door

Working with 11 community partners, we will establish a seamless advice, signposting and referral service for Jewish people seeking support for a wide range of social needs. The service is already running in a pilot capacity and will launch publicly in 2026. The commitment by the Wohl Legacy of £250k over two years will contribute to the support needed to deliver this service.

Pillar Two: Our Offer to Neurodivergent Children and Their Families Norwood is implementing an ambitious whole family centred model, focused on strengths and needs, to empower children, young people, and their families. This will enhance our offer beyond what’s available through local authorities. A new CRM system with integrated outcome measurement will strengthen our evidence base and support our influence on local policy and provision. An expert advisory group will guide the phased three-year rollout of the model.

As we develop our advocacy offer, we will expand our family resource and wellbeing centre, delivering expert-led events and programmes to support family wellbeing and understanding.

We are reviewing our current therapy offer and exploring a shift to whole-family therapeutic approaches, which show strong evidence of impact. We will also build the infrastructure for a wraparound community response, working in partnership with local authorities, schools, synagogues, and other stakeholders.

Pillar Three: Our Transition Support

Norwood will invest in a Transition Service that holds the hands of young people and their parents as they work through the complex and often frightening experience of transition into adulthood.

In year one we will develop a Transition Strategy which will utilise a CRM system to enable us to identify and follow the path of a young person through Norwood’s services.

As part of our implementation, we will expand our offer of monthly family peer support groups to two new cohorts:

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Pillar Four: Our Offer to Adults

We will offer person-centred support that is deeply informed by an understanding of the importance of Jewish values, practices and community to those we serve, consistently incorporating co-production with individuals and their families. We will develop a coproduction implementation plan and develop our use of the ‘Nourish’ system to monitor the outcomes for those we support.

We will develop a housing strategy to include the development of improved tenancies and housing management, so we can meet growing demand for modern, high-quality supported living accommodation in the right places for the community and configured to allow independent living.

Fundraising Approach

We are committed to achieving the highest standards of professional fundraising. We are corporate members of the Institute of Fundraising and are registered with the Fundraising Regulator, to whom we pay the Fundraising Levy. Through the systems and processes we have in place, we aim to achieve the standards set out in the Fundraising Code of Practice. We are also signed up to the Fundraising Preference Service.

The Fundraising department follows stringent Information Governance principles to ensure our fundraising data protection practices are compliant with the General Data Protection Regulations. A manager within the fundraising team also has a specific remit for compliance and governance issues. We also carry out regular internal audits of our fundraising practices to ensure we remain fully aligned with the Fundraising Code of Practice, including the updates coming into effect in 2025.

Norwood raises most of its voluntary income from individuals and companies via sporting challenges, community fundraising and events. Our philanthropy programme includes postal appeals, payroll giving and bid applications to trusts and foundations. We do not employ third-party professional fundraisers or commercial organisations to fundraise on our behalf, but we do engage third parties to manage the logistics of some events and challenges. Some of our fundraising activities are delivered in partnership with committees consisting of staff, trustees and volunteers.

We do not take part in any intrusive or high-pressure fundraising activities, such as street fundraising, door-to-door fundraising or cold-calling by telephone. We respect all requests to stop giving or to stop receiving our fundraising communications and provide guidance to our fundraising staff in these areas. We didn’t receive any complaints arising from our fundraising activities in 2024/25.

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Governance

Group structure

Norwood is a charitable company limited by guarantee, governed by its Memorandum and Articles of Association. Norwood’s charitable purposes are “to provide relief for children, young people and adults drawn primarily, but not exclusively, from the Jewish community, who are in need by reason of disability, abuse, neglect, financial hardship or other

disadvantages, through providing or securing or assisting in the provision of education, training, support, care, treatment, substitute family care, accommodation and/or other assistance of a charitable nature.”

The directors of the company are the trustees of the charity.

The Norwood Ravenswood group, for which consolidated financial statements are presented, comprises the parent charity and two wholly controlled subsidiary charitable companies, Norwood Schools Ltd and The Hope Charity, and several dormant subsidiary undertakings (see notes to the financial statements).

Trustee board and committees

Norwood Ravenswood is overseen by a board of trustees who set our strategy, contribute their expertise and experience to the effective running of the charity, and ensure that we comply with the highest standards of legal and regulatory requirements. In January 2025 we implemented the recommendations of an independent review of our governance by the Bayes Business School which included defining a new committee structure. The board is now supported in its oversight of our activities by the following trustee committees:

Terms of reference were agreed for all committees, and a schedule of delegated authority was approved.

Trustee Board committees are chaired by a trustee and comprise trustees and co-optees with appropriate expertise in the relevant area. The following table sets out which trustees serve on which committee. The Chair is an ex-officio member of all the committees.

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Committee AR&C F&I FR P PC&I Q&I
Allyson Abel
Ben Freeman *
Cassy Martell *
Glynnis Joffe *
Justine Harris
Mark Berelowitz
Rachael Davis-Stollar
Richard Hatter *
Sarah Sultman
Tamara Finkelstein
Tania Marcus *
Tim Isaacs *

Recruitment and remuneration policy for trustees and co-optees

We adopt a transparent and objective approach when recruiting our trustees and subcommittee co-optees. Arrangements are made for new members to meet the board of trustees, the chief executive and the senior leadership team, visit our homes and meet service users. Our trustees receive comprehensive reporting on the organisation, including key sector updates. All are invited to attend relevant training, some of which is mandatory, to ensure they are kept abreast of prevailing changes that may affect the charity and the social care sector.

None of our trustees or co-optees receives remuneration, expense claims or benefits in kind for their work with the charity. They are, however, entitled to receive reimbursements of travel expenses.

Any connection between a trustee or co-optee and any of the charity’s stakeholders is declared to the charity in the same manner as any contractual relationship with a related party. Such disclosures are dealt with by the board and committee meetings in the form of a declaration of interests. No allegation of fraud was raised against any trustee or co-optees in the year. Details of related party transactions and trustees’ expenses are disclosed in Note 20 of the financial statements.

Delegated Responsibility

Our board delegates responsibility for the day-to-day management of our work to the senior leadership team under appropriate frameworks set by the board or trustee committees. In view of the nature of the charity, the salaries of our senior leadership staff are benchmarked against pay levels in similar sized charitable organisations and agreed by our People, Culture & Inclusion Committee.

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Statement on s.172(1) of The Companies Act 2006 and s.17 of The Charities Act 2011 During the course of their duties, the trustees have had full regard for their obligations in promoting the success of the organisation. Norwood’s detailed charitable objects are contained within its memorandum and articles, and in keeping with these, the Trustees set strategic priorities to ensure that the charity’s activities are carried out for the public benefit. The Trustees also confirm that they have had full regard to the Charity Commission’s general guidance on public benefit, “Charities and Public Benefit”. This has been further clarified in the following sections of this report:

Principal Risks and Risk Management

We have in place a corporate risk management policy that sets out the board’s agreed approach to risk management. The policy applies to the whole charity and sets out how we understand and manage risks relating to the law, regulations, governance, financial management and business performance. We use our risk management framework to identify, prioritise and manage risks. This helps us to minimise threats and make the most of opportunities.

Norwood faces a range of strategic, operational, financial, regulatory, and external risks which could impact its ability to deliver services and fulfil its charitable objectives. The Audit, Risk and Compliance Committee ensures these risks are reviewed regularly, with appropriate mitigation strategies in place. Under the revised governance structure, each Board subcommittee has a responsibility detailed in its terms of reference, a responsibility for oversight of the relevant departmental risk register. Risk management at the operational level is managed by the executive directors, who review risks regularly both within their directorates and as a group.

Norwood has a central quality assurance, risk and compliance function, responsible for managing and developing the framework, and regular monitoring and reporting of compliance and risks. Over time, we remain committed to the continued development of our risk management approach, ensuring that consideration and awareness of risk is central to our operational and strategic objectives. The most significant risks currently identified include:

Risk Existing Treatment and Mitigating Actions
Failure to Deliver the •
Strategic plan launched with clear project planning
and regular oversight by SLT and board sub-
committees to ensure accountability and progress
monitoring
•
Strategy champions and task & finish groups
established with targeted training to drive
engagement and tailored implementation across
service areas
Organisational Strategy:
The organisation may fail to
effectively implement its new
strategic plan, resulting in
misalignment of resources, lack
of stakeholder engagement,
and failure to meet objectives

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Risk Existing Treatment and Mitigating Actions
Regulatory or Quality •
Quality Audit Framework in place with regular
audits, incident analysis, and thematic reviews to
drive continuous improvement.
•
In-house developed compliance systems to support
central and senior management oversight and
regular governance meetings ensure safeguarding
standards and lessons learned are shared
Compliance Breaches:
Potential non-compliance with
regulatory requirements (e.g.
CQC standards), leading to
reputational damage,
enforcement action, or harm to
service users
Workforce Recruitment, •
Strengthened recruitment, onboarding, and people
strategies (e.g. pay/reward review, engagement
initiatives) to enhance attraction and retention
•
Ongoing agencies spend reduction, improved
internal communication, and dedicated
governance groups on People, Culture & Inclusion
Retention, and Capability:
Inability to attract and retain
skilled staff may undermine
service delivery, increase
agency dependency, and
reduce continuityof care
Financial Sustainability: •
Successful fee renegotiations and support
package reviews ensure lean, contracted care with
sustainable staffing
•
Partnership with authorities and utilisation of staff
ensure delivery of commissioned hours and long-
term viability
The organisation may
experience deficits or funding
shortfalls due to rising costs,
inadequate fee income, or
inefficient delivery of
commissioned care
Inadequate Fundraising and •
Fundraising Committee and experienced trustee
appointed
•
Fundraising strategy developed by external
consultant; new director commenced April 2025
•
Interim support from experienced fundraising
consultant in place
Income Diversification:
Underperformance in
fundraising could limit the
ability to fund discretionary
services and strategic
investments
Technology and Information •
Nourish care system implemented; Phase 2
quality assurance project commenced
•
Development of IT strategy commenced
•
Virtual CTO and IT consultant engaged to support
CRM and digital systems
•
Information Governance Forum chaired by DPO;
quarterly meetings held
•
Cyber Essentials accreditation achieved in
2024/25; phishing simulation returned low-risk
results
Security Risk:
Failure to manage IT
infrastructure, cybersecurity
threats, or data protection
breaches could disrupt services
and violate legal obligations

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Risk Existing Treatment and Mitigating Actions
Business Continuity and •
Organisation-wide business continuity policy
published; service-level business continuity
policies reviewed annually
•
Centralised intranet repository for all plans; SLT
escalation plan in place
•
Hybrid working embedded to enhance resilience
Emergency Preparedness:
Inadequate planning for
business interruptions (e.g.,
pandemics, cyberattacks,
severe weather) may disrupt
operations and affect
vulnerable service users
Fire and Health & Safety •
Dedicated Fire Safety Project Group overseeing
fire strategy (12-month plan)
•
Regular fire risk assessments, compartmentation
surveys, and implementation of findings
•
New software to complete Fire Risk Assessments
procured ahead of 2025 assessments
•
Staff training on induction, routine fire drills, and
compliance monitoring
•
Personal emergency evacuation plans maintained
for individuals with evacuation support needs
Compliance:
Failure to meet fire safety and
H&S regulations could
endanger residents, staff, and
result in regulatory
consequences
Failure to Maintain Public Trust •
RAID log and physical security improvements at
key sites
•
All hate crime incidents reported and addressed
with CST and Police support
•
Transparency in communication and stakeholder
engagement embedded in project management
and Reputational Harm:
Reputational damage due to
safeguarding incidents, poor
service quality, or failure to act
on hate crime incidents may
erode stakeholder trust
Governance and Leadership
•
Governance framework reviewed by external
consultants; new model live from Jan 2025
•
SLT strengthened through new appointments and
leadership development
•
Scrutiny maintained through board and sub-
committee structures; internal audits scheduled
Risk:
Weak governance
arrangements or
underdeveloped leadership may
affect decision-making,
oversight, and organisational
performance

Each of these risks is actively monitored, with mitigation strategies implemented and regularly reviewed by designated risk owners and leadership. While challenges remain, Norwood continues to take proactive steps to manage risk and build organisational resilience.

Compliance and Operational Risk Management

Risk is inherent in our operations and the decisions made in pursuit of our charitable goals. The Board is responsible for the nature and extent of the principal risks that we are willing to

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take. It reviews the principal risks to the organisation and ensures that risks are effectively managed through our governance structure.

We have a comprehensive risk management framework to identify and manage financial, strategic, operational, and regulatory risks that may impact our ability to meet Norwood’s objectives. Our risk management procedures are benchmarked against best practice found within social care providers and other not-for-profit organisations.

These risks are managed on a day-to-day basis by the Senior Leadership Team and overseen by the Audit, Risk and Compliance Committee on behalf of the board. In addition, a programme of audits of specific areas is undertaken by RSM, our internal auditors, in conjunction with the Norwood Risk and Compliance team.

Quality and Compliance

We are proud to report that all of our services continue to be rated Good or Outstanding by the Care Quality Commission (CQC), reflecting the dedication and professionalism of our teams. In addition, several recent local authority quality inspections have provided highly positive feedback, further affirming our commitment to excellence in care. Our internal Quality Team provides robust and ongoing oversight across all services, ensuring continuous improvement and accountability. We rigorously benchmark our practices against the CQC inspection framework to uphold the highest standards. This same level of scrutiny and oversight is embedded within our Ofsted-registered services, where we apply consistent quality assurance processes to maintain safe, effective, and child-centred support in our day respite services in line with regulatory expectations and our charitable values.

Safeguarding

In our safeguarding work, we take a person-centred, proactive approach. Where concerns have arisen, we conducted thorough reviews with input from both individuals and staff. The reviews informed immediate actions and built on the recommendations from an independent audit that will support our review of training. We have a transparent approach to safeguarding and report any concerns in line with our statutory responsibilities. During 202425, there were no reports made to the Charity Commission.

Complaints

We take all complaints seriously, monitor them closely and report on them regularly. We respond to each complaint within three working days and aim to conclude all complaints within 28 working days. The Quality and Impact and Audit, Risk and Compliance Committee have oversight of compliant KPIs, themes and trends.

Health and Safety

We remain committed to maintaining a safety-first culture across all areas of the charity. Over the past year, we have taken significant steps to strengthen our approach, including the procurement of new fire risk assessment software to enhance our monitoring and compliance capabilities. In addition, a comprehensive new fire safety strategy is currently in development, with full implementation planned across the organisation during 2025.

Themes, trends, and emerging risks are routinely reviewed through structured reporting and analysis, ensuring timely response and mitigation. Oversight of these matters is maintained

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through the relevant board sub-committees, reinforcing our commitment to a safe and wellgoverned operating environment.

Data Security and Data Protection

In 2024, Norwood successfully completed the Data Security and Protection Toolkit submission for the 2024/25 period, achieving a status of ‘standards met’. Throughout the year, we have continued to fulfil our legal responsibilities in relation to data protection and security, operating in line with the Information Commissioner’s Code of Practice. We successfully achieved Cyber Essentials and are preparing for Cyber First accreditation, a further strengthening of our commitment to data security and resilience across the charity.

Financial Review

In the 2024/25 financial year, the group made an operating surplus of £0.7m (2024: £1.9m). The reduction was due to:

A reduction in the value of investment properties due to higher long-term discount rates applied to rental income, and adverse movement in the market value of the investment portfolios resulted in a net deficit of £1.2m (2024: 3.2m surplus).

The shortfall in statutory funding compared to the cost of providing adult social care was £2.5m for the year. This has been reducing in recent years through work to renegotiate appropriate care packages and agree fee uplifts with commissioning authorities to cover increases to frontline staff wages and other inflationary pressures. With rising costs from national insurance, wage increases, and inflation, Norwood, like other care sector organisations, will find it difficult to close this funding gap, especially given ongoing constraints on local authority finances. We will therefore need to continue to pursue operational efficiencies, at the same time as investing in implementing our multi-year strategy – to enhance our service provision while ensuring regulatory compliance and to facilitate efficiencies by applying appropriate information technology systems and digitalisation.

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Income Where our income came from

----- Start of picture text -----
2024-25 2023-24
0% 2%
4% 3%
26% Statutory Funded Adult
28%
Services
Direct Contributions to
Children and Family
Services
Fundraising Income
0% Investment income
70% 1% 66% Other
----- End of picture text -----

The total income generated for the year was £34.4m (2024: £34.0m). £24.1m, or 70% (2024: £23.0m, 66%) of this was generated from providing paid-for services in line with our charitable purpose (Charitable Services). Those services include the delivery of statutory care services on behalf of local authorities, rental income for supported living accommodation, and a small amount where we charge beneficiaries directly. 99% of that income (2024: 99%) for Charitable Services related to Adult Services with the remainder for Children and Family Services. £9.0m or 26% (2024: £9.7m, 28%) of total income was generated from voluntary donations, including legacies, while the remainder arose from investments in security portfolios, rentals of investment properties and interest on deposits (in 2024, a small amount of income was generated from discontinued trading activities).

As indicated above, the group continues to make progress in improving the fees from commissioning authorities to better reflect the support Norwood provides to the people we support through a structured fee renegotiation programme using a shared costing tool. While we secured annual uplifts in fee rates from most local authorities, a significant number of them, including ones for which we have larger contracts, were not able to agree on increases that would keep pace with inflationary cost pressures faced by the group, and the funding shortfall therefore persists. We will continue to liaise with local authorities to seek a level of fees commensurate with the level of care being provided, although this may prove challenging given the pressure on local authority finances.

We raised £9.0m (2024: £9.7m) from our fundraising activities and legacies. Legacy income, which is inherently unpredictable, decreased by £0.6m to £2.8m. Donations and grants decreased by 2% to £6.2m in what remained a challenging environment. The increase in the proportion of unrestricted donations and grants to 92% (2024: 88%) is welcome as such grants enable the group to maintain requisite flexibility to respond to anticipated and changing needs of beneficiaries and external factors.

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Expenditure Where the money was spent

----- Start of picture text -----
2024-25
9%
7%
----- End of picture text -----

----- Start of picture text -----
2023-24
10% 0%
11%
Adult Services
Children and Family
Services
Fundraising and Marketting
costs
Other
79%
----- End of picture text -----

Our total expenditure was £33.7m (2024: £32.1m). The increase of 4.8% was primarily driven by an increase of 10.0% in the direct costs of providing charitable Adult Services, reflecting increases in the cost of staff providing care. As indicated in notes 6a and 6b to the financial statements, the cost of providing other charitable services decreased, while support service costs increased by 5.9% driven by general inflationary pressure and the need to enhance central management and governance in line with a formal governance review undertaken in the prior year, together with a somewhat higher spend on maintaining our properties.

In the face of a challenging environment for growing statutory income for statutory services commissioned by local government, as well as cost pressures arising from higher general inflation, and in particular for care staff for which a significant increase in National Living Wage is a key driver, Norwood has continued to seek and achieve efficiencies. The use of higher-cost agency staff for care provision decreased markedly over the year, generating a saving of £1.2m compared to 2024, while initiatives commenced to obtain better value from suppliers, including the retendering of facilities management contracts.

Looking forward, our multi-year strategic plan requires significant investment in IT services to facilitate digitalisation and the adoption of up-to-date applications for both charitable services, including a CRM system to handle the Open Front Door strategic pillar, and support services such as finance, human resources, fundraising, marketing and compliance. The Nourish care application was implemented during the year, and an ambitious IT strategy has been approved to be implemented across other services over the next few years. We will also need to spend more over the next few years to maintain our property portfolio, based on the condition survey reports commissioned during the year. Accordingly, Norwood will need to continue to focus on ensuring value for money over the long term while continuing to identify and implement efficiencies.

Investment Policy and Performance (excluding directly managed investment properties) Norwood holds investments to generate income for the furtherance of its charitable activities. The trustees understand that to generate returns over the long term, in excess of the rate of inflation, it will be necessary to expose the portfolio to a degree of risk. The trustees’ risk appetite for its investment funds is medium risk, and the group’s investment

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policy mandates that any decisions taken by its investment managers are consistent with its social care policies.

The group’s investment portfolios are managed by external fund managers, Sarasin & Partners and CCLA and invested in funds designed for the charity sector. Performance of the fund manager is reviewed at least semi-annually by the charity’s Finance & Investment Committee using reports from the fund managers and meetings with them.

The Sarasin & Partners portfolio is invested across two funds and comprises investments in equities, fixed income property, alternative assets and money market deposits. It has a return target of CPI + 3.5% per annum. During the year, the portfolio had a positive return of 3.7% compared to a target of 6.4% (adverse variance of 2.7%). Over periods of three years and five years, the portfolio’s annualised returns have been lower than the target. Performance over those periods has, however, been broadly in line with the comparator indices.

The CCLA portfolio invests across multiple asset classes, including global equities, government and commercial bonds, credit instruments, property, alternative assets, and money market deposits. Performance is measured against a composite index benchmark, a peer group index and a target return of CPI plus 4% per annum. During the year, the fund had a negative return of 2.0% compared to a target return of 6.6 % (adverse variance of 8.8%), although over five- and ten-year periods, the annualised return has been broadly in line with the target return and exceeded or been close to the comparators.

Reserves Policy

An important role for trustees is to manage the long-term sustainability of the charity and the group. Norwood’s reserves policy sets out the basic principles that should:

Norwood’s restricted and endowment funds are subject to specific conditions which have been declared by the donor, or with their authority, but still within the objects of the charity. Furthermore, endowment funds may be permanent endowments, which trustees cannot expend without seeking consent from the Charity Commission. Other funds are unrestricted funds.

The trustees calculate the free reserves as that part of the group’s unrestricted income funds that is freely available after taking account of any unrestricted funds that have been formally designated for specific projects or which are committed for the purchase of fixed assets.

Understanding the nature of the funds allows trustees to identify unrestricted funds which can be spent on any purposes of the group, i.e. freely available to it. As indicated in the

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following table, as at 31 March 2025, unrestricted reserves were £38.2m and the free reserves of the group were £10.7m. The trustees consider that, depending on the level of future fundraising income available for implementing the various elements of the group’s multi-year strategy (albeit uncommitted costs at present), a significant proportion of the free reserves may not be available for handling fluctuations in working capital, unplanned variance in income or costs or external shocks that have a financial impact. They have therefore also calculated a level of pro-forma free reserves after deducting an estimate of the free reserves that may be required for the implementation of the multi-year strategic investment projects. Those pro-forma free reserves were £7.7m at 31 March 2025.

Group net assets (Total reserves)
Less endowment funds
Less restricted funds
Unrestricted reserves
Less unrestricted fixed assets
Less investment property
Free Reserves
Less strategic investment
Pro-forma Free Reserves		 31-Mar-25
£m
31-Mar-24
£m
44.9
46.1
(1.9)
(2.0)
(4.8)
(5.6)
38.2
38.5
(18.7)
(18.7)
(8.8)
(10.4)
10.7
9.4
(3.0)
-
7.7
9.4

Free reserves represent just over 3.8 months’ operating expenditure, while pro-forma free reserves represent 2.7 months’ operating expenditure.

Free reserves are calculated in accordance with the Charities SORP. Pro-forma Free Reserves takes into account the estimated cost of initial investment in the group’s multi-year strategy, including implementation of a comprehensive IT solution across all services and departments, property investment costs to reposition and expand services, and additional resources to implement an enhanced offering for Children & Family Services. Those costs remain uncommitted estimates but are likely to be incurred within the next 24 months.

The trustees have set a target range of free reserves of three months or more, being £8.5m of gross expenditure. At 31 March 2025, free reserves are above that target. In addition, twothirds of the group’s income is from statutory sources, and Norwood has sufficient liquidity within its investment portfolio to meet its working capital requirements for the foreseeable future. The level of pro-forma Free Reserves does, however, indicate the need for increased fundraising income in order for Norwood to invest in its multi-year strategy while ensuring financial security.

Going Concern

Work has been carried out to assess the going concern of the group, factoring in additional assessments and financial forecast scenarios. The majority of Norwood’s income is secure as it arises from statutory sources. However, we have modelled a 4% and 6% reduction in statutory income due to attrition rates, with 6% being an extreme case. Fundraising and investment income have been modelled to fall by up to 25%. Under these scenarios, the charity and the group will have sufficient liquid resources and reserves to continue operating

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for more than the next 12 months. The board of trustees do not consider there to be significant uncertainty over the charity and group’s ability to continue as a going concern for the next 12 months, and the financial statements have therefore been prepared on the going concern basis.

Streamlined Energy and Carbon Report (SECR)

Norwood is required to report under the Streamlined Energy and Carbon Reporting (SECR) framework, under the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. This report covers the SECR requirement for Norwood. The tabulated energy use and carbon emissions can be found below. This covers the 12 months ending 31 March 2025, reflecting the financial year of Norwood. Norwood has reviewed and agrees with all report inclusions and any exclusions where relevant.

Methodology

Norwood’s footprint is calculated in accordance with the Greenhouse Gas (GHG) Protocol and Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance.

Scope

This report includes UK energy use and the associated GHG emissions, which relate to:

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SECR Dashboard

Energy Efficiency Measures undertaken by the charity Work to upgrade our energy efficiency during the year has included:

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Trustees Responsibilities Statement

The trustees (who are also directors of Norwood Ravenswood for the purposes of company law) are responsible for preparing the Trustees’ Annual Report, including the Strategic Report, and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statement in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 the group and of the Incoming resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the trustees are required to:

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

The trustees confirm that:

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

Miles Webber

Ben Freeman

Miles Webber Director/Chair

_____ Ben Freeman Director/Joint Treasurer

15 December 2025

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Independent auditor's report to the members of Norwood Ravenswood

Opinion

We have audited the financial statements of Norwood Ravenswood for the year ended 31 March 2025 which comprise Chairman’s Statement, Trustees’ Annual Report (incorporating Strategic report), Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Consolidated Cash Flow Statement and 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 group'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 trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report incorporating the Strategic report and the Chairman’s statement. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters 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 the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ 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 for the financial statements

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

28

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 group’s and the parent charitable company’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 trustees either intend to liquidate the group or the parent 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:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity and company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to revenue recognition, in particular in relation to recording income and charitable activities in the correct accounting period, valuations of investment assets and management override of controls. Audit procedures performed by the engagement team included:

29

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 noncompliance 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.

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 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.

Richard Weaver Senior Statutory Auditor for and on behalf of HaysMac LLP Statutory Auditor 10 Queen Street Place London EC4R 1AG

Date: 17 December 2025

30

Consolidated Statement of Financial Activities

For the year ended 31 March 2025

(Incorporating the Income and Expenditure Account)

Unrestricted Endowment Restricted Total
Funds Funds Funds Funds Total
2025 2025 2025 2025 2024
Notes
£'000		 £'000 £'000 £'000 £'000
Income from:
Donations and legacies 2
8,456		 - 525 8,981 9,705
Charitable activities 3a
24,087		 - - 24,087 23,022
Trading activities - - - - 168
Investments 4
1,319		 - - 1,319 1,152
Total income 33,862 - 525 34,387 34,047
Expenditure on:
Raising funds 5a
2,984		 - - 2,984 3,289
Charitable activities 5a
29,386		 - 1,306 30,692 28,765
Trading activities 5a
-		 - - - 92
Total cost 32,370 - 1,306 33,676 32,146
Operating surplus/(deficit) 1,492 - (781) 711 1,901
Net (losses)/gains on
investments		 9a
(338)		 (36) - (374) 1,140
Net (losses) /gains on
investment properties		 9b
(1,553)		 - - (1,553) 186
Net movement in funds (399) (36) (781) (1,216) 3,227
Reconciliation of funds:
Total funds brought forward 21
38,595		 1,982 5,553 46,130 42,902
Total funds carried forward 16
38,196		 1,946 4,772 44,914 46,130

All income and expenditure were derived from continuing operations in 2025. In 2024, net income of £76k is shown separately from discontinued trading operations as disclosed in the comparative information in the notes to the financial statements. The accompanying notes on pages 34 to 60 of this report form an integral part of the financial statements.

There were no gains and losses other than those included in the Statement of Financial Activities.

The Companies Act exemption, Section 408 of the Companies Act 2006, from preparing a charity-only Statement of Financial Activities has been applied. The parent charity experienced a deficit of £1,243k (2024: surplus £2,850k) for the year.

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Consolidated and Parent Balance Sheet

As at 31 March 2025

As at 31 March 2025
GROUP PARENT CHARITY
2025
2024
2025
2024
Fixed Assets
Note
£'000
£'000
£'000
£'000
Intangible fixed assets
7
204
179
-
1
Tangible fixed assets
8a, 8b
20,020
20,034
495
528
Investments: Managed investment portfolio
9a
14,806
14,169
13,299
12,593
Directly managed property
9b
8,848
10,401
830
-
Total fixed assets
43,878
44,783
14,624
13,122
Current Assets
Debtors
11
2,843
5,505
1,164
3,239
Cash at bank and in hand
5,841
3,183
5,349
2,853
Total current assets
8,684
8,688
6,513
6,092
Liabilities
Creditors: amounts falling due within one
year
12a
(4,888)
(4,346)
(11,497)
(8,331)
Net current assets/ (liabilities)
3,796
4,342
(4,984)
(2,239)
Total assets less current liabilities
47,674
49,125
9,640
10,883
Creditors: amount falling due after one year
13
(2,760)
(2,995)
-
-
Total net assets
44,914
46,130
9,640
10,883
Funds
Restricted funds
14
4,772
5,553
11
11
Endowment funds
14
1,946
1,982
1,946
1,982
Unrestricted funds
14
38,196
38,595
7,683
8,890
Total Funds
44,914
46,130
9,640
10,883

The accompanying notes on pages 34 to 60 of this report form an integral part of these accounts. Approved by the Board of Trustees on 15 December 2025.

Miles Webber

Ben Freeman

Miles Webber Ben Freeman Director / Chair Director / Joint Treasurer

Charity Registration Number 1059050 Company Registration Number 03263519

32

Consolidated Cash Flow Statement

For the year ended 31 March 2025

2025 2024
Note £'000 £'000
Cash flows from operating activities:
Net cash provided by/(used in) operating activities 19 4,540 (1,601)
Cash flows from investing activities:
Dividends, interest and rent from investments 1,319 1,152
Purchase of tangible fixed assets (1,501) (701)
Purchase of intangible fixed assets (115) (94)
Proceeds on sale of tangible fixed assets - 539
Purchase of investments (2,288) -
Proceeds on disposal of investments 1,277 2,701
Net Cash (used in)/provided by investing activities (1,308) 3,597
Cash flows from financing activities:
Interest paid on bank loan (188) (211)
Bank loan repaid (386) (386)
Net Cash (used in) financing activities (574) (597)
Change in cash and cash equivalents in the reporting period 2,658 1,399
Cash and cash equivalents at the beginning of the period 3,183 1,784
Cash and cash equivalents at the end of the reporting period 19 5,841 3,183

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Notes to the Financial Statements

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) Basis of Preparation

The consolidated financial statements have been prepared in accordance with the Accounting and Reporting by Charities and the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Companies Act 2006. Norwood Ravenswood is incorporated in the United Kingdom and meets the definition of a public benefit entity under FRS 102, and the financial statements are presented in Sterling (£).

The financial statements have been prepared consolidating the results of the charity – Norwood Ravenswood – and its wholly-controlled subsidiaries – Norwood Schools Limited and The Hope Charity – which are also registered charitable companies limited by guarantee.

In these financial statements, Norwood Ravenswood is referred to as “the Charity” or “the Parent” and the Norwood Ravenswood Group is referred to as “Norwood.”

b) Preparation of the accounts on a going concern basis

The trustees have considered the appropriateness of preparing the accounts of Norwood on a going concern basis. The majority of Norwood's income is secure as it arises from statutory sources. However, we have modelled a 4% and 6% reduction in statutory income due to unplanned occupancy vacancies and other sources of attrition, with 6% considered an extreme case. Fundraising and investment income has been modelled to fall by up to 25%. Under these models Norwood has sufficient free reserves to continue operating for at least 12 months from the date of approval of these financial statements.

The group could, if necessary, undertake certain actions to mitigate potential negative impacts of unexpected shocks to income and costs. Such actions could include, but are not limited to, reducing planned capital expenditure programmes, divestment from the investment portfolio, reducing revenue related costs, extending overdraft facilities and property disposals.

Based on the above considerations, the trustees do not consider there to be material uncertainty over the charity and group’s ability to continue as a going concern for at least 12 months from the date of approval of the financial statements and accordingly have prepared these financial statements on a going concern basis.

c) Estimates and judgements

The preparation of financial statements requires management to make estimates, judgements and assumptions that affect reported assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The

34

following judgements have had the most significant effect on amounts recognised in the financial statements:

Fair value of investment properties

Directly managed investment properties are valued on the basis of fair value formal valuations, in accordance with the RICS valuation, are undertaken periodically, with desktop valuations conducted in the interim (where there has been no significant change to the underlying asset), with any change recognised in the Statement of Financial Activities. Such valuations involve estimates and forecasts of market prices and trends, future rental yields and interest/discount rates.

Other significant estimates and assumptions

Significant estimates and assumptions in these financial statements require the exercise of judgment and are used for, but not limited to, allowance for doubtful clients, which are primarily due from statutory care commissioning clients’ authorities and care useful economic lives for depreciation if fixed assets, estimates of future cash flows and other assumptions associated with asset impairment tests. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates.

d) Fund accounting

Restricted, endowment, designated and unrestricted funds are separately disclosed. Restricted funds are resources donated, the uses of which are subject to specific restrictions imposed by the donors or by the nature of the appeal. Endowment funds are funds where capital is retained and has been invested to provide income that is subject to specific restriction by the donor. Designated funds are unrestricted funds set aside at the discretion of the board for specific purposes. All other types of funds which are not endowments, restricted or designated funds form part of general unrestricted funds. Transfers to and from designated funds are recognised as and when the board designates or undesignates funds.

e) Income recognition

All income is accounted for when Norwood has entitlement, there is probability of receipt and the amount is measurable, other than for donations and grants, if income relates to a future period or event and the purpose of that income is to support the costs and activities in the future, the income is deferred and recognised in the appropriate period.

Legacies

Legacies are accounted for when notified, providing the amount can be reliably measured and that ultimate receipt is probable. Receipt is deemed probable when:

35

Where the legacy is measurable but the criteria for income recognition have not been fully met, then the legacy is treated as a contingent asset and disclosed if material.

Where a payment is received from an estate after the reporting date, but before the accounts are signed, and it is clear that the payment had been agreed by the executors prior to the end of the reporting period, the income is treated as an adjusting event and accrued in the reporting year as income.

Grants

Grant income is recognised in the Statement of Financial Activities when received or when Norwood becomes entitled to receipt. Grants that have been received will be treated as deferred income where there are specific requirements in the terms of the grant that the income recognition is dependent on certain activities being completed in a future accounting period.

Gifts in kind

Donated goods and services are included as income within the Statement of Financial Activities (with an equivalent amount in expenditure) at the estimated value to Norwood, where this is reasonably quantifiable, measurable and material.

Volunteers

The charity benefits from the involvement and enthusiastic support of its volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

f) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Raising funds

The cost of raising funds comprise all costs incurred to raise funds to support the charitable purposes. It includes the cost of all fundraising activities and events, including publicity and marketing not associated with the delivery of the charity’s purposes, investment management costs, and an appropriate apportionment of support costs.

Charitable expenditure

Charitable expenditure comprises all costs incurred in undertaking activities that further the charitable aims for the benefit of the charity’s beneficiaries, including an appropriate apportionment of support and governance costs.

Support costs

Support costs are incurred to facilitate charitable and fundraising activities. Support costs include financial management, information systems, central management, human resources, property and facilities management, Jewish culture, volunteering and risk and assurance. Support costs are allocated between activities using an appropriate basis of apportionment.

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Governance costs

Governance costs are included within support costs and allocated on the same basis across services. These costs include internal and external audit fees, legal advice for trustees and costs associated with constitutional and statutory requirements, for example the cost of trustee meetings and preparing statutory accounts. Also included within governance costs are costs associated with developing and reviewing the charity’s long term strategy, as opposed to day-to-day management, of the charity’s activities. An appropriate proportion of the central management support costs have also been attributed as governance costs to reflect the cost of Norwood’s employees involved in meetings with the trustees and the cost of all administrative support provided to the trustees.

Irrecoverable VAT

Irrecoverable VAT is charged as a cost to the Statement of Financial Activities, being allocated on the same basis as the underlying expenditure to which it relates.

g) Intangible and tangible fixed assets

Intangible fixed assets

Intangible assets are measured at cost less accumulated amortisation and any applicable accumulated impairment losses. Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

Amortisation is charged so as to allocate the cost of intangible assets less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:

Tangible fixed assets

Tangible fixed assets used within the charity’s operations are at depreciated cost. Expenditure relating to tangible fixed assets is expected to be used over several years and where the combined value of the asset or group of assets exceeds £1,000, they are capitalised at cost and depreciated over their estimated useful economic lives on a straight line basis.

Depreciation is provided on tangible fixed assets in order to write off their cost to their estimated realisable values by annual instalments over the following expected useful lives:

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Freehold land - not depreciated
Freehold buildings - 50 years
Long leasehold land and buildings - 50 years or length of lease if shorter
Freehold and leasehold improvements - 10 years or length of lease if shorter
Motor vehicles - 7 to 10 years
Furniture, fixtures, fittings and equipment - 10 years
Office equipment - 4 to 10 years

Where there are indications that assets are or may be impaired in value or use, an impairment review is undertaken to establish the net realisable value and the value in use. The carrying amount of the assets is reduced by any excess over the higher of these valuations. Impairment losses are charged within the Statement of Financial Activities.

Where costs are incurred as part of capital projects that relate to payments on account and assets under construction or otherwise prior to the installation of equipment, such costs are not subject to depreciation until the asset is complete and available for use.

h) Financial instruments

All financial instruments held by Norwood Schools Limited, or to which it is a party, are treated as basic financial instruments in accordance with FRS 102. Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instruments. Basic financial assets and liabilities are initially recognised at the amount receivable or payable adjusted for any related transaction costs. The subsequent measurement depends on the nature of the financial instrument and its term.

Financial assets

Financial assets represent financial resources available to the charity and include financial investments in trade debtors, intercompany debtors, cash and accrued income. They also include investments in collective investment schemes within the managed investment portfolios. Current financial assets other than cash are measured at the consideration expected to be received. Debtors due in more than one year are carried at the present value of the future consideration expected to be received using the appropriate discount rate. Investments in collective investment schemes for which prices are readily available are carried at fair value determined by market prices. Changes in the fair values of financial assets are recognised in the Statement of Financial Activities.

Financial liabilities

Financial liabilities include trade creditors, other creditors, loans, accruals and intercompany creditors. Current financial liabilities are initially recognised at the amount payable adjusted for any related transaction costs. Loans repayable after more than one year are initially recognised at the amount of principal received net of transaction costs and are subsequently measured at amortised cost using an effective interest rate method.

38

i) Investments

Investment properties

Investment properties are revalued annually by the trustees and periodically by independent Chartered Surveyors on a fair value basis. Gains and losses are recognised in the Statement of Financial Activities for the period. No depreciation is provided on investment properties.

Investments – managed portfolios

Norwood appoints external regulated investment managers to manage its investment portfolios. Those investment managers invest the charity’s funds in collective investment schemes which invest in equities, debt instruments, real assets, derivative financial instruments, cash and money market investments. The price for buying and selling units in the collective investment schemes is readily available. The value of the investments is initially measured at cost and subsequently carried at fair value (market value, using the unit prices). Changes in fair value are recorded in the Statement of Financial Activities.

Investment management fees

Net gains or losses on the investment portfolios are stated net of investment management fees where these are charged within the collective investment schemes. Where investment management fees are separately disclosed by fund managers these are charged to expenditure on raising funds.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition.

l) Creditors and provisions

Creditors and provisions are recognised when Norwood 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 after allowing for any trade discounts due. Most amounts provided for are expected to be settled within 12 months and are therefore recognised at the estimated settlement amount without discounting.

m) Employee benefits

Short-term employee benefits are those expected to be settled wholly before 12 months after the end of the annual reporting period during which employee services are rendered, but do not include termination benefits. These include wages, salaries and any other benefits paid to current employees. All short-term employee benefits are recognised as expenses in the period in which they are incurred. Post-employment benefits, representing contributions into defined pension contribution pension plans for current employees, are recognised as expenses in the period in which the contribution payable is exchanged for services rendered by employees. The assets of the pension scheme are held separately from the charity.

39

A termination benefit liability is recognised when the entity can no longer realistically withdraw the offer of that benefit.

n) Leases

Operating lease rentals are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

o) Tax accounting policy

The charity’s net income from charitable and associated purposes as specified in tax legislation is exempt from corporation tax. Corporation tax may arise on profits from noncharitable and associated purposes, but the charity has no such profits liable to corporation tax.

2. Incoming resources from donations, legacies and grants

Unrestricted
Restricted		 Total Total
Funds
Funds		 2025 2024
£'000
£'000		 £'000 £'000
Donations and grants 5,671
525		 6,196 6,303
Legacies 2,785
-		 2,785 3,400
Grants -
-		 - 2
Total 8,456
525		 8,981 9,705

3a. Incoming resources from charitable activities by income type

Unrestricted Restricted Total
Funds Funds 2025
2024
£'000 £'000 £'000
£'000
Statutory income from Local Authorities 22,171 - 22,171 21,536
Gross fee income 98 - 98 103
Rental income 1,698 - 1,698 1,320
Other income 120 - 120 41
Government Grant - - -
22
Total 24,087 - 24,087 23,022

40

3b. Incoming resources from charitable activities by service area

Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2024
£'000
£'000
£'000
£'000
Adults services 23,963
-
23,963
22,816
Children and Family services 124
-
124
198
Support services -
-
-
8
Total 24,087
-
24,087
23,022

4. Incoming resources from investments

Restricted
Unrestricted Income Total
Total
Funds Funds 2025
2024
£'000 £'000 £'000
£'000
Deposit and money market interest fund 390 - 390
284
Income / dividends from investment portfolio 205 - 205
194
Rental income from investmentproperties 724 - 724
674
Total 1,319 - 1,319
1,152

5a. Resources expended

Direct
Other		 Reallocated
Staff
Direct		 Support Total
Total
Costs
Costs		 Cost 2025
2024
£'000
£'000		 £'000 £'000
£'000
Cost of generating voluntary income 944
1,182		 331 2,457
2,845
Cost of marketing 284
229		 - 513
342
Cost of generating investment -
4		 4
7
income -
Other -
10		 - 10
95
Total cost of raising funds 1,228
1,425		 331 2,984
3,289
Cost of trading (discontinued) -
-		 - -
92
Charitable expenditure:
Adults services 18,350
5,126		 4,743 28,219
25,270
Children and Familyservices 1,228
864		 381 2,473
3,495
Total cost of charitable expenditure 19,578
5,990		 5,124 30,692
28,765
Total resources expended 20,806
7,415		 5,455 33,676
32,146

41

5b. Analysis of reallocated support costs with bases of apportionment

Children
and
Support costs (basis of Adults
Family		 Total
Total
apportionment) services
services		 Fundraising 2025 2024
£'000
£'000		 £'000 £'000 £'000
Financial Management 685
25		 34 744 991
(percentage of staff)
Information Systems 847
196		 139 1,182 1,091
(number of PCs)
Assistive Technology 98
28		 - 126 94
(equipment and time spent)
Human Resources 1015
37		 52 1,104 1,153
(percentage of staff)
Property and Facilities 936
34		 48 1,018 791
(percentage of staff)
Central Management 695
25		 36 756 529
(percentage of staff)
Jewish culture -
-		 - - 58
(percentage of staff)
Risk and Assurance 74
3		 4 81 78
(percentage of staff)
Volunteering 35
20		 - 55 46
(number of volunteers)
Governance 358
13		 18 389 320
(percentage of staff)
Total 4,743
381		 331 5,455 5,151

In 2025, the Jewish Culture costs were included in the parent company.

42

5c. Resources expended include:

Total
Total
2025
2024
£'000
£'000
External audit and related costs: Fees payable to the charitable
company's auditor for the audit of
the charitable company's annual
accounts, excluding irrecoverable
17
35
VAT
Fees payable to the charitable
company's auditor and its
associates for other services:
audit of accounts of subsidiaries,
excluding irrecoverable VAT 43
23
Tax compliance services -
1
Depreciation: Intangible fixed assets - 70
Tangible fixed assets 1,516
1,531
Interest payable 188
211
Operating lease rentals: Plant & machinery 136
101
Properties 288
267
Trustees’ indemnity insurance 7
7
premiums
Gains on disposal of fixed assets - 313

43

5d. Subsidiaries and parent charities

Norwood Ravenswood has six dormant subsidiary undertakings. Details of each subsidiary undertaking are listed in Note 10. The summary results for the active subsidiaries with the assets and liabilities of each subsidiary undertakings are as shown below:

Norwood
The Hope Schools
Charity Limited
£'000 £'000
2025
Incoming resources/ turnover 187 32,696
Resources expended (10) (31,117)
Net(losses)on investments and investmentproperty (468) (1,098)
Net income for theyear (291) 481
Total assets 2,516 41,284
Total liabilities (735) (7,411)
Net assets 1,781 33,873
2024
Incoming resources/ turnover 188 29,780
Resources expended (1) (29,474)
Net(losses)on investments and investmentproperty (150) (179)
Net income for theyear 37 127
Total assets 2,959 40,328
Total liabilities (887) (6,936)
Net assets 2,072 33,392

6a. Staff costs

2025
2024
£'000
£'000
Employees:
Wages and salaries 19,357
17,299
Social security costs 1,833
1,600
Pension costs 575
490
21,765
19,389
Other Staff expenditure:
Agency costs 1,484
2,665
Other staff costs 437
464
Total staff expenditure 23,686
22,518

44

6b. Redundancy and termination costs

2025 2024
£'000 £'000
Statutory redundancy payments 35 76
Payments in lieu of notice period 89 13
Compensation for loss of office 29 228
Totalpayments on termination included above 153 317

6c. Average number of staff employed and the full-time equivalent

Staff employed Staff employed
2025 2024
Number Number
Fundraising and trading activities 25 24
Adults’ Services 569 583
Children and Family Services 60 63
Support Services 55 61
709 731

6d. Earnings above £60,000

The number of employees who earned more than £60,000 during the year was:

2025
2024
Number
Number
£60,001 - £70,000 8
3
£70,001 - £80,000 4
4
£80,001 - £90,000 1
1
£90,001 - £100,000 3
2
£100,001 - £110,000 1
1
£110,001 - £120,000 1
1

Contributions made to the pension scheme for the eighteen (2024: twelve) employees who earned more than £60,000 amounted to £53,000 (2024: £42,000).

The trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a dayto-day basis.

Trustees received no remuneration and were not reimbursed any expenses in either year.

The total employee benefits of key management personnel of the group were £856,000 (2024: 890,000).

45

6e. Pension

Norwood operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the charity. Employer's contributions payable in respect of the year were £535,000 (2024: £411,000). At 31 March 2025 employer and employee pension contributions of £682,000 were outstanding. This arose due to an IT upgrade failure at the pension provider, a large, regulated insurance company. The charity has notified the pension regulator of the issue. The pension provider has undertaken to resolve the issues and ensure that employees are in no worse situation than would be the case had the contribution been transferred and allocated on the original due dates. The charity transferred the outstanding amounts to the pension provider after the year end.

7. Intangible fixed assets

Group Parent
Computer Computer
Software Software
Cost £'000 £'000
At 1 April 2024 2,965 27
Additions 115 -
At 31 March 2025 3,080 27
Depreciation
At 1 April 2024 2,786 26
Charge for theyear 90 1
At 31 March 2025 2,876 27
Net Book Values:
At 31 March 2025 204 -
At 31 March 2024 179 1

46

8a. Group tangible fixed assets

Fixtures,
Freehold Leasehold
Motor
Furniture &		 Assets under
properties properties
vehicles
Equipment		 construction Total
Cost £'000 £'000
£'000
£'000		 £'000 £'000
At 1 April 2024 33,166 1,545
542
10,863		 - 46,116
Additions 346 17
6
883		 250 1,502
At 31 March 2025 33,512 1,562
548
11,746		 250 47,618
Depreciation
At 1 April 2024 17,084 1,005
388
7,605		 - 26,082
Charge for the 814 101
39
562		 - 1,516
year
At 31 March 2025 17,898 1,106
427
8,167		 - 27,598
Net Book Values:
At 31 March 2025 15,614 456
121
3,579		 250 20,020
At 31 March 2024 16,082 540
154
3,258		 - 20,034

8b. Parent tangible fixed assets

Freehold
properties		 Leasehold
properties		 Motor
vehicles
Fixtures,
Furniture &
Equipment
Assets under
construction
Total
Cost
£'000		 £'000 £'000 £'000
£'000
£'000
At 1 April 2024
949
Additions
-		 506
-		 -
-		 349
-
1,804
-
-
-
At 31 March 2025
949		 506 - 349
-
1,804
Depreciation
At 1 April 2024
617
Charge for the year
8		 321
22		 -
-		 338
-
1,276
3
-
33
At 31 March 2025
625
Net Book Values:		 343 - 341
-
1,309
At 31 March 2025
324		 163 - 8
-
495
At 31 March 2024
332		 185 - 11
-
528

47

9a. Investments – managed investment portfolio

GROUP PARENT CHARITY
Market Value
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Market values at 1 April
14,169
15,730
12,593
14,285
Investment acquired in the year
2,288
-
2,288
-
Disposals in the year
(1,277)
(2,701)
(1,282)
(2,672)
Net investment (losses)/gains
(374)
1,140
(300)
980
Market value at 31 March
14,806
14,169
13,299
12,593
GROUP PARENT CHARITY
Historical Cost for comparison
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Historical cost at 31 March
13,618
13,995
11,933
12,419
Cumulative revaluation gains (investment
portfolio)
1,180
174
1,363
174
The proportions of non-property investments by market value invested by fund manager
were:
Sarasin and Partners
44%
38%
49%
43%
CCLA
56%
62%
51%
57%

The underlying investments may also be analysed as follows:

GROUP PARENT CHARITY
Investments by type
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Multi-asset investment funds
14,806
13,154
13,299
11,578
Cash
-
1,015
-
1,015
Market Value at 31 March
14,806
14,169
13,299
12,593

48

9b. Investments – directly managed properties

GROUP PARENT CHARITY
Market Value
2025
2024
2025
2024
£’000
£’000
£’000
£’000
Valuation at 1 April
10,401
9,970
890
-
Transfer from tangible fixed assets
-
245
-
-
Net investment (losses)/gains
(1,553)
186
(60)
-
Carryingvalues at 31 March
8,848
10,401
830
-
Cumulative revaluation gains (directly man-
aged properties)
3,460
5,013
60
-

The investment properties relate to the group’s long leasehold interests in 228 Walm Lane, London, NW2 and Kennedy Leigh Family Centre, Edgeworth Close, London, NW4 and freehold interest in the ground floor of the building at 80-82 The Broadway, Stanmore, HA7 leased to a third party. The freeholder for 228 Walm Lane is the London Borough of Brent and for the Kennedy Leigh Family Centre is the London Borough of Barnet that is subleased to a separate charity. Investment properties include the proportion of the Kennedy Leigh building, leased by the parent charity. Professional valuations were undertaken as at 31 March 2024 in accordance with RICS requirements, using desktop valuation methodology. These valuations were updated by management in 2024 on a desktop valuation basis.

9c. Investments gains and losses

GROUP PARENT CHARITY
Market Value
2025
2024
2025
2024
£’000
£’000
£’000
£’000
Net (losses)/gains on managed portfolio
(374)
1,140
(300)
1,009
Net gains on investment properties
(1,553)
186
(60)
-
Net(losses)/gains on investments
(1,927)
1,326
(360)
1,009

Including cumulative revaluation gains of £3.6m (2024: £5.2m)

49

10a. Interests in subsidiary undertakings

Company
Charity
Subsidiary Undertaking Activity / Status
Registration
Number
Registration
Number
Norwood Schools Limited Charitable activities
00516901
307992
Ownership and
The Hope Charity management of
03171884
1056674
investmentproperty
Norwood Ravenswood Services Limited
Dormant company
02260648
Not applicable
Sussex Tikvah Dormant
01699597
286802
Norwood Child Care Dormant
02291681
Not applicable
Ravenswood Foundation Dormant
02617972
Not applicable
The Parry Charitable Foundation Dormant
02790100
Not applicable
Dormant charity with
linked charities
Not applicable
312359
Norwood Home for Jewish Children

The parent company is Norwood Ravenswood. All subsidiary undertakings are 100% owned or controlled and incorporated in England. All are consolidated in the group accounts.

10b. Linked Charities

According to Section 12 of the Charities Act 2011, the following charities are linked to Norwood Home for Jewish Children for registration and accounting purposes. Norwood Ravenswood, the parent company, remains the sole trustee for these charities. There were no activities during the year or any fund balances in these charities. In line with section 21 of the Charity SORP FRS 102, names of the linked charities are disclosed below:

Norwood General Endowment Fund The Norwood Fund for Advancement of Religion Norwood Music Fund Mrs Behrend’s Library Endowment Norwood Educational Fund Norwood Fund for Advancement in Life Norwood Recreational Fund Doctor Henry Behrend’s Memorial Library

50

11. Debtors

11.
Debtors
GROUP PARENT CHARITY
2025
2024
2025
2024
£’000
£’000
£’000
£’000
Trade debtors (including Care commissioning
authorities
1,135
1,560
-
-
Accrued legacies andpledges
1,077
2,407
1,077
2,407
Other debtors
85
344
1
-
Prepayments
538
1,192
78
832
Accrued income
8
2
8
-
Total debtors
2,843
5,505
1,164
3,239

12a. Creditors: amount falling due within one year

GROUP PARENT CHARITY
2025
2024
2025
2024
£’000
£’000
£’000
£’000
Accruals and deferred income
1,717
1,903
104
294
Amount due to group undertakings
-
-
11,336
8,003
Bank loan repayable within one year
198
349
-
-
Other creditors
1,098
377
-
-
Other taxes and social security costs
415
623
-
-
Trade creditors
1,460
1,094
57
34
Total creditors due in less than one year
4,888
4,346
11,497
8,331

51

12b. Deferred income

12b.
Deferred income
GROUP PARENT CHARITY
2025
2024
2025
2024
£’000
£’000
£’000
£’000
Opening balance at 1 April 677
916
96
96
Amounts released in year (677)
(916)
(96)
-
497
677
121
-
Amounts deferred in year
Closing balance at 31 March 497
677
121
96

Deferred income relates to fee income and rent invoices raised at the year-end which pertain to future periods and money received in advance for participation in future events.

13. Creditors: amount falling due after one year

13.
Creditors: amount falling due after one		 year
GROUP PARENT CHARITY
2025
2024
2025
2024
£’000
£’000
£’000
£’000
Bank loan repayable within two to five years
1,422
1,438
-
-
Bank loan repayable after fiveyears
1,298
1,517
-
-
2,720
2,955
-
-
Rental Deposit
40
40
-
-
Total creditors due in more than one year
2,760
2,995
-
-

Bank loan: In October 2007 Norwood purchased Broadway House in Stanmore with a 25year loan taken with RBS for 80% of purchase price, £6.68m. The bank loan is secured by a charge over Broadway House, Stanmore, HA7 and is repayable in 240 monthly instalments from November 2012. The final payment will be in October 2032.

52

14a. Group restricted funds

Note
1 April
2024
Incoming
resources
Outgoing
resources
Transfers
31 March
2025		 Note
1 April
2024
Incoming
resources
Outgoing
resources
Transfers
31 March
2025
£’000
£’000
£’000
£’000
£’000
JCoSS PSRP Fund
Somers Court & Residential
Fund
Somers Court (ex Daniel Ct.)
Supported Living Properties
Fund:
11 Highview Gardens
Holmbury Avenue
Greenwood Road
Phyllis Somers Capital &
Service Fund
Assistive Technology Fund
Lyonsdown Road Rear Garden
Rochelle & Alan Bernard Fund
Capital Projects
Binoh SEND Fund
Lyonsdown minibus
operational costs
Transformational Change
Management
Autism Services
Other funds valued under £20k		 i
417
(275)
-
142
ii
160
(24)
-
136
308
-
308
iii
29
(14)
-
15
588
(14)
-
574
303
7
-
310
157
(4)
-
153
iv
2,466
-
2,466
v
242
7
(37)
-
212
vi
29
(4)
-
25
vii
59
-
59
viii
593
125
(718)
-
-
ix
31
(18)
-
13
x
29
15
(15)
-
29
xi
40
120
(40)
-
120
xii
23
(23)
-
-

79
258
(127)
-
210
5,553
525
(1,306)
-
4,772

14b. Group endowment funds

1 April 2024
Incoming
resources
Outgoing
resources
Transfers
Investment
gains and
losses
31 March
2025
£’000
£’000
£’000
£’000
£’000
£’000

451
-
-
-
(8)
443
269
-
-
-
(5)
264
1,262
-
-
-
(23)
1,239
1,982
-
-
-
(36)
1,946
Ernst & Dola Fischer fund
Endowment fund for
Jewish Children
Somers fund

53

14c. Group unrestricted funds

1 April
2024
Incoming
resources
Outgoing
resources
Transfers
Investment
gains and
losses
31 March
2025
£’000
£’000
£’000
£’000
£’000
£’000
General funds 38,595
33,862 (32,370)
-
(1,891)
38,196
Total funds 46,130
34,387
(33,676)
-
(1,927)
44,914

14d. Parent Charity Funds

Notes 1 April
2024
Incoming
resources
Outgoing
resources
Transfer
between
funds
Investment
gains and
losses
31 March
2025
£’000
£’000
£’000
£’000
£’000
£’000
Unrestricted Fund:
General fund
Endowment funds:
Ernst & Dola
Fischer fund
xiii
Endowment fund
for Jewish
Children
xiv
Somers fund
xv
Restricted Funds:
Other funds
valued
under £20k
8,890
8,999
(10,142)
-
(64)
7,683
8,890
8,999
(10,142)
-
(64)
7,683
451
-
-
-
(8)
443
269
-
-
-
(5)
264
1,262
-
-
-
(23)
1,239
1,982
-
-
-
(36)
1,946
11
-
-
-
-
11
11
-
-
-
-
11
Total 10,883
8,999
(10,142)
-
(100)
9,640

54

Restricted funds

15. Contingent Liability

A contribution of £250,000 in respect of the registered care home at 1 Woodcock Dell Avenue in Harrow, is repayable to the Secretary of State for Health should the property cease to be used as a residential care home.

55

16. Analysis of net assets between funds

Group Unrestricted
Fund		 Designated
Fund		 Endowment
Funds		 Restricted
Fund

Total
Fund
£'000 £'000 £'000 £'000
£'000
2025
Tangible and intangible fixed
assets 18,728 - - 1,496
20,224
Investments 21,697 - 1,946 11
23,654
Net current assets 531 - - 3,265
3,796
Liabilitydue after oneyear (2,760) - - -
(2,760)
Total net assets 38,196 - 1,946 4,772
44,914
2024
Tangible and intangible
fixed assets 18,669
-		 - 1,545
20,214
Investments 22,524
-		 1,982 64
24,570
Net current assets 397
-		 - 3,944
4,341
Liabilitydue after oneyear (2,995) - -
(2,995)
Total net assets 38,595
-		 1,982 5,553
46,130
Parent Charity Unrestricted
Fund

Designated
Fund		 Endowment
Funds		 Restricted
Fund		 Total
Fund
£'000
£'000		 £'000 £'000 £'000
2025
Tangible and intangible fixed
assets 495
-		 - - 495
Investments 12,172
-		 1,946 11 14,129
Net current liabilities (4,984)
-		 - - (4,984)
Total net assets 7,683
-		 1,946 11 9,640
2024
Tangible and intangible fixed
assets 1,193
-		 - - 1,193
Investments 11,614
-		 1,982 11 13,607
Net current liabilities (3,917)
-		 - - (3,917)
Total net assets 8,890
-		 1,982 11 10,883

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17. Commitments under operating leases

The future minimum payments under non-cancellable operating leases are:

Leased Leased
Properties Other
2025		 Total
2025

Properties		 Other
2024		 Total
2024
2025 2024
£'000 £'000 £'000
£'000		 £'000 £'000
Within one year 247 113 360
240		 116 356
Between one and five years 987 186 1,173
961		 320 1,281
Over five years 2,660 - 2,660 2,536 - 2,536
3,894 299 4,193
3,737		 436 4,173

The future minimum payments receivable under non-cancellable operating leases are:

Leased
Leased
Properties
Properties
2025
2024
£'000
£'000
Within one year 667
667
Between one and five years 2,677
2,677
Over five years 12,148
12,306
15,492
15,650

18. Analysis of changes in net debt

18.
Analysis of changes in net debt
GROUP
1 April
2024
Cash flows
Other
changes
31 March
2025
£'000
£'000
£'000
£'000
Cash
3,183
2,658
-
5,841
Loans falling due within one year
(349)
(386)
(235)
(970)
Loans falling due after more than one year
(2,955)
-
235
(2,720)
(121)
2,272
-
2,151

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19. Notes to the cash flow statement

2025 2024
£'000 £'000
Reconciliation of net income /
(expenditure) to Net Cash (used in) /
provided by operating activities:
Net (expenditure)/income (1,216) 3,227
Depreciation 1,606 1,601
(Gains)/losses on disposal of fixed
assets - (354)
(Gains)/losses on revaluations of
assets 1,927 (1,326)
Decrease/(increase) in debtors 2,662 (3,359)
Increase/(decrease) in creditors falling
due within one year excluding bank loan
692		 (439)
Decrease in creditors falling due after
more than one year excluding bank loan - (10)
Investment income (1,319) (1,152)
Loan interest & other interest payable 188 211
Net Cash provided by/(used in)
operating activities 4,540 (1,601)

Movement in cash funds

Notes
2025
2024
£'000
£'000
Opening cash and cash equivalents 3,183
1,784
Cash at bank and in hand as at 31 March 5,841
3,183
Movement in cash funds 18
2,658
1,399

58

20. Related parties

Donations received from related parties totalled £66,000 (2024: £296,000).

Group companies:

In the year, there were related party transactions between the parent charity and a member of the group. Norwood Ravenswood provided income of £8,033k (2024: £5,300k) to Norwood Schools Limited. Norwood Schools Limited incurred expenditure of £1,265k (2024: £3,725k) on behalf of Norwood Ravenswood. At the year-end Norwood Ravenswood owed £11,317k (2024: £7,947k) to Norwood Schools Limited.

Key management personnel compensation:

Compensation paid to key management personnel is disclosed in Note 6.

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21. Comparative Statement of Financial Activities

Discontinued Discontinued
Continuing Operations Operations
Unrestricted
Endowment		 Restricted Total Total
Funds
2024

Funds
2024		 Funds
2024		 Funds
2024		 Unrestricted
Funds
2024		 Funds
2024		 Total
2024		 Total
2023
£'000
£'000		 £'000 £'000 £'000 £'000 £'000 £'000
Income from:
Donations and legacies 8,980
-		 725 9,705 - - 9,705 7,577
Charitable activities 23,022
-		 - 23,022 - - 23,022 18,573
Trading activities -
-		 - - 168 168 168 231
Investments 1,152
-		 - 1,152 - - 1,152 918
Other Income
Profit on disposal of
property -
-		 - - - - -
Total income 33,154
-		 725 33,879 168 168 34,047 27,299
Expenditure on:
Raising voluntary
income and marketing 3,187
-		 - 3,187 - - 3,187 2,965
Charitable activities 27,684
-		 1,081 28,765 - - 28,765 28,026
Trading activities -
-		 - - 92 92 92 213
Investments 7
-		 - 7 - - 7 13
Other 95
-		 - 95 - - 95 98
Total cost 30,973
-		 1,081 32,054 92 92 32,146 31,315
Operating
(deficit)/surplus 2,181
-		 (356) 1,825 76 76 1,901 (4,016)
Net (losses)/gains on
investments 1,046
94		 - 1,140 - - 1,140 (837)
Net
(expenditure)/income 3,227
94		 (356) 2,965 76 76 3,041 (4,853)
Transfers between funds
132
-		 (132) - - - -
Other recognised gains
and losses -
-		 - - -- - - -
Net (losses)/gains on
financial instrument -
-		 - - - - - (5)
Net (losses)/gains on
revaluation of fixed
assets 186
-		 - 186 - - 186 (580)
Net movement in funds 3,545
94		 (488) 3,151 76 76 3,227 (5,438)
Reconciliation of funds:
Total funds brought
forward 34,787 1,888 6,040 42,715 187 187 42,902 48,340
Total funds carried
forward 38,332
1,982		 5,552 45,866 263 263 46,129 42,902

60