Company No: 03436993 Charity No: 1065817
OCTAVIA FOUNDATION
Annual Report and Financial Statements
Year Ended 31 March 2025
OCTAVIA FOUNDATION
CONTENTS
GENERAL INFORMATION .............................................................................................................................. 1 TRUSTEES’ ANNUAL REPORT ......................................................................................................................... 2 Board of Trustees ..................................................................................................................................... 2 Objectives and Activities ........................................................................................................................... 2 Financial performance in 2024/25 ............................................................................................................ 5 Governance .............................................................................................................................................. 5 Trustees’ Indemnities ............................................................................................................................... 5 Connected undertakings ........................................................................................................................... 6 Reserves policy ......................................................................................................................................... 6 Investment policy ..................................................................................................................................... 6 Pay policy for senior staff.......................................................................................................................... 6 Risk management ..................................................................................................................................... 6 Post Balance Sheet Events ........................................................................................................................ 6 Our future plans ....................................................................................................................................... 7 Going concern .......................................................................................................................................... 7 Disclosure of Information to Auditor......................................................................................................... 7 External Auditor ....................................................................................................................................... 7 Approval of the Trustees .......................................................................................................................... 7 STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT AND THE FINANCIAL STATEMENTS............................................................................................................................... 8 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES of OCTAVIA FOUNDATION ......................................... 9 STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) ...................... 13 STATEMENT OF FINANCIAL POSITION ......................................................................................................... 14 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ........................................ 15
OCTAVIA FOUNDATION
GENERAL INFORMATION
TRUSTEES
Hugh Thornbery resigned 18 December 2024 and appointed 2 January 2025 Ralph Facey appointed 18 December 2024 Lou Taylor appointed 18 December 2024 Margaret Porteus appointed 18 December 2024 Paul Randle Ahmed Saleh Cerys Shepherd resigned 27 November 2025 Sheila Fitzsimons resigned 18 December 2024
COMPANY SECRETARY
Adam Barrett Sarah Pearson Gemma Burton-Connolly
resigned 17 December 2024 appointed 18 December 2024 and resigned 10 February 2025 appointed 10 February 2025
REGISTERED OFFICE
Emily House 202-208 Kensal Road London W10 5BN
BANKERS
HSBC Notting Hill Gate Branch 25 Notting Hill Gate London W11 3JJ
AUDITOR
BDO LLP 2 City Place Beehive Ring Road Gatwick West Sussex RH6 0PA
1
OCTAVIA FOUNDATION
TRUSTEES’ ANNUAL REPORT
The Trustees, who act as directors for the purposes of company law, present their annual report and financial statements of Octavia Foundation (‘the Foundation’) for the year ended 31 March 2025. The Trustees’ Report includes the Strategic Report and the Director’s Report.
Board of Trustees
The Trustees of the Foundation who served during the year and up to the date of signing are listed on page 1 and their remuneration is disclosed in note 5.
Objectives and Activities
Our community projects tackle inequality by empowering people to live well and connect.
The Foundation was established in 2005 by Octavia, as a charitable arm, to allow us to raise much needed funds to continue and to develop our founder Octavia Hill's vision for individuals and communities in London, and to allow us to sustain, and extend, the reach of our community investment activities.
Our unique offer puts communities first, harnessing the skills and commitment of our colleagues, volunteers, partners and stakeholders to build and sustain thriving and diverse communities that enrich the lives of everyone who lives in them. The people we support are frequently at risk of isolation; of having low levels of resilience, confidence and aspirations and have few accessible, inclusive opportunities to develop their skills further.
At the Foundation we tackle inequality by creating opportunities and connection through employment and training advice; outreach, befriending, and activities for older people; creative youth activities; volunteering and building financial resilience to help people through the ongoing financial crisis and beyond.
This work is delivered by an in-house team of staff, employed by Octavia Housing, with fundraising for these activities coming from a blend of commissioned income, direct investment from Octavia Housing as part of a commitment to supporting Octavia residents, and fundraised income which allows us to widen the reach of our activities. The Octavia Foundation exists to raise much needed funds towards these activities and to allow us to extend support beyond those living in Octavia homes.
We also continue to support young people through our Better Lives Community Fund, which this year funded the important work of 15 local organisations that reached 1,401 young people.
Our Communities' teams and trustees continued to deliver and fund projects that reached 3,585 people overall in 2024/25. 23% of all the people in our community who we supported this year were Octavia residents (833).
However, our work is about far more than the numbers: it’s about supporting sustainable, long-term impact within our community. We support projects and organisations to build capacity within individuals, supporting them to feel more confident and less lonely, improving their wellbeing and financial resilience, and empowering them to achieve the outcomes that they want.
It is essential to recognise that we don’t do this in isolation. Helping us to help others is a diverse, talented, dedicated community of volunteers, residents, colleagues, partners and stakeholders. All of us share a common goal to build and sustain thriving communities in the London boroughs where we work. We are hugely grateful to all those who make continuing with our community projects possible, year after year.
Given the ever-changing environment we currently work in, we will be reviewing our future direction to ensure we can continue reach a diverse range of people in need.
2
OCTAVIA FOUNDATION
TRUSTEES’ ANNUAL REPORT (continued)
Objectives and Activities (continued)
Public benefit
While developing and aligning our objectives and action plan for the year, the Trustees have taken into consideration the Charity Commission’s public benefit requirements and guidance and are satisfied that the aims and objectives of Octavia Foundation fall within its charitable objectives, some of which are highlighted below, and are delivered for the public benefit.
Significant activities contributing to the achievement of our objectives
The following themes classify the variety of activities that we actively engage in to further our charitable objectives and purposes for public benefit. A breakdown of the income and expenditure is included within notes 3 and 4 on pages 17 to 18.
Financial Resilience
Many Octavia residents continue to be affected by the rising costs of living and economic instability. With the support of generous funding from Friends of Octavia and Campden Charities, the Foundation has provided 80 small grants (amounting to over £46,000 in value) to Octavia residents in need of essential household items. We also distributed 10 grants to local individuals (3 of them Octavia residents) in need of items for training, educational and employability, thanks to support from John Lewis Partnership, Friends of Octavia and Campden Charities.
We have continued to refer residents in need to local food banks across London alongside pre-paid food shopping and energy vouchers; 262 emergency food referrals and 177 energy vouchers were provided across the year, totalling a value of over £9,000 in direct support to residents. Of these, 27 referrals for more in-depth energy assistance (covering equipment, home improvements, and debt advice) were made via trusted organisations such as Green Doctor and SHINE. 23 residents were supported in clearing substantial energy bill debts, with almost £14,000 in total debt relief achieved with the generosity of our supportive partners.
In total, our financial resilience service (food, energy, grants and money advice) worked with 206 residents. 69 of these were assisted with money advice focused on benefits, debt and via a project delivering financial education to residents within Kensington and Chelsea (Money Wise). This support enabled these residents to be over £372,000 better off via unlocking unclaimed benefits.
Older and isolated people
We have supported a wide range of activities that have supported older, isolated and vulnerable residents and those living in the local community. These include:
-
The outreach, befriending and activities service helped 1,891 older and isolated people in Westminster and Kensington and Chelsea;
-
The gardening and handyperson service helped 251 older and/or disabled Octavia residents to maintain and improve their gardens and carry out small repairs/improvements to their homes; and
-
93% of the older people we support are disabled and 34% are from Global Majority backgrounds.
3
OCTAVIA FOUNDATION
TRUSTEES’ ANNUAL REPORT (continued)
Objectives and Activities (continued)
Young people and children
The services we commission through Octavia Housing supports young people to connect and develop themselves through creative mediums that include filmmaking, animation, music, game production, performance, photography, art, graphic design and curiosity-inducing trips. In partnership with specialists and professional experts, the youth team continues to deliver a popular and inspiring programme that is inclusive, relevant and aims to build skills and trust.
In 2024/25, the youth team enabled 397 young people to be connected, creatively engaged and supported to grow through a mixture of after school and school holiday activities and creative skills development projects. These young people attended our regular weekly and school holiday activities based at the Reed Centre in North Kensington. The sessions were all free to those attending, with most sessions including a free healthy hot meal. Of those young people who shared with us their ethnicity, 80% are from Global Majority backgrounds.
For young people with mild to moderate learning disabilities, Access Digi-Base is our creative media project where young people can explore animation, filmmaking, music production, digital arts, gaming and much more.
The commissions we gained for film work this year via our award-winning youth-led production company, Base Productions™, included partnerships with: UD Music, The Childhood Trust, Young Kensington & Chelsea, Movember, Violet Melchett Wellbeing Hub, Youth Action Alliance, Maida Vale School and Wac Arts. There were screenings of young people’s work at London Screen Academy and a variety of film festivals. We also placed a greater focus on supporting young people into further education and employment in the creative arts industry, with many young people going into further education or paid work.
Employment and Training
The Employability service has supported 148 people with information, advice, guidance, volunteering opportunities and support to develop their own businesses during 2024/25, with 36 of these individuals (including 6 Octavia residents) being helped into paid work or in-work progression into better paid roles.
The employability projects continues to be registered as a Gold Standard organisation as part of RBKC’s ‘Pathways to Work Charter’ and have worked closely with a variety of local organisations including Campden Charities and Westminster council, to ensure that we maximise the support we deliver.
Volunteering
During the year, 692 volunteers provided their time and skills to support the projects we commissioned, particularly those impacting older, isolated people through our befriending and outreach services and raising valuable funds via our shops. Many volunteers accessed opportunities with us through our corporate partnerships. They supported older people through one-to-one befriending, activities at our extra care schemes and at our annual Christmas party bringing older people together. 8% of all our volunteers’ self-report living with a disability; 10% are proud to share with us that they are part of the LGBTQIA+ community; and 49% of all volunteers are from Global Majority backgrounds.
4
OCTAVIA FOUNDATION
TRUSTEES’ ANNUAL REPORT (continued)
Objectives and Activities (continued)
Fundraising
The Trustees, alongside our Fundraising team, have continued to fundraise for our existing work and our planned expansion of activities to meet growing needs. This has included fundraising from trusts and foundations, companies and individuals. The changing economic climate, such as the war in Ukraine and the cost-of-living crisis, have had an impact on our fundraising capacity due to increasing competition for funds and will continue to do so during 2025/26. However, trustees continue to respond and adapt their approach to meet the needs of our local community through our projects, including through innovative income streams such as commercial commissioned work from our youth led production company Base Productions.
Financial performance in 2024/25
The Foundation reported income of £171k, predominantly from donations, and expenditure of £290k; including the change in value of investments, overall, a deficit of £149k has been recorded for the year. The deficit has reduced in the year despite similar levels of income as donations in the prior year related to income collected in preceding periods.
At the reporting date, the Foundation held £390k of cash but also owed a total of £668k to Octavia Housing leading to net current liabilities of £281k. Funds held within investments have been divested prior to the signing of these accounts to ensure the Foundation can settle its obligations as they fall due.
Total reserves at the year-end were £430k, £424k of which were held in restricted funds.
Governance
Octavia Foundation is a registered charity, incorporated as a company limited by guarantee operating under a Memorandum and Articles of Association. The Foundation is registered with the fundraising regulator and adheres to their fundraising promise to make sure that our fundraising is legal, honest, open and respectful.
Octavia Housing is the sole member of the Foundation and under the Articles, has the power to both remove and appoint Trustees to ensure the Foundation is led by Trustees with appropriate experience and skills.
The Trustees meet four times a year and are responsible for the overall strategy and policy of the Foundation. They monitor the activities of the Foundation ensuring that these fall within its charitable objectives and are delivered for the public benefit.
Day-to-day management of operations is led by the Assistant Director (Customer and Communities) alongside the Head of Communities, Fundraising and Financial Resilience and specific activities and projects are delivered by paid staff and supported by volunteers.
Trustees’ Indemnities
Professional cover exists for all Trustees to provide appropriate cover, indemnifying them against liability when acting for the Foundation. The indemnities were in force during the 2024/25 financial year and remain in place for all current and past Trustees.
5
OCTAVIA FOUNDATION
TRUSTEES’ ANNUAL REPORT (continued)
Connected undertakings
The Foundation is a subsidiary of Octavia Housing, a Co-operative and Community Benefit Society and Registered Provider of Social Housing, and an exempt charity. On 18 December 2024, the Foundation became a member of the Abri Group when Octavia Housing became a subsidiary of Abri Group Limited.
Reserves policy
It is the policy of the Foundation to maintain unrestricted funds at a sufficient level to cover management and administration costs for at least six months. The Trustees recognise that reserves at the end of the year are not in line with the reserves policy. Investments have been divested after the year end to remove exposure to market risk and it is the intention of Trustees to operate in the coming year such that reserves are increased to be in line with policy.
Investment policy
The Foundation has an investment portfolio, with an objective to achieve capital growth, which over the long term will maintain the real value of the assets, and additionally to generate a reasonable level of income to be utilised on projects which further the objects of the Foundation.
Investment funds are managed by CCLA and the funds are invested in the COIF Charities Investment Fund.
A summary of its objectives are:
-
To provide as part of this return a reliable income stream that maintains its real value over time.
-
Control volatility to 75% of the UK equity market.
The fund is managed in a way that aligns with our values, considering environmental, social and governance (ESG) factors in the listed equity investment process.
In September 2025, £0.6m of funds held with the COIF were divested in order to settle amounts owed to Group undertakings.
Pay policy for senior staff
The Assistant Director (Customer and Communities) is the key management personnel of the Foundation in charge of directing and controlling, running and operating the Foundation on a day-to-day basis. Details of the key management personnel remuneration and expenses are disclosed in note 6 to the accounts.
The pay of senior staff is reviewed annually by the Group’s internal processes, which inform the cost of staff the Foundation utilises to run its operations.
Risk management
Senior management engage with the Trustees to identify the key risks facing the charity which are included in the Octavia Group’s risk map and reviewed by its Audit and Risk committee.
Post Balance Sheet Events
In September 2025, £0.6m of funds held with the COIF were divested in order to settle intercompany balances owed to Group undertakings, returning the Statement of Financial Position to a net current assets position in the process.
6
OCTAVIA FOUNDATION
TRUSTEES’ ANNUAL REPORT (continued)
Our future plans
We will continue to work with our diverse range of community partners to bring together services and offers for residents and people in the community where these can be sustained. Whilst we have developed our capacity to fundraise, the fundraising environment continues to grow evermore challenging against a wider backdrop of economic instability.
We will continue to look at ways to raise funds to sustain projects that really impact the local communities in which we work and will set out a clear communities’ strategy informed by being a part of the Abri Group moving forwards.
Going concern
The activities of the Foundation are dictated by the level of income it generates, primarily from donations. If income generation falls, the level of donations and grants it can make reduces accordingly, with retained Funds available to be spent in any given year. The Foundation has no direct employees but can utilise staff employed by Octavia Housing in a flexible manner, and has a small exposure to fixed overheads. The Foundation is in receipt of a Letter of Support from its ultimate parent to cover the costs of raising funds in circumstances where donated income fails to do so.
The Trustees therefore have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. In forming this opinion, the Trustees have had regard to the risks identified, to the controls in place as set out in the Trustees report and to the level of unrestricted reserves, which are sufficient to comply with the Reserves Policy.
Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
Disclosure of Information to Auditor
The Trustees who held office at the date of approval of this Trustees’ report confirm that, so far as they are each aware, there is no relevant audit information of which the Foundation’s auditors are unaware; and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the Foundation’s auditors are aware of that information.
External Auditor
BDO LLP has indicated their willingness to continue in office as auditor to the Abri Group, and a resolution to appoint them will be proposed at the forthcoming annual general meeting.
Approval of the Trustees
The Trustees’ Annual Report was approved by the Trustees on 1 December 2025 and signed on its behalf by:
Ralph Facey Trustee
7
OCTAVIA FOUNDATION
STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT AND THE FINANCIAL STATEMENTS
The Trustees are responsible for preparing the Trustees' Annual 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 they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).
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 of the excess of expenditure over income for that period.
In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue its activities.
The Trustees are responsible for keeping proper 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 charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.
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 UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
8
OCTAVIA FOUNDATION
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF OCTAVIA FOUNDATION
Opinion on the financial statements
In our opinion, the financial statements:
-
Give a true and fair view of the state of the Charitable Company’s affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;
-
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
Have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Octavia Foundation (“the Charitable Company”) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position 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).
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Charitable Company in accordance with the ethical requirements 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.
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 Charitable Company'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.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
9
OCTAVIA FOUNDATION
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OCTAVIA FOUNDATION (CONTINUED)
Other information (continued)
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 themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
-
The information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
The Strategic report and the Directors’ Report, which are included in the Trustees’ Report, have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
Adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
The financial statements are not in agreement with the accounting records and returns; or
-
Certain disclosures of Directors’ remuneration specified by law are not made; or
-
We have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Auditor’s responsibilities for the audit of the financial statements (continued)
10
OCTAVIA FOUNDATION
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OCTAVIA FOUNDATION (CONTINUED)
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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
Non-compliance with laws and regulations
Based on:
-
Our understanding of the Charitable Company and the sector in which it operates;
-
Discussion with management and those charged with governance; and
-
Obtaining and understanding of the Charitable Company’s policies and procedures regarding compliance with laws and regulations
We considered the significant laws and regulations to be UK GAAP, the Companies Act 2006 and UK tax legislation.
The Charitable Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation etc.
Our procedures in respect of the above included:
-
Review of minutes of meeting of those charged with governance for any instances of noncompliance with laws and regulations;
-
Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations;
-
Review of financial statement disclosures and agreeing to supporting documentation;
-
Review of legal expenditure accounts to understand the nature of expenditure incurred.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
-
Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
-
Obtaining an understanding of the Charitable Company’s policies and procedures relating to:
oDetecting and responding to the risks of fraud; and -
Internal controls established to mitigate risks related to fraud.
-
Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
-
Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
11
OCTAVIA FOUNDATION
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OCTAVIA FOUNDATION (CONTINUED)
Auditor’s responsibilities for the audit of the financial statements (continued)
Fraud (continued)
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and recognition of revenue.
Our procedures in respect of the above included:
-
Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; and
-
Testing a sample of recorded revenue amounts by agreeing to supporting documentation.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:
https://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.
[Willock] |[Paula] DocuSigned by:
Paula Willock (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor London, United Kingdom
02 December 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127)
12
OCTAVIA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) Year ended 31 March 2025
| Note Income from: Donations 3 Investments Total income Expenditure on: Raising funds Charitable activities 4 Investment management costs 7 Total expenditure Net expenditure before and after tax Net (loss)/gain on investments 7 Net expenditure Reconciliation of funds: Total funds brought forward Total funds carried forward |
2025 2025 2025 2024 Restricted Unrestricted Total Total £ £ £ £ 88,521 61,765 150,286 155,935 - 20,279 20,279 19,928 |
|---|---|
| 88,521 82,044 170,565 175,863 |
|
| - (111,925) (111,925) (118,768) (93,039) (79,809) (172,848) (345,132) - (4,987) (4,987) (5,443) |
|
| (93,039) (196,721) (289,760) (469,343) |
|
| (4,518) (114,677) (119,195) (293,480) |
|
| - (29,755) (29,755) 67,335 |
|
| (4,518) (144,432) (148,950) (226,145) |
|
| 428,466 150,169 578,635 804,780 |
|
| 423,948 5,737 429,685 578,635 |
All activities derive from continuing operations.
The notes on pages 15 to 21 form part of these financial statements.
13
OCTAVIA FOUNDATION
STATEMENT OF FINANCIAL POSITION As at 31 March 2025
| Note | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Investments | 7 | 710,897 | 745,639 |
| 710,897 | 745,639 | ||
| Current assets | |||
| Receivables | 8 | 29,490 | 13,155 |
| Cash at bank and in hand | 389,572 | 239,700 | |
| 419,062 | 252,855 | ||
| Payables: amounts falling due within one year | 9 | (700,274) | (419,859) |
| Net current liabilities | (281,212) | (167,004) | |
| Net assets | 429,685 | 578,635 | |
| Restricted funds | 10 | 423,948 | 428,466 |
| Unrestricted funds | 10 | 5,737 | 150,169 |
| Total Funds | 429,685 | 578,635 |
The notes on pages 15 to 21 form part of these financial statements.
The financial statements of Octavia Foundation, registered number 03436993 on pages 13 to 21 were approved by the Board of Trustees and authorised for issue on 1 December 2025 and signed on its behalf by:
Ralph Facey
Trustee
14
OCTAVIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. LEGAL STATUS
The Foundation is a private charity limited by guarantee in England, incorporated in the United Kingdom under the Companies Act 2006. The registered office is shown on page 1.
2. ACCOUNTING POLICIES
Basis of Preparation
The financial statements are prepared on a going concern basis in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP (FRS 102)), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Octavia Foundation meets the definition of a public benefit entity under FRS 102.
Going Concern
The activities of the Foundation are dictated by the level of income it generates, primarily from donations. If income generation falls, the level of donations and grants it can make reduces accordingly, with retained Funds available to be spent in any given year. The Foundation has no direct employees but can utilise staff employed by Octavia Housing in a flexible manner, and has a small exposure to fixed overheads. The Foundation is in receipt of a Letter of Support from its ultimate parent to cover the costs of raising funds in circumstances where donated income fails to do so.
The Trustees therefore have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. In forming this opinion, the Trustees have had regard to the risks identified, to the controls in place as set out in the Trustees report and to the level of unrestricted reserves, which are sufficient to comply with the Reserves Policy.
Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
Disclosure Exemptions
In preparing the financial statements of the Foundation, advantage has been taken of the disclosure exemption under FRS 102 paragraph 1.12(b) in not preparing a Statement of Cash Flows on the basis that this is included in the consolidated financial statements.
The Foundation has also taken advantage of the exemption contained in FRS 102 paragraph 33.1A not to disclose transactions or balances with entities which are wholly owned by the Group.
Incoming resources
Incoming resources consist of government grants, other grants, donations and investment income. Where there is no contractual obligation on the part of a donor or grant awarding organisation incoming resources are accounted for in the period in which the funds are received. Where there is a contractual obligation they are accounted for on an accrual basis over the financial year to which the funds relate.
Investment income consists of dividends on listed investments and interest receivable on bank deposits and is recognised on the date they fall due. Legacy income is accounted for on the earlier of cash receipt or notification of estate accounts being finalised.
15
OCTAVIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
2. ACCOUNTING POLICIES (continued)
Donated services and facilities
The estimated value of services and facilities provided free of charge to the Foundation by Octavia Housing is included in the Statement of Financial Activities as an amount of incoming resource and as an equivalent amount of resources expended. This amount represents an estimate of the costs incurred by Octavia Housing in providing the services and facilities donated to the Foundation.
Resources expended
Expenditure is included on an accruals basis.
Raising funds
Raising funds are the costs associated withing raising funds towards the social and community services Octavia provides and includes the employee costs and other costs associated with administering the Foundation and running the annual fundraising campaign and initiatives.
Charitable activities
Charitable activities are the costs to support children, young people and vulnerable older people through the range of social and community services. The majority of costs comprises employee costs and other costs associated with running these services.
Fixed assets - investment
Listed investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is recognised in the Statement of Financial Activities.
Receivables and Payables
Receivables and payables with no stated interest rate, and receivable and payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Comprehensive Income within operating income and expense.
Financial Instruments
The Foundation’s cash at bank and in hand and trade and other debtors and its trade and other creditors are measured initially at the transaction price, including transaction costs. Debt instruments that are payable or receivable greater than one year are measured as the undiscounted amount of cash or other consideration expected to be paid or received.
Restricted funds
Grants received from outside donors to fund specific projects together with expenditure not exceeding the grant received are included in restricted income and expenditure.
Unrestricted funds
These comprise funds that the Trustees are free to use in accordance with the charitable objects of the Foundation.
16
OCTAVIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
2. ACCOUNTING POLICIES (continued)
Key Judgements and estimates
Apportionment of costs between activities
Support costs consisting of staff and direct costs have been allocated to the Foundation’s charitable activities based on the expenditure incurred by the activity. Staff costs are allocated based on time spent by the employees on the projects whereas costs specifically incurred by the projects are charged directly.
3. INCOME
| Friends of Octavia Other Grants and donations over £1,000 Childhood Trust Other Grants and donations under £1,000 Young Kensington and Chelsea Foundation Abri Group John Lyons's Charity Westfield SMS Royal Borough of Kensington and Chelsea Westminster City Council The Campden Charities RGA Donated services from Octavia Housing Rausing Trust Rebel Business School Aviva Community Fund UD Music Foundation The Reading Agency Smiths Group Curtis Brown Lives Not Knives Banijay McDowalls |
Restricted Unrestricted Total Total 2025 2025 2025 2024 £ £ £ £ 37,500 - 37,500 29,466 19,028 10,210 29,238 10,704 - 22,043 22,043 - 3,337 13,712 17,049 16,113 15,000 800 15,800 22,281 - 10,000 10,000 - 5,000 - 5,000 4,000 - 5,000 5,000 - 3,856 - 3,856 12,765 1,800 - 1,800 1,120 1,500 - 1,500 3,000 1,500 - 1,500 1,000 - - - 12,536 - - - 10,000 - - - 8,750 - - - 7,550 - - - 5,950 - - - 3,000 - - - 2,000 - - - 2,000 - - - 1,500 - - - 1,200 - - - 1,000 |
|---|---|
| 88,521 61,765 150,286 155,935 |
17
OCTAVIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
4. CHARITABLE ACTIVITY EXPENDITURE
| Older peoples’ activities Young peoples’ activities Foundation running costs Financial inclusion Community Grants |
Activity Costs Support Costs Total Total 2025 2025 2025 2024 £ £ £ £ 26,053 21,250 47,303 32,714 55,474 14,655 70,129 103,573 - - - 4,377 54,998 418 55,416 86,867 - - - 117,601 |
|---|---|
| 136,525 36,323 172,848 345,132 |
The total support costs are calculated using varying methods of allocation:
| Support cost By reference to Governance Staff time Office Costs Floor area General Expenses Usage Bank Charges |
Charge Charge 2025 2024 £ £ 21,250 33,309 14,655 14,153 - 6,366 418 476 |
|---|---|
| 36,323 54,304 |
The table below sets out how support costs have been apportioned to the various charitable activities:
| Governance Office costs General expenses Bank Charges |
Older peoples activities Young people activities Foundation running costs Financial Inclusion Community Grants Total £ £ £ £ £ £ 2,915 7,848 - 10,487 - 21,250 2,011 5,412 - 7,232 - 14,655 - - - - - - 56 155 - 207 - 418 |
|---|---|
| 4,982 13,415 - 17,926 - 36,323 |
Governance costs include audit fees of £12,500 (2024: £12,500) and an allocation of staff time of £10,444 (2024: £23,206).
5. TRUSTEES’ EMOLUMENTS
Trustees are remunerated by Abri Group Limited or Octavia Housing and received remuneration of £nil in total from the Foundation (2024: £nil). No expenses were paid to the Trustees (2024: £nil).
18
OCTAVIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
6. STAFF COSTS
Octavia Foundation does not directly employ any staff but instead makes use of the employees of Octavia Housing who it then re-imburses at cost.
During the year, the Foundation made use of three (2024: four) full time equivalent staff, with costs incurred set out below:
| Wages and salaries Social security costs Other pensions costs |
2025 2024 £ £ 135,036 150,523 14,136 16,025 11,681 12,262 |
|---|---|
| 160,853 178,810 |
No employees received employee benefits (excluding employer pension costs) of more than £60,000.
7. INVESTMENTS
| Market value at 1 April (Loss)/gain on revaluation of investments Investment management fees Market value at 31 March |
2025 2024 £ £ 745,639 683,747 (29,755) 67,335 (4,987) (5,443) |
|---|---|
| 710,897 745,639 |
The investments are 100% held in the Charities only Investment Fund, administered by CCLA Investment. The Fund has a historic cost of £475,948 (2024: £475,948).
8. RECEIVABLES
| Trade Receivables Other receivables and prepayments |
2025 2024 £ £ 3,970 13,155 25,520 - |
|---|---|
| 29,490 13,155 |
19
OCTAVIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
9. PAYABLES: AMOUNTS DUE WITHIN ONE YEAR
| Trade and other payables Amounts owed to Group undertakings Deferred Income Accrued expenditure |
2025 2024 £ £ - 1,194 668,093 406,165 7,181 - 25,000 12,500 |
|---|---|
| 700,274 419,859 |
10. RESTRICTED AND UNRESTRICTED FUNDS
The following assets comprise the restricted and unrestricted funds as at 31 March 2025.
| Unrestricted fund Restricted funds |
Investments Net current (liabilities)/ assets Total £ £ £ 710,897 (705,160) 5,737 - 423,948 423,948 |
|---|---|
| 710,897 (281,212) 429,685 |
It is the policy of Octavia Foundation to maintain unrestricted funds at a sufficient level to cover management and administration costs for at least six months.
The movement on restricted funds by project is outlined below:
| Restricted Funds Base at The Reed NHS Prevent Welfare and Education (Friends of Octavia) Gardening (Friends of Octavia) Tenants Into Work Older Peoples Christmas Party Outreach Project RBKC Befriending Digital Media Project Campden Charities Community Grant Funds Coffee Mornings Other Fundraising Learn to Earn |
At 1 April 2024 Income Expenditure At 31 March 2025 £ £ £ £ 82,823 8,856 (8,856) 82,823 1,565 - - 1,565 56,484 37,500 (37,500) 56,484 6,140 - - 6,140 13,270 2,000 (2,000) 13,270 898 - - 898 26,846 12,800 (12,800) 26,846 39,243 - - 39,243 123,002 25,865 (25,865) 123,002 9,616 1,500 (6,018) 5,098 5,170 - - 5,170 4,720 - - 4,720 37,117 - - 37,117 21,572 - - 21,572 |
|---|---|
| 428,466 88,521 (93,039) 423,948 |
20
OCTAVIA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
11. RELATED PARTY TRANSACTIONS
The Foundation, a subsidiary of Octavia Housing and in turn Abri Group Limited, has taken advantage of the exemption contained in FRS 102 paragraph 33.1A not to disclose transactions or balances with entities which are wholly owned by the Group.
12. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY
At 31 March 2025 the Foundations parent was Octavia Housing, a Co-operative and Community Benefits Society registered with the Financial Conduct Authority. Octavia Housing is the sole member of the Foundation and under the Articles, has the power to both remove and appoint Trustees to ensure the Foundation is led by Trustees with appropriate experience and skills.
At 31 March 2025 the Foundations ultimate parent and ultimate controlling party was Abri Group Limited, a Co-operative and Community Benefits Society registered with the Financial Conduct Authority.
Abri Group Limited is a registered provider and is the parent of both the largest and smallest group into which the Foundation is consolidated. Group financial statements can be obtained from Group financial statements can be obtained from Abri Group Limited, Collins House, Bishopstoke Road, Eastleigh, Hampshire, SO50 6AD.
21