THE LORD MAYOR OF PORTSMOUTH'S
CORONATION HOMES
(A company limited by guarantee)
Registered provider number: L4207
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
Registered No: 3488197
Charity Registered No: 1067408
MORRIS CROCKER
STATION HOUSE
NORTH STREET
HAVANT
HAMPSHIRE
PO9 10U

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
(A company limited by guarantee)
REGISTERED OFFICE
:
61 Coronation Cottages
Northern Parade
Portsmouth
Hampshire
PO2 9LZ
AUDITORS
:
Knox Cropper LLP
Office Suite 1
Hasiemere House
Lower Street
Surrey
GU27 2PE
SOLICITORS
:
Blake Morgan LLP
New Kings Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3LG
PRINCIPAL BANKERS
:
Lloyds Bank ple
Portsmouth Business Centre
38 London Road
North End
Portsmouth
Hampshire
PO2 OLR
ACCOUNTANTS
Morris Crocker
Chartered Accountants
Station House
Havant
Hampshire
PO9 1QU

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page
1-4
5-8
10
11
12
13-23
24
25
Contents
Report of the Board
Independent Auditors' report
Income and expenditure account
Balance sheet
Statement of Changes in Reserves
Cash flow statement
Notes to the financial statements
Detailed income and expenditure account
Operating costs

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
REPORT OF THE BOARD - 31 MARCH 2025
The Board present their report and audited financial statements for the year ended 31 March 2025.
Objects
The Charitable Company is established as a registered provider of social housing with the Homes &
Communities Agency in order to provide and manage houses or dwellings and any associated amenities for
aged persons.
Principal activity
The principal activity of the Charitable Company is that of administering the properties and associated
amenities for the benefit of the occupants.
Financial performance
The Charitable Company has realised a surplus for the financial year of £320,518. The retained surplus at
31 March 2025 is £4,563,534. The Board continues to actively pursue future developments, whilst retaining
reserves for future major and cyclical repairs
Board members
The Board members who currently hold office are;
Mrs SHewett
Cllr F Jonas
Mis A O'Hara
Mr R Perry
Mr D Simpson - Chairman
Mr D Hill
Ms A Jones
(Resigned 8 January 2025)
Members' interests
The liability of every member of the Charitable Company is limited to £5 in the event of the Charitable
Company being wound up.
Fixed assets
Full disclosure of all matters relating to fixed assets is set out in the notes to the financial statements.
Accounting policies
The accounting policies are set out in Note 1 on pages 13 to 17 of the financial statements.
Board member responsibilities
The Board members are responsible for preparing the financial statements in accordance with applicable
law and United Kingdom Generally Accepted Accounting Practice.
Company and housing association legislation requires the Board members to prepare financial statements
for each financial year which give a true and fair view of the state of affairs of the Charitable Company and
of the income and expenditure of the Charitable Company for the period in preparing those financial
statements, the Board members are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable 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 in business.
1

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
REPORT OF THE BOARD - 31 MARCH 2025
2
The Board members are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Charitable Company and to enable them to ensure that the
accounts comply with the Housing and Regeneration Act 2008 and the Accounting Direction for Private
Registered Providers of Social Housing 2019. 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.
Value for money
The Board is committed to achieving value for money in all areas of its business by managing all assets and
resources efficiently.
The Board sets objectives and allocates resources appropriately to achieve best possible outcomes. This
includes improvements to property to enhance the quality of life of those we support, developing the
capability of the staff team by regular staff training and valuing their contribution, having effective business
practices, including risk assessment, strengthening policies and procedures to reduce administration costs,
improve performance, service delivery and identifying potential changes to improve value for money.
The Association's current rent charges remain in line with expected social rents across all properties.
Additionally, superficial inspections are made on a random basis at a selection of properties to ascertain the
general conditions. The properties across the estate have been found to be well maintained, internal and
external decorations were in satisfactory order and there was no evidence of essential major repairs required.
The Association maintains an up to date and agreed historical record of expenditure on each housing unit of
the properties of the Homes. The Board feels this this is of great assistance when it comes to identifying
refurbishments that need to be made when void rents occur. It was also recognised by the Board that this was
a very useful internal control over such an important part of the Association's expenditure as it would allow a
means of comparison of costs which are similar in nature. Furthermore, it would allow the Association to
recognise a financial commitment in terms of those units where long term residents have been in situ and
expenditure will be necessary in the future.
The Association carries out all cyclical and annual maintenance when due. Almost all of the properties have
had new boilers fitted and others have had new bathrooms and kitchens fitted during this year.
This has been evidenced in the Association's accounts which show the spend on maintenance per unit in the
year indicating that the general condition of the properties as a whole continue to improve, as follows:
Total repairs and maintenance costs
Social housing units in management
Maintenance cost per unit
2025
116,730
82
1,424
2024
120,570
82
1,470
The overall percentage of rent lost due to voids has been exceptionally low and better than the sector average
at just 0.4% (2024: 0.2%).

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
REPORT OF THE BOARD - 31 MARCH 2025
Value for Money is also measured by the Board by demonstrating a reasonable Return on Assets in the accounts,
as follows:
2025
2024
Operating surplus from social housing activities
149,696
Net book value of properties held for social letting 1,936,694
88,589
Financial return on assets
1,985,904
7.73%
4.46%
The Board is committed to improving the financial return on assets year on year through annual budget setting
and monitoring of monthly variance reports.
3
The Board is also committed to keeping the cash held at bank and in hand as secure as possible in the current
economic climate. A variety of options have been researched and discussed by the board including the additions
of investment property, government gilts as well as other investment options such as increasing current holdings
in listed investments and corporate bonds.
The health and safety of the site and its residents is a key priority for the Association as demonstrated through
regular site inspections to ascertain any particular areas of the site that could be potentially hazardous for
residents, as well as the appointment of an external health and safety officer who conducts annual risk
assessments to give further comfort to the Board and residents alike. During the year continued investment and
routine maintenance has been made to improve and maintain the gardens, which has been well received by
residents, this spend totalled £33,512 in 2025 compared to £24.912 in 2024.
The Association seeks to provide Social Value for its residents. This is delivered through a variety of social
events and activities taking place in the communal areas of the site organised by the site Warden, where regular
resident's meetings are also held to give opportunity for discussion of any concerns or ideas. 'The events are
generally well attended and received by the community of residents.
The Value for Money metrics are as follows:
Reinvestment 0.94% (2024: 2.74%)
New supply delivered 0% (2024: 0%)
Gearing -33.04% (2024: -20.41%)
EBITDA MRI Interest Cover N/A (2024: N/A) - no borrowings
Social housing cost per unit £4,385.38 (2024: £4,728.20)
Operating margin 29.39% (2024: 20.81%)
Return on capital employed 4.22% (2024: 2.59%)
Reserves
The Charitable Company internally designates its free income and expenditure reserves on the following basis:
Cyclical Repairs
Major Repairs
Development
50,736
200,000
900,000
The cyclical maintenance reserve has been established to cover planned internal and external decorating of the
Charitable Company's housing properties. The major repairs reserve has been established to cover expenditure on
major repairs, improvements and replacements of equipment in the Charitable Company's housing properties.
The development reserve has been established to cover expenditure on future development opportunties.

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
REPORT OF THE BOARD - 31 MARCH 2025
4
Code of Governance
The Board has taken all of the principles contained within the National Housing Federation Code of
Governance and complies in all respects,
Statement of disclosure to auditor
(a) so far as the Board members are aware, there is no relevant audit information of which the Charitable
Company's auditors are unaware, and
(b) they have taken all the steps that they ought to have taken as Board members in order to make themselves
aware of any relevant audit information and to establish that the Charitable Company's auditors are aware of
that information.
Internal Control
The Board acknowledge their ultimate responsibility for establishing and maintaining the whole system of
internal control that is appropriate to the various business environments in which it operates and for
reviewing effectiveness of those controls.
The Board recognises that no system of internal control can provide absolute assurance or eliminate all risk.
The system of internal control is designed to manage risk and to provide reasonable assurance that key
business objectives and expected outcomes will be achieved. It also exists to give reasonable assurance about
the preparation and reliability of financial and operational information and the safeguarding of the Charitable
Company's assets and interests.
In meeting its responsibilities, the Board has adopted a risk-based approach to internal controls which are
embedded within the normal management and governance process. This approach includes the regular
evaluation of the nature and extent of risks to which the Charitable Company is exposed.
The Board confirms that there is an ongoing process for identifying, evaluating and managing significant
risks faced by the Charitable Company. This process has been in place throughout the year under review, up
to the date of the annual report, and is regularly reviewed by the Board.
Auditors
A resolution proposing the re-appointment of Knox Cropper LLP as auditors to the Charitable Company will
be put to an Annual General Meeting.
By order of the Board
Chairman
Mr D Simpson
61 Coronation Cottages
Northern Parade
Portsmouth
PO2 9LZ
Date
8.8-25.

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
INDEPENDENT AUDITORS; REPORT TO THE MEMBERS
We have audited the financial statements of The Lord Mayor Of Portsmouth's Coronation Homes set out on
pages 9 to 23 for the year ended 31 March 2025. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice), including Financial Reporting Standard 102.
In our opinion the financial statements:
- give a true and fair view of the state of the Charitable Company's affairs at 31 March 2025 and of
its income and expenditure for the year then ended; and
- 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, the
Housing and Regeneration Act 2008 and the Accounting Direction for private registered
providers of social housing 2022.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities
for the audit of the financial statements section of our report. We are independent of the association in
accordance with the ethical requirements that are relevent 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 opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the board members' 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 board members with respect to going concern are described
in the relevant sections of this report.
Other information
The board members 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 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 information, we are
required to report the fact.
5

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the directors' report for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
- the director's report has been prepared in accordance with applicable legal requirements
Matters on which we are required to report by exception
In light of the knowledge and understanding of the assocation and its environment in the course of the audit, we have
not identified material mistatements in the Board Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to
you if, in our opinion:
- 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 board members' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
Respective responsibilities of the board and auditor
As explained more fully in the Board's Responsibilities Statement set out on pages 1 and 2, the board members (who
are also the directors of the association 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
board members determine is necessary to enable the preparation of the financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the board members are responsible for assessing the association'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 directors either intend to liquidate the association or the 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 aggregate, they could reasonable be expected to influence the econimic
decisions of users taken on the basis of these financial statements.
6

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS
Identification and assessment of irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures were capable of detecting irregularities,
including fraud is detailed below:
• we focused on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the Charitable Company, including, but
not limited to, the Companies Act 2006, the Housing and Regeneration Act 2008 and the
Accounting Direction for private registered providers of social housing 2022;
• we obtained an understanding of the legal and regulatory framework applicable to the entity and
how the entity is complying with that framework by making appropriate enquiries of
management as well as considering the internal controls in place to mitigate risks of fraud and
non-compliance with laws and regulations;
• we understood how the Charitable Company is complying with those frameworks via
communication with those charged with governance, together with the review of the Charitable
Company's documented policies and procedures.
• we assessed the susceptibility of the Charitable Company's financial statements to material
misstatement, including how fraud might occur by considering the key risks impacting the
financial statements. These included risks associated with revenue recognition, application of
accounting estimates, and management override of controls, which were discussed and agreed
by the audit team.
• our approach included agreeing the Charitable Company's recognition of income to the terms of
tenancy agreements, reviewing the assumptions used and controls applied in the calculation of
accounting estimates, the review of journal entries processed in the accounting records and the
investigation of significant and unusual transactions identified from our review of the
accounting records.
• based on this understanding we designed our audit procedures to identify non-compliance with
such laws and regulations. Our procedures involved review of the reporting to the board
members with respect to the application of the documented policies and procedures and review
of the financial statements to ensure compliance with the reporting requirements of the
Charitable Company.
• we allocated an engagement team that we considered collectively had the appropriate
competence and capabilities to identify or recognise non-compliance with laws and regulations.
Audit response to the risk of irregularities including fraud
Based on the results of our risk assessment, our procedures included, but were not limited to:
• performing analytical procedures to identify any unusual or unexpected relationships.
• evaluating whether the selection and application of accounting policies by the entity that may be
indicative of fraudulent financial reporting.
• assessing whether judgements and assumptions made in determining the accounting estimates
set out in note 2 were indicative of potential bias.
• agreeing financial statement disclosures to underlying supporting documentation.
• reading the minutes of meetings of those charged with governance.
• testing of journal entries to address the risk of fraud through management override.
• incorporating an element of unpredictability in the selection of the nature, timing, and extent of
our audit procedures.
7

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS
8
There are inherent limitations in the audit procedures described above 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 would become aware of it. 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 or intentional misrepresentations, or through
collusion.
A further description of our responsibilities is available on the Financial Reporting Council'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 and section 137 of the Housing and Regeneration Act 2008. Our
audit work has been undertaken so that we might state to the association'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 association and the
association's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mateu
Matthew Elkins FCA (Senior Statutory Auditor)
for and on behalf of Knox Cropper LLP
Chartered Accountants and Statutory Auditors
2018/2025
Office Suite 1
Haslemere House
Lower Street, Hasiemere
Surrey, GU27 2PE

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
Note
2025
2024
TURNOVER
Operating costs
2
OPERATING SURPLUS
Interest receivable and other income
4
SURPLUS FOR THE FINANCIAL YEAR
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
575,908
(385,116)
190,792
129,726
320,518
320,518
527,020
(409,386)
117,634
(9,550)
108,084
108,084
None of the Charitable Company's activities were acquired or discontinued during the above two financial
years.
The notes on pages 13 to 23 form part of these financial statements.
Chairman
Mr I
mapson
Board Member
Mr RPerry

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
BALANCE SHEET AS AT 31 MARCH 2025
Note
2025
FIXED ASSETS
€
Tangible fixed assets - Housing Properties
Other tangible fixed assets
Investment properties
Other fixed asset investments
9
10
1,936,694
8,100
1,467,881
820,659
1,985,904
8,959
1,427,900
741,022
4,233,334
CURRENT ASSETS
Debtors
Cash at bank and in hand
4,163,785
12
8,882
639,916
648,798
5,829
405,229
411,058
CREDITORS: Amounts falling
due within one year
NET CURRENT ASSETS
13
(40,498)
(41,636)
608,300
369,422
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,841,634
4,533,207
CREDITORS: Amounts falling
due after one year
14
(278,100)
(290,191)
TOTAL NET ASSETS
4,563,534
4,243,016
RESERVES
Income and expenditure account
4,563,534
4,563,534
4,243,016
4,243,016
The financial statements were approved and authorised for issue by the Board on 8-8-25
its behalf by
and signed on
Mr D Simpson
any.
Chairman
Board Member
Mr R Perry
The notes on pages 13 to 23 form part of these financial statements.
10
2024

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2025
11
Balance as at 1 April 2023
Period ended 31 March 2024:
Total comprehensive income for the year
Balance as at 31 March 2024
Period ended 31 March 2025:
Total comprehensive income for the year
Balance as at 31 March 2025
Income &
Expenditure
reserve
€
4,134,932
108,084
4,243,016
320,518
4,563,534
Total
4,134,932
108,084
4,243,016
320,518
4.563,534

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025
2025
Note
17
Net cash flow from operating activities
Cash flow from investing activities
Income from investments
Purchase of tangible fixed assets
Purchase of investments
219,725
76,717
(18,227)
Net cash outflow from investing activities
Cash flow from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Net cash flow from financing activities
Net increase/(decrease) in cash
and cash equivalents in the period
58,490
278,215
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
405,229
39,91(
12
2024
€
118,633
71,881
(54,430)
(50,000)
(32,549)
:
86,084
319,145
405,229

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13
1.
ACCOUNTING POLICIES
1.1
1.2
1.3
1.4
Legal Status
The Charitable Company is a Registered Provider of Social Housing and is incorporated under the
Companies Act 2006. The registered office is 61 Coronation Cottages, Northern Parade, Portsmouth,
Hampshire, PO2 9LZ.
The Charitable Company constitutes a public benefit entity as defined by FRS 102.
Basis of Accounting
The financial statements are prepared in accordance with UK Generally Accepted Accounting
Practice (UK GAAP) including Financial Reporting Standard 102 (FRS 102) and the Housing SORP
2018: Statement of Recommended Practice for Registered Social Housing Providers and comply with
the Accounting Direction for Private Registered Providers of Social Housing 2022.
The financial statements are prepared in sterling, which is the functional currency of the Charitable
Company. Monetary amounts in these financial statements are rounded to the nearest f.
Turnover
Turnover represents rental and service charge income receivable in the year net of rent and service
charge losses from voids and amortisation of government grants. Rental income is recognised from
the point when properties under development reach practical completion or otherwise become
available for letting.
Tangible Fixed Assets and Depreciation
Tangible fixed assets (including social housing properties) are stated at cost less accumulated
depreciation and accumulated impairment losses. Cost includes costs directly attributable to making
the asset capable of operating as intended such as the cost of acquiring land and buildings,
development costs, interest charges on loans during the development period and expenditure on
improvements. Expenditure on improvements will only be capitalised when it results in incremental
future benefits such as increasing rental income, reducing maintenance costs or resulting in
significant extension of the useful economic life of the property.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less
estimated residual value of each asset, of each asset on a systematic basis over its expected useful
life, as follows:
Freehold land and buildings
Main Fabric and roof structure
Bathrooms and windows
Kitchens
Central heating system
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Straight line over the following lives:
50 years
30 years
20 years
15 years
As above, or over life of lease if shorter
10% straight line
25% straight line

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14
1.4
1.5
1.6
1.7
1.8
Tangible Fixed Assets and Depreciation (cont'd)
Freehold land and assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset and is recognised in the income and expenditure account.
The useful economic lives of all tangible fixed assets are reviewed annually.
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at
each balance sheet date. The level at which an impairment is assessed is considered at scheme level.
The key indicators considered are:
- A change in demand for property
- Obsolescence of a property
- A change in government policy
If such indication exists, the recoverable amount is estimated and compared to the carrying amount.
Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in
expenditure through the statement of comprehensive income. No such indications were noted and
therefore no review was considered necessary.
Investment properties
Investment properties have a readily assessable market value and thus the fair value can be measured
reliably without undue cost or effort. These properties are therefore measured at fair value at each
reporting date with changes in fair value recognised in the statement of comprehensive income. Land
obtained speculatively is accounted for as investment property. Properties rented to provide social
housing are not investment properties.
Government grants
Social housing or other government grants are received to finance social housing properties. These
grants are recognised at the fair value of the asset received or receivable. Where the assets are
accounted for using the cost model then the government grant is accounted for using the accruals
model. The difference between the fair value of the asset and the consideration is recognised as a
liability and amortised over the useful economic life of the asset. This amortisation is recognised
within turnover.
Under certain circumstances, primarily following the sale of a property, the grant is repayable or
recyclable but this is often restricted to the net proceeds of sale. Where government grants are
required to be recycled, a liability is included to recognise this obligation.
Leasing and Hire Purchase
Rentals payable under operating leases are taken to the income and expenditure account on a straight
line basis over the lease term.

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1.9
1.10
Pensions
The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. Contributions payable
for the year are charged in the income and expenditure account.
Investments
Fixed asset investments are stated at fair value.
1.11
1.12
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term
liquid investments with original maturities of three months or less and bank overdrafts.
Financial instruments
The Charitable Company has elected to apply the provisions of Section 11 Basic Financial
Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial
instruments.
Financial assets are recognised in the balance sheet when the Charitable Company becomes party to
the contractual provisions of the instrument.
Financial assets are classified into specialised categories. The classification depends on the nature
and purpose of the financial assets and is determined at the time of recognition.
Basic financial assets
Basic financial assets, which include rent arrears and other receivables and cash and bank balances,
are intially measured at transaction price including transaction costs and are subsequently carried at
amortised cost using the effective interest method, unless the arrangement constitutes a financing
transaction, where the transaction is measured at the present value of the future receipts discounted at
a market rate of interest. Other financial assets classified as fair value through income and
expenditure are measured at fair value.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries,
associates or joint ventures, are initially measured at fair value, which is normally the transaction
price. Such assets are subsequently carried at fair value and the changes in fair value are recognised
in income and expenditure, except that investments in equity instruments that are not publicly traded
and whose fair values cannot be measured reliably are measured at cost less impairment.
Rent arrears, loans and other receivables that have fixed or determinable payments that are not quoted
in an active market are classified as 'loans and receivables'. Loans and receivables are measured at
amortised cost using the effective interest method, less any impairment.
15

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1.12
Financial instruments (cont'd)
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for
indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events
that occurred after the intial recognition of the financial asset, the estimated future cash flows have
been affected. The impairment loss is recognised in income and expenditure.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership
to another entity.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities are initially measured at transaction price, unless the arrangement
constitutes a financing transaction, where the debt instrument is measured at the present value of the
future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value
through income and expenditure are measured at fair value.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic
financial instruments. Derivatives are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value
of derivatives are recognised in income and expenditure in finance costs or finance income as
appropriate, unless they are included in a hedging arrangement.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Charitable Company's obligations are
discharged, cancelled, or they expire.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those
costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's
services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1.14
Deferred Taxation
The Charitable Company has charitable status and a provision for deferred taxation is not
appropriate.
1.15
Going Concern
The directors have at the time of approving the financial statements, a reasonable expectation that the
association has adequate resources to continue in operational existence for the foresceable future.
Thus they continue to adopt the going concern basis of accounting in preparing the financial
statements.
1.16
Judgements and key sources of estimation uncertainty
In the application of the Charitable Company's accounting policies, the directors are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised, if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and
future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities are outlined below.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect
on amounts recognised in the financial statements.
Fair value of investment properties
Fair value has been determined using the House Price Index as published by the Land Registry for
the Portsmouth area. Properties rented to provide social housing are not investment properties.
March 2025
March 2024
UK House Price Index
for the Portsmouth area
102.80
148.50
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities are as follows.
Estimated useful lives
The useful life of housing properties and their components has been estimated using the National
Housing Federation matrix of property components as a basis.
17

3.
1.
THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SOCIAL HOUSING INCOME AND EXPENDITURE
Income from social housing lettings
Rents receivable excluding service charges
Service charges receivable
Amortisation of social housing grants
Turnover from social housing lettings
Social housing operating costs
Operating surplus from social housing activities
Net surplus from social housing activities
Rent losses from voids in year (deducted above)
Turnover from social housing lettings
Income from market rented properties
Income from lettings
Social housing accommodation units in management
(including scheme managers)
OPERATING SURPLUS
The operating surplus is stated after charging:-
Depreciation
Loss on disposal of assets
Auditors remuneration
INTEREST RECEIVABLE AND OTHER INCOME
Investment gains/(losses)
Increase/(decrease) in fair value
Bank interest received
Other income
2025
433,797
63,409
12,091
509,297
(359,601)
149,696
149,696
1,645
509,297
66,6117
75,908
82.
2025
€
67,148
1,148
5,280
2025
79,637
39,981
10,106
129,726
18
2024
€
390,892
59,909
12,091
462,892
(374,303)
88,589
88,589
794
462,892
64,128
527,020
82
2024
€
68,379
7,725
4,800
2024
32,689
(50,000)
7,753
(9,550)

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5.
EMPLOYEES
Staff costs:-
Wages and salaries
Social security costs
Pension Costs
19
6.
2025
€
74,382
2,362
76,744
2024
70,220
2,141
72,361
The average weekly number of full time equivalent employees during the year was 2(2024: 2).
BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION
The aggregate amount of emoluments payable to the Registered Provider's directors or former
directors (including board members where remunerated) in relation to the period of account is set out
below. The Housing Manager is defined as a director according to Part 2 Para 10 of the Accounting
Direction for Private Registered Providers of Social Housing 2022.
2025
€
Emoluments paid to directors who are executive staff members
Emoluments paid to directors who are not executive staff members
31,103
31,103
Emoluments payable to the highest paid director,
excluding pension contributions
31,103
2024
29,150
29,150
29,150
TAXATION
The Charitable Company is a registered charity with approved charitable status from HM Revenue &
Customs and no taxation charge arises.

9.
THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TANGIBLE ASSETS - HOUSING LAND AND BUILDINGS
Cost
At 1 April 2024
Additions
Replacement components
Disposals
Transfers of schemes in progress
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net Book Value at 31 March 2025
Net Book Value at 31 March 2024
INVESTMENT PROPERTIES
At 1 April 2024
Additions
Disposals
Transfers
Movement in fair value
At 31 March 2025
Long
Leaschold
Held for
Letting
2,364,581
18,228
(7,205)
2,375,605
611,601
62,079
(6,057)
67,623
1,707,981
1,752,980
Freehold
Held for
Letting
Assets under
construction
404,335
:
404,335
171,412
1,210
-
175,622
228,713
232,923
2025
2024
1,427,900
1,477,900
:
39,981
1,467,88L
(50,000)
1,427,900
20
Total
2,768,916
18,228
(7,205)
2,779,940
783,013
66,289
(6,057)
843,246
1,936,694
1,985,903

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. INVESTMENTS
2025
Cost or valuation
At 1 April 2024
Accumulated income not distributed
Additions
Gain/(loss) on revaluation of listed investments
At 31 March 2025
€
741,022
43,528
-
36,109
820,659
Cost
€
255,000
2025
Fair
Value
€
Cost
820,659
55,00
21
2024
€
658,333
50,000
32,689
741,022
2024
Fair
Value
€
741,022
Listed - UK stock exchange
Investments
Fixed asset investments are stated at fair value.
11. TANGIBLE ASSETS - OTHER
Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
Eliminated on disposal
At 31 March 2025
Net Book Value at 31 March 2025
Net Book Value at 31 March 2024
Leasehold Office
Accommodation
9,705
4,852
194
5,046
4,659
4,853
=
Leasehold
Car Park
Extension
5,027
5,027
2,518
101
2,619
2,408
2,509
Fixtures,
Fittings and
Equipment
15,390
15,390
13,793
564
14,357
1,033
1,597
Total
30,122
30,122
21,163
859
22.027
8,100
8,959

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. DEBTORS
Rent and service charges receivable
Prepayments and accrued income
13.
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Rent and service charges received in advance
Deferred grant income
Other taxes and social security
Other creditors
Accruals
Bank loans
14.
CREDITORS: AMOUNTS FALLING DUE
AFTER ONE YEAR
Deferred grant income
Bank Loans
15. DEFERRED INCOME
Social housing government grants:-
At 1 April 2024
At 31 March 2025
Amortisation of social housing government grants:-
At 1 April 2024
Released to income in the year
At 31 March 2025
Carrying amount at 31 March 2025
Note
2025
15
15
3,655
5,227
8,882
2025
8,953
12,091
1,137
7,676
10,640
40,498
2025
278,100
8,10
2025
04,561
604,561
302,278
12,091
314,369
290,192
22
2024
3,278
2,551
5,829
2024
7,581
12,091
724
11,429
9,810
41,636
2024
290,191
290.191
2024
604,561
-
604,561
=
290,187
12,091
- 302,278
302,283

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
DEFERRED INCOME (CONT'D)
Amounts to be released within one year
Amounts to be released in more than one year
2025
12,091
278,100
290,191
2025
23
2024
€
12,091
290,192
302,283
2024
16. FINANCIAL INSTRUMENTS
Carrying amount of financial assets
Measured at fair value through income and expenditure:
Fixed Asset listed Investments
820,659
2025
741,022
2024
CASH FLOW FROM OPERATING ACTIVITIES
Reconciliation of operating surplus to net cash inflow
from operating activities
Surplus/(Deficit) for the year
Decrease/(Increase) in fair value
(Gains)/Losses on investments
Investment income recognised in income and expenditure
Depreciation charges
Loss on disposal of assets
Changes in debtors
Changes in creditors
(Decrease) in deferred income
Net cash flow from operating activities
320,517
(39,981)
(36,109)
(76,717)
67,148
1,149
(3,053)
(1,138)
(12,091)
219,725
108,084
50,000
(32,689)
(71,881)
68,379
7,725
(1,597)
2,704
(12,092)
118,633
ANALYSIS OF NET DEBT
Net cash
Cash at hand and in bank
Total
At 1.4.24
405,229
405,229
Cash flow
278,215
278,215
At 31.3.25
683,444
683,444

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
DETAILED INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
24
2025
2024
INCOME
Rent receivable
Amortisation of social housing grants
Service charges receivable
Rent losses from debts and voids
Income from lettings
Operating costs
OPERATING SURPLUS/(DEFICIT)
OTHER INCOME AND EXPENSES
Investment gains/(losses)
Increase/(decrease) in fair value
Interest receivable:
Bank deposit interest
Other income
€
€
502,053
12,091
63,409
577,553
(1,645)
575,908
(385,116)
190,792
455,814
12,091
59,909
527,814
(794)
527,020
(409,386)
117,634
79,637
39,981
10,106
32,689
(50,000)
7,753
8
NET SURPLUS FOR THE YEAR
129,726
320,515
(9,550)
8.U2

THE LORD MAYOR OF PORTSMOUTH'S CORONATION HOMES
OPERATING COSTS
FOR THE YEAR ENDED 31 MARCH 2025
25
2025
Wages and salaries
Water and sewerage
Insurance
Garden maintenance
Light and heat
TV licences
Printing, postage and stationery
Telephone
Consultancy fees
Audit fee
Bank charges
Sundry expenses
Legal and professional fees
Market rented housing property costs
Depreciation
Loss on disposal of assets
Major repairs
Repairs and maintenance
Service repairs and maintenance
PCC (Davis Alarms) contract
Loan interest
76,744
(3,846)
33,322
33,512
4,674
474
1,099
1,374
24,125
5,280
335
6,611
1,261
11,779
67,148
1,148
41,185
74,549
996
3,346
385,116
2024
€
72,361
(766)
35,241
24,912
2,212
461
1,706
1,165
21,649
4,902
452
9,582
5,000
22,198
68,379
7,725
46,211
73,100
1,259
11,637
409.386