tiidies Cl)ariknl)le Ti"Ii,%t HOUSING STUDIES CHARITABLE TRUST REGISTERED CHARITY No. 1095480 FINANCIAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 202S Thornby Associates The Smrthy, Sutton Lane Dingley Market Harborough LE16 8HL HOUSING STUDIES CHARITABIE TRU REGISTERED CHARITY NUMBER 1095480 TRVSTEES, REPORT FOR THE YEAR ENDED 315t DECEMBER 2025 Regi¥tered Charty Number 1095480 Tru5tee4 D. Roblnson A. Wallace P. W11￿8m5 (Resigned May 20251 P Kernp C. L015hman A. M8r5h M. Munro corr•5￿￿￿￿￿c* Addr Thomby Associates Th6 Smilhy Sutton Lane Dlngley Marf¢el Hartrorough LE166HL Accountsnts Thornby A550uat•s The Smrthy Sumon L•n• Dlngley Market Hafb¢Yough LE16 8HL Bank•r• Lloyds T88 34 Aslon Tri8ThJle A&ton uni￿r$ty Blmlngham B4 7HZ Objects ofth• Chrlty To ¥dv•n¢e the educ&lion of the pubth¢ in •11 m•ttern of hou•ir4J in parficular bul noi t￿lUsively by-. The publiuiion of the journal Hou$N)g Sttjdies ar The provision of granls to oryans¥alions %thicb promots r•*•rth and urdernt•ndi in hous¢ng Studi￿ and it5 relevarKe to hou8iThJ pc4'ry. The Charity is governed by 118 Oeclarats'on of Tmst Deed dated 131 Novernber 2002. as amended by dttd doled 27th May 2011. as arne￿ed on 61h May 2022. s ame￿ed by resolution dated 271h FeW 2023. HOUSING STUDIES CHARITABLE Tltust REGISTERED CHARITY NUMBER 1095480 TRUSTEES. REPORT FOR THE YEAR ENDED 31￿ DECEMBER 2025 Total editorial and royaty income from the publishers for 2025 was £145.267. wh￿h represents an increase on the prtVlOU5 year. On the expenditu￿ side. main costs we￿. as prewousty, joumal support & *al and adrrinistration expen8e$. but in addition we committed £119,964 to fund our first &vo posl-dc¢toral fellowships. The Trust continued to support. on a Smaller $¢ale. range of further activities in the field of hcwsin9 s¢ud*s. inc1￿J1￿j Conferen￿ bursaries for earfy career fftsearchers and the publication ol the UK Housing Revw. a key resource lor the housiThJ research and policy conynunity Over811, th8 accounts Show that our oUtg￿n9￿ exc•Jed our i￿01r¢ by £70,004 duriTrJ 2025. Wè had Pr￿10￿$1Y placecl £150,000 in fixed lemi savin9s a￿Ounts that matured earning interest of e3.496. which rnitgated Ihg inflationary er0510n of the a85ets' value. Our acxumulated surpluses closed y￿r at £346,557. Plans to alloeatè sU￿luS88 abova our cperatsng reserves lor Purpo￿ in li￿ with our Charrtab￿ ot*thv8s - specifically the funding ol a fixed-lem) postdcrttoral Idl¢)•tship were agreed at the 2023 AGM ￿ airn Is lo use some of the Trust's cumulated Jurplus to achieve greatsr Impact through more corwtr8ted and substantial fvndiry glleeathons. This approach is subject to revkw after the first tranche ol funding. As notsd above. thts sctsme has now bggn 8Ctioned and thè first two postdoctoral fallowships awardld. scherne is subj'ect to and, rf iudg•d suc£8$$ful, Trustees anticipa¢e that further fellowJhlp8 wlll bg awarded and Ihal ow Jccumulated 8urplLW8 will correwndingty dedine o¥•r No new trust8•8 were appointod at the 2025 AGM. ￿eX Marsh remain•d Chair of the HSCT in 2025. Chri8 Loi8hman bècarn¥ tha Sacretary, and Ali5¢)fi Wallaeo remained th8 TreAsurer. 5UPFQrted admini5trativety by Thomby Asswates. Some Trustee$ are 9•eking to end th?Ir Cuf￿nt re8pon$ibililies. so new Trustees h8ve teen Jubiecl to rèth"fi¢ation at the 2026 AGM Alex Marsh maintained re9u1ar contact throwh the year with the other trustees. Induding via Onli￿ me8ts'ngs. Th* annu81 return to the Chariti6s Commission was submrtted In accordafic• wth Ihe r8quif8ments. Signed on behalf ol the Trustees Alex Marsh Chairman Dated .. HOUSING STUDIES CHARITABLE TRUST INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 31st DECEMBER 2025 REGISTERED CHARITY NUMBER 1095480 I report to the trustees on my examination of the accounts of the Housing Studies Charitable Trust for the year ended 31 December 2025. Re8pon8lbllltlo8 and ba818 of report As the charity trustees of the Trust you are responsible for the preparat￿n of the accounts in accordance with the requirements ol the Chartties Acl 2011 I'lhe acl,). I report in respect ot my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examinal¢on I have tollowed all the applicable Directions given by the Charity Commission Lsnder section 145151 Ibl of the Act. Indopendont •xamln6r'8 Statemollt I have ¢ompleted my examinalvJn. I confirm that no material matters hav8 come to my attenlK>n in connection with the examination giving me cause to believe that in any material respe¢l.' 1. a¢¢ounting record$ were not kept in respect of the Trust as required by section 130 of the Act., or 2. the a¢¢ounl$ do not a¢¢ord wilh those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and ¢onlenl of aG¢ounls Sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'tnJe and fair view which is not a matter considered as part of an independant examination. I have no concems and have come a¢ross no other matters in ConTr￿1￿)n with the examination lo which attention shoukl be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Signed.. ÉD8e98È8C2W$I Name.. Simi Johal, BA {Hons} FCCA. Addre88.' Bery Accountants Bowden House 36 Northampton Road Markgt Harborough LE16 9LL Dale.. HOUSING STUDIES CHARITABLE TRUST REGISTERED CHARITY NUMBER 1095480 STATEMENT Of A55ET5 AND IIABILITIES FOR THE VEAR ENDED 31s1 DECEMBER 2025 2025 2024 CASH FUNDS Lloyds Current Accourst 401.557 266,561 Lloyd$ Oeposit Arrounl I t￿,000 Lloyds Deposit Accouni 2 DEBTORS IIABIIITIES Universiiy ol Siirlin8- Early Career Hou$irt8 Re5wcher Felli)w5hip 55.orA) SURPIUS OF ASSETS OVER IIABIIITIES 346.557 416.S61 Approved by the Board 01 T￿lie Alex MArsh- Chairrm Dated: HOVSING STUDIE5 CHARITABIE TRUST REGISTERED CHARITY NVMBEIt 1095480 RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 3151 DECEMBER 2025 2025 2024 OPERATING ACTIVITIES Royalties Recieved Editorial Ex￿nSeS Re¢eived Misc Income 48,399 96.868 33,393 96.868 145.267 130.261 INVESTMENT INCOME Dep0511 Account Iniere5t 3.496 4.201 TOTAL RECEIPTS 148.763 134.462 SUPPORT COSTS GRANTSMADE Housin8 Studies Association Burwie5 TO,345 10.750 Charitred Instlluie of Housin8 lor 5UPPLYt ol UKHR Shellield Hallam Unlv¥sily- Housing Siudie5 editorial supwl 77,5CKI 77,5C Unlvwsily 01 Shdfield- CM Milesione Qant Rese¥ch 59,964 Univer511y ol Siirling. Early Career HousiThB Researthw Fdlowship MANAGEMENT AND ADMINIStRATION COSTS Admini5traiion Expen5e5 5,958 5.274 TOTAL PAYMENTS 218 767 DEFICIT OF PAYMENTS OVER RECEIPTS 170.(X)41 35.938 Nel a95e15 al I january 2025 416.561 380.623 Nel assets al 31 D￿ernber 2025 346,557 416.561 Approved by the Board Of Trus1tt5 Èx ars Dated: