2025-03-31-accounts

Charity number:1098520 Company registration number: 04454814 Regulator of Social Housing registration number:4799

Goodwin Development Trust

Annual Report and Financial Statements

31 March 2025

SD-0219728-1-6

Goodwin Development Trust (A Company limited by Guarantee)

Contents

for the year ended 31 March 2025

	Page
Company information	1
Strategic Report	2
Board Report and Operating and Financial Review	4
Independent auditor’s report to the members, as a body, of Goodwin	11
Development Trust
Statement of Comprehensive Income	14
Statement of Financial Position	15
Statement of Changes in Equity	16
Statement of Cashflows	17
Notes to the Financial Statements	18

Goodwin Development Trust (A Company limited by Guarantee)

Company Information

for the year ended 31 March 2025

CHAIRPERSON:	J Halls
DIRECORS:
	J Halls (Chair)
	A Peak (formally Guney)
	K Ainley
	M Berin
	N Harrison
	P Wells (appointed 28 May 2024)
	D Hale (appointed 14 November 2024)
	S Igoe (previous chair – resigned 19 November 2024)
	S Benali (resigned 15 July 2025)
COMPANY SECRETARY:	D Hamilton
REGISTERED OFFICE:	The Octagon
	Walker Street
	Hull
	HU3 2RA
SOLICITORS:	Wilkin Chapman Rollits
	Citadel House
	58 High Street
	Hull
	HU1 1QE
BANKERS:	Handelsbanken
	Hull Marina Court
	18 Marina Court
	Castle Street
	Hull
	HU1 1TJ
AUDITORS:	Smailes Goldie
	Regents Court
	Princess Street
	Hull
	HU2 8BA
KEY MANAGEMENT:	Clive Darnell
	Dianne Hamilton

1

Goodwin Development Trust (A Company limited by Guarantee)

Strategic Report for the year ended 31 March 2025

REVIEW OF BUSINESS

The Co-CEO model and changes to the Senior Leadership Team are now well established and feedback from staff and external partners has been very positive.

The Senior Leadership Team have continued to review contracts, leases and services, including the IT provision to make further cost savings and ensure best value. While the external financial pressures, including the cost-of-living crisis remain challenging, Goodwin has maintained high quality service delivery, meeting and exceeding contract requirements.

As a Board, we have been proud to celebrate Goodwin’s 30[th] anniversary this year. It is a testament to the hard work and commitment of our staff and volunteers that we are continuing to deliver on Goodwin’s Strategic Priorities with and for the communities in Hull.

Services include support to pregnant women, families, children and young people through our OFSTED registered Nurseries, Doula/Breastfeeding Peer Support, Family Hubs and the estate-based Youth Services.

We are key providers of quality club based, community and domiciliary care in Hull, maintaining our expertise in supporting those with the most complex care needs through our Outstanding rated CQC registered Danny’s Dream Service.

Providing opportunities for individuals to gain skills and experience that reduce barriers to further training and employment remains an important focus for Goodwin. This includes utilising opportunities across our services to provide valuable work experience and volunteering. Supporting those starting to gain work experience, the unemployed and economically inactive move into further training and employment through our Matrix and OFSTED registered provision. The UK Shared Prosperity Funding and access to Education Skills Funding Agency courses have provided opportunities to develop this offer and to include the Doula and Breastfeeding Peer Support training.

As a Home's England Registered provider, we provide regulated housing at Affordable Rents across our portfolio and additional supported accommodation to those most vulnerable to rough sleeping. The Rough Sleepers Accommodation Programme will continue to seek acquiring additional units in the year ahead while we work with partners to develop new Affordable Homes through acquisition and new build.

Our longstanding partnerships within Hull City Council, including Public Health and the VCSE sector has enabled us to maintain the increasingly important Fareshare operations across the Humber sub-region providing food through Community Fare Share members to reduce the impact from the cost-of-living crisis.

We are seeing the positive impact of the changes we have made, which have been well received as staff and volunteers who have been celebrating the achievements of the last 30 years and the key role, they all play.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Trustees undertake a forensic review of the Risk Register on a quarterly basis. Other governance documents are reviewed as part of the Board’s commitment as we remain in a period of economic uncertainty with increasing domestic and global pressures.

The Board have remained focused on the on-going cost of living crisis, ensuring we deliver these muchneeded services and ensuring best value to help mitigate increased costs. We have the increased employers National Insurance contributions from April, with a commitment from Hull City Council to work with commissioned services to help meet these costs. We remain confident of ensuring sustainability.

GOING CONCERN

The current economic and social environment (cost of living, energy prices, the War in Ukraine, the national debt) means that Goodwin Development Trust faces operational challenges in the short to midterm. This has resulted in the Trustees approving a small deficit budget for the year to 31 March 2026 and implementing a scheme of monitoring and appraising on-going operations with an intention to return a balanced budget.

2

Goodwin Development Trust (A Company limited by Guarantee)

Strategic Report for the year ended 31 March 2025 (continued)

Whilst acknowledging these facts the Trustees remain confident that Goodwin Development Trust remains a going concern. This confidence is borne from the fact that:

• Goodwin have secured contracts for the Family Hubs (formally Children’s Centres) and Youth contracts. These contracts are for 5 years from April 2025 with an option for a further 2 years.

• We continue to only include confirmed funding; there is no allowance for non-committed income streams. Goodwin has always secured additional grant funding that along with our commitment to cost savings has meant an over-performance against budget. This has continued in the year to 31 March 2026 with management accounts to July 2025 outperforming expectations.

• Goodwin’s performance remains balanced across several income streams, including the new contracts noted above. This performance is underpinned by a diversity of income streams which spread and reduce any direct risks associated with the current economic and social environment.

• The current headroom in the Charity’s working capital facility provides us with time to focus and make any restructuring decisions in a sensible and cost-effective manner that protects both the future of Goodwin and its service users.

• The Trustees are confident that they could utilise other levers in the business model, such as utilising time to pay arrangements with HMRC, to protect working capital and the delivery of services if needed. Scenario planning shows that a focus on the growing housing operations of the business as a sole activity are cash generative and preserve the future of the Charity. Whilst not a strategy the Trustees intend to pursue, it would provide short term financial sustainability if required.

• The terms of the current debt on key assets are favourable with good relationships with funders and no immediate pressure on servicing those facilities.

• However, we continue to review commercial property assets, some of these are in the process of being disposed of without impacting on service delivery. This would ensure the continued financial sustainability of the Charity if required.

Whilst acknowledging that uncertainty could exist on any of these assumptions given the volume of available options to the Trustees the financial statements have accordingly been prepared on a going concern basis.

DEVELOPMENT AND PERFORMANCE

Goodwin has continued to develop its delivery programme and its strategy, with focus on sustainability and delivery of the Trust’s objectives. The Strategic Business Plan has been reviewed and updated, and inroads have been made, we are reviewing supported housing provision, which will generate a stable income stream for the Trust, contributing to the sustainability of the Trust which is in line with our Strategic Business Plan.

FINANCIAL KEY PERFORMANCE INDICATORS

The Board have established certain key performance indicators (KPI’s) which are important for monitoring monthly results against budget and re-forecast and monthly cash flow figures at the Finance Sub Committee. As part of this monitoring process the Trustees review incoming resources and expenditure against budget, and challenge and investigate significant variances. Staff have been working incredibly hard towards the challenges set by Trustees.

NON-FINANCIAL KEY PERFORMANCE INDICATORS

The Co-CEO’s provide a written monthly report to The Board of Trustees which includes information on individual project delivery. The Board has a quarterly thematic meeting which gives the Trustees the opportunity for a deep dive into a project area with contributions from project managers.

ON BEHALF OF THE BOARD

James Halls – Chairperson

Date -

3

Goodwin Development Trust (A Company limited by Guarantee)

Board Report and Operating and Financial Review for the year ended 31 March 2025

BOARD MEMBERS

The directors of the charitable company (the charity) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and up to the date of signing this report were as follows:

J Halls (chair) A Peak (formally Guney) K Ainley M Berin N Harrison P Wells (appointed 28 May 2024) D Hale (appointed 14 November 2024) S Igoe (previous chair – resigned 19 November 2024) S Benali (resigned 15 July 2025)

NATURE OF THE BUSINESS, OBJECTIVES AND STRATEGIES

Charitable Objects

The charity’s charitable objects are to promote any charitable purpose, principally for the benefit of the inhabitants of Kingston Upon Hull, and in particular:

• (1) to provide, construct, improve or manage social housing for persons in need together with any other amenities or facilities for the benefit of residents of such social housing either exclusively or together with persons who are not residents of such social housing.

• (2) provide advice and assistance to all residents of social housing provided, owned, and managed by the charity or any other organisation or person and applicants for social housing and applicants for social housing advice.

• (3) carry out any activity which is both connected with, or incidental to, the charity’s charitable objectives in Articles 4.1 and 4.2 including but not limited to:

• (1) securing that land and buildings are brought into effective use; and

• (2) creating an attractive and safe environment.

• (4) to advance education, in particular but without prejudice to the generality of the foregoing, by providing or assisting in the provision of educational opportunities and associated facilities in particular for the benefit of young people.

• (5) to relieve unemployment, in particular but without prejudice to the generality of the foregoing by:

• (a) providing or improving, or assisting in providing or improving, access to training, retraining and associated facilities.

• (b) assisting people to find employment, providing employment opportunities, or providing work experience.

• (c) providing practical support to people who are unemployed or undertaking training.

• (d) providing or assisting in providing financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for people in cases of financial hardship or other charitable need; and

• (e) creating training and employment opportunities by the provision of working space, buildings and/or land for use on favourable terms.

• (6) to provide or improve, or to assist in providing or improving recreational or leisure time facilities in the interests of social welfare in particular for the benefit of those who need such facilities because of their youth, age, infirmity, disability, poverty or social and economic circumstances.

• (7) the preservation and protection of good health and the relief of sickness.

• (8) the promotion of public safety and prevention of crime by means of the prevention, reduction and deterrence of crime, nuisance, anti-social behaviour, vandalism, trespass, arson, and theft.

• (9) establishing, managing, and maintaining a community resource centre and making facilities in such a centre available in particular for the benefit of those who need those facilities because of their youth, age, infirmity, disability, poverty or social and economic circumstances; and

• (10) the protection or conservation of the environment including by:

4

Goodwin Development Trust (A Company limited by Guarantee)

Board Report and Operating and Financial Review (continued) for the year ended 31 March 2025

• (a) restoring or reclaiming land which cannot otherwise be used for economic social or environmental purposes by reason of pollution or damage caused by an activity previously carried out on the land.

• (b) preventing or reducing any potential causes of pollution in relation to any land which has suffered or may suffer pollution as a result of an activity previously carried out on the land.

• (c) remedying or mitigating the effects of any pollution in relation to land which has suffered or may suffer pollution as a result of an activity previously carried out on the land.

• (d) the conservation or promotion of biological diversity through:

• i. the provision, conservation, restoration, or enhancement of a natural habitat; or

• ii. the maintenance or recovery of a species in its natural habitat.

• (e) the provision , maintenance or improvement of public amenities including open space or other open recreational facilities; or

• (f) the maintenance repair or restoration of any building or structure which is of historic or architectural interest or is a place of religious worship.

Vision & Mission

The charity’s vision is of a diverse and thriving community within which everyone has the opportunity to benefit from, and contribute to, the wellbeing of the community on a fair and equal basis and as a locally controlled Development Trust we are committed to improving the quality of life in our community.

Values

The Trustees have composed an explicit set of values which will govern the charity’s behaviours both internally and externally and provide a framework against which both we, and those we deal with, can measure our performance.

We will be honest & fair in all we do

We will listen to and to learn from all those we work with and for

We will encourage innovative & entrepreneurial behaviour, always seeking new and better ways to do things We will show respect for our community, our staff, our volunteers, and our partners We will be a champion for equality and opportunity for all

Strategic Priorities for 2021-26

To be a fair and trusted employer who values our people. To fight poverty in all its forms within our community. To be financially strong and sustainable. To care for the health and wellbeing of our community. To provide and support access to education, training, and employment opportunities. To make our community safe, resilient and a happy place to be.

PERFORMANCE IN THE PERIOD, MAIN INFLUENCES AND POTENTIAL RISKS

The Trust’s overarching objective is to improve the quality of life of the residents of Hull and surrounding areas. The Trustees recognise their obligation to demonstrate the public benefit of the charity and are aware of the Charity Commission guidance. The charity delivers public benefit by operating projects across a broad spectrum of social interventions that serve to meet the charity’s strategic objectives. In 2024/25 the Trust met all its contractual objectives as specified by the various funding bodies in the year, the performance is reported against the Trust’s Strategic Priorities:

To be a fair and trusted employer

The Board are pleased to report that as well as implementing the National Minimum Wage increase at the start of the year, Goodwin was also able to provide a cost of living pay-rise for all employees while maintain the salary banding. Staff retention levels are good and are benchmarked quarterly. Goodwin’s average annual staff turnover is 10.7% and the sector average is 18.2%.

5

Goodwin Development Trust (A Company limited by Guarantee)

Board Report and Operating and Financial Review (continued) for the year ended 31 March 2025

To fight poverty in all its forms within our community

FareShare Hull & Humber

The project has redistributed 10300 tonnes of surplus food, that is equivalent to providing 2.45 million meals, to over 136 community organisations across the Humber sub-region. They have in turn supported over 15,640 individuals and saved those organisations of £2.96 million in food purchase costs that they have diverted into their front-line support services. Ongoing support from Hull City Council and public donations enables us to subsidise this service to members. Without the unwavering support of our volunteers and learners this would further not be possible.

Get into Goodwin

Our estate-based initiative has been funded through a combination of Green Social Prescribing, Know Your Neighbourhood and UKSPF grants that has enabled us to provide an on-going Warm Space within the Octagon that provides a weekly schedule of activities that includes Soup Social, Crafting Club, Job Club, Bingo, Allotment Group, R-evolution Cycling activities and Food Pantry. These activities are supported with access to Mental Health and Money/Debt/Benefits advice through CHCP and Hull and East Riding CAB. In January alone over 150 residents accessed this support.

We celebrated Goodwin’s 30[th] anniversary in August 2024 with a community event on The Thornton Estate that showcased Goodwin’s services and our strong partnership work with a range of activities for the residents, Goodwin staff and volunteers. This was also an opportunity for us to undertake community consultation which will be used for future funding applications to continue to improve the quality of life of people locally.

Multiply

Our Government Levelling Up funded Multiply Math courses have focused content on providing learners with support on Household Budgeting and Cooking on a Budget. In the last 12 months we supported 348 people and rewarded them with a £10 gift voucher each.

To provide affordable and sustainable homes.

We are incredibly proud of the continued 100% occupancy of our portfolio of Social Housing.

We are pleased that we are a fully compliant Registered Housing provider with Investment Partner status. We hope to use this status in the future to allow us to provide tangible support for other organisations wishing to become Registered Providers and to apply for funding from Homes England.

We continue to explore new opportunities for creating additional, good quality, affordable homes.

To be financially strong and stable

We are confident in the continuing success of Goodwin. Our diverse income streams, including the rental income from our social housing stock ensure we can continue to grow and consolidate our position. We also have robust financial procedures and risk management in place, overseen by a quarterly Audit and Finance subcommittee.

To care for the health and wellbeing of our community and all the individuals within it.

Family Hubs (previously Children’s Centres)

Goodwin has been successful in applying for a further 5-year contract for the Family Hubs service from April 2025. The contract includes the option for a further 2-year extension. This gives us a significant opportunity to embed the Family Hubs model and to continue to play a key role in Hull’s Early Help services.

The Family Hubs current award for additional revenue funding through the First 1001 Day’s funding to employ additional staff has been extended from March 2025 to March 2026. This provides additional staff resources to focus on the youngest children.

6

Goodwin Development Trust (A Company limited by Guarantee)

Board Report and Operating and Financial Review (continued) for the year ended 31 March 2025

The Family Hubs has a robust set of KPI’s set with the Local Authority and reviewed annually. Other performance measures include waiting lists times and numbers of children accessing universal services. Goodwin Family Hubs, Fenchurch and Octagon, perform consistently highly.

Doula / BFPS

The Doula and Breastfeeding Peer Support Service (BFPS) contract was due to end in March 2025 and has been awarded a contract extension for a further 2 years. This includes a further year’s extension to the Best Start in Life, First 1001 days funding. This additional funding has increased the breastfeeding support through a small paid team based within Hull Women and Children’s hospital and community provision. The increased capacity and existing volunteer BFPS services have had a significant impact on the breastfeeding rates in Hull which are at their highest levels

Nurseries

Fenchurch and Octagon nurseries are both rated “Good” (2022). They have seen an increase in demand for places as a result of the Government’s funding for two-year-olds which has been extended to include funding for babies of working parents. Both nurseries are actively managing waiting lists.

Danny’s Dream

Goodwin has been successful in applying to Hull City Council Framework, DPS, which guarantees an inflationary increase in contracts and the opportunity to apply for further service packages when we have capacity to do so. Danny’s Dream continues to deliver a community, domiciliary and club-based offer with a focus on supporting complex individuals profound and multiple learning disabilities.

CQC have continued to make changes to the way they monitor and inspect services which means Danny’s Dream will next be inspected under the new framework. We currently retain the overall Care Quality Commission (CQC) rating of “Outstanding”.

To provide and support access to education, training, and employment opportunities

Goodwin Training Services

The provision of Employment and Training support has long been at the centre of Goodwin’s mission. Based at the Community Hub we have delivered specific employability programmes for unemployed of all ages funded through UK Shared Prosperity funding, that has included: ESOL focused employability support for our BAME community, paid work placements within local SME’s and targeted interventions for young people experiencing Mental Health and anxiety that has drawn specialist support from CHCP and MIND.

Our 16–19-year-old (up to 24 SEND) Study Programme provision continues to develop and support the most vulnerable young learners. Most of our learners have access to Educational Health Care Plans and we are immensely proud of the experience and support we provide to these young people.

– Aligned to this we have seen a growth in the number of apprentices we employ across the organisation investing in young people and supporting our own workforce development.

To make our community safe, resilient and a happy place to be

Youth Provision

We have been awarded a further 5-year youth contract from April 2025. This has the option of an additional 2 years, providing longer-term security of delivery service. The service will continue to offer open access to sports, art, music and cooking among a timetable of activities. We also deliver brief interventions which are focused on issues that young people themselves identify.

We are adding value to the Hull City Council contract through our revenue grant from Big Lottery Fund, Million Hours to deliver additional weekend and outreach provision, meaning we can engage with young people who do not access the youth club provision.

7

Goodwin Development Trust (A Company limited by Guarantee)

Board Report and Operating and Financial Review (continued) for the year ended 31 March 2025

FINANCIAL REVIEW AND POSITION AT YEAR END INCLUDING FACTORS AFFECTING THAT POSITION

The company is reporting a deficit of £197k in the year (2024: surplus of £22k). This deficit is due to some extensive repairs to the cladding on our Hugh Webster Housing and do not foresee this as a re-occuring cost.

The company has sufficient reserves and funds available for at least 12 months from the approval date of the accounts. The Board have reviewed cashflows and reforecasts monthly throughout the year and are pleased at the level of improvements made and continue to be made. Based on sufficient cash flows the Trustees believe that the financial statements should be prepared as a going concern.

CAPITAL STRUCTURE AND TREASURY POLICY

The Goodwin Development Trust is a company limited by guarantee. It has no share capital and is a charity registered with the Charity Commission. The guarantee of each member is £1. The governing document is the Articles of Association of the company (amended by special resolutions 9 December 2002, 7 May 2003, 10 May 2005, 21 November 2005, 13 March 2007, February 2014 and 9 November 2021) and members of the Board of Trustees are the Members and Directors of the Company. It is regulated by the Regulator of Social Housing, registration number 4799.

The Registered Provider’s (RP) decision-making body is the Board of Trustees that meets monthly on the second Tuesday of each month. The Articles allow for a maximum of 11 Trustees.

There is an Audit and Finance Sub-committee which is chaired by a Trustee from the main Board with a senior staff member as support. This sub-board has its own Terms of Reference.

All sub-committee minutes are supplied to Trustees at the following Board meeting.

CASH FLOWS AND CURRENT LIQUIDITY

The year-end cash position shows a net company overdraft position of £2,869k (2024: £3,024k, 2023: £3,380k), which includes loans and overdrafts of £2,732k. This has seen a reduced liability year on year. The change in the economic environment and move from grant funding to earned income resulted in the need for an overdraft from our main bankers, Handelsbanken. In addition to this, a loan of £3m was taken out with Hull City Council in 2019, to fund the new housing development alongside the grant from Homes England, this loan is secured against the properties. Rental income remains at a level sufficient to service this debt. We also took out a loan with Hull City Council to fund the new supported housing scheme, again income remains at a sufficient level to service this debt, £190k. As well as this we have a loan with Key Fund that will be repaid in full by December 2025. The long-term cash flow indicates a return to a positive company cash balance.

VALUE FOR MONEY

The Trust’s finance manual is updated annually and contains specific guidance over procurement to ensure best value is always achieved.

KEY ACCOUNTING POLICIES ADOPTED

The Trust’s accounting policies are detailed within the notes to the financial statements.

REGULATOR’S INTERVENTION IN THE YEAR

There has been no intervention from the regulator during the year.

SAFEGUARDING REPORTING IN THE YEAR

Goodwin has robust policies and procedures for Safeguarding with the Co-CEO having the role of Designated Safeguarded Lead. Safeguarding is included as an agenda item on all Board meetings through the Co-CEO report. In February 2025 Goodwin was advised by Hull City Council Local Authority Designated Officer (LADO) that a former member of staff should be referred to DBS to be included in the Barred from working with children list. While there were no direct safeguarding concerns for Goodwin, The Trustees instructed the Co-CEO to inform the Charity Commission as this met the threshold for serious incident reporting.

8

Goodwin Development Trust (A Company limited by Guarantee)

Board Report and Operating and Financial Review (continued) for the year ended 31 March 2025

FUTURE DEVELOPMENTS INCLUDING FACTORS AND INFLUENCES ON FUTURE PERFORMANCE

Future developments for the company focus on strategic working with Hull City Council within the housing sector, looking particularly at new-build opportunities and the provision of supported housing. The long-term strategy remains the same as always, with a focus on improving the quality of life for residents of the Thornton estate, but considering the impact of cost of living, the need for financial stability and secure income streams is at the root of the strategy. Whilst we generated a deficit this year (related to repairs on our regulated housing), we have a positive outlook for the next year, it is yet to be seen what impact there will be in the long term, as the world economy copes with the cost of living crisis, global inflation and rising interest rates.

EVENTS SINCE THE END OF THE YEAR INCLUDING THE IMPACT ON FUTURE OPERATIONS OF SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE

There have been no events of significance since the end of the financial year.

AUDITORS

The auditors, Smailes Goldie, will be proposed for reappointment in accordance with section 485 of the Companies Act 2008.

PUBLIC BENEFIT

In setting and reviewing our aims the Board has considered the Charity Commission’s guidance on public benefit.

DIRECTORS’ RESPONSIBILITIES

The Board is responsible for preparing the report and financial statements in accordance with applicable law and regulations.

The Registered Social Housing legislation require the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the association and of its income and expenditure for that period.

Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing those financial statements, the directors 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 and the Statement of Recommended Practice Accounting by registered social housing providers 2018, 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 company will continue in business.

The Board is responsible for keeping proper accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019.

They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

9

Goodwin Development Trust (A Company limited by Guarantee)

Board Report and Operating and Financial Review (continued) for the year ended 31 March 2025

STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS

We, the Board members of the RP who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

• there is no relevant audit information of which the RP’s auditors are unaware; and

• we have taken all the steps that we ought to have taken as Board members in order to make ourselves aware or any relevant audit information and to establish that the RP’s auditors are aware of that information.

On behalf of the board

James Halls - Chairperson

Date -

10

Goodwin Development Trust (A Company limited by Guarantee)

Independent auditor's report to the members of Goodwin Development Trust

Opinion

We have audited the financial statements of Goodwin Development Trust (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of the deficit 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, the• Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019.

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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you were:

• the members’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the members have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the society’s ability to continue to adopt the going concern basis of accounting for a period of at least 12 months from the date when the financial statements are authorized for issue.

Other information

The 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 other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

We have nothing to report.

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

11

Goodwin Development Trust (A Company limited by Guarantee)

Independent auditor's report to the members of Goodwin Development Trust

Opinion on other matters prescribed by the Co-operative and Community Benefits Act 2014

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

• the information given in the Strategic Report and the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Strategic Report and the Trustees' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Co-operative and Community Benefit Act 2014 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; or

• the members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Members' Report.

As explained more fully in the member's' responsibilities statement, the members 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 member's determines 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 directors are responsible for assessing the 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 directors either intends to liquidate the company or to cease operations, or has 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the society, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

12

Goodwin Development Trust (A Company limited by Guarantee)

Independent auditor's report to the members of Goodwin Development Trust

We assessed the susceptibility of the society's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• enquiring of management as to actual and potential litigation and claims; and

• confirming membership with relevant regulators.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the 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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Luke Taylor, BSc (Hons) FCA (Senior Statutory Auditor) For and on behalf of Smailes Goldie Chartered Accountants Regents Court Princess Street Hull East Yorkshire HU2 8BA

Date -

13

Goodwin Development Trust (A Company limited by Guarantee)

Statement of Comprehensive Income for the year ended 31 March 2025

Note Turnover 3 Operating expenditure Operating Surplus/(deficit) 5 Interest and financing costs Profit on disposal of assets Profit/(loss) before tax Taxation 9 Surplus/(Deficit) for the year Revaluation of housing properties Total comprehensive income for the year	2025 £,000 4,411 (4,519) (108) (117) 27 (198) - (198) 200 2	2024
		£,000 4,189 (4,077)
		112 (141) 51
		22 -
		22 - 22

The annexed notes form part of these financial statements.

14

Goodwin Development Trust (A Company limited by Guarantee)

Statement of Financial Position

For the year ended 31 March 2025

Company registration number: 4454814

	Notes		2025		2024
Fixed assets		£,000		£,000	£,000	£,000
Housing properties	10	4,833			4,633
Tangible fixed assets	11	4,528			4,685
				9,361		9,318
Current assets
Trade and other debtors	12	196			504
Cash and cash equivalents	13	8			7
		204			511
Creditors
Amounts falling due within one	14	(846)			(1,044)
year
Net current liabilities				(642)		(533)
Total assets less current liabilities				8,719		8,785
Creditors Amounts falling due after one year	15			(2,586)		(2,654)
Total net assets				6,133		6,131
Reserves
Restricted reserve	17	1,894			1,706
Income and expenditure reserve		4,239			4,425
Total reserves				6,133		6,131

These financial statements were approved and authorised for issue by the Board and authorised for issue on 19 Sep 2025 and were signed on its behalf by:

…………………………. James Halls (Trustee)

…………………………. Neil Harrison (Trustee)

The annexed notes form part of these financial statements.

15

Goodwin Development Trust (A Company limited by Guarantee)

Statement of Changes in Equity

for the year ended 31 March 2025

At 1 April 2024 Deficit for the year Total comprehensive deficit At 31 March 2025 At 1 April 2023 (Deficit)/Surplus for the year Total comprehensive (deficit)/surplus At 31 March 2024	Revaluation reserve Restricted reserve Income & expenditure Total £,000 £,000 £,000 £,000 - 1,706 4,425 6,131 - 188 (186) 2
	- 188 (186) 2 - 1,894 4,239 6,133 Revaluation reserve Restricted reserve Income & expenditure Total £,000 £,000 £,000 £,000 - 1,718 4,391 6,109 - (12) 34 22
	(12) 34 22 - - 1,706 4,425 6,131

16

Goodwin Development Trust (A Company limited by Guarantee)

Statement of Cashflows

for the year ended 31 March 2025

Cash flow from operating activities Note (Deficit) /surplus for the year Adjustments for non-cash items: Depreciation and impairment (Profit) / Loss on disposal Decrease / (Increase) in trade and other debtors (Decrease) / Increase in trade and other creditors Interest paid Net cash generated from operating activities Cash flow from investing activities Proceeds from sale of tangible fixed assets Investing cash flow Cash flow from financing activities Interest paid Repayment of debt Financing cash flow Net change in cash and cash equivalents Cash and cash equivalents at the beginning of the year 14 Cash and cash equivalents at the end of the year 14	2025 £,000 2024 £,000 (197) 22 145 166 (27) - 307 (3) (112) 26 117 -
	233 211 38 148
	38 148 (117) - (89) (209)
	(206) (209) 65 150 (202) (352)
	(137) (202)

17

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements

for the year ended 31 March 2025

1. STATUTORY INFORMATION

Goodwin Development Trust is a charitable company domiciled in England and Wales, registration number 04454814 and charity number 1098520. The company is also registered with the Homes and Communities Agency, number 4799.

The registered office is Pod 5. The Octagon, Walker Street, Hull, HU3 2RA.

2. PRINCIPAL ACCOUNTING POLICIES

The RP is incorporated under the Companies Act 2006 and the Charities Act 2011 and is a Registered Provider of Social Housing.

Basis of Accounting

The financial statements have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Statement of Recommended Practice Accounting for Private Registered Social Housing Providers 2018 (Housing SORP) and the Accounting Direction for Private Registered Providers of Social Housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006.The accounts are prepared in accordance with the historical cost basis of accounting except as modified by the revaluation of certain fixed assets.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. Government grants in respect of capital expenditure have been accounted for using the performance model, this being when all performance conditions have been met the income is recognised as turnover in the Statement of Comprehensive Income.

Turnover

Turnover represents rental and service charges income receivable in the year net of rent and service charge losses from voids, revenue grants from local authorities and the Homes and Communities Agency. It also includes income from charitable activities and activities for generating funds in the year. Turnover is recognised once the company has entitlement to the income, to the extent that it is probable that the economic benefits will flow and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Fixed Assets and Depreciation

The cost of tangible fixed assets is written off over their expected useful lives on a straight-line basis. Rates used for this year’s provision are:

Freehold Property 2% Leasehold Property 2% or lease term Motor Vehicles 25% Equipment 15% - 33.3%

The useful economic lives of all tangible fixed assets are reviewed annually.

Housing Properties

Housing properties are recognised initially at cost and thereafter carried at fair value less depreciation and impairment charged subsequent to the date of the revaluation. Fair value is based on periodic valuations prepared by key management personnel with guidance from professional valuers and is determined from market-based evidence by appraisal. Valuations are performed frequently enough to ensure that the fair value of a revalued asset does not differ materially from its carrying amount. Fair value gains and losses are recognised in other comprehensive income. Depreciation is considered in relation to the residual values of the housing properties, as assessed with reference to the market valuations noted above. Where the carrying value of an asset represents its residual value no further depreciation has been accumulated.

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Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements (continued) for the year ended 31 March 2025

Any revaluation surplus is credited to the revaluation reserve in equity except to the extent that it reverses a decrease in the carrying value of the same asset previously recognised in profit or loss, in which case the increase is recognised in profit or loss, except to the extent of any existing surplus in respect of that asset in the revaluation reserve.

The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount.

Works to existing housing properties

Expenditure on existing housing properties is capitalised when it is either capable of generating increased future rents, extends their useful economic lives or significantly reduces future maintenance costs. All other expenditure in respect of general repairs to the housing stock is charged to the income and expenditure accounts as it is incurred.

Impairment

All properties are considered for impairment annually and detailed reviews of assets for impairment are carried out if there is an indication that impairment has occurred or if they are not being depreciated. Impairments that are a result of a major reduction in the service potential of a property are recognised in the income and expenditure account. Impairments that reflect general changes in price are, where the property is shown at a valuation, recognised in the statement of total recognised surpluses and deficits until the value of the asset falls to depreciated historical cost.

Further impairments, or the full impairment if the property has not been revalued, are then recognised in the income and expenditure account.

Donated land

Donated land which is unconnected with any intended development is measured at current value and recognised in turnover with other donations, where the donation is from a non-public body and as a government grant where it is from a public body.

Where land is donated or transferred at a price less than its open market value, or where it has been donated as part of a development scheme, it is included at its current value on the date it is received. The difference between the current value and the transfer price of land transferred from central or local government or other public authorities is treated as a government grant. Where land is donated or transferred by a non-public body the difference is recognised in turnover.

Stock

Stocks are valued at the lower of cost and net realisable value, after making allowance for any obsolete or slow-moving items.

Trade and other debtors

Trade debtors are recognised and carried at the lower of their original invoiced value and recoverable amount. Where the time vale of money is material, receivables are carried at amortised cost. Provision is made when there is objective evidence that the Company will not be able to recover balances in full. Balances are written off when the probability of recovery is considered remote.

Cash and cash equivalents

Cash equivalents includes term loans provided by financial institutions, giving a net debt figure when looking at total cash and cash equivalents. The Trustees feel this presents a true and fair view of the liquid resources of the Company.

19

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements (continued) for the year ended 31 March 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leased assets

Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the income and expenditure account on a straightline basis over the period of the lease.

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

Current Taxation

No taxation is payable by the RP, since it has charitable status, and its activities are exempt from tax.

Restricted reserves

Restricted reserves are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Restricted reserves include funds raised in response to a specific appeal. Expenditure cannot be directly set against restricted reserves but is taken through the income and expenditure account. A transfer from restricted reserves is then made as appropriate.

Where a restricted reserve is represented by assets that are then revalued, the revaluation element is added to the restricted reserve.

Value Added Tax

Irrecoverable VAT which can be attributed to capital item or revenue expenditure is added to the cost of the capital item or expenses where practicable and material.

The activities of the RP are partially exempt from VAT. A cost centre structure is utilised to account for VAT in the most appropriate manner. Some activities are therefore shown net of VAT where the VAT can be recovered in whole or in part. The irrecoverable element of the partially recoverable VAT is shown as a cost within Operating costs

Pension costs

The RP operates a defined contribution scheme for the benefit of its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.

20

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements (continued) for the year ended 31 March 2025

Judgement in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. Due to the nature of estimations actual outcomes may differ from initial expectations. Key sources of estimation uncertainty included within these financial statements include several estimations which are detailed within the above accounting policies.

Management apply judgement and estimates in determining the classification of property, plant, and equipment. With regards assets subject to full rental (i.e., not used for charitable purposes) where the assets are actively marketed management apply a judgement that these should be presented as a current asset over non-current asset. This includes having estimated any impairment likely to arise on disposal. This impairment is calculated by management as the difference between carrying value and anticipated selling price. Where anticipated selling prices exceeds carrying value no uplift in value is recognised within assets.

Going Concern

The current economic and social environment (cost of living, energy prices, the War in Ukraine, the national debt) means that that Goodwin Development Trust faces operational challenges in the short to midterm. This has resulted in the Trustees approving a small deficit budget for the year to 31 March 2025 and implementing a scheme of monitoring and appraising on-going operations with an intention to return a balanced budget.

Whilst acknowledging these facts the Trustees remain confident that Godwin Development Trust remains a going concern . This confidence is borne from the fact that:

• Goodwin have secured contracts for the Family Hubs (formally Children’s Centres) and Youth contracts. These contracts are for 5 years from April 2025 with an option for a further 2 years. We continue to only include confirmed funding; there is no allowance for non-committed income streams. Goodwin has always secured additional grant funding that along with our commitment to cost savings has meant an over-performance against budget. This has continued in the year to 31 March 2026 with management accounts to July 2025 outperforming expectations.

• Goodwin’s performance remains balanced across several income streams, including the new contracts noted above. This performance is underpinned by a diversity of income streams which spread and reduce any direct risks associated with the current economic and social environment. The current headroom in the Charity’s working capital facility provides us with time to focus and make any restructuring decisions in a sensible and cost-effective manner that protects both the future of Goodwin and its service users.

• The Trustees are confident that they could utilise other levers in the business model, such as utilising time to pay arrangements with HMRC, to protect working capital and the delivery of services if needed.

• Scenario planning shows that a focus on the growing housing operations of the business as a sole activity are cash generative and preserve the future of the Charity. Whilst not a strategy the Trustees intend to pursue, it would provide short term financial sustainability if required. The terms of the current debt on key assets are favourable with good relationships with funders and no immediate pressure on servicing those facilities.

• However, we continue to review commercial property assets, some of these are in the process of being disposed of without impacting on service delivery. This would ensure the continued financial sustainability of the Charity if required.

Whilst acknowledging that uncertainty could exist on any of these assumptions given the volume of available options to the Trustees the financial statements have accordingly been prepared on a going concern basis.

21

Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements (continued) for the year ended 31 March 2025

3. REVENUE

The analysis of the company’s revenue for the year from continuing operations is as follows:

Charitable Activities: Contract from Central Government / Local Authorities Grant from Central Government / Local Authorities Homes England Grant Arts Council England Grant UKSPF Two Ridings Know Your Neighbourhood SMILE Foundation National Lottery Grant Nursery Income Income from provision of employability, education, and training Fareshare CFM income Danny’s Dream Income Commercial Rent Social Residential Rent Residential Rent Other Charitable Activities Children In Need Forum CIO Health Grant Total Income from Charitable Activities All turnover arose within the United Kingdom.	2025 £,000 2025 £,000 992 121 38 29 529 82 0 0 621 164 245 857 321 289 70 31 15 7 4,411	2024 £,000 2024 £,000 1,028 174 26 22 33 61 8 7 488 560 237 762 320 318 66 79 0 0 4,189

SOCIAL HOUSING TURNOVER AND COSTS

Included within the above turnover:

Income Rent receivable excluding service charge Service charge/Housing Support Income Other Income Turnover from social housing lettings Social housing activity expenditure Operating surplus / (deficit) on social housing lettings Void losses	General needs housing Supported housing and housing for older people Other Total 2025 Total 2024 £,000 £,000 £,000 £,000 £,000
	289 25 - 314 344 - 46 - 46 35 - - - - 5
	289 71 - 360 384
	457 97 - 554* 312
	(168) (26) - (194) 72 - - - - -

• Extensive repairs undertaken to external cladding

22

Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements (continued) for the year ended 31 March 2025

4. FINANCIAL ASSISTANCE AND OTHER GOVERNMENT GRANT RECEIVABLE

Total government grants received in the period was £121k (2024: £174k).

5. OPERATING DEFICIT

	2025	2024
	£,000	£,000
Operating deficit is stated after charging:
Auditors' remuneration (see note 6)	18	15
Depreciation and amortisation of owned assets	145	166
Operating leases - other assets	6	6
Profit sale of tangible fixed assets	(27)	-
OR’S REMUNERATION
	2025	2024
	£,000	£,000
Fees payable (exclusive of VAT) to the RP’s auditor in	17	14
relation to the period of account for the audit of the
RP’s annual accounts
Tax Fee	1	1

6. AUDITOR’S REMUNERATION

7. KEY MANAGEMENT PERSONNEL

Remuneration paid to key management personnel in the period was £131k (2024: £45k, paid to 1 Employee from April 23 to June 23 and 2 Employees from January 2024 to March 2024)

The Chief Executive/s are ordinary members of the RP’s defined contribution pension scheme. No enhanced or special terms apply. There are no additional pension arrangements. The aggregate contribution made by the RP and its subsidiaries was £7k (2024: £2k) in addition to the personal contributions of the Chief Executive/s.

The Board of Trustees (Directors) received £147 in expenses and no remuneration in the year.

23

Goodwin Development Trust (A Company limited by Guarantee) Notes to the Financial Statements (continued) for the year ended 31 March 2025

8. EMPLOYEE INFORMATION

The average number of persons employed during the year: Administration staff Housing development staff Staff costs (including members of the Board) Wages and salaries Social Security costs Other pension costs The number of staff employed during the year expressed in full time equivalents whose remuneration payable (including compensation for loss of office) fell within the following bands: £60,001 - £70,000	2025 141 3	2024 140 3
	£,000 2,696 198 52 2,946 2025 2	£,000 2,520 182 47 2,749 2024 2

9. TAX ON SURPLUS ON ORDINARY ACTIVITIES

Corporation tax

The RP is a registered charity, and no provision is considered necessary for corporation taxation.

10. TANGIBLE FIXED ASSETS HOUSING PROPERTIES

Cost or valuation At 31 March 2024 Additions Transfer to Current assets At 31 March 2025 Depreciation and impairment At 31 March 2024 Charge for year – impairment Impairment release At 31 March 2025 Net book value At 31 March 2024 At 31 March 2025	Properties for social housing lettings Total £,000 £,000 7,120 7,120 - - - -
	7,120 7,120
	2,487 2,487 - (200) - (200)
	2,287 2,287
	4,833 4,833 4,833 4,833

All social housing is wholly owned by Goodwin Development Trust.

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Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements (continued) for the year ended 31 March 2025

11. OTHER TANGIBLE FIXED ASSETS

Cost At 31 March 2024 Additions Disposals At 31 March 2025 Depreciation and impairment At 31 March 2024 Charge for the year – depreciation Disposals At 31 March 2025 Net book value At 31 March 2024 At 31 March 2025	Land and buildings Fixtures and fittings Motor vehicles Total £,000 £,000 £,000 £,000 10,431 8 168 10,607 - - - - (13) - - (13)
	10,418 8 168 10,594
	5,774 8 140 5,922 132 - 13 145 (1) - - (1)
	5,905 8 153 6,066
	4,657 - 28 4,685
	4,513 - 15 4,528

The net book value of land and buildings at 31 March 2025 comprised:	The net book value of land and buildings at 31 March 2025 comprised:
	£,000
Freehold	1,906
Long leasehold	2,607

The Trustees confirm that to the best of their knowledge, the valuations of land and buildings continue to be consistent with the fair value of the properties at 31 March 2025.

12. DEBTORS – ALL RECEIVABLE WITHIN ONE YEAR

Trade debtors Prepayments and accrued income	2025 £,000 2024 £,000 50 159 146 345 196 504

13. CASH

Cash at bank and in hand Bank Overdraft	2025 £,000 2024 £,000 8 7 (145) (209) (137) (202)

25

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements (continued) for the year ended 31 March 2025

14. CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR

Loans and overdrafts Trade creditors Other tax and social security Accruals and deferred income VAT	2025 £,000 2024 £,000 291 377 209 140 - 35 343 482 3 10 846 1,044

Loans and overdrafts includes £73,750 from Handelsbanken, repayable December 2025, secured on a small portfolio of residential properties and Key Fund loan of £8,950, which ends in December 2025. It also includes £3,268 from Hull City Council, secured on Cavil Place site and repayable over 30 years.

The bank overdraft is secured by a company debenture.

15. CREDITORS - AMOUNTS FALLING DUE AFTER ONE YEAR

Loans	2025 £,000 2024 £,000 2,586 2,654 2,586 2,654

The loans figure comprises: £2,405,840 from Hull City Council, secured on the leasehold interest in the Hugh Webster site, and repayable over 30 years and £180,532 from Hull City Council, secured on Cavil Place site, and repayable over 30 years.

16. ULTIMATE CONTROLLING PARTY

The charitable company, being Limited by guarantee, has no share capital and was controlled throughout the period by its members and therefore no party had ultimate control. Members of the RP guarantee to contribute a maximum of £1 should there be a call on their guarantee.

26

Goodwin Development Trust (A Company limited by Guarantee)

Notes to the Financial Statements (continued) for the year ended 31 March 2025

17. FUNDS

Restricted funds Restricted general funds ERYC Digital Grant Hull City Council Maritime Know Your Neighbourhood Hull City Council Arts Grant Million Hours Community Health Grant SMILE Grant Warm Space Grant KCOM Digital Grant Restricted fixed asset fund Fixed Assets Total restricted funds Total unrestricted funds Total funds	Fund on 31st March 2024 £,000 Incoming Resources £,000 Resources Expended £,000 Impairment gains/(losses) £,000 Fund on 31st March 2025 £,000 - 6 (6) - - - 15 (15) - - - 83 (83) - - - 3 (3) - - - 65 (65) - - - 5 (5) - - - 1 (1) - - - 5 (5) - - - - - - -
	- 183 (183) - -
	1,706 - (12) 200 1,894
	1,706 - (12) 200 1,894
	1,706 183 (195) 200 1,894 4,425 4,254 (4,440) - 4,239 6,131 4,437 (4,635) 200 6,133

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted Funds Restricted Funds Total Funds
	£ 000 £ 000 £ 000
Tangible fixed assets	7,467 1,894 9,361
Current assets	204 - 12,908
Current liabilities	(846) - (4,476)
Creditors over 1year	(2,586) - (2,586)
Total net assets	4,239 1,894 6,133

19. PENSION COSTS

The RP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the RP in an independently administered fund. The pension cost charge represents contributions payable by the RP to the fund and amounted to £52k (2024: £47k). Contributions totalling £nil (2024: £nil) were payable to the fund at the year-end and are included in creditors.

20. RELATED PARTY TRANSACTIONS

At the date of these financial statements we had 1 Board member who is a residential tenant of the Company. We also have 2 Board members who are members of the Thornton Allotment Association who are a commercial tenant of Goodwin. All rents are made on an arms length basis.

21. GROUP AND RELATED UNDERTAKINGS

During the period ended 31 March 2025 GDT had no related and associated undertakings.

27