Copftyiuio Evolve Housing + Support Roport and Flnanclal Stat•m•nts Y•ar •nded 31 March 2025 Company number.. 4796537 Registered Charlty number.. 1099051 Regulator of Soclal Housing registration number= H4400
Evolve Housing + Support Report and Financial Stat•m•nts for the year endod 31 March 2025 Contonts Pag•: Directors, Exeeutlves Advisers Dlrectors, Roport, inclvdlng Slralegl¢ Report 10 Statement of the System of Inlemal Controls 11 Slatemenl of Directors, Respon51bllilles 12 Independent Audltoes Report Statemenl of Comprehensive Income 17 Stalemenl of FInan81 Actlvllle8 18 Statement of Flnancial P08111on 19 Stalomenl of Changes In Reserv88 20 Statement of Cash Flows 21 Index to Notes formlng part of the financlal statemènts 22- 35 Note8 formlng part of the financlal Statements
Evolve Housing + Support Dir•ctors, Executlves and Advisers Dlro¢tors Audltor BDO LLP First floor, Bottle Works The Bars Guildford GU14LP Paul Infield Paul Perkln Chair from 19 September 2024 Chair lo 19 September 2024 Retired 19 September 2024 Diana Coman Ellie Eghledar Ana Gonzalez Igle$las Evonne Hudson Mica Joseph Lkz Laurence Colin Maclean Vipan Mainl Simon McGralh Rebecca Monk Chrisllan Ogunsakin Abby Raymond Appointed 26 June 2025 Retired 1 October 2024 Appolnted 26 June 2025 Appointed 26 June 2025 SollcStors Winckworth Sherwood LLP Arbor 255 Blackfriars Road London SE1 gAX Retired 29 MarGh 2025 Appolnted 26 June 2025 Keystone Law 48 Chancery Lane London WC2A IJF Company S•crntary Jonny Slrudwick R•glst•red offic• 16- 20 Klngslon Road South Wlmbledon London, SW19 1JZ B•nk•rn HS8C Bank pl¢ 139A North End Croydon CRO 1TN Audlt Commlttoe Vlpan Malni Olana Coman Ana Gonzalez Igle8las Sanlander UK plc 100 Ludgale Hill London EC4M 7RE Chalr L•ad•rshlp Team P8tdci8 Brandum Interim Chief Executlve from 17 February 2025 Chièf Executive from 2 October 2023 until 31 January 2025 D1Clor of Operatlons {Resigned 11 February 2025) Interim Dlreclor of Operations {from 25 March 2025) Director of Corporate Servlces Director of People and Culture (Resigned 31 August 20241 Carmen Whlte Pamela Newman Carollne Moylan Jenny Strudwick Elspelh Hayde
Evolve Housing + Support Dlroctors, Report for the year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Evolve Housing + Support {"Evolv8') is a ¢ompany limited by guarantee. incorporated 12 June 2003, under the name "South London YMCA" 11 was registered as a charity with the Charity Commission on 19 August 2003 and as a social landlord with the Regulator of Social Housing Iformerly the Homes and Communities Agency) on 11 September 2003. Evolve is governed by ils Articles of Association. The governing body of the CganISation is the Board. which comprises not less than seven arKI not mor& than twelve members. Board members are electéd for a Ihree-year period and, under the article5, may be re-elected for further three year periods, giving a maximum term of nine years. This exceeds the sugge$ted maxlmum term in the NHF Code of Governance 2020, which is six years. All members of the Board give their lime volunlarlly and receive no benefits from the orgonisalion. Directors. liability insuiance is arranged annually. A regular appraisal exercise is carried out for Board Members by the Chalr. together wllh an annual skills audit. Both of these allow gaps in the Board lo be idenlrfied, to enable targeted recrultmenl. All members are given the opportunlty to receive additional training. Curffjnt customers $11 on our Customer Scrutlny Panel, which reports regularly lo senior colleagues and the Board. A reglsler Is kept of the intere818 of Board members and specific declaratlons of interest are sought al every Board meellng. The rnaln re5ponslblllly of the Board is to formulate the strategi¢ plans of the organlsalton along wllh thé budget and financial monilorlng. 11 receives regular reports on all a$pe¢ls of the work of the organisallon and meets formally at least quarterly. Away days aro held regularfy wlth the Chlef Executive and 8enior managers lo di5¢U5$ and plan fulure strategy based around a comprehenslve buslness plan. The Board delegates the main day lo day de¢lslons to the Chief Execulbve and the Leadershlp Team. The Board has eslabllshed and formally conslituled the Audlt Commlllee as a su&commillee of the Board, with spe¢ifl¢ terms of reference and function5 delegated by the Board and wllh Board members representing the Board's Interest on the committee. The Chief Execullve. the Director of Operallons and the Director of Corporate serv1$ normally attend all the Audlt Committee meetings. as do other senlor managers as approkyiale. A govemance rovlew 1$ Currently underway. led by a ¥mall group of trusl8e5 and the Chlef Execullve, lo revlew commlttee structures and governance procedures and lo assess compllance wllh the regulatory frameworks and standards issued by Ils regulators th8 Regulator of Social Housing and the Charity Commission. The organisalion has adopted the Nallonal Houslng Federation's INHFI Code of Governance 2020, and compliance will form part of the aforementioned review. Where the Arti¢les ot Asso¢lallon dlverge from the Code, the Artides lake pre¢edence. OBJECTIVES AND ACTIVITIES Purpo8•s and Alm8 The prSmary objects of Evolve are.. to provide, improve and manage houses or hostels provldlng residential accommodation and ao¢lated amenities, facilities and services for people of all ages who are In need, hardshlp or distress by reason of their social. physical or economic circumstances- lo relieve or as51sI in the relief of pgople of all ages who are in need. hardship or distress by reason of their social. physical or eCorM ¢iUmStanCeS. Our aim 15 to help children, young people and aéults who are homeless or al risk of homelessness lo become independent and resilient. We believe in building on people's strengths, aspirations and goals to help them break the cycle of homelessness. We offer a programme of support lailored lo meet people's individual needs. induding housing, employment and skills training. mentoring and counselling. We work with young parents and children al risk of exclusion lo build the skills and resilience that can help prevent homelessness. Our aims fully refflecl the purposes that the organisalion was sel up lo further.
Evolve Housing + Support Dlreclors, Report for the year ended 31 March 2025 We review our aims, obieclive5 and activities ea¢h year. This review looks al wh31 we hav8 achieved and the ouleomes of our work.11 looks at the success of each key activity and the benefits they have brought to those groups of people we are sel up lo support. The review also helps us ensure our aims, objecliv8s and activities remaln focused on our staled purposes. We refer lo the Charity Commission's general guidance on public benefit when reviewing our aims and gbje¢lwes and in planning our future acts'vities. In particular. the Board ¢ongiders how planned activities will Contribute lo the aims and objectives it has set. How our a¢tlvltles dellver publlc benefit Our maln actlvlty Is the provision of supported housing and those who benefit from our services are de3cribed below. Our ¢haritable aclNlties focu5 on the supp(Kt of homaless people and those al risk of homelessnass, with the alm of supporting Ih8m lo develop the skills andlor insight neeéed lo live independently. The Directors have tsken due regard of the Charity Commission guidance on public benefit and have satisfied themselves that the Gharilable aclivilles undertaken by the Organisatn are for the furtherance of ils charitsble purposes and 5a115fy the requirements of public benefit. Who us•s and benefit• from our sorvlces? Whilst our obj6els are not geographically limited, our funding $lream$ mean that the services we provide are primarlly to the residents of the London Boroughs of Croydon. Lambelh. Merton. Sutton and the Royal Borough of Kensington and Chelsea. We plan lo expand these services into neighbouring boroughs as opportunltles arl88. Our ¢ore dlent group is hom8185s and vulnerable people of all ages. Our accommodalion-based servlces cover a broaé range of customer groups, including young people al risk, teenage parents, care leavers, young families with no recourse lo public funds, single homeless adults, refugees. people with severe and enduring mental health needs and previously excluded rough sleeper5 with complex needs. Access lo our 8ccommodation-based 5ervices1s rnanaged vla the local 8uihority which fund8 th8 particular seNic8. This procesg ensures that our services continue dlreclly to meet the needs of the boroughs in which we work. During the year we have conllnued lo provide our Health and Wellbelng service to deliver focussed support to our customer8. Fundral8lng Charity law requlres charllies to make a statement reg?rdlng fundraising aclivilles. The legislation define5 fundraising as 'soliciling or otherwise procurlng money or other propety for charitable purposes,. Such amounts receivable are presented in these accounts in other operallng income. We have a Fundraising Strategy and a Slakehdder Engagement Strategy, both approved by our Board. We do not work with any professional fundraiseTS, nor do we use cold calllng or dlrecl mail. We are registered with the Fundraising Regulator and comply wlth their code of practice. The day-to-day management of all income generation is delegated to the executive team who are accountable lo the Directors. We have received no complalnls in relatlon to fundralsing 8Ctlvllles In the year under review.
Evolve Housing + Support Directors. Report for the year ended 31 March 2025 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE In June 2019, the Board approved our 2019-22 Busine55 Plan. Our straleglc obleclive is lo inspire our team to create posllive change, reach more people and sustain our future. The pandemic meant we were unabl& to progress many of our plans. 2nd in June 2021. the Board agreed lo extend the term of the current plan lo 2024. An interim plan was approved for 2023-24. Work started on a new business plan in 2024125 bul was delayed by the changes in Chief Executsve. A new 3-year plan is being developed in 2025, for implementation from Aprll 2026. This reptyt glves a snapshot of the many achK8vements and Improvements in service provislon for our customers durlng the year lo 31 March 2025. Our primary focus remalns keeping customers and colleagues safe and maintaining the financial security of the organisalion. The Directors acknowledge that the achievements of the year were only possible through the hard work of our colleagues and the commitment of our partners, Induding the London Boroughs of Croydon, Lambelh, Merton, Sutton and the Royal Borough ol Kenslngton and Chelsea, Homes England, Greater London Authority, Calypso Browning, Govia Thame51ink Rallway, The E¢onomisl Newspaper and many charitable Irusls, corporations, groups and individuals who continue lo support our work. Oporatlons Al 31 March 2025. EvoSve provided 540 beds of supported houslng In the London Boroughs of Croydon, Lambelh, Sutton and Merton, and the Royal Borough of Kensington and Chelsea. The support we offer withln our accommodalion-based services is funded through local aulhorSty contracts, and we work to ensure that we are meeting the needs of our Gustorners and Ihe slraleglc needs of our commissloners. Our teams are equipped lo work with and 5UPPQrt the most vulnerable and complex people wllhin the communllles we serve and have the flexibility lo be able lo change our 8ervlce offering to meet new strategic needs if requlred. He81th and Safety Building saf8ty land fl safety) conlinueg lo be a core priorlty In our day-104ay work. A signrficanl project 18 underway lo complete all flre remedial work8 on our buildlngs, Including relronlllng misl systerns al some larger locations, We have registered our bulldlngs over 18 meters wllh the Bulldlng Safety regulator in line with the requirements under the 8uSlding Safety Act 8nd have commSssioned In depth Buildlng Safety Case reports for these buildings which wlll inform our ongolng improvements lo our building safety measures. Improving Quality In the 2024 customer survey, overall customer sallsfaclion with Evolve 5eNices remalned hlgh at 89.70h. 1.5Vts rise on the previous year. Our over211 response rate was 65010. a fall from the previous year177¥vl. In 202415 we contlnued lo deliver on several areas of our Co-productlon Strategy, including tho dellvery of vo Peer Pathways programmes to our customers. We used the Tennanl Satisfaction Mea5ur85 and results of our 202314 survey to focus on area5 of improvement acros9 services. Our tsvo core areas of Goncem related lo complaints and maintenance. We reviewed our policy, Iralnlng and approaches lo dealing with Gomplaints in line with the r)ew Code of Practice. We completed a Setf-assessmenl and produced our first annual complaints report publlshed on our website. Our facilities team underwent a review and saw improved practice across seNlces. In the 202415 customer survey, we saw an Increase in salisfaclion for both complaints and maintenance. We continued to develop our practices for potential future Ofsted reglstration and received formal inspections from both Lambelh and Croydon Council in preparation. We reviewed our consumer standards and looked al areas for improvement across our services, under the Better Social Housing review.
Evolve Housing + Support DireGtors' Report for the year ended 31 March 202S A particular focus was given to welfaro che¢ks and revlewing how these are completed and reported. Improvements were made lo poIleS acro$$ services induding Behaviour Management, Reward and Recognillon. Domestic Violence and CompensatS0n. Several events were held acr05S S8rvl¢es and we began customer leadership groups, made up equally of Guslomers and colleagues. These leadership groups address issues currenuy being faced in services and hold us to a¢¢ounl on where we may have gol things wrong. They cel8brale good practicè and reward customers Involvement with professional referenGe5 and vouchers for their lime. thin our sorvlces, we continued lo enhance our understanding. practice and approaches lo becomlng a more p5yGhologically informed organisalion and our response to trauma informed care and support. Our Psychological Wdlbelng Therapists continued lo share and develop practice improvements acros$ Services. Community SeNl¢es Our work and leaming programme for young people ¢onllnued In 2024125 through our youth mentoring programme. This worked wlth young people across our seNlces and helped provide positiv8 gxperienc8s and direct education and employment outcomes for customérs. 960A of customers who identified a need lo irnprove Ihelr physical health achleved thls and 86% better managing Ihelr mental health. Our Health and Wellbelng Programm8 received conlinuatlon fundlng and support from the National Lollery Communlly Fund In 2022 until March 2025, In 202415, we completed 433 Iherapeulic interventions. 210 customers engaged In physical health activities 3nd 109 health focused drop-ins were condu¢ted. 89 workshops were dellvered with 386 allendees. External fundlng ended for our counselllng service In 202314,. however, we continued to operate on a lesser scale with a reduction to four counsellors. Fundraislng Our focus In 202415 was based 8round challenge events and the Big Give winter appeal. Restricted Income for the year saw £30k briyjght in and £20k brought in through unreslricled funds. There was a change of focus from sorne trusts and grants. and this made appllcations dlfflcult lo be successful. Challenge events worl<ed well thi5 year with 11 people completing half marathons and park runs. We submitted 11 grant applications and were successful with GTR rail for funds to help pay for the P¥ychologlca Wellbeing Team in 202516 Partnèrshlps with businesses developed more Glft$ in Kind during the 202415 year and we estimate the value of Ihi$ lo be around £15k. These included volunteer days lo develop gardens and repalnl and design Internal areas of Our services. We began our new 5-year prolect for Lambeth and were successful In reneng our contract wllh Merton for S years from June 2025. FINANCIAL REVIEW The Directors present the report and financlal statements for the year ended 31 March 2025. The statements are presented according lo the qUireMentS of the Statement of Recommended Practice ISORPI Accounting by Register8d Social Landlords and FRS102. The key financial results for the year are shown below. Turnoverfor the year amounted to £13,450k compared with £12.391 k for the year ended 31 March 2024. A surplus of £1.150k wa8 recorded for the year. compared lo a surplus of £832k in the previous year.
Evolve Housing + Support Directors. Report for the yoar ended 31 March 2025 Interest receivable. less payable, was £46k for the year compared with £9k payable less receivable for the previous year, due to the cash recovery from settling our cladding legal action in 2023, and our ennsclous declslon lo pay down our loans and build up our borrowing headroom for future projects. AS a charitable company Ilmlted by guarantee, divldends are not paid. Surpluses are relnvested for the benefft of our customers. Financial risks The organisalDn has a Treasury Management policy, approved by the DiTe¢tors, whlch seeks lo address funding and liquidity risk and wvenanl compliance. Surplus funds are invested in Interest bearlng accounts and the organlsalK)n malntain8 sufficient levels of cash in current accounts for day-lo-day requirements lo reduce liquidity risk, Debts due lo the organls81ion are regularly reviewed for rewverabilily and provision is made where necessary. Loans helé by the organisalion, which are b?siG financlal In81nJmenls, are held al market value, whlch minimises Interest rale risk. Golng conc•m We have reviewed budgets, fore¢asl$. ¢ash tlow projections and compllance wlth Gov•nant$ for the perlod lo 31 March 2027. We carry out stress lesllng on our budget projections and forecasts and model various Scenarios including the loss of major contracts, increased staff and maintenance costs and Interest rale changes. Options for m51allOn to ensure the business can conllnue In the short and longer term have 8180 been reviewed. As a result of these reviews, the Board considers that the organisalion has adequate resources lo continue In operatlonal exlslence for al least 12 months from the dale these financial slalemenls are signed. Accordlngly, we contlnue to adopt the golng concern basis in pr8parlng the accounts. PLANS FOR THE FUTURE Our 2019-2022 Business Plan was approved by the Board al Ihelr me8ting In June 2019. The plan Sel out our ambition and slTalegic obje¢live$ for the three-year period. Al their mo81ing In March 2021, the Board agreed lo extend the period of that bu$lne$$ plan by one year, lo 2023, to acknowledge that we were unable lo work on some of our strategic objecllve$ due to the pandemic. In March 2023, the 8oafd approved an Interlm Business Plan, the key aim of which was achievlng further stability and consolldalion, bullding a platform for growth. 2023124 and 2024125 have been years of transi1Son. with our longstanding Chlef Executiv6 relirlng In October 2023, and his replacement leaving in January 2025. Our Interim CEO is driving the busin8ss plannlng ocess forward and the aim is to have a new plan In place for implementation from Aprll 2026, under a new permanent Chief Execullve. A research project was commissioned lo idenlrfy new customer groups who could benefit from our services. and new Commissioning authorities with service requlremenls which fll with our expertise. We are also reviewing the use of our buildings lo maximise the return on investment, whilst slaying true lo our charllable objeclNes. We will continue lo deliver our service5, and fvifil our key strategic alms, whlch remaln to.. Insplre our team - lo continue to develop, innovate and deliver excellent services., Create posltlve chango- for people and communities., Reach more people- expanding what we do and where we work., Sustain our future- to continue lo be a well-led, vlable and creative organisation.
Evolve Housing + Support Directors, Report for the year ended 31 March 2025 Rlsk and Int•rnal Control The Audit Committee have r8viewed the internal audit arrangements and agreed to appoint specialist provlders appropriate lo the work required, with a view to having regular specialist reviews. We also have a ornprehensive programme of internal quality audits. covering all aspects of our business, and all departments. Results of these audits are reported lo the Board. Policle5 and procedures have been put in place lo ensure good governance and these are regularfy reviewed and added lo as Tequired. Likewise, detailed procedures covering all aspects of finance related $y$tem$ and reF)Orting have been developed to supplement the organisation's financial regulations. Th8 Board is responsible for safeguarding the assets of the organlsation and hence for taking reasonable steps for the pr8vention and detection of fraud and other irregularities. The Board has considered the key risks facing the organisalion. Future Government's reforms lo the welfare system remain a risk lo our main revenue 51ré8m. Rental income provides the major source of in¢ome to th8 organisalion and our customers rely on benèfits lo pay their rent. A major area of rlsk relates lo Supporting People fvnding, on whl¢h the organisalion also relies heavily, particularly with regard to the arrangements for competitive tendering that all Local Aulhorrties now follow. The risks inherent with this funding stream are addressed in a number of ways. We ensure that the quality of all our sarvi¢e$ Is maintained lo a very high standard and that all lender submissions are keenly prlced. Good relation5 are maintained with local aulhorilies, and w8 work wlth Council colleagues lo ensure the conllnued strategic relevance of the organisalion's services lo th8 Counclls, ongoing slralegies. In addillon, colleagues ensure that the Counci18 are kept fully briefed on the organisation's servlces and the importance of malnlalning funding. We are also working to widen our income streams and thus reduce our rellar on this form of local authority funding. The organlgation's Statement of the System of Internal Contro181s sel out on pagg 10. VALUE FOR MONEY Board 0¢knowl•dgement of rosponslblllty Thè Board accepts t8 responsibility for knowing how our a$sel8 are used lo further our alms and purposes. The Board and senior management team regularly revlew the org8nlsallon's d8velopmenl and investment slralogies wllh the aim of ensuring that we continue lo make appropriate use of our assets in order lo achleve further growth. A key alm for the Board is lo demonslrale that we are maxlmising the return on our assets and inveslmenls, In Ilne with our risk appellle, and achieving value for money. Valu• for Money at Evolvo Our strategic objectSves aim lo deliver our charitable purpose. They therefore refiect the value we are seeking lo maximl$e in the context of value for money. To measure our success. we set key performance indrAlors IKPIs1 and largels against our objectives. Our key slrateglc objeclNes remaln unchanged 8nd Can be summar19ed as follows.. Insplre our taam to crtate sitive change. r68ch mor8 people and sustain our fvture. Our strateglc oblectives and key prforilles are summarlsed below: Strate Ic Ob'eclive 2024125 ke rlorflles Measure KPI absence KPI_ fik of customers with slaying Safe lans Funds raised increased costs KPIS Vv lost from voids and Inspire our team Colleague wellbelng Support our customers lo identify and meet ersonal oals Seek additional funding to ensure services continue uninterru ted days lost to sickness Create ilive chan Reach more people compared to Sustain our future Manage void losses and arrears arrears
Evolve Housing + Support Dirnctors, Report for the year ended 31 March 202S We report here on our organisational metrics and targets and the RSH metrics as required by the Vfm standard. Median figures are laken from the Smaller Providers. Benchmarking Group {SPBM) data for our peer group. The peer group is comprised of 15 smaller housing associations primarily providing supported accommodallon across the country. However, half the group also provide general needs houslng whl¢h operates on a lower cost base and higher margins. RSH Metrlc 2022123 2023124 2024125 Actual 2024125 Targot SPBM 2024125 mlan £11.2k 2025126 Targat Headline social housing cost per unit £'ooo EBITDA inler8sI cover Operatlng Margin.. social housing lelling¥ £14k £14k £14.5k £16.2k £24.1k 378Y• 607¥0 814% 100Q 536° 451% 9.27% 27.59¥0 19.69¥0 -21.20 0.37% 7.420 11.070 1.660 0.89% 0.61% 3.0% 7.390 5.21 ¥0 13,20 2.48% 2.31% 1.520A 1.06V -17.10 11V. eralSn mar n., or Return on ca ital em Gearin Reinveslmenl New su I d&llvered anisalion 5.7% -54.8° 0.540 -36.90 Evolvo Motrlc 2022123 2023124 2024125 Actual 2024125 Target SPBM 2024125 M•dlan 6.79 2025126 Targ•t Coll&a ue absences workin da s lost Customers with current 5UPPOrt plans 13.4 97.9% 99.s% 100% 100% Additional funds raised Vold losses Arrears losses £'ooo £39.6k 5.1Vo 3.7Vo £98k 4.9% 4.4% £20k 4.9% 5.72% £27k 5.78Vo 4.43Va NIA 5.80 6.05Vo £40k 5.74% 3.0% Our headline soclal housing cost per unil Is high. We work hard to keep cost increases as low as possible, whilst malntaining the quality of our servlces. Many of our ¢uslomers have complex needs and as a specialist 8UPPOrted housing provSder11 Is lo be expected that our service charge costs will be relatively high because of the special additional servlces we need lo provide, including higher staffing levels. greater security and safety equipment, 8lc. Our costs per unll will be slgnificanlly higher next year as we undertake a large fire remedlal project across all bulldlngs. More Information on value for money. Includln9 details of our soclal value. can be found In our full Vfm review and on our web511e. RESERVES POLICY The Oireclors beli8ve that a general reserve representing beeen three and six months. unrestricted expenditure Should be maintained lo allow the organisalion lo be managed efficiently. There is a need lo match variable income with fixed commitments and the nature of the reserves and to provide a buffer for uninlerrupled services. This level of reserves would provide sufficient funds for the maintenance of the current actlvSlles of the organisation in the event of a signrficant drop in funding and also provide time to allow the Directors lo consider changes in activities or new sources of funding. During the year, our total rèsarves increased from £15,519k lo £16,669k. The majority of these reserves are held as fixed assets and, as such, could not be readily converted lo cash. Free reserves. defined as those which could be freely spent on our charitable objects {and excluding restricted funds), amount lo £6.5m, representing approximately 6.2 rnonlh of expenditure {2024.. £5.6m, representing 5.7 months of expenditurel-
Evolve Housing + Support Diréctors, Report for the year ended 31 March 2025 PROVISION OF INFORMATION TO AUDITOR All the current board members have taken all the steps that they ought to have tsken lo make themselves aware of any irrformalion needed by the organisalion's auditors for th8 purpose5 of their audit and lo establish that the auditors are awara of that Infomiation. The directors are not aware of any relevant 8udil information of whh the audSlors are unaware. BY ORDER OF THE BOARD The Directors, Report including the Strategic Report was approved by the Board on 18 September 2025 and Signed on its b8hatf by: nny StrudwSck (Company Secretary}
Evolve Housing + Support Statement of the System of Internal Control8 The Board is al the ¢enlre of governance and 15 responsible, in particular, for ensuring that the organisation operates effèctively and achieves its objectives. The Board acknowledges ils ultimate responsibility for ensuring Ihal the organisation has in place a sound system of internal controls that ar8 appropriate lo the various business environments in which it operates. These controls focus on the signrficant risks that threaten the organisalion's ability lo meet ils objecllves and provide reasonable assurance with respect to.. the reliability of key informatlon and performance Indlcalors used within th& organisalion or for publication,. the maintenance of proper records", the 50fegu8rdlng of 88sels against unaulhorised use or disposillon.. and the ganiSatIon,S compliance with re18vanl laws and regulations. The Board is confidant that procedur8s are in place that effectively Identify all risks that mtghl prevent the organisalion achieving Ils obleclNes and which manage $u¢h risks and miligale their effects. The organisalion has management arrangements. resourcos, ski115 and systems that are appropriate lo the circumstances, scale and scopg of its operations and ensure that its aclivi1185 are backed by proper systems of as3uran¢e for Internal control. The Board fnainlains a sound system of internal ¢ontrol$ and conducts annual review8 of the èffectiveness of Ihe system. The revlew covers the whole range of controls including financial, operallonal and ¢ompllance controls and risk management. The key step8 that the Board lakes are lo: identlfylreview the oTganlsalDn's buslness obieclives, the possible opportunilles and the risks or threats lo achievlng those ObltIVeS., formlreview the organisalion's framework for m8naglng the idenilfied risks., and klentfy how the Board is lo obtain assuran¢e that th& risk management policie5 adopted are adequate and operating effectlvely. Assurance 1$ obtained by.. the Identrfication and evaluation of applicable risks., the deslgn of a system of controls.. and the operation of those controls. The organlsation's risk managoment and rlsk Identlftcatlon activities provide assurance that the organisalion Is focusin9 on and addressing the k6y risks that threaten the allainment of the organisation's business obieclives. Particular allenlion is paid lo how the organlsalion's risk profile is changlng over time. Such activities include the Leadership Team reviewing key risks al their regular meetings. Members of the Leadership Team regularly discuss these risks with service managers and their teams to ensure their full involvement in the risk management proces5. The Board recognlses that p9rfom1an indicators have an Important role in assurance by allo%Mng the Board and the Audit Committee to assess whether the organisatlon Is meeting its objectives. At Board meetings key performan(x Indicators are reported on regularly. 10
Evolve Housing + Support seMent of Dlrectors, Re8pon3ibllitiOS The Dlrectors (who are also the trustees of Evolve Housing + Support) are responsible for preparing the élrector5' r8POrt. strategic rei)ort, annual report and the financlal stslements in accordance with applicable law and regulations. Company law and social housing legislallon requires the board to prepar8 financial stalemonts for each rinanci81 year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law, the Board must not approve the financial Statements unless they are satisfied that they give a true and falr view of the slat8 of affairs of the organi5alion and of the surplus or deficll of the organisallon for that perd. In preparing Ihese flnanclal $tslements, the Board are requ1d to.. select suitable accounllng policies and then apply them conslstenlly., make judgements ar accounting e$llmales that are reasonable and prudent,. slate whether appllcable UK Accounting Stanéarés have been followed and the Statement of Recommended Praclice.. Accounting by Reglslered Providers of Social Housing 2018, subject lo any malerlal departur85 disclosed and explained In the financial stalemenls,. and prepare the flnanclal statements on the golng COrern ba$ls unless 11 is Inappropriate lo presume that the charitsble company will continue In bu$lness. The Board Is responslble for keeping adequate ac¢ountlng records that are 8ufflcSent lo show and explain the organisallon's transactions and disclose with reasonable accuracy al any time the financial position of the organisalion and enable them to ensure that the financial statements comply with the Companies Act 2006. the Houslng and Regenefalion Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. 11 Is also responsible for safeguarding the a88els of the organisalion and hence for taklng reasonable steps for the prevention and dele¢lion of fraud and other irregularities. The board members are résponsible for ensuring that the report of the board15 prepared in accordance wllh the Statement of R8commended Practice.. Accounting by registered Social housing providers 2018. Financlal statements are published on the w8bsite in accordance with legislation in the United Kingdom governin9 the preparation and dissemination of financial slalements, which may vary from legislation in other lurisdiclion5. The maintenance and inl8grity of the website is the Tesponsibilily of the board. Board re8pon81bility also extends lo the ongoing integrity of Ihe financial slalements contained therein.
Independent Auditor's Report to Ihe Members of Evolve Housing + Support Opinion on th• financlal statements In our opinion, the financial statements.. give 2 true and fair view of the stale of the Organi5alion's affairs as at 31 March 2025 and of the Organlsatlon's incoming resources and appliGalion of resources, including its income and expendllure. for the year then ended.. have been properly prepared in accordance with United KIn10M Generally Accepted Accounting Practice,. and have been properfy prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Reglslered Providers of Social Housing 2022. We have audited the financial slalemenls of Evolve Housing + Support I the Organisalion.) for the year ended 31 March 2025 whlch compnse the statement of comprehensNe incoma, the statement of financial activities, the statement of financial position, the statement of changes in Teserves, the statement of cash flows and notes to the flnancial slalements. including a summary of significant accounting policies. The financlal reportin9 framework that has been applied in their preparation is appllcable law and Unlted Kingdom Accounting Standards. includlng Financial Reportlng Standard 102 The Flnanci81 Reporting Slandard 8ppIic8bl8 in the UK and R&publl¢ of Ireland (United Kingdom Generally Accepted Accounting Practlce}. 81* for oplnlon We conducted our audll in accordance with Inlernatlonal Standards on Audltlng (UK) I"ISAs IUK)") and applicable law. Our responslbllllies under those stsndards are further descrlbed in the Audltor's responsibllllle¥ for the audit of the financlal statements section of our report. Wo belleve that the audlt evSdence we have obtained is sufflcient and appropriate lo provide a basls for our opinion. Ind•pènd•nce We remain independent of the Org8ni8alSon In accordance wllh the elhlcal requlremenl8 that are re18vant lo our audit of the financial slalemenls in the UK, Including the FRC'S Elhlcal Standard, and we have fulfilled our other ethical responsibillties in a¢cordance with these requlremenl8. Conclu8lon8 rolatlng lo golng ¢on¢om In auditing the finan¢ial slalemenls, we have concluded that the board members. use of the going concern basis of accounting in the preparation of the financial slat8m8nls is approprlale. Based on the work we have perfomied, we have not Identifled any malerlal uncertalntles relating lo events or conditions Ihal, indlvldually or collecllvely, may cast significant doubl on th8 Organlsallon's ability lo continue as a going concern for a period of al least 1Ve months from when the financial st8lemenl8 are aulhorised for issue. Our responsibllltles and the responsibllllles of the b08rd with respect lo golng concern are de$orlb8d In th8 relevant sections of this report. Other inforniatlon The board are responsible for the other infomiation. The other Information comprlses the informatSon Included in the annual report, other than the financial slalemenls and our audllorfs report thereon. Our opinion on the rinancial stslemenls does not cover the other infofmalion we do not express any form of assurance ¢ondu$ion thereon. Ovr responsibility is to read the other Information including the Directors, Trport induding strategic report, Statement of System of Internal Contrtsls and. In doing so, consider whether the other information is materially irbconsislenl wllh the financial stal8menls or our knowledge obtained in the audit or otherwise appears to be materl8lly misstated. If we identify such material Inconsistencies or appar8nl material misslalemenls, we are required lo determine whether Ihere is a malerlal misstatement in the finoncial statements or a m8terlal misstatement of the other information. If. based on the work we have performed, we conclijde that there Is a material misstatement of this other information we are required lo report that fact. Vve have nothing to report in th1$ regard. 12
Independent Audltor's Report to the Members of Evolve Housing + Support Other Cornpani85 Act 2006 reporting In our opinion, based on the work undertaken in th8 course of the audit: the information glven In the Strategic report and the Directors, Report for the financial year for which the financial slatfjmen15 are prepared is consislenl with the financial statements., and the Strategic report and the Dlreclors, Report have been prepared in accordance with applicabl8 legal requiramenls. In the light of the knowledge and undèrstanding of thé Organlsallon and its environment obtained in the course of the audll. we have not identified material mlsstal8menl$ In the Strategic report and Report of the Directors. We hav8 nolhlng lo report in respect of the following mallers In relation to which the Companies Act 2006 requires us to report lo you rf. in our oplnlon., ad8quale accounting re¢ords have not been kept by the organisallon, or returns adequale for our audit have not been rectived from branches not vislled by us., or the Organi88tion financial ststemenls are not In agreement with the accounllng records and returns.. or certaSn disclosure5 of board trustees, remunerallon specrfied by law are not made., or we have not rec8ived all the information and 8xplanations we requlre for our audit. Respon81bllStl of Iho Olr•ctor• As explained more fully in the Slalemenl of Dire¢lors' Responsibi1S1ies, Isel out on page 111 the Directors are responsible for the preparation of the financial slatemenls and for being satisfied that they give a INe and falr view, and for such internal control as the DireGtors determine is necessary lo enable the preparation of financlal st8lemenls that are fre8 from malerlal misslalemenl. whether due lo fraud or error. In preparin9 the financial slalemenls, the Directors are responsible for assessing the Organisalion's ability lo continue as a golng concern, disclosing, as applicable, matter5 related lo golng concern and using the going concern basis of accounling unless the Directors either intend to l*uldale the Organisation or to cease operations, or have no reallstic alternative but lo do so. Audltor's respon8lbllltl•s for the audlt of the flnanclal statom•nts Our oblectives are lo oblain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl. whether due to fraud or error. and lo issue an auditor's report that includes our oplnlon. Reasonable assurance is 8 high level of assurance, bul is not a guarant88 that an audit conducted in accordance wilh ISAS IUKI will alway8 detect a malerlal misslatemgnl when it exists. Misstalemenls can arise from fraud or error and arg considered material if, Individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financlal Stalemenls. Extént to whlch the audlt was capablg of detoctlng Irrggularit1•8, Includlng fraud ITregularitie8. Includlng fraud, are instances of rn-cornlance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misslatemenls in re$ped of irr8gularilies, including fraud. The extent lo whiGh our pyocedures are capable of deteding irregularities. in¢luding fraud is detailed below: 13
Independent Auditor's Report to the Members of Evolve Housing + Support Non*omplianco with laws and rogulatlons Based on.. Our understanding of the Organisation and the industry in which it operates,. Discussion with management and those charged with governance., and Obtalning and understanding of the Organisalion's pollcles and procedures regarding compliance wfth laws and regulations we considered the significant laws and regulations lo be the Companies Act 2006. the Housing and Regeneration Act 2008 and the Accounting Direction for Prlvale Registered Providers of Social Housing 2022. Th8 Organisalion Is a150 subject to laws and regulallons where the ¢onsequen¢e of non-compliance could have a material effect on the amount or disclosures in the financial stalemenls, for example through the imp0511ion of fines or litigatlons. We identified such laws and regulallons to be the Regulator of Social Housing's Regulatory Standards, employment law, data protection and health and safety legislatn. Our procedures in respect of the above included.. Review of minutes of meeting of those charged wh governance for any instances of non- compliance with laws and regulations,. Revlew of corresponéence with regulatory and tax aulhoritles for any Instsnces of non-compllanGe with laws and regulations., Reviw of finan¢l81 slalement disclosures and agOing to supportlng documenlalion., Involv8menl of lax specialists in the audll., Revlew of legal expendllure awounls to understand the nature of expenditure incurred, Fraud We assessed th8 suscepllbllity of the financial slalemenls to material misslalemenl, including fraud. Our risk assessmenl procedures Included.. Enqtsiry with management and those charged wlh governance (also considered Audrt Committee) regardlng any known or suspected Inslancas of fraud,. Oblalnlng an unéersl8nding of th8 Organisalion's pollcies and procedures relallng to.. Detecting and responding lo the rlsks of fraud., and Internal controls eslabllshed lo mltigale risks related to fraud. Review of minutes of meeting of those charged wllh governance for any known or susp8cled instances of fraud., Discussion amongsl the engagement team as lo how and where fraud might occur In the flnancial stalemenls., Performing analyllcal procedures lo identify any unusual or unexpected relatnShIpS that may Indicate risks of materfal mlsslatement due lo fraud. Basod on our rl$k a$segsmenl. we consSdered the areas most susceptlble lo fraud lo be management override through Inappropriate journal entries. Our proceduffjs in rèspect of the above included le5ting a sample of journal entries throughout the year, which mel a defined risk criteria, by agreelng lo supporting documentation. We also communicated relevant idenllfied laws and regulation5 and potential fraud risks to all engagement team members and remained alert lo any indications of fraud or nonvcompliance wrth laws and regulations throughout the audit. Our audit procedure5 were designed lo respond to risks of material misstatement in the flnanclal statements, recognising that the risk of not detecting a material missialemenl due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example. forgery, misrepresentations or through collusion. There are inherent limilalions in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions refiecled in the financial slatemenls, the less likely we are lo become aware of it. 14
Indepandent Audltor's Report to tho Mambers of Evolve Houslng + Support A further descriptK)n of our r8spon5ibililie5 for thè audit of the financLal slatemtnts 55 Ic¢ale(l on the FlnancL41 Reportlng Cou11,$ websrte al.. mvw.fr ditorsres nsibililies. This descripllon forms part of our audrtor'8 rerx)rt. Use of our r•port This report 16 made solely to the members of the OrganiSatn. as a body. in accordance with th8 Housing and Regeneration Act 2008 and Chapter 3 of Part 16 of the Companies Act 2006. Our audll work has been undertaken so that we mlghl State lo the Organlsallon's members Ih05e matters we are required to slate lo them In an auditor's report and for no other purpo$&. To the fullest 8xl8nl permitted by law, we do not accept or assuma responsibility to anyona other than the Organl8atlon and the membeT8 as a body, for our audlt work. for this report, or for the opInn$ we have formed. PJ *ED8E2FEOfy8E46E Paul Jagger Isenior Statutory Auditorl For and on behalf of BDO LLP, 8tatuW audttor GuildftJTd, Surrey 30 September 2025 BDO LLP 13 a Ilmrted liolxllty Partnership regislgred in Enql&nd and Wales (wlth rfjgisternd number OC305127). 15
Evolve Housing + Support statwn•Tht of Compr•h•nsiv• Incorne forlho y••r ended 31 M•r¢h 2026 2023 2024 Tumov 13,480,296 12.1,160 opwdrtg (¥xts 112A91.068 {11,839.4861 145,113 289.207 1.103A41 B40.881 Profft on dbpJal oflangSbkryfmd a881 Op•rntlrvJ •wpl 40 1,101841 40,881 t•wl rncWl8 Incom 281.941 281,403 Intsrwt payth nnrKang lI 12 12A73•1 1270,5901 1,130,049 831,894 lu•lion 8wplu• ftYth• y••r •ft•r t•x•u1 and tolal eompr•h•nBlYo Incom• fortho y••r 1,150043 831,694 The note8 on pagg5 22 to 35 lorm pwt of Ihe8e financlal slaloment¥. 8mounts derfve from corfnulrwJ actlvllleg. 16
Evolve Housing + Support Statamont of Flnanclal Actlvitios for th• y•ar •nded 31 March 2025 Unr•strtct•d Re•lJl¢lgd Non- housiD9 Housing Non.houslnu act1vl 31 March 2025 31 March 2024 Incom• Grants CxJnath)ns 20,231 30.223 50,454 205,260 CharttatrAe lIvI*S 13,450,296 13.450.296 12,391,160 B3,947 Other tradlng acllvlti85 Interest receiva• 94.659 94.859 11 281,941 281,941 261,403 13,450,296 396,831 30,223 13,877.350 12,941,770 Exp•ndltur• Ralslng Funds Ch8rftablg 65,$39 65.539 74.133 12.084.882 152,861 139,501 12,377,244 11.703.225 48,785 62.128 235.739 Olh8r tradlng advlt IntereBt payabl• 48,785 12 180.303 75,436 270,590 12,24S,185 342,821 139,501 12,727,307 12,110.076 N•t Incom•ll•xpondltur• lortho y•8rartd nfrl mov•m•nt Sn fund¥ 1,205,112 54,210 1109,2781 1,150,043 831,894 R•conclll•Uon of fun onITr9 balanc• a• at 1 Aprll 2024 9.555,233 5.846.121 118,027 15.519,381 14.687,687 Closlnq lanc• •• •131 Uareh 2025 10.760,345 5.9CQ.331 8,749 18,669,424 15.519,381 The notes on pages 22 to 35 form part of these financlal slatementS. The surplus for the period includes abl gains and losses recognised In the period. Al amounts derive from conllnulng actlvllies. 17
Evolve Housing + Support Statement of Flnanclal Positlon at 31 March 2025 Regi8terod Company number: 4796537 Not• 2025 2024 Flxed ••$•ts Tangitl8 flxad assets- housing propertlg5 Tanglble fixe(J assets- other 13 14 24,039.573 24,781,311 2,222,302 2,149,044 2IM1.875 28.930,355 Curr•nt aog•t• Debtors- recdvatrAe wilhth one year Cash and cash equlvalents 15 786,904 1,882.275 1,384,134 7,504,858 •.869,179 8,888,9¥ Cr•dltorn'. amounts falllng du• wlthln on• y•ar 3.118,271 3,180,824 1.550.908 5,728,188 Total a•w¢• l•M ¢urrnn¢ 1lablltt• 32.812,783 32.658,523 Cr•dltorn.' amoun¢• falllng du• oft•r mor• than on• y•ar 17 16,143,359 17,139,142 N•t o•Mt• 16.069.424 15,519,381 Fund• and R•8•r4e• Gener81 Housing ReBèNg- Unre8trthd Non-Houslng R6saNes untrICt• Restricted 10,7eo,344 9,555.233 5.91x1.331 8,749 5,846,121 118,027 16.869,424 15,519,381 The finarKial statements were approved by the Board of Directors and authorised for Issue on 18 September 2025 aul Infl•ld Chair The notes on pages 22 to 35 fomi part of these financial slatemenls. 18
Evolve Housing + Support Statemont of Changes In Reserves for the year endod 31 March 2025 General Housing Reserve- Unrestsicted Non-Housing Res&rve. Unr•strlcied Non-Housing Totsl Reserve- Reserves Restricted Balance at l Aprfl 2024 9.555,233 5,846,121 118.027 15.519,381 Surplu(00ficlt) fof the year 1,205,111 $4,210 1109.2T8} 1.150,043 8al*ne• * 31 M•rch 2025 10,780,344 5,900.331 8,749 16,069,424 The nolas on pa98s 22 10 35 form part of these financlal $talemenls Statement of Changes in Reserves for the year ended 31 March 2024 G8neral Houslng Re8eNe- unreslr1ctl Non-Hou8lThJ Reservg- Unre$trlcted N¢jn-HoUng Totsl Re88rve- Re8erve8 Reslricled Balance at 1 Aprfl 2023 8,769,197 5,722.424 198,086 14,687,887 Surpluslldeficlll for the year 786.036 123,697 178,0391 831.694 Balance at 31 March 2024 9.555,233 5.846,121 118.027 15,519.381 19
Evolve Housing + Support ststemont of Cash Flows for th• y•ar ended 31 March 2025 Note 2025 2024 Cash IIow8 trom opgrating actlvltl•s Swrplus for th• flnanclal yo¥ Adju5trnents for. Depredation of fixed assets- housing pryrtbs Depreaation of fixed asset8- other Amortlsed govemment grdnts Inlèrgst payable and financing costs Inlere8t recelvoble and similar incorne Oecre859lllncr8asel In trade and olher debtors IDe¢re8sey Increase in tr&Je and other creditors 1,1 50.043 831,694 12 13 870,822 84,297 1401,1901 235,739 1281,9411 597,230 197,645} 872,806 68,432 1401,19)) 270.590 {261,4031 1380,3241 259.962 10 N•t c•sh 9gn•r•t•d op•Yatlrw •ctlvlU•$ 2,137,355 1,260.587 C8•h flow8 from Inv•8tlng actlvStl•¥ Purcha8e8 01 flxod 8888t3- hou81ng properU88 Purchases ol flxed asse15- olher Intergst received 12 13 10 1129,0841 (137.5551 281,941 261,403 N•t ¢•sh Imm InvosLlnq •ctlvlths Cash flow• from fln*n¢lng •ctlvltl•• Interest paid Rep8yThgnt of loan8- bank 14302 281,403 11 1235,7391 1539,5011 1270,swII 1502,4121 N•t ¢•¥h used In Iln•n¢lng •Ctlwttl•s {Y75,2401 1773,C4J2)_. N•t Ificr•• In ca•h and cuh •qulvalents C8sh Bnd cash equlvalent8 al beglnning of year 1,377,417 7,304,85e 8,882,275 748,968 8,755,89) 7.504,858 Cash and CaBh •qulval•nt• at •nd of y•4r Non cash changes RKonclllatl¢)n ot n•t d•bt 1 April 2024 Cash flows 31 Klorch 2025 Cash at bank Short tsrm loans Long term loans 7,504,858 1531.7901 13,298,93TI 1,377.417 8.882,275 1588,8821 12,704,342) {55.OW21 55,092 539,503 Net debt 3 674 131 1916920 5 591051 The notes on pages 22 10 35 fonn part of the8e financial statemants. 20
Evolve Housing + Support Notos fomilng part of the finanoial sL*tements for the year ended 31 March 2025 INDEX OF NOTES General noles Legal status Accounting policles Judgements in applylng accounting policies and key sources of estimatlon uncertainty Statemont of Comprehonsive Income related note8 Particulars of turnover, operallng c08ts and operating surplus Income and expenditure from social housing lettings Turnover from non-soCl housing lettings Units of housing stock Operating surplus Employees Dlrector8' ané senior executlve5' remunerallon Interest receivable and similar income Interest payable and flnancing ¢o$l$ 10 12 Statam•nt of Flnanclal Posltlon relat•d noto0 13 Tangible flxed assel8- housing propertles 14 Other tangible fixed assets 15 Debtors Creditors.. amounts falllng due wlthln one year Creditors.. amounts falllng due after more than one year Deferred capltal grants Loans and borrowin95 Pension8 Opera15ng leases Capllal commitments Related party disclosures 17 18 19 20 21 22 23 21
Evolve Housing + Support Notes formlng part of the financial stst•m•nts for the year ended 31 March 2025 (¢ontlnued) Legal status Evdve Housing + Support is a company limited by guarantee {company number 4796537) and a registered charity (number 10990511 and Is reglslered wrth the Regulator of Social Houslng as a soci81 housing provider (number H44001. Accountlng poliei•s The financial stslements have been prepared in accordance with applicable law and UK accounting standards (United Kingdom Generally Accepted Accounting Practice) which for Evolve Housing + Support includes FRS 102 'Ihè Financial Reporting Standard applicable In the United Kingdom and the Republlc of Ireland the Staleffl8nt of Recommended Practice {SORPI, "Accounting by registered 80cial housing providers" 2018, the A¢countlng Direction for Prlv8te Registered Providers of Social Housing 2022 and the Companies Act 2006. The preparation of financial slalements in Gompllance with FRS 102 requires the use of certaln crltlcal a¢¢ountlng estimate¥. 11 also requires management lo exercise ludg&menl in applying accounting policies. The following principal accounting policies have been applied.. Going conGem We have reviewed budgets, forecasts, cash flow proje¢llon$ and compllance with covenants for the p8rlod lo 31 March 2027. We carry out stres5 testing on our budget prolectlons and forecasts and model varlous Scenarios including the loss of major contrac15, Increased slaff and malntenance costs and Inter851 rale change3. Options for mitigallon lo èn$ure the business can conllnue in the short and longer term have also been reviewed. As a result of these révlew$, the Board considers that the organlsallon has adequate r850urces lo continue in op8r81ional exlslenc¢ for al least 12 months from th8 dale these flnan¢lal statements are signed. Accordingly, we ¢ontlnue lo adopt the golng concern basis In preparing the ac¢ounl$. Incom8 Income is mea$ureO at the falr value of tho consideration recelved or recelvable. The organlsation generate8 the following material income streams.. Rent and serv1¢8 charges.. rental and service charg8 Income (after deducllng lost rent from void properties available for letting) is recognised when re¢eivable', Management fee income from managed services Is recognised when receivable,. Supporting People income is recognised in the per)d lo whlch 11 relates in accordance with underlylng service conlracls.. GovernmenVLocal Aulhorfty grants.. revenue income is recognised in the period lo whlch il relates.. Charitable grants and (Jonalions.. grant Income 1$ recognised in the period lo which It relates. donallons are accounted for when they are received. Bank interest is accounted for when il Is TeGeived. Supportsd IKJuslng schemes The organisation reNeS Supporting People grants from a number of London Boroughs. The grants received in the period as well a5 costs incurred in the provision of support servlces have been included in the Statement of Comprehensive Income. Any excess of cost over grant received is borne by the organisalion. Servicg Gharges The organisalion calculates and charges service charges to ils customers based on expenditu estimated each year as part of the annual budgeting process. 22
Evolve Housing + Support Notes forming part of the flnanclal statemonts for the year ended 31 March 2025 (contlnugdl Accountlng pollcles (continued) Management of unlts owned by others Managèment fees receivable and reimbursed expenses are shown as Income and included In management fees receivable and are accounted for when they are due. Costs of carrying out the management contracts and rechargeable expenses are included in operating costs. Value Added Tax The organlsallon charges Value Added Tax IVAT) on some of Its Income and is able lo recover part of the VAT il Incurs on expendllure. The fSnancial 81alemenls include VAT lo the 8xl8nl that il Is suffered by the organisation and not recoverable from HM Revenue and Customs. Recoverable VAT arises from partially exempl activities and is credited to the Slalemenl of Comprehenslve Income. Fln8nce costs FInan costs ar8 Charged lo expandilure over the tèrm of the debt uslng the effectlve interest rale method so that the amount charged 1$ al a ¢onslanl r818 on the carrying amount. Pension Gosts Contributions lo th& organlsatlon's defined conlrlbulSon penslon schemes are expensed in the year in whlch they become payable. T8nglble fixgd assets- hou$lng Ixopertl8S Housing propertles constructed or acqulred {including landl on the open marl(el since the date of transllion to FRS 102 are slated at cost less depre¢lation and impairment {where applicable). The cost of houslng land and property represents the purchase pricè and any dSrecUy attributable c051s of acqulsltlon which may include an appropriate amount for staff Gosls and other costs of managing developmènt. Expendllure on major refurblshmenl lo properties 15 capitsli5ed where the work8 increase the nel rental $lream over the lrfe of the property. An increase in the nel rental stream may arise through an increase in the not rental Income, a reduction in future rnainlenan costs, or a subsequent extension in the lrfe of the property. All other repalr and placement expenditure including component replacement is charged lo the Statement of Comprehensive Income. Depreciation ofhousing pmperty ousing land and property is $plil beeen land, structure and other major components that ar8 expected lo require replacement over time. Land Is not depreciated be¢au$e of its indefinite useful economic lrfe. Assets in the course of conslruGlion are not depreciated until they are completed and ready for use to ensure that they are depreciated only in periods in which economic benefits are expected to be consumed. The cost of all other housing property {nel of accumulated depreclalion to date and impairment, where appllcable} and components is depreciated over the useful economic lives of the assets on the following basls= 23
Evolve Housing + Support Notes formlng part of the flnan¢lal statem•nts for the year ended 31 March 2025 {contlnued) Accounting policiès (continued) Housing properties are split beeen the structure and the major components which require periodic replacement. The costs of replacement or restoration of these components are capilali3ed and deprecialad over the determined average useful economic Ilfe as follows.. Descrlplion Economic useful life (yeatsl Structure Roof coverings Walls, floors, ceilings Mechanical systems Boilers and central healing Lifts Electrical installations External doors and windows Sprinkler systems Kitchens, bathrooms and other filllngs 50 45 35 30 25 20 15 Leasehold properties are depreciatod over the length of th8 lease except where the expected useful economlc Ilfe of propertles is shorter than the leaso, when the lease and building elements are depreciated separately over Ihelr expected useful economic lives. T8ngible flx8d 8SSgts- Other Other tangible fixed as5els are staled at hlstorical cost less 8ccumulal8d depreciallon and any a¢¢umulated impairment losses. Historical cost includes expenditure that is directly attributable lo bringing the asset to the location and condition necessary for it lo be capable of operating in the manner intended by management. The organisalion adds lo the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost Is incurred rf the replacement part Is expected to provide incremental future beneflls lo Ihe org8nisalion. The carrying amount oflhe r8placed part is decognISed. Repairs and maintenanc8 costs are Charged lo expenditure during the period in which they are incurred. Dewec18tion olother tangible fixed 8SSOts Depreciation on other assets is charged lo allocate the cost of assets less their residual valu8 over Ihelr e3llmaled Useful lives, uslng the straight4ine method. The estimated useful Ilves r¥nge 8s follows- Descripllon EGonomk useful life (years) Leasehold land and buildings Plant, machinery and vehicles Fixluffjs, fillings. tr)ols and equipment Computers Lease term 5-10 The assels, residual values, useful lives and deprecialion method$ are reviewed, and adjusted if appropriate, rf there is an indication of a signlficanl change since Ihe13st reporting date. Gains and losses on disposals ar8 determined by comparing the pro¢eed$ wtth the carrying amount and are recogni5ed within 'olher operating income, in the Statement of Compffjhonsive In¢ome. Government grants Grants received in relation to assets that are presented at deemed cost at the dale of Iran511ion have been OUnted for using the performance model as required by Housing SORP 2018. In applying this model. such grant has been presented as rf il were origlnally recognised as income within Ihe Statement of Compyehensive Income in the year it was receivabla and is therefore included within brought forward reserves. 24
Evolve Housing + Support Notes forming part of the financlal statements for the year ended 31 March 2025 (contlnued) Accountlng pollcles (continued) Grants received slnce the transition dale in relation to newly acquireij or existing housing properties are accounted for using the accrual model set out in FRS 102 and the Houslng SORP 2018. Grant is carried as deferred income In the Statement of Financial Position and released lo the Statement of Comprehensive Income on a syslemali¢ basls over the useful economic lives of the asset for which It was received. Where social houslng grant {SHG) funded propety Is sold, the grant becomes recyclable and Is transferred to a recycled Capital grant fund until il 15 reinvested in a replacement propety. If there Is no requirement lo reGyGle or repay the grant on disposal of the assets, any unamortised grant remalnlng wllhin creditors is released and recognised as income withln the Statement of Comprehenslve Income. Gran15 relating lo revenue are recognlsed In the Statement of Comprehensiv8 Income over the same perlod as the expenditure to whlch they relate once performance related condllions have b88n met. Grants due from govemment organisalion8 or recelved In advancé are Induded as current assets or current Impalrment of fixed assets The housing property portfollo of the organi88tion Is assessed for indlcalor5 of Impairmenl at each flnancial year end. Where Indicators are IdgnlSfied then a delalled assessment Is undertaken lo comparè the carrying amount of assets or cash generating units for which impairment Is Indlcaled lo their recoverable amounts. An option appraisal Is carried out lo determlne the option which produces the highest nel realisable value. Valuations on rental return or potential Sale proceeds are obtained and used to Inform the options. The organisalion looks al the nel realisable value, under the option5 8V8llable, when considering the recoverable amount for Ihe purposes of impairment assessment. The recoverable amount Is taken to be the higher of the fair value le$$ ¢o$l$ lo sell or value in use of an asset or cash generating unll. The assessment of value in use rnay involve con$iderallons of the service potential of the assets or cash generallng unl1$ concerned or the present value of future cash flows to ba derived from them appropriately adjusted to account for any restrictions on th8Sr use. No propertiès have been valued at value In use- servlce potential (VIU-SPI. The organisalion defin85 ¢a$h generating units as schemes except where its scheme$ are not 8uffSclently large In size or where it is geographically $en$lble lo group schemes into larger cash generating unlt5. Whara the recoverable amount of an asset or cash genepllng unlt Is lower than ils carrying value an impairment Is recorded through 8 Gharge to the Stslemenl of Comprehen$lve Income. Any losses arislng from impalrmenl are recognised In the Stalemenl of Comprehenslve Income in other operating expenses. Debtors and CditorS Debtors and Gredilors with no staled interest rate and receivable or payable wlthln one year are recorded al transaction price. Recoverable 8mount ofrenlal and other trade receivables The organisation estimates the recoverable value of rental and other receivables and impairs the debtor by appropriate amounts. When assessing the amount to impair it revlews the age profile ofthe debt, historical Collection rates and the class of debt. 25
Evolve Housing + Support Notes forming part of tha financial sL*ements for the year ended 31 March 2025 (contlnued) Accounting pollcles (continu8d) Loans, Investments and short-tem? deposits AJI loans, investments and short-lerm dep08its held by the organisation are c18ssrfied as basic financial instruments in accordance with FRS 102. Thase instruments are initially recorded al the transaction price less any Iransacllon costs Ihislorul costl. FRS 102 requires that basic financial instruments are subsequently measured al amortised cost, however the organisallon has calculated that the drfference beiween the hlslorical cost and amortised cost basis Is not material and so Ih6se financial instruments are slated on the Statement of Financial Position at hlslorlcal cost. Loans and Investments that are payable or receivable within one year are not discounted. Flnanclal Ilabilities and equity Financ181 liabilities and equity are classified aCrdIng to the substanc8 of the fSnan¢lal Instrument's conlraclual obllg8tlon8. rather than the financial instrument's legal form. Cash and oash 8quw818nts Cash and cash equivalents in the Statement of Flnancial Posllk>n consists of cash al bank, in hand. deposlls and 8hort-18rm Inve$lment8 with an orlglnal maturlty of three months or less. Leased assets.. L8SS88 VVher8 ass•ts a flnanced by leaslng agreements that give rights Ihal approximate to ownership (finance leases), the assets are treated as if they have been purchased outright. The amount capilalised is the present value of Ihe minimuni lease paymanls payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable lo the lessor. Depreciation on the relevant assets is charged lo expendilure over the shorlar of the esllmated usefvl e¢onomlc lrfe and the lemi of tha lease. Lease payments are analysed befyveen capital and interest components so that the interest element of the payment Is charged lo expendilure over the term of the leas8 and is calcula18d so that il represents a constant proportion of the balance of capital repayments outslandlng. The capital part raduces the amounts payable lo the lessor. All olher188ses are treated a$ operatlng leases. Their annual rentals are charged to exp8nditure on a slraighl-llne basis over the lerm of the lease. Reserves Income received, and expenditure incurred, for reslricled purposes Is Separately accounted for wllhln reslrlcted funds. Realised and unr&alised gains and losses on assets held by these funds are also allocated to the fund. 26
Evolve Housing + Support Notes fornilng part of the finaTrGlal statement8 for the year ended 31 March 2025 {contlnued) Judgémènts In applylng accountlng poliGles and key Source8 of e8tlmatlon uncertainty In preparing these finan¢lal s18tements. the key judgemenls have been made in respect of the following: whether there are indicators of impalrment of the organlsatlon's tangible 8nd intangible assets. Factors tsken Into consideration in reaching such a decision include the economlc viability and expected future finan¢lal performance of the asset and where it is a component of a larger cash-generating unil. the viability and expected fvlure performance of that unlt. The Board have considered the measurement basis lo determine the recoverable amount of asset5 where there are indicators of impairment based on EUV-SH (Existing Use Value - Social Housing) or depreciated replacement cost. The Board have also consIded Impairment based on Ihelr assumptions lo define cash or asset generating units. the calegorisalion of housing properties as investment properties or property, plant and equlpmenl based on the us& of the asset. • what conslltutes a cash generallng unil when indi¢alor$ of Impalrmenl require there lo b8 an Impaimienl review. Each accommodallon service is regarded as a separate cash generating unit, and Impalrmenl reviews are undertakell at an indivklual scheme level. Other key sources ofestimatn uncertainty Tangible fixed assets (s&8 notes 13 and 14) Tanglble fixed assets, other than investment propertles, are depreciated over their useful lives taking into account re51dual valuès, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary dependlng on a number of factors. In re-assessing asset lives, factors 5uGh as the condition of the as5el and its future In¢ome generating potential are taken into account. Residual value assessm8nls consider Issues $u¢h as future market condition5, the remaining life of the asset and projected disposal values. For houslng property assets, the assets are broken down Into components based on marbagemenl's assessment of the propertles. Individual useful economic lives are assigned lo these components. Rental and other trade re¢eivabl8s (debtors) (see note 15) The estimate for recelvables relates lo the recoverability of the balances outstanding at year end. A revlew Is performed on an IndIvUal debtor basis lo Gonsider whether each debt is recoverable. 27
Evolve Housing + Support Not98 formlng part of the flnanclal 8tatemonts for the year ended 31 March 2025 {contlnuod) Partlculars of tumovor. operatlng c¢)sts and operatlng 8urplus Turnovor Opgr•tlng Op•ratlng Surplus 2025 2025 2025 Sodal hou•lng l•ttlng8 (Noto 51 Oth•r Soclal Houolng Actlvltl•8 10,889A55 9,426,730 1,462,725 Charges for support 8ervlcas Supportlng people 65,265 2,495,S76 194,875 2,495.576 {129,6101 13,450,298 12.117,181 1,333,115 ActIvItl oth•r than Soclal Hou•lng Actlvltlo1 L8thng8 Grants arKJ Don8tion8 94,659 50,454 59,176 315,211 35,483 1264,7571 145,113 374.837 1229,2741 Surplu• b•lorn dl•po•81 of t•nglbl• Ilx•d u••t• 13,595A09 12,491.568 1.103,841 Proflt on dlspotsal of tanglble fixad 888&ts Op•r•tSng Surplu• 13S954 12491 508 1 103841 Tumov8r Oparatlrvd CO8t8 2024 OperatlTrJ Surplus 2024 2024 Soclal houslro lethng8 (Nots 51 Ott)er Soc181 Houslng Actlvltiab 9,754,416 8,726,130 1,028,286 Charges for support gervlceB Supporling people 74,063 2,562,681 183.008 2.562.681 1108,9451 12,391,160 11,471.819 919,341 Advltles other than Sodal Hou$lng Lathngs Olhgr 83.947 205,260 62,128 305,539 21,819 1100,2791 289,207 12,6.367 36T.667 11.B39.486 178.4801 840,881 Surplus bgforg dSsposal of tangible fixed 8588ts Profit on di8po$g1 of tangible fixed assets Operating Surplus 12,680,367 11.839.486 840.881 28
Evolve Housing + Support Notes fomilng part of the financlal statements for the year ended 31 March 2025 {contlnuedl Income and expendlture from 8oclal houslng lettlngs Supported houslng 2025 Supported houwng 2024 Income Rents n81 of Idènuflable service charges Service charge Incorne Amort188d govemmgnt gronts Other incom6 Turnov•r from •oclal hou$lng l•ttlnq8 3,670,545 6,748,252 401.190 69.486 10,889,455 4.313,397 5.039.829 401,190 9.754.416 E¥pondltur• Man8gem8nt Service charg8 costs Routine m8inl6nBnce Major r8palr8 expandStur8 Bad dtsbts DeprecIaon of hou8lng propgrt18s'. - annual charge Leg81 and con8ullanry f888 other costs 1.508,005 4.870,709 525,485 780,fj89 233,742 1.452.434 4,089.918 792,432 1,053,868 196.817 870,822 467,307 187,971 872,806 80,629 187,226 Op•ratlng •xwndSturn on •ocl•l h¢)u•ln9 l•ttlnq• 9.426,730 8,726,130 Op•r•tlng •urplu• on •ocl•l hou•lng l•ttlng• 1,462,725 1.028,286 Vold lo•• 448 963 Tumovor from nonwsoclal hou81ng1ottlng8 2025 2024 Conferenc4ng an(J nur8ary facilltlos 94.059 83,947 UnSts of hou81ng 8tock 2025 Nufflb•r 2024 Number Supportetj Hou81ng 1kn8d Unlts 434 Supported A¢wmmodation managed forothers 106 Total ThTn•d and manayd accornmodation 540 540 SLbPPOrted AcMmodatIOn managad forothers at 1 April 2024 Units handed back lo landlord 100 119 13 Supportod Accommodauon managed for others at 31 March 2025 106 29
Evolve Housing + Support Notes forn)Ing part of the Ilnan¢lal $tstements for the year endod 31 March 2025 {¢ontlnuod) Oporating surplus 2025 2024 This is arrived al after Charg1[¢reIl1ng>'. Oepreciation of houging pr4perti85 Depreciation of other tangible flxed a889ts Pfoflt on disposal of ffixed a85818 870.822 64.297 872,806 68,432 Op&raUrg leasa chgrges- land & bulldlng 106,904 111.082 Audltorfs remun8raUon: - f8&8 pAyable to the organlsalion's aL*Yrtor forthe audrt of the annual accounts - fee8 for non-audit 86rvlc68 43,500 41,500 Deflnod ntbuOn pen$lon Cost 166.127 181,718 Employ••o 2025 2024 Staff costy Ilndudlng L8ad8r8hlp Team) con6181 of.. Wagos and salartey Soclal 9gcurfty costs Cost ofdefined conlrlbulion 8cheme Redundancy costs 5.422,301 478,985 166,127 4,541 4,8e9,877 427,503 161,718 47,813 Totol staff c08ts 8.071,954 5,506,911 Tho av8rg90 nurnter of employees Ilncludlng tho Leader8hlp Team} durfng the year, based on he8d¢ount. wa8 as follows.. 2025 Numb•r 2024 Number Admlnl8lr8Jon Housing and Support ChatatI0 prolects 18 169 21 172 191 199 10 Dlrectors. and ••nlor •x•cutlves' remuneratlon Th8 Dlr8Ctors land members of the Boarejl are shown on page 1. SenKJr executives are the Chief Exgcutive and the Leadership T8Bm Bs dlsclosed on page 1. 2025 2024 Leadershlp TeBm erTrJlumer 432,257 407,331 Contrlbutlons to rThJnty pur¢ha8e p8ndon schem8S 29,851 32,044 462.108 439,375
Evolve Housing + Support Notes forming part of thè financlal statements lor the year ended 31 MarGh 2025 (contlnued) Induded in the above a redundancy payments of £Nil {2024: £41,845) None of the rnemb8rs of th& Board received any emoluments from the organi88t¥)n12024.' nll}. Th8 total amoLbnl p8yablg to th8 Chlof Executive to 31 January 2025, who w8s alsts the hhest paid director in re8pect of emobJment5. was £173,04712024- £119,054). Pension contributions of£9,37112024- £ 6.3581 wero made to a money purcha88 schorne on h8r behalf. A8 B member of the orgBni8allon'8 personal pgnslon plan, the penslon antlement of the Chlef Exacudv8 Is Identthl lo thoBe of 0th8r member8. Durfng th9 yaar. contributlons wère pald Into tho organlsatlon's dafined contribulSon penOn Èch8m8 on behaw of 5 senior ex8CUtiV8812024- 51. Tho ramun8rallon lexcludlng p8nBion conlrfbufjonsl pald to stsff Ilncludlng Leadership Team) eamlrwJ over £80,OC(I: 2025 Numb•r 2024 Number £70,000- £79,999 £80,000- £89,999 £90,CK)0- £99,999 £100.000- £109,999 £110.00£lI9,g9g £170.000,-,£179,999 The Iclal of pension contributions pald on behalf m8rnb8r8 of staff eamlng over £60,OC4) was £29,85212024'. £30,994). 11 Inlerest r•c•lvabl• and Ilmllar Income 2025 2024 Bank Interest recelvable 261,403 12 Interest payabl• and financlng co•ts 2025 2024 Interest payable on bank loan8 8nd overdrafts Bonk charyJes 231,408 4,331 264,364 6,226 235,739 270,590 31
Evolve Housing + Support Notes forniing part of the Ilnanclal sLitements for the year ¢nded 31 March 2025 (contlnuod) 13 Tangible flx¢d assets- houslng propertl•8 Frn•hokl Land Long L•o8•hold & Bulldlngs Land & Bulldlngs Tolal Land & Bulldlngs Cost ¢x valtsallon.. Al l Aprfl 2024 Addition8 tI8po8815 35,778,355 129,084 1,107,651 36,888,000 129,084 At 31 March 2025 35,907,439 1.107,651 37,015,090 Depre¢i811on.' At 1 Aprfl 2024 Charg8 fr)r yoar DIsp08als 11,583,045 853,911 521.850 16.911 12,104,695 870.822 At 31 March 2025 12,436,956 s38.1 12,975,517 N•t book vAlu• at 31 March 2025 23A70,463 569.090 24.039,573 Ng1 book value al 31 M8r¢h 2024 24.195.310 588,001 24.781.311 2025 2024 Works to propertles lrnprovements to ex68tlng prop8rtle8 capltallsed Major repair8 8xpondltur8 charged to Staternenl of Compr8hen81vg In¢omg 129,084 760,689 1,OS3,888 889,773 1.053,888 Capltal grant- HSIng Prop6rt508 20 059 486 20 059 486 Impalfm•nt Th8 organisallon consider8 ga¢h 8c¢c*nmodatk)n servlce lo r8pr6s8nl 8 89parate cash generallng unil ICGUI whgn 8888sslng for Impalmienl In accordanc& wlth Ihe requiremants of FRS102 and SORP 2018. Impairnient a8se95menls 8re c8wrigd out on an Indfvldual scheme ba8. Propertlg1 h•ld for ••¢urlty Propoty vAth a not boDk value of £12.431.609 was pbodged as Bocurfty 8131 Mgrch 202512024- £12,790,339). 32
Evolve Housing + Support Notes fomiing part of the Ilnancial statgmants for the year endad 31 Mah 2025 (contlnuedl 14 Other tangibl• fixgd assèts Non-Houslng Fr••hold Land and Buildlng• Flxtur•8, flttlngs, equlpment and v•hlcl•s Total othor Fixod 1$8•ts Cost or valuation Al 1 April 2024 Addf(K)ns Di8p05als 2,81fj.780 1,324.293 137.555 4,141,073 137,553 At 31 March 2025 2,816.780 1.461,848 4,278.028 Dewaci8tion Al l Aprfl 2024 Ch8Tge for y&or Di8posalg At 31 Mar¢h 2025 675.871 62,976 1.316,158 1,321 1,992,029 64.297 738,847 1.317,479 2,056,326 Nel book value At 31 March 2025 2,077.933 144,309 2,222,302 Al 31 M8r¢h 2024 2 140909 8,135 2.149.044 15 D•btor8 2023 2024 R•celvable wlthln on• y••r Rent and 88rvlc8 charge arTear8 Le8B.' PToviBion for doubthil dab18 917,009 1554,5031 362,566 928.224 (462.4821 485,762 Trade debtors other debtrJr8 Prep8ym&nls and accrued Income 282.277 10,428 131,635 398,108 422,721 97,543 786,904 1,384,134 16 Croditor•: amounts falllng due wlthin ono yoar 2023 2024 Loans and borro¥ngS (Note 201 Trade crg(rrto Taxation and soclal s8CUrtty othef rxodtiors D8f8rred capital grant (Note 19) Accruals and deferred income S86,882 458,438 104,389 159.312 401,190 1.408,060 531.790 474.277 117.143 250,787 401,1 1.385,637 3,118,271 3,160.824 Th8 bank loans are repayable in instslmentS Ovgr 10- 15 years. The bank loark8 arè secured by fixed charges over the freehold prope"eS at stockwell Road. Alex8ndo House, Ingfam Court, Burton-VVhit8 House and Kingston Road. The loans bear interest al varfable rate8 calculated al a mafgln above the Base Rate. One loan has an Interest rate of 3% fixed over thè térm ofthe loan.
Evolve Housing + Support Notos formlng part of the flnanclal statoments for the year onded 31 March 2025 (contlnued) 17 Credltor8: amounts falllng due after more than one year 2025 2024 Loans 8nd borTng6 (Note 191 D•f8rr8d catal grant (Note 181 2,704,344 13,439,015 3,298,937 13,840,205 16.143,359 17,139,142 18 Doforr•d capltal grants 2025 2024 At 1 Awll Grants recelved during the year Ralaasad to Inc0rn8 durfrvJ the year 14,241.395 14.642.585 1401,190) 1401,1901 At 31 Marc 13,840,205 14,241.395 Total valu8 of grgnts recelved 20.059 486 19 Loans Jnd borrowlng• Malurfty of dgbt.. 2025 2024 In one year cf1888, or on demend In mor8 than ong year bul not more than tsvo year8 586,882 017.888 531,790 565,531 In more than yeaf8 bul not more than fve years In more than flvo yao 1.391.489 094.967 1,544,759 1,188,847 3.291.226 3,830,727 20 Panslons Evolve provtd8s a Defined Conlribthion Pension Schgmo that 1$ open lo 811 gmployeos. 21 Operatlng leases The organisat1 hatl mlnlmum lease payments under norTr<ancellable OFeralSrvJ lea8e8 88 Set out belcpw: Anthint• p•yabl• a• L•ss 2025 2024 Land and bulldlngs Not lator than 1 yggr Within 1- 2 years thin 2- 5 years 66,804
Evolve Housing + Support Notes fomilng part of the flnandal statements for the year ended 31 March 2025 (contlnuod) 22 Capital Gommltments In July 2025, a contra¢l was signed for fir& remedSal works across our estate. The contract wlll be funded from cash reserves. C¢)mmltmont• contrn¢tod Ixrt not provld•d for 2025 2024 Fire remedial work 2.254.OJ7 23 Relat•d party dlsclo8ures The ultimate controllSrvJ party of the organ180Uon18 the Board of Ev08 Hou81ng + Support. 35