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← Safe Haven London

2025-01-31-accounts

Charity registration number 1110645 (England and Wales)

Company registration number 5328976

SAFE HAVEN LONDON

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

SAFE HAVEN LONDON

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr E J Chesterman
Mr J Kerr
Mr M C Patton
Mr S J Woodland
Charity number (England and Wales) 1110645
Company number 5328976
Registered office Thorncroft Manor
Leatherhead
Surrey
KT22 8JB
Auditor Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
Bankers Lloyds Bank Plc
25 Gresham Street
London
EC2V 7HN
Investment advisors Barclays Bank Plc
1 Churchill Place
London
E14 5HP

SAFE HAVEN LONDON

CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent auditor's report 5 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 24

SAFE HAVEN LONDON

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2025

The Trustees who are also directors of the charitable company for the purposes of the Companies Act have pleasure in submitting their report and the financial statements of the charitable company for the year ended 31 January 2025.

The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Charity’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Reference and administrative details

Safe Haven London is a company limited by guarantee, incorporated on 11 January 2005, governed by its Memorandum and Articles of Association and with the Company number 5328976. It is a charity registered with the Charities Commission on 29 July 2005, with the Charity number 1110645. The Charity’s registered address is:

Thorncroft Manor Thorncroft Drive Leatherhead Surrey KT22 8JB

The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

E J Chesterman J Kerr M C Patton S J Woodland

Objectives and activities

Safe Haven London was formed for the purpose of providing housing to local government bodies for people requiring assistance to find accommodation.

In 2005 the charitable company entered into agreements with the London Borough of Ealing to acquire properties suitable for their social housing requirements.

In 2016 the charitable company entered into agreements to start to realise its intention to move the purchased stock from temporary to permanent social housing. Additional funds raised by the Charity were used to refurbish the stock of properties to Decent Homes Standard and extend its leasehold interests in these properties to secure their availability for the Charity’s objectives for the long term. The Charity subsequently completed the disposal of the portfolio of acquired properties.

SAFE HAVEN LONDON

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

Achievements and performance

Significant activities and achievements against objectives

The Charity is reinvesting its funds in a broad range of assets in order to expand its operations and redeploy resources to provide relief to a greater number of homeless families. Returns from investments support a focused grant programme to beneficiaries and social housing projects in partnership with charitable organisations.

During the past year, the Charity completed as planned the purchase of its first property in further support of working with key partner, Centrepoint.

In illustration of delivering on its charitable purpose, during the year grants totalling approximately £180,000 were made to a number of charitable and community organisations. These grants supported front-line organisations in their provision of resources, people, facilities, services, equipment and support to the homeless.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Financial review

The charitable company currently has a net surplus of funds of £2,355,598 (2024: £1,336,162). The net assets of the charity totalled £30,084,979 (2024: £27,729,381)

In management of financial risks, the Charity maintains internal financial control overseen by the Board and managed via outsourced systems and arrangements that are subject to regular review.

It is the policy of the Charity that unrestricted liquid funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Post balance sheet events

The Charity will continue to invest its funds in furtherance of the objects in its Constitution. To this end, the Charity is working with housing partners such as Centrepoint to support homeless housing projects. Further investments in property assets are under consideration and grants planned. These plans are focused on emergency and coping measures and prevention and cure initiatives to alleviate housing poverty and, in particular, homelessness.

Structure, governance and management

The Charity is governed by a Board of Trustees. The Trustees meet on a quarterly basis and throughout the year on matters of import. Decisions are proposed, approved and ratified at Board meetings, evidenced in supporting documentation and may include delegation of authority to a company officer. To this end, the Charity avails of corporate secretarial services. Such services manage disclosure of director’s interests (if any) and via related party submissions.

SAFE HAVEN LONDON

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

Recruitment and appointment of trustees

A Trustees’ appointment may cease automatically upon the happening of certain events as set out in the Articles. The trustees are entitled to appoint and remove further trustees by unanimous resolution. Every trustee must sign a declaration of willingness to act as a trustee of the charitable company before he or she is eligible to vote at any meeting of the Trustees. Trustees are not obliged to retire by rotation. None of the trustees has any beneficial interest in the charitable company.

E J Chesterman and J Kerr are property consultants. M C Patton has a track record of experience in commercial enterprises and S J Woodland has a track record of experience in public benefit entities. The Trustees therefore have the appropriate skills and knowledge required for the role as a trustee.

There is no formal policy in place, but the Trustees intend that any future appointments be persons of suitable experience. Any such inductee will follow a process of introduction to the charitable endeavour, its objects, strategy, structure, systems, working methods, partnerships, processes and procedures. Serving Trustees are provided with periodic development sessions centred on the performance and evolution of the Charity and its activities.

The main risks faced by the Charity are financial in nature. The Charity maintains internal financial control overseen by the Board and managed via outsourced systems and arrangements that are subject to regular review.

The members of the charitable company guarantee to contribute £1 in the event of a winding up.

The structure of the Charity, its Charity and Company numbers, its principal advisors and the names of its trustees are set out in the Legal, Reference and Administrative sections of this Annual Report and Financial Statements. Details of the staff employed in furtherance of the objects of the Charity are provided in the Notes to the Financial Statements.

Funds held as custodian trustee

Neither the Charity, or its trustees, act as custodians of funds on behalf of others.

Auditor

In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

Exemptions from disclosure

The Charity does not have, nor has requested, any exemptions from disclosure from the Charity Commission.

The Trustees' report was approved by the Board of Trustees.

..............................

Mr M C Patton

7/7/2025

Date: .............................................

SAFE HAVEN LONDON

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JANUARY 2025

The Trustees, who are also the directors of Safe Haven London for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SAFE HAVEN LONDON

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAFE HAVEN LONDON

Opinion

We have audited the financial statements of Safe Haven London (the ‘Charity’) for the year ended 31 January 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

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 Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

SAFE HAVEN LONDON

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SAFE HAVEN LONDON

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

SAFE HAVEN LONDON

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SAFE HAVEN LONDON

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of Safe Haven London. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the Charities Act, Companies Act 2006, Coronavirus Act 2020, data protection, anti-bribery, employment and environmental legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware 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. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

SAFE HAVEN LONDON

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SAFE HAVEN LONDON

Paul Woosey FCA, FCCA (Senior Statutory Auditor)

For and on behalf of Gravita Audit II Limited, Statutory Auditor Chartered Accountants Aldgate Tower 2 Leman Street London E1 8FA Date: ......................... 16/7/2025

SAFE HAVEN LONDON

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income and endowments from:
Charitable activities 4 823,766 51,304
Investments 3 501,536 719,610
Other income 5 65,767 39,593
Total income 1,391,069 810,507
Expenditure on:
Raising funds 6 78,826 85,262
Charitable activities 7 1,033,150 549,472
Total expenditure 1,111,976 634,734
Net income 279,093 175,773
Other recognised gains and losses:
Revaluation of tangible fixed assets - 1,084
Other gains 13 2,076,505 1,159,305
Net movement in funds 2,355,598 1,336,162
Reconciliation of funds:
Fund balances at 1 February 2024 27,729,381 26,393,219
Fund balances at 31 January 2025 30,084,979 27,729,381

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under Companies Act 2006.

SAFE HAVEN LONDON

BALANCE SHEET

AS AT 31 JANUARY 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 14 2,140,536 625,433
Investment properties 15 12,117,675 8,054,387
Investments 16 - 1
14,258,211 8,679,821
Current assets
Debtors 17 405,466 516,314
Investments 18 14,912,813 18,277,797
Cash at bank and in hand 768,286 438,585
16,086,565 19,232,696
Creditors: amounts falling due within
one year 19 (259,797) (183,136)
Net current assets 15,826,768 19,049,560
Total assets less current liabilities 30,084,979 27,729,381
Income funds
Unrestricted funds
General unrestricted funds 29,786,628 27,431,030
Revaluation reserve 298,351 298,351
30,084,979 27,729,381
30,084,979 27,729,381

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

7/7/2025

The financial statements were approved by the Trustees on .........................

..............................

Mr M C Patton

Trustee

Company Registration No. 5328976

SAFE HAVEN LONDON

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025

2025 2024
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 25 2,030,005 1,859,070
Investing activities
Purchase of tangible fixed assets (1,515,536) -
Purchase of investment property (4,051,288) (8,054,387)
Proceeds from disposal of other investments 3,364,984 4,956,255
Investment income received 501,536 719,610
Net cash used in investing activities (1,700,304) (2,378,522)
Net cash used in financing activities - -
Net increase/(decrease) in cash and cash
equivalents 329,701 (519,452)
Cash and cash equivalents at beginning of year 438,585 958,037
Cash and cash equivalents at end of year 768,286 438,585

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

1 Accounting policies

Charity information

Safe Haven London is a private company limited by guarantee incorporated in England and Wales. The registered office is Thorncroft Manor, Leatherhead, Surrey, KT22 8JB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Companies act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland“ (FRS 102) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

The charity does not operate any restricted or endowment funds.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Turnover relates to the sale of properties and interest income from investments. Income is recorded net of discounts, VAT and other sales related taxes.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Resources expended are recognised when they fall due, unless the benefit derived from incurring an expense spans more than one year; in which case such costs are apportioned over the period to which they relate.

Costs of activities in furtherance of the charity's objectives include all costs associated with the management and financing of the properties. Expenditure includes any VAT that cannot be recovered.

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

1 Accounting policies

(Continued)

The charity has only one activity and therefore costs are not allocated in any way across different activities.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured under the cost or the revaluation model, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings 50 years Computers 15% straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The Charity's policy is to maintain leasehold properties to a 'decent homes' standard. The trustees have decided not to depreciate these assets in view of the fact that the assets concerned are to be included in the accounts at market value.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the Charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

1 Accounting policies

(Continued)

1.11 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

1 Accounting policies

(Continued)

1.14 Loan facility fees

Costs incurred in arranging new loan facilities are treated as transactions costs and are netted off against the loan when accounting for it under the amortised costs basis.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Investment Portfolio Income 244,544 192,751
Interest receivable 256,992 526,859
501,536 719,610
Charitable activities
Lease income Lease income
2025 2024
£ £
Rental income 823,766 51,304

4 Charitable activities

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

5 Other income

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable on intercompany loans 5,767 39,593
Settlement of property management matters 60,000 -
65,767 39,593

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Advertising - 1,620
Investment management 78,826 83,642
Total costs 78,826 85,262

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

7 Expenditure on charitable activities

Direct costs
Depreciation and impairment
Insurance
Interest Payable and Similar Charges
Rent
Telephone and Fax
Printing Postage and Stationary
Sundry Expenses
Travel and Subsistance
Ground Rent
Service Charges
Other charitable expenditure
Grant funding of activities (see note 8)
Share of support and governance costs (see note 9)
Support
Governance
Analysis by fund
Unrestricted funds
8
Grants payable
Grants to institutions:
Centrepoint
Other
Shelter from the Storm
Beyond Food Foundation
Manna Society
Spitalfields Crypt Trust
The Simon Community
Fat Macy's Foundation
Spear Housing Association		 Total
2025
£
5,767
11,080
363,186
976
890
-
2,707
4,151
80
3,233
27,984
420,054
180,448
433
432,215
1,033,150
1,033,150
Total
2025
£
-
25,448
35,000
25,000
25,000
10,000
10,000
25,000
25,000
180,448		 Total
2024
£
4,996
4,626
-
990
1,422
14
3,740
3,632
-
3,706
5,614
28,740
220,000
650
300,082
549,472
549,472
Total
2024
£
125,000
95,000
-
-
-
-
-
-
-
220,000

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

8 Grants payable

(Continued)

During the year ended 31 January 2025, the company has made payments relating to grants amounting to £180,448. These grants were provided to selected organisations to support people requiring assistance to find accommodation.

9 Support costs allocated to activities

Depreciation
Governance
Governance costs comprise:
Staff costs
Audit fees
Accountancy
Legal and professional
Entertainment
Bank charges
Contracted services
Share of support costs		 Total
2025
£
433
432,215
2025
£
139,944
26,750
61,768
91,750
1,721
1,381
68,152
40,749
432,215		 Total
2024
£
650
300,082
2024
£
100,122
28,440
51,722
76,692
-
706
-
42,400
300,082

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. Expenses for trustees totalled £127 during the year.

11 Employees

The average monthly number employees during the year was:

2025 2024
Number Number
Administration 1 1

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2025

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
Band: £90,000-£100,000
Band: £100,000-£110,000
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation		 (Continued)
2025
2024
£
£
105,417
92,483
8,065
6,318
26,462
1,321
139,944
100,122
2025
2024
Number
Number
-
1
1
-
2025
2024
£
£
131,879
93,804		 (Continued)
2025
2024
£
£
105,417
92,483
8,065
6,318
26,462
1,321
139,944
100,122
2025
2024
Number
Number
-
1
1
-
2025
2024
£
£
131,879
93,804
100,122
2024
Number
1
-
2024
£
93,804

12 Taxation

The company is a registered charity and is, therefore, exempt from taxation.

13 Other gains and losses

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) upon: £ £
Unrealised gain on investments 2,076,505 1,159,305

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

14 Tangible fixed assets

Cost or valuation
At 1 February 2024
Additions
At 31 January 2025
Depreciation and impairment
At 1 February 2024
Depreciation charged in the year
At 31 January 2025
Carrying amount
At 31 January 2025
At 31 January 2024		 Buildings
£
625,000
1,515,536
2,140,536
-
-
-
2,140,536
625,000		 Computers
£
3,253
-
3,253
2,820
433
3,253
-
433		 Total
£
628,253
1,515,536
2,143,789
2,820
433
3,253
2,140,536
625,433

At 31 January 2025, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £20,658 (2024 - £25,792).

The revaluation reserve represents the following movements:

Balance as 1 February 2024
Disposals
Balance at 31 January 2025		 £292,260
-
£292,260

15 Investment property

Fair value
At 1 February 2024
Additions through external acquisition
At 31 January 2025		 2025
£
8,066,387
4,051,288
12,117,675

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

15 Investment property

(Continued)

The three leasehold properties, held for rental purposes, are recorded in the financial statements at their fair value as of 31 January 2025.

Given their recent acquisition date, the fair value of each of the two additional investment properties purchased in May 2024 has been determined to be the respective direct purchase price of each investment property.

After consideration of market yields and trends, the trustees deem the fair value of the investment property purchased in January 2024 to be the direct purchase price of that investment property.

The properties are categorised as Level 2 in the fair value hierarchy due to the use of observable inputs other than quoted prices.

16 Fixed asset investments

Cost or valuation
At 1 February 2024
Disposals
At 31 January 2025
Carrying amount
At 31 January 2025
At 31 January 2024
Other investments comprise:
Notes
Investments in subsidiaries
22
17
Debtors
Amounts falling due within one year:
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income		 Other
investments
£
1
(1)
-
-
1
2025
2024
£
£
-
1
2025
2024
£
£
-
501,733
394,823
120
10,643
14,461
405,466
516,314

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

18 Current asset investments

Current asset investments
2025 2024
£ £
Unlisted investments 14,912,813 18,277,797

Included within investments is a securities backed lending amount of £6,888,045, which is secured by a charge against all monies held by Safe Haven London with Barclays Bank PLC at the year end totaling £15,033,080.

Safe Haven London hold a portfolio of investments with Barclays Bank PLC. These include some listed company shares, however, Safe Haven London do not have beneficial ownership over any of the securities in the portfolio.

19 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
20
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
7,509
29,679
68,913
153,696
259,797
2025
£
26,462		 2024
£
-
69,131
565
113,440
183,136
2024
£
1,321

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

21 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 February Incoming Resources Gains and
At 31 January
2024 resources expended losses 2025
£ £ £ £ £
General funds 27,431,030 1,391,069 (1,111,976) 2,076,505 29,786,628
Revaluation reserve 298,351 - - - 298,351

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

21 Unrestricted funds (Continued)
Previous year: At 1 February Incoming Resources Gains and
At 31 January
2023 resources expended losses 2024
£ £ £ £ £
General funds 26,095,952 810,507 (634,734) 1,159,305 27,431,030
Revaluation reserve 297,267 - - 1,084 298,351

22 Subsidiaries

These financial statements are separate Charity financial statements for Safe Haven London.

Details of the Charity's subsidiaries at 31 January 2025 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Safe Haven London (Shared
3 Bunhill Row,		 Real Estate Private 100.00
Ownership) Limited London, company
England, EC1Y limited by
8YZ guarantee
without share
capital

Safe Haven London (Shared Ownership) Limited was dissolved on 29 October 2024.

23 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 131,879 93,804

Transactions with related parties

During the year the Charity entered into the following expense transactions with related parties:

Entities in which the Trustees have interests 2025
£
140,140
140,140		 2024
£
78,694
78,694

SAFE HAVEN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

23 Related party transactions

(Continued)

Amounts owed to related parties
The following amounts were outstanding in creditors at the reporting end date:
Entities in which the Trustees have interests
Entities in which the Trustees have an interest include:		 2025
£
28,800		 2024
£
46,200

  1. Chock Professional Services Limited - a company controlled by one of the trustees. This company paid disbursements of £nil on behalf of the charity in the current year (2024: £18). The charity owed the company £nil (2024: £nil) at the year end.

  2. Chesterman Consultants Ltd - a company controlled by E Chesterman. This company was paid consultancy fees of £30,000, underwriting fees of £57,640 and property management fees of £28,500 by the Charity in the current year, totaling £116,140. (2024: £78,600 for consultancy). The balance owed to the company at the year end was £28,800 (2024: £46,200).

  3. The Regeneration Consultancy Ltd - a company controlled by James Kerr. The company was paid consultancy fees of £24,000 (2024: £8,400).

24 Analysis of changes in net funds

Included within Investments is a securities backed lending amount of £6,888,045 (2024: £3,932,422)

25
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on revaluation of investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
Increase in creditors
Cash generated from operations		 2025
£
279,093
(501,536)
2,076,505
6,200
110,848
58,895
2,030,005		 2024
£
175,773
(719,610)
1,159,305
5,646
1,111,900
126,056
1,859,070