CharityNo. 1113331
Company No. 5319765
COMMONWEAL HOUSING LIMITED
(a company limited by guarantee)
AUDITED REPORT AND FINANCIAL
STATEMENTS
For the year ended 31 December 2024
Page I

Cornmonweal Housing Limited
REPORT AND FINANCIAL STATEMENTS
For the year ended 31 December 2024
CONTENTS
PAGE
Legal and administrative details
Report of the Trustees
Independent auditors, report
12
Statement of fmancial ￿tiVitIeS
15
Balance Sheet
16
Cash Flow Statement
17
Accounting Policies
18
Notes of the financial statements
20
Page 2

LEGAL AND ADMINISTRA TIVE DETAILS
Company registration number..
5319765
Chsrity registration number..
1113331
Principal address..
Unit 521, SPACES
35 New Broad Street
London Eam INH
Registered office:
2 Babmaes Street
London SWIY 6HD
Patrons:
Sir John MartJggart Bt
The Rt.Hon. Baroness Jean Corston
Th¢ Rt. Hon.Fiona Mactaggart
Directors and Trustees:
Jack Ma¢taggart (Chair until I1.12.24)
Amarjlt Bains (Chalr ftom I1.12.24)
Gary Medazoumian FCA
Prof. Jonathan Portes
Russ Edwards
Sheldon Shillingford
Dr Elanor Wanvick
Aphra Mactaggart
Gerald Kelly (appointed 13.3.24)
Se¢reiary:
Gary Medazoumian FCA
Strategic l.eadership Team: CEO
Deputy CEO
Ashley Horsey
Amy Doyle
Bankers:
BArelays Bank pl¢
7th F'loor,
180 Oxford Street
London BX3 2BB
Sollcltors
Broadficld LLP
One Bartholomew Close,
London ECI A 7BL
Auditors..
Price Bailey LLP
24 Old Bond Street
London
WIS4AP
Page 3

COMMONWEAL HOUSING LTD - REPORT OF THE TRUSTEES
For the year ended 31 December 2024
INTRODU￿10￿
The TNstees, who act as directors for the PULposes of the company law. present their report and financial
statements for the year ended 31 December 2024.
Commonweal Housing is an independent action learning charity, working to investigate, pilot and champion
housing-based solutions to social injustice. We provide experts and partner organisationg with the opporbjnity to
trial and test new approaches designed io enhance housing equality and justice. We enable and facilitat¢ them to
develop and test their new and imaginative housing-based services.
We support project partners by seeking to provide the right housing in the right place to give their pilot proj¢rts
the best chance of succeeding, In addition. Commonweal uses more of its charitable resources to fund early-stage
research and feasibility sludies for emergtng areas of injustice or potential solutions. as well as commissioning
independent evaluation to capture the leaming from our property based pilot projects. We then work to share the
learning widely to influence future policy, practice, and delivery,
Commonweal has developed and continues to deliver an innovative model of social inveslment leveraging the
capacity and funding available to the charity through fiJnd$ se¢ured from a growing range of impact investors.
By positioning ourselves at the heart of the social investment and pioject delivery relationship we are able to
insulate both investors and front-line delivery partners for risk. The social investment deals and th¢ new ideas
and pilot projects this funding supports would simply not occur if Commonw¢al were not there
We aim to achieve impa¢t from the lesson5 learnt from the work we support. Commonweal will work with
project parthers, national bodies, academics, campaigners, journalists, central and lo￿1 government directly and
in partnership to do this.
Whi]st a fvlty indeFendent ch￿lty, the links to the philanthropic legacy and works of the Ma¢taggart family are a proud part
of Commonweal's lineage and we are delighted that Aphrd Ma¢taggart wed to join the Boanl in 2023. Towards the end
of2023, the Board undertooka round of extemal recrnitrnent to fither strengthen the Board and we are delighted that GeraId
Kelly a h{￿sing andthvelopment speciajistlawracceptojthe Board's inviiation to join, Gerald was forn]ally appointed
as a Trnst¢¢ of th¢ charity and Dir¢¢tor of ihe Company in March 2024.
Ai the end of 2024 our Chair, Jack Macthggart announced he would step aside from that role, whilst remaining
as a Trustee of Commonweal due to other work and family commitments. The Board is very grateful to Jack for
all he has done during his tenur¢ as Chair of the Board and are delighted he will remain on the Board. The Board
were unanimous in their decision to appoint Amarjit Bains, th¢ previous Vice Chair, to step up as the new Chair
of thc Board of Trustccs a rolc she commenced in Dec¢mber 2024. Long standing Truste¢s, Russ Edwards has
beei) appointed as the new Vice Chair, commencing his role in January 2025.
The Board of Commonweal re¢ognise again the ongoing support and increased backing from rhe Directors of
Grove End Housing, a not-for-profit property company, our principal ben¢factor. We appreciate the trust and
faith they Continue to pui in Commonweal.
The Board thank the staff of the Charity for their dedication in delivering Commonweal's work and especially
thank our Finance Manager. Fredericka (Fred) Marquis for her hard Work in putting these accounts iog¢ther.
2024 Marked the mid-point of our C￿￿ent thrce-year business strategy which contains within in a focus on a
smaller range of social policy and injustice are&8- raising our own knowledge and enabling the charity
increasingly to become an infomjed commentator, influential partner and beneficial voice.
The Board has set the following priority social justice themes..
Criminal justice system - focussed on specific groups such &8: youth justice, over-representation of
BAME individuals, mental health issues
Young adults? youlh homelessness and those faeing difficult transitions to adulthood
Migration, Asylum and Traffieking- incorporating areas of work around asylum. migration, modern-
day 51av¢ry a5 well a5 huvnan traffirking
Commonweal will ¢oniinu¢ to use its voice, its resources, partn¢rships, and its energy to highlightthe importance
to p¢opl¢'s lives of saf¢, 5tabl¢, s¢rur¢, and accessible housing.
Comrnonweal is # social injustice housing-based action learning charity
Page 4

COMMONWEAL HOUSNG LTD - REPORT OF THE TRUSTEES
For the year ended 31 December 2024
STRUCTURE GOVERNANCE AND MANAGEMENT
The Charity is a charitable company limited by guarantee and a registered charity. It is governed by its
Memoiandum and Articles of Association (as amended). These provide for on¢ third of the Trustees to
retire at each Annual General Meeting. The minimum number as set out in the Memorandum and Articles of
Association is three and the quorum is sel at two Trnstees.
For the four fornial Board meetings in 2024 Commonweal has been Chaired by Ja¢k Mactaggart. he did st¢p
down at the end of the December 2024 meeting handing over the role to Arnarjit Bains. Commonweal continues
to hold in person Board meetings to better facilitate discussion, engagement and build team relationships and
dynamics amongst trustees and with the staff team.
The Board has set out a skills matrix identifying the Cole skills, knowledge and competencies felt to be necessary
to provide suitable oversight, governance, and guidance to the charity. The Charity has in place a program for the
induction and training of new Tru8tccs as well as onguing training and confcrcnce opportunities for all Trustccs.
In 2025. th¢ Board will commist*ion an ext¢rnal gov¢manc¢ rcvi¢w to provid¢ assurance the processes and
gov¢rnanr¢ Structu￿ wc hav¢ in plarr rcmains appT()priat¢ and fit ftir PUTPOSe.
The Board is the administsztive and governing body and meets four times a year, ensuring and monitoring that
the Charity is perfornling well, is solvent and complies with all its obligations. The Board has ensured that
appropriate truslee indemnity insurance is in place.
Organisational $trueture and deeislon-making
The Board is responsible for the policy and strategy of the Charity, ensuring th¢ long-terni sustainability of the
organisation along with its financial and legal probity.
The Chief Executive, Ashley Horsey, IS responsible for implementing policies and strategies approved by the
Board and for pro￿eSsIng organisational objectives and leading operational delivery by the staff team.
Th¢ Board ¢onsid¢r the strategic leadership team ofth¢ charity to consist of the Chief Executive and the Deputy
Chief Executive, Amy Doyle, who under FRSI 02 constitute the key management along with the trust¢e5.
The Board has established one committee the People & Governance Committee. The P&G Committee meets
not 1¢sS than thr¢e time5 per annum; once in the spring focussing primarily on HR and employment matters:
once in the summer looking at governance issues and once in the autumn as part of the budgct pr¢parntion ¢y¢l¢.
This au￿rnn meeting reLomm¢nds any changes to remuneration for staff, including remunerated key
management personnel, to the Board for their December budget-setting meeting for the forthcomiiig year.
OWECTIVES AND ACTIVITIES
The Charity's charitable objects are the provision of housing for those who are in conditioiis of need
and the advancement of education and training (but without lirnitation) in relation to housing need.
We deliver our objects Yia four corc Trvork strcams plus a growlng rol¢ as thought leaders, honest brokers,
and a platform for discussion around housing and social injustiee:
Property (acquisition) based medium to lon% term (5-10 year) aellon learning projects where the major
investment by Commonweal 15 in the provision of the bespoke housing- using our existing capital or revenue
funds as well as social investment funding. These cornerstone projects are aimed at thoroughly testing a new
model or service. In 2024 we did not commence any new acquisition projects but took steps to line up a number
of projects we hope to come to fruition in 2025, some using Commonweal own recycled capital funding from
the sal¢ of ¢x-project properties and others from attracting further new social investment. These new property-
based projects will be in the west Midlands, Belfast (two projects} and back in London.
In 2024 we concluded the sale of the I￿t of the Move on Up properties, a project initially started in 2017. and
wrapped up the final redemption of all investment funds to our four social Investors in that project.
Ptyge 5

COmMONM￿AL HOLSING LTD - REPORT OF THE TRUSTEES
For th¢ year ended 31 December 2024
Independent evaluation ofthe propety based pilot projects we support capturing the learning whether the initial
model succeeds or not. We, and our partners then share that learning widely to help others benefit from what
'orks to encourage replication and further expansion or. just as importantly, to clarify if or why pilot projects
did not work as hoped to help others avoid making the same mistakes.
Short term initial feasibility studies undertaken by others using Commonweal's revenue funding. Such early-
stsge studies are desI￿ed to give prospective partners the capacity and resources to explore a new or emerging
idea they have where they feel it might lead to a housing-based solution and therefore may become a forn￿[
Commonweal property-based pilot project. In 2024 we undertook è Callfop New Ideas funding programme
inviting feasibility study proposals specifically f￿ussing on youth homeles5. Then later in the year we did the
same for our final stralegic theme area of housing and social injustice issues associated wilh migration. asylum
and trafficking, Each Call for New Ideas was shaped and guided by independent expert horizon wanning
research undertaken on behalf of Commonweal. All these reports are shared on the Commonweal Housing
website
Short term re$ellr¢h - our research fimding progran]me. started An 2022. the major piece of work delivered in
2024 was an influential report entitled No Actiess," Nu Way Oul- by leading independent research Becky Rice.
This report looking at the shortage of move-on accommodation for single people moving on from hostels or other
supported housing settings. This important issue ha5 and continues to prompt debate and discussions across the
sector. Commonweal will continue to enable and facilitate ongoing debate and promotion of the research
recommendations.
Inlluencing polity and praetiee through effective dissemination and promotion of the findings from our own
projects and studies but also offering a platfonn and promoting the thoughts and ideas of practitioners and experts
in the fields of housing and social injustice,
In addition to these core work streams we will also consider fjjrther opportunities for small-scale direct socia
investtnent where Ihis will help meet our charitable objectives. Coinmonweal cu￿entlY has one direct social
investnient deal in place with Action Foundation a migrant and refugee support charity in Newcastle. Our 10-
y¢ar investment t¢rni runs through to 2027.
Dellvering our strapline'housiDg solutions to social injustlce,. The Commonweal: Theory of Change
Commonweal will focus on those activities, proposals, issues, ￿0upS and injustices that are at the
margins. overlooked or ignored by many mainstream funder5.
Commonweal remains willing and able to use our independent, philanthropic charitable resources to
support what are sometimes seen as difficult, unpopular or intractable issues- we are clear that if we are
not willing and able to, then who will?
We are fortunate in not being financially dependent upon public donations or public sector contracts. This
giv¢s us freedoms and opportunities.
We are financially robust and able to be brave in the decisions we take, the issues w¢ support and the
projects we back.
Success of the projects we support and the initiatives we enable to be teste(L whllst welcomed, is not our
primary aim or metric of success. Capturing the learning that has delivered that success or understanding
and sharing the lessons learnt if things do not deliver as exp¢¢t¢d is our main priority- shaping and
inforniing future activity tackling social injustice is our key obje¢tiv¢.
Commonweal Housing was estsblished with the aim of providing the housing to enable front line delivery
organisations to develop and pilot new housing solutions to social injustice,. capturing the learning frorn
those pilot projects and sharing it widely to help others learn from both the successes and the failures to
shape future service delivery and poli¢y development.
We will enable the provision of this housing in a range of ways including direct purchase, leasing and
revenue support to partners or other investors.
To support new housing projects, we also fund early stage feasibility studies and project related regearch
to give n¢w ideas the best chance of succeeding as pilot projects. We also fund wider research to increase
Page 6

COMMONWEAL HOUSING LTD - REPORT OF THE TRUSTEES
For the year ended 31 December 2024
our knowledge base and crucially independent evaluation ofpilol projecis. capEuring the learning
which we then share widely to shape future activity.
In sharing the learning from projects, we will also build and share networks of interest. encouraging
relationships and communications betw¢en those w¢ ar¢ ¢ngaged with where they may help each other.
To encourage, support and enable project pftrlners to use their own expert voice to share learning,
promote findings and campaign for change- Commonweal will aid and bring our expertise as required or
as requested.
We wanr, aim and expect to achieve impact from our charitable actLVity. We recognise that impact may
take many forn]s from direct replication. to prnmotion of good practice. highlighting ongoing are&8 of
injustice and lobbying for policy, operational or funding changes.
Engaging evaluation of projects is fundamental to who Commonweal are; evaluating our own
performance and input is a core part of that.
At our heart we are a housing based social justice and action learning charity.
Soclal Inveslment..
Commonweal has been at the for¢front of the innovative use of social investment funding for over 12 years now.
With partners we have created an investment model to support our action learning projects. developin8 a social
investment strucNre that gives investors the opportunity and comfort to invest in new pilot and untested
initiatives, idea4 project5, and in front-line organisations that would not nonnally pass muster with their
investment committees on their own merits. We are grate￿1 to those social investors that have tnjsted us with
their money but have also given us their skills and expertise in providing strdtegic guidance to our action learning
proje¢is. We remain grateful w the EsTnee Falrbatrn Foundatlon, Trust for London, Clty Bridge Trusr, Better
Society Capital, Cheyne Capital, Quaker Social Action and The Monday Charitabl¢ Tn￿t, GEHL and the high
net worth individuals for supportin8 US.
ilst we were unable to conclude the Gateway.. Base for Success project r￿st muted in 2023 despite having
positive response from investors, we continue to se¢k new social investment for delivery of our upcoming project
pipeline. Our latest ventures we hope to come to fNition in 2025 including a fi￿her £1 M4 tnvegtment from long
standing friends the Esmee Fairbairn Foundation.
The key activities and projects for the year along with ddaiis and copies of any reports supported by Commonweal
can b¢ found on our website.. www.commonw¢alhousi
.or
FINANCIALREVIEW
We are very fortunate to have a long- standing partner and principal benefactor, Grove End Housing Limit¢d,
who continue to provide our core revenue funding. In addition, Commonweal receiv¢s rental inwm¢ on its
residential property portfolio which aligns with the increase in Lwal Housing Rates.
In 2024 GEHL revenue funding accounted for 580/0 of income excluding a gain on disposal of tangible fixed
&8sets ¢023 560/ts)' and rental income 400/0 (2023 350/0).
In 2024 in addition to selling the final properties for the Move On Up project to redeem the social investment
loan notes s¢¢ured against th¢rn, Commonweal commenced the agreed sal¢ of fonner Commonweal funded
project properties to release the capital which is to be used for acquisition of new proje¢t property acquisition
ov¢r th¢ ¢ours¢ of 2025. This is reflected in the fall in tangible fixed assets to £10,476,427 (2023 £12,540,188).
The capital from sales is also ieflected in the year-end cash holding whilst we await new property Acquisitions
in 2025 £2,198,865 (2023 £657,757)
The Tn￿te¢S consider th¢ results of income from our residential prO￿ty portfolio and the continued support
from Grove End Housing and the overall reduced expenditure disclosed on the following pages to be satisfactory.
Public benefjt statement
The Board confirni that they have complied with th¢ duty in the Charities Act 201 I to have due regard to public
benefitguidance publishedbythe Charitycommission. Further infornTrtionregardingthe Charity's activitie& public
benefit and impact are presented in its Annual Impact Review, which is available on its website.
htt .Ilwww.commonwealhou51T]
-or
Page 7

COMMONWEAL HOUStNG LTD - REPORT OF THE TRUSTEES
For the year ended 31 December 2024
Riskmanagement and prineipal risks and uncertaiDtie$
The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are
in place to mitigate exposure and consequenceg of keyrisks. The Trustees consider and review the core strategic
and operational risks facing the charity regularly throughout the year at Board meetings including the controls
and mitigations in plaGe to address or ameliorate these risks and note any new inforniation from the Executive.
In addition, the Board hold an annual risk workshop in February to ensure approprAate oversight and
consideration of this issue
The Board, many of whom are relatively new to Commonweal over the last 3 years or so have taken tim¢ to
on5idcr what thcy perceive as the core corporat¢ risks that if they were to rnateriali￿ would mean
Commonweal would potentially imperil the firture of the charity and l or would indicate our not delivering our
¢haritable aims and objectives. The 6 key risk areas are set out beIow:
Key Risk Area
Controls and mitigation
Residual
Risk Score
6 or more
High and
therefore
warrants
specific
ongoing
monilorin
Risk Appetite:
Averselnone
- Minimavlow
Cautious/limited
-Openlhigh
Hungrylsi8nifie4nt
Key
re8pon8ibility
Arrativ¢ Comm¢nl
Ongoing and positive engagejnent
with GEHL by CEO and Chair.
GEHL'S changc in their owil rules
over recent years gives CWH
further comfort on funding.
Cautiousllimited
Recognising the
limited source of
Ineome received
(GEHL grant and
rental income) and
eongidering ODgoing
eertalnty And
txplorlng potentlal
for further income
diver51fieation
BusSness Contfinul
Prfimarlly foeused on
Imall Staff tsam. but
specifically Ineludlng
loss of orgallisational
memory or
knowledge ir long-
tcrm gtaff and
colleagueg leave
(need for knowledge
trAD$fer protocols).
Mf4lotalnlng
IDdependent
rinan¢ial seturlty
is importAftt to
give CWH
freedoms to have a
mor¢ open attltude
to neiv project
ri$ks.
C'autiousllimited
Board
Offi¢¢ and technological
processes and backups in place if
ever needed. Coverage acro$$ the
curnent staff team for short-tenn
Covering of any vacancies or staff
unavailability incIuding Deputy
CEO Role and key personnel
insuran¢¢ cov¢r in plac¢. Rcmotc
workin8 protocols and
arrangements in pl￿e if ¢entral
office not available. Close liaison
between senior staff and extensive
use of shaTed electronfic tlles.
New appointments m4de against
current Board Skills Matrix.
R¢vi¢w¢d in 2024 to ensure it
contains the correct mix of skills
and experience needed.
Induction for new Trustees and
ongoing training and d¢velopment
opportunities available.
Board have
limlted appetite
for rl$ks that put
business
eontlnulty In perli
and $upport
mitigations V4nd
controls
accordlngly.
CEO
Board Ex
erienee:
Recognition that tbe
Board bas changed
over recent years
and to eonsider
against eurrent skll
mix needed.
Cautiousllimited
Board b&ve
commissioned an
eiternal
governance revieTF
to provide
guidance and
assurance on thls
and wider
governanee
oi'ersi
bt
Board
Pagg 8

COMMONWEAL HOUSING LTD . REPORT OF THE TRUSTEES
For the year ended 31 December 2024
Re
ulatlon:
SeeD as key for
VdttractiDg new ￿¢141
InvLstmenL new
projeet proposals
and for Impact of
messaglng and
eommunieatlons of
lessons learnt fro
projects,
research and
8valuatlon
Regulat engag¢m¢nt wlth projecE
investment and research partners
to ensure Commonweal delivering
against expectations.
Openlhlgh
The Board wish to
use its relativ¢
financial freedoms
to tske calculated
risks on projecls
nd pursuing
issues others might
be unwilling or
unable to support.
Core pgrt of
CWH'S DNA
()PL'lliliigli
High quality and regular comTns
outputs.
Board I CEO
Dellverln
Housln
Projecl Team overseen by the
Deputy CEO continues to ensure
Close engagement with project
partneTs. Additional staffing
apacity in 2022 More proactive
property inspection and oversight
regime being reinstated by
Consultant Surveyor and other
Commonweal staff.
Reaffirmed by the
Board a$ thc k¢y
purpose of the
cbarity, th¢r¢fore
failure to develop
and delfver new
projeets would be
failure to deliver our
cbaritable objecllves
Desire to use
fr¢¢doms to work
imaglnatlvely to
support new
houslng-b*$ed
project4 open
appellte for
working with n¢w
gDd smaller
organiJf4tlonJ
where feaslble
Board I CEO
¢hl¢vln
Rea￿irmed by the
Board a$ the key
ambltion of the
charity. utilising the
learnlng achleved
from pllot proJeet$,
feaslblllty studleg
Increased ¢larlfi¢ation of
evaluation expectations, and
learning ambitions 8¢t out In new
project parmer documentation.
Minimalllow
Nohvithstanding
hlgh and open
appetlte for the
Jort of work we do
or projeets we
support, the Board
are foeused on and
hgve a low
appetite for falllng
to capture the new
learning to be
g&ined &Dd
achieving
maxlmum Impact
with that learnlng
to Influence future
poIi¢yg practi¢¢
and servSce
delive
Early stage input frorn CWH
Policy & Comms team to help
shape likely policy route
IIDd researeb to
¢b4nge aetiott$ and
aetlvltles by others.
No clear definition
of what'lmpaet,
eans AS tbis is
eonsldered for ea¢b
projeet Individually
and may change as
lellrnlng emerges
Clarity that project delivery
'fallure' Is not of Itself fk1lU￿ on
the part of CWH or project
parthers therefor¢ fostering open
and p03ltive di￿08Ue throushout
project phase and engagement
with external experts to identify
key learning targets and those that
need to know to achieve positive
impact.
Board / CEO
I DCEO
Below these ¢ore strat¢gic risks, the Board, at their February 2025 risk workshop, also identified 15 key
operational and ongoing business as usual risk areas which will be included in the regular risk monitoring by the
Board. These include issues such as property valuation. cashflow. working with smaller and newer delivery
partner charities. property maintenance and insurance cost escalation. mission drift and distraction. emerging
legislation" through to emplo)rynent and properry compliance. These have also been assessed on a resithjal risk
basis taking in to account current controls and mitigations along with an assessment of cwr¢nt RAG rating and th¢
Board's risk appetite in these are&8.
Page g

COMMONWEAL HOLSING LTD - REPORT OF THE TRL'STEES
For the y¢ar ¢ndcd 31 Deccmbcr 2024
Regerves Policy
It is the policy of the Charity to maintain a proportion of its reserves in a readily realisabl¢ forni to engure that its
core activity could continue during a period of unforeseen difficulty. The Trnstees consider readily realisable
reserv¢s to be the amount of reserves that are easily converted into cash without the need for property disposals.
The Trnstees assess the required level ofreserves on an annual basis alongside its opeiatingbudget. This assessment
onsiders the risks associated with each stream of income and expenditure varying from budget, itsplanned activity
level. Commitments to repay the loans secured on its properties and the need to keep sufficient bank balances to be
able to manage the day-to-day fluctuations of receipts and payments
In December2024. the reserve5 policy was reviewed by the TrLtstees who felt a continuation of a readily available
cash reserve figure of a minimum of £250k to be appropriate. The actual cash reserves at the 31 December 2024
were £2.198.865. Th¢ g¢n¢rol r¢s¢rves level is wcll abovc the policy minimum giying a good sourc¢ ot"workins
capital including headroom for acquisition of new project property in 2025.
As at 3 1st December the Charity's total reserves stood at £1 0.39M (2023,. £10.15M) ￿ set out in detail in note
13. Of this total figure 86/0 (2023,. 94010) is included in the Designated Property Fund. represented by the
nctional assets of the Charity, which can only be realised by disposing the Charity's freehold and long l¢as¢hold
properties.
Property Revaluatlon and Depreclotlon Policy
In 2021 the Trustees agreed all fixed assets of the same class, (i.¢,, properties) to be revalued using external
professional valuations each year. 2023 is the third year where the new property revaluation policy applied in the
accounts for all propertles, The figures reflect these changes and the property markei at present.
The Trustees also reviewed the policy on the treatment of depreciation on properties and agreed not to deprecia
properties. Further dethils are stat¢d on the Notes section of the accounts on Fixed Assets and Depreciation.
Commonweal Trustees regularly consider options available to it to utilise its general reserves to further the
harity's aims and objective. This has in the past (and may do so again in the future where suitable schemes are
identified) included undertaking direct mission related investment.
Page lfj

COMMONWEAL HOUSING LTD - REPORT OF THE TRUSTEES
For the year ended 31 December 2024
PLANS FOR FUTURE PERIODS
Key priority in 2025 is to conclude the property acquisitions for the Servol, HAPANI and Depaul Northern
Ireland projects utilising both recycled capital funds from sale of ex-project stock and new social investment.
The charity also plans to bring back a number of other fonner project properties from current management
agents who have been using them as temporary accommodation for households nominated by a range of London
Boroughs - a very definite positive social use in line with our aims and objectives. The Board, however, wish
to ensure these ar¢ used more directly for new action learning pilot projects so plans are progressing to make
that happen over the next 12- 18 months.
Trustees, Responsibilities for the Financial Statements
The trustees (who are also directors of Commonweal Housing Limited for the purposes of company law) are
responsible for preparing the Trustees, Annual Report and the financi21 statements in accordance with applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare fmaneial statements for each financial year. Under company law
the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view
of the state of affair5 of the charitable company and of the incoming resources and application of resources,
including the incojne and expenditure. of the charitabl¢ company for that period. In preparing these financial
statements, the trustees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principl¢s in the Charities SORP 2019 (FRS 102);
state whether applicable UK Accounting Standards have been followed
make judgeinents and estimates that are re&sonabl¢ and prudent,. and
prepare the financial statements on the going concern basis, unless it is inappropriate to presume that
the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charitable company's transactions and disclose with reasonable accuracy al any time the
financial position of the charitable company and enabl¢ them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the
charitable company and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
The Trustees are responqible for the m2ii)tcnance and inte8rity of the corpDr2te and financial inforn)ation
includ¢d on the charitable company's website. Legislation in the United Kingdom governing the
preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
DistI￿liure nf Inform8lion to Auditors
EaLh ofthe trustees h&s coiifinned that there is no infoTmation of which they are aware which ig relevanl to the
audil, but of which the auditor 15 unaware. 'I'hey have further confimied that Ihey have tsken appropriate steps to
idenlify such relevant information and to establish that the auditors are aware of such information.
Auditors
A resolution proposing the reappointment of Price Bailey LLP will be put to the next Annual General Meeting.
Small eompani¢$ note
In preparing this report the Trustees, who are also the directors, have taken advantage of the small companies,
exemptions provided by section 415A of the Companics Act 2006.
ON BEHALF OF THE BOARD OF TRUSTEES
Trustee
18 June 2025
Page 11

INDEPENDENT AUDITORS. REPORT
TO THE MEMBERS OF THE COMMONWEAL HOUSING LIMITED
Opinion
We have audited the financial statements of Commonweal Housing Lirnited for the year-ended 31 December 2024
which comprise the statement of financial activities, the balance sheet, the cash flow statement, and notes to the
financial statements, including a summary of significant accounting polRcies. The fmancial ieporting framework
that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 The Financic¥l Reporting Srandordapplicable in the UK andRepublie oflreland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial stat¢ments:
give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of
th¢ charitablc COTnpany's net rnovernent in funds, including the incomc and ¢xp¢nditure, for thc ycar thcn
ended,.
have be¢n properly pr¢pared in accordance with United Kingdom Generally Ace¢pted Accounting
Prdctice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducled our audit in accordance with JnternatiOT]al Standards on Auditing (UK) (ISAS IUK)) and applicable
law. Our responsibilities under those slandards are ￿rther described in the Auditor's responsibilities for the audit
ot-the financial staiements section ot. our r¢port, 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 requiremenls. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conelusion$ reloting to going ¢on¢ern
In auditing the financial statements, we have concluded that Ihe trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfornied, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to
continue as a going concern for a period of at least twelve monihs from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the tnistees with respect to going concern are described in the
relevant sections of this report.
Other information
The trustees are responsible for the other inforniation. The oiher inforniation comprises the inforn)ation included
in the Report of the Trustees. Our opinion on the financial statements does not cover the other infomation and,
except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion
thereon.
In Connection with our audit of th¢ financial statements, our responsibility is to read the other inforn)ation and, in
doing so. consider whether the other inforniation is inaterially inconsistent with the financial staternents, or our
knowledge obtained in the audit or otherwise appears to be matsrially misstated. If we identify such material
incon51St¢ncie5 Qr apparent material misstatement5, w¢ are required to deterniine whether there 15 a material
misstatement in the financial statements or a material misslalement of the other information. If, based on the work
we have perfornie(L we conclude that there is a n￿terIal misstatement of this other intonnation, we are Tequired
to report that fact.
W¢ 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 during the audit:
the infoTmation given in the Report of the Trustees (which in¢lud¢s the directors, report prepared for the
purposes of company law) for the financial year for which the fmancial statetn¢nts ar¢ prepared is
onsistent with the fmanclal statements" and
Pc¥ge 12

tNDEPENDENT AUDITORS, REPORT
TO THE MEMBERS OF THE COMMONWEAL HOUSING LIMITED
the directors, report included within the Report of the Trustees has been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained during
the audit, we have not identified material misstatements in the Report of the Trustees (which incorporates the
director5, report).
We have nothingto report in respect ofthe following matters in relation to which the Companies A¢t 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept by the charitable company. or
the charitable company fmancial statements are not in agreement with the ac¢ounting records atxl returns.
or
certain disclosures of trustees, remuneration specified by law are not mad¢. or
we have not received all the infonnation and explanations we require for our audit. or
the trustees were not entitled to prepare the financial statements in accordance with the small companies,
rcgirn¢ and takc advanlagc of th¢ stnall companies, cKeTnptions in prcparing th¢ tru5t¢C3' r¢port and froln
the requirement to prepare a strategic report.
Responsibilities Df trustees for the finaneial stfitements
As explained more fully in the trustees. responsibilities statement set out on page 12. the trustees (who are also
the dlrectors of the charltable company for the purposes of company law) are respon51ble for the preparation of
the financial statements and for being satisfied that ihey give a true and fair view, and for such internal control as
the trustees detemine is nece8sary to enable the prepardtion of fmancial statements that are free from material
misstatcment, whether due lo fraud or error.
In pr¢paring th¢ financial statements, the trustees are responsible for assessing the charitable company's ability to
continue as a going concern, disclosing, as applicable. matters rel￿ed 10 going concern and using the goii)g
concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative bur io do so.
Audfitor's respongibi1Stles for the audit of the fillanclal statements
Our objective8 are to obtain reasonable assurance about whetlier the financial statements as a whole are free from
material misstaternent, 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 fmancial statements.
Irregularities, including fraud, ar¢ instances of non-compliance with laws and regulations. We design proccdures
in line with our responsibilities. outlined above, to detext material tnisstatements in respcci of irregularities.
including fraud. The extent to which our procedures are capable of detecting irregulariti¢s, including fraud is
detailed below..
We gained an understanding of the legal and regulatory framework applicable to the Charitable Company and the
sector in whieh it operat¢s, and considered the risk of th¢ Charitable Company not eomplying with the applicable
laws and regulations including fraud in particular those regulations directly related to the fmancial statements,
including financial reporting, and t&x legislation. In relation lo Ihe operations of the Charitable Company this
included compliance with the Cotnpanies Act 2006, Charities Act 201 l and SORP 2019.
Th¢ risks w¢r¢ dis¢ussed with the audit team ond we r¢mained alert to any indications of non-eomplianee
throughout the audit. We carried out specifjc procedures to addr¢sS the risks identified. These included the
following:
Reviewing minutes of Board meetings. reviewing any correspondence with the Chariry Commission, agreeing the
financial statement disclosures to underlying supporting documentation, and making enquiries of management
and officers of the Charitable Company. We procedures in place for the reporting of any incidents to the Trustee
Board including serious incident reporting of these matters as necessary withthe Charity Commission and a review
of legal fees during the period.
Page 13

INDEPENDENT AUDITORS, REPORT
TO THE MEMBERS OF THE COMMONWEAL HOUStNG LIMITED
Management override: To address the risk of management override of controls, we carried out testing of journal
entries and other adjustmeDt for 4)propriat¢n¢ss. We also asseysed management bias in relation to the accounting
policies adopted and in deterniining si￿lficant accounting estimates.
Because of the inherent limitations of an audit, there is the risk that we will not det¢ct all irregularities. including
those leading to a mafrrial misstatetnent in the financial statements or non-compliance with regulation. This risk
increases the more that complianc¢ with a law or regulation is r¢moved frotn the cvcnts and transaction3 refl¢ct¢d
in the financial statements, as we will be less likely to become aware of instances of non-cornpliance. The risk is
also greater regarding irregularities occurring due to fraud rather than error, as fraud involved intentional
concealment, for8ery* collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statemenL8 Is located on the Flnancfial
Reporting Council's website at.. www.frc.or
onsibilities. This description fornis 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 Auditorfs report and for no other purpose.
To the fullest extent pennitted by law, we do noi accept or assume responsibility to anyone other than thc
charitiible company and the charitable company's members as a body, for our audit work, for this report, or for the
opinions we have forned.
P,- g4 LLe
Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor)
for and on behalf of
Price Bailey LLP
Chartered Accountants
Statutory Auditors
24 Old Bond Street
London
WIS 4AP
Date: 16 July 2025
Page 14

Commonweal Housing Limited
STATEMENT OF FtNANCIAL ACTIVITIES
(Including Income and ExpenditUTe Account)
For the year ended 31 December 2024
Note
2024
2023
Income from:
Donation and legacies
Charitable activity - rental income
OtheT incorne
Investment income
(Loss) IGain on disposal of fixed assets
Total
600,000
415,413
1,750
23,717
(40.275)
1.000.605
600,000
375,719
84,288
5,325
{505)
1,064,827
Expenditure on
Charitable activities
Total
l.012,329
1.012,329
1,018,301
1.018,301
Net incomelexpendfiture before amortisxtion
adjustments
(11.724)
46,526
Amortisation charges on loan notes
13
Net expenditure
(54,859)
(25,948)
Gain l (Loss) on revaluation of fixed assets
Net movement in funds
290 375
253 000
235,516
10,155,578
10,391,094
227,052
9,928,526
10,155,578
Funds brought forward
Funds Cvdrried ffj￿ard
The notes numbered I to 15 forni part of these fman¢ial statements.
The statement of fman¢ial a¢tivities also ¢omplies with the requirements for an in¢ome and expenditure a¢¢ount
under the Companies Act 2006. All of th¢ income and expenditure relates to continuing activities.
Page IS

COMMONWEAL HOUSING LTD
Balance Sheet as at 31 December 2024
2024
2023
Notes
Fixed assets
Tangible assets
Programme relatsd investment
Oth¢r unlisted investrn¢nt
10,476,427
82.116
12,540,188
80,366
10.558.544
12,620,555
Current assets
Debtors
Cash at bank and in hand
58,494
2,198,865
2.257,359
53,579
657,757
7ll,336
Curren¢ Llabllllles
Creditors: amounts fallin8 due within one year
io
(788,649)
(168,359)
Loan notes,. amounts falling due within one year
12
1391012
Not ourrettt Il*biliti
(1,468.710)
(848.035)
Total assets less ¢urrent Ilabllfitles
12,027,254
11,772,520
Credltors: amounts due more Ih8n on¢ year
Loan notes
Grants
12
(1.570,160)
(60,000)
(1,546,942)
(70.000)
Net assets
10,391,094
10,155,578
Income funds
Unrestricted fimds:
- DesIgn￿ed Property Fund
- Programme related Investment
- Qeneral Fund
Total funds
13
8,900,267
82,116
1,408,711
10,391.094
9,602,234
80,366
472,978
10.155.578
The notes numbered I to 15 forni part of these fTnancial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies'subject to
the small companies, regime.
The accounts were approved and authorised for by the Board of Trustees 18 June 2025
and signed on their behalf by
A BAINS
G S MEDAZOUMIAN
DirectorlTTUStee
Direetor/Trugtee & Chair of the Board of Trustees
Page 16

COMMONWEAL HOUSING LTD
Cash Flow Statement
For the year ended 31 December 2024
2024
2023
Iyet rnovement in fuJJds
Deduct: investment income receivable
Add backl(D¢duct); revaluation of fixed assets
Add back: Amortisation adjustment
Deduct: Interest paid
Add back: gain on disposal of fixed assets
Add back.. depreciation
IncreaseldecTeage in debtors
Increaseldecrease in creditors
Decrease in grants
Net easb provided by operating a¢tivitie5
235,516
(23,717)
(290,375)
43,135
(37.426)
40,275
787
(4,916)
620,290
10.000)
573 569
227,052
(5,325)
(253,000)
72,474
(106,525)
505
2,409
38,251
(589,146)
20,000
633 304
Cash flows from Investing aetivitles
Investment in¢om¢ Te¥eived
Proceeds from disposal of fixed assets
Add back.. charges on property sale
Cash paid in respect of tangible fixed assets
23,717
2,271,990
35.685
3,650
2,335,042
5.325
500,000
8,252
(1,663)
511,914
Cosh flows froDJ financillg a¢tivili
Loan notes repaid in the year
1367 503
488 001
(Decrease) l increas¢ in cash and cash
equiv4l¢nts in the yeAr
1,541,108
(609,391)
Cash and cash equivalents at the start of the year
657 757
1267 148
Cash and cash equlvalents at the end of the year
2 198 865
657 757
Analysi$ of c&$h and cA8h ¢qUiVRlents and n¢t d¢bt
Amortlsatlon
and loan
Interest
movements
01-Jan Cash flows
2024
657,757
2 937 954
2 280 197
31-Dec
2024
2,198,865
576 160
622,705
Cash
Loans notes
1,541,108
1367 503
2908,611
Page 17

COMMONWEAL HOUSING LTD
NOTES TO THE FINANCIAL STATEMENTS- ACCOUNTING POLICIES
For the year ended 31 December 2024
NOTE I - ACCOUNTING POLICIES
BASIS OF AccouwfiNG
The financial statements have been prepared in accordance with applicable law and Accounting and Reporting by
Charit1¢5- 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) (second edition,
effective l January 2019) - (Cliarities SORP (FRS 102)), and with the Financial Reporting Standard applicable in
the UK and Republic of Ireland (FRS 102). The financial statements are presented in sterling and fJgur¢s are
rounded to the nearest £.
The charity meets the d¢finition of a public benefit entity under FRS 102, Assets and liabilities are initially
recO￿lSed at historical cost or transaction value unless othenNise stated in the relevant accounting policy note(s).
ENTITY STATUS
Commonweal Ilousing Limited is a private charitable company limited by guarantee and meet the definition of a
public benefit entity as defin¢d by FRS102. Further details of its company and charity registration are given on
pag¢ 3.
GOING CONCERN
The Trustees have prepared cash flow forecast5 for the period of at least 12 Months from the date of approval of
these financial statements which indicate thatthe charity will have sufficient funds, through continued fimding from
its principal benefactor, Grove F.nd Tlousing, to meet its liabilities as they fall due for that period. A¢cordingly*
the financial statements are prepared on a going concen) basis and the Trnstees do not consider there to be any
matcrial uncertainty in connection with the chority's ability to eontii)ue to operate.
ESTIMATION UNCERTAINY AND JUDGEMENTS
The directors consider the principal areas of estimation uncertainty and judgement to be the valuation of property
and the valuation of the related loan notes for socially funded properties.
INCOME
Income is recognised when the charity has entitlement to the funds, any perforn]ance conditions attached to the
items of incom¢ have been m¢t. it is probable that the income will be received, and the amount ian be mcasured
reliably.
Properties transferred to the charity by way of gift are recognised at fair value at the date of transfer.
EXPENDITURE
All expenditure relates to Charitable activities and in¢ludes direct costs. indirect support costs and governance
costs. Governance Costs. which ore the statutory and organi5ational costs of operating the charity as a legal entity.
Grants payable in furtherance of the charity's objects are recognised as expenditure when payment is due to the
partner organlsation. in accordance with the terms of the funding agreement. Standard funding agreements are
typically for a year's duration or less, but can span several years. The funding agreements contain conditions, the
fulfilment of which is under the control of Commonweal. For funding agreements in place at the year-end that
include payments to be made in future years. where conditions attached to their payment limit their recognition
as Cu￿ent liability, these payments are disclosed in Note 12 to the financial statements as commitments.
Page 18

COMMONWEAL HOUStNG LTD
NOTES TO THE FINANCIAL STATEMENTS- ACCOUNTNG POLICIES
For the year ended 31 December 2024
PENSION CONTRIBUTIONS
Contributions in respect of personal pension sch¢m¢s ar¢ included in the statement of financial activities for the
year in which they are payable to the scheme.
FIXED ASSETS AND DEPRECIATION
Assets with a useful economic life exceeding on¢ y¢ar arc initially re¢ognis¢d at costs wh¢re they are purchased
or a fair vaiue at the time of transfer in respect of assets where they ar¢ donAted. The fair value of $u¢h assets is
treated as a deemed cost.
All property assets are restated at their fair value at the balance sheet date three montlL8 after acquisition. The fair
value is detemiined by the Trustees with referenco to the 4veTag¢ of two differcnt eomparntivc medium ratjge desktop
valuation along with professional valu&tions of certain pioperties and having regard lo any actual transa¢tions,
The policy of revaluing all properties has applied since 2021.
D¢pr¢¢iation is provid¢d on all iangibl¢ fixed assets, except prop¢ni¢s at rates calculated to HTite off the cost, less
estimated resldual value. ofea¢h asset over It$ expected useful life. as follows..
A) Freehold and long leasehold buildings
B) Socially fund¢d freehold and leasehold buildings
C) Computer and oiher equipment
- No depreciation from 2021
- No depreLialion from 2021
- 200/¢ per annum on a straight-line basis
Expendiiure on refurbishment works and associated Coms on making the charity's freehold and leasehold
properties project ready for QCCUPiltion is writt¢n-off &$ incurred. Th¢ trust¢¢s ¢on$ider that it appropriate not to
charge depreciaiion as the property is maintained iii reasonable condition and valu¢d annually,
PROGRAMME RELATED INVESTMENTS
Programme related investments are stated at transaction value less any provision for impairnient required. In
ac¢ordan¢e with rhe Chariri¢s SORP they are not resiated at fair value.
LOAN NOTES
Loan notes represent fii)ance obtained from Social Investors. Thc Social Investors, return includes not only a market rate of
interest but an additional final paymenl ¥qudl lo an agreed pereeniage of tlle gain made on disposal of the r¢lated property,
Thc loan nol¢s arc trcatcd accounted for under section 12 of FRS102 and the final contractual return io the leiiderlinvestor
is neither a fixed Tate or amount, nor a vari&ble rdte linked to a single obscrvable interest rate or index of general price
inflation, though the annual payments on some loans are Subjel￿ to a CPI uplift. The loan notcs contain non-financial
variables specific to A pty to the contract such as the potential future value and condition of the property which may affect
the fmal contractual return. In accordance with section 12 the Tru$t¢es have therefore used the amortised ¢os¢ model to value
thc loan notcs. This calculation considers the most r¢c¢nt expected cash-flows based on external valuations agreed payments
to the lenders. The actual redemption values olthe loan notes arc likely lo differ from the eslimaled cashflows recorded at
the preceding balance sheet date and this will result in a further amort15ation adjustmcnt in th¢ year of redemption.
FUNDS
Restricted ￿ndS are lo be used for specific purposes as laid down by the donor. Expenditure, which meets th¢5¢
criteria, is Charged to the fund. There were no such funds in either year.
Unrestricted funds are donations and other incom¢ r¢Gciv¢d or generated and are expendable at the discretion of
the Trustees in furtherance of the charity's objectives. Designat¢d funds are unrestricted funds earn]arked by the
Trustees.
Page 19

COMMONWEAL HOUSING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
DONATIOP4S AND LEGACIES
2024
2023
Donations
Grove End Housing
600,000
600,000
EXPENDITURE
Staff costs
Other costs
2024 Totsl
ChArltable ActlvItl￿- 2024
Direct and support costs
R¢-allo¢ati¢Jn luan not¢ inteTe5t
Governance costs
456,290
570,224
(43,135)
1,026.514
(43,135)
456.290
556 039
1,012329
Staff coÈts
Other costs
2023 Total
Charltoble Aetlvlties- 2023
Direct and SUPPLIrt costs
Re-allocation loan note interest
Governance costs
434.323
649,884
(103,106)
1,084,207
(103.106)
434 323
583 978
1018301
Direct and support costs represent the cost ofprovision ofthe core activities ofthe charity: delivering housing
solutions and undcrslandiiig housiiig needs including the asso¢ial¢d Support costs lo deliver these activities.
£570,314 (2023 £649,884) und¢r oih¢r cosls abovL relal¢s to ih¢ charities main core activitie8 as follows..
2024
2023
Property relaied proje￿ Costs
Feasibility Studi¢s 8nd Grants to parin¢rs
Learning and 8harin8
Offlce relat¢d operailonal cost5
230,573 440/
147,552 280/
321,643 590/0
148,548 270/
6,508 10/0
70.079 130/•
148,904 28 /
Governance eosL8 relate to the direet costs associated with the effective governance of the charity. These
includ¢ audit fees und ac¢ountsncy £26,045 (2023- £33,954), Company Secretarial £81 (2023.. £26) and oth¢r
governan¢¢ Gosts of £2.824 (2023.. £3,220).
N¢t income is after charging d¢pre¢iation on the fixed assets of £787 (2023.. £2,409).
Page 20

COMMONWEAL HOUSING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
STAFF COSTS
2024
2023
Wages and salaries
Pension contributions
Social security ci>sts
379,960
38.323
38,007
456.290
363,103
36.491
34,729
434,323
2024
No.
2023
No.
Particulars of employees:
The average number of employees during the year,
calculated on the basis of full-time equivalents, was as
follows:
Chief Executive
Project and Coinmunieations Staff
Finance and Administrative staff (FTE-. I.8. 2023- 1.8)
The average monthly head count of employees, number during the year is 8 (2023.. 8).
2024.. one in thc rang¢ £IOO,000-£I 10.000 during the ycar. (2023.. One in the range of £90,000-£100.000)
Key Senior Management Personnel of ihe charity Comprised dle Chief Executive and Ihc Deputy Chicf
Executive Officer whose total remuneration including all benefits was £203,076 (2023.. £192,985).
PA YMENTS TO TRUSTEES AND CONNECTED PERSONS
No TTUSte¢ or person with a family or business connection with a Trustee received remuner￿10Th in the
year directly or indircctly, or had any cxpenses rcimbursed (2023.. nil).
Page 21

COMMONWEAL HOUSING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
TANGIBLE FIXED ASSETS
Land &
Buildings
Computer
& other
equipment
Total
Cost or Valuation
At l January 2024
Additions
Disposals
Revaluation
At 31 December 2024
12,535,625
12,118
3,650
12,547,743
3,650
(2,357,000)
290 375
10 484 768
(2.357.000)
290 375
10,469 000
D¢pre¢iation
At l January 2024
Charge for the year
Eliminated at Disposals
At 31 December 2024
7,554
787
7,554
787
8,341
Net book value
At 31 December 2024
AO 469 000
10 476 427
At 31 December 2023
12 535 625
12 540 187
The net book value includes £4.879,000 in respect of long leasehold properties (2023.. £6.224.625).
PROGRAMME RELATED INVESTMENT
In 2018 Commonweal provided in pursuance of its charitable objects loan funding of £70,000 on a l O year interest bearing
arrangement to Aclion Foundation a regyistered charity based in Newcastleupon Tyne with a 2.50/0 fixed intere8t on
outstanding balances. The balance shown relat¢s to the outstanding loan and accrued interest receivable. The loan is
secured on property.
UNLISTED INVESTMENT
The unlisted investment of £1 represents the charity's interest in the share capital of its wholly- owned subsidiary
undertaking Re-unite Limited. The subsidiary is registered in England and Wales and has not traded since it was
incorporated on 28 October 2009.
DEBTORS AND PREPAYMEIYTS
2024
2023
Prepayments and accrued income
58.494
58,494
53,579
53,579
Page 22

COMMONWEAL HOUSING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
10.
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
2024
2023
Other creditors
Social security costs
Accnlals and deferred income
36.411
12.108
740,130
788,649
35.571
11.147
121.641
168.359
£620K was received at the end of 2024 from GEHL foi inrome in 2025
GRANT COMMITTMENTS
The long-terni creditor of £60,000 relates lo a grant commitment of £1 00,000 to the University of BirniTngham
comprising l O equal payments of £1 0,000 from October 2022.
12.
LOAN NOTES
The tablc below illustrates the Loan notes values after amortisation adjustments: .
Percentsge
interest for
yield
ents
Project
Name
Aquisitions
date
Loan notes
maturity
date
Loan notes
redeemed
Balan¢e
Left at
31.12.2024
Loan notes
Comments
Final 3
Properties sold
und investors
paid back in
2024
(I r¢deemed in
2023
Final payment
will include
500/D uplift to
investors
Final payment
will include
I OOYO uplift to
investors
MOVE ON
Up-QSA
2017
2023
£1,367,503
3.75f/io
£1,367,503
DEPAUL-
PL
2019
2026
£990,250
3.7596
1,076,712
EBM
2023
2029
£492,625
Nil
499,448
Page 25

COMMONWEAL HOUSING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
2024
2023
Amortisation adjustments
At the beginning of the year
Loan notes redeemed in the year
Loan notes issued in the year
Amortisation charge
Interest paid to investors
2.937,954
(1,367,503)
2,967,379
(488,001)
492.627
72,474
(106.525)
43,135
(37,426)
Loan notes at amorttsed value
1,576,160
2,937.954
Loan notes split with amortised adjustments and cumulative movement5:
2024
2023
Amount due within one year
Amount du¢ aft¢T rnor¢ than on¢ year
Total
1,926,263
1041 116
2 937 954
1576,160
1576,160
13. UNRESTRICTED FUNDS
Balance at
01 January
2024
Income
and gains
ExpendAture/
I,ossc8
Transfers
between
nds
Balance at 31
December
2024
De51gnated Funds:
Property Fund
Programme related
Investment
9,602,234
(658,832)
(43,135)
8,900,267
80,366
1,750
82,116
General Fund
472 978
10 1.$5 578
1,988 337
1,331255
1052 604
1.095 739
1408711
10 391094
The Property Fund represents the total amount value of tangible r￿ed assets less loan notes.
The PrograTnme related investrn¢nt is the money Commonweal advancedas a loan to Action Foundation a charity b&sed
in Newcastle Upon Tyne to pursue its charitable objects on a l O-year interest bearing arrangement. The loan is secured
on a propety (see note 7).
The General Fund represents Undesi￿ated monies retained to provide the working capital to enable the charity to cany
out its activities as a provider of housing solutions to social injustice
Page 24

COMMONWEAL HOUSING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
14.
RELATED PARTIES
One of the Trustees of the charity Gary is a member of Grove End Housing Limited (GEHL), a company
limited by guarantee.
Duc to thL nalure of the charity's operations. transactions have taken place with GEHL at arni's lengthon
nornial trdding t¢rms which, und¢r Financial Reponing Standard Nuinber 8, require disclosure in the
charity's accounts.
Th¢ following related paty transaction occurred between the charity and GEHL during the year..
(a)
GEHL donated the sum of £600,000 (2023: £600,000) to the charity to fund its charitable
activities.
Jncome in advance of 620k received in 2024 from GEHL to the donations towards charitable
activities for 2025.
(b)
Page 25

COMMONWEAL HOUSING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
The following pages do not form part of the statutory finaneial ststements andare
for the information of the Trustees only.
Page 26

Commonweal Housing Limited
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 December 2024
(Supplementary pages for the infonnation of the Trustees only)
INCOME
Voluntary income
GEHL - Gift Aid
2024
2023
600,000
25,467
625,467
600,000
89.108
689,613
Other income
Gainl(loss) on disposals of fixed assets
(40,275)
(505)
Rental income
Amari & Rhea Projects
P¢¢r Landlord ProjectsfFR and Depaul
Denhan International
East Belfast Mission (EBM) (2023 included findeTS fees etc)
QSA Move on Up Project
Private rent¢d s¢ctorlDabora Conway
15,095
71,617
288,960
12,651
55,426
71.215
139,744
52,128
16,677
40,529
375,719
27.090
415.413
Total Income
1,012,329
1,064,827
EXPENDITURE
ProJe¢t Expenditure
Propety costs (Inc. refurbishment costs on handover)
Feasibility cost and grants to partners
Depreciation and Amortisation of leases
Evaluators (inc, Projcct costs)
Legal and professional (includes E.A agents & valuation fees on
properties)
52,740
103,412
787
44,140
154,253
142,248
2,409
6.300
69,262
12,388
270,341
317,598
Chief Executive's Office
CEO and staff salary
Pension contributions
Social security Costs
Recruitment costs
Travel and conferences
Freelance/Retainer Fee
Serviced office accommodation (Inc. telecoms)
IT Support and maintenance
Repairs and Renewals
Printing. Postage and Stationery
Insurance
Subscriptions, magazines etc
Miscellaneous (includes comms subg)
379,960
38,323
38,007
429
3,801
44,094
149.792
6,578
363,103
J6,491
34,729
3.481
43,946
103.518
6,172
1,849
21,342
2.853
9,190
696,218
2,166
14,458
10.931
713
619,708
Page 27

Commonweal Housing Limited
DETAILED STATEMENT OF F￿ANCIAL ACTIVITIES
For the year ended 31 December 2024
(Supplementary pages for the inforniation of the Trustees only)
2024
2023
Support and Administration
Consultancy and professional fees
Accounting and Payroll software
W¢b Design and consultancy (incl. Annual review & publieity
material)
1,148
10,488
33.285
1.560
5,184
8,950
16,820
43,795
Governance
Audit fee
Non audit services
Company secretarial
Trustee Liability Insurdnce
17,070
8.975
81
2,824
28,950
17,070
16,884
26
3,220
37,200
Totsl expenditure
Net Incomel{L05s) b¢for¢ amortisation
I,012,329
1,018,301
Page 28