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← Zetetick Housing

2025-03-31-accounts

Charity Registration No. 1118922

Company Registration No. 06082488 (England and Wales)

ZETETICK HOUSING

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

One Bell Lane Lewes East Sussex BN7 1JU

ZETETICK HOUSING

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees G Scott
M Hurst
A Chequers
C Linden
N Hussain
D Page
N Pakeeree
J Spencer (Appointed 1 August 2024)
Secretary A Neill
Charity number 1118922
Company number 06082488
Principal address Innovation Centre Highfield Drive
Churchfields Industrial Estate
St Leonards on Sea
East Sussex
TN38 9UH
Registered office Innovation Centre Highfield Drive
Churchfields Industrial Estate
St Leonards on Sea
East Sussex
TN38 9UH
Auditor TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers Lloyds Bank PLC
24 Broad Street
Reading
RG1 2BT

ZETETICK HOUSING

CONTENTS

Page
Chair's statement 1
Trustees' report 2 - 14
Statement of Trustees' responsibilities 15
Independent auditor's report 16 - 19
Statement of financial activities 20 - 21
Balance sheet 22
Statement of cash flows 23
Notes to the financial statements 24 - 38

ZETETICK HOUSING

CHAIR'S STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

The financial year 24-25 has been a strong one for Zetetick. We have built on the strong foundations of previous years, with a carefully considered restructure. Our progress reflects our commitment to providing safe, secure, supported living environments for all those we serve, and our core values.

Before drawing out highlights, I would like to start by paying tribute to our long-serving Housing Director, Judith Chambers, who retired this year. Judith was instrumental in building Zetetick to where it is today, and her knowledge of and commitment the tenants in her ‘patch’ was exemplary.

In her place we have welcomed our new Housing Director, Lisa Purchase, whose fresh perspective and expertise has already made a substantial difference.

In 2024-25 we have balanced our unique service model with expanding our reach and deepening our impact on the communities we serve. We have built on ongoing collaborations with NHS bodies, local authorities, and care partners, have embedded enhanced safeguarding practices throughout our work, improved the quality of our core information, and taken meaningful steps to reduce our environmental footprint.

While the broader economic climate remains challenging - with competitive pressures in the private rental market and a tight labour market - our strategic initiatives have enabled us to maintain strong staffing levels and operational resilience. We now face, and indeed welcome, a range of new legislation before us and are confident that we can retain our focus on a first rate ‘day job’, while building our stock and tenant base.

Fundamentally we must and will remember why we are here. To produce targeted housing solutions for people who have a crying need for it, and reducing the stress on tenants, many of whom have high anxiety and all of whom have an impaired ability to cope with the world they find themselves in.

I extend my sincere gratitude to our dedicated staff, volunteers, partners, and the entire Zetetick community, led by Jonathan our CEO. We will ensure with them that every individual we serve will continue to experience the dignity and security of our promise of safer homes and empowered people.

Martin (Dec 12, 2025 21:11:44 GMT) ..............................

M Hurst

Chair

12/12/2025 Date: .........................

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum & Articles of Association. 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)" (effective 1 January 2019).

Objectives and activities

Charitable Objectives

The objectives of the charity are the relief of financial hardship among disadvantaged people by providing services, in particular but not exclusively, to disabled people living and working in London Boroughs and Southeast Counties, including through:

The Trustees are pleased to report that we continue to support vulnerable adults with the provision of highquality accommodation and housing support, who would otherwise not have a fair opportunity to secure their own homes during the continued high demand for social housing and the highly competitive private rental market. In many cases this will be the tenants' first home away from family and/or residential care, giving them true independence and opportunities to become valued members of the local community.

Our Vision

Empowering people with learning disabilities and autism to live as valued members of their community by finding them quality homes, not just housing; offering safety, security and opportunity where care, friendship and freedom can come first every day.

Our Mission

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Our Aspiration

Housing people with complex learning disabilities and autism is at the heart of what we do.

Our aspiration is to harness the passion that each of our members of staff have and use it to give some of the most marginalised people in our society a safe home and empower them.

Our focus is to continue to deliver a best practice approach, thought-leadership to the wider sector, and continuing with high quality services and unique provision to people in need of support. The aim is to develop our policy, procedures, processes, and resources so that they are always sensitive to the people we find homes for. By doing so, we reaffirm our commitment to doing our best for our tenants, their families and the wider community.

Our bottom line must be about delivering quality and honouring our promise to the people we support because from this we will be able to help more people in a sustainable way.

KEY ACHIEVEMENTS AND PERFORMANCE

During the year 2024-25 we achieved the following:

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

VALUES AND WAYS OF WORKING

Our values are equally important in reviewing our progress and in setting future targets. They are literally the ‘BEDROCK’ of all we do. Our tenants are people we all know, yet they are often those with a learning disability, autistic and/or mental health challenges and have vulnerabilities that impact on the way we work.

We continue to gather feedback from our stakeholders to ensure we practice our values in all areas of the business.

STAFFING

We employ staff that share our values and with the necessary knowledge, experience and skills to be able to represent the charity at the highest levels. We pay staff salaries at or above the London Living Wage and at a competitive level they would receive if they were undertaking a similar role in NHS social care or a comparable organisation. Relevant salaries are disclosed in our financial statement.

All our staff are trained in Safeguarding Awareness, Communicating with Adults with Learning Disabilities, Suicide Awareness, Data Protection.

We undertake an annual Staff Survey and promote staff engagement. Following the results of the 2024 survey, we introduced a Health Care Plan for all staff.

OPERATING MODEL

We provide specified, exempt accommodation to our tenants. We fund our work through Government funding and good financial management to achieve operating surpluses to invest in our Objects. We operate a team of volunteers for some areas of our outreach, which provides an opportunity for our supporters to give their time in a way that benefits them, the charity and our beneficiaries, in addition it offers some valuable work experience that many have used to gain meaningful employment.

Whilst understanding the desire for people to donate to a good cause and the positive impact this could have on the charity, the founder wanted to ensure the charity could operate independently without full reliance on fundraising, ensuring business planning was central to the administration of the charity.

The charity also has a strong and regularly reviewed reserves policy that ensures our reserves are of the strength and depth necessary to cover all eventualities in order to protect our tenants, staff and partners. Trustees acknowledge there are risks in housing vulnerable individuals and ensure our risk assessment and risk management are reviewed annually and are up to date.

We continue with our plan to diversify following the purchase of 2 properties in Croydon in 2024. The downpayment was paid using charitable reserves, the remainder was a 25 year secured loan from CAF Bank.

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Financial review

The charity's financial position remains very strong with sufficient reserves and liquidity to enable it to fulfil its objectives, meet its operational commitments and to allow for most foreseeable contingencies and operate on a going concern basis.

Local Authorities, under increased financial pressure, continue to scrutinise our provision of Specialised, Exempt Accommodation. The Supported Housing Regulatory Oversight Act was brought in in 2023, although detailed guidance has not yet been produced. Zetetick welcome this scrutiny; as specialist providers we are able to claim the full amount of Housing Benefit for our Tenants which enables them to live in their own homes. We will be participating in the government’s consultation on the implementation of the Act in 2025. We are building strong relationships with Local Authorities so that, through mutual trust, we can offer homes to more vulnerable adults who otherwise would not be able to live outside of a hospital or care home environment.

We restructured our Engagement and Development department following a consultation, creating a New Business Development department and ensuring the Housing Department had the capacity to continue tenant and participation work to a high quality.

To support growth, staff headcount grew from a full time equivalent of 19.3 to 20.4 (actual headcount at March 2025 was 24).

The number of beneficiaries at 31 March 2025 was 179 (2024 – 162). We found new homes for 9 existing tenants whose current homes were no longer available and/or suitable for them. We welcomed 24 new tenants to Zetetick Homes.

Direct charitable activity (income & expenditure) increased year on year to £5.0m (2024 - £4.4m). The main reasons for this increase are as follows:

We now have 3 NHS capital grant funded properties having taken on a third NHS property in 2024-25 and acquired 2 additional homes for our tenants funded through loans and our reserves.

The overall surplus (net movement of funds) on unrestricted funds before transfers was £236k (2024 - £111k) - representing a surplus ratio of 5% of income.

The health and safety of our tenants remained of paramount importance. The charity continued to provide essential maintenance support to all our tenants and resumed half-yearly inspections which increased the amount of non-urgent work as well as undertaking all landlord health and safety obligations.

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Restricted Funds

As at 31 March 2025, our restricted fund balance was £2.2m (2024 - £1.4m). This is made up of 3 NHS Capital Grants which were used to purchase 3 properties for our tenants to live in. These properties will be revalued every 3 years, the next valuations will be at March 2026 (2 properties) and March 2028 (1 property).

Designated Funds

The Trustees have agreed on 3 designated funds, being:

Reserves Policy

The purpose of the Reserves Policy is to ensure the Charity holds enough funds in general reserves for the stability of the mission, programmes, employment and ongoing operations of the organisation. The Reserves Policy is intended to give a clear indication of internal funds required to provide a cushion against unexpected events, losses of income, and large unbudgeted expenses. Above all else, it supports Zetetick’s financial viability and serves as protection for those who we house, to ensure long term security of their homes.

Trustees are committed to maintaining balances in liquid funds (cash, plus debtors, less creditors) which cover the sum of the free reserves target, plus any designated and restricted funds. Compliance with the Statement of Recommended Practice (SORP) 2019 and proving a clear and positive explanation of the reasons why reserves are held, will reduce the risk. It is Zetetick Housing policy to meet the requirements of SORP 2019.

The Trustees regularly review the variance of actual general reserves against target and are committed to the deployment of excess reserves in support of the Charity’s objects. This will include the provision of facilities for beneficiaries for their recreation and other activities in the interests of social inclusion & welfare with the object of improving their conditions of life, but may also include beneficiaries’ financial subsidies, asset acquisitions or development, as appropriate.

The Board of Trustees will at times designate funds from free reserves for significant project costs or replacement of major assets.

Trustees have reviewed the major risks facing the charity and deem that a suitable Reserves Target is £1,089k. Free Reserves at 31 March 2025 are £1,121k. Any funds over the reserves target will be used for charitable purposes in line with Zetetick’s objects.

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

£000s 31 March 2025 31 March 2024
Total Funds £4,415k £3,292k
Less: Restricted Funds (£2,247k) (£1,352k)
Less: Designated Funds (£383k) (£277k)
Less: Value of PropertyFixed Asset (£1,282k) -
Add: Value of Loan on PropertyAsset £617k -
General(Free)Reserves £1,121k £1,663k

The Trustees have reviewed this position and are committed to maintaining balances in liquid funds (cash, plus debtors, less creditors) which cover the sum of the free reserves target, plus any designated and restricted funds. At March 2025 liquid funds (cash and deposits) were £1,600k.

Going Concern

The Trustees are satisfied that the charity remains a going concern. In reaching this conclusion, they have reviewed the organisation’s budgets and cash-flow forecasts through to 31 March 2026, which demonstrate adequate resources to meet liabilities as they fall due. The charity holds substantial cash and investment reserves, and many of its expenditures are directly tied to the delivery of our services - should any service be discontinued, the associated costs would likewise cease. Accordingly, the financial statements have been prepared on a going concern basis. Further information on the going concern accounting policy is set out in the Notes to the Financial Statements.

Investment policy

Zeteticks investment policy is reviewed by the Audit, Risk and finance Committee annually. To summarise the policy aims to maximise returns, minimise risks whilst ensuring investments are in line with the ethics of the organisation. The key components of the policy are:

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Principle Risks and uncertainties

The Board of Trustees remains extremely diligent in monitoring the changing situation within the sector with regularly reviews of our strategic aims and stress-testing of our financial viability.

The Board has adopted the National Council for Voluntary Organisations (NCVO) guidelines and proforma for its Risk Register. The result is a robust and thorough set of Risk Registers, covering the following areas:

The resulting risks were mapped, and the highest strategic risks presented back to the Board. The Executive Directors regularly monitor individual risk registers, and any new or emerging risks are reviewed by the Audit, Risk and Finance Committee (ARFC) and highlighted to the Board quarterly. The (ARFC) also coordinates an annual thorough review of risks.

The key risks identified by the Board at March 2025 are:

1. Changes to Legislation; Increased Regulation through the Supported Housing Regulatory Oversight Act (SHROA)

As Zetetick is registered by the Charity Commission rather than the Register of Social Housing (RSH), we expect the Supported Housing Regulatory Oversight Act to provide further clarity on exempt provision. This in turn will enable us to better protect our tenants from the risk that we will not meet the criteria of Specified, Exempt Accommodation. It is, therefore, a risk only in that we may need to comply with new regulations such as local licensing which will impact costs.

Through the Act, the Department for Work & Pensions is undertaking a full consultation on the provision of exempt accommodation. Zetetick intends to respond to the consultation. We have already seen an increase in the scrutiny of our charges by Local Authorities. We welcome this scrutiny, as it will ensure our reputation as an exempt provider is upheld.

Mitigation

The Board of Trustees and the Executive Team are experienced and knowledgeable in this area and welcome any clarity the Act will bring to Exempt Accommodation. We will keep up to date with any developments and the Board will be appraised regularly. We will network with other Housing Associations and Exempt Providers that are facing the same changes. We will also work in partnership with Local Authorities to ensure our tenants continue to receive the benefits to which they are entitled and also have in place a fund for tenants in hardship.

In addition, the Board have designated a fund of £50k to be used for any changes to our model relating to the new compliance.

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

2. Converging gap between income and core costs.

Higher interest rates are pushing up the prices of mortgages and rents, and inflation remains at above target level. This means that the cost of providing our quality homes has increased. At the same time, the Local Authorities are cutting costs, and we are able to pass on some inflationary increases through uplifts in Housing Benefit once a year. This can leave us vulnerable to mid-year above inflationary increases.

As Local Authorities are under pressure to reduce costs, which in turn results in more scrutiny over the cost of our provision. We have also seen more head landlords coming forward to re-negotiate higher rents.

Mitigation

We continue to adopt a clear full cost recovery (allocation and apportionment) approach to the Housing Benefit Claims submitted on behalf of our tenants.

We carefully monitor voids so timely decisions can be made to minimise any losses. Mitigating action could see schemes merged, or, as a last resort, terminated. The Board makes careful informed decisions to subsidise some schemes as part of meeting its charitable objectives.

3. Government Net Zero Policies / De-Carbonisation

Although the responsibility for EPC rating falls with the owner-landlord, there is an inherent risk to us of not supporting them to achieve Minimum Energy Efficiency Standards (MEES).

Mitigation

Zetetick has commenced early conversations with property owners to work in partnership. The aim is to achieve compliance whilst securing appropriate leases for the security of our tenants. New acquisitions to Zetetick will be at least EPC “C” or above. A full review and action plan for properties below EPC will be undertaken in conjunction with repairs review in 2025/26.

4. Safeguarding

Safeguarding is an inherent risk, particularly when working with adults with learning disabled adults or those with autism.

Mitigation

Zetetick has a zero-tolerance safeguarding policy. Abuse or neglect in any form, of tenants, employees or anyone connected with the charity will be reported and acted upon. All staff are safeguarding trained and, where appropriate, DBS checked. Safeguarding is a standing item on weekly senior manager meetings and board meetings.

5. Succession Planning

The Trustees have recognised succession planning for key roles as a risk. This applies to both the Senior Management Team and the Trustees. With the retirement of Housing Director and recruitment of the new, we have seen the value in this planning.

Mitigation

Retaining a healthy number of Trustees is paramount, and the charity is planning ahead for any expected vacancies due to resignation / end of term and takes into account the individual skills of current and new members and the Board as a whole.

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Development of the 5 Year Plan - Progress

In 2022 we developed a 5-year plan to take us to 2027. This plan is helping us to develop our service provision, maintain quality and reach more people, putting them at the heart of our organisation.

Performance against the 5 year plan shows strong growth in years 2 and 3, which we anticipate will continue into 4 and 5. This is supported by a strengthening of the staff team, an increased presence in the South East, developing stronger relationships with stakeholders and local authorities, and further developments of our high standards and quality of provision.

Zetetick Housing continues to meet the increasingly complex housing and housing management needs of people with learning disabilities, autism and mental health challenges, evidenced by:

Objective Outcomes
Commitment
to
Values
We take pride in our core values and strive to integrate them into all facets of our decision-
makingand operations.
Well-resourced and
fully trained Staff
Our staff team comprises 24 individuals (equivalent to 20 Full-Time staff).
We have enhanced the training program for all employees, encompassing Communication,
Safeguarding, Suicide Awareness, Handling Complaints Dealing with Challenging Behaviour
and Neurodiversity in the Workplace.
Our Housing Director and Managers are trained or studying towards the Chartered Institute
of Housing qualification. The Finance Director is a qualified Chartered Management
Accountant with a Diploma in CharityFinance.
Informed
feedback
from Stakeholders
We conduct and act upon surveys to gain feedback from all stakeholders.
The Quality Committee maintains its focus on enhancing tenant experience. Tenant
feedback has been collected through written surveys, as well as video booths, user-friendly
forms, and stickers. Staff surveys conducted annually have led to the introduction of Cost-of-
Living Support Payments and the introduction of a company wide Health Care Plan.
Landlords have been contacted viaphone and written correspondence.
Local
authority
connections
We are committed to establishing connections in challenging-to-reach areas. When
necessary, we have advocated for meetings with our Local Authority partners to enhance
their understanding of our operational model. It has been imperative that we continue to
promote communication between Social Services and Housing teams to ensure adequate
fundingfor the tenants under our care.
Digital
Transformation		 Substantial progress has been made in our digital transformation efforts. Our database is
now more comprehensive and accurate than ever before, with all staff accessing a
centralised data source. Additionally, all staff members receive training on privacy, data
protection,and GDPR compliance.
De-Carbonisation We are collaborating with Head Landlords to enhance the EPC ratings of their properties.
Several pilot projects are underway, with Landlords expressing interest in accessing grants to
improve the energy efficiency. We will review properties below EPC ratings and identify grant
fundingavailable.
Diversifying Housing
Stock
We have been granted three properties with funds provided through the NHS Capital Grant
Fund. In 2024, we purchased our first two properties, financed from the charity's
unrestricted reserves,and a long-term loan from CAF Bank.
Growth We continue to expand our support to tenants in the southeast. Three new Care Partners
have been onboarded, and discussions are underway with other potential partners, in
addition to strengtheningour ties with existing partners.

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Future Outcomes (1 year plan)

Zetetick Housing is moving confidently into the next stage of our five-year strategic plan. The Senior Management team is led by Jonathan Spencer, CEO. Supporting him are Anne Mari Barker-Davies - Finance Director, Lisa Purchase - Director of Housing, Suzie van der Westhuizen - Head of Business Development, and Gloria Henry - Head of Housing Operations. This structure places us in a strong position to deliver outstanding quality, growth, and impact for those we support now and future tenants. We are fully engaged with new laws and licencing covering Supported Housing Regulation, Renters Reform and Leasehold, using research, knowledge and experience to put ourselves forward as an organisation that puts ethics, governance and compliance as a foundation to support our tenants.

Listening to Our Tenants : Tenant voices guide our growth. Through tenant surveys, enhanced participation initiatives and appointment of a Tenant Participation Housing Officer, we ensure tenants' experiences shape our decisions and services. Tenant empowerment is central to our identity.

Excellence in Supported Living: We remain dedicated to providing exceptional supported living housing and intensive housing management. Our unique model promotes independence, dignity, and genuine community connections, whilst following best practice in provision of direct social care to our partners.

Focused Geographic Approach: Our primary focus remains south of the Thames, through East towards West Sussex and Hampshire and now we have branched out into Kent. Yet we're agile enough to consider compelling opportunities outside these areas that align with our mission.

Specialised Housing Solutions: We specialise in tailored housing solutions for adults with learning disabilities, autism, or complex needs. Our expertise allows personalised support, reinforcing our leadership in this field.

Quality: Not compromising on High standards (Quality) remain core to our housing operations. Spontaneous homeliness checks, quarterly inspections, and sustainability measures ensure quality living conditions and responsible environmental stewardship.

Strategic Partnerships: Our Growth strategy is led by a strong business development team. We will diversify our charitable activities through strong partnerships with letting agents, property developers, landlords, and care providers. Flexible lease agreements and tenancies ensure adaptability, stability, and tenant security.

Responsive Housing Strategies: Rental and lease-based housing continues to be our primary approach, from single units to apartment blocks. Although we now own properties ourselves and with NHS Grant funds. So, we remain open to property acquisitions when beneficial, carefully balancing tenant welfare with prudent financial management.

Enhanced Tenant and Community Partnerships: Building strong relationships with tenants and communities is crucial. Transparent handling of feedback, regular surveys, and engaging community events—including our Zetetick Life magazine—ensure all feel valued and involved.

Addressing Growth Challenges: Growth depends on sourcing suitable properties to meet rising demand. Recent growth of nearly 40% in the south east shows our goals are realistic. We are open to small apartment developments that meet the needs of our tenants. We are mindful of associated risks and our Board maintains a balanced risk assessment for potential acquisitions.

Our vision blends thoughtful growth, sound financial management, and unwavering commitment to those we serve. Zetetick Housing confidently embraces future challenges and opportunities that our new government is driving with compassion, insight, and dedication.

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

To ensure we deliver on quality, growth and engagement, progress will be tracked against a balanced scorecard of key performance indicators, including:

Occupancy and Growth: Achieving and maintaining an average occupancy rate of at least 95% across our portfolio, with a year-on-year target of 7.5% increase in units under management and at least one new service location secured annually.

Tenant Satisfaction & Empowerment: Gathering biannual tenant feedback via surveys and focus groups, aiming for 90%+ positive satisfaction ratings and demonstrable increases in participation in our decision-making forums.

Maintaining a High Quality in “All We Do”: Conducting quarterly “homeliness” inspections and regulatory audits with a goal of 100% compliance, alongside tracking completion rates for support plans and incident response times.

Financial Sustainability: Monitoring income diversification - targeting 10% growth in fundraising revenue - and maintaining unrestricted reserves in line with our reserves policy, using stress testing in response to our risk register.

Environmental & Sustainability Metrics: Reducing energy consumption per property by 5% annually and increasing the proportion of EPC-rated C (or above) homes in our portfolio.

Marketing, Public Relations & Customer Service: Measuring web and social media engagement—targets include a 15% year-on-year increase in unique website visitors, a 10% uplift in social media engagement rate, and growth in followers across key platforms. We’ll also track volume and sentiment of media coverage, and monitor customerfacing response metrics (e.g. 95% of enquiries responded to within 24 hours and an overall customer satisfaction score of 85%+).

These metrics populate a live management report, reviewed monthly by the Executive Team and reported to the Board each quarter. This drives data-led decisions that continually reinforce our commitment to our customers, excellence, engagement and sustainable expansion.

Structure, governance and management

The Charity is constituted as a limited company, limited by guarantee as defined by the Companies Act 2006. It is controlled by its Memorandum and Articles of Association dated 5th February 2007, amended March 2023.

Management Committee

The members of the Management Committee, who were also directors and trustees, during the year were:

G Scott M Hurst N Pendleton (Resigned 5 September 2024) A Chequers C Linden N Hussain D Page N Pakeeree J Spencer (Appointed 1 August 2024)

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Trustees

Trustees ensure that the charity maintains its public benefit. The full Board of Trustees meet four times a year, with further sub-committees for Audit, Risk & Finance, Remuneration & Nominations and Tenant/Quality Engagement. The Board schedules an away day with senior Executive staff annually. The Board review all charity policies on a rolling three-year cycle and request an annual report from the Chief Executive Officer on how policies are adhered to within the charity’s values and risk appetite.

We currently meet the Charity Governance Code, but most recently the Board have confirmed that we will adopt and seek compliance with the National Housing Federation’s (NHF) 2020 Governance code and are members of the NHF. Our website contains details of our staff team.

Committees

Zetetick has a comprehensive committee structure:

Audit, Risk and Finance Committee

An Audit, Risk and Finance Committee with two Trustees and two Executive Directors, meets a minimum of four times a year. A forward plan is in place to ensure these key areas are given appropriate scrutiny prior to each Board meeting.

Quality Committee

During the year, the Customer Committee became the Quality Committee to reflect the breadth of the committee’s agendas. This committee is made up of minimum two Trustees and Two Executive Directors and meets four times a year to focus on quality housing, data and tenant voice and also has a forward plan.

Remunerations Committee

The Remunerations Committee, made up of the Chair of Trustees and one other Trustee, meet to discuss CEO salary and staff benefits, and recommend changes to the Board.

Recruitment and Induction of Trustees

Our recruitment principles for Trustees and best practice, is ensured through the appointment of an independent HR consultancy firm, who lead, shortlist against key skill mix criterion and present to the Board Selection Panel recommendation for short-list interviews. A selection panel of three (being a mix of Trustees and Executive Directors) interview and make a final recommendation to the remaining Board members. All appointed Trustees are formally confirmed at the following AGM and undertake full induction and training to reflect their needs to fully understand and participate in business decisions.

Management Team

The Charity is managed by a strong leadership team consisting of Chief Executive Officer (CEO), Director of Housing, Director of Finance, Head of Housing Operations and Head of Business Development.

Remuneration of Key Personnel

The Board undertake a full annual pay review of all staff including the CEO, and approve any increases as part of the annual budgeting process.

ZETETICK HOUSING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Office Location

Zetetick has four offices; Croydon, Uckfield, St Leonards and Lewes. This supports the regional model which is key to future growth strategy.

Affiliations with Umbrella Groups

Zetetick is a member of the National Housing Federation (NHF) and National Council for Voluntary Organisations.

Auditor

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

Fundraising

During the year, the Board approved a comprehensive fundraising framework to diversify Zeteticks’ income streams. Over the next three years, fundraising will be a core organisational priority, underpinning our efforts to expand and engage our supporter base, generate sustainable revenue, and elevate our profile. This framework will undergo regular review to ensure it continues to align with our goals, respond to changing circumstances, and deliver maximum impact.

Disclosure of information to auditor

Each of the Trustees 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 auditor is aware of such information.

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

C Linden

~~..............................~~ C Linden (Dec 12, 2025 09:40:37 GMT)

C Linden

Trustee

12/12/2025 Date: .............................................

ZETETICK HOUSING

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees, who are also the directors of Zetetick Housing 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 charitable company 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 charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ZETETICK HOUSING

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF ZETETICK HOUSING

Opinion

We have audited the financial statements of Zetetick Housing (the ‘charitable company’) for the year ended 31 March 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 charitable company 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

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

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.

ZETETICK HOUSING

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF ZETETICK HOUSING

Opinions on other matters prescribed by the Companies Act 2006

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

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 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 charitable company 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

ZETETICK HOUSING

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF ZETETICK HOUSING

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

ZETETICK HOUSING

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF ZETETICK HOUSING

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

David Martin FCA (Senior Statutory Auditor) for and on behalf of TC Group

TC Group (Dec 12, 2025 09:45:33 GMT)TC Group

Statutory Auditor

Office: Lewes 12/12/2025 Date:.........................

ZETETICK HOUSING

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Unrestricted
funds
funds
general
designated
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
2
567
-
Charitable activities
3
5,052,102
-
Investments
4
26,833
-
Other income
5
3,115
-
Total income
5,082,617
-
Expenditure on:
Charitable activities
6
4,846,330
7,982
Total expenditure
4,846,330
7,982
Net income/(expenditure)
236,287
(7,982)
Transfers between funds
(114,173)
114,173
Net movement in funds
8
122,114
106,191
Reconciliation of funds:
Fund balances at 1 April 2024
1,663,255
276,823
Fund balances at 31 March 2025
1,785,369
383,014		 Restricted
funds
2025
£
894,626
-
-
-
894,626
-
-
894,626
-
894,626
1,352,068
2,246,694		 Total
2025
£
895,193
5,052,102
26,833
3,115
5,977,243
4,854,312
4,854,312
1,122,931
-
1,122,931
3,292,146
4,415,077		 Total
2024
£
127
4,422,902
35,545
79,726
4,538,300
4,411,871
4,411,871
126,429
-
126,429
3,165,717
3,292,146

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

ZETETICK HOUSING

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
2
127
-
Charitable activities
3
4,422,902
-
Investments
4
35,545
-
Other income
5
18,225
61,501
Total income
4,476,799
61,501
Expenditure on:
Charitable activities
6
4,365,542
46,329
Total expenditure
4,365,542
46,329
Net income
111,257
15,172
Transfers between funds
(20,122)
20,122
Net movement in funds
8
91,135
35,294
Reconciliation of funds:
Fund balances at 1 April 2023
1,572,120
241,529
Fund balances at 31 March 2024
1,663,255
276,823		 Restricted
funds
2024
£
-
-
-
-
-
-
-
-
-
-
1,352,068
1,352,068		 Total
2024
£
127
4,422,902
35,545
79,726
4,538,300
4,411,871
4,411,871
126,429
-
126,429
3,165,717
3,292,146

ZETETICK HOUSING

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Provision for other liabilities
19
Net assets
The funds of the charitable company
Restricted income funds
21
Unrestricted funds - general
23
Unrestricted funds - designated
22
 2025
£
£
3,511,502
483,447
528,843
887,036
1,899,326
(299,435)
1,599,891
5,111,393
(610,276)
(86,040)
4,415,077
2,246,694
1,785,369
383,014
4,415,077

12/12/2025		 2024
£
£
1,354,394
400,135
510,146
1,248,548
2,158,829
(135,037)
2,023,792
3,378,186
-
(86,040)
3,292,146
1,352,068
1,663,255
276,823
3,292,146

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

..............................
M Hurst
Trustee
Martin (Dec 12, 2025 21:11:44 GMT)		 ..............................
C Linden
Trustee
C Linden (Dec 12, 2025 09:40:37 GMT)
C Linden

Company registration number 06082488 (England and Wales)

ZETETICK HOUSING

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

2025
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
27
1,183,565
Investing activities
Purchase of tangible fixed assets
(2,172,441)
Proceeds from disposal of tangible fixed
assets
2,000
Proceeds from disposal of investments
(18,697)
Investment income received
26,833
Net cash used in investing activities
(2,162,305)
Financing activities
Proceeds from new bank loans
617,228
Net cash generated from/(used in)
financing activities
617,228
Net decrease in cash and cash equivalents
(361,512)
Cash and cash equivalents at beginning of year
1,248,548
Cash and cash equivalents at end of year
887,036		 2024
£
£
(132,503)
(8,889)
-
(510,146)
35,545
(483,490)
-
-
(615,993)
1,864,541
1,248,548

FOR THE YEAR ENDED 31 MARCH 2025

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

Zetetick Housing is a private company limited by guarantee incorporated in England and Wales. The registered office is Innovation Centre Highfield Drive, Churchfields Industrial Estate, St Leonards on Sea, East Sussex, TN38 9UH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, 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)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention. 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 charitable company 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.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charitable company 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.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Freehold land Not depreciated Plant and equipment 25% on the reducing balance Computers 25% straight line Motor vehicles 25% on the reducing balance

Component accounting

Component accounting
Component Useful life (years)
Land Not depreciated
Building 100
Bathroom 30
Kitchen 20
Windows and doors 30
Roof 60
Boiler 15
Heating 30

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.

1.7 Impairment of fixed assets

At each reporting end date, the charitable company 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).

1.8 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.

FOR THE YEAR ENDED 31 MARCH 2025

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

1.9 Financial instruments

The charitable company 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 charitable company's balance sheet when the charitable company 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.

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 goods or 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 charitable company’s contractual obligations expire or are discharged or cancelled.

1.10 Provisions

Provisions are recognised when the charitable company has a legal or constructive present obligation as a result of a past event, it is probable that the charitable company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.11 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 charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

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

2 Income from donations and legacies

Unrestricted
funds
2025
£
Donations and gifts
567
NHS Grant
-
567		 Restricted
funds
2025
£
-
894,626
894,626		 Total
Unrestricted
funds
2025
2024
£
£
567
127
894,626
-
895,193
127		 Restricted
funds
2024
£
-
-
-		 Total
2024
£
127
-
127

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Rental activities
Charitable rental income 5,052,102 4,422,902
Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 26,833 35,545

4 Income from investments

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

5 Other income

Unrestricted Unrestricted
funds
funds
general
designated
2025
2025
£
£
Net gain on disposal of
tangible fixed assets
515
-
Other income
-
-
Recharged services
2,600
-
3,115
-		 Total
Unrestricted Unrestricted
funds
funds
general
designated
2025
2024
2024
£
£
£
515
-
-
-
-
61,501
2,600
18,225
-
3,115
18,225
61,501		 Total
2024
£
-
61,501
18,225
79,726

6 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Charitable expenditure
Share of support and governance costs (see note 7)
Support
Governance
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated		 Rental
activities
2025
£
820,775
13,848
3,789,865
4,624,488
180,379
49,445
4,854,312
4,846,330
7,982
4,854,312		 Rental
activities
2024
£
709,044
2,308
3,529,378
4,240,730
159,880
11,261
4,411,871
4,365,542
46,329
4,411,871

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

7 Support costs allocated to activities

Staff costs
Motor & travel
Printing, postage and stationery
IT costs
Communications
Insurance
General expenses
Bank charges
Governance costs
Analysed between:
Rental activities
Governance costs comprise:
Audit fees
Legal and professional
Mortgage - interest paid		 2025
£
144,842
9,289
3,008
11,051
1,078
7,454
2,786
871
49,445
229,824
229,824
2025
£
2,908
14,673
31,864
49,445		 2024
£
124,589
8,980
4,049
14,403
717
2,420
3,409
1,313
11,261
171,141
171,141
2024
£
8,086
3,175
-
11,261

Governance costs includes payments to the auditors of £8,220 (2024 - £7,920). Audit fees of £6,720 and other fees of £1,500 were paid to the auditors and are included within the Governance figure of £2,908.

8 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 8,220 8,086
Depreciation of owned tangible fixed assets 13,848 2,308
Profit on disposal of tangible fixed assets (515) -

9 Trustees

During the year, 4 trustees (2024 - 4) were reimbursed expenses totaling £809 (2024 - £924).

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

9 Trustees

(Continued)

As permitted by the Memorandum and Articles of Association, a trustee, Mr G Scott, fulfilled the executive role of CEO up until August 2022 when he stepped down from this position to become a consultant to the charity. He was remunerated under normal employee terms in the amount of £nil (2024 - £10,904) plus pension contributions of £nil (2024 - £1,790). J Spencer, the current CEO, was appointed a trustee on 1 August 2024. He was remunerated under normal employee terms in the amount of £73,150 plus pension contributions of £7,980. No trustee is remunerated for their role as trustee.

10 Employees

The average monthly number of employees during the year was:

Office and administration
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:
£60,001 to £70,000
£90,001 to £100,000
£100,001 to £110,000
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation		 2025
Number
22
2025
£
829,215
85,715
50,687
965,617
2025
Number
1
-
1
2025
£
270,221		 2024
Number
20
2024
£
715,250
73,805
44,578
833,633
2024
Number
1
1
-
2024
£
293,708

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Tangible fixed assets

Freehold land
£
Cost
At 1 April 2024
1,344,280
Additions
2,166,647
Disposals
-
At 31 March 2025
3,510,927
Depreciation and impairment
At 1 April 2024
-
Depreciation charged in the year
10,482
Eliminated in respect of disposals
-
At 31 March 2025
10,482
Carrying amount
At 31 March 2025
3,500,445
At 31 March 2024
1,344,280
13
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss		 Plant and
equipment
£
1,459
-
-
1,459
598
215
-
813
646
861		 Computers Motor vehicles
£
£
3,828
73,348
5,794
-
-
(24,780)
9,622
48,568
159
67,764
1,824
1,327
-
(23,295)
1,983
45,796
7,639
2,772
3,669
5,584
2025
£
528,843		 Total
£
1,422,915
2,172,441
(24,780)
3,570,576
68,521
13,848
(23,295)
59,074
3,511,502
1,354,394
2024
£
510,146

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Current asset investments
Unlisted investments
16
Creditors: amounts falling due within one year
Notes
Bank loans
18
Other taxation and social security
Trade creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
18		 2025
£
378,044
-
105,403
483,447
2025
£
528,843
2025
£
6,952
24,876
56,867
210,740
299,435
2025
£
610,276		 2024
£
311,774
145
88,216
400,135
2024
£
510,146
2024
£
-
23,642
25,661
85,734
135,037
2024
£
-

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

18 Loans and overdrafts
2025 2024
£ £
Bank loans 617,228 -
Payable within one year 6,952 -
Payable after one year 610,276 -
Amounts included above which fall due after five years:
Payable by instalments 579,993 -
The long-term loans are secured by fixed charges over its freehold properties.
The loan is for a term of 25 years repayable on a monthly basis. The interest rate is 5%.
19 Provisions for liabilities 2025 2024
£ £
Concierge charges 86,040 86,040
Movements on provisions:
Concierge
charges
£
At 1 April 2024 and 31 March 2025 86,040
The provision is relation to concierge charges that have not been paid but are still outstanding.
20 Retirement benefit schemes
2025 2024
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 50,687 44,578

The charitable company operates two defined contribution pension schemes for qualifying employees. The assets of the schemes are held separately from those of the charitable company in independently administered funds.

FOR THE YEAR ENDED 31 MARCH 2025

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

21 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
NHS Property fund
Previous year:
At 1
NHS Property fund		 April 2024
£
1,352,068
April 2023
£
1,352,068		 Incoming
resources
At 31 March
2025
£
£
894,626
2,246,694
Incoming
resources
At 31 March
2024
£
£
-
1,352,068

Three capital grants have been received from the NHS to purchase three properties for tenants. The grants are to be repaid on sale of the property, or change of use.

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

22 Unrestricted funds - designated

These are unrestricted funds which are material to the charitable company's activities.

At 1 April 2024 Incoming Resources Transfers At 31 March
resources expended 2025
£ £ £ £ £
End of lease liability fund 206,022 - (6,855) 64,173 263,340
Hardship fund 70,801 - (1,127) - 69,674
Regulatory Compliance fund - - - 50,000 50,000
276,823 - (7,982) 114,173 383,014
Previous year: At 1 April 2023 Incoming Resources Transfers At 31 March
resources expended 2024
£ £ £ £ £
End of lease liability fund 231,529 - (45,629) 20,122 206,022
Hardship fund 10,000 61,501 (700) - 70,801
241,529 61,501 (46,329) 20,122 276,823

End of Lease Liability Fund

The Trustees recognise that there is potentially a need to spend large amounts on repairs and maintenance when handing back properties. The costs may exceed the standard 6-week amount calculated for the reserves target. This is especially true for some tenants who have highly complex needs, and where the property may have been adapted to meet the requirements of the tenant. At 31 March 2025, the Trustees calculated this amount to be £263,340.

Hardship Fund

The Trustees created a designated 'Hardship Fund' of £10,000 in the year ended 31 March 2023 to assist any tenants struggling to pay their Tenant Service Charge. In 2024, the trustees included a balance of £61,501 as part of the fund to assist with any tenants that are struggling to pay. The total Hardship fund at the year end is £69,674.

Regulatory Compliance Fund

The Trustees have set aside £50,000 for costs relating to regulatory changes including but not restricted to: the Supported Housing Regulatory Oversight Act (SHROA)

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

23 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 April 2024
Incoming
resources
Resources
expended
£
£
£
General funds
1,663,255
5,082,617
(4,846,330)
Previous year:
At 1 April 2023
Incoming
resources
Resources
expended
£
£
£
General funds
1,572,120
4,476,799
(4,365,542)
Analysis of net assets between funds
Unrestricted
Unrestricted
funds
funds
general
designated
2025
2025
£
£
At 31 March 2025:
Tangible assets
1,281,934
-
Current assets/(liabilities)
1,199,751
383,014
Long term liabilities
(610,276)
-
Provisions
(86,040)
-
1,785,369
383,014		 Transfers
At 31 March
2025
£
£
(114,173)
1,785,369
Transfers
At 31 March
2024
£
£
(20,122)
1,663,255
Restricted
Total
funds
2025
2025
£
£
2,229,568
3,511,502
17,126
1,599,891
-
(610,276)
-
(86,040)
2,246,694
4,415,077

24 Analysis of net assets between funds

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Analysis of net assets between funds
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
£
£
At 31 March 2024:
Tangible assets
10,114
-
Current assets/(liabilities)
1,739,181
276,823
Provisions
(86,040)
-
1,663,255
276,823		 (Continued)
Restricted
Total
funds
2024
2024
£
£
1,344,280
1,354,394
7,788
2,023,792
-
(86,040)
1,352,068
3,292,146		 (Continued)
Restricted
Total
funds
2024
2024
£
£
1,344,280
1,354,394
7,788
2,023,792
-
(86,040)
1,352,068
3,292,146
3,292,146

24 Analysis of net assets between funds

25 Operating lease commitments

Lessee

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
527,017
366,260
893,277		 2024
£
504,065
629,937
1,134,002

The Trustees recognise the need to enter into longer lease commitments in order to source properties for our tenants and give them the security of a home for several years.

FOR THE YEAR ENDED 31 MARCH 2025

ZETETICK HOUSING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

26 Related party transactions

Transactions with related parties

G Scott, a trustee of Zetetick Housing, is a director and shareholder in Frontier Support Services Limited (FSS) which provides services to the charity. Included in these accounts under direct costs are concierge fees of £298,669 (2024 - £276,385) which were incurred on normal trading terms. Rents receivable includes bookkeeping services of £2,600 (2024 - £18,225) were charged to FSS during the year. An amount of £22,997 (2024 - £22,843) was due to FSS at the year and is included in trade creditors.

27
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase/(decrease) in creditors
(Decrease) in provisions
Cash generated from/(absorbed by) operations
28
Analysis of changes in net funds
At 1 April 2024
£
Cash at bank and in hand
1,248,548
Loans falling due within one year
-
Loans falling due after more than one year
-
1,248,548		 2025
2024
£
£
1,122,931
126,429
(26,833)
(35,545)
(515)
-
13,848
2,308
(83,312)
(39,559)
157,446
(272,176)
-
86,040
1,183,565
(132,503)
Cash flows
At 31 March 2025
£
£
(361,512)
887,036
(6,952)
(6,952)
(610,276)
(610,276)
(978,740)
269,808