Company number: 06396687 Charity Number.. 1122206 SPEAR Housing Association Limited Report and financial statements For the year ended 31 March 2025 IIIIIIIIMI •AEHYtQRK* 2211212025 COMPANIES HOUSE A04
213
SA YER 00000 V I NCENT 0000000 oo••ooo
SPEAR Housing Assoclatlon Limited Contents For the year ended 31 March 2025 Reference and administrative Information Message from the Chair . Trustees, annual report Independent auditor's report Statement of financial ac(Ivltles Ilncorporating an incorne and ex penditure account) Balance sheet Statement of cash flows Notes to the financial statements .22 .23 .24
SPEAR Houslng Assoclatlon Limited Reference and admlnistratlve Infomiatlon For the year ended 31 March 2025 Company number 06396687 Country of incorporation United Kingdom Charity number Country of registration 1122206 England & Wales Registered office and operational address 89 Heath Road Twickenham TWI 4AW Trustees Trustees, who are also Directors under company law, who served during the year and up to the date of this report were as follows.. Paul Doe Duncan Richford Jack Stephen Fiona Barrett Kai Bilimoria Nigel Bloomer Charlotta Campanale Jonathan Cardy (resigned 7th January 202 5) Michael Dickson (appointed 2nd June 2025) Alex Ooig (resigned 7th January 2025) Matthew Gibson (appointed 6ih October 202 5) Grant Healy (resigned 28th March 2025) Leslye Jourdan-whittaker (appointed 2nd June 202 5) Christine Reay Chair Vice Chair Company Secretary Tim Fallon Key management personnel Tim Fallon Susan Kent Mark Taylor Charlotte Treversh Carrie Reiners Chief Executive Finance Director Operations Director HR Director Director of Fundraising & Engagement (from 20th May 2024)
SPEAR Houslng Assoclatlon Llmlted Reference and administrative informatlon For the year ended 31 March 2025 Bankers CAF Bank Limited 25 Kings Hill Avenue West Malling Kent MEI 9 4JQ Sollcltors Russell Cooke LLP River View House 20 Old Bridge Street Hampton Wick Kingston-Upon-Thames KTI 4BU Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor I l O Golden Lane LONDON ECI Y OTG
SPEAR Houslng Assoclatlon Llmlted Me55age from the Chalr For the year ended 31 March 2025 Message from the Chair Much has changed since l joined SPEAR in 2018 and earlier this year I took the decision that it was a good time to plan for a successor to take over the responsibility of being the Chair. The recruitment process for my successor is underway and l expect to hand over responsibility next spring. After eight years with SPEAR it, therefore, seems a good time to consider not just SPEAR'S achievements in the year ended 31 March 2025, but also how they fit within a longer term perspective of tackling homelessness in London. The work that SPEAR undertakes is about being able to be highly responsive to individual client circumstances and the often acute challenges that individuals face, so as to support them to secure and sustain housing. However, l also believe that whilst delivering person centred and responsive services ensures the best outcomes for individuals in the here and now. it is always important for a charity such as SPEAR to have an overarching ambition to address structural issues in services and society that have contributed to individual homelessness. SPEAR joins other charities in the ambition of Ending Homelessness by which it means "Ending rough sleeping by preventing it wherever possible and, where it can not be prevented, making it rare brief and non-recurring. Inevitably addressing such a fundamental 50cieiy challenge as rough sleeping is not a simple fix. The contributing factors are complex, but it is important to work on new initiatives that seek to assess new ways of working and their ability to deliver improved outcomes. During the year additional funding was secured to support flexible grants for clients to help focus resources on solutions that were individually tailored to client needs and therefore expected to have the greatest impact. SPEAR'S health services continued to ensure that the barriers that can prevent some clients accessing essential health services are overcome. The Kingston outreach team were pleased to work in partnership with nurse colleagues to deliver health support to clients at their sleep sites. In addition, funding was secured which will enable mental health services to be delivered in 2025126. SPEAR seeks to ensure that it collates and communicates the practical learning from its direct client work to inform change in how services are designed and delivered, all with the goal of ultimately Ending Homelessness. The year ended 31 March 2025 was a year of comparative stability in the government funding of services for the homeless, being the second year of a three-year strategy and funding programme. It has been the case throughout my tenure as Chair that funding for the essential work that SPEAR and others undertake is often subject to significant uncertainty and looking forward it appears that this could once again be the case. It is for this reason that l am particularly pleased to report the results for the year of a surplus of £290,314. This fifth year of surplus, following a year when a significant deficit was incurred, has ensured that SPEAR now has over 6 months of operating expenses held as free reserves. This improved financial performance gives my successor and SPEAR a level of financial resilience to withstand the uncertaintie5 of the funding environment.
SPEAR Houslng Assoclatlon Llmlted Message from the Chalr For the year ended 31 March 2025 l am very aware, as in previous years that there are many people and individuals to thank for their contribution to the work that SPEAR delivers., many do so on a voluntary basis as donors, volunteers or Trustees. Other donors, be they corporate, trusts or foundations make available resources that enhance the services that SPEAR is able to offer. SPEAR is pleased to work with its local authority partners whose own innovative thinking looks to adapt services to best achieve the shared ambition of Ending Homelessness. SPEAR staff show commitment to the clients that they work with, seeking to find a way forward for each individual facing homelessness and they show tremendous resilience in supporting clients however complex their circumstances and I want to recogni5e that dedication. Finally I reflect, that perhaps the best ambition for SPEAR'S work is that it should meet not just the needs of the present but also play its part in contributing to creating a society in which its work is no longer needed. Paul Doe, Chalr of Trustees
SPEAR Houslng Assoclatlon Llmited Trustees. Annual Report For the year ended 31 March 2025 Strategic Report The Trustees present their report and the audited financial statements for the year ended 31 March 2025. Reference and administrative information set out on pages l and 2 form part of this report. The financial statements comply with the current statutory requirements, the Memorandum and Articles of Association, the requirements of a directors, report as required under company law and the Statement of Recommended Vractice Accounting and Reporting by Charities,. SORP applicable to charities preparing their accounts in accordance with FRS 102. Objectives and activities The objectives of the charity are.. The relief of persons in need who are homeless or at risk of becoming homeless, including, but not limited to. those with substance misuse problems by providing accommodation. seniices and advice so a5 to help increase the independence and decrease the marginalisation in society of such persons., and To undertake research into homelessness for the public benefit. The Trustees review the aims, objectives. and activities of the charity regularly. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its Stated purposes. The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular. the Trustees consider how planned activities will contribute to the aims and objectives that have been set. The charity's main activities and who it tries to help are described below. All its charitable activities focus on homele55 individuals and are undertaken to further SPEAR'S charitable purposes for the public benefit. It is not considered that there are any private benefits or significant detrimental impact from its work. The Trustees consider that they have complied with the duty in section 4 of the Charitie5 Act 2006 to have due regard to public benefit guidance.
SPEAR Houslng Assoclatlon Llmfted Trustees, Annual Report For the year ended 31 March 2025 Our Approach and Values SPEAR is a charity for people experiencing homelessness in London. We build communities in which those people suffering from homelessness have a place to call home and the help they need to lead a fulfilling independent life. We recognise that homelessness is much more than just a housing issue, so we provide a range of support services to help our clients reach their full poiential, always operating from our values.. Working together: We work alongside service users, partners, staff, and volunteers to design and provide services that meet the needs of those experiencing homele55ness. Together we overcome challenges. Aspirational: We aim high, aspiring to achieve the very best outcomes for our clients. We see potential in everyone, and encourage our clients to achieve their own goals, dreams, and ambitions. We aspire to the highest standards of professionalism. Respectful: We respect everyone, regardless of their background or circumstances. We view everyone as an individual with their own personal journey. We always listen to and value people's views. Determlned: We work tirelessly to support people experiencing homelessness to recover from their personal issues. We break down the barriers they face. Visionary: We try new and innovative ways to provide long-term solutions and reduce the isolation of homelessness. We are always willing to take a new approach, learning from what works (and what doesn't) and use this to guide our work. Diversity, inclusion and equity Diversity, inclusion and equity are at the heart of what SPEAR does and it is important that all people representing our organisation. including staff and volunteers, work in accordance with SPEAR'S values in this area. We are committed to ensuring that our services are accessible and reach all members of the communities we serve and that all our clients are treated fairly and respectfully. Where possible, we record information around the diversity of our clients on our database so we can better understand the demographics of the communities we are working with and adapt our services accordingly. We have an open complaints process that can be accessed by clients, volunteers, donors and members of the public who wish to raise any concerns.
SPEAR Housing Association Limlted Trustees, Annual Report For the year ended 31 March 2025 SPEAR is an inclusive employer. We are committed to maintaining a culture of diversity, inclusion and equity. We do not tolerate discrimination, harassment or victimisation. Everyone we work with is treated equally and with respect, irrespective of race, colour. religion, national origin, sex, disability, age, marital status or sexual orientation. Our Beneflclarles SPEAR is an inclusive organisation supporting a range of people experiencing homelessness in London. SPEAR is very consCIOUS through its work, that homelessness can impact a wide range of people. It works with all ages from young adults to those over pension age and clients have a wide range of backgrounds and life experiences. We support people off the Streets and those at imminent risk of homelessness into accommodation, including supported hostels, shared houses, and independent flats. We assist people with their physical and mental health, addiction issues helping them sustain their tenancies, pursue personal goals and aspirations, and move towards more independent living. The 16 almshouses and 8 flats owned by the SPEAR Endowment Trust (SET) provide long term homes for those whose financial circumstances necessitate a5515tance with their housing, normally older individuals with a connection to London or the surrounding area. Our clients are at the centre of our work, services are intended to be personalised and feedback is encouraged. SPEAR offers support to clients with any health issues and opportunities for clients to develop skills, volunteer or progress to employment. Achievements and Performance Our key impacts on homelessness In 2024-25: During the year 708 people accessed SPEAR'S services of which 18% were female. Homelessness can impact people of all ages: 60 of the people SPEAR worked with were under the age of 25. sPR delivers outreach services intended to locate and assist those who are street homeless on behalf of four London Boroughs, Kingston, Richmond. Wandsworth and Sutton. The key to these services is flexibility to varying demand, prompt location of individuals and establishing relationships of trust that support and encourage people to move into accommodation. Some are ready immediately, for others only sustained work will re-establish trust which in turn will encourage them to take the next step back into accommodation. During the year SPEAR met and verified 410 rough sleepers, provided supported housing for 238 and brokered accommodation for 92 others.
SPEAR Housing Association Limited Trustees, Annual Report For the year ended 31 March 2025 As well as providing accommodation directly SPEAR continues to deliver essential support with the Rough Sleepers Accommodation Programmes in Kingston, Richmond and Wandsworth and Housing First services in Sutton and Kingston. These intensive services enable entrenched rough sleepers to access accommodation as a foundation to rebuilding their lives and to then receive support to sustain their tenancies and address the issues that contributed to rough sleeping in the first place. A total of 38 of these properties were available throughout the year with further properties scheduled to become available in Kingston. The work of the Homeless Health Link team is varied. 267 people were supported to improve their health, including 181 clients who received more personalised services with staff scheduling, attending and discussing appointments and attending multi agency meetings. SPEAR was also able to offer additional services during the year for NHS Integrated Care Board funded Health & Wellbeing Days. These days are open to a wider community and a total of 1,677 attendances were recorded at 24 health days. Of those attending 76% reported a better understanding of how to access health services and 73% considered that they were more confident to do so. It is calculated that the use of emergency health services such as Accident and Emergency was reduced by 64% amongst those that receive SPEAR support. Our Volunteers The generosity of our volunteers With their time and skills significantly enhances the services that SPEAR is able to provide to its clients. During the year ended 31 March 2025 individual volunteers supported in various roles including fundraising and supporting operational work. such as going on outreach shifts to contact those sleeping rough. SPEAR continued to receive great support from teams from our corporate partners who contributed their time and energy towards gardening projects. painting, decorating and ensuring SPEAR clients received gifts at Christmas through a present drive and a day to wrap and deliver parcels. Both corporate and individual volunteers have been instrumental in delivering SPEAR health days which are well attended and provide clients with easy access to health services in a welcoming, community-focused setting. These events also connect clients to additional services such as hair dressing, health serrfices and teaching digital skills to create a holistic and supportive environment. Additionally, our Trustees continued to provide expertise and governance throughout the financial year. 75 people (2024: 61) volunteered their time to support in some capacity.
SPEAR Houslng Assoclatlon Llmited Trustees. Annual Report For the year ended 31 March 2025 Volunteers donated 729 (2024". 603) hours of their time. We estimate that volunteering roles contributed over £ l 0,097 (2024: £7,206) of value to SPEAR. Our focus on specific skills and corporate partnerships ensured that every volunteer made a meaningful impact. Their efforts enabled SPEAR to offer clients a broader range of opportunities beyond those funded by local authorities and the NHS. We are deeply grateful for their time and dedication, which contributed to the success of the year. Our Supporters We rely on the generosity of our supporters to help fund our work and remain truly grateful to them for helping us to create pathways from homelessness to independence. Voluntarv income comes from donations made by individuals, companies, Trusts and Foundations, community groups, schools and from legacy gifts. This invaluable support makes a lasting and meaningful impact to those facing homelessness. SPEAR recognises that the cost of living crisis had a marked impact on the many Trusts and Foundations who have seen significantly increased demand for their grants in a more challenging economic environment. A reduction in total grants received in the year ended 37 March 2025 meant that some sen4ices, particularly those relating to skills, had to be scaled back. SPEAR remains appreciative of those Trusts and Foundations that continue to support its work and has been pleased to Secure additional grant funding which directly funds individual client needs. It has been encouraging to see increasing numbers of both individual and corporate donors respond to our explanation of the activities that SPEAR undertakes and the increased levels of giving from these groups. We consider the work to be of real public benefit and are heartened that others also see the merit and want to contribute. SPEAR supporters continued to raise vital funds through challenge events, corporate events, community events and fundraising from local schools and churches. We are grateful for the generosity, the energy and the creativity of our donors and supporters. Thank you! Financial review SPEAR reported a net surplus in the year of £ 290,314 (2024: £ 274,133). Total incoming resources for the year marginally reduced to £ 4,627,799 from £ 4,684,238, last year. a decrease of l % (2024.. decrease I l %), this reflected changes in most categories of income with increased income from commissioned services, bank and investment income and donations. However, a more challenging Trust fundraising environment saw
SPEAR Housing Associatlon Limited Trustees. Annual Report For the year ended 31 March 2025 reduced income from Trusts, whilst rental income decreased following the transfer of a service providing hostel accommodation. In summary. income comprises: 62% (2024.. 56%) commissioned services from the London Boroughs of Richrnond. Wandsworth, Kingston, Sutton and Merton and the NHS; I1 % {2024'. 16%) frorn Trusts for specific related homeless services; 19% (2024: 21%) from rent. service charge and housing benefit income on housing. hostels and supported housing., 6% (2023: 4%) from donations, legacies and events organised by our fundraising team: Over 2% (2024.. over 2%) from bank and investments interest receivable reflecring improved returns. Unrestricted income for the year increased to £ 4.137,622 from £ 3,950,897, last year, an increase of nearly 5%. The single most significant contributory factor was a marked increase in contracted services commissioned by local authorities and the NHS. Restricted income for the year decreased to £ 490,177 from £ 733,341 last year a very marked decrease of 33%. Whilst the three-year programme funded by the National Lottery Community Fund which started in April 2023 remained stable a more challenging grant fundraising environment saw a reduction in the overall level of grants received and corresponding adjustments to services. Our expenditure for the year marginally decreased to £ 4,337,485 from £ 4,410,105 last year, a decrease of £72,621 i.e. of less than 2%. Staff costs continued to represent 75% (2024.. 75%) of expenditure. Whilst individual staff salaries increased, reflecting cost of living pressure, the average headcount decreased to 74 from 82. Analysis of our expenditure shows that we spent 63% (2024: 66%) directly on charitable activities, 33% (2024.. 30%) on support costs which includes the operational management of charitable activities, 3% (2024.. 3%) on fundraising, and l % (2024.. 1 %) on governance. This decrease in expenditure reflects changes in SPEAR'S activities with the provision of less hostel accommodation at the same time as some other charitable activities have increased. Total funds increased by 4% to £ 8,567,797 from £ 8,227.483. Cash and cash equivalents - Total cash and cash equivalents at 31 March 2025 totalled £ 7,671.321 (2024: £ 6,769,S48). £781,313 was generated from operating activities (2024: £ 14.006), £ 1,797 (2024.. £ 29,935) was spent on capital expenditure and £122,257 of investment income, lead to a net increase in cash and cash equivalent5 of £ 901.773 (2024: £98,134).
SPEAR Houslng Association Llmlted Trustees, Annual Report For the year ended 31 March 2025 Reserves pollcy and going concern Trustees have examined the requirement for free reserves i.e. unrestricted funds not invested in tangible fixed assets or designated for specific purposes. As reported in previous years, the Trustees are aiming at free reserves to cover operational activities from unrestricted income for a minimum of 3 months but ideally at 6 months. As of 31 March 2025. the unrestricted general reserves, totalled £2,293,538 which represents approximately 6.3 months of expected average expenditure (at 31 March 2024: unrestricted general funds were £2,018,756, being approximately 5.5 months of expected average spend). At 31 March 2025 the Company had designated reseples as follows.. Future property cyclical maintenance to cover obligations totalling £ 1,415,831 (2024: £ 1,381,704) for the periodic replacement of major components (eg windows, roofs, bathrooms and kitchens) for the SET properties. The required surns were reviewed based on potential planned replacements and renewals and to take account of works undertaken. An amount of £ 953,691 (2024.. £ 953,691), designated to cover the legal and refurbishment costs of property acquisition which cannot be funded under the terms of the restricted endowment fund. SPEAR anticipates that it will expend these funds in the next year on a property it is in the process of acquiring. The Reserves Policy is reviewed annually and approved by the Trustees. Restricted Funds may only be used for the purposes specified by the donor and only expenditure meeting these criteria is allocated to each fund. Any grants which remain unspent at the year-end will be held as restricted reserves subject to any specific funding terms attached to the grants. These may only be used for the projects in accordance with the terms of the grants received. The Trustees have given consideration to the basis of preparation of the accounts. They have concluded that the going concern basis remains appropriate, as they plan for the operations of SPEAR to coniinue and have not identified any risks or uncertainties that would make such a basis of preparation inappropriate.
SPEAR Housing Association Limited Trustees, Annual Report For the year ended 31 March 2025 SPEAR Endowment Trust During 2018, Quintus Housing Trust became part of the SPEAR family, changing its name to the "SPEAR Endowment Trust" (SET). SET'S financial results have been included in the SPEAR accounts since the year ended 31 March 2019. At 31 March 2025 the Endowment Fund amounted to £ 3,884,036 (31 March 2024: £ 3,909,932). £ 1,227,858 of this is held in the 24 properties owned by SET with the balance held as cash. The cash funds will enable us to seek our potential property acquisitions within London to provide much needed accommodation for our service users. Principal risks and uncertainties sPR has an approach to risk management designed to ensure that there is an on-going process for identifying, evaluating and managing the significant risks faced by SPEAR. Risks are assessed for their likelihood and potential impact and the Audit & Risk Committee and Board focuses their work on those risks which are identified as most significant. For all of these risks the potential to mitigate risk is considered and where proportionate, action is taken. A wide variety of strategies are used to mitigate risk through appropriate policies and procedures, spreading risk through sufficient diversity of activity and funders and seeking to lay off risk through insurance. Principal Risks during the year were identified as.. Staff fail to adhere to policies and procedures.. SPEAR'S policies and procedures have been designed to ensure that clients are safe and their support personalised, that their data is secure and that staff provide services in a professional manner that protects their own, clients, volunteers and members of the public's health and safety. The risk of staff failing to follow these procedures appropriately is that there are poor outcomes which could place clients, volunteers, donors, members of the public or staff at risk. SPEAR seeks to mitigate these risks through ensuring that it has appropriate skills, the publication of policies and procedures and the induction and training of staff. Risk of loss of contractual income and political uncertainty.. Centra5 government funding for homelessne55 services, which in turn fund local sep4ices, can at times be subject to political and funding uncertainty. At a local level contractual income to support the provision of services for the homeless can vary as strategic priorities change. Services can be subject to tendering, or may be dependent upon securing suitable properties from which to provide the services. The risk of the changing priorities is that if SPEAR fails to adapt its services on a timely basis it could incur additional costs and not fully meet commissioning requirernents. The risk associated with failing to secure suitable properties is that SPEAR may simply be unable to deliver
SPEAR Houslng Assoclatlon Llmlted Trustees. Annual Report For the year ended 31 March 2025 the services its commissioners wish to provide. SPEAR seeks to mitigate these risks by aiming to have an agile culture, sustain good relationships with its key commissioners and funders and have adequate financial resources to mitigate the risks of funding uncertainty. Risk of flnancial deficits threatening the flnanclal sustainabllity of SPEAR: SPEAR delivers a range of commi55ioned services that offer limited scope for generating financial surpluses and which are characterised by being short-term in nature. It is exposed to the same wider operating environment as other organisations but due to the importance of fundraising could be adversely impacted by a downturn in individual or grant giving. It benefits from having gained financial strength when SPEAR Endowment Trust joined the group and seeks to make the best use of these assets. but much of this financial strength is either restricted to providing homes in accordance with the Trust deed or will be required to maintain the existing almshouses and housing. However, financial deficits over a number of years could put the long-term future of SPEAR at risk. SPEAR seeks to mitigate these risks by keeping the financial performance of contracts and the organisation under regular review as well as assessing the financial impact of taking on new services. Dlfflculty In recruiting and retalnlng staff: The nature of most of SPEAR'S services is that they are heavily dependent upon recruiting and retaining staff able to problem- solve and work in some challenging situations. Recruitment of staff in London is difficult for many organisations beyond those working in social care, a sector whose funding does not enable partlcLJlarly competitive salaries. The risk of difficulties In recruiting and retaining is that existing staff teams are stretched, services becnme reliant upon expensive temporary staff which in turn impacts both the financial performance and quality of services. SPEAR seek to mitigate these risks through the work of its Human Resources team, by seeking innovative ways to recruit and retain with longer-terrn plans for offering more competitive salaries. Fundraising practices review All fundraising practices are framed within the values and principles of the organisation. SPEAR regularly monitors fundraised income against budget, diversity of income and fundraising ratios to ensure the organisation is able to make informed decisions regarding activities. SPEAR does not raise funds through telephone or door to door fundraising or work with external agencies to do so. SPEAR'S relationship with its supporters is very important to it and it does not put any undue pressure on its supporters to donate to the charity. Many of SPEAR'S supporters want to know how their gifts are making a difference. SPEAR ensures that supporters are given a choice in whether they would like to be kept updated about its work. If any of SPEAR'S donors do not Wish to receive future communication from SPEAR
SPEAR Houslng Assoclatlon Llmlted Trustees, Annual Report For the year ended 31 March 2025 then it is made clear in supporter newsletters, mailings and on SPEAR'S website how they can let SPEAR know their decision. SPEAR does not sell or exchange lists of data with any other charities or companies for their marketing or fundraising purposes. SPEAR is committed to being transparent about how it collects and uses personal data, and to meeting its data protection obligations in accordance with General Data Protection Regulations (GDPR) and domestic laws. SPEAR'S privacy statement can be found on its website. We received no complaints about our fundraising practices in 2024-2 5. Plans for the future SPEAR intends to carry on adapting the nature of its services in line with the Government's strategy for rough sleepers, which will aim to work in tandem with both existing rough sleepers and preventative work for those at risk of homelessness. SPEAR aims to further expand its Housing First services which look to ensure that Rough Sleepers are accommodated in self-contained homes with all the necessary support to address any underlying issues, that may be complex. Acquiring properties to provide more independent accommodation to homeless people, including use of the endowment and designated funds to acquire and lor renovate appropriate properties, which should also further Strengthen the financial viability of SPEAR. Provide a range of preventative health services and work to reduce barriers to SPEAR clients accessing necessary services on a timely basis. Further develop the work evidencing the continuous improvement of quality of services provided by SPEAR. Further enhance personalisation of services to support individual needs and aspirations be that through activities, training, volunteering. participation or employment. Continue to review how evolving technology can best improve service delivery and the efficient management of the charity. Structure and governance The organisation is a charitable company limited by guarantee, incorporated on I l October 2007 and registered as a charity on 7 January 2008. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.
SPEAR Housing Assoclatlon Limited Trustees, Annual Report For the year ended 31 March 2025 At the year end the Board comprised of 8 members. No Trustees received remuneration for their roles or were paid for any other activity relating to the charity in the year. Nor were any expenses reclaimed from the charity during the year. The Board 15 supported in discharging these responsibilities through the following sub- committees: Audit and Risk Committee. Personnel & Quality Assurance Committee,, and Operations Committee This facilitates a greater depth of governance across all key areas of the charities activities, finances and internal infrastructure, policies and procedures. Overall operational management of SPEAR is delegated to the Chief Executive. Throughout the year, the Trustees, the Chief Executive, and the wider Senior Management Team monitored effectiveness and best practice. The Board approves SPEAR'S strategic and annual business plans. annual budgets. extraordinary expenditure in excess of agreed limits; strategic decisions: policies; employment terms and conditions, remuneration levels of key management personnel with reference to existing pay scales within the organisation and the housing sector in which SPEAR operates., and all decisions relating to governance. Appointment of Trustees New Trustees are recruited through advertising with the objective of ensuring an appropriate mix of skills. and candidates are asked to attend an interview with the Chair, another Trustee, and the Chief Executive Officer. Trustees have agreed that fu.ture Trustee recruitment will aim to increase diversity within the Board. During the year no new Trustees were appointed (year end 31 March 2024.. none), however since the year end 3 new Trustees have been appointed. Trustee induction and training On appointment, all Trustees undergo a formal induction process and the training needs of Trustees are reviewed regularly with a view to ensuring that Trustees are kept up to date with their responsibilities. Serious Incident Reporting to the Charity Commission SPEAR'S work with clients, some of whom can be vulnerable, is intended to enable anv underlying issues that are contributing to their homelessness to be addressed. However, not all clients achieve good outcomes. Where there has been an incident or an adverse
SPEAR Housing Association Limited Trustees, Annual Report For the year ended 31 March 2025 outcome this is recorded and is reviewed by senior staff and trustees, to determine if SPEAR'S actions or inactions caused or contributed to the outcome. Consideration is given as to whether the circumstances require reporting to the Charity Commission. There were no incidents to report to the Charity Commission in the year, as there has been: no large donations from an unknown or unverifiable source, no links to terrorism or extremism. no damage to property, no significant financial losses and no reportable safeguarding incidents. Related parties and relationships with other organisations SPEAR maintains no relations with, and no transactions were entered into with, related parties during the year 2024125, with the exception of SETlQuintus Housing Trust as explained above. Remuneratlon policy Pay and remuneration of the charity's key management personnel is set according to SPEAR'S Remuneration Policy and Procedure, which applies to all employees, is regularly reviewed and benchmarked with comparable role5. The policy includes a pay scale. controls for pay increases and bonuses. All staff are paid at least the London Living Wage. Funds held as custodian trustee on behalf of others The charity holds no funds on behalf of others as custodian. Statement of responslbilities of the Trustees The Trustees (who are also directors of SPEAR for the purposes of company law) are responsible for preparing the trustees, annual report including the strategic 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 incorne and expenditure, of the charitable 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 principles in the Charities SORP Make judgements and estimates that are reasonable and prudent
SPEAR Housing Assoclatlon Llmlted Trustees. Annual Report For the year ended 31 March 2025 State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statement5 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 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. In so far as the Trustees are aware.. There 15 no relevant audit information of which the charitable company's auditors are unaware The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information The Trustees are responsible for the maintenance and integrity of the corporate and financial information included 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. Members of the charity guarantee to contribute an amount not exceeding £ I to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2025 was I l (2024.11). The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity. Auditor Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity. The trustees, annual report which includes the strategic report has been approved by the Trustees n 8 December 2025 and signed on their behalf by: Paul e. Chair of Trustees
Independent auditor's report To the members of SPEAR Housing Association Limited Opinion We have audited the financial statements of SPEAR Housing Association Limlted Ithe 'charltable company,) for the year ended 31 March 2025 which comprise the statement of financial activities. balance sheet, statement of cash flows and notes to the financial statements, includlng significant accounting policies. The financial reporting framework rhat has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including FRS 102 The Financial Reporting Standard applicable in fhe UK and Republic of Ireland (U nited Kingdom Generally Accepted Accounting Prac¢lce). In our oplnlon, the flnancial sraternents: Give a true and fair view of the state of the charitable company's affairs as at 31 March 202 5 and of its incomlng resources and application of resources. includlng its income and expenditure for the year then ended Have been properly prepared In accordance wlth United Kingdom Generally Accepted Accounting Practice Have been prepared In accordance wlth the requlrements of the Companles Act 2006 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUK) IISAS IUK)) and appllcable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the aud it 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 fu Ifilled ou r other ethical responslbllltles In accordance wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnion. Conclusions relating to going concern In auditlng the flnanclal statements, we have concluded that ihe trustees, use of the going concern basis of accounting i n the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. Individually or collectively, may cast significant doubt on SPEAR Housing Association Limited's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Ou r responsibi lities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Independent auditor's report To the members of SPEAR Housin9 Association Llmlted Other Information The other information comprises the information included in the trustees, annual report, including the strategy report, other than the flnancial 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 f inancial statements or ou r knowledge obtained in the course of the audit, or otheThvise appears to be materially misstated. If we identify such material inconsistencles or apparent materlal misstatements. we are required to determine whether this gives rise to a material mlsstatement In the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstaiement of thi5 Other informatlon. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. The Informatlon given in the trustees. annual report, including the strategy report. for the financial year for which the financial statements are prepared is consistent with the financial statements., and The trustees, annual report. including the strategic report has been prepared in accordance wlth applicable legal requirement5. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charltable company and Its environment obtained in the course of the audit, we have not identified material mi55tatements in the trustees, annual report, includin9 the strategy report. We have nothing to report in respect of the following matters in relation to whlch the Companies Act 2006 requires u5 to report to you if. in our opinion: Adequate accounting records have nor been kept. or returns adequate for our audit have not been received from branches not vlsited by us., or The financial statements are not in agreement with the accounting records and returns; or Certain disclosures of trustees, remuneration specified by law are not made- or We have not received all the information and explanations we require for our audit.
Independent auditor's report To the members of SPEAR Houslng Associatlon Llmlted Responsibilities of trustees As explained more fully In the statement of trustees, responsibilities set out in the tru5tees' annual report. the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they g ive a true and fair view, and for such internal control as the tru srees determine is necessary to enable the preparation of financial statements thar are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charirable 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 Ilquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectlves are to obtaln reasonable assurance about whether the flnanclal statements a5 a whole are free from material misstatement. whether due to fraud or error. and to issue an audltor's report that Includes our oplnion. 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 exlsts. Misstatement5 can arise from fraud or error and are considered material if, ind ividually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are Instances of non-compliance with laws and regulations. We deslgn procedures in Ilne wlth our responsibilities, outlined above, to detect material misstatements in respect of irre9u larities, including fraud. The extent to which our procedures are capable of detecting irregularltles, Includ ing fraud are set out below. Capability of the audit in detecting irregularities In Identlfylng and assessing rlsks of material m Isstarement In respect of Irregu larities, includ ing fraud and non-compliance with laws and regulations, our procedure5 included the following.. We enquired of management and the Audit and Risk Committee. which included obtaining and reviewing supporting documentation, concerning the charity's policles and procedures relating to- Identifying. evaluating. and complying with laws and regulations and whether they were aware of any instances of non-compliance., Detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected. or alleged fraud.. The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. 20
Independent auditor's report To the members of SPEAR Houslng Assoclatlon Llmlted We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compllance throughout the audit. We reviewed any reports made to regulators. We reviewed the financial staternent disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We performed analytlcal procedures to identify any unusual or unexpected relatlonships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of controls. we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested Significant . transactions that are unusual or those outside the normal course of business. Because of the inherent limitatlons of an audit, there is a risk that we will not detect all irregularities. including those leading to a material m isstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and rransactions reflected In the financial statements, as we will be less likely to become aware of insiances of non-compliance. The rlsk is al so greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. A further descriprion of our responsi bilities is available on the Financial Reporting Councll's website at: www.frc.or aud itors res onsibilities. 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'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbility to anyone other than the charitable company and the charltable company's members a5 a body. for our audit work, for this report. or for the opinions we have formed. Fleur Holden (Senlor statutory auditor) 16 December 2025 for and on behalf of Sayer Vincent LLP. Statutory Auditor I l O Golden Lane. LONDON. ECIY OTG
SPEAR Houslng Assoclatlon Llmlted Statement of flnancial activities (incorporating income and expenditure account) For the ear ended 31 March 2025 SPEAR Endowment Trust Resiricted SPEAR Unrestrlcted 2025 Total 2024 Total Restricted Note Income from: Donaiions Charitable activities Investments 257,980 3.757,385 122,257 257,980 4,247,562 122,257 199.932 4,370.243 114.063 490.177 Total Income 4.137,622 490,177 4.627,799 4,684,238 Expendlture on: Raising funds Charitable activities 206,661 3,622,052 206,661 4.130,824 176.751 4,233.354 482,876 25,896 Total expendlture 3.828,713 482,876 25,896 4,337,485 4.410.105 Net Income l (expendlture) for the year 308.909 7,301 12 S.896) 290,314 274.133 Net movement In funds 308.909 7,301 12 5.896) 290.314 274,133 Reconclllatlon of funds: Total funds brought forward Total funds carrled forward 4.354,151 13.400 3.909,932 8,277,483 8.003,350 4,663,060 20,701 3,884,036 8,567,797 8,277,483 All of the above resulis are derlved from continuing activitles. There were no other recognised gains or105ses oiher than rhose stated above. Movement5 In funds are d15closed in Note I S to ihe flnanclal statemenis. 22
SPEAR Houslng Assoclatlon Umlted Balance sheet Company no. 06396687 As at 31 March 2025 2025 2024 Note Flxed assets: Tangible assets Investments 1,238.361 3.640 1.269.191 3,640 1.242.001 1,272.831 Current assets: Debtors Short term deposits Cash at bank and in hand 459,290 2,554 7,668,767 1.140,71 2,874 6,766,674 8,130,611 7.910,259 Llabllltles: Creditors.. amounts fallin9 due within one year (804,815) 190S,6071 Net current assets 7,325.796 7,004.6S2 Total assets less current Ilabllltles 8.567.797 8,277,483 Total net assets ,567,797 8.277.483 The funds of the charlry: Restricted income funds Endowment fund Unrestricted income funds.. 20,701 3.884,036 13.400 3.909.932 Designated funds Designated general fund5 - planned maintenance Designated general funds - property development 1,415.831 953.691 ,381,704 953,691 General funds 2,293.538 2,018,756. Total unrestricted funds 4.663.060 4.354.151 Total charlty funds 8,567.797 8,277,483 Approved b the trustees on 8th December 2025 and signed on their behalf by.. Paul D Chair of Trustees 23
SPEAR HousSng Assoclatlon LlmSted Statement of cash flows For the year ended 31 March 2025 Reconclllatlon of net Income to net cash flow from operatlng actlvltles 2025 2024 Net Income for the reportlng perlod (as per the statement of flnanclal actlvltles) Depreciation char9es Interest f rom investments Decrease in debtors IDecreasel in creditors 290.314 274.133 32,627 37.702 {122,257) (114,0631 681,421 78,088 1100,792) (261,8541 Net cash provlded by operatln9 actlvltles 781,313 14.006 Note 2025 2024 Cash flows from operatlng actlvltles Not cash provlded by operatlng actlvltles 781.313 14.006 Cash flows from Investlng actlvltles: Interes1 from investments Addition5 to fixed assets 122,257 11 ,797) 114,063 (29.9351 Net cuh proded by Investlng actlvltles 120,460 84.128 Change In cash and cash equlvalents In the year 901,773 98.134 Cash and cash equivalents at the beginning of rhe year 6,769,548 6,671.414 Cash and cash equlvalents at the end of the year 7,671,321 6,769,548 24
SPE4R Houslng Assoclatloh Llmlted Notes to the nnanclal Statements For th ehded 31 March l Accountln9 pollcles al Statutory Informatlon SPUR Housing Associarion Llmiied Is a charitable company Ilmlied by guaranree and is incorpoiaied In England and Wales. The reglstefed olflce addre55 and princlpal plact ol buslness Ss 89 Heaih Road, Twlckenham. Middlesex, rwi 4AW b) Basls of preparatlon The flnanclal statements have been prepared in accordance wilh Accounting and Reportin9 by Charitie5.' Sratemenr of Recommended Pracilce •ppllcable to charltles preparlng their accounts In accordance wilh rhe Flnan¢S4l Rtportlng Standard applScable In rhe UK and Republlc ol Ireland IFRS 1021- Icharltles SORP FRS 1021. rhe Financial Reporting Srandard applicable in the UK and Republlc of Ireland IFRS 1021 and the Companle5 Act 2006. These accoun15 conslst tsl the accounts of SPEAR Hou51ng Assoclaiion Llmlted and ihe SPEAR Endowment Trust Iprev6ously known as Quinlus Houslng Trusii, charlty number l 122206-1, an unlncorporat•.d eharlty. Th• Charlty Comm15510Th 155ucd a Ilnklng dlrtcllon foi. Ilit Iwu charltles In 2018. Asstrs and liabillties are inltlally recognlsed at historlcal cost or iransaciion value unless otheNlse staled in the relevant accountlng pollcy or note. cl Publk beneflt tntlty The charitable Company meets the definitlon of a public benefii entity under FRS 102. dl Golng concern The irusiee5 conslder ihat there Ire no maierlal uncertalniis aboui the charliable company's ablllty io continue as a golng concern. The tfU$lets do not conslder that there are any source5 of estlmaiion uncertainty ai the reportlng date ihat have a 519nlflcant rlsk of causin9 matorlal adlustmenr to the carrylng amounts ol assets and Ilabllltles wlihin the nexi rtportlng perlod. el Income Income Is recognlsed when ihe chariry has entltltmeni to the funds. any performance conditions attached to the Income have been mei, it is probable that the Sncome wlll be received and that ihe amount can be measured reliablv. Intome from governmeni and oiher grants, wheiher 'capltal' grants ot 'fevenue' 9rants. Is rtCts9nlsed when the chlrlty has eniirlemtni io tht funds. any performance conditlons attached to iht grants have been met, It 15 probable thai ihe Income wlll be rectlved and ihe arnouni can be Measured rellably and Is not deferred. Income recelvod In advance ol iht provlslon of a specllled 5ervlce Is delerred uniii ihe crlrerla for Income recognlllon are mei. Rental Income and 5ervict char9es art reco9nSsed on a recelvable basls in the perlod io whlch It relates, nei of any losses from volds and bad debts lor arrears. Volunteer5 provlde thelr tlffle free of charge and no amount has been Included In these flnanclal sratefflents to reflect th15. Our volunteeis seNi£es tnable Spear tts enhance the servlces we olfer ¢litnis oihtr than Jusi ihat provlded fgr by local authorlty and NHS contracis. f) Ihtertst recelvable Inttrest on lunds held on deposlt Is Included when recelv•ble and th¢ amount c•n be measured rellabty by the ch•rlry', Ihls Is normally upon nolllicatlon ol the Interest P41d Or payable by the bank. 9> Expendlture and Irre¢ovtrable VAT Expendlture is reco9nSsed once there Is a le9al or consrructlve obligaiion to make a payment io a thlrd party, 11 15 piobable rhai seitltmeni wlll be fequlred and ihe amount ol the obllgallon can be measured rellably. Expendlture Is classiliod under the followlng atrivity heading3'. Costs of ra151ng fund5 relate to the e05ts incurred by the charlty in encouraging ihlrd panie5 to rnake Voluntary contributions io it, a5 well as the cost of any activities with a fundralslng purpose Expenditure on charirablt acilvfriie5 include5 the cosis Cf dellverln9 Strvlces undertaken to lurther the purposés of our charlty and ihelr assoclated 5UPPOrt CC+srs Irrecoverable VAT 15 charyed a5 a cost against ihe activity for which ihe expendiiure was Incurred. h> Allocailon of support colts Ae50urces expended are allocared to the panicular aciivlty where rhe cost felates directly to ihai acilvlty. The cost of overall dlrection and adminlstration of each activlry, comprising the salary and overhead c05t5 of the central function, Is apportioned on an estirnate. based on income. of the amount attrsbutable to each activity. 25
SPEAR Housln9 Assoclatlon Llmlted N•iti to th• flhaftclal itatements F<>r the ar ended 3 l Marth 2 l Accountlng pollcles Icontlnuerf) D Governance costs Covernance costs are Iht cost5 associartd wlth ihe governance a¥ran9ementS Cf ihe charlty. These cosrs are assoclated wlih constltutlonal and statuiory requirements and include any costs associated with the srrate9ic managemeni of the charlty's aciivlties. Governance tosts are apportioned on the basis of staff time atrributable 10 each activity. as outlined above. Ji Fund 4ccount1Tr9 Restricted funds are to be used for specific purposes as laid down by ihe donor. Expendlture which meeis ihese ciiierla Is charged to the fund. Vnresrrlcied funds are donarlons and other Incomlng rtsourcts rtcelved or 9enerated for ihe charltable purptss•s. Designated funds are unrestritted funds earmarktd by ihe trusiees for particular purposes. Endowment lunds ¢an be ustd soltty lor the sptclllc purpose ol property acqulsStlon. k) Operatlng leasos Rental charges are charged on a str41ght Ilne basis over the term of rhe lease. Tahglblt flxed assets Items of equipment are capltali5ed where the purchase price exceeds £ 1.000. Depieclarion costs are allocated to a¢tlvities on iht basls of the use of tht rlated •sseis In those actlvltles. Asse1$ are ievlewed for lrnpalrmeni sf clrcumstance5 indicaie ihelr carryln9 value may exceed ihelr nei reallsable value and value in use. Land is not depreclated. Oepreclatlon Is provlded it raies ¢alculaied to wriie down the cosi of each asset io lis esilmated resldual vilue over ils expecied useful Ilft. The depttciatlon lates In use are as follows.. Buildings aftd Property cornponenis Alrnshouses and Housing Flxtures & Filtlngs Computers & Equlpment Vehicles 8-7S years 3 years 3 years 4 years rnl Investfflenti Investments are bank balances held on deposlt lor more ihan one year. These are shown at market value. Debtors Trade and oiher debtor5 are retognlsed ai the seitltment amount. Prepayments are ¥alued at ihe amount prepaid. ol C•sh at bank and In hand Cash at bank and cash in hand Includes cash and short term hlghly Ilquld inVeSim¢nis wlth a shorr rnjturlty of three rnonihs or le$5 from the dale C*f acquisition or openlng of the dep051t or slmilar account. pl Credltots and provlslons Crediiors and provlslons are recognlsed where the charlty has a present obllgatlon resulilng from a pasi event thai wlll Probably result In the translei of lunds to J rh5rd parry and the amourli due ro 5etile the obliyation can be measured or esllmated rellably. Credltor5 and provisions are normally recoonlstd ar thelr seitlement amount after allowing foi any trade dlscouThis due. ql Flhamclal Insiruments The charlty only has flnanelal assets and financial 114bllltles ol a klnd ihai qyallfy Is bjslc fln•Trcl41 Instruments. 8aslc Ilnancial instruments are Inilially reco9nlsed ai iransacilon valve and subsequently rnoasured at thelr settlement value wlth the exceptlon of bank loans whlch are subsequenily measured at amort15ed c05t U5in9 the eflectNe interest meihod. The penslon conirlburlon5 are pald into Group Personal Pen51on Plans on behalf of all ellglble employees who elect to have Such a penslon arrangement. Thls Is in indlvldual deflned ¢ontribution arrangement. The charlvs liability is limlted to the employer's contributions. 26
SP&IR Houslng Assoclatlon Llmlted Note5 to the flnanclal statements For the arch 2 2 Statement of flnantlal actlvltles (Incorporatlng Income and txpendlture aauNt)- Prlor Yeaf SPEAR SPEAR Endowrnent Trusr 2024 Unrestritted Resirlcted Restrlcied Total Incoffle from: Donatlons and le9a¢ies Charitable aciivllles Investments 199,932 3,636,902 114,063 199,932 4.370,243 114.063 733,341 Totil lth£om• 3,950,897 733.341 4.6B4.238 Expendlture on.. Raising lund5 Chariiable activltles 76.751 3.482.280 176.751 24.883 4.233.354 726,191 Total oxpendlture 3.659,031 726,191 24,883 4.410.105 Nei Income for the year 291,866 7.150 124,8831 274.133 Nei movernent in funds 291,866 7.150 124.8831 274.133 Reconclllatlon ol lund5'. Tolol lunds brou9hr loTh¥ard 4.062.285 6,250 3.934,815 8.003,350 Total funds carried fornard 4.354,151 13,400 3.909,932 8,277.483 27
SPEAR Houslng Assoclatlon Llmlttd Notes to ihe nnanclal $tatemeDts 3 Income from donaibDns 2025 Total Vnre5tricted Rtstrlcted 2024 Toral Unresirlcied Re5trlcted Oonation5 257,980 257.980 199,932 199.932 257,980 257,980 199,932 199.932 4 Income from charlt•ble actbvttles 2025 Toiil Unrestricted Restrlcted 2024 Total Unrestrlcled Rtsirlcted Renis and service charges Supported housing and hostels Renis Ind serylce charge5 - Housing and almshouses Stfyice CoThtracts'. L8 Kingston L8 Merton L8 Rlchmond L8 Suiron L8 Wandsworth NHS contracts 673.898 215,132 673.898 215,132 789,727 2 17.043 789,727 217,043 662.871 50,000 919,896 77.120 841.991 215,577 662.871 50.000 919.896 177.120 841.991 21 S.577 488,368 150,000 904,960 86.751 801,885 98,168 488,368 150,000 904,960 186.751 801,885 98,168 Grartls.. ThÈ Berkeley Charliable Fgundatlon Avaniia Qsix Other 100,392 8,636 IQO.392 8,636 89,S56 13,075 30.000 3.400 89,556 13.075 30.000 3.400 Sub total 3.7S6.48S 109,028 3.86S.513 3.636.902 136.031 3.772,933 Hampion Fund Halcrow Foundarlon Comlc Rtllef Clty Brldge Tiust The Sttel Charltable Trust HSBC Heaihrow Communlty Trust 22,500 22,500 3,SOO 3.500 32,170 39,230 i 0,000 8.000 i 0,000 32,170 39,230 i 0,000 8,000 i 0,000 1,500 1.500 Sub total 5.000 5.000 121,900 121,900 The 29th May 1961 Charfjtable Trust The Natlonal Lottery Communiiy Fund 5.000 155,970 5,000 155.970 5,000 144,701 5,000 144,701 Sub total 160,970 160.970 149,701 149,701 Cl355pooI Charity Rlchfflond Charltles 38,QOO 7,000 38.000 7.000 21,000 21,000 Sub total 45.000 45.000 zi.ooo 21.000 28
SP&4R Houslng Assodatlon Llmlted Notes to the flnahclal statemenrs IAarch 20 4 Income from charltable actl¥ltles Icontlnuedl 2025 Total Unres114Cted Resfrlcted 2024 Total ilfirtstrlcted Rtstrlcttd B&Q Foundation 10,000 i 0,000 TO,000 10.000 The Wlmbled(>n Foundation and the London Cofflmunity Foundation Rlchmond Foundailon The Trllllum Trust Garfleld Wesion Foundatlon Comic Relief Nationwide Safe Haven Dougherty Farnlly Foundatlon Hodge FoundAtlon Streets of London The Hampron Fund Other 9,375 6,930 9.375 8.930 43.750 39,270 i 0,000 25,000 88.628 44,861 43.750 39,270 i 0.000 25.000 88.628 44.861 49.S74 49.S74 25.000 5,000 25.000 5.000 6,000 I s,000 17,500 4,700 6,000 15,000 17.500 4.700 15.000 52,500 4.800 15.000 52,SOO 5,700 900 Sub iotal 900 70.179 171,079 294.709 294.709 Toul Income from charllablo i¢tlvltles 3,7S7.38S 490,177 4.247,562 3,636.902 733,341 4.370,243 5 Intomt from lttvesiments 2025 Total Unresirk¢ed 2024 Toial Unrestricttd Restricted Restricted Inieresi earned 122.2S7 122.257 114,063 114.063 122.257 122.257 114.063 114.063 29
SPEAR Hous1Thg A550clatlon Llmlied 14otÈs to the flnanclal statements Fof the ar ended 31 March 202S 64 Anal1$ of expendltyrt Icuir¢•i yeirl Clltni Sefvlcts Supported Servlce contracts Ouirea£h. ealth and hostels and Communlty hou51ng Cosi of Covern•n¢e Oevelopmeni 5eryices ralslng funds Cos15 SET Mou51ng Ind Almshouses Suppoit Cosis 2025 Totsl 2024 T¢141 Staff costs (Note 81 Premlses C05[5 228,070 1,772,349 344.975 32,482 1.1 S4.540 3,269,145 S70.457 172,645 5,66S 237,82Z 81,751 3,292,T22 65J,012 192,577 12,853 204,642 54,299 82.387 7.956 5,683 2,298 5,665 124.Z26 Fundraisln9 COSTS Client Costs Other Olrect Costs 80.544 157,278 9,321 54,2$9 90,323 67,893 2,591 332.468 2.316,405 122,149 81,406 3,106 54,259 4.J37,41S 4,410,105 Support COStS Governance costs 4,535 44,027 154,2591 Totsi txpendlture 2025 160,807 455,836 206,661 4.337.485 Toial exptndlrure 2024 141,428 375,055 3,716,871 4,410,105 30
SPEAR Houilng Assoclatlon Llmlt•d Notis io thi flranclal statemènts For thi iar •nded 31 March 2025 6b AnJly515 of expendllyre Iprlor yearl Cllent Servlce5 Supported S¢rvl¢e contracts Ouireach, Health and h05tels and Community housing Cost of Development services ralslng funds SET Hauslng and Almshouses Governance Costs Support Costs 2024 Total 5¢)ff costs (Note 81 Prem15es Cosis Infrastrufture Cosi% Ftsndra151ng Costs Client Co5¢5 Other Olrect Costs 215,765 lQ?,681 1,064,128 134,465 3.292.722 653.012 191.577 12.853 204,642 54.299 69.939 5.315 448,608 50,585 14.085 1,261 12,853 62,397 123,076 19,169 54,299 75.254 292.247 2,S33.417 1,137.336 46,11 I IS.79S 54,299 1,339,093 11,339,0931 4,410,105 Supporl costs Governanco costs 63,595 79,581 58.581 2,S79 3,227 2,375 154,2991 Totsl xp*ndltllfe 2024 141,428 375,055 5,716,871 176,751 4,410,105 31
SPEAR Houslng Assoclatlon Llmlted Notes to the flnanclal statements For the ear ended 31 March 2025 Net Income for the year Thls Is stated after charglng.. 2025 2024 Depreciation Operatlng lease rentals.. Properry Auditor's remuneration (excluding VAT)- Audlt 32,627 37.702 265,039 389.979 17,760 14.100 Analys15 of staff costs, ¢rustee remuneratlon and expenses. and the c05t of key management personnel The charity trustees were not paid or received any other benefits from employment with the charity in the year 12024.. £0). No charity trustee received payment for professional or orher services supplied ro ihe charity12024'. £0). Slaff costs were as follows.. 2025 2024 Salaries and wages Social security costs Employer's contrlbutlon to deflned contrlbullon penslon s<hemes Staff and volunteer Expenses Contractors and temporary Staff Staff learning and development Recruitment D85 Checks Redundancy and terminarlon costs Oiher forms of employee benefits 2.539,341 261,235 66,830 16,166 257,896 43,497 52,577 2.557.489 253.913 62.861 19.922 276.878 37.719 54.643 2,228 1.41S 25.654 29.892 3.269.145 3.292.722 The followlng number of employees received employee beneflts (excluding penslon conrrlbuiions and employer's national insurance) during the year betsveen.. 2025 No. 2024 No. £60,000 - £69,999 £70.000 - £79,999 £80,000 - £89,999 £90,000- £99,999 £1 00.000 - £109,999 The total ernployee benefits (including pension contributions and employer's national insurance) of the key management personnel were £ 431.674 (2024.. £400,091). 32
SPE4R Houslng Assoclatlon Llmlted Notes to the flnanclal statements or ear ended l March 2025 Staff numbers The average number of employees (head count based on number of staff employed) during the year was follows.. 2025 No. 2024 No. Supported Housing and Mostels Supported Service Conrracis Operational Management Cenrral Support Raising Funds Trust Fundraising Communication5 Manager Volunteerlng 43 44 74 82 l O Tanglble flxed assets Flxtures. flttlngs & cornputer equipment Land and buildings Almshouses Land and building5 Houslng Vehicles Total Cost At the start of the year Additions in year Disposals in year 558.084 1.120.371 114,837 1,797 182,507) 16.724 1.810.016 1,797 (82.507) At the end of the year 558.084 1.120.371 34,127 16.724 1.729.306 Depreclatlon At the stan of the year Disposals in year Charge for the year 226.912 197.789 108.807 182,5071 2,550 7.317 540.825 (82,507) 32.627 13,877 12,019 4.181 At the end of Ihe year Net book value At the end of the year 240.789 209,808 28.850 11.498 490.945 317,295 910,563 5,277 5,226 1,238,361 At the start of the year 331.172 922.582 6.030 9.407 1.269.191 All of the above assets are used for charitable purposes. I l Debtors 2025 2024 Trade debtors Staff Loans Prepayments Accrued income 401.004 3.099 55.187 1.026,070 2.542 44,594 67,505 459,290 1,140.77 33
SPEAR Houslng Assoclatlon Llmlted Notes to the flnanclal statements For the ear ended 31 March 2025 12 Credltors: amounts falllng due wlthln one year 2025 2024 Trade credltors Payroll taxation and social security Hollday pay provlslon Other creditors and provisions Accruals Deferred Income INote 13) S7.634 91.595 3Z,608 110.378 290,885 221.715 98,878 94.577 40,624 179,300 269.058 223,170 804.815 905,607 13 Deferred Income 2025 2024 Balance at the beglnning of the year Amount released to Incorne in the year Amount deferred in the year 223.170 (233,330) 231,875 374,503 1270,7021 119,369 Balance at the end of the year 221.715 223.170 Included In the above 15 £130,60612024'. £148, 581 I relating to amounts Involced In advance, and £91 ,109 (2024.. £74, 5891 being deferred amounts on contracts wlth future performance obligations. 14a Analysls of net assets between funds Icurrent year) General unrestrlcted Total funds Endowment Designared Restrlcted Tanglble flxed assets Investments Ner current assets 1,227,858 10,503 3,640 2,279,395 1,238.361 3.640 7.325.796 2,656,178 2,369,S22 20,701 Net assets at the end of the year 3.884,036 2,369,522 2,293.538 20.701 8.567.797 14b Analys15 of net assets between funds Iprlor year) General unrestricted Total funds Endowment Designated Resrricied Tangible fixed asseis Investments Net curren( assets 1,253.754 15,437 3.640 1.999,679 1.269,191 3,640 7,004.652 2,656,178 2,335,395 13.400 Net assets at the end of the year 3,909,932 2.335.395 2.018,756 13.400 8,277,483 34
SPEAR Houslng Assoclatlon Llmlted Notes to the flnanclal statements For the ar ended 31 March 2025 15a Movements In funds (current year) At l April Transfers 2024 beeen fund Income Expendlture & At 31 March & gains losses 2025 Restrlcted funds: Core charitable services Client Grants Property maintenance Servlces gran(s Community Development & Innovatlon Homeless Health Link 170,179 45.000 1170,1791 13 7.6991 13,400 20.701 109,028 5.000 160.970 1109,0281 15,0001 (160,970) Total re5trlcted funds 13,400 490,177 (482,876) 20.701 Unrestrlcted Funds Designated funds,. Oe51gnated development fund De51gnated planned malntenance Total deslgnated funds 953,691 1,381,704 953,691 1,415,831 34,127 2.335,395 34,127 2,369,522 General funds 2.018.756 134.1271 4.137.622 13.828,713) 2,293,538 Total unrestritted funds 4,354,151 4.137.622 (3,828.713 4,663,060 Endowrnert Funds Properly reinvestment IAlmshousesl Property reinvestment IHousingl ,162.544 2.747.388 112,019> 113,8771 1,150,525 2,733,511 Total endowment funds 3,909.932 (25,896 3,884,036 Total fvnds ,277,483 4.627,799 (4.337,485> 8,S67,797 The net transfer io the cycllcal fund durlng the year of £ 34,12 7 represents a transfer of £ 3 5.924 to reflect the increased costs expected for the identlfied works less £1 ,797 spent on repalrs undertaken In the year. 35
SPEAR Houslng Assoclatlon Limlted Notes to the flnanclal statements For the ear ended 31 March 2025 Movements In fvnds (contlnuedj IrpOSeS of restrtcted funds The Core Charltable SeNlces Crants as detailed in note 4 to pay for overheads includin9 central services. head office, managing data and IT costs. Cllent Grants Grants received and managed by SPEAR io make grants to Indlvldual In need. Ibperty Malmenance Grants as deiailed in note 4 to pay for a range of property and maintenance costs incurred by SPEAR in providin9 housing to clients. Communlry Dovelopment & Innovatlon Grant5 as detailed in note 4 to fund work 5UPPOrting young people and adults who are homeless to develop (heir confldence and Ilfe sk1115. to improve thelr wellbeing. to undertake tralning and educaiion, and to secure employment. Homeless Health Unk servlce Grants as detailed in note 4 ro fund a servlce to Improve the physical and mental health of people experienclng homelessness in Richmond and Kingston. Purposes of unrestrlcted funds Deslgnated development fund Funds designated to meet the costs of acquisition of property that can not be met from the endowment fund and whlch are expected io be expended In the next year on a property SPEAR Is In the process of acqulring. Deslgnated development fund Funds desi9nated to meet the costs of fuiure planned repairs to major components leg roofs, kltchens. bathrooms) of the SET propertles the costs of which have been based on a stock condition survey. Purposes of endowment funds SPEAR Endobwnent Trust Fund5 held by Spear Endowment Trust made up of parrs, Housing and Almshouses funds. to be used in accordance wilh ihe permanent endowment as set out in the Trust deed, for the provision of housing for older people. 36
SPEAR Houslng Assoclatlon Llmlted Notes to the flnanclal statements For the ear ended 31 March 2025 15b Movement5 In funds (prlor year) At 31 March Transfers 2023 between fund Income Expenditure & Ai I st Aprll & galns losses 2024 Restrlrted funds: Core charitable services Client Grants Property and maintenance Service grants Communlty Development & Innovatlon Homeless Healthlink 294,709 21,000 i 0,000 136,031 121,900 149.701 1294,709) 113,850) I i 0,000) 1136,0311 1121,9001 <149,701> 6.2SO 13,400 Total restrlcted funds 6,250 733,341 (726.191) 13,400 Unrestrlcted Funds Designated funds.. Designated development fund Designated planned maintenance 953.691 1.268.152 953,691 1.381.704 13.552 Total deslqnated funds 2.221,843 113,552 2,335,395 General funds 1,840,442 1113,5521 3.950,897 (3.659,031) 2.018.756 Total unre$trlcted funds 4,062.285 3.950.897 (3.659.031) 4,354.151 Endowment Funds Property reinvestment (Almshouses) Property reinvestment (Housin9) 1,174,486 2,760,329 111,942) 112,941) 1.162,544 2,747,388 Total endowment funds 3.934,815 124,883) 3,909,932 Total funds 8.003.350 4.684.238 <4.410.105> 8.277.483 37
SPEAR Houslng Assoclatlon Llmlted Notes to the flnanclal statements For the ear ended 31 March 2025 16 Analysls of cash and cash equlvalents At l April 2024 At 31 March 2025 Cash flows Cash at bank and in hand Notice deposits (less than three months) 6.766,674 2,874 902.093 (320) 7.668,767 2,554 Total cash and cash equlvalents 6.769.548 901.773 7.671,321 17 Operatlng lease commltments The charity's total future minimum lease payments under non-cancellable operatlng leases is as follows for each of the following periods Property 2025 2024 Less than one year One to five years Over flve years 144,354 261,750 156,924 233,055 406,104 389,979 18 Legal status of the charlty The charity15 a company limited by guarantee and has no share capital. The liabiliry of each member in the evenf of wlndlng up. Is limlted ro £1. 19 Taxatlon The charlty Is exempt from corporailon tax as all Its Income Is tharltable and is applied for charitable purposes. 20 Related Party Transactlons There are no related party transactions to disclose for this flnanclal year 12024.. 0). There are no donations from related parties which are ouiside rhe normal course of business and no restricted donations from relaied parries. 38