Registered Charity Number: 1123817 (England and Wale5) Registered Compxuy Number: 06242442 Registered Providor Number: 4652 REPORT OF THE TRUSTEES AI4D FINANCIAL gfATEMENTS FOR THE YEAR EIYDED 31 MAY 2024 FOR TWEiYfY-FIFfH AVENUE LIMTED (A COMPANY LIMrrED BY GUARANTEE) Twellty-FSftb AveuueIAmite r￿ANC[AL STATEM8NtS FOR THE YfAR ENDED 31 MAY 2024 coNrEtqT OV FINANCJAL sfATEMEwrs PACE IiEFERENCE AND ADMtNISTRATIVB DEfAILS REPORT OF THE TRUSTEES AUDITOR'S REPORT 9-11 STATEMENT OF FtNANCIAL ACrIviT￿g 12 BALANCE SHBET 13 CASH FLOW STATEMB 14 NOTES TO THE CASH FLOW STATEMENT 15 NOTES TO THEFINANCtAL STATFMEKt3 16-22 DETAILED STATEMENT OF FtNANCIALACTIvrrIES Twenty-Fiftb Avenue Limited F￿ANCIAL sTATEN￿￿s FOR THE YEARENDED 31 MAY 2024 REfERENCE AND ADMINISTRATIVE DETAIts Trustee5 (ond DirectOT5) ThE Ttustees who served thuing th¢ ycarwerc as 5Ct (Krtbdow: Charles OsaBh8e Aneidi EbonE Clement Akinrinde Kingsley falola ieeutive OfficeT Charl¢s 0sagha¢ Regigteyed and Prlnclpal Otr]ce ThamesHouse. 1st Floor 3 WeLlillgtoii Street London SE18 6NY Chmrity registered llumber 1123817 Company registered nu￿bEr 06242442 Registered provlder 4652 B8nker$ Barelays BaDk Pl¢ 2 Churchill Place Londoll B14 5KB Sterling Bank l Duval S(EllarB LolldoThEI 6PW Auditors CreAn & Co A¢ci)vtt¢#tsts L￿esbor0 Street Co. Roscomlnon FY2 DA32, Ire]aDd PAGR I TweDty-Fifth Avenue Limited rrNANCIAL STATEMENTS FOR THEYEAR ENDED 31 MAY2024 REPORT OF THE TRUSTEES The trustees, who also serve as diredors of the chaTity the Comp8nie5 Act 2006. pt&5en¢ their report alo]wide tho financial slatettwits forthe yeaT ended 31 h4ay 2024. The trustee5 have wepared these financial statements in accordanee with thc provisions of Aceouniitig and Reporting by Charities: Statement of Recon]mended Practice (SORP} as app]icable to ¢haritiQs. Thi$ prcparation eomplies witb thsFinattcial Reportittg stslld￿d applicable in the UK and Republio of Ireland (FRS 102). ¢ffective fro]n l Jllnuary 2019. Twenty-Fifth Avenue is a clwitable compmy limited byguaranlc4 inc0T￿￿a￿d 10 May 2007, and officially regÈstered as a charity on 22 April 2008. fwenty-Fillh Aven￿￿ 18 a Ho￿sIng Assooiati(m dedicatrd toproviding supported accotnmodatioll for individuals at rlsk of homelessness. The orgaftisation offeES & range ofproErammes des]￿ed to help PEople resettle within the community alld wojks ¢logely wilh vulnerable individuaIs whose lives are often challengsng aDd Cl￿Otic. ByplacingthesE individuals At the entre of a tailored sUPPOrt network, Twenty-Fifth Avenue emp)w￿￿ them to achieve their goals. rvAlise their aspirdtions, and movc towards a positi￿ and iud¢potht futu Twenty-Fiftb Avenue operates from kls office W(MTrlwicb, tAJndo AIM The pruDary aim of Twenty-Fiftlk Avenue's setvi¢e is to tKovide tsmporary shared ac￿MMOdatioN for individua18 with div¢rse needs and cb8lleng&q. The individuals w¢ assist are betwe￿ the of 24 at¥J 4Oyearn ol WHAT WE DO Provide support to numerous individua15 8or055 En￿nd th¢ South East cach yejr. These illdividua]s, for a VaTiety of reaso￿, require additional asSiStaD¢e lo achiev¢ theirgoais. rea]ise their aspirnlii>ns. alld live illdependeDdy. . Provide support and care s¢ryi￿5 that en]pow¢r i)vr s¢rvic¢ us¢rs to achicvc p055tive c]wiEe 8nd pJYJgress in thBtr lives. . Partner with our seryice users to design and deliver itinoyative. flcxiblfy attd PEtsonabsed services that empower th61D to takt control of thcit IivEs. • Provide appren¢t￿b]p placetllenL8 for itidividuaL% who are ellergetic. cllthth8i&stic, and passionate about wwklng with vulnerable people. These pla¢eTllents offer valuable knowledge And the opportunity to develop ttillsferable skii]s. enablittg apprelltices to deliv¢r the hi￿eStqua￿ity services lo those suptorted by Twenly-filthAveDUe. Offcr advi¢e and guidanc¢ tbri)ugb a tt)bust systemtb21 ensures advice and xnforn)ation gxe re&dily accessible to our service users. Pmvide pathwaysto employrnenl including job starch 5￿pport aE￿ w)At experieuce, to offer our Service users itnproved access to traiTrin& skills developrnenL tsiloTed &8sistzncc at 8 tune that bESt sui(s theit needs. srRUCTURE COVERADICE AND MANAGEMETrrr The orga￿l￿atiOn is gDvertked by 115 MEmoryndum attd Articles of Assoc[atic￿ and is Jnanaged by a Board of Trustees. Decision5 are 1118de by a siwle majority votc among the Trwlte5, who are responsÈble for settsog the strategic direction of Ihe Chaiity. Trustees are se￿￿ed b&8ed ott their ability to contribute to ihe govemancc of thE oiganisAtion and the spe¢ific skills they bring. TILey are provided with copie5 olthe Charity Commission's Guidattce for Tyustees, along with additional information Btkd tr8illillg &8required. Delegated Authority ba5 ￿en granted to the F￿eCutIVe Officer and L¢4der5knp team of TrIEnty-Fillb Av6nuE to over5¢C th¢ day-tfvday ruming of the Charity. The ThJstee8 haye evaluated the nThjor risks to which the Charity is exp(Ksed. I)arti￿larlY those Eelated to its spccific opeLÉlÈoD818ctivitie$ and fm9mciaJ manag¢tJKnt. They believe that by inoni¢orillg reserve levels, masntsining Tobu81 CO￿trol$ ovet key f￿an¢&al Syste￿8. and regularly Kviewing the operational and t￿sIne&S rssks faced by the Charity, Continued... PAGB 2 TwetLty-Fifth Avenuc Llmlted FfNANCIAL STATEMENTS FOR THB YBARENDED 31 MAY 2024 REPORT OF THE TRUSTEES they have irnplomented effective system8 to matigate th&8aiisk The rEmuneration of the Charitys key rn3ll&gement ￿rSonnel is reviewed and detemined annllally bythe T￿stee8. The following guid¥ng principles ￿e applied to es¢ablish all appropriate Icvcl of ietllw)eration: transparency, 8pproprialene5S and bcnchmaTking &gainst exten)al comparators. e4Krtise and expeiience. 8nd eDSUting c4x￿petItsveJ18SS forrecruitment and tslcnt r¢tenli¢)n. sior4 AThD AKMS Our vision is a fuiure where no one ha510 slcep on th¢ 5trets of L￿d0￿ or anyother part of Engjand. We are dedtcated to SUPPDrting individ4M15 who aTe homeless and whom no one eE5e is willing to assist. We aim to provide practical atsd emotion81 sllpwjii offeritigstability to help it￿1vidUalS rebuild therr lives and getbackoll their feeL OBJEI CTIYES AND ACTivrrtKs The Charity's objectiV65 ar¢ outlined in its Memordndurn of Association, drafted and signed by its membus on 10 May 2007. It state5 thatthc Ch8rity's primary objective is to address the needs w(￿lated with bomelessoess through ths following The Charity's Objt¢lJ are: TO ratse ¢haritabl¢ knds to provide advise to tbe b(*lleless" and Provtdc ibe homeles5 hostels and priyale accommodatsoD4 and TO wovide training prograrmnes to h¢lp the homeless deal with addiction problen]s" and The provxsion of aCco￿all0datiQn for tbe puryK)5¢ of T¢habilitstion and traiDing The provision of traitiing and support to ￿L$th0]ne1C5S ￿0p]e to fiDd work ￿ meaDingful occupati(ML These objective5 8re charilable attd operate for thepublic benefit. The Ch8rity pursucs these objectives through a supported hoysing office located at irsprernises in the Royal Do[￿g￿ of GreertWic￿ 3 Wellington Stree¢ Woolwich. Indeterniining how best to achieve th&%e obieetives. the TnL%teesbxve Adhercd to ttLe ch￿ity Commissson's guidance on public benefit. The Charitys primary objective for the yearwds to continue ils reinvention and repositioning through the Re-¢Dgineering Project. Thi5 initiative focuses on e])han¢itig orgatiisational effecttveness andeffL¢teiicy) enabling the Charity to maximise its impact. STRATEGIES Rough sleepers and the homeless oft¢n face complex needs and Euukniple disadyantsges. Those we ￿]st frequelluy experience poorphysical amdlor menta] health and may sirugglc with alcDhol or dnsg d¢pend¢ncÈe$. Many have ￿]Minal record4 low edueational attaitllnent, and poor numeracy and lit¢racy ski115. They are typically long-lerni unellkployed with limited job skills and are ofiell socially isolated, living on the mar￿ThS of soci¢ty, having losÉ ¢onta¢l with friends aad family. Homelessne￿ is rarety a Eesult of simptyhavitignowhere to skep. For the iTLdÉviduals supported byTThfnty-Fifth Avenue, it is oflen the outcome of a series of complex atKI cumulative evcnts such a5 job1054 sviction, addictiDn, leaving att institution, abuse, or an ittabÈlity lo cope with Itfe's challenge& The Charitys strY4t6gy foraehieYinB thts objettive for the public benefit vr45 to TPPJSition itr¢lf to eff¢ctivEly engage ith its core dernogt&phiG and fulfil the visiun of the trust PRIOR YEAR ADJUSTht&f4T Last year, the Charity sought to purchase Éts (Fwn property to ensure ¢ontiJwityand 5&bility. rather than refying on leassng aTraTrgements. >lowever, securing a znortgagE pfovEd Ghall¢ngin& as most lender5 are reluctant io extend fmanctng to charities. To 8ddress these difficultke5. the Charity established a privalc Company lo act as a vehicle forproperty acquisiitons and the rnan88etneDt of its propcty portfoli Conlin4td... PAGE 3 Tiventy-f*ifth A¥ettMe Llmlled FINANCIAL STATEMwfs FOR THE YEAR BNDED 31 MAY 2024 REPORT OF THEI TRUSTEES JD August 2022, tlLe C￿lty re8iSteied a subsidiary. Tha￿ESHOUS1￿￿ MaMagemenL whith TLOW operates as am extension of the Charity's mission (o rnaintain alld develop IL% propEty ￿ets. Ill March 2023, the subsidiary* Thanw Housing acqulred its firstprom, 8 ChestnutRis4 located itl Plull￿te￿d. SoutbEa5t ￿nd01). The property will be lltilised &8 sttial housiag to provide accomrni)d&tion for the homel¢ss iTh the Tegion. To facilitate tbe llcqui5ilton. the Charily advaDced £427.0￿1 to the substdigry. This arnount was allocated for property acquisitions. illcludiDg a 15/0 d6posiÈ for securing JnoTi8age& as ￿11 as as50cialed costs sucti as legal fees, broker fee4 staw dutie4 alkd other re181cd rxpBn5e& Unfortunately* the 8Jnount adwced ioTharnes HowillgmaDage￿tIAd ill 2023 w&E inCo￿tty treakd 45 8ll Bxp¢ns Tother than an itivestsnent loan ill the fjnan¢ial ststetnents. To erLsure proper accoullting treatmenl ydprior PBEÉod adjustm¢nt hos ken made in the 2024 accounts to rectify ibis enor. The adjustmenl reclasstfies the a￿OUnt as debtors (ÉnvcstTD6ttt) in the subsidiary, aligning tbe fjnancial records with applicable acci)ullting standards and providing an accurate rewesentalion of the Charitys financtal ￿ts111￿L Since Thames Housing Management Ltd (111ML) is 1cc1￿le4llY a ￿bsidI8ry of Twenty-FilthAvellue, the sole share capitAI of £1 held by THML was traL8fcr￿d to TWr￿ty-FJfth AYcnvE and k8 reflected in the bal8nee sheet Rs an itiVBSttnenL ACHIEI VEMEI NTS AtID PERFORMANCE FOR THE PUBLIC BENEFIT The Chority has experienced significantyear-oTr-year ￿0￿4h ill its operations. The wfornmice iTLth¢ 2023-2024 financial year far ex¢eeded that (Ff previous yGar5. wntinuingthe upward trajectory obsetved in 2022-2023. This grovrth was driYcN by the exp8ll%i(Trn ufop¢rati(w in both Loadi)n and Birmingham. InLoudoll. the nutllber trfunits securedby the Clwity increased from 150 in 2022-2023 to 187 wilts in 2023-2024. SÈrniiarly. IllBirMinghaD￿ the llumber of units rose from 30110 506. Thig rEmarkAble pro￿￿5 undu5cores the Charitls op¢Tation21 The Board of TTU5tees (Bofj rem8ltJs cottUDitted to rn¥intainit]gihi5 Positive momentum in the comingyears. in order to retDain coinpetitive iu its marktts. the Charityh8s diyersified its approach from solely leasing or rentingprop¢rti¢g to acquiring its own propertÉes. strdte£iG shift is iegardcd &s a critical Measu￿ to safeguard tbe IoDg-tern] viability of th¢ 'EanisatioJJ, especially In light of the ￿Wit1g challenEes as5(￿18t¢d with leasiJ)g orttntÉJJgproperties. tn the 2022.2023 fthancial yE&r, the Ch8rity tt￿de a si8nificant EDilestone by purcha5inE its first property in Plumste￿, South London. Building oll this achiovem¢nL the Charity a¢quiTed three additi(Y￿1 propertte5. all situated sn S￿th East London. during the 2023-2024 rujanciai ycar. th¢rEby 5ub5tantially expanding its propertypottfojio. Th&%e acquisitions have been tlnattced through mortgages atTallged via Th8mes Housing Matsag6ment Ltd. 8 wknllyowDed subsidiary of the Charity. which holds IOOOA of the coynpany's 3h4res. Details of the propertiu CU￿elltty hejd by the Charity are pr¢sGntEd ID the listbelow. Date of urehase 23 Maroh 2U23 08 June 2023 27 June 2023 22 January 2024 Addr¢59 8 Chestrjut Rise, Plumstead SE18 IRL 84 Genesta RoaL WcM)Iwi¢h SE18 3EU 252 Greenhaven Drive, Thame5mead SE28 8FX 7 Lewes House, Pe¢khom SE15 IIIP As part of its corc objeetives. the Charity b&8 cMtitiued lo provide suffttable t¢mpornry awommodation forthe hon]eles5 Bnd rough sleepers a¢r￿S th¢ UIL It also offets the necessary support to help illdividufils transition illto permanent hou5in& fo achieve thi4 the Charity T¢m&iDS committed to increasing its ho￿St￿S stoLk on an aonual basis. In tkne 2023-2024 fuTrnci&l year, the Charity si￿1r1¢andY ¢xpand¢d its operdtions by doubling ils housing slocl itt¢Teasitig the rtumber of units fto]n 451 in 2022-2023 10 506 ￿Lts. CIMJtiJJized... PAGE 4 Thenty-FiIth AYell￿e Lijllitpd FINANCLAL STATEMBNTS FOR THE YEARENDED 31 MAY 2024 REPORT OF THE TRUSTEFS Tbe Cbarlty's inclusion into the maiDstrtAm programme Tellxnts, engagements Twenty-Fifth Avellue supports its scrvice u5er8 based on their indsvidual n¢ed5 8nd Provid￿ assistance as idEntified in the￿ personalised support pl￿￿. S¢rvi¢¢s us¢r5 are offered tsvo weekly k¢y-work sessions during whicll th¢ir support action plans swe initialty implem¢nte( monitored, and reviewedwith their inpuL Twenty~Fitlb Avenue provides Yartous fornis of support to its seTh'i¢e users, including refettals to external agencies such as Adult Social Services. OXtFAS, MtND, and orgallisalions specialising in alcohol alld substance rnisuse. Twrnty-Fifth Avenue supports ils service ￿gerS in dEvelopine independESit living sktlls. The Charity pri)vtdes cookery Glasses and assists Se￿]ce users in maintainingth¢ir acxommodat10￿ upholdingper50Jkal hyglene, at]d learning how to usc Vario￿ household equipment. Additionalty, Twcnty-Fiftb Avcnue cn¢i)urag¢5 s¢rvice us¢ts to abide bYh0￿C rules by oreanising IM)using ￿￿et1￿ where rnks arc r¢inf￿ced. and ￿l¢V9￿c¢S can bc op¢uEy discussed. Twellty-Fiftb AveDU8 SUPPOrts its SEfvicB users by assisting th¢tn in r6gi5trringwith GP4 applying fw appropri8te benefit& settingup bank accou[￿, and managTnEtheir budgEts. Uhimat¢ly, Twenty-Fifth Avenue supports Rts seryace use[5 transiti￿l￿g to illdepcndellt livittg by &s5isÉiThg tb¢m in apptying for COUDGi] acc(Nnmodalion or It￿ependent prsvate accomEB(xlation when they are ready. Regular supporl and referra￿ are a]so provided tD hclp seTh5ce v5ers register for worL tr&inin& and educ8tion opportiu)ities. Twenty-Fitlh Avenue provid¢s a E¥Lini welcome packAgc lo help Dew seryice users seltie quickly into the%r accommodation. Additionally. the Clwity supports 5eryice inapplyiDg for food vouchers fro[￿ local food bank5 during times of har(Isbip. The Charityorgani5ed a lunch ot)titigfor its service users, with 15 attendees outof th¢ 200 iTLVited. This tllrnaut was coDsiikred below expectation4 and as a resulL the Charity pl￿S to replace the lunch outingwith a n¢w initiative, the'Breakfast Centre., in the upc(wning financial yearto better ¢Dgage 8nd supptrtits service ￿sers, Otber acbi¢vemeLts by Trenty-Fiflb AVe]U￿ illelude Successfi]Ily supported a sigtuftcant number of fi)mt¢rtenants in gaining cmploymenL A&sxsted tenants in securing coullcil accolljtnodatiots ot being placed on the routtcil biddinglist. Su¢c¢s5fuEly distribufrd 2DO ChrAsEm&8 harnpers to service users iti Lolldon and aims to Exta)d this initiative to its Birmingham seryice users in the n¢xt flnancial yrar. Supportcd tEIiallts ill ¢ompletitig collrses 8nd training pri)8rdms that enhsnce their fikture emplOy￿ent prospects. F&ciiit&ted job illterview 3kills and CV writing sessÈons for a large number of teDants. Through TweDty.Fillb AvcttuE'S SUPPOrt progranK maoy le￿ts are JLOW able to mana£e their f￿anCeS effectively, reduc2Dg dobt Icv¢J5 amotsg 5ervi¢e users. Aceommodfitign Twenty-Fifth Avenue 5e¢ure$ 9LCOrntnodation througb 8 network of privatB latEdlords alld estate agents. ensuring properties meet the liwng stand8rds a￿d location prefuences of ils service users. The property stock compri5e5 rEftrra]s from other organisatton5 8nd local counctl& t]x organisatiOD parIn￿S supported hou5iDg tnallagemelltproviders who suA)ly properti¢s and delÉwprof¢s5ional sllpI￿ seryices. T￿Nty-F1fih Avenue's hou3itig stock cottwrises amix of self-contained units wjd individual rooms withill shared accommodatiDJlS. de5ignedtO #llp￿rt h(Mnele&8 individuals and r(NJgh sle¢pers. Twenty-Fiftb Avenue cwrenlly provid&s affordable accoln￿￿tion lo servtce in South East Londcli and Birn)illgham. Continud... PAGE5 Thventy-lfafth Avenue Litnited rtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 REPORT OF Tfftlli TRUSTEES FINANCIALIiEVJEW PrkncipBI FundiDg Somr¢es The Charitys priThcipal fvnding sources prim2rity constst of rent paY￿￿S fiDm IWAI counoi]3. privot¢ tenants, and a S￿￿1] weekly 5ervicv charge paid by tgDarLts. This seryice chaEEe coutributes towards the cost ofutilities and th¢ leaning of coDITnutk81 ttea& tLvesltneMt PoM¢y and Objeclives The tn￿te￿ of the opinioll the Charity3 finanri81 perf0m￿lee aligtks with their expeciatitms and strategic plans for the orgollisation. R¢serv£5 Policy As at 3151 May 2023, the level of Tcserves avatlable f¢x the CFAritg5 use (Le. uwcstsicted 5Jnds and not represented by fEx¢d assets) was £ 1,087,557 These reserves are maintiined to eTLSUfC the Charity ean meet its financial cotnmikneTLts, Inch￿Ing the provision of services and Hctivitie4 as well a5 obli¥aiions, in the event of a reduction or abs¢ll¢e olfitndin& Additionalty, resc￿e5 ate used to sup￿1 key capitsl-int¢nsive initiative4 such as se¢ur&ng addition81 h(NJsiDg stsKk FUTURE PLANS At ¢he heart ofTWe￿ty-Flfth AYe￿￿e'S strategy is its commifuKnt to addressing tbe growing crisis of homelessness in London and th¢ Midlands. with plans to expand into other parficuiarly Essex KenL with a focus onstreet hollLe1e5￿e5S. A k¢y Component of this Strategy is to IT￿eaSe the numlKr of homes it pr(5vides. This will be achieved by acquiringpropeTties fro¢n privat¢ ana social propertyowners, as well as sUPPOrt¢d housing llvdllagementorganisations, either through leaK% or dire¢tpwd)a5es. TweThty-filUL Avenue is dedicated to add￿SSing h(xi)¢1¢55ncs5 in LoTKlon and the Midlands, betievingthat Ihe effective way lo achieve thts ts by working in parfnership with oth¢r agenci¢& TweAty-FiftlA Av¢nue is COEt}￿lttCd to ¢nytJrinE that every¢Jne ha5 access lo a safr and secure home. To achievo this, tt ha5 adoptEd th6 Housing FirstprÉnciple. initiative focused on providing Secur?t￿aUCI£S fDr individuals affected by ho￿01￿53n¢sx. The £SO.000 GOvernll￿1t Bou¢u Ba¢kLoan tsken by the Charity durillgthe 2020-2021 finallcial year Itu¢ to th¢ COVID-19 pandetlli¢ has beellsiguifjcalltly reduced. The Charity lo fully rcpay the loan withllj th 2025-2026 fJn8llcial year. The Charity has ¢ontinu¢d to explore wY*ys to further its clwitable objectives effecdvely by raisingAwarelless of tts serviees and seeking opportunities Èo e2thance its involvtmEnt within th¢ coDunwty. Thc ChaTity r¢main$ ¢otnmxtied to providing quality seryices to users. Itt the fmancial year 202K25. the Chartty aims lo expand its ChrISt￿a5 ￿fiS initiative by offering Christin￿S barnpe￿ io seThice in both Lottd(m gnd Birmingham. Additii)nally> the ChaTity plans to law]ch a breakfast centre. wovidillg seryice wets with the (wortunity to access ]￿tritiouS mekl4 whkch is expectEd to bc of signific2nt beuefii ￿ its seThi¢e users. The Charity aims to ¢ontinuc providirtg a￿Orn]￿0a&ti0ll for tbe homeless within the commuDÉty. ther6by Contrib￿l￿g positively to ciJHtrnuttity inclusii)n. STRUCI'URE, GOVERNANCE AND MANAGE￿IENT Governing Document Twenty-fiitth Avenue is & chaTitable company limited by gllar8Dtet, inco4)￿ated on 10 May 2007. and offiCi￿]Y re8iStered s a charity on 22 April 2008. It operates undcr its MemoraThlum Articles of Association P4lld És overseen by a Board of Tmstees (BOT). The TTUSkes set the sts2tegic direction of the Charity. decisions detemitned by a simple Enajortty Cotklinued... PAGB 6 Twellty-Flfth Avenue Llmited FfNANCJAL STATEMENfs FOR THE YEARENDED 31 MAY 2024 REPORT OF THE TRUSTEES vote. Delegated authority foT the day40-day operaiioTL8 has bECll entrusted kn the Executive Offic¢rand thc implementhlion team. under the guidaD¢e of the BoaTd of TDJstees. Reciuitmcllt and Appolntll)ent Of New Trustees Trusteeg ate selected based on their ability to contributc to the governance of the orwdllisatioll and the specific skills they bring, Thcy gre provided with copies of the Charity Com￿1&S11)n'8 Guidance for Tr￿SteeS and receive additional traÉning as required. srRUCTURE, GOVJIRNANCE AND MANAGEMSNI Ri5kMauknEcmeDt The Trnstees regulorly review the maiorri5ksto which the Charity is exposed duriog theit2ne¢tin&8 and are s&tisfied that effective 8yst6m5 are in place to tnaJ)age th￿ risks. Insur￿ coverage is m8tnlaiDed. and thc eI￿lty'S fiDances are kept utxder continuous review. Appropriate DisclosuT¢ & Btirting Service (DBS) checks, supported by re8ularly updated ptsli¢ies, oce conducted for all Indivlduals workll)gwith th¢ horne1￿ or othervulrkerabl¢ groups. IlltttDal ¢ontroJ risks are mitigated through procedures forthc aUthoriS￿l0n ofsigoificant traDsaclions proJ￿ts. Thc Charity tshsures compliance with health and safety re8ulali¢)ns for stsff. Yolunteers, sejvice users, and visitors. Qualified and 8ppriyriatBIy ¢XPErirncrd employees are al￿ external c0DsulL￿ts arc engaged to provide expert advloe on 5ignificgllt issucs. STATEiVIEEfT OF TRUSTEES, RESPONSIBILITIES The Tn￿te¢s, who aTe &lso the directOES of the ChBrity forthe pu¥poKs (rf¢oJwy law. are responsible for preparing the Report of the Tn]stees and the f￿anCIal s¢atBJnents in B¢¢ordw with applicable law and United Kingdom A¢countÉng Standards (UK Genelally A¢¢epted AccoutLtiDg Practice). CompAny law rtquires the Txwtees to prepare f]naDcial ststements for each fiftancial yearthat provtde a true and fair vlew tsf the slal¢ of affairs of thc eh8ritable comparyy. &s well the ineomingresources and application of reS0￿￿e$. including come and ¢xpeDditUEe. dllring that perid. Jn prep3rin8 tbese fÉnI￿181 sthtement& theTTWStee5 are requi￿￿ to; . srlcct sultable aeeoutttsngpolicies and then apply them coAJsistently' ' observe the methods and priticiples ill th¢ Chprity SORP. • make judgements and estimates that are Teasonable a￿d pn]den¢ • PTepare the fll)ancial 51at¢m¢nts On tbe going concern basis it is itiapproprtate to preswne tbatihe ¢huitsble eompany will continue in busine&s. The Trustees are re5PO]]xible for nmlltt01n￿gproPer accouotiDgRG(K& thaiae¢wately the financial position of the charitabl¢ company ttmely manner. This e￿bleS them to en5ur6 the fmancial Stateme[￿ are accurnte 2nd compliatts wi(h the CompaTrics Act2006. Additionally, the Tnjstees are[cspo￿lbLe for safeguarding the assets of thE charitable company and for takiDg r¢asollable steps to prevent and detect fraJd or other irreBularitie& In so far as the trustees ￿¢ aware: . there is no trkvant audit inforniation of which the charttabl¢ compan￿8 auditors are UDawgre' and . the tfU5tCC5 takBn all steps that they OUEht to have taken to inth themselv&% 8waTr of any relevant audit informatioTh and to estAblish that the auditOT5 ate aw#re of tbat inforr)alion. Auditors The auditois. Crean & Co Accountsnts Limited, bave indicated their willinw to continue in olfice iTL accord&nce with the pr(5ViSiOns of Section 485 of the Co￿panIeS Act2006. Disclosllre ofiDforJnation to auditor E8ch of the Trllstc￿ has ¢onfmed thaL to the bESt oftheir knowledge. there is no telev2tht itifomiation of ￿liGh the auditor is wiaware. F13rth￿￿ore, theyhave confirmed thattheyhave tsken all necessary 5t¢P5 to idenity such rekvattt ]nforn￿tion and eosuLE thai the auditor ts aware of it. Continued... PAGB 7 Trenty-rtifth Avellue Limited FJNANCtAL STATEMENTS FOR TUB YEARENDFD 31 MAY 21r24 REPORT orb THE TRusfEI£S Appr(sved by order of th¢ Lknrd of tswtees aThd signed on its bebalf by. Charles Osgghae- Trustee Dote." 21 Jalluary 2025 ThYetLty-fiftb Av¢Due Limited FINANCtAL STATEMBNTS FOKTHE YBAR ENDED 31 MAY 2tr24 DLI PENDENT AUDII'OR'S REPORTTO THE TRUSTEES Opinloja We hav¢ audiled the cbarity f￿anCIal 5tstemellts of Twenty Fifih Avett￿ ('the ¢harity) for thE finaM¢ial year ¢uded 31 Ivfay 2024 wluch cornpris¢ the Stsi¢m¢nt of Fillancial Activities (incotporating an It￿me and Expendithre Accoiillt)- thE BalÉnce Sheet and notes to the f￿a￿claI statements. includitjg the 5Uttun9ry of si8nificant accounting poEicie5 Set out in note 2. The fman¢ial reporting frarneworkthat hos &pp]ied theirprepatatlOIi 15 applicable law and Ullited Kingdom Accounting Standards, inclvding FRS 102"Ile FinatLci&I ReportÉnB Stsndard appUcabl¢ ITh the UK and Republic of I¥¢laL￿ applying SEction l A of that Stalldard attd Ac¢owiting and REPOrtingby CbarÉtiES.' Recon)mended P￿CtSc¢ applicable to charities PTeparingthcir aecounts iti a￿ord￿Ce with FRS 102. Jn Ollr opinion, whenreporting in accordance wath a fairpresentation the fManci￿ 5tatements.' give a trne and fair view of th¢ 51ate of thE ¢hArÉtys affairs &s at31 May 2024 8Trd of its surplus forthe. r]naDcial year thell ended . hAve been priyerty prepared ij) awordanc¢ withunited GcnEnllyAc¢¢pled AccountingPracti¢e' and have been in aceordance with the requitcments of the Companies Act2(M)6 andthe Charitics Act 201 I. B#sJs lor opinio We Conducted our 8udit fft accordance with Intcmational Standards on AudilinE (UK) (ISAS (UK)) applicable law. Our re5poTrsibilities under tbose stalldavds are further ds5cribed the Auditorfs rcsp(Insibiliti¢s for the audit of the fmancial statements section of our rep(xt We are illdependeut of charity ill accordance with ethiul requirements that are relevant lo our audit of the fu￿501a1 statemenls in the UL including the FRCS Ethical Standgrd, and we ha Ifilled our other ethxcal rtsponsibilities in accordance thcst r¢quiremeats. Wr believe that thc audit evidence wr have obts5ned is sufficiettt and appropriate to pmvide a b￿lS for our opinÈon. Co]Iclusio￿$ r¢lgtiDg to ¥oltt¥ eoncern ItL auditing the fuwicial sratellLents. we have co[￿luded that the trus￿eS, IL86 Df going cl￿¢¢￿ basis of ac¢ounting i the Preparation of the fmancial slatejnents is ¥WTOPtiats. Based OTh the work we have perfomied. we have not ideDlified any ￿￿terial vncertainties relating toevents or CODditions that, indtviduallyor collEetive]y. may cast siguifitj￿t ¢J)ubÉ OD the eharity5 ability to continue 45 a gofftg concern for tILe per&c4J of at l¢ast twelvemonths from th¢ date when the financial 8latemcnts 8re authorf8¢d for i&sue. Our responsibiiitte5 and & respon5ibiliti¢s of the In￿ with respect ￿ goingcow are described in the ￿leY￿t scction of the report. Other InfornJRtioo The o¢heE iDfoEmalion cornprises the infornialion included in the attnual report other than the f￿ancial5tat¢Ments and ourAuditorfs Rq)ort therei)n. The trt￿ A¥e ￿spOnsIble. for the other iDforyDatioll contained within the annual Tep¢>rt. Our opinion on the fU￿1ClaI statemEnts does not coverthe otber information alld. Bxcept to the extent otherwise expltcitly statd in our repor4 wc do not express any fm of conolusiolldLcr¢cffj. Our responsibility i5 to Icad th¢ other I￿orrOa￿On atrl in doing so. consider ￿ether the Inforn￿tiOn ig inalerially incottsistent with the FU￿ncial statEments or OUT knowledgc obtained in the coU￿e of the audi¢ or ottictwyse appears lo be materially misststed. If WE ideJJtify such material inconsÉslencies IK app8reDit)￿t¢rial wksstatetncnts. w6 are rcqutred lo detern]ine whelberthts gives rise to a material MI￿tatement irA the financial stat¢mellLs thC￿￿ElyES. If. based (Trn tILe workwe have perfoITre￿ we required to •the facts. W¢have nothingto Teport inthis regard. OpknloTA OU Qtber wtler prescrxbtd by the Compa￿￿ Act 2006 ITh our Opinion, based on the work uDdertakcll the course of the audiL th6 information givcn in the Trnstees. Anllual Report for the financial year for wbicb the fmancial staiements arc piepJrcd is eonsistent with the financial 5tatements.' and . the Trnstee¢ Annual Report bas been prepared in acc(th with appltuble requiretnents. Continucd... PAGE 9 TJYenty-Fifth Avellme Limited FllqANCIAL STATEMBHfs FOR THE YBARENDED 31 MAY 2￿24 ll¥DEpfi NDEtYT AUDITOR'S REPORT TO THE TRUSIIES Matters on which we are required to Yeport by ￿teptiO t1￿ liglit of ourknowltdge and understandi¥Lgof the charity 8nd its gnvjrotij￿I obtsined in the course of our audit, wo have not identified EDat6rial niisstatem¢nts in the TnKsteeg Annual Re￿L We ha￿ uothing to report inrespeclof the following mattas WI￿[￿ the CompanÉes Act 21K)6 requires us to report to you if, Éli our OPiEiLOII: ad¢q￿al¢ accourttingrecord3 have kcpl: or the fjnanoial are nol ID agreetELtnt witli the aecOuntingrec4￿ds and retum4' or cerlain disclosure of trustees, remunerdtioll spcGified by law are not m&dc' or • we have not ￿c¢1y¢￿ all the itttormation Ind cxplattalions we required forollr audit the trustee5 wae not eniiiled to wepare thB fumicial slaternents ID ac¢(snlan¢e with th¢ sjllall ¢omp2nies regime and the advanlage of the sJnttll Co￿panIs￿ preparing fbe Tn]stees' Annual Report. Respts)Isibilitie5 of trustees for tbe fiDancial stAtements As txpl91￿ttd more fvlly in thE Statement of TTUStees' Responsibilities set out on Page 5. the tr￿leeS are re5PDnsible the preparati(￿ of the flljanciil statements alld for being satisfied that they 8ive a true and fair Thiew, and fDf such itLlerllal control as th¢y determine is necessary to ¢nable tbe prcparation of f]Dallcial stalen￿tS that are free from rnat¢ri81 llJisst&temcnL whether du¢ to ftaud Dr err(r. Ill preparing the fllMllcilll 5takm¢nts, the trustees are ￿pOnSIble for aswsing the cJJ8riWs ability to continue as a going concem. disclosing. as applicable, mattErs Tclated to going concern and using the 8oillgcoJic6rn basis of aecounting unles5 mADa8eznent eit1￿ intends lo liquidate the charity or to cease opeiations. or bas DO realistic alternative but to do so. Auditor's respongibjlitics for the s￿alt of tbe f1￿4￿ClaI stattmellts Our objeeiives ate to Obta￿ re&%onable a5sur8n¢e ab(Artwhether the financial sthtellLeDts as a whole are free frotrL malerial misst&temetrts, whether due to fraud or error. and to issue on Audivs Report th&t Éti¢ludes our opinÈon. Reasonabl¢ Assurauce is a high le￿1 of a85urane¢. but 15 nota gvrniee that allaudit collcluded iti a¢cordan¢e wtth ISA (UK) will always detect a material misstatemcnt when it ￿15￿. Mi&stateJnenl can 8rise from fraud or error a)￿ are considered material if. individually. or in the ag8r6gatE, they could re&8onably Ix expecl¢dto ]nfjue￿e the economic th¢ision of users taken on the b8Si5 of these fKnancÉal 5t#tements. ITr¢gu]hritie4 includtng frau￿ are iD5tallce5 of Doll-cotDplianre laws and regu]&lioys. We designed procedures in linc with our responsibilities, ovtEined 4bov¢. to dele¢t rnalErial missfalements in respecl ofirregularities, iBduding fraud, ThE fxtent to which our piwedures are capable ofdetectiDg ittegularitie4 illcluding fraud is detailed b¢low: Further Snformatioll Teggrdfing the Scope of our r&ypDAsAbiiities auditor As ijart oran audit in accordance with ISAS { UK). wo exErcise prnfessi(x￿1 judgement and rnaintsin Prof￿510￿81 scepticism thr￿ghOut th¢ audit, We also: identify and assess the risks of maleTi81 mi&tht¢ment of the fujallcial 3tateme￿4 Whet￿ duc to fraud or error. desiEn and perforni a￿d3t procedures respotLSive to tIM)5e risks. atsd obtain audit evidence that is sufficient and appropriate to provid¢ a basis for our opiniotL The Eisk of not detecting a ￿￿tErial misstalemenl resulting from fraud is hither than forone resuliingfrom eJTor. ￿ may I￿volVe colli]sÈon, forgery, intentional omissions. Jnisrepresentations. or the override of illternal control. obtai￿ all Ibnde¥stat)ding of internal Control rclevanl lo tbe audit in order to dcsign &udit procedure ll￿t are oppropriale in the circumstances. bui not for the pllrJ)05e of expressing an opiNion on thc effectiveness of the ¢har%tys internal control. Evaluate tho apprq)riateness of accDUlltingpolicie3 used athl ibe re&80￿bl8ne￿ of accounting estates and rejated disclosllres rnade by the trustee5. PAGE 10 veDty-FifthAvenue Limited FINANCIAL STATEMENTS foR TFiE YEAKENDED 31 MAY 2024 INDEPJ£NDENT A[1D￿oR,5 BIPORT TO THE TRUSTEES Conclude on the appropriatencss of the tsvstees, or the going conc￿nbaSiS or areounting gnd. based on audit evidence: obtained, whether a material uncertainty exists Telated to events or conditi¢Jns th&1 may casl signif￿ant doubt on the charity'5 ability Io Cojktinuc as a conccrn. If we c¢)ncludc that & material uncertainty exists, we aTt r¢quired to draw attentiQD our Auditoes Report to the rElated disclosures in th¢ financial statements or. if su dis¢losures arc illodequate, lo lliodify. our opiDion. Our concl￿51￿S are Imsed on the audit evidcllce obtained up lo the dale of our Audits)rfs Report. However events or condstiolls Tnay cause the charity to cease to continu¢ 8s a going conc¢m. Evaluate tho oveiall preseutalioJi. structure and control of the financial Statemen￿ including the disclosur¢5, and whether thE financial ststemeJ)ts rq)r¢sent the und¢rlying traI￿(lon5 awl Ev¢nts in a tllanaer thatachieves fau pr¢setitalion. We communicate with thosc charged with governance reg8rdin& att￿ng other matters. the planned Scope and timing of the audit and significjnt audit findings, inclLTding any SI￿]15¢antde￿¢iencieS in iDler￿1 control that we identiry duriD8 our audit. The pury&5e of our #udlt work alld to whom we owe our respDD5ibi]iti¢A This ￿POrt is made solelyto the cliaTitys mcmber4 as a body, in accordancc with Chapler 3 of Part 16 of the Companies Act 2006. Our audil wosk has been undertaken so thatwe tt)ight state to thc charitys ]netJLbeis those matter ￿ arc T¢quired to stste to them iti arL &uditols report and for no other pu4x>se. Toth¢ fuuest extent permitted by law, we do noL accept or assume responsibiiÈty toanyone other than the cbaEity and tbe charÉtys rllembers as a body. for our auditwort for this Tepo¢ or f e opini￿& we hav¢ fomKd. David c￿n. S¢niot Sta￿tory Auditor for *ud on behalf of CreaD and Comp8lly AteOllDtsots limited Statutory Audit Fir LaDesboro Streel Roscommon F42 DA32 Republic of treland 21-JatL-25 PAGEII TwEnty-fiifth AyeD￿e timited FINANCL4L STATENIEKTS FOR THE, YEAR ENDED 31 MAY 2024 SIATEMENT OF IqNANCIAL ACTIVITIES 31.05.2024 UDl'e5tri￿cd funds 31,052023 Total funds as r¢5tated INCOME AND Ef+lDOWMEKfs FROM Income 5,769,379 3.718,014 EXPENDITURE ON ClIAritxble activitses Char¥tablE #Ltivitie5 S￿ppOrt c( 4,673,651 564373 2.742.480 447,636 Total 3.190,116 rqET TNCOTrIE *Jl,455 527,898 REC0Tr4CILIATION OF FUNDS Tothi fllnds brought forward $56,102 28,203 TOTAL Fuf4DS CARRIED FORWARD 1,087,557 556,102 The statement of ffftancial activities includes all gain5 and losses recognised thE year. All ittcome Attd expeTJditure receiv¢s from continuing 8cliviti¢s. The noles form part of these fuw¢ial statements PAGE 12 TivEnty-fiAfth Avenuela￿1￿Ij FINANCIAL STATEMEKfS foR THE YEARENDBD 31 MAY 2￿24 BALANCE SHEET AS AT31 I￿4v 21)24 31.05.2024 Unrestricted 31.05.2023 'lotal fllnds as re51aled ASSETS Inv¢Str￿entS Tangibl¢ assets io 46,020 46,021 69,813 69.8E4 CURRFNT ASSETS Debtors Cash at bank and in band li 755,266 350867 1,105,733 433.300 142.754 576.053 CREDrroRS Amount falling due within one year 12 37,522 30,011 rqET CUIiREiYf ASSETS 1,068.211 546,043 TOTAL ASSETS LFSS CURREiYr 1,114332 615,856 Anwunt falling due aft¢r]fMMe tholl one ye8r 13 (26,675) (59,754) NET ASSETS 1,081,557 556.102 Unrestricted funds 1.087,557 556,102 TOTAL Ifuf4DS lo87,￿? 556.102 I'bese f]Dattcial Staten￿lts have been pr¢pOT¢d in accordallce witb tlle provisions applicable to tharif2ble eompani¢s subject to the sm811 companic5 regime. The fsnancial statettEentS ￿Ere atvrovEd by the Board ofTn]s1¢¢5 and authorised for issuc on 21 January 2025 and were signed on its brhalf by. Charles 05aghae Date: 21 Janu4ry 2025 Company llum￿r: ChArlty Dllmber: 6242441 1123817 PAGE 13 Twenty-Fifth AvenueLiwited riNANCtAL STATEMEwfs FOR THE YEAR ENDED 31 MAY 2W24 CASHfLOW STAY£1 MEtYr 31.D5.2024 31,05.2023 13nYt$trleted TolAI fijnds rJ]nd a5 restated Note C98h flowy from operating actiYiliEs Cash geDerated fri)m operations 207,715 96,877 N¢t casb piovided by oporatitig actsyitie 207,715 96,877 Cash flows from investing activitiu Investmcnt Pttr¢has¢ of tangtble f￿ed assets CRSIL fron disposal of a&%ts (92,040) 74,139 Net Cashu￿1 in invE$liLg 17.900 ChAllge cash equivgl¢nt i Ibe reportlng period 207,71S 78.976 C95h Jnd eAsb equivgleDt at th4 beginnillg of tbt reporting period 141754 63,777 Cash c&%h equivalattt At the end of the reptsrtlrtg period 350,468 142.753 The notes fonn part ofthesE finan¢ial 5tatcmenls PAGE 14 veDty-Fiftb Aveuue Limited r]NANC￿L STATEMENTS foR THE YEARENDED 31 MAY 2024 NOT]LS TO THE CASH ITLOW STATEMEE4T RECONCILIATION OF IYET INCOMETO F4rr CASH YLOWFROM OIPERATING 31.115.2024 31.OS.2023 as restated Net i4cDme for the rny0rtlDEp￿￿1d (#$ per the Staterntmt rThAanci31 Activities) Adjustmeot for: Depr￿lation th&rges (Surplu5yDefjGlt fto]n disposal of assets (liicreaseydecreas¢ in debtor (De¢rea5ey￿CreaSc credit￿8 531,455 527,898 23,793 24,323 (26,338) {433,300) 4,294 (321,966) (25,567) Net cash provided by frpey4tioDg 207 715 ANALYSIS OF ClWtGE IN FIET FUNDS At 1.6.23 Cash flow At 31 .05.24 Net tash Casli atb8Dk 141754 207,714 350,467 142.754 207.714 350,467 Totsl 142.754 207 714 350,467 PAGE 15 TweThty-Fifth Avellue Lijnited FINANCIAL STATEMENTS FOR THE YEARENDED 31 MAY 2024 NofES TO THfi FINANCIAL STATEMiIFrrs ACCOUNTLNG POLICIES JIH5is of pyeparing thc fiLAllclal ststements The f]naR¢ial statemen15 of the cbaritsble cowatly, whi¢h a public benefit entity v￿ler FRS 11)2. have been PlEpared in accordance wilb th¢ Charitie5 SORP (FRS 102)'Accounting and Repotiing by Cliarilies.. ststement of Re¢0Mm￿d¢rt Praetice applicable to charilies prepafingtheir accoullts in accordance with thE FiDancial RepDTtÈng Stsnd8rd applicable in the ULaud Republic oflreland (FRS 102) (Effeclive I lanuAry 2019),. Financial R¢portiDg Stattdard 102.'The FlEw￿l&l Keportsng St2ndard applicable in the UK Y4nd Republic of Irtland, amd th¢ COMp￿sA¢t 2006. Th6 rm8￿ClaI slatements have prepaTed wider th¢ hlstorical cost convention. Going collcern The tn]slees (who atE the cbaritsblt c0Tnpan￿S dir¢dors forthe PUTposes of c(Mnp&ny law) havc assessed wheth¢r the use of the go*nE coJJcerJL basis is appTowiaie and]￿ve coDsidcrtd possible event% or condition5 Iktat rnightc8st Si￿tfIca￿t doubt on thc abklity of the charity io conlinue ag A going concern. The Irustees have lljade this asSes￿lentfor a peffi￿ of at leastone year thc dats of approval of the fthancial stateJnents. Ill parti¢EJlar the trusteE5 have COD5td¢red the oharitys forecasts and projections and th¢ possible Imp1￿cationS should projected IncoN￿ and l or expellditUTe vary wiexpectedly. The trllstees havc collcludcd that there is a rcasonable expectstion that the charity has adequate ie50Utccs to continlle to op¢rale foE tbe foreseeable futur6. The charity th&dore ¢￿tinU¢S to adoptthe 8oingcoEIcEni basis sn prepariTJ8 its finamcial staternents. Illc4)me All inci)mc fts rewised in the Statement of Financial Activities once the tharity has entillement to ths fund5, it is probable thAt the income wi]1 be receivEd and th¢ amouut can be measuted reliably. Expenditsre Liabilities )re reeogllised &8 expenditijre AS soon ￿ tbere ts A legal or WLStructive obligation ¢on)mitting the charity to that expenditure, it is probabl¢ that a tr8n5fcr of ewDomic benefits will be zequired in 5ettl¢ment and the amount of the obli8aÉiott Can be rne&8ured reliably. ExpEnditUTe is wounted foE oll an accru2is basis and bas been classified under ILcadings that a￿egate all cost related to the ¢ategtsry. Where costs catmot bc dir￿tlY Attributedto P8rticu1arJ￿dlngS Ihey have been allOut￿ io &ct&viti¢s se& Further explanatiotk of the nahjre gmd purp￿ of cach fund ￿ illcluded in the Eu)tes to the financi&l slal¢ments, CoDtsnued.,, PAGE 16 Thenty-Fifth Aveuue LRmited FtNANCtAL STA'fEMBNTS FOR THE YEARENDED 31 MAY 2￿24 NOTEI S TO THE FINANCIAL STATEMENTS Peuslon$ 4nd otber post-rttiremeTAt benefit8 The chwitable company opetates a defmed Contributi(￿ pension schemc. Contributions pa￿ble to the chayitabl¢ compar.ys pension scheme ar¢ ¢hargcd to the StatemeT¢olFinaocial Adiv&tiB3 in the period to which ihey relste. The Charity oper81¢5 a defined covtribution plan forthe benefit of ils cmploytts. Contribution expensed as they become payable. Hire purebase And le45ing EonllnStmeDts Rentals paid under operating Icases are charged to the Statement of Finaucial Activities on a straigbt-line b￿￿$ over the period of thc I￿5< COM 31.05.2024 31.05.2023 as r¢stsied Howithg benefits Servic¢ charge Rental ill¢ome Office Rcntsl Ineon Misc. incom 5,673,057 28,621 17260 3,30D 47,141 $769,379 3,649,829 3Q.876 14.293 6,600 16.416 3,718.014 CIIARITABLE ACTivrriES COSTS Direct 31.05.2024 Total 31.05.2023 Total as restated Clwitable ¥tivities 4.673,651 4,673 651 2 742,480 SUPPORT cosrs Management Governance 31.05.2n24 Total 31.05.2023 Totsl as IestslEd 262,785 178,178 173 Other resourte5 tipettded Staff Costs Administration C05 Balik clwges Auditovs fee 325.346 230,472 1.955 325?46 230,472 1,955 6,500 561273 6.500 6.500 557 773 NET INCOME IEXPErffjmniE) N¢t ineome (expendilure) is sthtsd ch￿nIp/Cred1ti￿g 31.052024 31.05.2023 a5 r¢stated Auditovs remutwation Depre01atir￿- owned a&sets 6,500 23,793 6,500 Cojrtinued... PAGE 17 Twenty-Fitlh Avenue Llml¢ed r.￿&INc[AL STATEhlENTS FOR IHB YEARENDFJ) 31 MAY 2024 NOTCI S TO THE FINANCIAL STATEMENrs TRUSTEES REMUNEPATION AE4D BENEFrrs 31.05.2024 31.05.2023 as restated TruSt￿S, wages al￿ salgries 25,000 44.839 STAFF co&rs 31.05.2024 31.05.2023 as reststed Wages and Salaries Social Security OtherPension Costs 300,150 2(1,120 5.076 246,423 13,027 325 46 262,785 The av¢Tage rnonthly numl*of employees duringthe year was as follows: 31.05.2024 12 31.052023 Staff Volunteers 15 12 No ernployee bertcfits exceed £60.000 dutiDgthe perirml. Cootillued... PAGE 18 Twenty-Fifth Avenup Llmited FINANCIAL STATEfAIENTS FOR T1￿ YEARENDED 31 MAY 2024 NOTES ro THE FtNAF4CIAL STATEMENIS COMPAIIATIVES FOR THE STATEMENT OF FtNANCtAL ACTivrriES Unrestrieted fu]Ad Unrestrjcted as r¢5tsted 2023 2024 INCORIAE AND ENDOWMENT FROM IncoDa InYestttLtnt ittcome (Bank inter¢5tSTecetv¢d) 5,709,379 3,718.014 &769,379 3,71X,014 EXPENDITURK ON Charitable ¥4etivAtie5 Charitable 8ctiIiiiES 4,673,651 2.742,480 Support costs 564273 7.924 3.190,1 I6 NET INCOME 531.455 £527.898 RECONCILtATION OF FUF4DS Total r￿dS brought fonyard 556,101.21 2I203 TOTAL FUNDS CARRIED FORWARD 1,087,S56 556,101 Prior Y¢arAdjust￿e￿l A subsidiary company, Thames Hovsing Managem￿1 txd (THML), established by thc charity in respon lo mort￿g￿ Iciiders, reluct￿1¢¢ to provide108tts directly to clwitits. THML was Created to SEEve as a vehicle for acquir5Trg atEd Mai[2ta￿tllg a property portfolio. enablingthe charity io cornpetB MOTY effectively witbin its sector. However. the hdd by THML on bthalf irfthe charity by of its directrjrs were not disc]05ed inthe fjnancial slatemenls for the 2022n023 financial ycar. To ￿dresS this omi55ioTr and ensur6 CDmpliinct willi proper disclosure reqvitem6Dts. the 501e shalt capitsl of £1 was traDsfeiTed lo the charity Febn]ary 2024. Hcn¢e a prior period adju5ttuwit w&8 made to Trflect this ttansaction accurately in the financial statements for th¢ 2023f2024 financial yEar. Unr¢5trieted fvnd Unrestricted nd as restated 2023 2024 Investments Trrot*rties) Ccffttinucd... PAGE 19 Thvellty-Fifth Avellue Limited r4INANCIAL STATEMENTS FOR THEYEARENDED 31 MAY 2024 NOT]£S TO TUE FINANCIAL STATEMENTS io. I'ANGIBLE FIXED ASSETS Plant & machincry Fumitu & fittings Molor vehicle TotAIs COST At l Julle 2023 Addition At 31 May 2024 2J48 1.590 91040 91978 2.348 1.590 .040 95,97¥ DEPRECIATION At I 2023 Charge for th¢ year At 31 May2024 1566 783 2.348 1,590 23.010 23,010 26,165 23,7S13 49,958 1.590 NET BOOK VALUE At 31 May 2024 4Q021 46,1)20 At 31 May 2￿25 782 69.030 69.813 li. DEBTORS: AMOUNT FAILING DUE wrrHtN OF4E YEAR 31.05.2024 3L.05.2023 #s Mtated Loan to Staff Accrual and prepayment (N£st PeosioJk8) Trade debtors (Loall tu Staff) 3,266 1266 4,531 6,300 6300 DEBTORS: AMOTINT FALLING DUE AFfERMORE TIIAN ONE YEAR rrAor YtAr Adjuslmenl As of 31 May 2023. an investsllent of £427,000 was ¢Troneously cldssified as an cxpBns¢ ll￿￿er Property Managetllellt. To corre¢t this in the current fmancial year, enditig 31 May 2024. the following accouDting treatmellt h&8 bpell appli¢d. I, Reststement of Trior Yeir Aeeouxts.. The e]ror has been corrected by reversingthe miscla&stfication in the prioy year's 8CCIMllLts. rBGLa&8ifying £427,000 fromPropertyMaDagement F￿[￿SeS to DEbtors (InvoStmc￿t) in the Stafementof FÉnaDGial P¢)silÈon. 2. Adjustment to C¥Jrrent Ye8r Accowuts: A journal enty bas been recorded to inGrEa5e the debtors accoullt and redllce reta￿ed e4rniDgs or Hccumulat¢d Teserves brought f0Th￿d by £427,0(M>. reflectillgthe prior pcriod adjusthlent. 3. Dtsclosure RequirtThents.' The correcllon has been disclosed the not￿ to the fitwici&l statements for transparen¢yi explaintng tbe ature o(tkn em>r. the nnpa¢t onprioryear fjgufts. and how it has been rectificd. Thig treath)ent eJJsur¢s compliance with applicable ae¢i)untin& st2ndazds FRS 102 foT UK ch8riti¢s and provides a true and fair view ofthe Cbarity's fuJaDcial pDsition fol thE yEar ending 31 May 2024. Colltijjued... PAGE20 Twenty-Fifth Av&'Eue Liwited FINANCtAL STATBMENTS FOR THE YEAR ENDBD 31 MAY 2024 FIOTES TO THEI IfINANCL4L STATEMENTS Unrestricted rulld ul￿estrICt¢d fi]nd as rEStated 2023 2024 O¢ber DEbt￿S (]nvest[￿¢￿t) 750,734 427,000 The lo&ns advaTKed to Thames Housing ManaEem¢ntLtd in 2022-2023 (£427.0(Kl) aTLd 2023-2024 (£327.ODO) were PFovided to 511PPOrt ptt)perty icquisiti07Js. This fmavcial assistHJKe alisns with the strategic objective OF ellabling Th8￿e5 Housitig Management Ltd to acquire and manag¢ properties effectively. colltributing to the overau mission of wovidiug &d¢qy8ts housing solutiorts. Th¢se103ns have been apptopriately iEcoIded in thc fjnkrtcial staterllents ￿ part of the Chari￿s investment lo8￿ ill its subsidiary, ensuring compligllce with appLicable artOLmting standard5 and pmyidillg a transpmt and accurd(c representslioll of the tharitys fjnancial poyitiou. 12. CREDITORS: Amourir FALLING DUK wrrH ONE YEAR 31.05.2024 31.05.2023 asrestated Trdde credtlois N¢t obligation under leasing cotttraets 8nd hI￿pUrchase liabdittcs Amollnt owitsg to credit iNstitstiOJ Accru¢d eXpetL￿ (Auditovs fee) Accru¢d expeLses (EtRMC PAYB Liabiliti&%) 3,409 11,762 8340 15,474 10,572 6,5110 6.500 30.01 I 37,$22 CIiEDrroRS: AMOUNT FALLING DUE AFTER MOIIE THAN ONE YEAR 31.05.2024 31.05.2023 as testated AEllOUrtt owing to cr¢dil in5¢itution Net obligation under Ica8ingcplltrd¢ts and hlrepurcl￿st iiabiiÉlies 9,411 17,264 22,342 14. MOVEMENT IN VUNDS Net mOVeETrent IR funds At Ul.06.23 as rE5t4ted At 31.0524 Ullrutricted fllnds G¢netal bmd TOTAL FUFIDS 556.102 556,102 531.455 531,455 1,087,5SI 1,087,557 Comparative nel movement ill fwids, irtclu￿ inthc aboye are as follows: ]neomiDg resourfes Rwourees cxptllded Move￿ent fund Unrestricted Gene¥Jl fijnd TOTAL FUNDS 5.769,379 5,769J79 5.237,924 5.237,924 531,455 531,455 PAGE 21 Twenly-Fthh AYell￿¢ Liwited FtNANCLAL STATEMBNfs FOR THE YEAR ENDED 31 MAY 2024 F40TES TO T}￿ filNANCIAL STATELIiENI 15. CONTROLL]NC EYJ fiTY There is no ov¢rall controllitig entity. 16. REIATED PARTY DISCLOSURES Charle5 05Y4ElJ*e The tTU5tee Charles Osaghae who 15 2 director of the c￿￿tity reLeived a gross salwy of £25,000 forhis durÈnE the five-montlL period from D¢c¢mb¢r2023 to April 2024. Fior the remainiJgsevenll)onths of the finaDcial year. he provided 5erYices to the organisatiOD and invoiced for remunei&lion auKiunting to £35,000. This qrrangement retlects thc split btheeA his saI￿Le￿I Tole ond servic¢-based contr&butiot]s during theyear. Clwnent AkinriDknde A trustee, received £318 2s rel￿￿tren[ for travel expenscs incuTred on bd]8lf of the clwity. Kill￿]ey Falo]a A tru8teE, was reimbursed £1,500 for expen￿$ incurted while c#rryittE Ollt operational a¢tÈYTtics on behalf of the charity alld ikniedi EboD& aL80 a trnstec. received £1.500 &5 fciTnbuTsement for expenses relat¢dto operatiorjal 3CtiYities conduGted on behalf of the charity. There were no otheE transactions with thr trustees, except thos¢ Specif￿llY r¢ferred to above. Loall to subsldilry ¢ompany- Housing Manag¢meMI Ltd The Chatity adv￿0ed loans of £427.000 (2022-2023) armi £323.734 (2023-2024) to its subsidiary cimpany, Tha￿¢S FlO￿l￿g Management Ltd. This company Wds established by the charity in August 2022 as a vehicle to acquire properties vsa n)oriEage4 addressing cballengos p05ed by IBndErs N¥ho are often reluctant to finance chariti¢5 directly. The loaos were fillo¢ated for prop¢rty acquÈsitions. includiDg a 15/0 deposit required for securing nwrtgages. &g well 18 associated costs su¢h as legal fees, broker fees. stamp duties, and other rolated expen￿. IDRti8llyi the paYll￿n¢ w35 mFscl&<8ified as ats oxpense urtder Property MaDa8¢DWIt in the ￿t￿icIal ststements for 2022-2023. This errol was rectified tbrougb a prior-year 8dju5tinenL r¢GlassifytTrg thepasrynent as al invthent loan. Tbames HouSiugM8n8ge[ne￿lLId Rs a wholly owncd subsidiary of the Charity. with th£ charity holdu)g I0￿/D ofits sbarcs. Updales Ieflecting this recl&s5ificatÉOJLWXE appropii8tely filed with Companies IIou5¢. cDnfiTmsngthe thaTitys fijlt ownersl]ip. Building on thi5 f4)undatioD, tbe chatity acquired three additiwal properties dllrirjg the cutt¢ntfinanGial ye8r, significantly expa1￿}ng its PTDP¢rty portfolio to fith its mission and maximise ils t￿p￿cl Sthff The loan of £6.000 extended to members of slaff duringthe 2022-2023 fi1￿cialyear now an outslanding balance of £2.QOO as of the ¢t￿ni flnancial ycar. There have Significa￿ events affecting the ¢o]npanysÈn(% theyear-end. 18. ApfROVAL OV YEtE FINANCIAL STATEMENrs The ffftanBial statements weTr approvedby the B(￿ of Diredors on 218t January2025. PAGE 22 Twenty-Flfth Avenue la￿lled FINANCIAL STATBMRNTS FOR THE YEARENDED 31 MAY 2024 DETAILED grATE￿I NT OF FINANCIAL ACTIVITILS 31.052024 31.05.2023 a5 Test8t2d INCOME AND ENDOWKENTS IncoEne Housing bener Service charge Rental income Office Rental Income MisE. incomc 5,673,057 28,621 17,26D 3JOO 47.141 3,649,829 30,876 14,293 6,600 l6,416 Total iRacoming r¢sour 5,769 79 3.718,014 Chari18ble ExpenditUTe Property Le8se & Managen￿t Property Mainlell8Dce 7'cnant's Wefare Council Tax Light & IIeat 4J37,973 52,182 100,1155 98,633 84,8117 2.430,643 54,854 110242 73,802 72,939 4,673,651 1742.480 MAll#gemellt & Admillislratioj Costs Stsff Costs Wages and Salaries Social Secutity Other PensioTh C( 3011,150 21>JUI S,076 315,346 246,423 13,027 261785 Adwillistration Costs Acoountancy Fees Busitkess Licenses aThl Pern]its CoThputers & Software IT. Broadband & Internet Management Software Office Supplie4 Postage and Ststionerles Rrnt- Offi¢e stsff Bonus Traitiiug aod REcrnittn¢n¢ Costs SubscriptLODS TelephoLe Expenditttre H05Pktality LnsuTan£e consulta￿¢Y Fe&8 Legal and Professional fe85 Volunteers, Expn¢se5 Misccllatscous Expenses ISurplusyDeficit frcrtllDisposal ofAssets Depreciation Balance Carried forward 16,000 17.000 34 6.OW2 3,247 11,500 10,317 22,055 1,150 11.004 4,140 1,629 2,979 10,616 19,250 32,705 1.135 15339 (26 J38) 24,323 178.178 11,134 3,802 7,648 311,493 &765 1199 619 4,181 10,176 30,000 Yll,962 3,8QS 6,897 23,793 230A72 FÈnance Bank Charges Covernonee Audit fee IP55 173 6,500 6.500 3 191),116 Tol81 reyourcel expended Net 1nconkelexpendi￿r¢ 531,455 527,898 PAGE 23