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← Twenty-Fifth Avenue Ltd

2025-05-31-accounts

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Registered Charity Number: 1123817 (England and Wales) Registered Company Number: 06242442 Registered Provider Number: 4652

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

TWENTY-FIFTH AVENUE LIMTED (A COMPANY LIMITED BY GUARANTEE)

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

CONTENT OF FINANCIAL STATEMENTS

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||||| |---|---|---|---| |PAGE| |REFERENCE AND ADMINISTRATIVE DETAILS|1| |REPORT OF THE TRUSTEES|2-9| |AUDITOR'S|REPORT|10-12| |STATEMENT OF|FINANCIAL|ACTIVITIES|13| |BALANCE|SHEET|14| |CASH FLOW STATEMENT|15| |NOTES TO THE CASH|FLOW STATEMENT|16| |NOTES TO THE FINANCIAL STATEMENTS|17-22| |DETAILED STATEMENT OF FINANCIAL ACTIVITIES|23-24|

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees (and Directors) The Trustees who served during the year were as set out below:

Charles Osaghae Aniedi Ebong Clement Akinrinlade Kingsley Falola

Executive Director/Trustee Charles Osaghae

Registered and Principal Office Thames House, Ist Floor 3 Wellington Street London SE18 6NY

Charity registered number 1123817

Company registered number 06242442

Registered provider number 4652

Bankers

Barclays Bank Ple 2 Churchill Place London E14 SRB

Sterling Bank 1 Duval Square London El 6PW

Auditors

Crean & Co Accountants Lanesboro Street Co, Roscommon FY2 DA32, lreland

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

REPORT OF THE TRUSTEES

The trustees, who also serve as directors of the charity under the Companies Act 2006, present their report alongside the financial statements for the year ended 31 May 2025. The trustees have prepared these financial statements in accordance with the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) as applicable to charities. This preparation complies with the Financial Reporting Standard applicable in the UK and Republic of ireland (FRS 102), effective from | January 2019.

Twenty-Fifth Avenue is a charitable company limited by guarantee, incorporated on 10 May 2007, and officially registered as a charity on 22 April 2008.

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AIM
The primary aim of Twenty-Fifth Avenue’s service is to provide temporary shared accommodation
for individuais with diverse needs and challenges.
We primarily support individuals between the ages of 24 and 40 years old.
ABOUT US
Twenty-Fifth Avenue is a dedicated Housing Association providing supported accommodation for
individuals at risk of homelessness,
We deliver a range of tailored programmes designed to help people successfully resettle within the
community, Our team works closely with vulnerable individuals whose fives are often marked by instability and challenge,
By placing these individuals at the centre of a compassionate and structured support network,
Twenty-Fifth Avenue empowers them to achieve their goals, realise their aspirations, and progress
towards a positive, independent future.
During the year we also initiated a food provision programme to address hunger in our local communities:
Breakfast Club (food bank) launched in 2024 in Woolwich (Greenwich), operating one day per week in Woolwich
(Greenwich)
The trustees confirm that the activities of the charity provide public benefit as defined by the Charities Act 2011 and have
had due regard to the Charity Commission’s guidance on public benefit when planning activities.
Twenty-Fifth Avenue operates from its office in Woolwich, at Thames House, Wellington Street, London.
WHAT WE DO
« Accommodation & Support: We provide temporary shared accommodation and support to
numerous individuals across England and the South East each year. Many of these individuals, for a variety of reasons,
require additional assistance to achieve their goals, realise their aspirations, and live independently.
¢ Care & Empowerment: We deliver support and care services that empower our service users to
make positive changes, achieve progress, and build fulfilling lives.
« Collaborative Services: We partner with our service users to design and deliver innovative,
flexible, and personalised services that help them take control of their futures.
¢ Apprenticeships: We provide apprenticeship placements for individuals who are energetic,
enthusiastic, and passionate about working with vulnerable people. These placements offer valuable experience,
transferable skills, and the opportunity to contribute to the high-quality services delivered by Twenty-Fifth Avenue.
Advice & Guidance: We offer robust advice and guidance services to ensure that accurate
information and practical support are readily accessible to our service users.
 Pathways to Employment: We create clear pathways to employment, including job search
support and work experience opportunities. Our tailored assistance helps service users improve access to training,
develop new skills, and secure sustainable employment at a time that best suits their needs.
WHERE WE WORK & PARTNERSHIPS
We work primarily in South-East London (Greenwich, Bexley, Dartford) and Birmingham, with plans to expand into
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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

REPORT OF THE TRUSTEES

Luton, Kent and Essex. We collaborate with referral and support partners including (among others): Manna Society, Crisis, Refugee Council, St Mungo’s, local councils (Greenwich, Bexley, Dagenham), HM Prison & Probation Service, Glass Door, SHP, New Horizon Youth Centre, Club 999.

STRUCTURE GOVERNANCE AND MANAGEMENT

The organisation is governed by its Memorandum and Articles of Association and is managed by a Board of Trustees, Decisions are made by a simple majority vote among the Trustees, who are responsible for setling the strategic direction of the Charity. Trustees are selected based on their ability to contribute to the governance of the organisation and the specific skills they bring, They are provided with copies of the Charity Commission’s Guidance for Trustees, along with additional information and training as required,

Delegated authority has been granted to the Executive Officer and Leadership team of Twenty-Fifth Avenue to oversee the day-to-day running of the Charity.

The Trustees have evaluated the major risks to which the Charity is exposed, particularly those related to its specific operational activities and financial management. They believe that by monitoring reserve levels, maintaining robust controls over key financial systems, and regularly reviewing the operational and business risks faced by the Charity,

they have implemented effective systems to mitigate these risks.

The remuneration of the Charity's key management personnel is reviewed and determined annually by the Trustees. The following guiding principles are applied to establish an appropriate level of remuneration: transparency, appropriateness and benchmarking against external comparators, expertise and experience, and ensuring competitiveness for recruitment and talent retention.

VISION AND AIMS

Our vision is a fiture where no one is hungry or has to sleep on the streets of London or any other part of England. We are dedicated to supporting individuals who are homeless and whom no one else is willing to assist.

We aim to provide practical and emotional support, offering stability to help individuals rebuild their tives and get back on their feet.

OBJECTIVES AND ACTIVITIES The Charity's objectives are outlined in its Memorandum of Association, drafted and signed by its members on 10 May 2007. It states that the Charity's primary objective is to address the needs associated with homelessness through the following means:

The Charity’s Objects are:

These objectives are charitable and operate for the public benefit. The Charity pursues these objectives through a supported housing office located at its premises in the Royal Borough of Greenwich, 3 Wellington Street, Woolwich, In determining how best to achieve these objectives, the Trustees have adhered to the Charity Commission’s guidance on public benefil.

The Charity's primary objective for the year was to continue its reinvention and repositioning through the Re-engineering Project. This initiative focuses on enhancing organisational effectiveness and efficiency, enabling the Charity to maximise its impact,

STRATEGLES Rough sleepers and the homeless often face complex needs and multiple disadvantages. Those we assist frequently experience poor physical and/or mental health and may struggle with alcohol or drug dependencies, Many have criminal

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR TILE YEAR ENDED 31 MAY 2025

REPORT OF THE TRUSTEES

records, low educational attainment, and poor numeracy and literacy skills. They are typically long-term unemployed with limited job skills and are often socially isolated, living on the margins of society, having lost contact with friends and family.

Homelessness is rarely a result of simply having nowhere to sleep. For the individuals supported by Twenty-Fifth Avenue, it is often the outcome of a series of complex and cumulative events such as job loss, eviction, addiction, leaving an institution, abuse, or an inability to cope with life's challenges.

The Charity's strategy for achieving this objective for the public bene fit was to reposition itself to effectively engage with its core demographic and fulfil the vision ofthe trust.

ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT

The Charity has continued to experience significant year-on-year growth in its operations. The performance in the 2024-2025 financial year far exceeded that of previous years, continuing the upward trajectory observed in 2023-2024. This growth was driven by the continued expansion of operations in both London and Birmingham.

Operational Growth

The Board of Trustees (BOT) remains committed to maintaining this positive momentum in the coming years.

In order to remain competitive in its markets, the Charity has diversified its approach from solely leasing or renting properties to acquiring its own properties. This strategic shift is regarded as a critical measure to safeguard the long-term viability of the organisation, especialfy in light of the growing challenges associated with leasing or renting properties, In the 2022-2023 financial year, the Charity made a significant milestone by purchasing its first property in Plumstead, South London. Building on this achievement, the Charity acquired three additional properties, all situated in South East London, during the 2023-2024 financial year, thereby substantially expanding its property portfolio. These acquisitions have been financed through mortgages arranged via Thames Housing Management Ltd, a wholly owned subsidiary of the Charity, which holds 100% of the company’s shares.

DetailsDate ofof purchase the properties Addresscurrently held by the Charity are presented in the fist below: 23 March 2023 8 Chestnut Rise, Plumstead SE18 IRL 08 June 2023 84 Genesla Road, Woolwich SE18 3EU 27 June 2023 252 Greenhaven Drive, Thamesmead SE28 8FX 22 January 2024 7 Lewes House, Peckham SEIS [RP

In March 2025, the charity completed the acquisition ofa freehold property in its own name at 35 Templar Drive, SE28 8PF, through a cash purchase of £471,861. This strategic acquisition strengthens the charity’s asset base, reduces reliance on leased properties, and provides long-term stability for delivering supporled accommodation.

The Charity’s inclusion into the mainstream programme

Tenant engagements Twenty-Fifth Avenue places (enant engagement at the heart of its support model, Each service user is supported through personalised plans and regular interaction designed fo encourage independence and long-term stability. Key elements include:

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

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REPORT OF THE TRUSTEES

Community Support initiatives In addition to its housing and support services, the charity has continued to strengthen its community engagement through targeted initiatives designed to alleviate hardship and promote inclusion:

Other Achievements by The Charity During the year, the charity also achieved a range of important outcomes that demonstrate the breadth and impact of its work:

Accommodation Twenty-Fifth Avenue secures accommodation through a wide network of private landlords and estate agents, ensuring that ail properties meet both the living standards and the jocation preferences of its service users. A significant proportion of our housing stock comes through referrals from local councils and other partner organisations, enabling us to respond quickly to identified needs.

In addition, we work closely with supported housing management providers, who not only supply properties but also deliver professional housing management services. This partnership approach helps ensure high-quality housing and consistent support for residents. Continued...

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Twenty-Fifth Avenue Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

REPORT OF THE TRUSTEES

Our current housing portfolio comprises a balanced mix of self-contained units and individual rooms within shared accommodations. This range is designed to meet the varied needs of homeless individuals and rough sleepers —— from those who require privacy and independence to those who benefit from a more communal living environment with additional support.

At present, Twenty-Fifth Avenue provides affordable accommodation to service users across South East London (including Greenwich, Bexley, and Dartford) and Birmingham, with active plans to expand provision to other areas such as Luton, Kent, and Essex in the near future.

FINANCIAL REVIEW

Principal Funding Sources

The Charity’s principal funding sources primarily consist of rent payments from local councils, private tenants, plus a most weekly service charge paid by tenants. This service charge contributes towards the cost of utilities and the cleaning of communal areas.

Results for the year

Investment Policy and Objectives

Trustees consider financial performance to be consistent with plan and supportive of the charity’s strategic growth and asset-building approach,

Reserves Policy

Unrestricled, free reserves (excluding fixed assets} at 31 May 2025 were £1,583,134. The trustees maintain reserves to:

The

reserves level is reviewed at feast annually in line with risk and growth plans.

Borrowings

The charity previously accessed a £50,000 Government Bounce Back Loan during the 2020/21

financial year to provide financial resilience in response to the COVID-19 pandemic. This liability has been significantly reduced during the reporting period, and the trustees have set a clear objective for full repayment by the end of the 2025/26 financial year.

Going Concern

In reviewing the charity’s financial position, the trustees have considered current reserves, pipeline demand, contracted income, and approved strategic plans. Based on these factors, the trustees are satisfied that there are no material uncertainties that would cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from the date of approval! of these financial statements.

Future Plans

At the heart of Twenty-Fifth Avenue’s strategy is its commitment to addressing the growing crisis of homelessness in London and the Midlands, with expansion plans into Essex and Kent. The focus remains particularly on street homelessness and providing sustainable housing solutions.

A key component of this strategy is to inerease the number of homes ayailable, achieved through:

The charity believes that the most effective way to deliver impact is by working in partnership with loca! authorities, health voluntary sector agencies.

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Twenty-Tifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

REPORT OF THE TRUSTEES

Twenty-Fifth Avenue has formally adopted the Housing First principle, an internationally recognised approach that prioritises providing secure tenancies for individuals experiencing homelessness as the foundation for rebuilding their lives.

Financiaily, the charity is committed to reducing external liabilities. The £50,000 Government Bounce Back Loan, accessed during the COVID-19 pandemic, has been significantly reduced, with a clear objective for full repayment in the 2025/26 financial year,

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Twenty-Fifth Avenue is a charitable company limited by guarantee, incorporated on 10 May 2007 and officiaily registered as a charity on 22 April 2008. The charity operates under its Memorandum and Articles of Association, which set out its objects, powers, and governance framework,

The organisation is overseen by a Board of Trustees (BOT), who carry ultimate responsibility for the governance, compliance, and strategic direction of the charity. Decisions are made collectively, with each trustee having equal voting rights, and outcomes determined by a simple majority vote.

Day-to-day managemeat is delegated to the Executive Officer and the senior leadership team, who are responsible for implementing board-approved strategies, oversecing staff and volunteers, and ensuring that services are delivered effectively. The leadership team operates under the continued guidance, oversight, and accountability of the Board of Trustees,

Recruitment and Appointment of New Trustees

Trustees are appointed to the Board based on their ability to contribute to the governance, oversight, and strategic development of the charity, as well as the specific skills, expertise, and experience they bring.

New trustees are provided with:

Risk Management

The Trustees carry oul regular reviews of the major risks to which the charity is exposed and are satisfied that effective systems and processes are in place fo manage and mitigate these risks,

Key measures inciude:

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

REPORT OF THE TRUSTEES

Related Parties and Subsidiaries

The charity owns Thames Housing Management Ltd, incorporated in August 2022, which acts as a property management and asset-holding vehicle for the group. Transactions with related parties are conducted at arm’s length and disclosed in the financial statements as required.

Strategy and Future Plans

Homelessness and food insecurity are often the product of multiple, cumulative disadvantages (health, addiction, criminal justice history, low skilis, unemployment, social isolation). Our strategy addresses both immediate need and root causes by:

Key priorities for 2025/26:

  1. Housing growth: increase stock through a mix of leases and acquisitions from private/social owners and supported-housing management providers, with focus on London, Birmingham, Luton, Kent and Essex.

  2. Housing First principles: continue to prioritise secure tenancies as a foundation for recovery and independence,

  3. Breakfast Club expansion: extend free-meal provision to Birmingham and evaluate additional community-meal outreach sites,

  4. 4, Service quality & governance: continue Re-engineering Project to enhance effectiveness, efficiency and impact.

  5. Community engagement: raise awareness of services; broaden referral pathways; strengthen partner collaboration.

  6. G. Financial resilience: repay the Bounce Back Loan; maintain reserves within policy; continue property-acquisition strategy to protect long-term viability.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

The Trustees are responsible for:

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Ywenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

REPORT OF THE TRUSTEES

In so far as the Trustces are aware: ¢ There is no relevant audit information of which the charitable company’s auditors are unaware; and » Each Trustee has taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to ensure that the auditors are aware of that information.

Auditors The trustees propose the re-appointment of Crean & Co Accountants as auditor and will place a resolution before the members accordingly.

Approved by order of the board of trustees and signed on its behalf by:

Charles Osaghae - Trustee

Date: 22 September 2025

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES

Opinion

We have audited the charity financial statements of Twenty Fifth Avenue (‘the charity’) for the financial year ended 31 May 2025 which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet and notes to the financial statements. including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS { 02 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", applying Section I A of that Standard and Accounting and Reporting by Charities: Recommended Practice applicable to charities preparing their accounts in accordance with FRS | 02.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of going concern basis of accounting in the Preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant section of the report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon, The trustees are responsible: for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we are required to report the facts. We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: * the information given in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements: and the Trustees’ Annual Report has been prepared in accordance with applicable requirements. Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of our audit, we have not identified material misstatements in the Trustees' Annual Report.

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Twenty-Fifth Avenue Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES

Responsibilitics of trustees for the financial statements

As explained more fully in the Statement of Trustees’ Responsibilities set out on Page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from materia! misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materia! misstatements, whether due to fraud or error, and to issue on Audit's Report that includes our opinion. Reasonable Assurance is a high level of assurance, but is not a guarantee that an audit concluded in accordance with ISA (UK) will always detect a material misstatement when il exists. Misstatement can arise from fraud or error and are considered material if, individuatly, or in the aggregate, they could reasonably be expected to influence the economic decision of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Further information regarding the scope of our responsibilities as anditor As part of an audit in accordance with ISAs ( UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: e identify and assess the risks of material misstatement of the financial statements, whether due to faud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ¢ Obtain an understanding of internal contro! relevant to the audit in order to design audit procedure that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. « Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estates and related disclosures made by the trustees.

Conclude on the appropriateness of the trustees! use or the going concern basis or accounting and, based on audit evidence: obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify, our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However future events or conditions may cause the charity to cease to continue as a going concern,

Evaluate the overall presentation. structure and control of the financial statements, including the disclosures,

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Twenty-Fifth Avenue Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES

and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation,

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identity during our audit.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charity'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 charity's members those matter we are required fo state fo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not, accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed,

David Crean, Senior Statutory Auditor

for and on behalf of Crean and Company Accountants Limited Registered Auditor Firm Lanesboro Street Roscommon F42 DA32 Republic of freland

10-Dec-25

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

STATEMENT OF FINANCIAL ACTIVITIES

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|||||| |---|---|---|---|---| |31.05.2025|31.05.2024| |Unrestricted|Total|funds| |funds|as|restated| |Notes|£|£| |INCOME|AND ENDOWMENTS FROM|2|8,989,156|5,769,379| |income| |EXPENDITURE ON| |Charitable|activities|3|7,516,333|4,673,651| |Support costs|4|785,450|564,273| |8,301,784|5,237,924| |Total| |NET INCOME|687,372|531,455| |RECONCILIATION|OF FUNDS| |1,087,557|556,102| |Total|funds|brought|forward| |1,774,929|1,087,557| |TOTAL FUNDS|CARRIED|FORWARD|

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

The notes form part of these financial statements

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Fwenty-Fitth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

BALANCE SHEET AS AT 31 MAY 2025

31.05.2025 31.05.2024
Unrestricted Total funds
Notes fund
£		 as restated
£
ASSETS
Investments
Tangible assets		 9
10		 1
§23,457
521,458		 i
46,020
46,021
CURRENTASSETS
Debtors
Cash atbankand in hand		 it 915,000
373,398
1,288,398		 755,265
350,467
1,105,733
CREDITORS
Amount falling duewithin oneyear		 12 (32,721)
1,255,677		 (37,522)
1,068,210
NET CURRENT ASSETS
TOTALASSETSLESSCURRENT 1,777,135 1,114,231
LIABILITIES
CREDITORS 13 (2,205) (26,675)
Amount fallingdueaftermorethanoneyear 1,774,929 1,087,556
NETASSETS
FUNDS
Unrestricted funds		 1,774,929
1,774,929		 1,087,557
1,087,557
TOTALFUNDS

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

The financial statements were approved by the Board of Trustees and authorised for issue on 22 September 2025 and were signed on its behalf by:

Charles Osaghae

Date: 22 September 2025

Company number: 06242442 Charity number: 1123817 a PAGE 14 i ssa

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

CASH FLOW STATEMENT

31.05.2025 31.05.2024
Unrestricted Total funds
fund as restated
£ £
Note
Cash flows from operating activities i 569,184 207,715
Cash generated from operations 569,184 207,715
Net cash providedby operating activities
Cash flows from investing activities
jnvestment i 1
Purchase oftangible fixed assets (546,255) :
Financing Activities (546,254) ]
Net cash used in investing
Change in cash and cash equivalent in 22,930 207,745
the reporting period
Cash and cash equivalent at the 350,467 142,754
beginning of the reporting period
Cash and cash equivalent at the end of 373,398 350,469
thereportingperiod

The notes form part of these financial statements

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Twenty-Fifth Avenuc Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

NOTES TO THE CASH FLOW STATEMENT

L, RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |31.05.2025|31.05.2024| |as|restated| |Net income|for|the|reporting|period|(as|per|the Statement|£|£| |of Financial|Activities)|687,372|531,455| |Adjustment|for:| |Depreciation|charges|24,798|23,793| |Interest|payable/receivable| |(SurplusyDeficit|from|disposal|of assets|3,450|-| |(Increase)/decrease|in|debtors|(159,734)|(321,966)| |(Decreasey/increase|in|creditors|(29,266)|(25,567)| |Other|adjustments|42,565|~| |Net|cash|provided|by operations|569,184|207,715|

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  1. ANALYSIS OF CHANGE IN NET FUNDS

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||||||| |---|---|---|---|---|---| |At|1.6.24|Cash|flow|At|31.05.25| |£|£|£| |Net|cash| |Cash|at|bank|350,467|22,930|373,398| |350,467|22,930|373,398| |Total|350,467|22,930|373,398|

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Twenty-Filth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

NOTES TO THE FINANCIAL STATEMENTS

i. ACCOUNTING POLICIES

Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Praclice applicable (o charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), Financial Reporting Standard 102. 'The Financial Reporting Standard applicable in the UK and Republic of freland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approvat ofthe financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and/ or expenditure vary unexpectedly, The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements,

Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legai or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably, Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed (o particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following anaual rates in order to write off each asset over its estimated useful life,

Plant and machinery —~ Straight-line method

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees, Restricted finds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pensions and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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Twenty-Fitth Avenue Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

NOTES TO THE FINANCIAL STATEMENTS

The Charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

2,

INCOME and ENDOWMENTS

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|||||||| |---|---|---|---|---|---|---| |31.05,2025|31.05.2024| |as|restated| |Income|from|Charitable Activities|£|£| |Housing|benefits|8,867,438|$,673,057| |Service|charge|21,305|28,621| |8,888,744|5,701,678| |Other|Income| |Rental|income|756|17,260| |Rental|Income|-|Office|5,400|3,300| |External|Project income|15,000|-| |Income|(Council Tax)|26,638|-| |Mise,|income|52,593|47,141| |Bank|Interest|Receivable|26| |100,412|67,701| |8,989,156|5,769,379| |3.|CHARITABLE|ACTIVITIES|COSTS| |Direct|31.05.2025|31.05.2024| |costs|Total|Total| |as|restated| |£|£|£| |Charitable|activities|7,516,333|7,516,333|4,673,651| |4,|SUPPORT|COSTS| |Management|Governance|31.05.2025|31.05.2024| |Total|Total| |Other|resources|expended|£|£|as|restated| |Staff Costs|434,874|-|434,874|325,346| |Administration|Costs|339,189|-|339,189|230,472| |Bank charges|3,600|~|3,600|1,955| |Auditor's|fee|-|7,788|7,188|6,500| |777,663|7,788|785,450|$64,273| |5.|NET INCOME (EXPENDITURE)| |Net|income|(expenditure)|is|stated|after charging/crediting| |31.05.2025|31,05,2024| |as|restated| |£|£| |Auditor's|remuneration|7,788|6,500| |Depreciation|- owned|assets|24,798|24,323|

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

NOTES TO THE FINANCIAL STATEMENTS

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||||||||| |---|---|---|---|---|---|---|---| |6,|TRUSTEES|REMUNERATION|AND|BENEFITS| |31.05.2025|31.05.2024| |as|restated| |£|£| |Trustees’ wages and|salaries|-|25,000| |7.|STAFF COSTS| |31.05.2025|31.05.2024| |as|restated| |£|£| |Wages and Salaries|389,112|300,150| |Social|Security|37,378|20,120| |Other|Pension|Costs|8,383|5,076| |434,874|325,346| |The|average|monthly number of employees|during|the|year was|as|follows:| |34.05.2025|31.05.2024| |Staff|15|12| |Volunteers|2|3| |17|15| |No employee|benefits exceed £60,000|during|the|period.| |8.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL ACTIVITEES|

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||||||| |---|---|---|---|---|---| |Unrestricted|Unrestricted| |fund|fund| |as|restated| |2024|2023| |INCOME AND|ENDOWMENT FROM|£|£| |Income|8,989,130|5,769,379| |Investment income|(Bank|interests|received)|-|-| |8,989,130|5,769,379| |EXPENDITURE ON| |Charitable|activities| |Charitable|activities|7,516,333|4,673,651| |Support costs|785,450|564,273| |8,301,784|5,237,924| |NET INCOME|687,347|£531,455| |RECONCILIATION|OF FUNDS| |Total|funds|brought|forward|1,087,557|556,102| |TOTAL FUNDS CARRIED|FORWARD|1,774,903|1,087,557| |Continued...|

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‘Twenty-Fifth Avenue Limited PENANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

NOTES TO THE FINANCIAL STATEMENTS

  1. INVESTMENTS
Unrestricted Unrestricted
fund fund
as restated
2025 2024
£ £
Investments (Properties) 1 i

Subsidiary Company The charity established a wholly owned subsidiary, Thames Housing Management Ltd (THML), in response to the reluctance of mortgage lenders to provide loans directly to charities.

THML serves as a strategic vehicle for the acquisition, financing, and management of property assets, enabling the charity to build and maintain a sustainable housing portfolio. By operating through the subsidiary, the charity is able to: -Access conventional mortgage lending arrangements that would otherwise be unavailable to a registered charity. -Strengthen its capacity to acquire and develop housing stock for the benefit of service users, -Compete more effectively within the supported housing sector while safeguarding the long-term financial sustainability of the organisation. This structure ensures that the charity can continue to pursue its primary objects — the provision of supported accommodation and services for homeless and vulnerable individuals — while maintaining robust financial and operational flexibility.

i0.

TANGIBLE FIXED ASSETS
Investment Plant& Furniture Motor
Property
£		 machinery
£		 & fittings
£		 vehicle £ Totals £
COST
At 1 June2024		 - 2,348 1,590 92,040 95,978
Additions
Disposal
At3l May2025		 471,86]
-
471,861		 -
-
2,348		 -
-
1,590		 74,394
(92,040)
74,394		 546,255
(92,040)
550,193
DEPRECIATION
At 1 June2024
Charge fortheyear
Disposal
At31May2025		 -
-
-
-		 2,348
-
-
2,348		 1,590
-
-
1,590		 46,020
24,798
(46,020)
24,798		 49,958
24,798
(46,020)
28,736
NET BOOKVALUE
At31 May2025		 471,861 - - 49,596 §2.1,457
At31 May2024 - - - 46,020 46,020
Continued...

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

NOTES TO THE FINANCIAL STATEMENTS

il. DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR

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|||||| |---|---|---|---|---| |31.05.2025|31.05.2024| |as|restated| |£|£| |Loan|to Staff|-|3,266| |Accrual and prepayment (Nest Pensions)|-|1,266| |Trade debtors (Loan|to|Staff)|-|4,531| |DEBTORS:|AMOUNT FALLING|DUE AFTER MORE THAN ONE|YEAR| |Unrestricted|Unrestricted| |fund|fund| |as|restated| |2025|2024| |£|£| |Other|Debtors|(Subsidiary Company)|915,000|750,734|

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"The loans advanced to Thames Housing Management Ltd in 2023-2024 (£750,734) and 2024-2025 (£915,000) were provided to support property acquisitions. This financial assistance aligns with the strategic objective of enabling Thames Housing Management Ltd to acquire and manage properties effectively, contributing to the overall mission of providing adequate housing solutions. These loans have been appropriately recorded in the financial statements as part of the charity's investment loan in its subsidiary, ensuring compliance with applicable accounting standards and providing a transparent and accurate representation of the charity's financial position.

12. CREDITORS: AMOUNT FALLING DUE WITH ONE YEAR

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|||||||| |---|---|---|---|---|---|---| |31.05.2025|31.05.2024| |as|restated| |£|£| |Trade creditors|-|-| |Net obligation|under leasing|contracts and hire purchase|liabilities|~|15,474| |Amount owing|to|credit|institution|10,295|10,572| |Accrued expenses|(Auditor's|fee)|7,788|6,500| |Accrued expenses (HRMC PAYE|Liabilities)|14,642|4,976| |32,726|37,522| |13,|CREDITORS:|AMOUNT FALLING DUE AFTER MORE THAN ONE YEAR| |31.05.2025|31.05.2024| |as|restated| |£|£| |Amount owing|to credit|institution|2,205|All| |Net obligation under|leasing|contracts and hire|purchase|liabilities|~|17,264| |2,205|26,675| |14.|MOVEMENT|IN|FUNDS| |Net| |At|01,0624|movement|At|31.05.25| |as|restated|in|funds| |Unrestricted|funds| |General|fund|1,087,557|687,372|1,774,929| |TOTAL FUNDS|1,087,557|687,372|1,774,929| |Comparative net movement|in|funds, included in the above are as|follows:|Continued...|

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‘Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

NOTES TO THE FINANCIAL STATEMENTS

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|||||| |---|---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in|fund| |£|£|£| |Unrestricted|funds| |Generai|fund|8,989,156|(8,301,784)|687,372| |TOTAL FUNDS|8,989,156|(8,301,784)|687,372|

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15, CONTROLLING ENTITY

There is no overall controlling entity.

  1. RELATED PARTY DISCLOSURES

Charles Osaghae

The trustee Charles Osaghae, who also serves as a director of the charity, received remuneration as follows:

Clement Akinrinlade

A trustee, received £318 (2023/24) and £0 (2024/25) as reimbursement for travel expenses incurred on behalf of the charity.

Isingsley Falola A trustee, was reimbursed £1,500 (2023/24) and £0 (2024/25) for expenses incurred while carrying out operational activities on behalf of the charity.

Aniedi Ebong

Also a trustee, received £1,500 (2023/24) and £0 (2024/25) as reimbursement for expenses related to operational activities conducted on behalf of the charity.

There were no other transactions with trustees other than those disclosed above.

Loan to Subsidiary Company — Thames Housing Management Ltd

No new loans were advanced to Thames Housing Management Ltd, a subsidiary established in 2022 to act as a vehicle through which the charity could secure mortgages and acquire property, due to lenders’ reluctance to advance loans directly to charities.

The only loans outstanding relate to amounts advanced in 2022/23 and 2023/24 totalling £750,734, ofwhich the current outstanding balance as at 31 May 2025 is £702,000.

Staff Loan

A staff loan of £6,000 (2023/24) was provided, of which the outstanding balance as at 31 May 2025 is £2,000.

There have been no significant events affecting the company since the year-end.

  1. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were approved by the Board of Directors on 17th September 2025.

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Twenty-Fifth Avenue Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

DETALLED STATEMENT OF FINANCIAL ACTIVITIES

31.05.2025 31.05.2024
as restated
INCOMEAND ENDOWMENTS £ £
Income
Housingbenefits 8,867,438 5,673,057
Service charge 21,305 28,621
8,888,744 5,701,678
Other Income
Rental income 756 17,260
Rental Income - Office 5,400 3,300
External Project income 15,000 -
Income (Council Tax) 26,638 -
Misc. income 52,593 47,141
Bank Interest Receivable 26 -
100,412 67,701
Total incoming resources 8,989,156 5,769,379
EXPENDITURE
Charitable Expenditure
Property Lease&Management 6,922,884 4,337,973
Property Maintenance 142,284 52,182
Tenant's Welfare ; 206,848 100,055
Community Project 32,919 -
Council Tax 103,890 98,633
Light& Heat 143,508 84,807
7,516,333 4,673,651
Management& Administration Costs
StaffCosts
Payroll Expenses;Pension 8,383 5,076
PayrollExpenses:Taxes 37,378 20,120
Payroll Expenses: Wages 364,854 222,016
Reimbursements:Salary shortfall-2m 4,667 -
Wages 19,592 78,134
434,874 325,346
Administration Costs
Accountancy Fees 30,288 16,000
Computers&Software 14,724 14,134
IT, Broadband& Internet 6,004 3,802
ManagementSoftware 3,060 ~
Office Admin 11,233 ~
Office Equipment Maintenance 2,708 -
Office Supplies, Postage and Stationeries 21,049 7,648
Rent - Office 16,336 30,493
StaffTraining and Recruitment Costs 16,947 8,765
Staff-Christmas Dinner - -
Subscriptions
Telephone Expenditure
‘TrainingCosts
VolunteerExpenses		 5,663
2,211
-
3,230		 2,199
619
“
”
Balance carried forward 133,393 80,659
Continued...

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Twenty-Fifth Avenue Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

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||||||| |---|---|---|---|---|---| |Balance|brought|forward|133,393|80,658.78| |Hospitality|-|4,181| |Insurance|12,901|10,176| |Consultancy|47,940|30,000| |Legal|Fees &|Professional|Fee|107,966|70,962| |Volunteer Expenses|-|3,805| |Loss on Disposal|3,450|-| |Miscellaneous|Expenses|8,741|6,897| |Depreciation|24,798|23,793| |339,189|230,472| |8,290,396|5,229,469| |Finanee| |Bank Charges|3,600|1,955| |Governance| |Audit|fee|7,788|6,500| |Total|resources|expended|8,301,784|§,237,924| |Net income/expenditure|687,372|§31,455|

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