2024-03-31-accounts

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Annual Report and Financial Statements for the year ended 31 March 2024 Company Registration Number: 06608621 Registered Charity Number.. 1134897 Registered Office: Byme Runciman, The Square, Wickham, Fareham, Hampshire P017 SJT Page i

Contents Page Directors, Report 1-16 Auditor's Report 17-20 Statement of Comprehensive Income 21 Statement of Financial Position 22 Statement of Cash Flows 23 Statement of Changes in Reserves 24 Notes to the Financial Ststements 25-33 Appendix." Tenant satisfaction data 34-37 Page li

Wickham Communlty Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statem8nts for the year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number: 1134897 DIRECTORS, REPORT The directors present their annual report and the financial statements for the year ended 31 March 2024. 1. PURPOSES OF THE CHARITY 1.1 Purposes as set out in Wickham Community Land Trust's governing document The charity's purposes are set out in Ihe objects in the Company's Memorandum of Association, as follows: The provision of social housing and housing to relieve financial hardship To promote such other charitable purposes as may from time lo time be detennined subject to the prior written consent of the Charity Commission. Wickham Community Land Trust ￿CLT) is dedicated to the provision of affordable housing in Wickham to relieve the financial hardship of eligible beneficiaries living in the village, surrounding area orwith employment in the area; holding the propety for the long term public good and protecting it from the damaging effects of asset price inflation and speculation and thereby enabling the provision of affordable housing now and for subsequent generations. Nole: Where the term 'Wickham' is used in this report, it refers to the civil parish of "Wickham and Knowle". 1.2 Summary of actlvitles In support of the purpos05 Manage the business of the Trust in such manner as to cover costs and. as not-for-profit organisation, to re-invest for maintenance of the properties Maintain and run our properties in such a waythat they can remain a long-term public benefit, contributing to the sustainability of this community Manage the on-going movement of residents inlo and out of the properties so that the homes remain a benefit to those who qualify to occupy them on grounds of need Maintain the affordable nature of the accommodation Retain the freehold of the properties in accordance with the charitsble aims of WCLT to provide asset lock Pursue opportunities to fvrther meet WCLfs charitable objectives through the provision of additional afft)rdable homes in the vicinity, working in cooperation with Winchester City Council and Homes England Monitor and review the charity's performance against its charitable objectives on a regular basis. Page 1

Wlckham Communlty Land Trust A Register8d Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No: 06608621 Charty Numter.. 1134897 1.3 Summary of Activities in relation to public benefit WCLTS main focus is on providing housing for those who cannot afford, from their own resources, to buy or rent a home on the open market The housing of those living in situations inadequate or unsuitable for their needs. regardless of Iheir age, sex, marital status or any other differentiator The housing of families living in overcrowded conditions by virtue of inability of young adults to find altemative affordable homes Housing thos8 who lose their open market rental homes because of sale or increased rent The housing of key workers serving the local area Provision of housing to a number of households with local connection enabling them to ￿ceIve support from their families {e.g. childcare) or to provide support to family members who need help <e.g. to elderly relatives) Shorter journey times for those residents with worf( in the local area. WCLT is nol aware of any detriment or harm arising from the organisation's aims. 1.4 Benefft to a sectlon of the publlc The public which benefits from our work is made up of a cross section of age groups unable from their own resources to afford a home on the open market. for housin Selection criteria for applicants Includ8 housing need, inability to afford propety to buy or to rent on the open market, the ability to meet the affordable renvmortgage outgoings on a WCLT home, suitability of the homes WCLT has available to meet the applicants, needs and local connection (see Geographical Restriction below). Geo hical Restric ion WCLT serves the geographical area of Wickham in Hampshire, its adjoining parishes and the administrative area of Winchester City Council, in that order of priority. Being an attractive village within reach of th￿e cities, Winchester, Portsrnouth and Southampton, Wickham's house prices, both for purchase and rent, are high and beyond the means of many people from this specific vicinity who wish to be able to live in the community from which they come or in which they work. 1.5 Identlfylng Public Bonefit The impact of our achievement goes wider than those families we house, and its public benefits indude the following: A reduction in the number of people seeking afft)rdable housing in the area. A reduction in local barriers to housing An increase in housing stock available for affordable homes Increased availability of local accommodation for key workers serving the local area A reduction in distanGes between home and workplace for people working in the Page 2

Wlckham Communlty Land Trust A Registered Charity and Company LimFted by Guarantee Trustees, Report & Financial Statements for the year ended 31 Marth 2024 Company Reg. No.. 06608621 Charity Number. 1134897 area The retention of assets within the local community for public benefit, providing a long-term asset lock. 1.6 Prlvate benefft No-one receives any private benefit from WCLT. 1.7 Directors, Public Benefit Statsment The Directors of WCLT confirm that in drawing up this report they have been aware of their duty to report on public benefit and have paid due regard to the Charity Commission's guidance in this respect. 1.8 Contrlbutlon made by volunteers WCLT has no employees. All work undertaken by directors and our part-tim8 bookkeeper, Mrs Brenda Farrow, is undertaken on a voluntary basis. 1.9 Additional Informatlon WCLT employs a Managing Agent for its rental properties. While the selection process of suitable eligible persons to occupy its properties remains under the control of WCLT, once that prO￿sS is complete the Managing Agent deals with the collection of rent and service charge and manages repairs. However, WCLT remains closely involved in management issues and directly manages the shared ownership properts'es. 2. ACHIEVEMENTS AND PERFORMANCE 2.1 Quantltat5ve and Qualltstlve Infonnatlon At the end of this financial year the number of persons housed by the Trust was 43 individuals (adults and children) who qualify under the categories outlined in 1.3 above. There were no changes in tenant occupats'on during the year. There were no void periods. Feedback from our residents remains consistently appreciative. For details see Appendix providing Resident Survey Responses and Management Information. The information is set out in the format required by the Regulator of Social Housing. 2.2 Meeting the Social Houslng Regulatof s Standards Directors continue to use the Regulatorfs Economic and Consumer Standards as points of reference for measuring our service-delivery. 2.2.1 Governance and Financial W￿llity Standard WCLT 's Code of Practice and Financial Viability. based on the standard, sets out the Page 3

Wlckham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Stat￿ents for the year ended 31 Marth 2024 Com an Reg. No.. 06608621 Chari Number: 1134897 fundamental values which underpin WCLfs practice and ensures that it: a) meets the Regulatorfs standard and b) conducts its business in an effective. transparent and accountable manner. The Board certifies its compliance with the standard during the course of 202312024. 2.2.2 Value for Money Stsndard (VFM) The WCLT Board regularly ￿vIewS all areas of its operation to look at opportunities for reducing costs or securing additional income in line with its Value for Money Policy. The voluntary time of Board Members in running the organisation "hands on" is a key contributor to constraining costs as well as providing a responsive service. Examples include our financial and administrative retums. lettings. management of shared ownership properties, financial management and reporting. The Board recognises that, as WCLT grows, additional paid administrative and financial resources will be required. and future projects include financial provision for such additions. The Trust has ownership of 18 affordable properties at the end of the financial year. If further properties are acquired beyond this level, it will be necessary to put into place more formal arrangements, probably requiring part-time employment. The Board recognises that maintenance costs are increasing as properties acquired in 2012 age and has increased budgetary provision in its plans for future years. In April 2018, the Regulator of Social Housing published new standards to Registered Providers by which to establish comparative Value for Money metrics. While these are a useful tool generally the Board is aware that, being a relatively small provider, such metrics have to be used with caution and broad comparisons are not reliable. The Board feels that the following are relevant measures, and we present our performance evaluation against each parameter: 2023124 2022123 Metric 1 Metric 2 Metric 3 Metric 4 Reinvestment New supply Gearing EBITDA MRI interest cover Social Housing cost (per unit owned) Operating Margin Retum on Capital Employed 0.66 0.56 0.42 0.65 0.41 1.24 Metric 5 £3.711 £4,581 Metric 6 Metric 7 0.11 0.00 0.03 22.3 Rent Standard While WCLT is exempt from this standard through its provision of housing for intermediate rent, the Board refers to the Regulatorfs Guideline Limit in its rent review, as recommended in the stsndard. In 2023124 WCLT applied a rent increase of 7.7°/o to its intermediate rent Page 4

Wlckham Communlty Land Trust A Registered Charity and Company ￿rnited by Guarantee Trustees, Report & Financial Ststements for the year ended 31 March 2024 Company Reg. No: 06608621 Charity Number: 1134897 and 6.5 % to its shared ownership properties in order to maintain affordability, although the Rent Standard guideline would have allowed higher increases. The Trust, while needing to be prudent due to heavily increased costs due to interest rate rises and inflation was mindful of the economic strain on tenants. budgets as a result of the "cost of living crisis.. The ten new properties acquired in FY 23 are affordable rent properties governed by the Rent Standard and also the terms of an s106 agreement which pegs them to rents equal to Local Housing Allowance (unless a specific exception is made). 2.2.4 Home Standard i) Quality of accommodation." WCLT'S 8 homes i n H o ug h ton Ga rd e n s meet the Government's Decent Homes requirement and also Sustainability Code 3 and Lifetime Homes criteria. The 10 homes in Wykeham Vale meet current Building Regulation. ii) Repairs and Maintenance: WCLT is responsive to matters of ongoing repair and maintenance. 2.2.5 Tenant Involvement and Empowerment Standard WCLT convened a meeting with residents of Houghton Gardens on 2nd November 2023 th and with residents of Wykeham Vale on 13 March 2024 to disseminate information, explain charges and to capture residents. views and respond to any of their concerns. More details are given at 6.4 below. WCLT'S Managing Agent also visits tenants in their homes. All tenant reviews remain positive and feedback in respect of WCLT performance has also been positive. Those tenants reaching the completion of their sixth year in residence have renewed their tenancies. WCLT will continue to take account of tenants, views in monitoring its performance as a landlord. 2,2.6 Nelghbourhood and Communlty Standard In managing its current portfolio WCLT works to good effect with Hyde Group, Aster Homes, Wickham Community Association and Wickham Parish Council in respect of grounds maintenance. street lighting. access roads and community issues and with Winchester City Council and Wickham Festival organisers. 2.2.7 Tenancy Stsndard. Although as a provider of intermediate homes WCLT is exemptfrom this standard, WCLT still retains its cu￿ent tenancy standard as a useful guide and operational reference point in relation to tenancies and tenancy review pro￿sses. 2.3 Achievements against objectlves set The objectives of the Trust were ￿VieWed during the year and the Board agreed that they were still valid and should be carried forward into the next planning period 2024 - 2025. Satisfactory progress was achieved in all the ongoing management objectives. Page 5

Wickham Community Land Trust A Registered Charity and Company Limtled by Guarantee Trustees, Report & Financial Statements for the year 8nd*l 31 March 2024 Company R8g. No: 06608621 Charity Numter. 1134897 Detailed financial modelling was updated during the year especially to monitor performance against budget in view of high interest rates. As a result of rates remaining higher than anticipated when loans were cornmen￿d, Homes England identified from the Trust's annual return that the targets set in the loan agreements with Triodos Bank (the Trust's principal lender) for repayment cover were not being met and wanted comfort from Triodos that the bank was content with our financial position. The bank affinned their acceptan￿ of the position, and Homes England accepted this assurance. The accounts for FY 23124 show that by the end of the year the Trust was again complaint with the loan repayment cover targets. Although not applicable to the Report for FY 2023124 it is important that the Board should comment on the position as it has continued to evolve into the next financial year. Bank of England base rate has stayed at 5.250/0 meaning that the Trust paying 8.250/0 on its loans. The Board has agreed a conservative budget that assumes that there will be minor cuts in rates in August and December and cash flow will remain positive. Reserves remain healthy and the Board is confident any extemal financial shocks that may arise can be managed. 3. FINANCIAL REVIEW The financial staternents have been prepared in accordan￿ with the Housing SORP 2018. Under this SORP the capital grant from Homes England used for the purchase of homes in Houghton Gardens, is classified as deferred income in the Balance Sheet with a proportion being taken each year to the Income and Expenditure accounL Also, under this SORP, the Income and Expenditure account is titled the Statement of Comprehensive Income and the Balance Sheet is called the Statement of Financial Position. In addition. we have induded a Statement of Cash Flows. The principal financial management policies in force are WCLT'S Financial Controls Policy, Monitoring and Review Policy and WCLT'S Reserves Policy. 3.1 Flnanclal position at the end of the porSod We are reporting a deficit for the year of £112 (2023 deficit of £22,455). The Trust's operating performance in Ihis financial year has been consistent with prior years. The cash position at the end of the year was strong and in line with expectations illustrating the Trust's ability to establish accurate financial forecasts for the business which has followed a consistent trend over the 12 years since the start of operations. The accounts record a free cash position of £96.960 at the end of the year despite the continuing high rate of interest that has affected the business. 3.2 Reserves WCLT'S Reserves Policy ststes the Trust's intention to hold reserrfes to the equivalent of at least 6 months of normal operating costs in order to: ensure continuity in meeting the needs of beneficiaries and the Charity's financial obligations ensure the Charity can bridge cash flow problems in periods of changeover when beneficiaries leave or move into properties or rental incom8 drops at such Page 6

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Rèport & Financial Ststements for the year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number: 1134897 times maintain and develop its charitsble activities. In line with Charity Commission guidance this policy was reviewed in July 2023 and will be reviewed annually. As at 31 March 2024 the Trust held reserves of £329,284 {2023: £329,396). The ￿SerVeS held at the end of the Financial Year are the equivalent of 59 months, operating expenditure. 3.3 Prlncipal Funding Sources 3.3.1 Lenders Lenders in the period were as follows: Charity Bank Winchester City Council Hyde Group Triodos Bank 3.3.2 Donations Donations in the period amounted to £725 (2023 £1.147) 3.4 Rental Income Rental Income from the 14 rental properties and 4 shared ownership properties has provided a steady income throughout the financial year, enhanced inevitsbly by the full year revenue from the 10 homes acquired during the prior year. Hence rental income was £52,500 higher than in FY 2022123. There were no void periods. 3.5 Expenditure 3.5.1 WCLT has continued to be cautious with its expenditure and at the end of the period finances remained healthy. Operating expenditure was lower than in the prior year directly related to lower administrative and legal expenses, which were eX￿ptIOnallY high in 2023 because of the purchase costs related to Wykeham Vale. The year showed an operating surplus of £78,571 (2023 £10,399) 3.5.2 maintenan￿ costs were lower than we had budgeted because the Board had anticipated a steady increase in costs for the older properties in the portfolio that did not in fact arise. The Board has created a long-term plan for replacement costs, and these will be incorporated into future budgets as the Board continues its cautious approach to property maintenance requirements of its older properties. 3.5.3 All payments are governed by WCLT'S Financial Controls Policy and any repayment of expenses to directors is made according to the regulations laid down in that policy. 3.6 Rlsks 3.6.1 The Trust, by the very nature of its business model, is dependent on rental revenues and on external finan￿. and will thus always remain exposed to potential increases in interest rates. Risks are re-assessed at each Board meeting and increases in interest rates Page 7

Wlckham Comrnunity Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No: 06608621 Charity Number.. 1134897 remain the single most significant risk to the business. The exlent of this risk as it affects the Trust going into FY 2024125 is discussed in section 2.3 of the Report. It will be essential for the Board to maintsin good communication with, and the confidence of. our lenders. Fortunately, the value of our assets (c £4.5m) should be sufficient for our lenders to feel that their positions are sufficiently secure. 3.6.2 Succession planning features in the Trust's regular risk appraisal. This has allowed the Trust to secure the services of a new Trustee during the year who is employed by a leading Housing Association and who has direct housing management experience and appropriate qualifications. Her appointment enables the Board to satisfy the government's guidan￿ that providers of afft)rdable housing should have representstion by personnel with such qualifications. 3.6.3 The sad loss in the previous 18 months of two experienced and highly valued Trustees (Rev Jane Isaac through her death and Chris Cook through retirement from the Board due to ill health) demonstrates the importance that must be placed on continuing to refresh and strengthen Trustee membership. 3.6.4 The voluntary affordable homes sector is dependent on support from the govemment. The Trust has benefitted in past years from the availability of the Community Housing Fund {CHF). Despite the national need for affordable housing. the availability of funds to support organisations providing community led solutions is disappointing. 3.6.5 The Govemment has absolved Community Land Trusts from the right to buy that affects other forms of affordable housing provider. If this were to change it would impact the Trust's charitable objects and so this risk is constantly under review. 3.7 Investment As part of the original loan terms with Charity Bank, WCLT has £8753 (2023: £8,465) in a Charity Bank Deposit Account. Although Charity Bank has been sufficiently satisfied with the soundness of WCLT'S perfonmance to lift this condition WCLT chooses to retsin this deposit. 3.8 Fundraislng activities WCLT launched"Friends of Wickham Community Land Trust" in January 2023 and is pleased to report that it has re￿IVed donations from small number of local people. The Trust intends to build on thls start in years ahead. 3.9 Events subsequent to this report perlod 3.9.1 The bNo rent reviews conducted in the year, one for the rental properties and one for the shared ownership homes in Houghton Gardens, were conducted in the last quarter of this report period, with implementation following in the subsequent reporting period. 3.9.2 There have been no significant financial post-reporting events affecting the business. The hoped for interest rate cuts trailed by the most financial experts will be a welcome benefit to the Trust's finances. With a new govemment, however, it is not possible to be sure of what will happen to interest rates but published expectations seem little changed. Page 8

Wickham Community Land Trust A Registered Charity and Company Lirnited by Guarante8 Trustees, Report & Financial Statements for th8 year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number. 1134897 3.9.3 There have been significant regulatory changes subsequent to the year*nd including a Statutory Code for Complaints, and new regulatory powers for consumer standards implemented by the Regulator for Social Housing. In addition Health and Safety remains a key concern following the Grenfell Tower and Rochdale tragedies and new regulatory requirements are expected. WCLT is updating its policies and practice in response, including new Board responsibilities for monitoring Health and Safety and Complaints. 3.10 Plans for the forthcoming year In addition to the ongoing management of WCLT'S existing properties, the Trust's activities In 202412025 will be concentrated on: 3.10.1 Ensuring that risks related lo interest rates and increases in costs of maintenance are kept under close scrutiny and action taking promptly and as appropriate. 3.10.2 Ensuring that the new statutory and regulatory ￿spOnSibl11t1eS introduced in 2024 are understood and complied with 3.10.3 Ensuring that tenancies in Wykeham Vale are managed successfully in the second year of their ownership, it is disappointing to report that all ten properties have suffered latent plumbing defects thal the Trust and its Managing Agent are working hard to resolve with the developer. 3.10.4 Discussions with both Winchester City Council and Homes England to develop options for WCLT'S acquisition of 20 further homes on a Homes England site at Knowle, near Wickham, are expected to develop during the year as s106 and other planning issues seem close lo resolution. The Trust's participation, however, will be dependent on the accessibility of enabling finance. 3.10,5 Maintaining WCLT'S excellent working arrangements with the managing agent, the City Council and the management companies responsible for common areas of sites on which its properties are situated. 3.10.6Addressing issues of sca5ing up to deal with potential portfolio expansion and cruiting extra trustees to cover increased workload andlor to employ a member of staff to assist with the increased administrats've work. 3.10.7The Trust will continue its campaign to inform more widely local people of the Trust's work and build further the Friends network. It will work to increase the likelihood of significant donations from local people to support its work 3.10.8A shared ownership tenant during FY 23124 signalled a wish to staircase to 80 % equity (from 50°A) and also extend their property (having failed to find a private propety to purchase because of excessive property prices locally) in order to match the needs of their growing family. The Trust has considered the financial and strategic effects of this proposal and agreed to proceeding. It is expected that the works will commence and complete during FY24125. 4. STRUCTURE, GOVERNANCE AND MANAGEMENT 4.1 Governlng Documerrt Wickham Community Land Trust (WCLT) is registered in England and Wales as a Company Limited by Guarantee with charitable aims. with the goveming documents being Memorandum and Articles of Association. It was registered as such on 2nd June 2008 Page 9

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Truste8s' Report & Financial Statements for the year ended 31 March 2024 Company Re . No.. 06608621 Charity Number. 1134897 4.2 Legal Definition WCLT meets the legal definition of a community land trust as defined by the Housing & Regeneration Act 2008 Act. 4.3 Members and Membershlp Subscribers to the Memorandum and Articles of Association were the first members of the Charity. Membership is open to other individuals or organisations who apply to the Charity in the form required by the Directors and who are approved by the Directors. The Board hopes to recruit new rnembers in this way as part of its succession planning. There is one class of membership. Persons with Significant Control: WCLT keeps a register in which to ￿COrd such but at present the position is Nil. In accordance with our Conflicts of Interest Policy all directors are required to complete annually a Register of Interests. There have been three changes lo the composition of the Trust Board during the year. the loss of Rev Jane Isaac and Chris Cook have been noted elsewhere in the Report. We are delighted to welcome Sara-Jane Chivers to the Board. She has been appointed to ?erve on the Housing Management Sub-committee. Any local authority appointments should be maintained at less than 200/0 of the total board. There are currently no LA appointments represented on the Board. 4.4 Dlrector Inductlon. Tralnlng and development Directors are provided with a Trustee Role Description and asked to sign a Trustee Code of Condud and to complete a Declarab'on in respect of Individual Voluntary Arrangements, bankruptcy and unspent convictions. All directors have a copy of the Charity Commission publication 'The Essential Trustee: what you need to know. Updates in the Charity Commission's Newsletters are disseminated to Directors during the year. Suitable opportunities for development through attending courses, cOnferen￿S or seminars are identified and supported at Board level. 4.5 Organisatlonal and Structurdl Matters 4.5.1 Day to Day Management The day-to-day management of WCLT is undertaken either by an executive committee or by the Housing Sub-committee. The executive committee consists of the Chairman. Nicol Holladay, the Company Secretary, David Peters, and the Vice Chaimian, Geoffrey Phillpotts, with involvement of the Finan￿ Director where relevant. The Housing Management Sub- Committee is made up severally of Geoffrey Phillpotts. David Thompson, David Peters, Wendy Greenish and Sarah-Jane Chivers to deal with individual housing matters and the Page 10

Wlckham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Report & Financial Statements for the year ended 31 March 2024 Company Reg. No.. 06608621 CharTty Number". 1134897 allocation of properties. Other directors according to their skills and roles a￿ called on as per actions agreed at meetings. Directors are regularly updated on current issues at the board meetings and all major and policy decisions are tsken by the board. 4.5.2 Code of Practice WCLT has its own Code of Practice and Financial Viability, based on that of the Housing Regulatorfs Stsndard, which the Board deems appropriate to the organisation's size and role as a non-profit registered provider. 4.5.3 Code of Govemance WCLT has its own Code of Govemance based on that of the Charity Commission. Both this and the Code above set out the fundamental values which underpin WCLT'S operation and against which the Board can assess the effecb'veness of its govemance arrangements and operation. 4.5.4 Tenancy WCLT'S master tenancy documents are in line with current legislation. 4.5.5 Asset Reglster WCLT manages its resources prudently to ensure its viability and actively assesses and manages risk. While our properties have nol been revalued in the accounts (see accounting policy h), a valuation carried out in April 2018 at the behest of Charity Bank showed that all the eight properties in Houghton Gardens have a market value well in excess of cost and these market values have been noted in the asset register. Properties in Wyk8ham Vale were independently valued as part of the purchase process and their market values remain well ahead of their purchase cost. 4.5.6 Data Protsctlon In line with current legislation on GDPR WCLT has audited the data it handles. It has published its Privacy Policy, and the Board receives a Dats Protection report at each meeting. 4.5.7 Rlsk Management Consideration of WCLT'S Risk Appraisal is led by Trustee David Thompson and embedded as a regular item in Board Meetings and the Board is satisfied that WCLT'S consideration of risk is sufficiently infonned to encompass consideration of both intemal and extemal matters and that WCLT has complied with regulatory requirements to date and will continue to do so in the foreseeable futu￿. 4.5.8 Insurance WCLT'S cover provides for Directors, and Officers, Liability Insuran￿. Public and Products Liability Insuran￿, Propety Owners, Liability Insurance and Buildings Insuran￿. WCLT holds NHBC certification for all its eighteen properties. 4.5.9 Legal 4.5.9.1 New tenanls are initially offered our Starter Only Assured Shorthold Tenancy, and progress to a five-year Fixed Term Assured Shorthold Tenancy after a satisfactory probationary period. 4.5.9.2 Shared Ownership Agreements are based on the Homes England Model Lease Page11

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Raport & Financial Ststements for the year ended 31 March 2024 Company Reg. No: C6608621 Charity Number: 1134897 for Protected Areas, with stair-casing restricted to 80°k. 4.5.9.3 Our tenancy agreements are reviewed and endorsed by our legal advisers. 4.5.10 Registered Office: no change. 4.6 Relatlonships wlth related parties 4.6.1 Charlty Commlssion WCLT is a registered charity (registration 12th March 2010). WCLT submits an Annual Return to the Charity Commission and is in receipt of its infonnative Quarterly Newsletters. 4.6.2 Homes England and Regulator of Soclal Houslng WCLT is registered as a non-profit private registered provider of social housing with the regulating body. WCLT in tenns of regulation counts as a small provider. As a Registered Provider WCLT reports to and receives advi￿ from the regulator and submits its Statistical Data Retum under NRosh+. WCLT, through its own policy documents and processes, both seeks to meet the regulator's Economic Standards and to reflect its Consumer Stsndards. These underpin WCLT'S operations and throughout this financial period WCLT has sought to maintain and review its performance against these operating standards. 4.6.3 Hyde and Aster H(wlry Assoclatlons With WCLT owning eight of its current portfolio of properties on a shared site with Hyde Housing Association and a further 10 on a site where Aster owns 22 properties communication between us is important. 4.6.3.1 The working relationship between WCLT and Hyde's local housing management team is in essence co-operative and effective. The relationship with Aster has always been good and remains so. 4.6.3.2 Communication with Hyde Group's ￿ntralIsed departments can be more difficult. WCLT strives to keep the channels of communication open and after some useful exchanges marked improvement has been witnessed and maintained during the year. Information regarding projected Estate Charges (see section 6 below: Funds held as custodian trustees) is now improved enabling the Trust better to project financial commitments both for the Trust itself and for tenants in Houghton Gardens 4.6.4 Wykeham Vale Management Company As part of the arrangements for the purchase of homes in Wykeham Vale, the Trust has entered into a joint ag￿ement with CACMJkn Aster Homes for the management of common areas in the development. The aThangement took full effect in 2023124 making all tenants members of the management company. The two outstanding issues requiring resolution carried over from FY 2023124 viz installation of lighting on parts of the site and a question regarding the wisdom of one of the boundary locations) had not been resolved by the Year End, but the Board is pleased to report that progress is being made in Q1 FY 24125. Page 12

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee TnAstees' Report & Financial Statements for the year ended 31 March 2024 Company Reg. No.. C6608621 Charity Number. 1134897 4.6.5 Winchester Cty Council {WCC) WCLT'S relationship with Winchester City Council continues to be supportive of the CLT'S aims. 4.6.6 Radian Group WCLT was party lo a service level agreement with the Local HomeBuy Agent. Radian (part of the Abri Group), for r￿rt aKI housing in Winchester City's district. The govemment has now tenninated the requirement for this arrangement 4.6.7 Natlonal CLT Network (NCLT) WCLT is a member and both benefits from this membership and actively supports the NCLT in its work. 4.6.8 Information Commlssloner and the Houslng Ombudsman WCLT is registered with the former in ￿spect of Data Protection and, as a provider of social housing, is registered with the Housing Ombudsman Service. The Ombudsman now has a statutory code which came into force in April 2024. 4.6.9 Wickham Parlsh Councll WCLT maintains its links with Wickham Parish Council with communications with the Clerk to the Parish Council and individual councillors and exhibited at the Parish Assembly in May 2023. 4.6.10 Hampshlre Home Cholce The Trust retains its separate rights under agreement with Winchester City Council to allocate its properties to qualifying tenants and advertises vacancies through Hampshire Home Choice so qualifying applicants can apply. 4.6.11 Byma Runclman The Trust's managing agent for rental properties. The finn collects rents from rental properties and is the first port of call for rental tenants for assistance and arranges repairs. The relationship between the Trust and Byme Runciman continues as strongly as ever and they provide great assistance to the Trust. The relationship is an excellent example of local businesses working together for the good of the community. Page 13

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Cornpany Reg. No.. 06608621 Charity Number. 1134897 5. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY Charity Name: Wickham Community Land Trust Charlty Registratlon Number: 1134897 Homes England Registered Provlder: 4692 Company Registration Number: 6608621 Registered Office and operational address: Byme Runciman, The &uare, Wickham, Fareham, Hampshire p017 5JT. Correspondenc6 address: P.0. Box 739, Fareham, Hants, P014 gRH. Board of Dlrectors (as at September 2024): Nicol Holladay Chairman Mr. G S Phillpotts Vice-chairman Rev'd A J Smith Finance Director Mr D Peters Dlrector and Company Secretary Mr E Fitzgerald Mr D R Thompson Mrs W Greenish Cap't A Robinson, RN Ms S-J Chivers Changes In Board of Dlrectors: Mr C Cook Resigned Rev Jane isaac Deceased Bankers: Natwest, 52, West St.. Fareham, Hants P016 OJX Legal Advlsers: Anthony Collins LLP, 134, Edmund Street, Binningham B3 2ES Audltors: Rothmans Audit LLP, Avebury House, St Peter Street, Winchester. S023 88N Chartered Surveyors: Chandler Hawkins, 14. Landport Terra￿, Southsea P012LG Managing Agent: Byme Runciman, The Square, Wickham, Hampshire, P012LG Page 14

Wlckham Community Land Trust A Regislered Charity and Company Lrmited by Guarantee Trustees, Report & Finan￿81 Statements for the year ended 31 Mardj 2024 Company Reg. No.. 06608621 Charity Number. 1134897 6. FUNDS HELD AS CUSTODIAN TRUSTEES 6.1 WCLT levies certain monthly charges from their tenants: i) Service charges for Maintenance and Sinking Fund together with an administrative and accounting costs fee ii) Estate Service Charge for grounds maintenance at Houghton Gardens undertaken by Hyde Housing and payable to them on invol￿. There is a collection fee associated with this. 6.2 As custodian of funds held on behalf of others, WCLT has two Client Accounts in which to deposit sums related to i) and ii) above: i) Sums related to the General Seniice Charges and Estate Service Charges are paid into a current account. ii) Contributions collected for the Sinking Fund are pla￿d in an interest*aming Business Reserve Account. 6.3 General Service Charge. WCLT, in its review of rents and Servi￿ charges in February 2024 decided again to Inc￿aSe the levy rate for Sinking Fund to allow for inflation. This increase of the General Service Charge came into effect from May 2024. 6.4 Estate Service Charge: i) These are made in conjunction with fees charged to the Trust by Hyde Housing. Communication with Hyde regarding these charges is operating reasonably smoothly. ii) The Trust makes adequate provisions to meet the charges which are communicated to us and after various corrections that need to be made, annual costs are agreed and paid. The Board regards that, after several years, experience, budgets are predictable, provisions are adequate, and expenditure is under financial control. iii) The Trust has made provision to cover the costs of WV estate charges not yet levied. 7. CONCLUSION WCLT reports another year of solid performance. The Trust has cOn￿ntrated on managing its properties as well as possible for the individual residents and with regard to the long-term aims of the Trust. From a sound financial base, WCLT continues to deliver community-led ownership of affordable properties for the benefit of local people. WCLT is very grateful for the support of local people and those organisations with which we have worked over the last few years. We particularly appreciate the good and sometimes special working relationships with these supportive organisations. Sincere thanks are due to the d1￿CtorS and our highly efficient bookkeeper, all of whom have given their time and expertise generously and voluntsrily to push WCLT'S goals forward. WCLT is grateful to all who are keen to continue into next financial year. Finally, the Board pays tribute to its tenants in an expanding portfolio of affordable homes: we are proud of them, and we are delighted that we have been able to provide affordable homes for them in our community. Page 15

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Report & Financial Statements for the year ènded 31 March 2024 Compan Reg. No". 06608621 Charity Number. 1134897 STATEMENT OF DIRECTORS. RESPONSIBILITIES The directors are responsible for preparing the Annual Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to p￿pare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable cornpany for that period. In preparing these financial statements, the directors are required to: ensure continuity in meeting the needs of beneficiaries and the Charity's financial obligations select suitable accounting policies and then apply them consistently observe the methods and principles in the Housing SORP make judgments and estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements prepare the financial statements on Ihe going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The directors a￿ responsible for keeping proper accounting records that disclose with reasonable accuracy at any time Ihe financial position of the charitable company and ènable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the directors are aware: there is no relevant audit infonnation of which the charitsble company's auditor is unaware the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to 8Stablish that the auditor is aware of that information. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial staternents may differ from legislation in other jurisdictions. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. David Peters Director and Company Secretary, 23rd September 2024 Page 16

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial SL*ements for the year ended 31 March 2024 Company Reg. No.. 06608621 Cha Number. 1134897 Independent Auditor's Reportto the Members of Wickham Community Land Trust Opinion We have audited the financial statements of Wickham Community Land Trust (hereinafter 'The Trust") for the year ended 31 March 2024 which comprise the Statement of Consolidated Income, the Statement of Financial Position, the Cash Flow Ststement, the Statement of Changes in Reserv8s and notes to the financial statements, induding significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Trust's affairs as at 31 March 2024, and of its income and expenditure, for the year then ended have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice have been prepared in accordance with the requirements of Ihe Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for private ￿gIStered providers of social housing in England 2022. Basls for Oplnlon We conducted our audit in accordance with Intemational 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 Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requ1￿mentS. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons rnlatlng to golng concern In auditing the financial ststements, we have concluded that the board's use of the 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 association's ability to continue as a going concern for a period of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the board with respect to going concem are described in the relevant sections of this report. Other infomiation The other information comprises the infonmation included in the annual report, other than the Page 17

Wlckham Community Land Trust A Registered Charity and Company Limited by Guarantee Ttustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No: 06608621 Charity Number.. 1134897 financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report . Our opinion on the financial statements does not cover the other infonnation 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 infonnation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or other¥wse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misststement in the financial statements or a material misststement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinion on other matter prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: information given in the directors, report for the financial the year for which the financial statements are prepared is consistent with the financial statements; and the directors, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the Trust and its environment obtalned In the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the infonnation and explanations we require for our audit. or the directors were not entitled to prepa￿ the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the directors, report and take advantage of the small companies exemption from the requirement to prepare a strategic report. In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion: a satisfactory system of control over transactions as not been maintained. Dlrectors. responslbllStles As explained more fully in the directors, responsibilities ststement set out on page 16, the direclors (who are also the trustees of the charitsble company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the directors determine are ne￿SSary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. Page 18

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantse Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number: 1134897 In preparing the financial statements, the directors are responsible for assessing the Trust's ability to continue as a going concern. disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the directors either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Audltorfs responsibilltles for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could ￿asonablY be expected to influence the economic decisions of users taken on the basis of these financial statements. The objectives of our audit, in respect to fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud. to obtsin sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses and to respond approprialely to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with govemance of the entity and management. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following: The engagement partner ensured that the engagement team collectively had Ihe appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations We obtained an understsnding of the legal and regulatory frameworks that a￿ applicable to the Trust and those laws and regulations that had a direct effect on the financial statements. We focused on specific laws and regulations which we considered rnay have a direct material effect on the financial ststements or the operations of the Trusl, including FRS102, the Companies Act 2006. the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and the identified laws and regulations were communicated within the audit team regularfy and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misststement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was SUS￿ptibl1itY to fraud, their knowledge of actual, suspected and alleged fraud. and Page 19

Wlckham Community Land Trust A Registered Charily and Company Limited by Guarantee Trustees, Raport & Finanaal Ststwnents for the year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number.. 1134897 considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We identified the greatest risk of a material impact on the financial ststements from irregularities, including fraud, to be within the recognition of income and the override of controls. To address the risk of fraud in these areas, we: selected a sample of transactions from material income streams and compared expected income to that recorded within the financial statements performed procedures to identify any unusual or unexpected relationships tested journal entries to identify unusual transactions investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation reading the minutes of meetings of those charged with govemance enquiring of management as to actual and potenlial litigation and claims reviewing correspondence with relevant regulators, including Homes England and the Regulator of Social Housing and the company's legal advisors; and reviewed legal and professional expenditure incurred in the year. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial ststements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al: www.frc.or .uklauditorsres onsibilities. This description forms part of our auditorfs report. Use of our Report This report is made solely to Wickham Community Land Trust's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the Trust's members those matters we are required to stale to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not ac￿pt or assume responsibility to anyone other than the association and the Trust's members as a body, for our audit work, for this report, or for the opinions we have formed. Lisa Wilson FCA (Senior Statutory Auditor) For and on behalf of Rothmans Audit LLP Chartered Accountants and Statutory Auditors Avebury House, St. Peter Street, Winchester, Hampshire, S023 8BN Date 26 September 2024 Page 20

Wickham Communty Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Ststements for the year ended 31 March 2024 Company Reg. No: 06608621 Chaiity Number. 1134897 Statement of Comprehensive Income For the year ended 31 March 2024 2024 2023 Tumover 145,362 92,862 Operating expenditur8 (66.791) 78,571 (82,463) 10,399 Operating Surplus Int8rest receivable and other incorr 1.822 1,225 Interest payable and financing costs (Deficit)ISurplus on ordinary activities before taxation Taxation (80.505) (34,079) (22,455) (112) (Deficitysurplus fortkE year and total o)mprehensive inc(me 14 (112) (22,455) The results relate wholly to continuing activities. The accompanying notes fomi part of these financial ststements. The financial statements were approved and authorised for issue by the Directors on 23rd September2023 and signed on their behalf by: Nicol H Iladay Chairman & Director Geoffrey Phillpotts Director Page 21

Wlckham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Compan Reg. No: 06608621 Chari Number. 1134897 Statement of Financial Position As at 31 March 2024 31 March 2024 31 March 2023 Note Fixed assets Tangible fixed assets 2,214,568 2,244,311 Current assets Prepaid expenses Cash at bank and in hand 4,885 96,960 101,845 395 87,208 87,603 Creditors- Amounts falling due within one year {32.504) (31,116) Net current assots 69,341 56,487 Total assets less current liabllltlos 2,283,909 2,300,798 Credltors- Amounts falling due after more than one year Provlsions for Ilabllitles 10 (1.941,367) (1,959.239) 13 (13,258) (12,163) Total Net assets 329,284 329,396 Reserves Income and expenditure reserve 14 329,284 329,396 Total Reserves 329,284 329,396 These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved and authorised for issue by the Directors on 23 September 2024 and are signed on their behalf by Nicol Holladay Chairman & Director Geoff Director Phillpotts The notes on pages 25 to 35 fonn part of these accounts Page 22

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantse Trustees, Report & Financial Ststements for the year ended 31 March 2024 Company Reg. No.. 06608621 Chanty Number: 1134897 Statement of Cash Flows For the year ended 31 March 2024 Note 2024 2023 Net cash generated from operating activities 15 98,329 27,965 Cash Flow from Investlng Actlvftles Interest received Purchase of houses for rent 1.097 78 11,579,160) Cash Flow Irom Flnanclng Actlvltles Grants receivedl(repaid) New secured loans Repayment of bO￿owingS Interest paid and other finance costs 355,000 794,160 18,3281 (34.0791 (9,169) 180,505) Net change in cash and cash equivalents 9,752 1444,364) Cash and cash equivalents at start of year 87,208 531,572 Cash and cash equivalents at end of year 87,208 Page 23

Wlckham Community Land Trust A R8gist&red Charity and Company Limited by Guardntee Trustees. Report & Financial Statements for the year ended 31 March 2024 Company Reg. No". 06608621 Charity Number: 1134897 Statement of Changes in Reserves Income and expenditure reserve Total At l April 2022 {Deficit)/Surplus for the year Total comprehensive Income At 31 March 2023 and l Aprll 2023 {Deficit)/Surplus for the year Total comprehenslve Income At 31 March 2024 351,851 122,455) 122.4551 329,396 (1121 {1121 351,851 {22,4551 122,4551 329,396 (1121 {1121 Page 24

Wickham Community Land Trust A R8gistered Charity and Company Limited by Guarant88 Trustees, Report & Financial Ststements for the year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number. 1134897 Notes to the Financial Statements 1. Accounting policles 1. 1. Legal status Wickham Community Land Trust is registered under the Companies Act 2006 as a company limited by guarantee incorporated in England and Wales. It is registered with both the Charity Commission and Homes England as a Registered Provider and is a public benefit entity. Its registered office is: Byrne Runciman, The Square, Wickham, Fareham, Hampshire, P017 SJT 1.2. Basis of prep8r8tion The financial statements have been prepared: 1.2. 1. under the historic cost convention 1. 2. 2. on the going concem basis in accordance with the Statement of Recommended Practice for social housing providers known as the Housing SORP 2018 in accordance with the Accounting Direction for private registered providers of social housing in England 2022 1.2.3. in accordan￿ with the Charities Act 2011 1.2.4. in accordance with applicable UK Generally Accepted Accounting Principles (UK GAAP) accounting standards, including Financial Reporting Standard 102 (FRS 102) 1.2.5. in accordance with the Companies Acts 2006. The financial statements are presented in sterling which is the fijnctional currency of the Trust and are rounded to the nearest pound. As the Company is a charity, the wording of the statutory fonnats reqUI￿d by the Companies Act 2006 has been appropriately amended in order to give a true and fair view. The principal accounting policies adopted In the preparation of the financial statements are set out below. 1.3. Significant Judgements In applying the various accounting policies relevant to social landlords, the trustees have determined to categorise the houses owned by the trust as fixed assets rather than investment properties. As such they are shown at cost rather than market value. As house prices have risen since the houses were acquired by the trust this means that they are shown in the accounts below market value. 1.4. Key Assumptions and sources of estimation uncertainty The trustees consider that there are no signrficant areas of Un￿rtaInty in the assumptions they have made that would be likely to cause a material change to the carrying value of any assets or liabilities over the next year. 1.5 Funds structure Unrestricted funds are available for use at the discretion of the Trustees in fvrtherance of the general objectives of the charity. Page 25

Wlckham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No: 06608621 Char¢ty Number.. 1134897 Designated funds are unrestricted funds eannarked by the Trustees for particular purposes. Restricted funds are subjected to ￿strictl0nS on their expenditure imposed by the donor or through the terms of an appeal. 1.6 Turnover Turnover comprises rentsl income re￿1vable in the year, service charges receivable in the year and income from shared ownership first tranche sales. Income from first tranche sales is recognised at the point of legal completion of the sale. 1. 7 Expenditure Expenditure is recognised on an accruals basis. 1.8 Fixed Assets Housing Properties The company holds fourteen properties available for rent and four properties available for shared ownership. Fixed assets are stated at cost less accumulated depreciation. Depreciation Freehold land is not depreciated. The company separately identifies the major components which comprise ils housing properties and charges dep￿CiatIon so as to write down the cost of each component to its estimated residual value, on a straight-line basis, over its estimated useful economic life. The company depreciates the major components of its housing properties over the following timescales: Structure 100 years 60 years 20 years 30 years 15 years 30 years 20 yeaTS 30 years Roof Kitchen Bathroom Boiler Heating System Windows & Doors Electrics Page 26

Wlckham Communlty Land Trust A Registered Charity and Company Limited by Guarantee Trusteos, Report & Financial Staternents for the year ended 31 March 2024 Company Reg. No.. 06608621 Chanty Number: 1134897 Impainnent Impairment reviews are carried out as and when evidence comes to light thal the recoverable amount of a functional fixed asset is below its net tx)ok value due to damage, obsolescence or other relevant factors. 1.9 Shared ownership prOpe￿.@s Shared ownership properties are split proportionally between current and fixed assets based on the element relating to first tranche sales. The first tranche proportion is classed as a current asset and related sale proceeds included in tumover and the remaining element is classed as fixed assets and included in housing properties at cost, less any provisions needed for depreciation or impairment. 1. 10 Social Housing Grant Social housing grant (SHG) is receivable from Homes England. Under SORP 2018 the company has adopted the accruals model for the recognition of government grant and is required to account for such grants as deferred income and to take a portion of the grant to income each year. Grants relating to housing prope￿eS are recognised in income on a systematic basis over the useful economic life of the housing property structure. 1.1 l Debtors and Creditors due within one Year Debtors and creditors receivable or payable within one year, and with no stated interesl rate, are Initially recorded at transaction price and are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid or re￿ived. 1. 12 Loans and borrowings Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. The Trust is in receipt of two loans with interest rates below the prevailing market rate of interest. These loans are not repayable on demand and are for the purposes of furthering the objectives of the public benefit entity or public benefit entity parent and are therefore accounted for as concessionary loans. These loans are initially measured at the amount received and in subsequent years the carrying amount of these loans is adjusted to reflect any accrued interest payable. 1. 13 Provisions for ￿abilItieS Provisions are recognised when the Trust has an obligation at the balance sheet date as a result of a past event, it is probable that an outtlow of economic benefits will be required in settlement and the amount can be reliably estimated. Page 27

Wlckham Communty Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Règ. No.. 06608621 Charty Number: 1134897 2. Income and Expendlture from Social Lettlngs 2024 2023 Turnover Affordable homes rentsl income Intermediate rental income Shared Ownership rental income Government grant taken as income Homes England revenue grant Charges for support services 83,011 34,624 16,487 9.300 35,364 31.018 15.359 9,300 1,940 1,821 145,362 92.862 Expendituro Maintenance costs Insurance Void costs Propety Management Costs Other costs (7.139) (8.276) {21) (8,648) (42,707) (25.642) (7,094) (17) (5,103) (44.607) {66,791) (82,463) Rental income is stated net of identifiable service charges 3. Interest receivable and other Income 2024 2023 Interest receivable 1,097 78 Insurance claims Donations & grants received 725 4. Surplus on ordlnary actlvltles This is stated after charging: 2024 2023 Auditor's remuneration -for audit services Auditor's remuneration - non-audit services Depreciation 4,375 350 29,743 4,125 21,102 Page 28

Wlckham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number.. 1134897 5. Taxatlon As a charity, WCLT is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. 6. Key management personnel remuneration and employees Key management personnel neither received nor waived any remuneration during the year. (2023: £nil). The charity had no employees in the current or previous year. 7. Tanglble flxed assets Freehold Land Freehold Freehold Land and Land and and Buildlngs - Bulldings - Affordable Intermediate Rent Rent Buildings - Shared Ownershlp Total Cost At beginning of year Additions 1,579,160 495,007 310,166 2,384,333 At end of year 1.579,160 495,007 310,166 2,384,333 Depreclatlon At beginning of year Charge for year (8,8￿> {17,4411 (82,305) {7,716) {48,9171 {140,022) (4,586) 129,743} At end of year (26,241) 190,0211 (53,503) 1169,765) Net book value At 31" March 2024 1.552,919 404,986 256,663 2,214,568 At 31" March 2023 1.570,360 412.702 261,249 2,244,311 The above assets, with a net book value of £2,214,568 are pledged as security against the Trust's loans. Page 29

Wlckham Community Land Trust A Regist8r8(I Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Cornpan Reg. No: 06608621 Chari Numbgr.. 1134897 8. Propald expenses 2024 2023 Insurance costs Other 4,786 99 395 4,885 395 9. Credltors- Amounts falllng due withln one year 2024 2023 Bank Loans (note 12) Other creditors Accrued expenses Accrued service charges payable Deferred income from Homes England Deferred grant from Winchester City 10.132 5,429 5,250 2,393 3,700 10,729 4,943 4,950 1,194 3,700 5,600 32,504 31,116 10. Credltors - Amounts falllng due after more than one year 2024 2023 Bank loans (note 12) Loans from other institutions (note 12) Deferred income from grants (note 11) 989,243 85,791 866,333 998,316 85,290 875,633 1.941,367 1,959,239 The loans from other institutions are concessionary loans with interest rates below the prevailing market rate. Page 30

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No: 06608621 Charity Number: 1134897 11. Deferred Grant Income 2024 2023 At 1 April Received in the year Released to income in year 884,933 539,233 355,CX)O At 31 March Amounts to be released within 1 year Amounts to be released in more than 1 9,300 866 333 9.300 875 633 12. Bank loans and loans from other Institutlons 2024 2023 Due within one year and on demand Due after one year but less than two Due after two years but less than five Due after more than fiv8 years 10,132 11,0 39,402 1024 632 10,729 11,550 39,851 1032 205 1,085,166 1,094,335 The aggregate amount of debt secured upon the affordable rental properties, intermediate rental properties and the share of shared ownership properties retained by the trust is £1,085,166 The loans bear interest at 30k above Bank of England base rate. One loan is interest only for the first 10 years. At 31 March 2023 the level of debt service cover meant that the Trust was in breach of its loan covenants. The lenders did not ask, however, to renegotiate the loans. Homes England accepted the position. During the year to 31 March 2024 Ihe situation improved such that the Trust is now compliant 13. Provlslons for Ilabllltles and charges 2024 2023 Provision for future overhaul 13,258 12.163 Provisions for liabilities and charges comprise of amounts set aside for the fvture overhaul of the properties. Page 31

Wlckham Community Land Trust A R￿Istered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No: 06608621 Chari Number. 1134897 14. Reserves Unrestrirted general reserves Total reserves Balance as at 1 April 2023 Surplus l(defi¢it) for year 329,396 (112) 329,396 (1121 At 31 March 2024 329,384 329,384 15. Statement of Cash Flows from Operatlng Actlvltles 2024 2023 Surplusl(deficit) for the year Adjustment for non-cash items Depreciation Amortisation of government grant DeCreasel(Inc￿aSe) in prepayments (Decrease)lincrease in creditors Increase in provisions Adjustment for investing and financing activity Interest payable and other finance costs Grants and donations (receivedyrepaid Interest received (112) {22,455) 29,743 19,300) 14,490) 1,985 1,095 21,102 {9,3CQ} 3,575 153) 1,09S 80,505 34,079 (1,097) (78) Net cash generated from Operating activities 98,329 27,965 15a Analysis of changes In not debt 2023 Cash Flows Other changes 2024 Long term borrowings Total liabilities 1,094 335 1,094,335 9.169 9,169 1,085.166 1085.166 Cash and cash equivalents Totsl net debt 87.208 1,007.127 9,752 (18,921) 988,206 Page 32

Wickham Community Land Trust A Registered Charity and Company ￿miled by Guarantee Trustees. Report & Financial Ststements for tt)e year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number. 1134897 16. Accommodation in management At the end of the year, accommodation in management for each type of property was as foll0v￿. 2024 2023 Shared ownership Intermediate rent Affordable rent io 18 10 18 17. Company Ilmlted by guarantee Wickham Community Land Trust is a company limited by guarantee and has no share capital. As at 31 st March 2024 there were 9 (nine) members. Every member promises, ff the Company is wound-up, to contribute such sum (not exceeding £10) as may be demanded of him or her towards any deficit. 18. Dlrector Informatlon No remuneration was paid to the Directors during the year (2023: £nil). 19. Capltal commltments At 31 st March 2024 there were no capital commitments (2023: none). 20. Related partles During the year, expenses of £492 were reimbursed to 1 trustee (2023: £345). No expenses were relmbursed to a company in which a trustee has an interest. 21. Ultlmate controlllng party Wickham Community Land Trust is ultimately controlled by the board of Trustees. Page 33

Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No.. 06608621 Chari Number: 1134897 Appendix: THESE ARE STANDARD SURVEY QUESTIONS ASKED OF ALL'REGISTERED PROVIDERS" OF AFFORDABLE HOUSING. WCLT TENANT SATISFACTION FROM 202312024 SURVEY Proportion of respondents who report that they are sab'sfied with the overall service from WCLT 100/0 Proportion of respondents who report that they are satisfied WCLT listens to their views and acts upon them Proportion of respondents who report that they are satisfied that WCLT keeps you informed about things that matter to them Proportion of respondents who reported making a complaint in the last 12 months and who are satisfsed with WCLT'S approach to complaints handling Proportion of respondents with communal areas who report that they are satisfied that WCLT keeps communal areas clean and well maintained 1000 Proportion of respondents who ￿port that they are satisfied that WCLT makes a positive contribution to the neighbourhood Proportion of respondents who report that they are satisfied with WCLT'S approach to handling anti-social behaviour Proportion of respondents who ￿port that they a￿ satisfied that their home is well maintained (not shared owne￿) Proportion of respondents who report that they are satisfied that their home is safe Proportion of respondents who have received a repair in the last 12 months who report that they are satisfied with the overall repairs serrfice (not shared owners) Proportion of respondents who have received a repair In the last 12 months who report that they are satisfied with the time taken to complete their most recent repair (not shared owners) 100/0 Proportion of respondents who report that they ag￿e WCLT treats them fairly and with respect WCL T added question (not shared owners)." Proportion of respondents who report that they agree Byme Runciman treats them fairly and with respect 100% Page 34

Wickham Community Land Trust A Registered Charity and Company Limtted by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2024 Company Reg. No: 06608621 Charity Number. 1134897 WCL T added question.. Proportion of respondents who report that they are satisfied with the general estate managem8n 919 WCLT TENANT SATISFACTION MEASURES FROM MANAGEMENT INFORMATION. 01104123-31103124 The Number of Stage One complaints made by tenants ￿ceiVed during 2023 2024. (All residents) The Number of Stage Two complaints made by tenants ￿ceIVed during 2023 2024 (All Residents) Proportion of: 1. stage one complaints responded to and stsge two complaints responded to within th8 Housing Ombudsman's Complaint Handling Code timescales. Number of: 1. anti-social behaviour cases, of which anti-social behaviour cases that involve hate incidents opened per 1,000 homes. Proportion of homes that do not meet the Decent Homes Standard (not shared owners) Proportion of non-emergency responsive repairs completed within the landlord's target timescale (not shared owners) The target timescales used to generate this are: Urgent -7 days, Non urgent -28 days Proportion of emergency responsive repairs completed within the landlord's target timescale of 1 day (not shared owners) Proportion of homes for which all required gas safety checks have been carried out { Wykeham Vale only, no gas at Houghton Gardens) Proportion of homes for which all required fire risk assessments have been carried out { Two first floor flats without communal areas) 100. Proportion of homes for which all required asbestos management SUP4eys or re- inspections have been carried out NIA Proportion of homes for which all required legionella risk assessments have been carried out. 1000/0 Proportion of homes for which all required communal passenger lift safety checks have been carried out NIA Page 35

Wickham Community Land Trust A Registered Charty and Company Limited by Guarantee Trustees. Report & Financial Statements for the year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number: 1134897 Key points from the survey with lower satisfaction or less than 100 /0 performance (in order lisled above): WCLT communal areas - only 3 responses in total, so 1 response neither satisfied nor dis satisfied. Related to Houghton Gardens but not in a WCLT managed communal area. WCLT a roach to anti-social behaviour - primarily Wykeham Vale, not dissatisfied, but 'neither satisfied nor dissatisfied" and "fairly satisfied. responses, discussed at residents meetings and tenants visits. and WCLT continues to follow up with issues raised by residents about external anti- social behaviour and with any ongoing issues raised about other residents. General estate mana ement where not WCLT direct res nsibili dlscussed in residents, meetings and following up with estste management companies at Wykeham Vale and with Hyde at Houghton Gardens. Pro ortion of non-eme enc res onsive re airs: This year more repairs in this category were dealt with under defects with the developer so WCLT had less control over timescales, communal area repairs undertaken by Hyde are also not under our control but this figure also reflects the fact that routine repairs which are non urgent are done outside the 28 days timescale where we can arrange jobs with contractors to redu￿ costs without inconveniencing residents. NOTES to SURVEY: The WCLT Satisfaction Survey for the period 202312024, using questions provided by the Regulator for Social Housing and with two additional questions, was carried out in October 2023. It was a full census of WCLT'S 18 resident households on two estates in Wickham. 4 households were shared owners, 4 households were intem)ediate rent ￿sIdentS and 10 households were affordable rent households. No households were omitted. All residents were given advance notice that the survey would take place, it was then hand delivered with a reply envelope and residents were asked to retum the questionnaires in a sealed envelope to our registered office in the village Centre. This was a short walk from both estates, and questionnaires could be retumed at any time. There were two questionnaires - one for tenants and one for shared owners (the repairs, maintenance and managing agent questions were not applicable to them). Several reminders were sent by email and ￿sIdentS had three weeks to retum the questionnaire. The questionnaires were anonymous. Residents were asked if they were resident at Houghton Gardens or Wykeham Vale, and had the option of adding their own comments and giving their name if they would like a response. There were 11 responses (from 18 possible), a 61 OA response rate One question was omitted (rp03) from the original survey so this was asked through an online survey sent by email. Again this was a full census of rented properties (the question was not applicable to shared owners), no households were omitted and the data was anonymous. Residents had 4 weeks to complete the online questionnaire. There were 6 responses (from 14 possible), a 43Yo response rate Page 36

Wickham Communty Land Trust A Registered Charity and Company Limited by Guarants9 Trustees, Report & Financial Ststements for the year ended 31 March 2024 Company Reg. No.. 06608621 Charity Number. 1134897 No incentives were offered and no extemal contractors were used for either surveys, the online survey was conducted through "SurveyMonkeK. A 61 % Oust under two thirds) response rate is very good by usual survey standards but it should be possible to generate a higher response. There were fewer responses from Wykeham Vale residents (50 % ) than from Houghton Gardens. as they have moved in more recently and know Wickham CLT less well it is hoped we can generate a higher response rate in fvlure sunleys. The lower response rate to the on line single question survey is understandable as those who did not have a repair may have decided there was little point opening the survey but it could suggest that doing an on line survey rather than a paper questionnaire may not generate a higher response rate. The survey results for the tsvo eststes were discussed at tenancy visits and at local residents, meetings and feedback was asked on all the issues where fewer residents were completely satisfied, as well as those with a less than 100 % satisfied score. The next survey will take place in 202516 but Management Information will be reported annually. NOTE.. Thes• Appendlx pages do not fom? part of the statutory financial statements Page 37