Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Annual Report and Financial Statements for the year ended 31 March 2025 Company Registration Number: 06608621 Registered Charity Number.. 1134897 Registered Office: Byrne Runciman, Thesquare, 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 Statement 25-35 Appendix." Tenant satisfaction data 36 Page li
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements forlhe year ended 31 March 2025 Company Req. No.. 06608621 Charity Number.. 1134897 DIRECTORS. REPORT The directors present their annual report and the financial statements for the year ended 31 March 2025. 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 the 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 to time be determined subject to the prior written consent of the Charity Commission. Wickham Community Land Trust (WCLT) is dedicated to the provision of affordable housing in Wickham to relieve the financial hardship of eligible beneficiaries living in the village, surrounding area or with employment in the area. holding the property for the long term public good and protecting it from the damaging effects of asset pri inflation and speculation and thereby enabling the provision of affordable housing now and for subsequent generations. Not7: Where the term "Wickham is used in this report, it refers to the civil parish of "Wickham and Knowle" 1.2 Summary of activities In support of the purposes Manage the business of the Trust in such manner as to cover costs and, as a not-for-profit organisation, to re-invest for maintenance of the properties Maintain and run our properties in such a way thatthey can remain a long- term public benefit, contributing to the sustainability of this community Manage the on-going movement of residents intoand out of the properties so thatthe 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 charitable aims of WCLT to provide asset lock Pursue opportunities to further meet WCLT'S charitable objectives through the provision of additional affordable 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
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2025 Com an Re No.. 06608621 Chari Number.. 1134897 1.3 Summary of Activities in relation to public benefit WCL I 's maiii 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 their 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 alternative affordable homes Housing those 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 receive 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 work in the local area. WCLT is not aware of any detriment or harm arising from the organisation's aims. 1.4 Benefit to a section of the public The publib Vv'l itch benefits frum oui. Vvork. is niade up of a cross section of age groups uriable from their own resources to afford a home on the open market. 10 Selection criteria for applicants include housing need, inability to afford property to buy or to rent on the open market, the ability to meet the affordable renumortgage outgoings on a WCLT home, suitability of the homes WCLT has available to meet the applicants, needs and local connection (see Geographical Restriction below). al Res VVCLT 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 three cities, Winchester. Portsmouth 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 Identifying Public Benefit The impact of our achievement goes wider than those families we house. and its public benefits include the following.. A reduction in the number of people seeking affordable 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 distances between home and workplace for people working in the Page 2
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements forthe year ended 31 March 2025 Company Reg. No.. 06608621 Charity Number.. 1134897 area The retention of assets within the local community for public benef t long-term asset lock. 1.6 Private benefit No-one receives any private benefit from WCLT. 1.7 Directors. Public Benefit Statement 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 Contributlon made byvolunteers WCLT has no employees. All work undertaken by directors and our part-time bookkeeper, Mrs Brenda Farrow, is undertaken on a voluntary basis. 1.9 Additional Infonnation VCLT-amploys 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 process is complete the Managing Agent deals with the collection of rent and seNi charge and manages repairs. However, WCLT remains closely involved"'ih management issues and directly manages the shared ownership properties. 2. ACHIEVEMENTS AND PERFORMANCE 2.1 Quantitative and Qualitative Information 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 occupation during the year. There were no void periods. A formal tenant satisfaction survey was not carried out during the year, but feedback received at resident meetings and regular contact remains positive. Details of the Trust's performance regarding complaints, health and safety, repairs and maintenance are included with this Report (see Appendix). The information is set out in the format required by the Regulator of Social Housing. 2.2 Meeting thesocial Housing Regulator's Standards Directors continue to use the Regulator's Economic and Consumer Standards as points of reference for measuring our service-delivery. 2.2.1 Governance and Flnancial Viability Standard WCLT 's Code of Practice and Financial Viability. based on the standard, sets out the Page 3
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2025 ComDanv Req. No.. 06608621 Charity Number.. 1134897 fundamental values which underpin WGLT'S practice and ensures that it.. a) meets the Regulator's standard and Il'e., tr2nsparent and accountable manner. The Board certifies its compliance with the standard during the course of 202412025. 2.2.2 Value for Money Standard (VFM) The WCLT Board regularly reviews 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 returns, 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 oviq'ioii in it. plaris for future years. In April 2018, the Requlator of Social Housing published new standards to Registered ". 0.lderS by which to esLablisl) comparative Value Tor Trthoney metrics. While thLise 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.. 2024125 0.37 2.15 2023124 0.41 1.24 Metric 3 Metric4 Gearing EBITDA MRI interest cover Metric 5 Social Housing cost (per unit owned) £3.269 £3,711 Metric 6 Metric 7 Operating Margin Return on Capital Employed 0.61 0.04 0.54 0.03 2.2.3 Rent Standard WCLT is exempt from this standard for its provision of housing for intermediate rent, the Board refers to the Regulator's Guideline Limit in its rent review, as recommended in the standard and In 2024125 WCLT applied a rent increase of 7.70/0 to its 4 intermediate rent properties. Page 4
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Slatemenls for the year ended 31 March 2025 Company Reg. No: 06608621 Charity Number: 1134897 WCLT applies the standard to its 10 affordable rent properties and in 202415 applied a rent increase of 7.70/0 to its 10 affordable rent properties. It applied the increase set out in the lease for the 4 slTrared ownership propertiés OT 5.2Yo in orderto maihtain affardabilitf attMOb'h'lHè4teli**£n&aie Wiii [I'i; . guideline would have allowed higher increases. The Trust, while needing to be prudent due to continued pressure of higher than originally modelled interest rates and inflation was mindful of the economic strain on tenants, budgets as a result of the cost of living crisis However, the Trust is pleased to note that its forecast interest rate projections included in its annual budget were close to those that actually prevailed and so performan against budget was highly acceptable. 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 in Houghton Gardens 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 and the Government's Decent Homes requirements. ii) Repairs and Maintenance: WCLT is responsive to matters of ongoing repair and maintenance. 2.2.5 Tenant Involvement and Empowerment Standard WCLT convèned a meeting with residents of Hou9hton Gardens on May 1 St 2025 and with residents of Wykeham Vale on May 14th 2025 to disseminate information, explain charges and to capture residents, views and respond to any of their concerns. 40 % of our residents were represented. 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 Neighbourhood and Community Standard In managing its current portfolio WCLT works with Hyde Group, the Wykeham Vale Management Company, Aster Homes, Wickham Community Association, Winchester City Council and Wickham Parish Council in respect of grounds maintenance. street lighting. access roads and community issues. 2.2.7 Tenancy Standard. WCLT continues to adhere to the Tenancy Standard for setting appropriate rents for its properties and any issues that arise. Page 5
Wickham Communlty LandTrust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for Ihe year ended 31 March 2025 Company Reg. No.. 06608621 Charity Number.. 1134897 2.3.Achievements against objectives set Jrr% -. pi'%eived dur'.'ri&l t*e y,ryar ond tha Boai-d agreed that tliey were still valid and should be carried forward into the next planning period 2025 - 2026. Satisfactory progress was achieved in all the ongoing management objectives. The prior year (2023124) saw the Trust struggle against the effects of high interest rates but these ameliorated as forecast in 2024125 and the CLT, aided in addition by the exercise by one shared ownership tenant of the right to increase their equity (from 500/0 to 800/0), returned a positive financial outcome for the year. The Board has again agreed a conservative budget for 2025126 that assumes that there will be two minor cuts in rates during the year and cash flow will remain positive. Reserves remain healthy and the Board is confident any external financial shocks that may arise can be managed. 3. FINANCIAL REVIEW The financial statements have been prepared in accordance 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 account. Also, under th15 SORP, the Income and Expenditure account is titled the Statement of r.omprehensivp. Inc.ome, 3nd the Balance Sh?et is called the Statp.rrent of Financial Position. In addition, we have included a Statement of Cash Flows. Ti I'_ pri,'ICiP81 f',nd iici al i-naiiagemeiit policiLso' in forLe IliCLT's Financi al Coiiti'ols Policy, Monitoring and Review Policy and WCLT'S Reserves Policy, 3.1 Financial position at the end of the period We are reporting a surplus for the year of £72,495 (2024 deficit of £112). The Trust's operating performance in this financial year has been consistent with prior years. The cash position at the end of the year was strong and exceeded expectations as a result of a cash infusion of £97,020 resulting from the capital receipt of funds arising from the increase in shared ownership equity by one tenant. However, as the property concerned was subject of grant by Homes England, a proportion of that cash receipt {£44,016) has to be repaid. It is possible under the terms of the grant to utilise the amount to be repaid in the acquisition of new assets meeting our charitable purposes or by applying the cash to improvements to existing assets. The Trust Board has decided, with the agreement of Homes England, to invest in new solar renewable energy assets for existing intermediate rent tenants in order to take advantage of this possibility. Nevertheless, because the use of these funds will not take place until FY 2025126 the full amount of the quantum received is included in the financial results for 2024125. It should be noted that the underlying operational performan of the Trust in the year, quite separately from the one of capital benefit gained from the equity payment, was strong and would have returned a surplus of (£11,236) had the equity cash receipt not been received. This result illustrates the Trust's ability to establish accurate financial forecasts for the business which has followed a consistent trend over the 13 years since the start of operations. The accounts record a free cash position of £215,616 at the end of the year leaving the Trust in a very healthy position going forward. Page 6
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements forthe year ended 31 March 2025 Company Reg. No: 06608621 Charity Number". 1134897 3.2 Reserves WCLT'S Reserves Policy states the Trust's intention to hold reserves 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 iiiove into properties or rental income drops at such times maintain and develop its charitable activities. In line with Charity Commission guidance this policy was reviewed in July 2024 and will be reviewed annually. As at 31 March 2025 the Trust held reseprfes of £401,779 (2023.. £32g,284). The reserves held at the end of the Financial Year are the equivalent of 77 months, operating expenditure. 3.3 Principal Funding Sources 3.3.1 Lenders Lenders in the period were as follows: Charity Bank Winchègtér City Council Hyde Group 3.3.2 Donations Donations in the period amounted to £245 (2024 £725) 3.4Rentsl Income Rental Income of £141,666 from the 14 rental properties and 4 shared ownership properties has provided a steady income throughout the financial year, There were no void periods. 3.SExpenditure 3.5.1 WCLT has continued to be cautious with its expenditure and at the end of the period finances remained healthy. The year showed an operating surplus of £149,657 (2024 £78.571) 3.5.2 Maintenance 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 a long-term plan for replacement costs, and these are 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 VVCLT'S Financial Controls Policy and any repayment of expenses to directors is made according to the regulations laid down in that policy. Page 7
Wickham Community Land Trust
A Registered Charity and Company Limited by Guarantee
Trustees, Report & Financial Statements for the year ended 31 March 2025
Company Reg. No.. 06608621
Charity Number.. 1134897
3.6 Risks
3.6.1 The Trust, by the very nature of its business model, is dependent on rental revenues
interest rates. Risks are re-assessed at each Board meeting and increases in interest rates
remain the single most significant risk to the business. As always, it will be essential for the
Board to maintain good communication with, and the confidence of, our lenders.
Fortunately, the value of our assets, in eXsS of £2mil. should be sufficient for our lenders to
feel that their positions are sufficiently secure.
3.6.2 SUcsSion planning features in the Trust's regular risk appraisal. The Board has a very
effective range of qualifications, skills and experience but realises that it must constantly look to
keep these fresh and well-suited to the voluntary nature of its work.
3.6.3 The Board is sorry to report the resignation of Andrew Robinson from the Board after the
end of the fiscal year. Andrew is exceptionally busy in his senior role as a serving naval officer..
both he and the Board would happily see Andrew return to the Board as and when it is possible
for him so to do.
3.6.4 The voluntary affordable homes sector is dependent on support from the government.
The Twst 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 continues to be disappointing. The Trust continued
OIY91 f,nri",ryi'Jryj+Ji Land Tri i
Wickham Community Land Trust A Registered Charity and Company Limit8d by Guarantee Trustees, Report & Financial Statements forthe year ended 31 March 2025 Com an - No.. 06608621 Chart Number: 1134897 3.9.3 WCLT monitors all legislation relating to health, safety and housing standards for tenants to ensure its procedures, policies and practices are compliant and meetlexceed statutory standards, 3.10 Plans for the forthcoming year In addition to the ongoing management of WCLT'S existing properties, the Trust's activities in 202512026 will be concentrated on.. 3.10.1 Ensuring that risks related to 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 new statutory and regulatory responsibilities are understood and complied with 3.10.3 Ensuring that latent plumbing defects that the Trust and its Managing Agent are resolved in a lasting manner and that if possible ,compensation obtained for unforeseen expenses incurred in FY 2024125. 3.10.4 Finalising discussions with Homes England, the appointed developer (presumed to be Taylor Wimpey) and Winchester City Council to enable acquisition when completed of 20 further homes on a Homes England site ("Ravenswood") at Knowle within the civil parish. The Trust's participation will be dependent on the accessibility of enabling finance. 3.10.5 Maiiitamiiig WCLT'S éxcellent working arrahgeIentS with the thanaging agent,'-'fh-é' City Council and the management companies responsible for common areas of sites on which its properties are situated. 3.10.6 Addrelsing issues of scaling up to deal with potential portfolio expansion and recruiting extra trustees to cover increased workload andlor to employ a member of staff to assist with the increased administrative work. 3.10.7 The 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 4. STRUCTURE, GOVERNANCE AND MANAGEMENT 4.1 Governlng Document Wickham Community Land Trust (WCLT) is registered in England and Wales as a Company Limited by Guarantee with charitable aims, with the governing documents being Memorandum and Articles of Association. It was registered as such on 2nd June 2008. 4.2 Legal Definition WCLT meets the legal definition of a community landtrust as defined by the Housing & Regeneration Act 2008 Act. Page 9
Wickham Community Land Trust A Registered Charity and Company Limited by Guarant88 Trustees. Report & Financial Statements for the year ended 31 March 2025 . ComDanv Reo. No.. 06608621 Charitv Numb-r.. 1134897 4.3 Members and Membership 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 members 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 record 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 no changes to the oomposition of the Trust Board during the year. 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 Director Induction, Training and development Directors are provided with a Trustee Role Description and asked to sign a Trustee Code of Conduct .ryrid. XO nOIMfJlntp.a Declaratioii in respp.nl nf lndividi.ial Ilnliintary Arr?ngpinent¢ bankruptcy and unspent convictions. All directors have a copy of the Charity Commission publication "The Essential Trustee: what YOLI np.p.d tn know Updates in the Charity Commission's Newsletters are disseminated to Directors during the year. Suitable opportunities for development through attending courses, conferences or seminars are identified and supported at Board level. 4.5 Organisational and Structural 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 Chairman, Geoffrey Phillpotts, with involvement of the Finance Director where relevant. The Housing Management Sub- committee is made up severally of Geoffrey Phillpotts, David Thompson, David Peters, Wendy Greenish and Sara-Jane Chivers to deal with individual housing matters and the allocation of properties. Other directors according to their skills and roles are 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 taken 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 Regulator's Standard, which the Board deems appropriate to the organisation's size and role as a non-profit registered provider. Page 10
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2025 .hAritv Numhp.r: 1 4.5.3 Code of Governance It) Okvn Code of Governance based on that of the Charity Cx)rnmissron.. £oth this and the Code above set out the fundamental values which underpin WCLT'S operation and against which the Board can assess the effectiveness of its governance arrangements and operation. 4.5.4 Tenancy WCLT'S master tenancy documents are in line with current legislation as they stand at the end of FY 2024125. 4.5.5 Asset Register WCLT manages its resources prudently to ensure its viability and actively assesses and manages risk. While our properties have not 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 Wykeham 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 Protection In line with current legi elation on GDPR WCLT has audited the data it handles. It has published its Privacy Policy, and the Board receives a Data Protection report at its meetings. 4.5.7 Risk 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 suffi'ciently informed to encompass consideration of both internal and external matters and that WCLT has complied with regulatory requirements to date and will continue to do so in the foreseeable future. 4.5.8 Insurance WCLT'S cover provides for Directors, and Officers, Liability Insurance, Public and Products Liability Insurance, Property Owners, Liability Insurance and Buildings Insurance. WCLT holds NHBC certification for all its eighteen properties. 4.5.9 Legal 4.5.9 1 New tenants 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 for Protected Areas, with stair-casing restricted to 80 % . 4.5.9 3 Ourtenancy agreements are reviewed and endorsed by our legal advisers. 4.5.9.4 Registered Office: no change. Page 11
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Slalements for the year ended 31 March 2025 Com an No,, 06608621 Charit Number.. 1134897 4.6 Relationships with related parties 4.6.1 Charity Commission WCLT is a registered charity (registration 12th March 2010). WCLT submits an Annual Return to the Charity Commission and is in receipt of its informative Quarterly Newsletters. 4.6.2 Homes England and Regulator of Social Housing WCLT is registered as a non-profit private registered provider of social housing with the regulating body. WCLT in terms of regulation counts as a small provider. As a Registered Provider WCLT reports to and receives advice from the regulator and submits its Statistical Data Return under NRosh+ WCLT, through its own policy documents and processes. both seeks to meet the regulator's Economic Standards and to reflect its Consumer Standards. 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 Housing Associations With VVCLT 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 communica*ioi) lin4. .vec.n. Uo is iriportaiit. The working relationship between WCLT and Hyde's local housing management team is in essence CL)-operGliive aiid etf,'Ciive. l-tia relationship with As:,rr has always been good dnd remains so. 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 in the early part of FY 2024125 has not been maintained despite the best efforts of the Secretary. The Trust maintains ring-fenced funds within its accounts to ensure liabilities once agreed and correctly received are payable with immediate effect. 4.6.4 Wykeham Vale Management Company and Croudace As part of the arrangements for the purchase of homes in Wykeham Vale, the Trust entered into a joint agreement with Croudace and Aster Homes for the management of common areas in the development. The arrangement took full effect in 2023124 making all tenants members of the management company. The two outstanding issues requiring resolution with Crouda carried over from FY 2023124 have been partially resolved. The location of the northern boundary of Wykeham Vale has been agreed and the location altered on the ground" however, this change has not yet been incorporated into the legal documentation. Agreement has been reached regarding the installation of bollard street lighting on the perimeter of the site parts of the site and work is due to start in FY 2025126 and indeed has begun. Croudace has accepted to pay the costs of these arrangements. 4.6.5 Winchester Clty Council IWCC} WCLT'S relationship with Winchester City Council continues to be supportive of the CLT'S alms. Page 12
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Report & Financial Statements forlhe year ended 31 March 2025 ComDanv Rea. No.. 06608621 Charilv Number: 1134897 4.6.6 National CLT Network (NCLT) WCLT is a member and both benefits from this membership and actively supports the NCLT in its work. 4.6.7 Information Commissioner and the Housing Ombudsman WCLT is registered with the former in respect 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. 4.6.8 Wickham Parish Council 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 2024. 4.6.9 Hampshire Home Choice 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. 4.6.10 Byrne Runciman The Trust's mshaging agent for rental properties.. The firm collects retrits from rènfa'l properties and is the first port of call for rental tenants for assistance and arranges repairs. The relatlonship between the Tru.%t and Byrne Runciman continueJP as strongly as ever and thty provide great assistance to the Trust. The relationsh'ip 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 forthe year ended 31 March 2025 ComDanv Rea. No.. 066U8O21 Charilv Nuniber.. 1134897 5 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY f.h?rjbi N?me.' IICkh(1, CommLllI.itv l ?.nd. Trust Charity Registration Number: 1134897 Homes England Registered Provider: 4692 Company Registration Number: 6608621 Registered Office and operational address.. Byrne Runciman, The Square, Wickham, Fareham, Hampshire P017 5JT. Correspondence address: P.0. Box 739, Fareham, Hants, P014 9RH, Board of Directors (as at September 2025): Mr N A Holladay Mr G S Phillpotts Rev. A Smith Mr D Peters Ms S-J Chivers Mr E Fitzgerald Mrs W Greenish Mr D R Thompson Chair Vice Chair Finance Director Trustee and Company Secretary Trustee Trustee Trustee Trustee Changes in Board of Directors Capt A Robinson, RN Resigned March 2025 Bankers: Natwest, 52, West St., Fareham, Hants P016 OJX Legal Advisers.. Anthony Collins LLP, 134, Edmund Street, Birmingham B3 2ES Auditors: Rothmans Audit LLP, Avebury House, St Peter Street, Winchester. S023 8BN Chartered Surveyors: Chandler Hawkins, 14, Landport Terrace, Southsea P012LG Managing Agent: Byrne Runciman, The Square, Wickham, Hampshire, P012LG Page 14
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2025 Pnmn2nv n. nRRnAR?I e.hAnt Ni imh¢Kr' 112aAQ7 6 FUNDS HELD AS CUSTODIAN TRUSTEES S.1, Wll s ovies nertain monthly charges from theii 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 invoice. There is a collection fee associated with this. .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 Service Charges and Estate Service Charges are paid into a current account. ii) Contributions collected for the Sinking Fund are placed in an interest-earning Business Reserve Account. 6.3 General Service Charge. VVCLT, in its review of rents and service charges in February 2024 decided again to increase 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 regardiiig 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. l-he Bocird reg<lFds 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 VW estate charges not yet levied. 7 CONCLUSION WCLT reports another year of good performance. The Trust has concentrated 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 directors and our highly efficient bookkeeper, all of whom have given their time and expertise generously and voluntarily 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 Guarant Trustees. Report & Financial Statements for the year ended 31 March 2025 Com an . No: oe608621 Chari Number: 1134897 STATEMENT OF DIRECTORS. RESPONSIBILMES The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that 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 thegoing concem basis unless it is inappropriate to presume that the charitable company will continue in business. The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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 information of which the charilable company's auditor is unaware the directors have taken all steps thatthey ought to have taken to make themselves aware of any relevant audit information and to establish 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 statements 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, 29th September 2025 Page 16
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2025 ComDanv Reo. No.. 06608621 Charitv Number.. 1134897 IndependentAuditor's Reportto the Members ofwickham Community Land Trust Opinion We have audited the financial statements of Wickham Community Land Trust (hereinafter "The Trust.) for the year ended 31 March 2025 which comprise the Statement of Consolidated Income, the Statement of Financial Position, the Cash Flow Statement, the Statement of Changes in Reserves and notes to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give atrue andfair view of the stateof the Trust's affairs as at 31 March 2025, 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 the Companies Act 2006, the Housing and Regenération Act 2008 andthe Accounting Direction for private registered providers of social housing in England 2022. 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 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating togoing concern In auditing the financial statements, 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 statements are authorised for issue. Our responsibilities and the responsibilities of the board with respect to going concern are described in the relevant sections of this report. Other informatlon The other information comprises the information included in the annual report, other than the Page 17
Wickham Communlty Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements forthe year ended 31 March 2025 Com an Re No.. 06608621 Charitv 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 information and, except to the extent othenmise 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 whetherthe other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatefflent 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 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.. information given in the directors, report for the financial the year for which the financial stateineiits are prepared is consistent wilh the financial stalements., and the dircc.lors' report has been prepared in accordance wilh applicable legal requirements. mattp.rs on which we are required to rpport bv pxcp.ption In the light of the knowledge and understanding of the Trust and its environment obtained in the course o¥ the aJdit, we hdve riot lJLJiltified riiaterial Iiiisstatemeiits in the director4 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 opinioii.. adequate accounting records have not been kept or returns 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 information and explanations we require for our audit. or the directors were not entitled to prepare 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. Directors. responsibilities As explained more fully in the directors, responsibilities statement set out on page 16. the directors (who are also the trustees of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine are necessary 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 Guarantee Trustees, Report & Financial Slatemenls forthe year ended 31 March 2025 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, mattérs related to going concern and using the going concem 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. Auditor's responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The objectives of our audit. in respect to fraud. are to identify and assess the risks of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both thyse charged with governance of the entity and management. Irregularities. incliiding fraJTr d, are instanc.es of non-compliance with laws and regulations. We design procedures in line witft 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.. 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 the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We obtained an understanding of the legal and regulatory frameworks that are 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 may have a direct material effect on the financial statements or the operations of the Trust, 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., and 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 regularly 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 misstatement, including obtaining an understanding of how fraud might occur, by: Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. and Page 19
Wickham Community Land Trust A Regislered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2025 Company Re9. No.. 06608621 Charily Numb8r'. 1134897 Considering the internal 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 statements 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 prOdureS to identify any unusual or unexpected relationships., Tested journal entries to identify unusual transactions., and Investigated the rationale behind significant or unusual transactions. In resporise 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 governance., Enquiring of management as to actual and potential litigation and claims: Reviewing correspondence with relevant re9ulators, including Homes England and the Regulator o! 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. includino those. Ipadinq to a material mi$8tate,ment in the financ,'al statements or non-compliance with regulation. 'T'kiiS fisit increases the niore that compiiarice wiin a law or I'egulation is removed from the p.vp.nts 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 at- ()r( ljGJs. This description forms part of our auditor's report. Use of our Report This report is made solely to Wickham Community Land Trust's members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration AGt 2008. Our audit work has been undertaken so that we might state to the Trust's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the 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 Page 20 Date: 30 September 2025
Wickham Community Land Trust A Registered Charity and Company Limited by Guarant Trustees. Report & Financial Ststements for the year ended 31 March 2025 Com an Re . No: 06608621 Chari Number.. 1134897 Statement of Comprehensive Income For the year ended 31 March 2025 2025 2024 Note Turnover 152.512 145,362 Operating expenditure Gross Surplus Gain on sale of fixed assets (58,847) (66.791 } 93,665 78,571 55,992 Operatlng Surplus 149,657 78,571 Interest reoivable and other income Interest payable and other financing costs (Deficft)ISurplus on ordlnary actlvltles before taxatlon Taxation 2,795 1.822 (79,957) (80.505) 72,495 (112) (Deficlt)ISurplus for the year and totsl comprehenslve Income 14 72,495 (112) The results relate wholly to continuing activities. The accompanying notes form part of these financial statements. The financial statements were approved and authorised for issue by the Directors on 29th September 2025and signed on their behalf by: Nicol olladay Chairman & Director 29 {09J, lilq |eJ Geoffrey Phillpotts Director Page 21
Wickharn Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Report & Financial Statements for the year ended 31 March 2025 an . No.. 06608621 Chari Number.. 1134897 Statement of Financial Position As at 31 March 2025 31 March 2025 31 March 2024 Fixed assets Tangible fixed assets 2,149.608 2,214,568 Current assets Prepaid expenses Cash at bank and in har 8.618 215,616 224.234 4,885 96,960 101,845 Creditors - Amounts falling due within one year (32.288) (32.504) Net current assets 191,946 69,341 Total assets less current liabilities 2.341,554 2,283,909 Creditors -Amounts falling due after more than one year Provisions for liabilities 10 (1.925,422) (1,941,367) 13 (14,353) (13,258) Total Net assets 401.779 329.284 Reserves Income and expenditure reserrfe 14 401,779 329.284 Total Reserves 401.779 329,284 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 29th September 2025 and are signed on their behalf by Nico Holladay Chairman & Director Geoffrey Phillpotts Director The notes on pages 25 to 35 form part of these accounts Page 22
Wickham Community Land Trust A Regislered Charity and Company Limited by Guarantee Trustees. Report & Financial Statements for the yearended 31 March 2025 Company Reg. No.. 06608821 Charity Number: 1134897 Statement of Cash Flows For the year ended 31 March 2025 2025 2024 Net cash generated from operating activities 15 206,027 98,329 Cash Flow from Investing Activities Interest received 2,550 1,097 Cash Flow from Financing Activities Repayment of borrowings Interest paid and other finance costs (9,964) (9,169) (79,957) (80,505) Net change in cash 8nd cash equivalents 118,656 9,752 Cash and cash equivalents at start of year 96,960 87,208 Cash and cash equivalents at end of year 215.616 96.960 Page 23
Wlckham Community Land Trust A Registered Charity and Company Limited by Guarantee Truslees, Report & Financial Statements for the year ended 31 March 2025 Com anv Rea. No.. 06608621 Charitv Number: 1134897 Statement of Changes in Reserves Income and expenditure reserve Total At l April 2023 (Deficit)ISurplus for Ihe year Total comprahensive income At 31 March 2024 and 1 April 2024 (Deficit)ISurplus for the year Total comprehensiv8 Income At 31 March 2025 329,396 (112} (112) 329,284 72.495 72,495 401,779 329,396 112 112 329.284 72,495 72,495 401,779 Page 24
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements forthe yearended 31 March 2025 ComDanv Rea, No.. 06608621 Charilv Number.. 1134897 Notes to the Financial Statements 1. Accounting policies 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 preparation The financial statements have been prepared.. 1.2. 1. under the historic cost convention 1.2.2. on the going concern 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 accordance 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 functional currency of the Trust and are rouiided to the nearest pound. As the Company is a charity, the wording of the statutory formats required 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 valLJe. 1.4. Key Assumptions and sources of estimation uiicertainty The trustees consider that there are no significant areas of uncertainty 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 furtherance of the general objectives of the charity. Page 25
Wickham Community Land Trust
A Registered Charity and Company Limited by Guarantee
Trustees, Report & Financi81 Statements for the year ended 31 March 2025
Com
an
No.. OC)C)08621
Charit Number.. 1134897
Designated funds are unrestricted funds earmarked by the Trustees for particular
purposes.
-.
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2025 ComDanv Reo. No.. 06608621 Charit Number= 1134897 Impairment ' Inipairrrient rciyji-1Nb arc ,cari i&)d OLIt-as and wlien evrdence comLJS IO'i¢Pft t1 ! amount of a functional fixed asset is below its net book value due to damage, obsolescence or other relevant factors. 1. 9 Shared ownership properties 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 turnover 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 properties 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 re1vable or payable within one year, and with no stated interest rate, are Initially recorded at transaction price and are subseqLiently measured at the undiscounted amount of the cash or other consideratioii expected io be paid or received. 7. 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 Liabilliies 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 outflow of economic benefits will be required in settlement and the amount can be reliably estimated. 1. 14 PoliGy for ReGycled Grants Capital grants can be recycled under certain conditions. if a propety is sold, or if another relevant event takes place. Recycled grants can be used for projects approved by Homes England, and they are credited to the Recycled Capital Grant Fund within liabilities Page 27
Wickham Communlty Land Trust A Registered Charity and Company Limited by Guarantee Truslees, Report & Financial Slalements for the year ended 31 March 2025 Company Reg. No.. 06608621 Charily Number.. 1134897 1. 15 Accounting Policy for cash at bank and in hand Transactions are managed according to the Financial Controls Policy. All transactions are logged immediately on a month-by-month basis. Cash at bank is held in a current account for immediate availability or on interest earning deposit. Movements between current and deposit accounts require the approval of the Board. Cash received that is due at intervals to cover service costs on behalf of tenants is separately held in reserve accounts for use against demand as per agreement with service providers. Page 28
Wickham Community Land Trust A Registered Charity and Company Limited by Guarant8e Trustees, Report & Financial Statements forthe yearended 31 March 2025 Company Reg. No: 06608621 Charity Number: 1134897 2.Income and Expenditure from Social Lettings 2025 2024 Turnover Affordable homes rental income Intermediate rental income Shared Ownership rental income Government grant taken as income Charges for support services 88,684 37.591 15,392 9,429 1,416 83,011 34,624 16,487 9,300 1,940 152,512 145,362 Expenditure Maintenance costs Insurance Void costs Property Management Costs Other costs 18,377) (5,356) (7,139) (8,276) (21} (8,648) (42.7071 {8,936) (36,178) (58,847) (66,791) Rental income is stated net of identifiable seniice charges 3.Interest receivable and other income 2025 2024 Interest re1vable 2,550 1.097 Donations & grants received 245 725 2,795 1,822 4.Surplus on ordinary activities This is stated after charging.. 2025 2024 Auditor's remuneration -for audit services Auditor's remuneration non-audit services Depreciation 4,500 4,375 350 29,743 29,200 Page 29
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2025 Compari5' Reg. No.. 06608621 Charity Number.. 1134897 5.Taxation As a charity, WCLT is exempt from tax on income and gains falling within section 505 of the ' lii!I'i .Jf..Cli31'ijkn4i tu il)e oy,toiil Ihat tliese 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. {2024'. £nil). The charity had no employees in the current or previous year. 7.Tangible fixed assets Freehold Land Freehold Freehold Land and Land and and Buildings- Buildings- Affordable Intermediate Rent Rent Buildings- Shared Ownership Total Cost At beginning of year Disposals 1,579,160 495,007 310,166 (43.481) 2,384,333 (43,481) At end of year 1,579,160 495,007 266,685 2.340,852 At beginning of year Charge for year On disposals 126,241) (17,441) 190,021 } {53,503} (7.7161 (4,043) 7,721 {169,765) (29,200} 7.721 Al end of year {43,682) 197,737) (49,825) {191,244} Net book value At 31st March 2025 1,535,478 397,270 216,860 2,149.608 At 31st March 2024 1,552,919 404,986 256,663 2,214,568 The above assets, with a net book value of £2,149,608 are pledged as security against the Trust's loans. Page 30
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Report & Financial Statemenls forthe yearended 31 March 2025 8. Prepaid expenses 2025 2024 11. V.f*.:-.Kenfr £)r.. Insurance costs 5,155 3,463 4,786 99 Other 8,618 4,885 9. Creditors - Amounts falling due within one year 2025 2024 Bank Loans (note 12) Other creditors Accrued expenses Accrued service charges payable Deferred iiicome from Homes England tèferred grant from Winchester City 12,397 5,636 5,400 10,132 5,429 5,250 2,393 3,700. 5,600 3,255 5,600 32.288 32,504 10. Creditors -Amounts falling due after more than one year 2025 2024 Bank loans (note 12) Loans from other institutions (note 12) Deferred income (note 11) Recycled Capital grant Fund (note 15) 976,508 86,297 818,601 44,016 989,243 85,791 866.333 1,925,422 1,941,367 The loans from other institutions are concessionary loans with interest rates below the prevailing market rate. Page 31
Wickham Community Land Trust A RegiSted Charity and Company Limited by Guarantee Trustees, Report & Financial Statements for the year ended 31 March 2025 Company Reg. No.. 06608621 Charity Number.. 1134897 11. Deferred Grant Income 2025 2024 At 1 April Recycled in the year Released to income in year 875,633 (38,748) (9,429) 884,933 (9,300) At 31 March 827,456 875,633 Amounts to be released within 1 year Amounts to be released in more than 1 year 8,855 818,601 9,300 866,333 827,456 875,633 12. Bank loans and loans from other institutions 2025 2024 Due within one year .and on demand Due after one year but less than Due after two years but less than five Due after more than five years 12,397 13,396 46,474 1,002,935 10,132 11,000 39,402 1,024.632 1,075,202 1,085,166 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 £1,075,202 The loans bear interest at 30/0 above Bank of England base rate. One loan is interest only for the first 10 years. 13. Provisions for liabilities and charges 2025 2024 Provision for future overhaul 14,353 13,258 Provisions for liabilities and charges comprise of amounts set aside for the future overhaul of the properties. Page 32
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees. Report & Financial Slatements for the year ended 31 March 2025 Comp8ny Reg. No.. 06608621 Charity Number.. 1134897 Unrestricted general reserves Totsl reserves Balance as at 1 April 2024 Surplus l(deficit) for year 329,284 72,495 329,396 (112) At 31 March 2025 401,779 329,284 15. Recycled Capital Grant Funds Homes England Funds pertaining to activities withln areas covered by Qpp,ninabAlan¢e Inputs to RCGF - Grants recycled previously amortised Grants recycled previously deferrpd 5,268 38,748 Recycling of grant Repayment of grant to Homes England Closing balance 44,016 Amounts 3yrs or older where repayment may be required Page 33
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Truslees. Report & Financial Statements for the year ended 31 March 2025 Company Reg. No.. 06608621 Charity Number.. 1134897 16. Statement of Cash Flows from Operating Activities For year ended 31 March 2025 2024 Surplusl{Deficit) for the year 72,495 (112) Adjustment of non cash items Change in value of Fixed Assets 64.960 29.743 (Decrease)Ilncrease in deferred income Amortisation of Government grants Decreasel(increase) in prepayments 5,268 (9,4291 (3,733} {9,300) {4.490) Increasel(decrease> in creditors (2,036} 1,985 Increase in provisions 1,095 1,095 Interest payable Interest received 79,957 (2,550) 80,505 (1,097) Net cash generated from Operating aclivities 206,027 98,329 16a Analysis of changes in net debt 2024 Cash Flows Other changes 2025 Long term borrowings Total liabilities 1.085,166 1.085,166 g.964 (9,9641 1,075,202 1,075,202 Cash and cash equivalents Total net debt .-(96,960) {118,656} 988,206 {128,620) (215,616) 859,586 Page 34
Wickham Community Land Trust A Registered Charity and Company Limited by Guarantee Trustees, Report & Financial Statements forthe yearended 31 March 2025 Company Reg. No.. 06608621 Charity Number.. 1134897 17. Accommodation in management At the.p.nd,r)f.thp ijftr?. r, grnn..rnnr1,?+lnTr. in m9Daopmpnt for each tylDP. of propartv 11,128 9< fnllniyq: 2025 2024 Shared ownership Intermediate rent Affordable rent 10 18 10 18 18. Company limited by guarantee Wickham Comfnunity Land Trust is a company limited by guarantee and has no share capital. As at 31 st March 2025 there were 8 (eight) members. Every member promises, if the Company is wound-up, to contribute such sum (not exceeding £10) as may be demanded of him or her towards any deficit. 19. Director Information No remuneration was paid to the Directors during the year (2024.. £nil). 20. ,:CapiÉal rommit.mpnt.q At 31 st March 2025 there was one capital commitment carried forward being the balance of solar .iiistallalions at 14GIApJliton C?I'd.tsil- '.rrijbfol•ioned iii 2024125.. £30:208 (20LII'. rionp). 21. Related parties During the year, expenses of £44 were reimbursed to 2 trustees (2024.. £492). No expenses were reimbursed to a company in which a trustee has an interest. 22. Ultimate controlling party Wickham Community Land Trust is ultimately controlled by the board of Trustees. Page 35
Wickham Community Land Trust A Registered Charity and Company Lirlliled by Guarantee Trustees, Report & Financial Statements for the year er)ded 31 March 2025 Coni an No.. 06608621 Charil Number.. 11348<J-I Appendix: WCLT i Ef4ANT SA'fisFACTION MEASURES FROM MANAGEMENT INFORMATION. 0110412431103125 The Number of Stage One complaints made by tenants received during 2024 2025. (All residents) The Number of Stage Two complaints made by tenants received during 2024 2025 (All Residents) Proportion of: stage one complaints responded to and stage two complaints responded to within the Housing Ombudsman's Complaint Handling Code timescales, N/A Number of: 1. anti-social behaviour cases, of which 2. anti-social behaviour cases that involve hate incidents opened per 1,000 homes. Proportion of home*tliat do not meet tlie 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 540 Proportion of emergency responsive repairs completed within the landlord's target timescale of 1 day (not shared owners) None required 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 ground floor & first floor flats without communal areas) Proportion of homes for which all required asbestos management surveys or re-inspections have been carried out loo% N/A Proportion of homes for which all required legionella risk assessments have been carried out. N/A Proportion of homes for which all required communal passenger lift safety checks have been carried out NIA Note: Thls paqe does not form Dart of the statutorv financial statements Page 36