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 eX￿sS of £2mil. should be sufficient for our lenders to feel that their positions are sufficiently secure. 3.6.2 SUc￿sSion 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:inq riiinisters and MPS in support of its campaign to make more secure funding sources for CLTS. 3.6.5 ThL? nJov6irrimkn?ni lio4 dtsSi)Ided Lomii-iunity Land Trusts from thLJ l'ight to buy Ikia'c 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 £9,025 (2024." £8753) in a Charity Bank Deposit Account. Although Charity Bank has been sufficiently satisfied with the soundness of WCLT'S performance to lift this condition WCLT chooses to retain this deposit. 3.8 Fundraising activities Donations from a small number of 'Friends of Wickham Community Land Trust" were received. 3.9 Events subsequent to this report period 3.9.1 The two 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 aside from that following the equity increase executed by a shared ownership tenant as reported in 3.1 above. One of the interest rate cuts anticipated in the Trust's budget for 2025126 has already been realised, and is benefi'tting the financial position. Page 8 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 arrahge￿IentS 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.' I￿ICkh(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, W￿ll 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 reglipaiii4iiiif 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