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2025-03-31-accounts

Trustees’ Annual Report and Financial Statements for the year ended 31 March 2025

Providence Row

Registered and Principal Office: The Dellow Centre 82 Wentworth Street London E1 7SA

Company number 07452798 Charity number 1140192

Website: www.providencerow.org.uk

@providencerow

@Providence_Row

/ProvidenceRow

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Board of Trustees

Elizabeth Canning (Chair) Bishop Nicholas Hudson (resigned 15[th] November 2025) Linda McHugh Jonathan Rhodes Richard Solomon (Honorary Treasurer) Paul Strange (resigned 5[th] December 2024) Nicola Sewell Anthony Tama Sophia Lee Xiu-Fei Kosasih Tom Andradi-Brown (appointed 10[th] December 2025) Richard Harries (appointed 10[th] December 2025)

Patron

His Grace the Duke of Norfolk Honorary Vice President Fr. Peter Harris Dan Regan Richard Sermon

Chief Executive Officer & Company Secretary Tom O’Connor (resigned 8[th] November 2025) Nigel Williams (appointed 6[th] October 2025)

Auditors Forvis Mazars LLP 6 Sutton Plaza Sutton Court Road Sutton Surrey SM1 4FS

Bankers

HSBC Bank plc City of London Branch 60 Queen Victoria Street London EC4N 4TR

Handelsbanken 42 New Broad St London EC2M 1JD

Investment Advisors

Schroder & Co. Limited t/a Cazenove Capital Management 12 Moorgate London EC2R 6DA

Investment Property Managing Agents Savills (incorporating GBR Phoenix Beard) 33 Margaret Street London W1G 0JD

Solicitors

Bates Wells Braithwaite 10 Queen Street Place London EC4R 1BE

Investment Property Legal Advisors Brecher Solicitors 4[th] Floor, 64 North Row Mayfair London W1K 7DA

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Contents

Overview Page
Message from Chair 4
About us 5
Annual Report
Achievements and Highlights 6
Our Services 6
Our supporters and funders 9
Structure, governance and management 11
Organisational structure, management and key relationships 11
Financial summary 2024/25 12
Financial Review 13
Principal risks and risk management 14
Review of reserves and reserves policy 15
Trustees’ responsibility statement 16
Independent Auditor’s Report 17
Financial Statements
Statement of financial activities for the year ended 31 March 2025 21
Balance sheet as at 31 March 2025 22
Statement of cash flows 23
Notes to the financial statements 24

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Message from Chair of Trustees

Dear Friends,

I was homeless and you gave me a room.

Providence Row continues to support those facing homelessness in East London. Over the course of the year close to 1,200 people came through the doors of The Dellow Centre, where they were fed, took showers, accessed physical and mental health care, received guidance to help them find somewhere to live and accessed training opportunities.

None of this could happen without your support. Support comes in many different shapes; small and large donations, painting the dining area to make it a welcome space, sponsored cycle rides, overnight sleep outs, carol singing at Spitalfields Market – all these efforts enable us to look after some of the most marginalized people in our society.

Their numbers are growing, for reasons which are well documented. Therefore, we continue to need your support. We want to be able to respond to the increase in numbers and help get our fellow Londoners back on their feet with a future to look forward to.

We know we make a difference and, with your continued support, we can provide more help. Solving homelessness is a significant multidisciplinary task but we believe that the services we offer go some way to alleviate the worst effects of life on the streets.

We are in a stable financial position, benefitting from a large legacy and the sale of an investment building. We are about to embark on a project of re investment into our main building and services, please look out for further details during the next year.

We continue to strengthen our Board with new trustees Niki Sewell, Sophia Kosasih and Richard Harries (as the Cardinals’ appointee). We are having to say farewell to Bishop Nicholas Hudson as he takes up his new role as the Bishop of Plymouth. The Diocese of Plymouth are lucky to have him; we will all miss his wise counsel, good humour and special care for Providence Row. Please keep him in your prayers as he takes up important new responsibilities.

Finally, during the course of this year, our CEO, Tom O’Connor, notified me of his resignation. Tom has made a great difference to Providence Row and has steered us through some challenging times, not least the Covid pandemic. We wish Tom all the best in his new role in the hospice sector and thank him for his many contributions over the last 8 years. Tom has been succeeded on an interim basis by Nigel Williams and we extend a warm welcome to Nigel.

The Sisters of Mercy, who were front and centre during our 165th anniversary celebrations at Westminster Cathedral, continue to inspire our work. All our staff, volunteers and Trustees deserve thanks as do all of our supporters – our work is invaluable to those we serve and I hope we can continue to serve them with your help.

I hope you enjoy reading our annual report. May I wish you, your families and friends a peaceful Christmas and a prosperous New Year.

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

ABOUT US

Vision

Everyone has a safe home and a community in which to belong.

Mission

To support and accompany more people who are homeless or at risk of homelessness on their journey to recovery, especially those who are most vulnerable and least likely to access services elsewhere. To offer a range of services that support rough sleepers from times of crisis through to when support is no longer needed.

Our values

Why we are needed

As rents and housing costs continue to rise and the cost of living crisis deepens—exacerbated by housing benefit cuts and severe shortages of social and affordable housing—homelessness in London is escalating at an alarming rate. It has now reached its highest level in England since records began.

According to analysis by London Councils (October 2024), more than 183,000 Londoners are estimated to be homeless and living in temporary accommodation - equivalent to at least one in every 50 residents of the capital, with at least one homeless child in every London classroom.

The number of people sleeping rough in London at the end of 2024 was 5% higher than the previous year, according to the Combined Homelessness and Information Network (CHAIN). Between October and December 2024, outreach teams recorded 4,612 people sleeping rough in the capital[1] —about half of whom were identified as having mental health needs. Of these, 704 individuals were found to be living on the streets, representing a 26% increase from the same period the year before.

In Tower Hamlets—one of most densely populated and fastest-growing areas in the country- the picture is equally stark. Rough sleeping rose by almost 29% in 2024, with 189 individuals recorded in the OctoberDecember quarter[2] , compared to 147 in the same period the previous year[3] .

Amid an escalating crisis, Providence Row remains at the forefront of delivering critical, tailored, and dignified support to individuals experiencing homelessness across East London.

As we close 2024/25 and look ahead, our commitment to expanding and adapting our services remains steadfast. We are focused on meeting growing demand and ensuring that those who are most marginalised and at risk are not only reached, but meaningfully supported. Central to our approach is a whole-person model of care—one that recognises the complexity and individuality of each person’s experience, and responds with empathy, flexibility, and respect for their unique needs, aspirations, and circumstances.

1 https://homeless.org.uk/news/london-rough-sleeping-numbers-still-shocking/

2 https://passage.org.uk/latest-street-count-data-october-december-2024/?utm_source=chatgpt.com

3 https://data.london.gov.uk/dataset/chain-reports/?utm_source=chatgpt.com (Quarterly Reports and Data Tables, 2023/2024 -Tower Hamlets).

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

ACHIEVEMENTS AND HIGHLIGHTS FOR THE YEAR

While the climate in which we operate continues to be challenging, our teams have been working harder than ever to help the people turning to us for support. During the past year, approximately 1,200 people accessed our services for crisis intervention, advice and support, health and wellbeing, harm reduction, employability and progression support. Through the dedication of our staff and volunteers and the support of our donors and partners, we have continued to innovate and find new ways to help and empower people who are vulnerable.

OUR SERVICES

Service Expansion and Community Impact

Providence Row remains committed to providing a wide range of services to support people overcoming challenges, regaining confidence, and moving towards independent living and reintegration into society. By strengthening our strategic partnerships, we have enhanced service access and expanded our offer, while continuing to place our clients’ voices, choices, and aspirations at the heart of everything we do.

In 2024/25, this commitment enabled us to expand our services to include on-site healthcare—covering primary care, nutritional advice, mental health support, and targeted disease prevention for rough sleepers and people experiencing homelessness.

This expansion included the delivery of over 260 health interventions through two Health and Wellness Fairs. Our partnerships with local health providers strengthened the continuity of care, while the integration of Health Peers[4] improved both the reach and quality of our community health efforts. These initiatives facilitated numerous health check-ups, service registrations, and improved access to essential support, contributing to better health outcomes for those we serve.

Building on the success of our award-winning Outreach Psychotherapy service, we extended our reach across five London boroughs, delivering compassionate, trauma-informed psychological support to people experiencing homelessness—meeting them wherever they are, both physically and emotionally.

Recognising that poor nutrition is a significant barrier to recovery, increasing vulnerability to illness and mental health challenges, we partnered with Homeless Link and Office for Health Improvement and Disparities (OHID) to deliver a targeted nutrition programme designed to improve health and wellbeing for our clients.

These achievements reflect more than service expansion—they represent a deepening of our impact across the communities we serve. By working collaboratively, we continue to build a responsive and inclusive support system that not only addresses immediate needs, but fosters long-term wellbeing and social connection. Through sustained investment in health, nutrition, and psychological support, Providence Row is helping to shape a healthier, more resilient community where no one is left behind.

Resource Centre

An essential part of East London’s local community, our Resource Centre houses our immediate crisis response and provides a safe space for vulnerable people. In the last year, the Resource Centre directly supported 667 people to access washing facilities, phone charging, a postal address, IT facilities and other key services from our Food Programme, to Progression and Training and to our Advice and Support Service .

4 Health Peers are recruited to promote engagement with health and wellbeing initiatives and provide experience and training for those with lived experience.

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Reset

In 2024-2025, our Reset Outreach and Referral Service and Reset Rough Sleeping Navigator Team supported 595 clients through harm reduction advice, as well as referral into drug and alcohol treatment and recovery services. The team has also assisted service users to register with GP registration and attend physical and mental health appointments.

Our Needle Exchange and Harm Reduction service saw increased engagement from people in marginalised communities, with a total of 130 individuals receiving support throughout the year. We estimate that over 10,000 sterile needles, along with other harm reduction materials, were distributed to service users.

Naloxone training and distribution has also expanded, with 356 kits provided to service users and support agencies. Naloxone is an essential intervention in overdose prevention, as it can quickly reverse the effects of an opiate overdose and restore breathing. Ensuring wider availability and training, supports both individuals and frontline workers to respond effectively in critical situations, reducing the risk of fatal outcomes.

In response to the UK’s emerging synthetic opioid crisis, the Reset services distributed Nitazene, Xylazine and Fentanyl testing strips between January and March 2025. A total of 104 strips were distributed, providing individuals who use drugs with a tool to test substances before use – a potentially life-saving intervention in overdose prevention.

We also strengthened partnerships with external agencies to improve access to blood-borne viruses (BBV’s testing and prevention), removing key barriers to care.

A pilot emergency wound care service was launched within our needle exchange and harm reduction room, where 19 individuals received on-the-spot support. This initiative plays a crucial role in early infection detection and in connecting people to primary care, emergency and specialist health & wound care services, bridging a gap in immediate care.

Reflecting Providence Row’s ongoing commitment to removing barriers to health care and harm reduction support, we introduced a rapid prescribing clinic in November 2024, in collaboration with a partner agency (CGL). The clinic, designed to support individuals experiencing street homelessness in Tower Hamlets, has already helped 42 people access structured treatment.

Outreach Psychotherapy, ‘A place within’

Since securing the ground-breaking tri-borough contract in August 2022, our Outreach Psychotherapy Service has continued to flourish and extended its reach across five London boroughs. This year we delivered trauma-informed therapy to more than 229 people who were sleeping rough, supporting them to move off the streets, sustain accommodation and regain control over their own lives.

The Psychotherapy Service plays a vital role in supporting some of the most marginalised and vulnerable individuals in East London — rough sleepers and those experiencing homelessness across Tower Hamlets, Hackney, the City of London, Redbridge and Newham. Our flexible, outreach-based model is uniquely designed to meet people where they are, both physically and emotionally, offering accessible, nonjudgemental, and trauma-informed therapeutic support.

By removing the traditional barriers to mental health care, we help individuals who have often been excluded from mainstream services. Our skilled team of psychotherapists works collaboratively with clients who are facing complex challenges, including trauma, substance use, mental health difficulties, and social isolation.

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Our service doesn’t just focus on symptom reduction — it fosters safety, trust, and long-term relational healing. We help people rebuild a sense of dignity, self-worth, and the emotional resilience needed to sustain recovery, housing, and meaningful change.

In an area where the need is acute and growing, this service stands as a compassionate, consistent, and innovative mental health lifeline for rough sleepers and people experiencing homelessness. In short, Outreach Psychotherapy has transformed not only individual lives but the entire ecosystem of support for some of East London’s most vulnerable residents.

Progression & Training Service

In 2024/25, we continued our mission to empower individuals and communities through education and training. With 167 referrals to the service and 150 one-to-one Information, Advice and Guidance (IAG) assessments, we've broadened our support network, ensuring wide accessibility to resources. The Progression and Training Team significantly exceeded its delivery target for CV support, completing 151 CVs for clients accessing the service. 9 clients secured employment, marking a significant milestone in their journey towards self-sufficiency.

Our commitment to diverse training pathways remains strong. We provided tailored programmes ranging from catering to gardening and Level 2 Food & Hygiene certification, empowering 48 individuals with valuable skills. Recognising the importance of digital literacy, 14 clients completed digital training modules, enhancing their confidence and independence in navigating digital spaces. Overall, 51 accreditations were achieved across a range of vocational and life skills programmes, including 11 certifications for Level 2 Food & Hygiene certification, enhancing clients’ employability within the food service industry Additionally, 23 clients completed employability training, equipping them with essential skills to navigate the job market successfully.

Health and Wellbeing Service

In 2024/25, Providence Row's Health Inclusion Service demonstrated significant impact, including the recognition we received, through the National Homeless Link Excellence Awards, for our outstanding Health and Wellbeing Initiative. Awarded in 2024 for work carried out in 2023, this ongoing commitment has allowed the service to further expand and enhance its support for those in need.

We continued to deliver measurable improvements in health outcomes and client engagement across the system. By securing temporary funding from NHS North East London (NEL) and the National Lottery Community Fund, we were able to expand our reach through a new Health Access and Outreach Coordinator, who will work across North East London to strengthen health pathways, help reduce emergency health interventions, reach clients across multiple boroughs and offer additional health support and interventions.

Drawing on the experience of Health and Wellness Fairs, designed to promote health education, build partnerships, and expand the range of support available to clients, the Health and Wellbeing Service provides a fully-fledged prevention and intervention service for people sleeping rough. This includes access to GP assessments and referrals, vaccinations, wound dressing services, screening tests for HIV, STIs, Hep B&C, liver disease, tuberculosis, and fibrosis scans.

In partnership with Homeless Link and funded by OHID, a targeted nutrition programme helped 86 people rough sleeping or living in hostels, particularly those using drugs or alcohol, providing over 100 one-to-one sessions that linked food with recovery from substance use and improved routines. Client feedback highlighted significant benefits, including better mood, increased energy, and reduced stress, with many relying on these meals as their main source of nutrition.

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Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Catering Service

Our kitchen continues to serve not only as a vital source of nourishment but also as a safe and welcoming space where clients feel seen, heard, and respected.

Over the course of 2024/25 we provided 11,380 nutritious meals to 637 clients, offering breakfast and lunch every weekday. The service is open to people verified as rough sleeping by Tower Hamlets outreach teams, individuals with No Recourse to Public Funds (NRPF), and those engaging with our wider services —including housing support, volunteering, psychotherapy, and substance use support.

The service benefits from the dedication of 45 regular volunteers and 229 corporate volunteers from 22 companies, contributing over 2,000 hours of support. This year, the “Yes, Chef!” training programme was reintroduced, offering participants real kitchen experience and a Level 2 Food Hygiene qualification to build confidence and skills.

Partnerships with organizations such as The Ned and The Felix Project have enriched the kitchen experience, bringing new skills, visibility, and resources.

OUR SUPPORTERS AND FUNDERS

Providence Row’s work is made possible by our fantastic community of staff, supporters, funders and volunteers.

Our Staff

During the year the charity employed an average of 47 staff (average monthly headcount), of whom 16% were part-time staff.

Our Supporters and Funders

We are grateful to all our supporters and funders for their support, from regular gifts to one off donations and fundraising initiatives.

Our Volunteers

This year, we welcomed 45 community volunteers who contributed across various areas, including the kitchen, Welcome Area, garden, administration, IT room and Fundraising team. Of these, six were international students IES (Institute for the International Education of Students) and one from a new partnership with Samford University (USA).

Two individuals completed accredited training in peer mentoring in April, supported by the Progression and Training teams. They have since applied their training effectively, offering meaningful contributions by providing clients with emotional support, conducting research, and identifying local resources.

Fundraising

Our fundraising was carried out by our in-house Fundraising Team, directly employed by the charity. No professional fundraisers commercial participators were contracted to fundraise on our behalf during the year.

We undertook a range of fundraising activities, including Trusts and Foundations applications, Legacy giving, Corporate partnerships and Community fundraising, Digital and direct marketing campaigns, including appeals and regular giving programmes, Events delivered with volunteers and corporate supporters. We also worked with a small number of corporate partners running activities on our behalf and community events supported by volunteers.

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Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Providence Row is registered with the Fundraising Regulator and committed to compliance with the Code of Fundraising Practice. There was no failure to comply with the Code of Fundraising Practice, nor with any recommendations or standards set by the Fundraising Regulator, during the reporting year. We did not engage any professional fundraising agencies to solicit donations during the year.

Where fundraising activity was delivered by volunteers acting on behalf of Providence Row, we ensured appropriate oversight through:

Providence Row received no fundraising-related complaints during the reporting year.

Providence Row is committed to safeguarding vulnerable people and ensuring that our fundraising activity follows the relevant sections of the Code of Fundraising Practice, including those relating to avoiding persistent or excessive requests for support and never placing undue pressure on individuals to donate. To support this commitment, we ensure all staff and volunteers are trained to be able to respond appropriately, we carry out regular reviews of internal policies to ensure best practice, and supporter data is carefully managed.

Companies

We are incredibly grateful for the support of our company partners who donated £343,415 (£219,565 in 2023/24) over the course of year through a range of events, activities and grants. We would like to thank our long-standing strategic partners Natixis Investment Managers and Reed Smith, Aldgate Connect BID, Land Securities, Derwent London, and Beazley. We would also like to thank Hiscox, Tatton Investment, VWV, Business Junction, UNUM, MACE, McClarens, Unity Trust Bank, Canopy Hilton and Savills.

A total of 270 corporate volunteers from 22 companies supported our services over the last year. A significant and invaluable contribution – thank you!

Communities

Thanks to continued support from a number of community groups we raised £26,307 (£126,780 in 2023/24).

Our supporters in the community include:

Sisters of the Holy Cross Charitable Trust, St. Mary Moorfields Catholic Church, The Church of St Botolph Without Bishopsgate, St Sepulchre-without-Newgate, as well as other religious and non-religious groups and schools.

Trusts and Foundations

Our private and institutional grant makers are a vital source of committed multi-year funding that allows us to plan ahead for our programmes and services. We received £529,891 (£527,649 in 2023/24). Thanks to the generosity of the Trusts and Foundations that supported us this year we were able to be there for our clients during another extremely challenging year.

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Philanthropy Programme

We stewarded some key existing relationships with Philanthropists over the year (while developing new relationships too) which helped secure £46,000 towards our work. Our Philanthropy Programme will be further developed over the coming years.

Legacy

We received £1,192,091 (£1,500 in 2023/24) in legacy income. We are immensely grateful to those who have so generously supported us in their will.

Individuals

Our individual donors have once again made a crucial difference to the lives of the people we support. Thanks to their generosity, we raised £93,834 (£89,262 in 2023/24), we are incredibly grateful to everyone who donated to support the work we do.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal structure of the charity

Providence Row is a private company limited by guarantee and does not have share capital. It was incorporated on 26 November 2010 (company number 07452798) and was registered as a charity on 2 February 2011 (charity number 1140192). Providence Row is the corporate successor to the unincorporated charity known as Providence Row Charity (PRC) (charity number 207454), which was originally established in 1860. The directors of Providence Row are its trustees for the purposes of charity law. Providence Row became operational as an incorporated charitable company on 1 April 2011 and on the same date a Charity Commission Scheme appointed Providence Row as the sole trustee of PRC.

Governance

The Memorandum of Association and Articles of Association of Providence Row form the governing documents of the charity. Providence Row is governed by a Board of Trustees, which is made up of:

Nominated Trustees are nominated to serve on the Board by the Catholic Archbishop of Westminster (two Trustees), the Superior General of the Union of the Sisters of Mercy (one Trustee) and the Congregational Leader of the Institute of Our Lady of Mercy (one Trustee). Their appointment is subject to approval by the Trustees. Nominated Trustees serve for three year renewable terms.

Elected Trustees must be appointed at the annual general meeting by means of election by those qualified to vote at the meeting. One third of Elected Trustees must retire by rotation (and can stand for re-election) at the Annual General Meeting, those who have been longest in office since their last appointment or reappointment being subject to retirement by rotation.

The Trustees may appoint one of their number to be the Chair of the Trustees for such a term of office as they determine and may at any time remove him or her from that office. The Chief Executive Officer has been appointed as the Secretary to the charity. The Trustees may at their discretion establish procedures and criteria for inviting individual donors to become ‘Associate members’ of the charity with the right to vote at the annual general meeting. There are currently no ‘Associate members’ qualified to vote at the 2025 Annual General Meeting.

ORGANISATIONAL STRUCTURE, MANAGEMENT AND KEY RELATIONSHIPS

The Board of Trustees meet at least quarterly. These quarterly meetings are preceded by meeting of the Finance Committee. The Remuneration Committee meets annually to consider the recommendations of

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

the Chief Executive in relation to staff remuneration. The remuneration of the Chief Executive is considered separately by the Remuneration Committee in the absence of the Chief Executive. External market benchmarks are taken into consideration in relation to all staff remuneration decisions, focussing on pay levels in other providers of a similar nature, and geographical location. The Remuneration Committee submits its recommendations to the Board for approval.

The Chief Executive attends meetings of the Board of Trustees (with other senior staff as appropriate) and submits for approval the strategic plan and the annual budget. The Chief Executive and the leadership team report regularly to the Trustees on the implementation of the strategy and performance against the budget.

In accordance with charity law, decisions relating to disposals of land (including sales, leases, grants of easements and releases of rights of light) are made by the Trustees following the procedures set down in the Charities Act, statutory regulation and guidance issued by the Charity Commission. The Board of Trustees determines the charity’s reserves policy.

The Chief Executive has formed a Leadership Team including the Director of Services, the Director of Finance and the Director of Fundraising and Marketing. The role of the Leadership Team is to assist the Chief Executive in implementing the strategic plan within the approved annual budget.

The charity’s key relationships include the Sisters of Mercy (the Union of the Sisters of Mercy of Great Britain and the Institute of Our Lady of Mercy), the London Borough of Tower Hamlets and the Corporation of the City of London. The relationship with the Sisters of Mercy is a formal arrangement with powers to nominate Trustees to the Board. The charity is very grateful for the continued support of the Sisters of Mercy and committed to ensuring that the legacy of the Sisters is reflected in the ongoing work of the charity for the long term. In addition, the charity works with a range of other charities, agencies and partners.

FINANCIAL SUMMARY 2024/25

Overview of results

The charity recorded a surplus of £358,542 before net unrealised loss on investments of £5,061 and unrealised gain of £2,428,067 on valuation of the investment property. This compares to a deficit of £518,740 before net unrealised gain on investments of £94,168 and unrealised loss of £461,000 on valuation of the investment property in 2023/24.

Income

Total income for 2024/25 was £3,899,360 (2023/24 was £2,939,574).

Total income for 2024/25 was £3,899,360 (2023/24 was £2,939,574).
Income
£'000
% of total
2024/25		 £'000
% of total
2023/24
Donations
696.8
17.9%		 569.1
19.4%
Donatedgoods,facilities and services
-
-		 24.3
0.8%
Legacies
1,192.1
30.6%		 1.5
0.1%
Charitable activities(see below)
1,828.3
46.9%		 2,005.8
68.1%
Other tradingactivities
2.1
0.0%		 0.3
0.0%
Investment income
155.1
4.0%		 313.6
10.7%
Other income
25.0
0.6%		 25.0
0.9%
Total
3,899.4
100.0%		 2,939.6
100.0%

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

----- Start of picture text -----
Income from charitable activities 2024/25 2023/24
£'000 % of total £'000 % of total
Local authority contracts 1,256.2 68.7% 1,342.1 66.9%
Performance related grants 342.6 18.7% 454.7 22.7%
Rents from the Dellow Centre leases 229.5 12.6% 209.0 10.4%
Total 1,828.3 100.0% 2,005.8 100.0%
----- End of picture text -----

Total income for the year increased by £959,786 (25.8%) in relation to 2023/24 income. This is mainly due to the one-off legacies of £750k and £400k.

Expenditure

Total expenditure for 2024/25 was £3,540,818 (2023/24 was £3,458,314), an increase of £82,504 (2.1%).

----- Start of picture text -----
Expenditure 2024/25 2023/24
£'000 % of total £'000 % of total
Costs of raising donations and legacies 771.7 21.8% 690.3 20.0%
Costs of investment management 189.3 5.3% 240.1 6.9%
Charitable activities (see below) 2,579.8 72.9% 2,527.9 73.1%
Total 3,540.8 100.0% 3,458.3 100.0%
----- End of picture text -----

----- Start of picture text -----
Expenditure on charitable activities 2024/25 2023/24
£'000 % of total £'000 % of total
Advice and Support / Resource Centre 1,390.8 53.9% 1,353.7 53.5%
Recovery and Progression 634.9 24.6% 515.3 20.4%
Trainee Schemes, Food & Garden 554.1 21.5% 658.9 26.1%
Total 2,579.8 100.0% 2,527.9 100.0%
----- End of picture text -----

FINANCIAL REVIEW

Investment policy and objectives

The charity’s appetite for risk in relation to the Endowment Fund reflects the long-term nature of the charity’s investment horizon. The Endowment Fund exists to generate sustainable income in perpetuity. For this reason, the Endowment Fund is focused on a diversified portfolio of unitised equity related investments, managed by the charity’s investment advisors. The primary objective of the investment strategy is to preserve the long-term real value of the charity’s permanent endowment, whilst providing a good level of income which may be deployed by the charity to further its objectives. The Trustees apply a policy of ‘Responsible Investment’ and we expect our investment managers to engage with companies on social, environmental and business ethics issues and to exercise voting rights in line with the policy. The Trustees have decided not to take an exclusionary approach to particular categories of investment.

The greater part of the charity’s investible cash resources, which are outside the Endowment Fund, are managed by its investment advisors. The charity does not currently hold any cash deposits with maturities in excess of 30 days, and has instructed its investment advisors to adopt a cautious approach, investing our resources across a number of different banking institutions with investment grade credit ratings and, in the case of overseas or offshore deposit takers, benefiting from a full guarantee from a UK parent bank with a credit rating of at least A- (Fitch/S&P). The Charity is currently exploring refinements to its investment strategy to maximise benefit from the higher interest rate environment.

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Investment performance against objectives

Over the 12-month period to 31 March 2025, the charity’s Endowment Fund generated an overall positive return of £2,561 (2023/24: positive return of £110,601), incorporating investment income of £14,945 (2023/24: £23,194), net unrealised loss of £5,061 (2023/24: unrealised gain of £94,168) and management fees of £7,323 (2023/24: £6,761).

The charity’s managed cash deposit portfolio generated income in the year of £28,369 (2023/24: £27,698).

The charity’s investment property generated total income (rent and service charge) of £56,204 during the year, a decrease of 76% over the comparative figure for 2023/24 of £219,843 . This decrease is due to vacancy levels during the year. Rental income was £30,332 (2023/24: £165,789). Direct costs of investment property management in 2024/25 (before allocated support costs) totalled £169,211 (2023/24: £226,394).

PRINCIPAL RISKS AND RISK MANAGEMENT

The Trustees have considered and reviewed the major risks to which the charity is exposed and are satisfied that systems and procedures have been established to adequately manage these risks. The risks identified and reviewed are those which, if they occurred, would have a major impact on some or all of the following areas: governance; operations; finances; environmental or external factors such as public opinion or relationships with funders; compliance with law and regulation.

The Chief Executive together with the Leadership Team reports to the Board of Trustees on a regular basis regarding the major risks which have been identified, and measures in place (or planned) to manage and mitigate those risks.

We recognise that in our work we are exposed to significant risks relating to the safeguarding of vulnerable adults, and a failure to respond to changes in the external environment could endanger lives as well as our reputation. To manage this risk, procedures are in place in respect of staff, volunteers and clients. These processes are included in a range of policies, in particular: Safeguarding Adults; Health and Safety; Fire Safety; Personal Safety, and Lone Working.

Economic uncertainty is a threat to our income at a time when the needs of homeless people are increasing and Local Authorities finances are under pressure. The Board and the Leadership Team are carefully monitoring the external environment to identify specific risks to our projected income.

The charity’s largest single source of recurring (contractual) income is currently from the London Borough of Tower Hamlets. Local Authority budgets continue to be placed under considerable pressure by public sector financing constraints. Uncertainty about future levels of Local Authority income represent a risk to the charity. Consequently, we have prioritised the further diversification of income streams. All our commissioned services are due for re-tendering, and re-structuring over the next 12 months. Whilst this presents us with the risk of losing some priority services, it also offers the opportunity to update and renew our established partnerships and service provision.

We now have an established fundraising programme across a range of income streams. This has grown year on year and we forecast sustained growth over the next three years.

The charity owns a number of property assets, and the ownership and management of these properties involves a number of risks:

• The charity’s main premises, the Dellow Centre complex, is a substantial purpose-built property on Gunthorpe Street/Wentworth Street and is owned freehold. The effective management of this and of the charity’s Resource Centre on the same site represents a considerable operational and financial commitment. We have begun to invest in the Centre to make improvements to the premises and the way in which we provide our services.

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

• Most of the upper parts of the Dellow Centre comprise hostel accommodation for vulnerable people. This is let under a 40 years lease which guarantees long term rental income and the provision of appropriate and well-maintained accommodation for residents.

• Providence Row’s investment property, Sherrington Mews, lies adjacent and to the south of the Dellow Centre and provides commercial office space arranged in small suites. At 31[st] March 2025 the property was under offer and subsequently sold on 22[nd] May 2025.

REVIEW OF RESERVES AND RESERVES POLICY

Providence Row reviews its reserves policy regularly in line with its evolving strategic outlook and operating environment and in order to ensure that the policy continues to reflect the underlying risks facing the charity and the level of reserves judged necessary to protect its core services to clients and to safeguard its long-term sustainability and independence.

Providence Row holds restricted funds (or ‘special trusts’) in accordance with donors’ express requirements and the terms of grants or appeals. In addition, the charity has established designated (unrestricted) funds for planned future requirements in accordance with the strategic plan. The creation of a designated fund does not legally restrict the Trustees’ discretion in how to apply the unrestricted funds that have been earmarked.

As at 31 March 2025 the charity held total funds of £13,229,484 (2023/2024: £10,447,936), comprising the restricted endowment fund, restricted funds and unrestricted funds.

The Trustees have determined that the previously agreed target level of £1,000,000 in free reserves should remain. At 31 March 2025, the actual level of free reserves (including the contingency fund) was £1,143,065 (2023/2024: £769,653).

The Trustees will continue to review the target level of free reserves annually to take into account changing circumstances, revised financial forecasts and evolving challenges and opportunities facing the charity. The target level of free reserves may therefore change over time.

Movements on the funds held by the charity during the period under review and an analysis of the charity’s net assets between the funds held are summarised in notes 16 to 19 to the financial statements.

Going concern

An established and robust fundraising programme is in place that has been showing sustainable year on year growth. Our cash position remains strong despite the challenging environment in which we are working. The ownership of property assets protects us from challenges being faced by many charities at this time.

Our future cash inflow is now further secured by 40 years Hostel lease. The disposal of the Investment building in May 2025 generated £6M. The Charity repaid the loan to Handelsbanken from sales proceeds and invested the remaining money in order to generate interest to further charitable activities.

The Trustees consider that it is therefore appropriate to prepare the financial statements on a going concern basis.

15

Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

TRUSTEES’ RESPONSIBILITIES STATEMENT

The law applicable to charities in England and Wales requires the Trustees to prepare the annual report and financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the charity and enable them to ascertain the financial position of the charity and ensure that the financial statements comply with the Companies Act 2006. The Trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are not aware of any relevant audit information that has not been disclosed to the charity’s auditors. The Trustees have taken all the steps that ought to have been taken in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Forvis Mazars LLP acted as auditors during the period under review and have signified their willingness to continue in office. A resolution proposing their re-appointment will be put to the annual general meeting.

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

Approved by the Trustees on 10/12/2025 and signed on their behalf by

em canning (Dec 18, 2025 18:19:11 GMT)em canning Richard Solomon (Dec 18, 2025 14:45:29 GMT)Richard Solomon ……………………………..…..……..…………… …………..………………………………………….. Elizabeth Canning – Chair Richard Solomon – Honorary Treasurer

16

Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PROVIDENCE ROW

Opinion

We have audited the financial statements of Providence Row (the ‘charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the charity in accordance with 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 to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 charity'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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the trustees’ responsibilities statement on page 16, the trustees (who are also the directors of the charitable company for the purposes of company laws) 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 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 the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006 and the Charities Statement of Recommended Practice.

In addition, we evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to income recognition and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those 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 charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Nicola Wakefield (Dec 20, 2025 16:17:30 GMT)

Nicola Wakefield (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor

2[nd] Floor, 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4FS Date: ……………………………………………….. 20/12/2025

20

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2025

Statement of Financial Activities for the year ended 31 March 2025

(incororating an income and expenditure account)

Notes
Income and Expenditure
Income from:
Donations
Legacies
Sub-total: Donations and legacies
2a
Charitable activities
2b
Other trading activities
2c
Investments
2d
Other
2e
Total income
Expenditure on:
Raising funds
Raising donations and legacies
Investment management
Sub-total: Raising funds
Charitable activities
Advice and Support / Resource Centre
Recovery and Progression
E&T: Trainee Schemes, Food & Garden
Sub-total: Charitable activities
Total expenditure
3
Net income/(expenditure) before net
gains/(losses) on investments
Net gains/(losses) on investments
Unrealised gains/(losses) on investment property
8
Net (losses)/gains on other investments
9, 16
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted Funds
Restricted
Funds
Endowment
Fund
Total Funds 2025
Total Funds
2024
£
£
£
£
£
505,788
191,041
-
696,829
593,367
1,192,091
-

-
1,192,091
1,500
1,697,879
191,041
-
1,888,920
594,867
1,485,741
342,587
-
1,828,328
2,005,798
2,050
-

-
2,050
312
155,062
-

-
155,062
313,597
25,000
-

-
25,000
25,000
3,365,732
533,628
-
3,899,360
2,939,574
(748,434)
(23,255)
-
(771,689)
(690,265)
(181,960)
-
(7,323)
(189,283)
(240,148)
(930,394)
(23,255)
(7,323)
(960,972)
(930,413)
(1,099,956)
(290,885)
-
(1,390,841)
(1,353,659)
(615,773)
(19,133)
-
(634,906)
(515,325)
(288,427)
(265,672)
-
(554,099)
(658,917)
(2,004,156)
(575,690)
-
(2,579,846)
(2,527,901)
(2,934,550)
(598,945)
(7,323)
(3,540,818)
(3,458,314)
431,182
(65,317)
(7,323)
358,542
(518,740)
2,428,067
-
-
2,428,067
(461,000)
-
-
(5,061)
(5,061)
94,168
2,859,249
(65,317)
(12,384)
2,781,548
(885,572)
7,475,959
2,085,437
886,540
10,447,936
11,333,508
10,335,208
2,020,120
874,156
13,229,484
10,447,936

All of the above results relate to continuing activities. All gains and losses recognised in the year are included in the Statement of Financial Activities above. Movements in funds are disclosed in Notes 16 to 19 of the financial statements.

21

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Providence Row - Helping homeless and vulnerable people since 1860

Registered company number: 07452798 Charity number: 1140192

BALANCE SHEET

As at 31 March 2025

Balance Sheet as at 31 March 2025

NOTES
Fixed Assets
Tangible fixed assets
7
Investment property
8
Other Investments
9
Total Fixed Assets
Current Assets
Debtors
10
Cash at bank and in hand
Total Current Assets
Liabilities
Creditors: Amounts falling due within one year
11
Net Current Assets
Total Assets less Current Liabilities
Creditors falling due after more than one year
12. 13
Total Net Assets
19
The Funds of the Charity
Endowment Fund
16
Restricted Income Funds
17
Tangible fixed asset fund: Restricted
Other restricted income funds
Unrestricted Funds
18
Tangible fixed asset fund: Unrestricted
Fixed asset fund: Investment Property
Revaluation Reserve: Investment Property
Cyclical Maintenance and repairs fund
Free Reserves
Contingency fund: Charity running costs
General Funds
Total Free Reserves
Total Charity Funds
19		 £ Total funds
2025
£
5,323,655
5,842,067
1,538,764
12,704,486		 £ Total funds
2024
£
5,266,919
3,414,000
1,520,939
10,201,858
1,256,462
793,620
1,514,645		 479,327
1,576,690
2,308,265
(783,267)		 1,524,998
14,229,484
(1,000,000)
13,229,484
874,156		 2,056,017
(799,555)
11,458,320
(1,010,384)
10,447,936
886,540
2,085,437
7,475,959
2,016,000
4,120		 2,072,000
13,437
3,307,655
1,556,597
4,285,470
42,421		 2,020,120 3,194,919
1,556,597
1,857,403
97,387
700,000
443,065		 700,000
69,653
1,143,065 10,335,208
13,229,484		 769,653
10,447,936

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements on pages 21 to 42 were approved by the Board of Trustees on 10/12/2025 and signed on its behalf by: Richard Solomon ~~……………………………~~ em canning (Dec 18, 2025 18:19:11 GMT)em canning ….……………………....…. …………………………………………………………… Richard Solomon (Dec 18, 2025 14:45:29 GMT) Elizabeth Canning – Chair Richard Solomon – Honorary Treasurer

The notes on pages 24 to 42 form an integral part of these financial statements

22

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

STATEMENT OF THE CASHFLOWS

For the year ended 31 March 2025

Notes
a) Reconciliation of net income/(expenditure) to net cash flow from
operating activities
Net income/(expenditure) for the year (as per the statement of financial
activities)
Adjustments for:
Depreciation charges, impairment and disposal
3,7
Unrealised (gain)/loss on investment property
8
Net loss/(gains) on other investments
9
Dividends, interest and rents from investments per the SOFA
Investment management costs per the SOFA
(Increase) in debtors (operating activities)
(Decrease)/increase in creditors (operating activities)
Net cash provided by/(used in) operating activities
Notes
b) Statement of Cash Flows
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments per the SOFA
Investment management costs per the SOFA
Purchase of property, plant and equipment
7
Purchase of investments
9
Disposal of investments
9
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Notes
c) Analysis of Cash and Cash Equivalents
Cash at bank and in hand
Investments: Notice deposits (3 months or less)
9
Investments: Cash held in endowment fund (capital)
9
Total cash and cash equivalents		 Total Funds
2025
Total Funds
2024
£
£
2,781,548
(885,572)
173,264
189,575
(2,428,067)
461,000
5,061
(94,168)
(155,062)
(313,597)
189,283
240,148
(314,293)
(114,184)
(26,672)
91,259
225,062
(425,539)
Total Funds
2025
Total Funds
2024
£
£
225,062
(425,539)
155,062
313,597
(189,283)
(240,148)
(230,000)
(137,873)
(408,566)
(215,263)
372,132
249,424
(300,655)
(30,263)
(75,593)
(455,802)
2,210,537
2,666,339
2,134,944
2,210,537
Total Funds
2025
Total Funds
2024
£
£
1,514,645
1,576,690
612,108
583,739
8,191
50,108
2,134,944
2,210,537

23

Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes to the Financial Statements For the year ended 31 March 2025

1 Accounting Policies

a. Basis of accounting

The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of investments or as otherwise stated in the relevant accounting policy notes. There are no material uncertainties about Providence Row’s ability to continue as a going concern. Providence Row is a public benefit entity.

The financial statements have been prepared in accordance with:

Incorporation and transfer of charitable undertaking at 31 March 2011

Providence Row was incorporated on 26 November 2010. Providence Row is the corporate successor to the unincorporated charity known as Providence Row Charity (PRC) (charity number 207454). (PRC was known as ‘Providence Row Night Refuge and Home’ until it changed its name on 21 January 2003.) With the exception of funds held on permanent endowment, the assets, liabilities, employees, operations and activities of PRC were transferred to Providence Row with effect from midnight on 31 March 2011. Providence Row became operational as an incorporated charitable company on 1 April 2011.

Also, on 1 April 2011 a Charity Commission Scheme appointed Providence Row as the sole trustee of PRC. PRC continues in existence to hold the charity’s permanent endowment and to receive any legacies bequeathed to PRC after 31 March 2011. Although PRC continues to hold legal title to the Endowment.

Fund assets, from an accounting perspective PRC is considered to hold these assets only as custodian for its corporate successor, due to the corporate trusteeship established by the Charity Commission Scheme. As a consequence of the constitutional arrangements (corporate trusteeship of Providence Row in relation to PRC), the financial statements of Providence Row have been prepared on the basis that they aggregate its own assets, results and activities with those of PRC. For this reason, the Endowment Fund appears on the statutory balance sheet of Providence Row, and legacy income of PRC and investment income arising from the Endowment Fund are shown within Providence Row’s Statement of Financial Activities (SOFA).

b.

Income

Income is recognised in the SOFA when a transaction or other event (e.g. a gift) results in an increase in the charity’s assets or a reduction in its liabilities. Income is recognised only when the following criteria are met:

In the case of a donation, entitlement usually arises immediately on its receipt. In the case of a grant, evidence of entitlement will usually exist when the formal offer of funding is communicated in writing to the charity. However, some grants contain terms or conditions that must be met before the charity has entitlement to the resources. Where grants specify a time period within which the funds must be spent and

24

Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

the funds are received before the start of that period, then the income is deferred and only released to income at the start of the relevant period.

Grant funding agreements may contain conditions that specify the particular activities, goods or services to be provided by the charity within the scope of its charitable activities (performance-related grants). Income derived from performance-related grants is included within the SOFA heading ‘Income from charitable activities’ rather than ‘Income from donations and legacies’. However, simply because a grant is restricted to a particular purpose of the charity does not mean that it should be recognised as a performance-related grant. Unrestricted and restricted grants that are not subject to performance-related conditions are included within the SOFA heading ‘Income from donations and legacies’.

Gift Aid recoverable from HMRC in relation to donations is included in income on an accruals basis where there is a valid Gift Aid declaration from the donor.

Donated goods, facilities and services are recognised as income when brought into use by the charity. They are included in income at an amount equivalent to their estimated value to the charity, where this can be quantified, and an equivalent amount is included in the appropriate cost line, or (in the case of tangible assets) capitalised if appropriate. The only amounts included for donated services are those provided in a professional capacity. No amounts are included in the financial statements for services donated by volunteers. Details of the contribution made by volunteers can be found in the Report of the Trustees.

Evidence of entitlement to a legacy exists when the charity has sufficient evidence, after the death of the benefactor, that a gift has been left to it and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Recognition of the legacy income is also affected by the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Receipt of a legacy is normally judged to meet the probability criterion when:

Where the charity has entitlement to a legacy but the criteria for income recognition have not been met (e.g. due to uncertainty as to the amount of the payment) then the legacy is treated as a contingent asset (and is disclosed in the notes to the financial statements if material) until the criteria for income recognition are met.

Income from fundraising events, where the income is not a simple gift or donation but rather a payment in exchange for supplying goods or services to raise funds for the charity, is recognised when the event takes place and is included within the SOFA heading ‘Income from other trading activities’.

Income from the sale of goods is recognised at the time of supply of goods to the buyer, provided receipt of the income is probable.

Income from contracts for the supply of services is recognised with the delivery of the contracted service.

Interest on funds held on deposit is recognised when receivable and the amount can be measured reliably. Dividend income is recognised when its receipt is probable, and the amount receivable can be measured reliably. Dividends are accrued when the charity’s right as shareholder to receive payment is established.

Rental income from property leases is recognised when it is receivable in accordance with the terms of the relevant leases, provided receipt of the income is probable. The aggregate cost of lease incentives (e.g. rent free periods or periods of concessionary reduced rents) is recognised as a reduction to the rental income over the full contractual term of the lease on a straight-line basis.

c.

Expenditure

All expenditure is accounted for on an accruals basis and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Expenditure is reported in the financial statements on an activity basis, as required by Charities SORP (FRS 102). This involves identifying the total cost of an activity, including direct, shared and indirect (or support)

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Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

costs. Charities SORP (FRS 102) identifies three high-level categories of a charity’s activities: (i) expenditure on raising funds; (ii) expenditure on charitable activities, and (iii) other expenditure. These broad categories are further analysed between their significant components.

Support costs, which are not directly attributable to activities for raising funds or charitable activities, are allocated to those categories on a basis consistent with the use of resources. The bases on which support costs have been allocated are set out in note 3 ‘Expenditure’. Support costs include:

Governance costs are those associated with the governance arrangements of the charity, including external audit, general legal advice for the trustees (fees for legal advice specifically relating to investment property are included in investment management costs) and costs associated with constitutional and statutory requirements and ensuring proper public accountability (e.g. the costs of preparing statutory financial statements). Governance costs include any costs associated with the strategic as opposed to day-to-day management of the charity’s activities and the cost of charity employees in respect of their time when involved in and preparing for meetings with trustees.

Costs of raising donations and legacies

Costs of raising donations and legacies are those incurred in seeking voluntary donations, gifts and grants of a general nature, together with the costs of administration related to legacies left to the charity. It excludes costs associated with applying for performance-related grants or negotiating contracts to provide services, which are included within the costs of the relevant charitable activities.

Investment management costs

Investment management costs include the costs of:

d.

Tangible fixed assets

(i) Freehold land and buildings

Freehold land and buildings transferred from PRC on 31 March 2011, other than assets in the course of construction at that date, are stated at fair value on the date of transfer less depreciation charged since the transfer. Freehold buildings in use are depreciated on a straight line basis over a period of 50 years from the date of transfer. Freehold properties let to tenants on long term leases in respect of which Providence Row receives rental income are depreciated on a straight line basis over the remaining terms of the respective leases.

In the case of freehold land and buildings in use by the charity, fair value was ascertained, based on professional advice, as ‘Market Value’, defined as the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

26

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

In the case of freehold properties let to tenants on long-term leases, fair value was determined based on a discounted cash flow analysis of expected future rental income under the existing lease terms and assumptions relating to future levels of inflation, potential outcomes of rent reviews and other factors where applicable.

The Activity Centre on the Gunthorpe Street/Wentworth Street site was under construction at the date of transfer and was brought on to the balance sheet of Providence Row at that date on the basis of historical cost of construction and related capitalised professional costs. Construction was completed in November 2011 and the building is subject to depreciation over a period of 50 years from 1 January 2012.

Included within ‘Freehold land and buildings in use’ are the capitalised costs of the full replacement and resurfacing of the flat roof of the charity’s main Gunthorpe Street / Wentworth Street premises (the Dellow Centre complex) undertaken during 2014-15. The costs of the new roof are being depreciated on a straight line basis over 25 years.

Freehold land is not depreciated.

ii) Other tangible fixed assets

Other categories of tangible fixed assets are depreciated on a straight line basis so as to write off their original cost over their estimated useful lives, as follows:

Office furniture and equipment - 4 years
Computer equipment - 3 years
Plant & mechanical equipment - 10 years
Major premises renovation - 25 years

Tangible fixed assets are capitalised if their initial cost (or, in the case of donated goods, the value to the charity – see note 1c above) is £1,000 or greater.

e.

Fixed asset investments

Investment property assets are measured initially at cost and subsequently shown in the balance sheet at their fair value at the reporting date and are not depreciated. Changes in value of investment property arising in the period are shown in the SOFA under the heading ‘Net gains / (losses) on investments’ and are reflected in the ‘Revaluation reserve: Investment property’ (Unrestricted funds). ‘Fair value’ means the amount for which an asset could be exchanged, a liability settled, or an equity instrument granted between knowledgeable, willing parties in an arm’s length transaction.

Investments in quoted collective investment funds are shown in the balance sheet at market value (bid price). Realised gains and losses are accounted for by reference to the sale proceeds and either the market value at the previous balance sheet date, or the cost of purchase, if later. Unrealised gains and losses are calculated by comparing the market value at the previous balance sheet date, or cost of purchase, if later, to the year-end valuation. Any gain or loss arising in the period is taken to the SOFA under the heading ‘Net gains / (losses) on investments’. All gains and losses are dealt with as part of the funds to which they relate.

Fixed asset investments include cash deposits (both in instant access accounts and on deposits with a range of maturity dates) which the charity intends to hold as part of its on-going investment activities for more than one year from the reporting date.

f. Fund accounting

i) Endowment fund

The endowment fund represents investments, the capital of which forms the permanent endowment of the charity and must be retained and invested. Only the income from this fund is available to be used for general charitable purposes (as an addition to unrestricted funds). The assets of the endowment fund are held by Providence Row (see note 1a for further information on the basis of accounting for the endowment fund assets). The investments of the endowment fund are included within ‘Fixed Assets: Other Investments’ (see note 9, ‘Other Investments’).

ii) Restricted income funds

Restricted income funds can only be used for particular purposes (within the objects of the charity) specified by the donor or grantor or the terms of an appeal.

27

Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

iii) Designated funds - unrestricted

Designated funds are unrestricted funds of the charity set aside out of the general funds by the Trustees for specific purposes or projects for the furtherance of particular aspects of the charity’s objects, but over which the Trustees retain full discretion.

iv) General funds - unrestricted

These comprise the funds which are available to be used for any purpose within the charity’s objects.

g.

Pension costs

The amounts charged to the SOFA for defined contribution pension arrangements represent the employer contributions payable in the period.

h.

Operating leases

Rentals paid under operating leases are charged to the SOFA on a straight line basis over the term of the lease.

i. Taxation

Irrecoverable VAT is not separately analysed and is charged to the SOFA when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates.

Tax recoverable from voluntary income received under Gift Aid is recognised when the related income is receivable.

j.

Subsidiaries

Providence Row charity (charity number 207454), of which Providence Row became the sole trustee following the transfer of charitable undertaking, is a subsidiary of Providence Row. Following the transfer of charitable undertaking, the assets, results and activities of Providence Row Charity are aggregated into the financial statements of Providence Row (see note 1a above).

28

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

2 Income

a. Income from donations and legacies

Unrestricted Restricted 2025 2024
Funds Funds Total Total
£ £ £ £
Individuals 123,117 6,041 129,158 131,575
Corporate donors 158,415 185,000 343,415 219,565
Community 26,307 - 26,307 126,780
Gift Aid reclaimed 10,676 - 10,676 18,188
Donated goods, facilities and services * - - - 24,317
Grants from trusts and foundations 187,273 - 187,273 72,942
Sub-total: Donations 505,788 191,041 696,829 593,367
Legacies ** 1,192,091 - 1,192,091 1,500
Total income from donations and legacies 1,697,879 191,041 1,888,920 594,867

** During the year, the charity was notified of its entitlement to a legacy from the estate of a deceased donor. At the reporting date, the charity had received formal notification from the legal representative confirming the intention to carry out the donor’s wishes and distribute the funds accordingly. Following due diligence and discussions with the estate’s representatives, the Trustees are satisfied that it is more likely than not that the charity will receive the legacy. Although the precise amount to be received will not be known until the charity receives the legacy, the Trustees have determined, in accordance with the Charities SORP (FRS 102), to recognise £400,000 as income from this legacy in these financial statements, as entitlement has been established, the amount can be measured with sufficient reliability, and receipt is considered probable.

The category of ‘Corporate donors’ includes individuals whose connection with Providence Row derives primarily from their employer’s relationship with the charity. Donations in this category from individuals during the period totalled £10,364, none of which was in restricted income (2024: £16,555).

‘Community’ donations include gifts from religious communities, churches, schools and local community groups. This category also includes income from individuals participating in external community events such as sponsored runs.

Donated goods, facilities and services are broken down by type in the table below (all income within this category is included within unrestricted funds):

s included within unrestricted funds):
Food and kitchen equipment
Other goods donated for client use
Other donated services
Total donated goods, facilities and services
Donated furniture, electronic and computer equipment, catering equipment
capitalised as tangible fixed assets		 2025
2024
£
£
-
18,570
-
1,147
-
3,638
-
962
-
24,317

In accordance with Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements. However, as set out in more detail in the Report of the Trustees, our volunteers make a vital contribution to the work of the charity, including corporate volunteers, Welcome Area volunteers and general volunteers within the main service teams, Finance and Resources and Fundraising.

29

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

b. Income from charitable activities

London Borough of Tower Hamlets (LBTH): Advice &
Support - Rough Sleepers Services
LBTH Drug & Alcohol Action Team: Substance misuse
Worker & Needle Exchange, Women's Service
City of London: Recovery & Progression Service
Hackney
Sub-total: Local Authority Contracts for Services
Performance-related grants - Public Sector
Performance-related grants - Trusts & Foundations
Rents and charges from non-investment properties let
in furtherance of charitable purposes
Total income from charitable activities		 Unrestricted
Funds
Restricted
Funds
2025
Total
2024
Total
£
£
£
£
219,770
-
219,770
248,475
542,019
-
542,019
594,750
315,614
-
315,614
321,863
104,279
104,279
87,324
1,181,682
-
1,181,682
1,252,412
74,550
-
74,550
89,675
-
342,587
342,587
454,707
229,509
-
229,509
209,004
1,485,741
342,587
1,828,328
2,005,798

Income from government sources is summarised in the table below:

Local Authority Contracts for Services (see above)
Other grants - Public sector
London Borough of Tower Hamlets
Total income from government sources
c. Income from other trading activities
Other trading activities
Total income from trading activities		 Unrestricted
Funds
Restricted
Funds
2025
Total
2024
Total
£
£
£
£		 Unrestricted
Funds
Restricted
Funds
2025
Total
2024
Total
£
£
£
£
1,181,682
-
-
-
74,550
-		 1,181,682
1,252,412

-
14,675

74,550
75,000
1,256,232
-		 1,256,232
1,342,087
2025
Total
2024
Total
£
£
2,050
312
2,050
312

All of the income in the table above was included in unrestricted funds.

30

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

d. Investment income

Rent and charges from commercial tenants at
investment property (Sherrington Mews)
Dividend and interest income from other investments
Total investment income		 2025
Total
2024
Total
£
£
85,841
223,130
69,221
90,467
155,062
313,597

All of the income in the table above was included in unrestricted funds.

e. Other income

Ground rents from non-investment freehold property
let on long leases
Total other income		 2025
Total
2024
Total
£
£
25,000
25,000
25,000
25,000

All of the income in the table above was included in unrestricted funds.

3 Expenditure

Raising Funds
Raising donations and legacies
Investment management
Sub-total: costs of raising funds
Charitable activities
Advice and Support / Resource Centre
Recovery and Progression
Trainee Schemes, Food & Garden
Sub-total: costs of charitable activities
Total expenditure		 Direct
costs
Support
Costs
2025
Total
2024
Total
£
£
£
£
537,190
234,499
771,689
690,265
176,533
12,750
189,283
240,148
713,723
247,249
960,972
930,413
968,195
422,646
1,390,841
1,353,659
441,972
192,934
634,906
515,325
385,720
168,379
554,099
658,917
1,795,887
783,959
2,579,846
2,527,901
2,509,610
1,031,208
3,540,818
3,458,314

31

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

Support Costs

Support Costs
Raising Funds
Raising donations and legacies
Investment management
Sub-total: costs of raising funds
Charitable activities
Advice and Support / Resource Centre
Recovery and Progression
Trainee Schemes, Food & Garden
Sub-total: costs of charitable activities
Total expenditure		 Governance
Finance
HR / Office
Admin
IT /
Telecoms
Property
(Own Use)
Other
Central Depreciation
2025
Total
2024
Total
£
£
£
£
£
£
£
£
£
16,521
11,623
18,831
10,654
109,830
27,146
39,894
234,499
150,138
5,430
3,819
-
3,501
-
-
-
12,750
6,993
21,951
15,442
18,831
14,155
109,830
27,146
39,894
247,249
157,131
29,777
20,948
33,940
19,202
197,950
48,927
71,902
422,646
294,431
13,593
9,562
15,493
8,766
90,362
22,335
32,823
192,934
112,086
11,863
8,345
13,521
7,650
78,862
19,493
28,645
168,379
143,318
55,233
38,855
62,954
35,618
367,174
90,755
133,370
783,959
549,835
77,184
54,297
81,785
49,773
477,004
117,901
173,264
1,031,208
706,966

During 2024/25 the charity incurred a significant number of one-off support costs mainly in regard to the temporary closure of the hostel and plans for its future development, and administrative costs.

Support costs are allocated to the different activities of the charity based on the proportion of direct costs attributable to the relevant activities, as follows:

32

Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

4 Staff Cost and Employee Benefits

2025 2024
£ £
Wages and salaries (inc accrual for unpaid annual leave) 1,772,401 1,658,869
Employers National Insurance contributions (social security costs) 185,961 172,006
Employer's contribution to defined contribution pension schemes 92,294 65,030
Agency staff (including agency fees) 206,382 199,512
Insurance premiums: group life assurance and employee personal accident 12,175 6,910
Total 2,269,213 2,102,327

No member of the Board of Trustees was paid any remuneration or received any other benefits for their services as a trustee or from an employment with the charity or a related entity during the year (2024: none). No Trustee received reimbursement of expenses incurred for services provided to the charity during the year (2024: none). Details of transactions with connected parties of trustees are disclosed in Note 20.

During the year there was two employees whose total employee benefits fell within the banding £60,000 to £69,999 (2024: two). During the year there was one employee whose total employee benefits fell within the banding £70,000 to £79,999 (2024: one). During the year there were two employees whose total employee benefits fell within the banding £80,000 to £89,999 (2024: one). Employer payments in the year to a defined contribution pension scheme in respect of these employees totalled £7,783 (2024: £6,462).

The key management personnel of the charity consist of the Trustees, the Chief Executive and the Leadership Team. Total employee benefits received by the charity’s key management personnel (excluding trustees) during the year were £316,013 (2024: £302,085).

5 Staff Numbers

The average monthly head count (number of staff employed) in the twelve month period ending 31 March 2025, analysed between full-time and part-time staff, was:

Full-time staff
Part-time staff
Total Average Head Count		 2025
2024
41.2
38.8
7.9
7.3
49.1
46.1

The average monthly number of full-time equivalent employees in the twelve month period ending 31 March 2025, analysed by activity, was:

Activity
Fundraising, communications, marketing
Charitable activities
Support, central, investment management
Total Average Head Count		 2025
2024
8.2
7.9
31.5
29.9
6.4
5.1
46.1
42.9

33

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

6 Amounts Payable to the Auditors

Audit fee:
Current Year
Non-audit services
Total		 2025
2024
£
£
22,796
23,760
3,000
2,900
25,796
26,660

No other services were provided by the auditors during the year (2024: none).

7 Tangible Fixed Assets

Cost or 'Fair Value' on incorporation
Balance at 31 March 2024
Additions
Balance at 31 March 2025
Accumulated Depreciation
Balance at 31 March 2024
Charge for the year
Balance at 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold
land and
buildings in
use
Freehold
properties let
on long leases
Office
furniture
and
equipment
Computer
equipment
Plant and
mechanical
equipment
Total
£
£
£
£
£
£
5,564,766
300,000
177,562
85,125
520,725
6,648,178
155,361
-
50,544
24,095
-
230,000
5,720,127
300,000
228,106
109,220
520,725
6,878,178
929,072
27,857
128,530
66,998
228,802
1,381,259
78,686
2,143
28,332
12,568
51,535
173,264
1,007,758
30,000
156,862
79,566
280,337
1,554,523
4,712,369
270,000
71,244
29,654
240,388
5,323,655
4,635,694
272,143
49,032
18,127
291,923
5,266,919

‘Freehold land and buildings in use’ at 31 March 2025 includes £2,000,000 of land that is not depreciated (2024: £2,000,000).

34

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

8 Investment Property

2025 2025 2024 2024
Cost Fair Value Cost Fair Value
£ £ £ £
Balance at beginning of the year 1,556,353 3,414,000 1,556,353 3,875,000
Add: Additions at cost - - - -
Unrealised gain/(loss) on revaluation - 2,428,067 - (461,000)
Balance at end of the year 1,556,353 5,842,067 1,556,353 3,414,000

The charity’s investment property was sold on 23 May 2025 for £6,000,000. Disposal costs amounted to £157,933. In line with the Charities SORP (FRS 102), the property was carried at fair value at 31 March 2025, based on the agreed sale price less costs of disposal. The loan of £1,000,000 is secured against this property (Note 13, page 36). The loan was repaid after the property sale.

9
Other investments
2025 2025 2024 2024
Cost Market Value Cost Market Value
£ £ £ £
Unitised investments held within Endowment fund
Balance at beginning of the year 731,372 887,092 741,420 827,085
Less: Disposals (339,939) (372,132) (225,311) (249,424)
Add: Acquisitions 408,566 408,566 215,263 215,263
Net (losses)/ gains on revaluation (5,061) - 94,168
Balance at end of the year 799,999 918,465 731,372 887,092
Cash deposits at end of the year
Notice deposits (3 months or less) 612,108 612,108 583,739 583,739
Cash held in Endowment fund (capital account) 8,191 8,191 50,108 50,108
Total cash deposits at end of the year 620,299 620,299 633,847 633,847
Total other investments at end of the year 1,420,298 1,538,764 1,365,219 1,520,939

35

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

10 Debtors

Long term debtors (receivable after more than one year)
Rent deposits held by agents
Long term lease agent fees
Short term debtors
Trade debtors
Rent deposits held by agents
Service Charge deposits held by agents
Prepayments
Accrued income
Staff loans
Total Debtors		 2025
2024
£
£
86,442
10,384
-
24,000
180,619
310,686
10,384
33,018
31,161
40,276
45,699
38,283
439,315
20,845
-
1,835
793,620
479,327

Accrued income in 2025 includes £400,000 receivable in respects of a major legacy.

11 Creditors: Amounts Falling Due Within One Year

Trade creditors
Tax and social security
Rent deposits held from commercial tenants
Grant payments received on account
Holiday pay accrual
Other accruals
Deferred income (Note 14)
Total		 2025
2024
£
£
403,636
353,384
48,818
40,218
20,764
56,274
59,045
33,967
51,592
40,306
54,546
82,331
144,866
193,075
783,267
799,555

12 Creditors: Amounts Falling Due After More Than One Year

Bank loan
Rent deposits held from commercial tenants
Total		 2025
2024
£
£
1,000,000
1,000,000
-
10,384
1,000,000
1,010,384

36

Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

13 Loan

2025 2024
£ £
Bank loan 1,000,000 1,000,000
Total 1,000,000 1,000,000

The charity took a 5 year loan from Handelsbanken. The loan is secured against the Investment property which is listed in the Note 8 (page 35). The loan can be repaid at any time in full or instalments and it must be repaid before September 2026. The loan interest rate is 2% above the sterling base lending of the Bank. The base rate was 5.25% on 31st March 2025. During the year the interest paid was £75,945 (2024: £73,712). The Charity repaid the loan in full on 23[rd] May 2025.

14 Deferred Income

Balance brought forward at 31 March 2024
Amounts deferred
Amounts released
Balance carried forward at 31 March 2025		 2025
2024
£
£
193,075
223,952
198,969
477,178
(247,178)
(508,055)
144,866
193,075

15 Operating Leases

The table below sets out the future minimum lease payments under non-cancellable operating leases for the periods shown:

Office Equipment
Within one year
In one to two years		 2025
2024
£
£
6,394
21,391
6,725
10,665
13,119
32,056

Lease payments made during the year amounted to £2,747 (2024: £23,915).

37

Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

16 Endowment Fund

Investment Unrealised
Balance 1
managem't		 loses on Balance 31
April 2024 fees charged investments March 2025
£ £ £ £
Permanent Endowments
Endowment fund 886,540 (7,323) (5,061) 874,156

The Endowment fund represents investments, the capital of which forms the permanent endowment of the charity; only the income from the investments is available to be used for general charitable purposes (as an addition to unrestricted funds). Income of £28,369 (2024: £23,194) was received during the year.

38

Providence Row - Helping homeless and vulnerable people since 1860

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

17 Restricted Income Funds

Tangible fixed asset fund: Restricted
Advice & Support
TGF-Catering Trainee Scheme (Worshipful Co of Drapers)
Marie Celeste Samaritan Society: Hospital Discharge Project
Morrisons Gardening
Unum - Gardening
The Aldgate Business Partnership Ltd - Welcome Area
Charlotte Bonham Carter Charitable Trust
Food Service
The Rayne Foundation
Jan and Catherine Nasmyth Charitable Foundation
The Albert Hunt Trust
The Adint Charitable Trust
The Charles Plater Trust
Landsec
City of London - City Bridge Foundation
Derwent-Health & Wellbeing Fair
CHK Foundation
The Good Things Foundation (Capability Grant)
Just FACT – The National Lottery Climate Action Fund
Tower Hamlet Mayor Community Fund
William Arthur Rudd Memorial Trust
ActionFunder
Derwent-Welcome Area and Resource Hub
Tracey Mitchell Charlotte Mitchell
Merchant Taylors' Company
Big Lottery Fund - Health Manager
Other Donors (Medical Hub Works)
Hiscox Foundation UK
Natixis
The Alexandra Trust
Italian Medical Charity
Training & Employment
Streetsmart
TGF-Gardening TS (Charlotte Marshall Charitable Trust)
Total Restricted Income Funds		 Balances
1 April 2024
Income
Expenditure
Balances
31 March 2025
£
£
£
£
2,072,000
-
(56,000)
2,016,000
-
15,000
(15,000)
-
3,242
105,381
(104,503)
4,120
195
-
(195)
-
-
5,000
(5,000)
-
-
55,000
(55,000)
-
-
3,000
(3,000)
-
-
25,000
(25,000)
-
-
25,000
(25,000)
-
-
20,000
(20,000)
-
-
10,000
(10,000)
-
-
10,000
(10,000)
-
-
25,000
(25,000)
-
-
25,000
(25,000)
-
-
41,000
(41,000)
-
-
4,668
(4,668)
-
10,000
-
(10,000)
-
-
2,400
(2,400)
-
-
9,250
(9,250)
-
-
25,000
(25,000)
-
-
12,000
(12,000)
-
-
10,000
(10,000)
-
-
20,000
(20,000)
-
-
1,041
(1,041)
-
-
3,375
(3,375)
-
-
9,800
(9,800)
-
-
5,000
(5,000)
-
-
10,000
(10,000)
-
-
35,000
(35,000)
-
-
2,000
(2,000)
-
-
10,000
(10,000)
-
-
7,500
(7,500)
-
-
2,213
(2,213)
-
2,085,437
533,628
(598,945)
2,020,120

39

Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

18 Unrestricted Funds

18
Unrestricted Funds
Tangible fixed asset fund: Unrestricted
Fixed asset fund: Investment Property
Revaluation reserve: Investment Property
Cyclical maintenance and repairs fund
Free Reserves
Contingency fund: Charity running costs
General funds
Sub-total: Free Reserves
Total Unrestricted Funds		 Balances
1 April 2024
Income Expenditure
Net transfers
between
funds
Revaluation
Gain
Balances
31 March 2025
£
£
£
£
£
£
3,194,919
-
(117,264)
230,000
-
3,307,655
1,556,597
-
-
-
-
1,556,597
1,857,403
-
-
-
2,428,067
4,285,470
97,387
-
(54,966)
-
42,421
700,000
-
-
-
700,000
69,653
3,365,732
(2,762,320)
(230,000)
-
443,065
769,653
3,365,732
(2,762,320)
(230,000)
-
1,143,065
7,475,959
3,365,732
(2,934,550)
-
2,428,067
10,335,208

The balances on the unrestricted reserves are made up as follows:

Tangible fixed asset fund: Unrestricted

This fund represents the carrying value of the charity’s tangible fixed assets whose original acquisition or costs of construction were financed by unrestricted funds (or where the terms of a restricted grant or donation have been met once the asset has been acquired and the Trustees have accordingly transferred the corresponding amount from restricted funds). This includes part of the carrying value of freehold properties at the charity’s main Gunthorpe Street/Wentworth Street site (the Dellow Centre complex) and the Activity Centre at the same site.

Fixed asset fund: Investment Property / Revaluation reserve: Investment Property

These two funds together represent the fair value of the charity’s investment property; Sherrington Mews (formerly known as the Gunthorpe Street Workshops) and Endowment Fund.

Subsequent to 31[st] March 2025, the Sherrington Mews was sold on 23[rd] May 2025 for £6m. In accordance with the Companies Act 2006 and the requirements of Charities SORP (FRS 102), the Investment property was valued at 31st March 2025 at the agreed sale price less disposal costs of £157,933, which included agency commission and legal fees.

Cyclical maintenance and repairs fund

The Trustees have determined that there should be sufficient funds available in the future for major capital repairs to the charity’s buildings and planned maintenance and replacement of associated plant and equipment, as well as to provide a contingency reserve for potential major risks such as mechanical breakdown or structural defects impacting on property, plant and equipment.

Contingency fund: Charity running costs

In order to protect the charity against significant unplanned variability in operating cash flow and in particular to prevent disruption of services to beneficiaries in the event of unexpected falls in income levels, the Trustees have set aside a contingency reserve whose value is determined with reference to the following factors:

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

General funds

The General funds together with the Contingency fund (see above) represent the free reserves of the charity, i.e. those unrestricted funds, backed by cash (including cash deposit investments) which have not been designated (or ‘earmarked’) for a specific short or medium term purpose or otherwise as set out in relation to the remaining designated funds in the section above.

19 Analysis of Net Assets Between Funds

Current
assets less Total
Tangible Investment Other total 31 March
fixed assets property investments liabilities 2025
£ £ £ £ £
Endowment Fund - - 874,156 - 874,156
Restricted income funds
Tangible fixed asset fund: Restricted 2,016,000 - - - 2,016,000
Other restricted funds - - - 4,120 4,120
Unrestricted funds
Tangible fixed asset fund: Unrestricted 3,307,655 - - - 3,307,655
Fixed asset fund: Investment Property - 1,556,597 - - 1,556,597
Revaluation fund: Investment Property - 4,285,470 - - 4,285,470
Cyclical maintenance and repairs - - 42,421 - 42,421
Other designated funds - - - - -
Contingency fund - - 622,187 77,813 700,000
General funds - - 443,065 443,065
5,323,655 5,842,067 1,538,764 524,998 13,229,484

20 Related Party Transactions

During the year the charity received donations from Trustees and related parties (including the Institute of Our Lady of Mercy and Mercy Union Generalate) totalling £8,770 (2024: £3,100). When Providence Row was founded in 1860, it was to the Sisters of Mercy of the Union of Great Britain and the Institute of Our Lady of Mercy that the founder turned to run the operation. Since incorporation in 2011 the Union and the Institute have the right to appoint one trustee each to the Board of Trustees.

Cluttons LLP have been appointed to project manage the process for agreeing the new hostel lease and for the refurbishment of the Resource Centre. One of our Trustees is employed by Cluttons LLP. To ensure there was no conflict of interest an assessment panel was appointed to oversee the procurement process including interviews of all shortlisted contractors. Progress reports are regularly presented to the full Board of Trustees. The total amount paid to Cluttons LPP for the project during the year was £51,726 (2024: £13,734). There was no outstanding balance at the year end.

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Providence Row - Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2025

21 2024 comparative SOFA

Statement of Financial Activities for the year ended 31 March 2024

----- Start of picture text -----
Restricted Endowment
Notes
Unrestricted Funds Funds Fund Total Funds 2024
£ £ £ £
Income and Expenditure
Income from:
Donations 502,705 90,662 - 593,367
Legacies 1,500 - - 1,500
Sub-total: Donations and legacies 2a 504,205 90,662 - 594,867
Charitable activities 2b 1,551,091 454,707 - 2,005,798
Other trading activities 2c 312 - - 312
Investments 2d 313,597 - - 313,597
Other 2e 25,000 - - 25,000
Total income 2,394,205 545,369 0 2,939,574
Expenditure on:
Raising funds
-
Raising donations and legacies (659,425) (30,840) (690,265)
- - - -
Other trading activities
Investment management (233,387) - (6,761) (240,148)
Sub-total: Raising funds (892,812) (30,840) (6,761) (930,413)
Charitable activities
-
Advice and Support / Resource Centre (1,096,231) (257,428) (1,353,659)
-
Recovery and Progression (506,358) (8,967) (515,325)
E&T: Trainee Schemes, Food & Garden (357,568) (301,349) - (658,917)
- - - -
E&T: Providence Row Bakery
- - - -
Property let for charitable purposes
Sub-total: Charitable activities (1,960,157) (567,744) - (2,527,901)
Total expenditure 3 (2,852,969) (598,584) (6,761) (3,458,314)
Net (expenditure)/income before net
(losses)/gains on investments (458,764) (53,215) (6,761) (518,740)
Net (losses) on investments
Unrealised (losses) on investment property 8 (461,000) - - (461,000)
Net gains/(losses) on other investments 9, 16 - - 94,168 94,168
Net movement in funds (919,764) (53,215) 87,407 (885,572)
Reconciliation of funds
Total funds brought forward (as previously stated) 8,395,723 2,138,652 799,133 11,333,508
Total funds carried forward 7,475,959 2,085,437 886,540 10,447,936
----- End of picture text -----

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