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← Depaul Housing Services

2024-12-31-accounts

DEPAUL HOUSING SERVICES

COMPANY REGISTERED IN ENGLAND and WALES

COMPANY NO: 08561164

CHARITY NO: 1155073 RP NUMBER: 4792

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

DEPAUL HOUSING SERVICES

CONTENTS PAGE

PAGE
LEGAL AND ADMINISTRATIVE DETAILS OF THE CHARITY 2
TRUSTEES’ REPORT 3 - 11
INDEPENDENT AUDITOR’S REPORT 12 - 15
STATEMENT OF COMPREHENSIVE INCOME 16
STATEMENT OF FINANCIAL POSITION 17
STATEMENT OF CHANGES IN EQUITY 18
NOTES TO THE FINANCIAL STATEMENTS 19 - 27

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DEPAUL HOUSING SERVICES

LEGAL AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES:

Anthony Ian Hellawell (Interim Chair) Urvashi Bhagat Alan D’Arcy (resigned 15 February 2024) Michael Jones Michael McCall (joined 2 December 2024)

COMPANY SECRETARY:

Denis King (to 24 October 2024) Faye Puttock (from 24 October 2024)

CHIEF EXECUTIVE OFFICER: Alexia Murphy REGISTERED OFFICE: 34 Decima Street London SE1 4QQ COMPANY REGISTRATON NUMBER: 08561164 (England and Wales) CHARITY REGISTRATON NUMBER: 1155073 (England and Wales) RP NUMBER: 4792 (Regulator of Social Housing number)

COMPANY REGISTRATON NUMBER: CHARITY REGISTRATON NUMBER: RP NUMBER: AUDITOR: Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

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DEPAUL HOUSING SERVICES TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE GOVERNANCE AND MANAGEMENT

Depaul Housing Services (the Charity) is a registered charity, a company limited by guarantee and is also a Registered Provider of social housing (RP). The company was registered on 7 June 2013 under company number 08561164. The sole member of the company is Depaul UK, a charitable company.

The Board of Trustees currently consists of four members who are responsible for, and committed to, leading the Charity, agreeing the Charity’s strategic and business plans and associated financial planning and budgets, and monitoring their delivery. Their particular areas of expertise include: the provision of social and supported housing; the homelessness and youth sectors; business and management; the law as it relates to housing in general and affordable housing in particular; and public sector accounting and finance.

A skills audit of Trustees is undertaken regularly to assist in identifying what skills and experience might be lacking on the Board, and this in turn influences the recruitment, selection and appointment process, as does the Board’s commitment to broadening its own diversity in order to better reflect the communities it serves. Trustees are formally appointed with prior written approval from Depaul UK.

All Trustees go through a full, comprehensive induction process on appointment and relevant training is then made available throughout their period of appointment to ensure that they are able and confident to perform their duties as Trustees. This is enabled by an annual appraisal process and effectiveness review, at which development needs can be identified.

The Trustees are also responsible for ensuring that this report complies with the governance and financial viability standard and ensure that compliance with the standard is reviewed annually.

The Trustees who served during the year were:

Anthony Ian Hellawell Urvashi Bhagat Alan D’Arcy (to 15 February 2024) Michael Jones Michael McCall (from 2 December 2024)

OBJECTIVES AND ACTIVITIES

The charitable objects are specifically restricted to the following for the public benefit:

The Trustees have a strong regard for the public benefit guidance published by the Charity Commission and is in compliance with its duties under Section 17 of the Charities Act 2011.

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DEPAUL HOUSING SERVICES TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The agreed strategic objectives for 2024 were:

  1. We aim to provide more homes for the people that need them most

  2. We aim to do the basics of social housing brilliantly

  3. We will be a great partner

  4. We will be a fiscally sound, well governed organisation

These objectives are part of an approved two-year strategy, with revised objectives, which came into effect in 2024. The Charity is operating at a time of high demand for accommodation provision for people who have slept rough or are at risk of doing so. The organisation was landlord to 215 tenants at the end of 2023 growing to 265 tenants at the end of 2024.

The Charity was formed in 2013 and became a registered provider in 2014. The Charity:

The Charity provides accommodation and housing management services to young people and vulnerable adults in North Tyneside, Greater Manchester, Middlesbrough and London through management agreements with Depaul UK, and partnerships with Caritas, CarePoint, Revolving Doors and SSG. These activities fully meet the Charity Commission’s public benefit test.

2024 Notable Achievements for Depaul Housing Services:

Client Focus

The needs of the Charity’s clients are at the heart of everything it does, and whilst the Charity has traditionally adopted Depaul UK’s Client Involvement strategies and procedures to guide our work effectively, we used 2024 to realign our participation work more closely to the Tenant Satisfaction Standard. As such we were able to deliver the TSM questionnaire across Depaul Housing Services units and our partner led units. The results are published on our website. Whilst the results were broadly good to excellent in terms of client satisfaction across most measures, we did have one outlying measure around our handling of Anti-Social Behaviour. We will review our approach to receiving, monitoring and dealing with reports of ASB in 2025.

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DEPAUL HOUSING SERVICES TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Complaints

The management of complaints is carried out by Depaul UK on behalf of the Charity and Depaul UK has adopted The Housing Ombudsman’s Complaint Handling Code as the basis of its approach to complaints to ensure compliance with the code on behalf of Depaul Housing Services.

Complaints are monitored and reported upon quarterly to the DHS Board and Depaul UK’s Services and Business Development Committee. The Quality and Compliance Manager is the Complaints Officer for Depaul UK and is responsible for the implementation of the Complaints Policy. Trustee Michael McCall is the responsible Board Member for Complaints monitoring.

In 2025 Depaul Housing Services are making further improvements to its complaints handling. This includes having a named Trustee and Director with joint responsibility for complaints monitoring to improve accountability, working with partner organisations and managing agents to review the quality and compliance of their complaint handling, and improved reporting systems and processes to help us better understand and monitor performance.

In the 2023-24 regulatory reporting year, Depaul Housing Services received the equivalent of 68 complaints per 1000 units (15 actual). All were resolved at stage 1 but only 40% were resolved in the Housing Ombudsman's timeframe. This is a key improvement measure for the charity.

Our Values

The Charity has adopted the Depaul Group’s Vision, that everyone should have a place to call home and a stake in their community. This work is guided by the Vincentian Values, and these are the basis for everything the Charity does.

The Vincentian Values are that:

Governance

The Charity is constituted under a Memorandum and Articles of Association dated 7 June 2013. The Board re-adopted the National Housing Federation’s Code of Governance (2020) in February 2025 and the National Housing Federation’s Code of Conduct 2020 in December 2022.

Following the readoption of the Code of Governance (2020) in February 2025, an in-depth review of compliance against the code will take place in the second half of 2025. This is in line with parent company Depaul UK and Depaul International’s review and audit cycle. We strive for continuous improvement in governance standards and quality, and recognise that the charity has significantly grown since the previous in-depth review was undertaken in 2021. The review will be monitored at Board meetings. An Annual Governance Schedule is agreed and adopted by the Board every February.

The previous review against the 2020 Code identified a small number of areas of non-compliance, which can be explained as follows:

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DEPAUL HOUSING SERVICES TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

of systems relating to internal controls and the audit process) are controlled by the Group Parent, Depaul UK, and there is an Intra Group Agreement and Service Level Agreement between the Parent and the Charity that formalises this arrangement.

The Board reviewed the Charity’s compliance with the Governance and Financial Viability Standard in May 2025. There are currently no areas of non-compliance with the standard, but formal stress testing processes are under review to ensure that they reflect the Charity’s recent growth.

The Depaul UK Strategies, Policies and Procedures adopted by the Charity include Health and Safety, Equity, Diversity and Inclusion, Risk Management and Safeguarding Children and Adults at risk; Environmental impact; Client involvement and feedback; However increasingly the Board are approving Depaul Housing Services specific policies where their regulatory responsibilities differ from Depaul UK. These currently include Occupancy charge setting (including the Rent Standard), Asbestos, Damp and Mould with further policies in development.

A high standard of parent/subsidiary governance is enabled by biannual meetings of the Chairs and CEO of both Charities, together with the Charity’s Lead Officer. At these meetings, risks and opportunities are discussed and information shared. The responsibilities of the parent and subsidiary are also set out in summary documents which have been reviewed and approved by both Boards.

Equity, Diversity and Inclusion (EDI) and the Public Sector Equality Duty

In partnership with Depaul UK, the Charity is committed to advancing Equity, Diversity and Inclusion (EDI) in line with the principles of the Equality Act 2010 and the Public Sector Equality Duty. Together, we aim to:

We are dedicated to becoming a truly diverse and inclusive organisation. Both Depaul UK and the Charity hold themselves to the highest standards, guided by legal frameworks and best practice in EDI. Our commitment goes beyond legal compliance. We actively embrace the value that equity, diversity and inclusion bring—to our staff, our clients and tenants, and to how we fulfil our mission. Depaul UK is proud to hold the Investors in Diversity Silver Award and has implemented a comprehensive, organisation-wide action plan to ensure EDI remains central to everything we do

OPERATING AND FINANCIAL REVIEW

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DEPAUL HOUSING SERVICES TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Performance

The Statement of Comprehensive Income on page 16 shows that the turnover for the year is £1,057k (2023: £858k) and operating costs for the year is £1,003k (2023: £814k). The surplus for the year is £11k (2023: £41k), resulting in total reserves of £601k (2023: £590k).

The increase to income and expenditure reflects the additional projects taken on in 2024. During the year, the Charity entered into new leases for several properties in London and Manchester for the delivery of supported housing services. Depaul UK manages two of these projects, the others are managed by external partners - Revolving Doors and Carepoint. A 12-bed property was also purchased in the year and is managed by Depaul UK. These additional arrangements have resulted in lease costs increasing by £165k to £877k this year (2023: £712k), and similarly, rental income increasing by £218k to £904k this year (2023: £686k).

Expenditure in the year included loan interest relating to Depaul House which was acquired from Depaul UK in 2014 at the valuation of £150,000. The Charity entered into a Loan Agreement with Depaul UK in 2015 and the loan of £150,000 is scheduled to be repaid over 30 years with interest chargeable at 2% above Base Rate. The loan is secured by Depaul UK on the property. The Charity also entered in a new CAF bank loan in June 2024 is scheduled to be repaid over 25 years with chargeable at 2% above Base Rate. The loan is secured on St Vincent Mews, the 12-bed London property purchased in 2024.

Internal Control Assurance and Risk

The Trustees acknowledge their overall responsibility for establishing and maintaining the whole system of internal control and for reviewing its effectiveness.

The system of internal control is designed to manage, rather than eliminate, the risk of failure to achieve business objectives, and to provide reasonable, and not absolute, assurance against material misstatement or loss.

The process for identifying, evaluating and managing the significant risks faced by the Charity is ongoing and has been in place throughout the period commencing 1 January 2024 up to the date of approval of the annual report and financial statements.

Key elements of the control framework include:

During 2024, the Trustees have given due consideration to the major risks that the Charity is exposed to and were satisfied that the control measures in place to manage those risks were appropriate. In addition, risks shared by the Charity and its parent company were reviewed at the bi-annual Chairs meetings.

The headline risks which have a significant impact, and/or carry a high likelihood of occurring include:

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DEPAUL HOUSING SERVICES TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

� Data Protection, IT systems and Cyber Security

This risk relates to the potential for IT systems failure at Depaul UK which could lead to a loss of data, and financial issues such as rent collection. The increased dependency in the use of ICT based technology during the pandemic has also seen a global acknowledgement of the increase and potential of cyber-crime. This risk links directly to compliance with GDPR and our Data Protection Act obligations.

Mitigating interventions*: the Charity does not collect, hold or store any personal data for tenants or suppliers and does not employ any staff directly but is dependent upon Depaul UK to do so on its behalf. Therefore, this risk is significantly mitigated. Depaul UK mitigates the risk by reviewing the Data Protection Policy and Procedures; achieving Cyber-essentials quality accreditation; appointing a Protection Lead who is also a qualified Data Protection Practitioner; ongoing registration with the Information Commissioners Office; undertaking regular potential data breach reviews and reporting upon these to the Finance, Audit and Risk Committee; continuing to take legal and expert advice for complex enquiries; providing staff with training materials to assist them in advancing their digital capacity and capability.

One attempted cyber-attack was experienced by Depaul Housing Services in 2024. The “Man in the Middle” attack used an external email address to infiltrate and amend email addresses of both a trustee and an officer of Depaul Housing Services. The attack was identified quickly (within 24 hours), did not relate to any confidential dealings and did not lead to any loss by the organisation. The email system for Depaul UK and Housing Services was immediately checked and made safe and the same was undertaken for the Trustee by their host organisation. An investigation of the incident made some recommendations for improving safety further, though the attack was described as sophisticated, it would ultimately not have infiltrated the protections in place between us and our legal and financial service providers.

� Health and Safety

As a social housing provider, the Charity is responsible for complying with its statutory duties and maintaining and implementing a comprehensive suite of health and safety policies and procedures. Failing to do so risks exposing clients to injury, illness or death.

Mitigating interventions*: Risks are transferred to managing agents through management agreements; Health and Safety Policies and Procedures are in place and delivery is monitored and reported on a regular basis; all property is insured. We have a detailed asset register which covers all areas of statutory Health and Safety compliance and performance and is reviewed by our Trustees quarterly. Health and Safety compliance, reporting and performance is recorded on our In-Form system which provides visibility on compliance to the officers of the Charity at all times. The Charity’s officers stay abreast of health and safety developments through a range of methods including membership of relevant organisations.

� Compliance with new regulatory standards

The Charity is subject to a range of regulated and quality frameworks including the Regulator of Social Housing, The Housing Ombudsman, OFSTED and the Charity Commission. Depaul UK was required to register with OFSTED (completed in March 2025) and ensure compliance with the Regulatory standards for supported accommodation for 16/17 year old care experienced children. As many of our in-scope children live in Depaul Housing Services properties the charity must ensure it meets the accommodation standards required. In addition to this we have recently responded the government’s consultation on the Supported Housing Regulatory Oversight Act 2023 licencing standards. We are yet to assess the impact of this on Depaul Housing Services activities. This risk is regarding the Charity’s activities and it meeting and complying with the standards.

Mitigating interventions*: Depaul UK lead officers and service sites have been interviewed and visited, and compliance with the standards assessed as meeting the threshold for registration. Systems and procedures are in place to ensure OFSTED readiness. Practice runs and inspections are being

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undertaken ahead of a likely inspection in 2026. OFSTED is a standing item for the Depaul UK services committee, and an OFSTED experienced Trustee will be recruited. This work is coordinated and delivered by Depaul UK on behalf of the Charity. For the Supported Housing Regulatory Standards we are part of a sector group of organisations coordinating responses on the proposals.

� Development Programme Government programmes such as the Single Homeless Accommodation Programme (SHAP) enable organisations such as the Charity access to capital and revenue funding for the purchase and development of properties for the provision of social housing. If the Charity enters into a property development programme, it needs to ensure that it is strategically, financially and operationally viable, or it risks being unable to fulfil its obligations to tenants, being able to comply with regulatory requirements and/or meet financial commitments.

Mitigating interventions: All development opportunities undergo an initial feasibility review; all individual development projects undergo appropriate due diligence and risk management reviews. Project reports are submitted to the Board quarterly or more frequently if necessary.

The role of the Regulator of Social Housing

As a social housing provider, the Charity is required by the Regulator of Social Housing to ensure it is delivering the right service, in the right way, at the right cost.

Regulatory standards contain specific expectations and the outcomes that providers are expected to achieve. Providers’ boards and local authority councillors who govern service delivery are responsible for meeting the relevant standards and determining how this is done.

The standards are classified as either ‘economic’ or ‘consumer’.

Economic standards

The Regulator of Social Housing proactively seeks assurance from providers that they are meeting its economic standards. These apply to all registered providers except for local authorities because the regulator has no power to set economic standards for local authorities (except rents).

The three economic standards are:

Consumer standards

The Regulator of Social Housing also sets consumer standards, and its role is to intervene where failure to meet the standards has caused, or could have caused, serious harm to tenants. These apply to all registered providers including local authorities.

The four consumer standards are:

(taken from https://www.gov.uk/guidance/regulatory-standards).

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DEPAUL HOUSING SERVICES TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Value for Money Standard and Depaul Housing Services

The Charity works to a Value for Money (VFM) strategy developed using the guidance and standards set by the Regulator of Social Housing. Work in this area has continued throughout 2024. A key part of VFM is achieving good performance figures on rent collection, arrears and low empty night rates.

At the end of 2024, 89% (2023: 90%) of rent due was collected, the percentage of empty room nights was 9% (2023: 9%), and current rent arrears were 8%(2023: 8%). These were good performance indicators within set targets.

Our VFM strategy includes a statement (below) on how we intend to achieve VFM and how this operates within our strategic objectives.

Value For Money statement

To ensure full compliance, the Charity has established procedures to assess, in all its activities, whether it is:

  1. Purchasing resources in the right quantity and at the right price (Economy)

  2. Obtaining the maximum output from our resource input (Efficiency)

  3. Assessing the implications of our actual performance in relation to our target (Effectiveness)

  4. Distributing our resources fairly (Equity)

The VFM indicators given in the Regulator’s Guidance are in brackets.

There is also a wider requirement set by the Accounting Direction for Registered Providers of Social Housing 2022 to report on the indicators presented in the table below, as a measure of its ongoing commitment to proving affordable good quality housing:

Going Concern

The business activities of the Charity, its current financial position and factors likely to affect its future development are set out within the Operating and Financial Review.

Taking the letter of support provided by Depaul UK for the period through to 31 December 2026 and the existing Intra-Group Agreement signed by the two Charities in June 2014 into consideration, the Trustees are satisfied that the Charity is a going concern, and the accounting policies have been prepared on that basis.

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DEPAUL HOUSING SERVICES TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF THE RESPONSIBILITIES OF THE BOARD OF TRUSTEES FOR THE REPORT AND FINANCIAL STATEMENTS

The Board of Trustees is responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and regulations.

Legislation requires the Board of Trustees to prepare the financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable laws. Under relevant legislation, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and surplus or deficit of the Charity for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards and the Statement of Recommended practice (SORP) for Registered Social Housing Providers update 2018, have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Board of Trustees is responsible for keeping proper accounting records, which are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. It is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each member of the Board of Trustees is aware:

there is no relevant audit information of which the charitable company’s auditors are unaware; and

the Trustees have each taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The Board of Trustees are responsible for the maintenance and integrity of the corporate and financial information on the parent company’s website – Depaul UK. In so far as this relates to the Charity, legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small Companies Regime

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The report of the Trustees was approved on 20 May 2025 and signed on their behalf by:

Anthony Ian Hellawell Chair of Trustees

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DEPAUL HOUSING SERVICES

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DEPAUL HOUSING SERVICES

Opinion

We have audited the financial statements of Depaul Housing Services for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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DEPAUL HOUSING SERVICES

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DEPAUL HOUSING SERVICES

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 our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of Depaul Housing Services and their 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 or the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of Depaul Housing Services for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 Depaul Housing Service’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 Depaul Housing Services or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DEPAUL HOUSING SERVICES

the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which Depaul Housing Services operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, the Housing and Regeneration Act 2008, together with the Housing SORP. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to Depaul Housing Services’ ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within Depaul Housing Services for fraud. The laws and regulations we considered in this context for the UK operations were requirements imposed by the Regulator of Social Housing and taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance, Audit and Compliance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence, designing audit procedures over the timing of income and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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DEPAUL HOUSING SERVICES

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DEPAUL HOUSING SERVICES

Use of our report

This report is made solely to Depaul Housing Service’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 Depaul Housing Service’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 Depaul Housing Services and Depaul Housing Services’ members as a body, for our audit work, for this report, or for the opinions we have formed.

Vincent Marke Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 55 Ludgate Hill London EC4M 7JW

25th June 2025

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DEPAUL HOUSING SERVICES

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024

The results relate wholly to continuing activities.

The accompanying notes 1 to 17 form part of these financial statements.

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DEPAUL HOUSING SERVICES

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 REGISTRATION NUMBER: 08561164

The accounts have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the Trustees on 20 May 2025 and signed on their behalf by:

Ian Hellawell Chair of Trustees

The accompanying notes 1 to 17 form part of these financial statements.

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DEPAUL HOUSING SERVICES

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024

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DEPAUL HOUSING SERVICES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

1. Accounting policies

1.1 Legal and company status

Depaul Housing Services Ltd, a public benefit entity, is a charitable company limited by guarantee and also a registered social housing provider. The parent company Depaul UK is the sole member and its liability is limited to £10. The address of the registered office is 34 Decima Street, London, SE1 4QQ. The company is UK registered with information as follows:

Company Registration Number:

08561164 (England and Wales)

Charity Registration Number: 1155073 (England and Wales) RSL Number: 4792 (Homes England Number)

1.2 Basis of preparation of financial statements

The financial statements of the Charity are prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP) including Financial Reporting Standard 102 (FRS 102) and the Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022, applicable accounting standards and the Companies Act 2006. The Board of Trustees is satisfied that the current accounting policies are the most appropriate for Depaul Housing Services.

1.3 Accounting for funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes.

1.4 Income

All income is included in the Statement of Comprehensive Income when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Rental income is recognised at the gross level, net of rent losses from voids.

1.5 Expenditure

All expenditure is accounted for on an accruals basis.

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DEPAUL HOUSING SERVICES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

1.6 Tangible fixed assets and depreciation

All assets costing more than £1,000, either singly or as a group, are capitalised

Tangible fixed assets are stated at cost or their value at the time of donation, less depreciation. Depreciation is provided at rates calculated to write off the cost, or their value at the time of donation, of fixed assets, less their estimated residual value, over their expected useful lives.

The Charity separately identifies the major components which comprise its housing properties and charges depreciation so as to write down the cost of each component to its estimated residual value, on a straight line basis, over its estimated useful life.

The organisation has adopted the following depreciation policy:

Freehold land is not depreciated.

Properties held on leases are amortised over the life of the leases or their estimated useful economic lives in the business, if shorter.

1.7 Financial instruments

Financial instruments which meet the criteria of a basic financial instrument as defined in Section 11 of FRS102 are accounted for under an amortised historical cost model.

Non-basic financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in surplus or deficit. Depaul Housing Services has no non-basic financial instruments at the year end.

1.8 Significant management judgements

In the view of the Trustees, the useful economic lives of depreciable assets, specifically the Charity’s property, and the dilapidations provisions for leased properties represent the most significant management judgement with the greatest impact on the financial statements.

1.9 Government and other grants

Social Housing Grant (SHG) is receivable from Homes England (HE) and is recognised in income over the expected useful life of the housing property structure and components under the accruals model. SHG due from HE or received in advance is included as a current asset or liability. SHG received in respect of revenue expenditure is credited to the income and expenditure account in the same period as the expenditure to which it relates.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

1.10 Going concern

The Charity continues to operate on a going concern basis. The business activities of the Charity, its current financial position and factors likely to affect its future development are set out within the Operating and Financial Review.

Having considered current forecasts and budgets and letter of support provided by Depaul UK for the period through to 31 December 2025, the directors are satisfied that the Charity is a going concern and the financial statements have been prepared on that basis.

1.11 Statement of cash flows

As the results of the Charity are consolidated into its ultimate parent entity’s financial statements, Depaul International, the Charity has taken the exemption from preparing a statement of cash flows.

2. Turnover, operating expenditure and operating surplus

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

3. Fixed assets

The Charity acquired Depaul House from Depaul UK during 2014 at the valuation of £150,000. The Charity entered into a Loan Agreement with Depaul UK and the loan of £150,000 is scheduled to be repaid over 30 years with interest chargeable at 2% above Base Rate. The loan is secured by Depaul on the property. In 2024 the Charity also entered into a CAF Bank loan of £1m scheduled to be repaid in 25 years with interest chargeable at 2% above Base Rate.

The Charity received a capital grant from HE for the refurbishment of Depaul House. The project was completed in April 2015 and a total of £630,316 was capitalised on the renovation and accounted for in the Statement of Financial Position.

A further capital grant for £312k was awarded by HE in 2020 to contribute towards the refurbishment project at Manchester Safestop, completed in November 2020. A total of £690k was capitalised and £378k was funded by a grant from Depaul UK.

During 2023, the Charity received capital grants from HE for the purchase of 6 properties in Middlesbrough. Grants totalling £167k were received towards the purchase of 4 flats under the Rough Sleeping Accommodation Programme (RSAP).

In 2024 the Charity received a grant of £2.2m from the Greater London Authority (GLA) for the purchase of St Vincent Mews through SHAP. It also received grant totalling £211k from HE for the purchase of 2 flats under the Single Homeless Accommodation Programme (SHAP) at the end of 2023 and for 4 more SHAP properties in Middlesbrough purchased in 2024 .

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

3. Fixed assets (continued)

3. Fixed assets (continued)
2024 2024
2023
£'000 £'000
£'000
Expenditure on works to existing properties
Components capitalised* - -
-
Amount charged to income and expenditure
account - -
- -
-
2024 2024
2023
£'000 £'000
£'000
Housing properties book value net of
depreciation comprise:
Freehold land and building 4,548 4,548
1,571

4 . Units managed by agencies

At the end of the year, the Charity had 265 units (2023: 215) that were managed on its behalf, by agencies. All units relate to the provision of supported housing. Where the agency carries the financial risk, the Charity’s income and expenditure account included only the income and expenditure for which it retains responsibility.

During the year, the Charity owned one new property in London with 12 units and acquired 4 singleunit properties in Middlesbrough, which are managed by Depaul UK to deliver supported housing services for rough sleepers and single homeless individuals.

The Charity also developed a new partnership with CarePoint and Revolving Doors for 4 and 44 units to provide accommodation and support to homeless people in the Greater Manchester area.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

5. Debtors: amounts falling due within one year

6. Creditors: amounts falling due within one year

7. Creditors: amounts falling due after one year

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DEPAUL HOUSING SERVICES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

7. Creditors: amounts falling due after one year (continued)

8. Deferred capital grant

9. Provisions

Where the Charity has entered into a lease agreement, which requires particular work to be carried out before returning the property, a dilapidations provision has been included and will build up over the lease term. The total 2024 provision of £64k (2023: £25k) relates to seven properties; £19k for four properties in Manchester and £45k for three properties in London.

10. Related Parties

The Trustees of the Charity do not receive any remuneration or benefits in kind. No Trustee received reimbursement for expenses in 2024 (2023: NIL).

Depaul UK, incorporated in the UK, is the parent company of the Charity and a part of Depaul International (incorporated in the UK) – the ultimate parent entity. The financial statements of Depaul International can be obtained from 8-10 Grosvenor Gardens, London, SW1W 0DH.

During the year, the transactions owed to Depaul UK by the Charity consist of £12k (2023:£12k) for management costs, £9k (2023: £3k) for loan interest and £2,606k (2023: £718k) for payments that DPUK paid on behalf of the Charity, including £202k (2023: £424k) for the purchase of the three properties (2023: six) in Middlesbrough and £2,160k towards a property purchase in London. The Charity received revenue grants totalling £45k (2023: £14k) for the Middlesbrough Homelessness projects, which were transferred to Depaul UK to manage the projects. Depaul UK also received £2,226k of grant funding on behalf of the Charity for the purchase of the London property.

The amounts owed at year end between the Charity and Depaul UK are disclosed in notes 5 to 7.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

11. Operating surplus

The operating surplus is stated after charging:

12. Analysis of expenditure:

13. Employees

The Charity does not directly employ any staff. The parent company, Depaul UK, makes management charges for the Charity’s use of its staff time.

14. Key management personnel

As the Charity did not have any employees during the year and trustees are not remunerated, key management personnel remuneration is nil.

Key management personnel are remunerated by the parent company, Depaul UK, and details of these emoluments are set out in its Financial Statements.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

15. Restricted funds

Restricted funds represent funds that have been donated for specific purpose.

Manchester Safestop refurbishment

Funds donated specifically for the refurbishment of the Manchester Safestop property at 69 Palatine Road. All restricted funds relate to this project.

16. Operating lease commitments

At 31 December 2024, the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

17. Post balance sheet events

In 2025, the Charity purchased 4 further properties for the Middlesbrough Single Homelessness Accommodation Programme. The purchase prices amounted to £282k and are partially funded by a capital grant from Homes England. Funding amounting to £166k was received by the end of April 2025.

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