OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-03-31-accounts

SIR JOSIAH MASON TRUST

TRUSTEES’ REPORT & FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDING 31 MARCH 2025

Charity Registration No. 1179890

Regulator of Social Housing Registration No. A0629 Company Registration No. 11416213

SIR JOSIAH MASON TRUST

Contents Page ……………………………………………………………………………………………………………………………… Trustees, Officers and Advisors 1 Trustees' Report 2 - 12 Independent Auditor’s Report 13 - 16 Statement of Comprehensive Income 17 Statement of Financial Position 18 Statement of Changes in Reserves 19 Statement of Cash Flows 20 Notes to the Financial Statements 21 - 38

SIR JOSIAH MASON TRUST

Trustees, Officers and Advisors

Trustees Mrs R Chiu
Councillor Mr K Meeson**
Councillor Mr G Moore***
Mr P Soule
Mr J Pyke
Mr E Rutledge
Mrs A Balbuena
Mr K Chumber
Mr H Champaneri
Ms T Joshi
Mrs S Thomas
Chief Executive/Company Secretary David Healey
Registered Office Mason Court
Hillborough Road
Birmingham
B27 6PF
Bankers HSBC Bank Plc
34 Poplar Road
Solihull
West Midlands
B91 3AF
Investment Managers Evelyn Partners RBS Brewin Dolphin
Investment Management 9 Colmore Row
Floor 14, 103 Colmore Row Birmingham
Birmingham B3 2BJ
B3 3AG
Solicitors Brabners
Horton House
Exchange Flags
Liverpool
L2 3YL
Auditor Dains Audit Ltd
2 Chamberlain Square
Paradise
Birmingham
B3 3AX
Registered Charity No. 1179890
Regulator of Social Housing Reg. No.
A0629
Registered Company No. 11416213

1

SIR JOSIAH MASON TRUST

TRUSTEES’ REPORT

The Trustees present their report and the audited financial statements of the Charity for the year ended 31 March 2025.

The financial statements have been prepared in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard FRS102 “The Financial Reporting Standard” applicable in the UK and Republic of Ireland), and comply with the Statement of Recommended Practice for registered social housing providers 2018 and the Accounting Direction for Private Registered Providers of Social Housing 2022. The accounts also comply, in all material respects, with charities legislation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

In 2018, we undertook a significant review of our legal structure and formed Sir Josiah Mason Trust (SJMT), a new Limited Company in June 2018. In September 2018, this Company was registered as a new Charity and became the corporate Trustee of our three unincorporated charities known as Sir Josiah Mason’s Almshouse Charity (1179890-1), Sir Josiah Mason’s Relief in Need and Educational Charity (1179890-2) and Sir Josiah Mason’s Care Charity (1179890-3). In January 2019, a linking order was granted which meant that the three charities are treated as forming part of the charity called Sir Josiah Mason Trust ('the reporting charity') for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011. This direction took effect for the whole of the financial year 2018-2019.

In July 2019, Sir Josiah Mason Trust became corporate Trustee of two additional charities and a linking order was confirmed in October 2019. These charities are Holte & Bracebridge Charity (1179890-4) and Holy Trinity Heath Town Almshouse Charity (1179890-5).

On 8[th] June 2021 Sir Josiah Mason Trust became the corporate Trustee of Thomas Banks Almshouses and the linking charity reference is 1179890-6. On 1[st] September 2022, Oak Tree House Trust became a linked charity of Sir Josiah Mason Trust and the linking charity reference is 1179890-7.

The original Trust Deed was dated 29 July 1868.

TRUSTEES

Trustees shall be nominated or elected. Nominated Trustees consist of one from the City Council of Birmingham* and one from the Borough Council of Solihull. Elected Trustees are elected by the Members at AGM’s or if there is no AGM at a meeting convened for the purpose of electing trustees, and shall hold office for three years. No elected Trustee shall be elected for more than three consecutive terms of office so that they shall serve a maximum term of office of 9 years, unless there are special circumstances which shall be determined as such by the majority of the Board of Trustees, in which case in that exceptional case a fourth term of office may be served. The Trustees may also from time to time co-opt Trustees. The Trustees who served as a ‘Board of Trustees’ during the year and to the date of this report are listed on page 1.

2

SIR JOSIAH MASON TRUST

Trustee Recruitment and Training

Sir Josiah Mason Trust recognises that an effective Board of Trustees is essential if the Trust is to be effective in achieving its objects. The Board must seek to be representative of the people with whom the charity works and must have available to it all of the knowledge and skills required to run the charity. Trustees recognise that the Board does not currently reflect the diversity of the community which we serve and the importance of ensuring that social diversity is equally important to professional diversity in ensuring good governance. Therefore, we actively welcome and proactively seek applicants that reflect the social diversity of our community (gender (including gender-reassignment), ethnicity, sexuality, age and disability).

Whenever a trustee departs, a skills audit of the board will be undertaken. Efforts at recruiting a replacement will take account of the skills audit and of the skills being lost by the departure. Consideration must also be given to any specific roles or duties that the individual leaving the board was undertaking. When a need has been identified to recruit trustees, a panel will be formed to manage the process. This will include the Chair, Chair of the Finance & Performance Committee and the Chief Executive Officer. The panel will have responsibility for ensuring that the remainder of the recruitment and induction process is carried out. Responsibility for appointing trustees will not be delegated to employees although employees may be given specific administrative tasks by the panel.

A recruitment plan will identify the most appropriate resources from which applicants might be found. Preference should be given to advertisement in the media, volunteer bureau, and direct approaches to professional bodies and to other voluntary organisations over approaches to personal contacts, as the intention is to promote diversity and to avoid conflicts of interest.

All new Trustees will receive a formal Induction and all Trustees are expected to take part in regular training and development.

Organisational Structure

The Trust co-ordinates its affairs through good effective governance arrangements to ensure that it is professionally lead and managed in an efficient and effective way. The Board of Trustees have established a robust governance structure with a range of sub-committees to have specific responsibilities for:-

FINANCE & PERFORMANCE: responsibility for oversight of financial management of the Trust, including management of reserves and investments, financial reporting/control, external audit, budgeting and financial performance, insurance, procurement and grants. Responsibility for oversight of operational performance, including: governance, Human Resources, quality, KPI’s, complaints and compliance.

The Board of Trustees appoint trustees to this committee at each AGM and the quorum for meetings shall be no less than three trustees. The committee will meet at least quarterly, so to effectively conduct business, in advance of each Board Meeting.

3

SIR JOSIAH MASON TRUST

REMUNERATION : recommending staff pay awards and changes to terms and conditions of appointments and considering changes to the roles and benefits of the Senior Management Team. The Board of Trustees appoint trustees to this committee at each AGM and the quorum for meetings shall be three trustees. Membership should include the Chair of the Trust.

The Remuneration Committee will meet at least once each year before new budget proposals are submitted to the Board, and such other times as may be necessary.

Risk Management

The Board is responsible for approving a risk management approach. This will include setting the Trust’s risk appetite as well as the processes to identify measure, monitor and mitigate risks. The Board of Trustees will carry out a quarterly review of strategic and operational risks reported in the Risk Register and an annual review of their risk appetite. The Board is the ultimate owner of the risk strategy and any mitigating actions in respect of risk.

As part of the Trust’s commitment to good risk management practice, every 5 years ( as part of the development of a new Strategic Business Plan) or in response to a change in charitable objectives or over 25% turnover in Trustees, Trustees and senior staff will work together to identify the risk appetite in order to influence how we approach one of our key values ‘ambition’, as well as strategic planning, organizational management and new developments and opportunities. It is important that we undertake a balanced assessment of risk and to recognise that in many cases, there are risks attached to both doing something and doing nothing. This exercise will enable the Trust to develop a clear strategy that is understood and sets out the authorities and limitations within which the Trusts Board, Committees, the Executive Team and staff teams can make decisions, indicating:

c. the “lines” across which the Trust Board and Executive Team do not wish to cross, and where the Executive Team and Board would need to be notified.

As part of the business planning process, the Board will review the risks to achieving the Trust’s objectives. The Senior Management Team is responsible for ensuring that any action points highlighted are incorporated into work plans for staff within their section.

Objects and Activities for the Public Benefit

The Objects of the Charity, which are for the public benefit, are specifically restricted to the following:

The relief of persons who are in need, hardship or distress; and to promote the education of persons who:

The charitable benefits outlined above may be provided by way of:

4

SIR JOSIAH MASON TRUST

The provision of care for the following classes of person:

Any other charitable purpose which shall be selected by the Trustees in their absolute discretion from time to time.

VALUE FOR MONEY REPORT

The Regulator of Social Housing has introduced a new standard for the reporting of Value for Money (VfM) from 1 April 2018 reflecting accounts produced from 31 March 2018, which includes these financial statements. The purpose of the revised standard is to:-

  1. Firstly, report on a set of standard metrics, and where these results are outliers for the organisation to report the reasons why this might be. In the case of Sir Josiah Mason Trust, we have an untypical profile, being both a provider of supported housing for older people and also a care home provider, which will inevitably distort some of the results. We also have no loans which means metric 3 and 4 are 0%.

  2. Secondly, the regulator asks providers to provide a set of metrics of their own that they can measure themselves against.

The regulator has defined seven key VFM metrics that must be reported by every registered provider for the financial year that is being audited. Accordingly, this report reflects only our own data at the time of reporting.

2023-2024 2024-2025
1. Reinvestment % 0.7% 1.3%
2 a. New supplydelivered %(Social Housingunits) -5.2% -10%
2 b. New supplydelivered %(Non-Social Housingunits) 0% 0%
3. Gearing% 0% 0%
4. Earnings before Interest, Tax, Depreciation,
Amortisation,Major Repairs Included Interest Cover %		 0% 0%
5. Headline Social HousingCost Per Unit £11,022 £11,525
6 a. OperatingMargin(social housinglettings)% -10% 0.54%
6 b. OperatingMargin(overall)% -8% -15%
7. Return on Capital Employed(ROCE)% -1.3% -2.1%

Metric 1 Reinvestment % - This metric looks at the investment in properties (existing stock as well as new supply) as a percentage of the value of total properties held.

Metric 2 New Supply Delivered % - This metric sets out the number of new social housing and non-social housing units that have been acquired or developed in the year as a proportion of total social housing units and non-social housing units owned at the period end.

5

SIR JOSIAH MASON TRUST

Metric 3 Gearing % - This metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on debt finance. It is often a key indicator of an organisation’s appetite for growth. SJMT has no borrowings and all new developments have been funded through reserves.

Metric 4 Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs Included

Interest Cover % - The EBITDA MRI interest cover measure is a key indicator for liquidity and investment capacity. It seeks to measure the level of surplus that a registered provider generates compared to interest payable; the measure avoids any distortions stemming from the depreciation charge.

Metric 5 Headline Social Housing Cost Per Unit – The unit cost metric assesses the headline housing cost per unit as defined by the Regulator.

Metric 6 Operating Margin % - The Operating Margin demonstrates the profitability of operating assets before exceptional expenses are taken into account. The metric is negative due to the operating deficit this year.

Metric 7 Return on Capital Employed (ROCE) % - This metric compares the operating surplus to total assets less current liabilities and is a common measure in the commercial sector to assess the efficient investment of capital resources. The metric is negative due to the operating deficit this year.

Sir Josiah Mason Trust’s Metrics

The regulator asks providers to provide a set of metrics of their own that they can measure themselves against. We have selected Metrics which best reflect the outcomes we are seeking to deliver in line with our business plan both for the Almshouse and Care Charities. The metrics we have chosen for this Value for Money report are a mixture of both hard financial type data and targets related to social impact, given our mission as defined by our charitable objects.

2023-
2024		 2024-
2025		 Target
24/25
1. Occupancy 92.3% 96.8% 95%
2. Rent collected(as apercentage of rent owed) 99.8% 99% 100%
3. Increased reach(new units) -10 0 0

FINANCIAL REVIEW

The overall deficit for the year was £451,202 (2024 surplus: £1,362,777). There were 2 major factors for 2025 being the cost of the closure of Alexandra House and the exceptional provision for the overcharging of rents.

The operating deficit of £457,738 (2024:278,795) is as a result of high costs at Alexandra House. Alex House was closed in March 2025.

Turnover decreased by £446,523 (2024 increase of: £387,433). The partnership with Yardley Great Trust generated new income of £119,850.

6

SIR JOSIAH MASON TRUST

Loss of income through voids for the whole organisation was £406,629 down from £456,583 in the previous year. The most significant void cost was for Alex House of £304,896.

Occupancy rates for the year as a whole were 99% (2024:92.3 %).

Note 4 to the Financial Statements shows an operating deficit of £554,772 for Registered Care. Note 18 on page 36 shows how each of the linked charities has contributed to the operating deficit.

Expenditure on lettings decreased by £383,159. This decrease was attributable to:-

Expenditure on the fabric of the Charity’s buildings amounted to £454,416 (2024:£341,935 ) in the year and of this expenditure, £166,569 (2024 £88,767) was capitalised and the rest was funded through Revenue Reserves.

Dividend income from equities and fixed interest deposits increased in the year by £1,797 to £244,549 when compared with 2024 (£242,752).

Realised gains on the sale of investments generated a surplus of £83,710 (2024: £224,048). Unrealised gains from the investment portfolios amounted to £516 (2024: £344,415) by the end of the year. The investment portfolios increased in value during the year and then declined in value in the last quarter as a result of the trade tariffs being proposed globally by the US President.

External grants totalling £nil (2024: £nil) were made in the year.

RESERVES

Reserves are part of a charity’s unrestricted funds that are freely available to spend on any of the charity’s purposes. Trustees take the view that reserves are essential to maintain the ongoing viability of the Trust and its charities.

Why we need reserves

It is the Policy of the Trust to accumulate and maintain reserve funds for:

  1. Sinking Fund – for the replacement of soft furnishings in communal area, white goods in resident’s homes, gardening equipment, laundry equipment and lifts.

  2. Cyclical Maintenance Fund – to cover maintenance costs occurred at regular intervals including interior and exterior redecoration, fencing and annual electrical checks.

  3. Contingency Fund – in the event that the organisation has to be wound up, it would require 6 months running costs in reserve to allow for a proper run down.

  4. New Developments/projects.

The level of Reserves Trustees believe we need

In 2025-2026, the Trustees have agreed to accumulate and maintain the following level of

7

SIR JOSIAH MASON TRUST

reserves:

  1. Sinking Fund (almshouse): £565,000

  2. Cyclical Maintenance (Holy Trinity) £62,525

  3. Contingency Fund: £1,038,296

  4. New Developments/projects:

  5. a. £750,000 – Young Peoples Almshouse property (RIN)

  6. b. £876,159 – Alexandra Court refurbishment

  7. c. £196,000 - Children and young people’s pilot project 2024-26 (RIN)

  8. d. £ 5million- Trustees have resolved to accumulate reserves for future capital development projects including refurbishment and new developments as required to fund the approved Housing Development Plan

INVESTMENT POLICY

Investment Objectives

The minimum investment objective of 2025-2026 is to achieve a minimum of CPI+4% per annum (after fees) over a 5-year rolling period. From this, we will take an income figure to be determined annually to use for our activities. The Trust will take 3% income per annum from this return to use for its activities.

The minimum investment objective or 2025-2026 is to achieve a minimum of CPI+4% per annum (after fees) over a 5-year rolling period. From this, we will take an income figure to be determined annually to use for our activities. The Trust will take 3% income from this return to use for its activities.

For investment purposes the management of these funds will be delegated to a number of professional fund managers authorised by the FCA under a discretionary management agreement as determined by Trustees following an annual performance review with each Investment Manager.

Risk considerations

8

SIR JOSIAH MASON TRUST

should be invested to mitigate this risk over the longer term. The Trustees understand that this is likely to mean that investments will be concentrated in real assets and the capital value will fluctuate from time to time.

Investment Powers

Ethical Consideration and Restrictions

Currency

Liquidity Requirements

Investment Performance Benchmarks

Periodic Reviews of Investment Policy

FUTURE PLANS

In 2024/2025, we developed a new long-term joint Strategy with Yardley Great Trust. Our 3 big

9

SIR JOSIAH MASON TRUST

goals during this strategy period are:

  1. Providing Homes

  2. Creating Communities

  3. Generating Opportunities

In 2025-2026, how the Trust will achieve these goals includes:

GOING CONCERN

Under governance requirements the Trustees confirm that after making enquiries they have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.

INTERNAL CONTROLS ASSURANCE

The Board of Trustees has overall responsibility for establishing and maintaining a robust system of internal control and for reviewing its effectiveness. Trustees recognise that no system of internal control can provide absolute assurance or eliminate all risk. The system of internal control currently in operation is designed to identify and manage risk and to provide reasonable assurance that all key business objectives and expected outcomes will be achieved. It also exists to give reasonable assurance about the preparation and reliability of financial and operational performance information and the safeguarding of the charity’s assets and interests.

In meeting its responsibilities Trustees have adopted a risk-based approach to internal controls which are embedded within the normal management and governance process. This approach includes the regular evaluation of the nature and extent of risks to which the charity is exposed and is consistent with Turnbull principles (guidance on best practice in internal controls management).

TRUSTEES’ RESPONSIBILITIES

As a Registered Provider the Board of Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the entity at the end of the financial year and of its income and expenditure for the year ended on that

10

SIR JOSIAH MASON TRUST

date. In preparing those financial statements, suitable accounting policies have been used, and formulated, to the best of the Trustees knowledge and belief, by reference to reasonable and prudent judgements and estimates and applied consistently. Applicable accounting standards have been followed. The Board is also required to indicate where the financial statements are prepared other than on the basis that the entity is a going concern.

The Board of Trustees is responsible for ensuring that arrangements are made for keeping proper books of account with respect to the Charity’s transactions and its assets and liabilities, and for maintaining a satisfactory system of control over the Charity’s books of account and transactions. The Board is also responsible for ensuring that arrangements are made to safeguard the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the Charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

COMPLIANCE WITH THE RSH GOVERNANCE AND FINANCIAL VIABILITY STANDARD

The Trustees confirm that the Charity complies with the requirements of the Governance and Financial Viability Standard applicable for the year.

TRUSTEES’ LIABILITY INDEMNITY

All Trustees of the charity benefit from a ‘Trustees Liability Insurance’ policy operated through our insurers which provides £2,000,000 of cover.

FINANCIAL INSTRUMENTS

The Charity does not have any abnormal exposure to price, credit, liquidity or cash flow risks arising from its trading activities. The Charity does not enter into any hedging transactions and no trading in financial instruments is undertaken.

DISCLOSURE OF INFORMATION TO THE AUDITOR

In the case of each of the persons who are Trustees of the Charity at the date when this report was approved:

AUDITORS

The auditor, Dains Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

The report was approved by the Board of Trustees on 17[th] September 2025 and signed on their behalf by:

11

SIR JOSIAH MASON TRUST

Mrs Rachel Chiu – Chair of the Board _______

Mr Gareth Moore – Trustee _______

12

SIR JOSIAH MASON TRUST

Independent auditor’s report to the members of Sir Josiah Mason Trust

Opinion

We have audited the financial statements of Sir Josiah Mason Trust (the ‘trust’) for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statements of Changes in Reserves, 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 trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Board’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Board with respect to going concern are described in the relevant sections of this report.

Other information

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

13

SIR JOSIAH MASON TRUST

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Board 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 Board

As explained more fully in the Board’s Responsibilities Statement set out on page 11, the Board 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 Board 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 Board are responsible for assessing the trust’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 Board either intend to liquidate the trust or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial 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

14

SIR JOSIAH MASON TRUST

it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Association’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

15

SIR JOSIAH MASON TRUST

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the trust’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and Chapter 4 of Part 2 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the trust’s members those matters we are required to 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 trust and the trust’s members as a body for our audit work, for this report, or for the opinions we have formed.

Andrew Morris FCA (senior statutory auditor)

for and on behalf of Dains Audit Limited

Statutory Auditor Chartered Accountants Birmingham

Date: 17[th] September 2025

16

SIR JOSIAH MASON TRUST

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025

Notes
TURNOVER
3
Operating costs
3
OPERATING DEFICIT/SURPLUS
3
Exceptional cost
5
Interest receivable and other income
6a
Interest and financing costs
6b
Realised gains on investment
(DEFICIT)/SURPLUS FOR THE YEAR
Unrealised (losses)/ gains on investments:
-Freehold ground rents and properties
-Listed investments
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		 2025
2024
£
£
3,271,720
3,718,243
(3,729,458)
(3,997,038)
(457,738)
(278,795)
(315,000)
-
244,549
242,752
(7,239)
(4,534)
83,710
224,048
(451,718)
183,471
-
834,891
516
344,415
(451,202)
1,362,777

The financial statements on pages 17 to 38 were approved and authorised for issue by the Trustees on 17[th] September 2025 and were signed on their behalf by:-

Mrs Rachel Chiu – Chair of the Board _______

Mr Gareth Moore – Trustee _______

17

SIR JOSIAH MASON TRUST

STATEMENT OF FINANCIAL POSITION FOR THE YEAR AS AT 31 MARCH 2025

Notes
TANGIBLE FIXED ASSETS
Housing properties
9
Investment properties
10
Other property, plant & equipment
11
Listed investments
12
CURRENT ASSETS
Trade and other receivables
13
Cash and cash equivalents
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
15
NET ASSETS
RESERVES
Endowment Reserve
Revenue Reserve
Designated reserves		 2025
£
10,954,303
1,640,000
95,043
6,089,847
18,779,193
202,538
2,949,610
3,152,148
(819,541)
2,332,609
21,111,800
(1,807,524)
19,304,276
8,019,348
5,227,674
6,057,254
19,304,276		 2024
£
10,736,429
1,550,000
117,050
6,041,540
18,445,019		 2024
£
10,736,429
1,550,000
117,050
6,041,540
18,445,019

223,112
3,023,593
3,246,705
(468,659)
2,778,046
21,223,065
(1,467,587)
223,112
3,023,593
3,246,705
(468,659)
2,778,046

19,755,478

8,018,932
5,679,292
6,057,254
19,755,478
8,018,932
5,679,292
6,057,254

The financial statements on pages 17 to 38 were approved and authorised for issue by the Trustees on 17th September 2025 and were signed on their behalf by:-

Mrs Rachel Chiu – Chair of the Board _______

Mr Gareth Moore – Trustee _______

18

SIR JOSIAH MASON TRUST

STATEMENT ON CHANGES IN RESERVES FOR THE YEAR AS AT 31 MARCH 2025

Revenue reserves
BALANCE AT 1 APRIL 2024
(Deficit)/Surplus for the year
Transfers
BALANCE AT 31 MARCH 2025
Endowment Capital Account
BALANCE AT 1 APRIL 2024
Transfers
Deficit/surplus on sale of
-
Ground rents
-
Investments
Movement on unrealised surplus on properties
Movement on unrealised gain on investments
BALANCE AT 31 MARCH 2025
Designated reserves
BALANCE AT 1 APRIL 2024
Transfers
BALANCE AT 31 MARCH 2025		 2025
£
5,679,292
(451,202)
(416)
5,227,674


8,018,932
-
-
-
-
416
8,019,348


6,057,254
-
6,057,254		 2024
£
5,896,629
2,350
(219,687)
5,679,292
6,438,819
219,687
-
213,384
834,891
312,151
8,018,932

6,057,254
-
6,057,254

19

SIR JOSIAH MASON TRUST

STATEMENT OF CASH FLOWS AND ANALYSIS OF NET DEBT FOR THE YEAR AS AT 31 MARCH 2025

TATEMENT OF CASH FLOWS AND ANALYSIS OF NET DEBT
OR THE YEAR AS AT 31 MARCH 2025		 TATEMENT OF CASH FLOWS AND ANALYSIS OF NET DEBT
OR THE YEAR AS AT 31 MARCH 2025
2025
Notes
£
£
NET CASH GENERATED FROM
OPERATING ACTIVITIES
A
(73,053)
CASH FLOWS FROM FINANCING
ACTIVITIES
Interest received
244,549
Homes England Grant
360,000
Interest paid
(7,239)
597,310
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of housing properties
464,652
Investments Property costs
90,000
Purchase of other fixed assets
43,588
(598,240)
NET CHANGE IN CASH AND CASH
EQUIVALENTS
(73,983)
Cash and cash equivalents at the beginning
of the year
3,023,593
Cash and cash equivalents at the end of the
Year
2,949,610
A) RECONCILIATION OF SURPLUS FOR THE YEAR TO NET
CASH GENERATED FROM OPERATING ACTIVITIES
2025
£
(Deficit)Surplus for
the year
(451,202)
Stock
-
Provision
315,000
Movement in debtors
20,573
Movement in creditors
35,881
Deficit/(surplus) on disposal of fixed assets
34,596
Depreciation
277,777
Movement in investment
properties
-
Movement in listed investments
(84,226)
Movement in capital grants
(20,063)
Interest receivable
(244,549)
Interest and financing costs
7,239
Investment managers fees deducted at source
35,921
Net cash inflow from operating activities
(73,053)		 2024
£
£
206,139
242,752
-
(4,534)
238,218
171,719

-
58,616
(230,335)

214,022
2,809,571

3,023,593
2024
£
1,362,777
3,331
67,344
25,812
-
384,070
(834,891)
(568,463)
(20,063)
(242,752)
4,534
24,440
206,139
171,719
-
58,616
(73,983)
3,023,593
2,949,610
2025
£
(451,202)
-
315,000
20,573
35,881
34,596
277,777
-
(84,226)
(20,063)
(244,549)
7,239
35,921
(73,053)

20

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES

(a) General information and basis of accounting

SJMT is a private company limited by guarantee and incorporated in England and Wales. It is a Registered Provider of social housing and a Registered Charity. The registered office address and numbers are on page 1. The principal activities are set out in the Trustees report.

The financial statements are prepared under the historical cost convention, in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022 and the Statement of Recommended Practice for Registered Social Housing Providers 2018 (SORP). The accounts also comply, in all material respects, with charities legislation. The Charity is a public benefit entity, as defined in FRS 102 and applies the relevant paragraphs prefixed “PBE” in FRS 102.

Going Concern

Under governance requirements the Trustees confirm that after making enquiries they have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the accounts.

Merger

On 14 June 2018, a new entity, Sir Josiah Mason Trust (SJMT) was incorporated under the Companies Act 2006, as a private company, limited by guarantee. On 14[th] June 2018 the activities and assets and liabilities of the following entities were transferred to Sir Josiah Mason Trust:-

Sir Josiah Mason’s Almshouse Charity; Sir Josiah Mason’s Care Charity; and Sir Josiah Mason’s Relief in Need and Educational Charity.

In accordance with FRS 102, this transaction has been accounted for as a merger, and so these financial statements are presents as if Sir Josiah Mason Trust had existed in its current form since the start of the previous reporting period.

Acquisitions

On 1[st] July 2019 the Holte and Bracebridge Charity was transferred to SJMT and the charity has been linked under ref 1179890-4. On 1[st] July 2019 Holy Trinity Heath Town Almshouses Charity was transferred to SJMT and has been linked under ref 1179890-5. Both have been accounted for using the acquisition method and the assets transferred treated as donations in the year.

On 8[th] June 2021 Thomas Banks Almshouses Charity was transferred to SJMT and has been linked under ref 1179890-6. This has been accounted for using the acquisition method. On 1[st] September 2022 Oak Tree House was transferred to SJMT and has been linked under ref 1179890-7. This has been accounted for using the acquisition method.

(b)

Turnover

Turnover represents residents’ contributions receivable in respect of almshouses and the care

21

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

(b) Turnover(continued)

home (net of void losses), grants and donations and other sundry income. Rental income is recognised from the point when properties under development reach practical completion or otherwise become available for letting, net of any voids. Services charge income is recognised when service charge expenditure is incurred as this is the point at which the services have been performed.

(c) Depreciation

Depreciation is charged so as to write down the cost of freehold housing properties and other fixed assets to their estimated residual value on a straight line basis over their expected useful economic lives as follows:

economic lives as follows:
Freehold land Not depreciated
Housing properties:
Leasehold property period of the lease
Structures and Pitched Roof 100 years
Lifts 40 years
Doors and Windows 35 years
Flat Roof 30 years
Central Heating including Boilers 15 years
Electrics 20 years
Bathrooms and Kitchens 15 years
Soft Furnishings 10 years
Computers 4 years
Fixtures and fittings 4 years
Motor Vehicles 4 years

(d) Impairment

Properties held for their social benefit are not held solely for the cash inflows they generate and are held for their service potential.

An assessment is made at each reporting date as to whether an indicator of impairment exists. If such an indicator exists, an impairment assessment is carried out and an estimate of the recoverable amount of the asset is made. Where the carrying amount of asset exceeds its recoverable amount, an impairment loss is recognised in surplus or deficit in the Statement of Comprehensive Income. The recoverable amount of an asset is the higher of its value in use and fair value less costs to sell. Where assets are held for their service potential, value in use is determined by the present value of the asset’s remaining service potential plus the net amount expected to be received from its disposal. Depreciated replacement cost is taken as a suitable measurement model.

An impairment loss is reversed if the reasons for the impairment loss have ceased to apply and included in surplus or deficit in the Statement of Comprehensive Income.

22

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31[ST] MARCH 2025

(e) Works to existing properties

Expenditure on housing properties, other than the replacement of components, which results in an enhancement of the economic benefits of the property or relates to a major overhaul of the property is capitalised.

(f) Social Housing Grant (SHG) and other grants

Government grants are recognised using the accrual model and are classified either as a grant relating to revenue or a grant relating to assets. Grants relating to revenue are recognised in income on a systematic basis over the period in which related costs for which the grant is intended to compensate are recognised. Where a grant is receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs, it is recognised as revenue in the period which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Grants received for housing properties are recognised in income over the expected useful life of the housing property structure. Where a grant is received specifically for components of a housing property, the grant is recognised in income over the expected useful life of the component.

Grants received from non-government sources are recognised as revenue using the performance model.

(g) Operating leases

Rentals payable under operating leases are charged on a straight-line basis over the term of the lease.

(h) Pensions

The Charity operates a defined contribution pension scheme, the cost of which is written off to the Statement of Comprehensive Income on an accruals basis. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

(i) Donations

Cash donations are accounted for when the receipt is recorded in the accounting records. Material donations of items other than cash are included in income at market value on receipt.

(j) Voluntary help

No value has been put on the voluntary help received by the Charity during the year.

(k) Financial Instruments

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.

23

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31[ST] MARCH 2025

Financial assets carried at amortised cost

Financial assets carried at amortised cost comprise rent arrears, trade and other receivables and cash and cash equivalents. Financial assets are initially recognised at fair value plus directly attributable transaction costs. After initial recognition, they are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

If there is objective evidence that there is an impairment loss, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced accordingly.

A financial asset is derecognised when the contractual rights to the cash flows expire, or when the financial asset and all substantial risks and reward are transferred.

If an arrangement constitutes a financing transaction, the financial asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial liabilities carried at amortised cost

These financial liabilities include trade and other payables.

Any non-current debt instruments which meet the necessary conditions in FRS 102, are initially recognised at fair value adjusted for any directly attributable transaction cost and subsequently measured at amortised cost using the effective interest method, with interest-related charges recognised as an expense in finance costs in the Statement of Comprehensive Income. Discounting is omitted where the effect of discounting is immaterial.

A financial liability is derecognised only when the contractual obligation is extinguished, that is, when the obligation is discharged, cancelled or expires.

Financing transactions

For rent arrears where the arrangement constitutes, in effect, a financing transaction because of extended credit arrangements the arrears are measured at the present value of the future payments discounted at an appropriate market rate of interest.

(l) Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short term, highly liquid investments that are readily convertible into known amounts of cash and are subject to an insignificant risk of changes in value.

(m) Charitable Status

The Charity is registered with the Charity Commission, number 1179890 and is exempt from

24

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31[ST] MARCH 2025

Income Tax and Capital Gains Tax provided its income and gains are applied for charitable purposes.

(n) Investment Properties

The investment properties were valued by Emily Knowles MRICS of Colliers International Property Consultants Ltd on 19[th] June 2024.

(o) Reserves

It is the Policy of the Trust to accumulate and maintain reserve funds for:

  1. Sinking Fund – for the replacement of soft furnishings in communal area, white goods in resident’s homes, gardening equipment, laundry equipment and lifts.

  2. Cyclical Maintenance Fund – to cover maintenance costs occurred at regular intervals including interior and exterior redecoration, fencing and annual electrical checks.

  3. Contingency Fund – in the event that the organisation has to be wound up, it would require 6 months running costs in reserve to allow for a proper run down.

  4. New Developments/projects.

2 SIGNIFICANT MANAGEMENT JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. In this regard, the Trustees believe that the critical accounting policies where judgements or estimations are necessarily applied are summarised below:

Depreciation and residual values

The Trustees have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate.

Provisions and accruals

Management bases its judgements on the circumstances relating to each specific event and upon currently available information. However, given the inherent difficulties in estimating liabilities in these areas, it cannot be guaranteed that additional costs will not be incurred beyond the amounts accrued.

Impairment of trade debtors

An estimate of the collectible amount of trade debtors is made when collection of the full amount is no longer probable. This estimation is performed on an individual basis.

25

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Investment Property Valuation

The Trust carries its investment properties at fair value and engages independent valuers to determine fair value using valuation techniques. The calculated fair value of the investment property uses assumptions which are subject to judgements. The carrying values of the Trust’s investment properties can be found in note 10 of the financial statements.

3 TURNOVER AND OPERATING COSTS

Income
and
expenditure from
lettings
Alms’&Care
accommodation
Other income and
expenditure
Young
Peoples
Services
Donations &
Grants
Other income and
expenditure
Rental
income
from investment
properties
YGT Partnership
Total		 Turnover
£
3,021,450
-
64,529
12,893
52,998
119,850
3,271,720		 2025
Operating
Costs
Operating
Deficit
£
£
(3,565,018)
(543,568)
(80,860)
(80,860)
-
64,529
-
12,893
-
52,998
(83,580)
36,270
(3,729,458)
(457,738)		 Turnover
£
3,479,864
-
41,492
12,364
100,499
84,024
3,718,243		 2024
Operating
Costs
Operating
Surplus
(Deficit)
£
£
(3,948,177)
(468,313)
(48,861)
(48,861)
-
41,492
-
12,364
-
100,499
-
84,024
(3,997,038)
(278,795)		 2024
Operating
Costs
Operating
Surplus
(Deficit)
£
£
(3,948,177)
(468,313)
(48,861)
(48,861)
-
41,492
-
12,364
-
100,499
-
84,024
(3,997,038)
(278,795)

(48,861)
41,492
12,364
100,499
84,024
(278,795)

26

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4 INCOME AND EXPENDITURE FROM LETTINGS

Social Housing
Registered
Care
Income
£
£
Rents net of voids
1,355,090
964,058
Service charge net of voids
675,819
-
Charges for support services
6,420
-
Amortisation of SHG
20,063
-
2,057,392
964,058
Expenditure
Services
713,416
573,472
Management
767,045
846,513
Repairs and maintenance
565,727
98,845
2,046,188
1,518,830
Operating
deficit/surplus
on
letting
activities
11,204
(554,772)
Void Losses
101,733
304,896
5
Exceptional Cost
2025
£
Rent overcharge provision
315,000
2025
£
6a
INTEREST RECEIVABLE AND SIMILAR INCOME
Equities
170,580
Bank and building societies
73,969
244,549
2025
£
6b
INTEREST AND FINANCING COSTS
Bank interest and charges
7,239
══════
No interest was capitalised in the year (2024 £nil).		 2025
£
2,327,234
675,819
6,420
20,063
3,021,450		 2025
£
2,327,234
675,819
6,420
20,063
3,021,450		 2024
£
2,328,104
937,884
193,813
20,063
3,479,864
1,488,617
1,918,899
540,661
3,948,177
(468,313)
456,583
2024
£
-
2024
£
-
165,962
76,790
242,752
2024
£
4,534
══════		 2024
£
2,328,104
937,884
193,813
20,063
3,479,864

1,286,888
1,613,558
664,572
3,565,018
1,488,617
1,918,899
540,661
3,948,177

(543,568)
406,629

406,629





27

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7 SURPLUS FOR THE YEAR

Surplus for the year is stated after charging:

2025
 2024
£ £
Staff costs (note8) 1,949,743 1,954,318
Depreciation of tangible owned assets 277,777 384,070
Auditors’ remuneration
-
In their capacity as auditors		 19,250 17,500
-
Other services
4,354		 -
Amortisation of Social Housing Grant (20,063) (20,063)
Operating lease rentals (including termination costs) 32,858 14,975

8 STAFF COSTS

Salaries
Social Security costs
Other pension costs
Agency		 2025
£
1,704,147
152,525
93,071
1,949,743
63,257		 2024
£
1,720,453
143,536
90,329
1,954,318		 2024
£
1,720,453
143,536
90,329
1,954,318

133,199

Pension contributions of £13,586 (2024:£12,430) were payable to the scheme at the balance sheet date and are included in creditors.

Non -executive Board members are not remunerated.

The senior staff team consisted of the Chief Executive, Director of Operations, the Head of Finance, the Head of People (part year),the Head of Housing and Community, Head of Care (part year) and Head of Estates and were paid the following amounts during the year:



Salaries
Social Security costs
Other pension costs		 2025

£

352,305
44,698
20,388
417,391		 2024
£
319,980
37,463
18,650
376,093

28

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8 Staff Costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
£60,000-£70,000 - -
£70,001-£80,000 - 1
£80,000-£90,000 2 1
The highest paid executive received remuneration of £89,572.
Average number of full time equivalent persons
employed during the year: Number Number
Office 10 10
Carers & other site staff 46 48
────── ──────
Total employees 56 58
═════ ═════
Settlements of £28,846 were paid during the year.
2025 2024
£ £
TRUSTEES’ REMUNERATION
Out of pocket expenses reimbursed in the year. £38 -

29

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9 FIXED ASSETS – HOUSING PROPERTIES

Completed Under Care
Properties Construction Home Total
£ £ £ £
COST
At 1 April 2024, 12,586,000 88,239 1,099,399 13,773,638
Additions – completed 166,569 - - 166,569
Additions – under construction
-		 298,083 - 298,083
Less Disposals - - (19,154) (19,154)
─────── ─────── ─────── ───────
At 31 March 2025 12,752,569 386,322 1,080,245 14,219,136
═══════ ═══════ ═══════ ═══════
DEPRECIATION
At 1 April 2024 2,892,690 4,600 139,919 3,037,209
Charge for the year 227,545 - 9,740 237,285
Less Disposals - - (9,661) (9,661)
─────── ─────── ─────── ───────
At 31 March 2025 3,120,235 4,600 139,998 3,264,833
═══════ ═══════ ═══════ ═══════
NET BOOK VALUE
At 31 March 2024 9,693,310 83,639 959,480 10,736,429
═══════ ═══════ ═══════ ═══════
At 31 March 2025 9,632,334 381,722 940,247 10,954,303
═══════ ═══════ ═══════ ═══════
All housing properties are freehold and completed. Total expenditure on works to existing
properties amounted to £454,416 (2024 £341,935). Of this expenditure, £166,569 (2024
£88,767) was capitalised in the year.
2025 2024
No’s No’s
Units in Management 225 249
───── ─────
225 249
═════ ═════

30

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10 FIXED ASSETS – INVESTMENT PROPERTIES

Freehold land and buildings held as income producing investments

Freehold
Ground Freehold
rents properties Total
£ £ £
Market value at 1 April 2024 90,000 1,460,000 1,550,000
Additions - 90,000 90,000
Elimination on disposals during the year - - -
Revaluation of ground rents and properties - - -
in the year
────── ────── ──────
Market value at 31 March 2025 90,000 1,550,000 1,640,000
══════ ══════ ══════
Cost at 31 March 2025 739,858
══════

The investment properties were valued by Emily Knowles MRICS of Colliers International Property Consultants Ltd on 19[th] June 2024 in accordance with RICS Valuation-Global Standards and based on open market value for existing use.

31

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11 Other property, plant & equipment

Fixtures &
fittings
£		 Fixtures &
fittings
£		 Computer
equipment
£		 Computer
equipment
£		 Motor
vehicles
£		 Motor
vehicles
£		 Total
£		 Total
£
COST
At 31 March 2024 344,156 94,596 17,470 456,222
Additions 36,630 6,958 - 43,588
Disposals (90,212) (24,367) - (114,579)
─ ────── ── ───── ─────── ─ ──────
At 31 March 2025 290,574 77,187 17,470 385,231
═ ══════ ══ ═════ ═══════ ═ ══════
DEPRECIATION
At 31 March 2024 266,886 61,116 11,170 339,172
Charge for theyear 31,992 6,400 2,100 40,492
Disposals (84,662) (4,814) - (89,476)
At 31 March 2025 214,216 62,702 13,270 290,188
═ ══════ ══ ═════ ═══════ ═ ══════
NET BOOK VALUE
At 31 March 2024 77,270 33,480 6,300 117,050
═ ══════ ══ ═════ ═══════ ═ ══════
At 31 March 2025 76,358 14,485 4,200 95,043
═ ══════ ══ ═════ ═══════ ═ ══════
Depreciation rates 25% 25% 25%

32

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12 LISTED INVESTMENTS – GENERAL INVESTMENTS

Market Market
Cost Cost
value		 value
2025 2024
2025		 2024
£ £
£		 £
Equities and unit trusts 4,651,187 4,606,853
6,034,259		 5,997,690
Short term deposits 55,588 43,850 55,588 43,850
4,706,775 4,650,703
6,089,847		 6,041,540
═══════ ═══════
═══════		 ═══════
Significant shareholdings
There are no significant shareholdings which individually represent more than 5% of the
market value of the Charity’s investment portfolio at 31 March 2025.
£
COST
At 1 April 2024 4,606,853
Investments acquired 480,293
-
Transfer in
───────
5,087,146
Investment disposals (435,959)
At 31 March 2025 4,651,187
═══════
MARKET VALUE ADJUSTMENT
At 1 April 2024 1,390,837
Eliminated on sales (519,810)
Adjustment for the year 512,046
At 31 March 2025 1,383,073
═══════
MARKET VALUE
At 31 March 2025 6,034,259
At 31 March 2024
5,997,690

All investments are quoted on the London stock exchange and have been acquired within the Trustees’ powers.

33

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13 DEBTORS
Sundry debtors and prepayments
Almshouse contribution arrears
Bad debt provision
14
CREDITORS (AMOUNTS FALLING DUE
WITHIN ONE YEAR)
Almshouse contribution prepayments
Trade creditors
Rent overcharge provision
Government Grants
Taxation and social security
Accruals and deferred income
Other creditors
15
CREDITORS (AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR)
Government grants:
At 1 April 2024
Addition
Amortised in the year
At 31 March 2025
Amortisation charge < 1 year
Amortisation charge> 1 year		 2025
£
182,097
49,967
(29,525)
202,538
93,838
153,557
315,000
20,063
49,679
166,223
21,181
819,541
1,487,650
360,000
(20,063)
1,827,587
20,063
1,807,524		 2024
£
193,743
63,098
(33,729)
223,112
131,879
137,612
-
20,063
49,416
106,241
23,448
468,659
1,507,713
-
(20,063)
1,487,650
20,063
1,467,587

Total accumulated SHG received at the year-end amounted to £2,175,754

34

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16 OPERATING LEASE COMMITMENTS

Total future minimum lease payments under non-cancellable operating leases are as follows:

Payments due
Within one year
Within 2 to 5 years		 2025
£
11,700
-
11,700		 2024
£
14,975
27,093
42,068

17 CAPITAL COMMITMENTS

There were capital commitments as at 31[st] March 2025 of £1,423,181 (2024: £39,947). The commitments related to the following development projects:

Mason Court remodelling £24,851 Alex Court (Foster House) £787,830 Meeson Apartments £610,500

35

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18 Linked Charities

The summary results and balance sheets for each of the 7 linked charities as at 31[st] March 2025 are as follows:

Statement of Alms Holte and Holy Trinity Thomas Oak Tree Care Relief in
Comprehensive Bracebridge Banks House Need
Income
YE 31/3/25 YE 31/3/25 YE 31/3/25 YE 31/3/25 YE 31/3/25 YE 31/3/25 YE 31/3/25
£ £ £ £ £ £ £
TURNOVER 2,028,816 0 52,751 32,272 151,395 973,572 76,500
Operating costs (1,727,389) (59,552) (50,396) (57,121) (207,374) (1,442,982) (228,228)
Operating 301,427 (59,552) 2,355 (24,849) (55,979) (469,410) (151,728)
surplus/(loss)
Exceptional cost (315,000) - - - - - -
Interest receivable 51,368 10,191 4,021 - 11,185 624 167,160
and other income
Interest payable (3,361) (60) (808) (757) (941) (1,038) (275)
Realised
gains		 - 24,866 3,788 - 6,645 - 48,411
(loss)
SURPLUS/(DEFICIT) 34,434 (24,555) 9,356 (25,606) (39,090) (469,824) 63,568
FOR THE YEAR
Unrealised 0 (28,640) (5,515) 0 100 0 34,571
gains/(losses)
on
investments
NET 34,434 (53,195) 3,841 (25,606) (38,990) (469,824) 98,139
INCOME(DEFICIT)

36

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18 Linked Charities continued

Balance Sheets Alms H&B HT TB OTH Care RiN
£ £ £ £ £ £
Fixed Assets
Housing Properties 7,474,267 703,734 479,031 628,118 548,482 940,172 -
Investment - - - - - - 1,640,000
properties
Other property 262,702 - - - 12,841 - 0
Listed investments - 287,429 86,617 - 366,259 - 5,349,542
Current Assets
Trade
and		 other 1,241,239 23,612 - 917 17,761 6,036 1,781
debtors
Cash at bank 1,833,071 15,717 80,418 5,551 16,604 125,358 872,891
Creditors <one year 624,552 166,008 59,055 42,521 178,733 760,146 79,699
Total
assets		 less 10,186,727 864,484 587,011 592,065 783,214 311,420 7,784,515
creditors<1 year
Creditors >1 year 1,807,524 - - - - - -
NET ASSETS
RESERVES 8,379,203 864,484 587,011 592,065 783,214 311,420 7,784,515
Endowment - 974,402 88,654 - - - 7,033,357
Revenue 3,119,822 (109,918) 435832 592,065 412,866 311,420 386,158
Designated 5,259,381 - 62,525 - 370,348 - 365,000
8,379,203 864,484 587,011 592,065 783,214 311,420 7,784,515

¤

37

SIR JOSIAH MASON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19 Post Balance Sheet Event

SJMT is in negotiations with YGT to form a merged organisation.

38