lfvtuSTrthreTThn5AthI R41. OP4Js8VXtH?JSQpl02jOTs3 BSTILlfC 110 ItsP 11&7 Homes Eryland number. 4756 Chwity Number. 1197888 TCUK HOMES LIMITED (A company limrted by guarantee) Annual Report and Financial Statemenls for the Year Ended 31 March 2025 11111 AE8WKMYP* 2e•J¥2025 COMPANIES PIIYJSE
123
ws4vyfAwL23Sop202507'.4Y438SYIUTC+i)0 1nP2rA TCUK Homes Limited Contents Ci¥npany IOMiall¢ Re[m of tr* Board (rudi4 Strategic Reyt) 21012 13to16 17 18 19 211034
VMuolsbJnalv5thRew. WSBVIIW8X23Sqp2Wa07'.443 BSTIUfC •1lD Irap TCUK Homes Llmited Company Information Direct ATMSli SBdl M Sm#h T VaV• Tradry Es1 •KI W NE11 ONJ Solicitor5 sirth LLP Tr Cube Badc Road NE4 6DB Auditor Regent Ce NE3 3LS
VknJaL%PJnAiweTr4n5DknIR61. DNJS4wxLHI 2J Sqp211250Y:.4) BSTWTC +1101fJp4b TCUK Homes Limited Report of the Board (including Strategic Report) for the Year Ended 31 March 2025 The Board of TCUK Hunes Lrnited present ttir reprt Ihe stragi¢ and the aKlited fffiancbal slatements for the er#ded 31 M¥ch 2025. Principal acts¥ity Members of Ihe Board of Man•gemMt Stephen Bell CEO. ChryiTrJ LibTs. Anne-Mwi8 Jex Shr Chair <rfBo•d. Partrw. rfred Head of IPIIT. Wad H•Jaw7y -LeeY Tefford was apwnkd 29 May 2024 11 March 2025. To frx the of the ccffirrnymty 1he tAtsin of ldrj and managirwj social h(wing temis apFYopiiate to thew means. TCUK is a Ovrfd sltsirfw d Changiy LNes and a regisieTed PrIder of socia operating under re$trati nurythT 4756 the Regulr of Social H¢)usrMJ. TCUK xns to athieve its dwTtth PWFoses by. Leas1 aTrd managing resKlenti woyties tb social tenants in Ine hrylh the Rwlator of Social Houstng's regulattwy fTamvrt partrv5hip wth Changng Lives to deliveT on the Grtyjp's grTh¥th amlYtsry. Pwamme Grant lund5 k) wocure new properties upgrade exi5tirs rnes for use by As 0131 Marth 2025. TCUK H(MrS has 61 affcrfdable rented homes in manwenL' 10 noTwxwI rental Iu51ng cfi beham ofChffjiYJ Lives aTrJ 384 SupPd lthsing uni
Vblyglsr•TS•Xkn Rd.ONJS4VAtWX2JS•pYJ2507..45.'4JBSTILifc•l}D IrJp ¥J6 TCUK Homes Limited Report of the Board (including Strategic Report) for the Year Ended 31 March 2025 (contlnued) TCUK Homes cperates fft ekn l(xl authortijl ¥eas coninury to (yrale in the NoEast and Yrykshire: Northumberknd. Nemraslle, Gatestr, North TrIde. Styjlh Tyrnside. Sunderland. Durham, middlesh. arKI Ytjrk. Ihe year TCUK H¢wnes began cperntir8 in tr+D new weas. t)oncaster and Ba & inveslment. 2024r25 year rew)rts a of rdi lIty fOlknn9 the Fe¥io years in vknich the operty appraisals had been c4nducted wmbff of unts redu¢ as a result of agreed sales. In contrast to wevAyJs the number of wyls has increased, ith sJnificant in s accommodati¢)n serltces wihin TCUK Hcffies. ThFS VM5 predtynnanty due to the successfvl tendwing Homelessness contracts in Dcffaster and Balkry and Dagerom added 89 its to the p. Goveman¢e Reportlng lmwovenrt Plan {GRIP) A key fo¢JJs for the year has been (xwnpkne and reguy st¥thrds. Dwing 2024r25 TCUK Homes boxd commissioned an assessment of compliance vAth the Regulator for Swal Housings split into the foll¢Mftg categorns". Compliance Awl Management FmarKe and Rents Some ofthe key adions as a res1 c11he review indwk: Develowent of a repryts'r¥J f¢quirements calendar #)cbJding any krth*n vthich TCUK Homes has a150 became a ful membew of Supported H(Mj in Partnersh¥> (SHIP). benefiknng from inthJ5ty lovjssed IAniw.
R•r.OKJ&OVXtrJ5•P20r:44j 8STiiJfc•llO IrJPf TCUK Homes Limited Report of the Board (including Strategic Report) for the Year Ended 31 March 2025 (continued) the slandards. TCUK lOme5 15 sali5fied Ihat as a rewlt of Ihe the GRIP plan. Ihe Irustees can make C4Yrtuiued assurances that it lPIleS both the set by the Regulator for Sotsal HcAtsirwJ de51 was pIng. TCUK Homes has erwed wih Homes England in discussing ts plan for redIng of the cuwenl captsl grant balan IEld by TCUK He$ as a result of the sale. The bUs1r case has been submitted and approNtd ft fiThling due ta rexh its lThit fer being TCUK is contThing with ts strgy of cm relat¥ry ts IIng schemes. In Aoril parent into TCUK Hornes. During 2024r25 a filllher fve wq)erbe$ haNt been converted frrm affordable IKBing to supported sirvj with the consent of Homes Etyknd. Thts VAI enable TCUK Homes to expand its pathrship the majority of tenarts respondw that Ihey ae %Yy salisfied. 4Mih the overall servw pmvkled by TCUK Homes. Ajso il was •irKJ to note that the of tenarts feft salisfied that their home rented or %)cwl housing ienwKies due to a Ixk of availabifty or affordabl. Becwse of our key lett1r ciiteiia TCUK H¢Jmes 15 Ikn the firsl wt d call for refenal agencies workfftg ¥th dients wAh
R•f. DFij&8VyDz03•PO7..4138$ylfc 1)0 inp ? TCUK Homes Limited Report of the Board (including Strategic Report) for the Year Ended 31 March 2025 (continued) management kAve supported the lenants •wJ bew * to and erthanced support seN4ce lo general needs tenants Vtulst also gUKI from a supww perspeLtve. Although all properties VAII be taken on a case by case basis at thts mcffierrt Ihere are no plS to dispose of any fvrlher unlls. outcome of Ih¢)se sur¥ey5 wll be wKxxpO into the lryr temi asset management pkn indIng Rebranding to CL Horyvas As of 1st Ayil 2025. TCUK Fkffies wffll be as Chwing Hrn. Whle the name is changiry, Ihtte wll be no to serlices. knants. OT SUPPOrt for cuThent residents. The renaming bn"NJs a Clearer i4ntty ¢0 our Kyk ur•kn the CharvJiTrJ Lwes nne. While the name is trjIng. Ilwe v#lll be no dbwtson to seplices. knanc5. tx swort lor vjrrenl residents. The renaming brwy a dex identity to ourwx¥k der the Changiwj Lwes name. risks include the following.. the new Conswner Stw¥jas regulatn$ on tr 29th of FeW 2024.The board has activety reviewtd 115 compkne the standards (as delaled in the GRIP plan above, w1h snifant Wrf( in 2024125}, areas of risk have been mitsgaled vAlh an action plan in Impact of the rentws nght bll inckttfiNJ section 21 nD fau ellictl) as well as the changes to hsirj ten)etes. vJ(¥easiNJ leNtfs of debt projects. Faire kn efffftrrt manage the M$a'S assets & fthiiies reslIj in loss of val. loss in revenue. a detertornkn Yb the cL¥rfrtb)n of assets. fines & pr05ecutions for risirwj >$1 d fr¥ir¥J llnpacts I custcmers. staff and strategic pathrs resumrg in increaswvj laLw. matu41 and utility costs ¢uts n I(1 ser%rycts and a budget deftiL
VthISl)nath RI.ori)W?aSw1o?SoY..4lSS$TlIrc •l)D 1rJpv
TCUK Homes Limited
Report of the Board (including Strategic Report) for the Year Ended
31 March 2025 (continued)
relevant to the size and complexty of the assessed ts roiwstsxss of the wntrols in
Risk of nortsci¥npli•n( wilh He4lh & Safety legsla11 15 also a key iisk lo TCUK Hcffies Limited.
The heath and safrty of CAff tents. staff parlnu wganisatiorts is extremety important to the
¢rganbsatim. There e (MpleX legal requwemerts that TCUK Homes must aw compty wih. and
our slaff undertake regular checks to ene fvll c¢>npliano. Dalix is a rew1ing too]. whith ts used to
Tecord and ana VKadents vathin schemes. Amnual gas servw and boiler repaws in our general
needs propeths are WKlertaken by solu11c$ wilh gas servicry wsits prcwammed for
C4xnplelK>n over an 11-mLmlh ¢yrle any
OmJS4irIAX fJs•p2CQ5074458ST(itrci)o IrJp TCUK Homes Limited Report of the Board (including Strategic Report) for the Year Ended 31 March 2025 (continued) and NoTrFinxi•l used by the Bo¥ ovides an overview of the numter ol wytie5 in manageryrt •Tears and voids pthance: Heallh & Safety inodents (trlA9 a summary of•y (Artstng CP12s) and ) update of business Capital Slructure and Treasury Policy Value for Money TCUK Homes is fiMftted to delivwing for to its resiknts and serite usw5 through the provtston of good qualty affOrdae hcffies aKI swlices. Value for money meTh4 S maknn9 the besl w of res¢wri KdeS the folkyhiw: Managr¥J finances 41ptimisr4J costs to supwt knAines$ Nryabilty. local cunmurilies in thich vAxk. Th8 fo¢us ofTCUK Hunes vafue 2024r25 to ertswe that rfOrnnce was There has been hIr than expeded wxd losses Swved hsj partiudarty n cwr dtspersed acujmmodation proie¢ts th to delay3 in re1¥1 1minationS and lelliig of prwbe5. Thi$ has tygered a stratffjc review by ching LI5 of rfs strategy. Folb)yn9 the pUblat[c of the Regufatrf of Social j.$ Deasion InstNmert 14umber 18 'Decssion to revise the Value fty M(Thy Staftda and issue an as%Kiated Code of Practice.. metrics are prryJu¢%d f the ¢¥ThId of TCUK Hrn B(wd.
Rqf.LKIWXWL23202507'.4.430ST(urc+i)D 11J P Ily TCUK Homes Limited Report of the Board (including Strategic Report) for the Year Ended 31 March 2025 (continued) Metiic IAetric Title TCUK Homes TCUK Homes 2023rd4 0% TCUK Homes 2024n5 Relnveslrneni % New supply delNeted % Social Housi Unlls New suppty delered % NOnoCial Housin Unhs Geari Eamtngs pre interest tsx. d¢predallon. amorfisalion: mapr repair5 in¢bJded Interest cover Headline Social Houw9 Cosl r Unit Operallng M4Tgin (sooal housin leltin eralln Mar in overall Relum on Ca tal Em ed Mano ement costs er unlt Renl arrears expressèd as % of rènt dèbit. Void loss rent Out of mana menl voids B•d debt -1% 33% -7% -73% 9% 41% 166% 23% 273% 377% £9.741 £12.355 £12.592 6A 6% 4% 10% 5% £426 699% 12% 7% £638 377% 4% 3% 112% 100 10b 12 15.1% 2.4% 5.1% 12.3% 1.7% 11.5% 11.4% 2.69%
I1$TNI•MReI. tUWrn13 Svp2ts2507:4.IJ BSTiufc •1lD 1raP Iln8
TCUK Homes Limited
Report of the Board (including Strategic Report) for the Year Ended
31 March 2025 (continued)
This metric sets oul the Nmber of new wyts n each cgory that have been acqured thring
I Ihe yEar as a wwtion d the total social IKWSU4 Lts WKI non&sc¢HI housiw units 41 the
end of the fiscal y.
This metric indicates rnh ol Ihe •Susted assets are made up of debt and the degree of
increased cash hdd at pe th1.
In(¥ease in the (x)st per unit ha5 been dr11 by ** WKxease in tr costs af eMptynl,
The change in marw is altn'we k) a redUd surplus due to the intyeased costs per un
small rethction wi the (watirwJ swplus lorfrwiay Wd.
This metric looks at the average cost of managemerrt athrfy per wopety to ddiv
charges.
10.
B) Thi5 is the total c
Rd.OW>Wx[ S•p 202507:4.4J BST{ure +1)0 InP 1V TCUK Homes Limited Report of the Board (including Strategic Report) for the Year Ended 31 March 2025 (continued) of reference, PQV•trs ar limits of th¢xty. memiwship. chay, alten(lees. tenn d office. qwrurn. meelings & agenda, and attend at meelYvJ5. A c4)y of the Re9al01 of Social Housr4J's Govemance and Financial Viabity StarHlard Code of Pr¥lh% iKluded as an addendum to the Goveffmnce Handbcok. Board for approval. TCUK Homes 15 comrnitsj to thirvJ and lieniry to its fesidents arrtl at each of its meelings. F¥operbes in management ¥e dtspwsed t)¥er an exceptlxwtty I geographi¢al area and to the sparsity of properties thriwh(Mrt these areas.. there is rth (yportunfftjl for socr41 events or The Rea10T of Social Hou5rvJ reqjwts the B(wd of Manaythiiert to wepare financial slatements for each ftscal sar. vthic sive a INe and fair vw of the slate of '15 of the Assoc4ation and the surplus or defi&t of the Associalicffl for that Pd. In wep•ffwJ ltrthe statanents. the Board of Management are requred lo: The Board of Marragement are rewthle kn mairthniry w4)er ac4ltiry re¢ords thsdose vAth reasonable ac(#Jracy at any time ts thanc¥al posibon of the Associati)n and to enable them to ensure that the financial statements c1jm SchethAe 1 to ts Housiro aTMI Regenerati A 2008 and the Acwiting Direc1K5 for PrTrAte RwJistered Provxlers of Social Housirvj 2022. The 80ord of Management ackn its ullimale resp(Ktsbi lty for enwing that the kncialion has in pla(x a Wem of controts thal is appTopri* to the busfftess trNfjTonment in 1¢h it operates. safeguardin9 of assets aga1 unautrwised use or disposibcn and hence for taking reasonable steps ftythe preventi a1 detecti offraud ¥#J other irregularilies. li is the responsibil¥ of the Board of Man¥ment to e5tablsh and maintain systems of irrtemal financial control. Su¢h system5 rw wvétde reasonable arKI not absolule assurance against matwial finarllal Misstat or105s. Koy indude: 10
Vk1uaWn•Tms¥trm LWJSBWXL4l23W2O25aTBST0if¢+lio irJp iwJ6
TCUK Homes Limited
Report of the Board (including Strategic Report) ft>r the Year Ended
31 March 2025 {continued)
fonnal pofws and FYOruTes ¥e in plaee, the d(mentatiOn of key sy#ems and
le5 relating b the delegati
VlSlIw0yr8n9*th A•f. 4)s41Lyj Sqo2025O7AS'438sf ¢ilfC•llO IrJp 14r TCUK Homes Limited Report of the Board (including Strategic Report) for the Year Ended 31 March 2025 (continued) 22 Septwthr 2025 Apwoyed by the Board on.................... and signed on Is belAirty. S Bell Oirect(Y 12
l•wlw•TrnMsx¥wJi Rfjf. CJ>fJSoPZfO5Ol136sT{1rc +110 1rJp IYJG TCUK Homes Limited Independent Auditorfs Report to the Members of TCUK Homes Limited Qualifd Opinion We ha¥e athlited the financ% Staterf of TCUK Homes Lrnited (the'ceAiipanY) for the )wr ended 31 March 2025. c115e the Statemert of ComWelI Inc4)me. Statement of FrwKral Poson. Statement of Changes in Reserves Equty. Slatemerrt of Cash F. and Notes to the Fina1* Statements, trudry a summary of SignifnI ac0)unIr OKies. The ffinla1 reporting fraMeu0 that has been applied in their wepion is appkable and United Kingdom AccountirvJ Stsndards, ric1Th9 Fmancial Rep stathvd 102 The FirAncial Reporting Standard applicable in the UK and Rep)11C of Irel Iunited Geralty Accepted A¢untIl9 t)p1Th, ex¢ept lor tt effed5 of tt mallet in the Basis Qualified Opini give a In and fair view of Ihe sl of the Clyn$ affaws as * 31 March 2025 and d ts sulUS then ended: Basis lor qualified opinion on financia slatenwts As descr&)ed ryi 'accnI¥ potles. Leaw. houstrvj wopeths recognised in the financ1 statements as beirwj held wxkr leases have ien re¢ognised as an asset and coffespondi riabilty to Ihe le550r has been re¢ognised as a finance lease A signifit proportion of the ¢ast of the housng prwtie5 rektes to Land wthich has on unhmiled useful life. Therefore the lease term is not for the major part d the ecorrfynic lile vthi¢h vAmd irrt5c that all Ihe rS and rewards ital to the have not Iranskned to TCUK. In our opini(. ts lÈa5e should therefixe be classrfd as an Opeirj lease and rerthls • to ts statement ol mpretEnSe ineome on strai1 line bw <sver the lease tem). operating lease, then: fixed assets red by £5.6,231 t(Wnty the depre¢iabon tharye would reduce by £188.384,' the finance lease uedilow woukl reth by £3,844,689. the finance interest charge wouhj reduce by £151957: the ci¥nwy would have had an operating lease charge wease of £201.363. AccordirKJly. the impact on tr ted res1 Duhl be an wwovement of £138.978 to the reported surplus on Ihe Statemert of comprehensr Income a wrrfsening of the feported ban sheet pwtson by £1.854.542. 13
R•f. mlIlf45•1iy3o7."1&. B5T (Ufc ••101fJp 1WJ TCUK Homes Limited Independent Auditorfs Report to the Members of TCUK Homes Limited (continued) Cou510n$ relating to g¢Jing concem aMlilÉng the financial ststements, have (meluded that the drectifs use of the goire concern basis of a¢xounting in the fftratim financial slatwvnts ts apprwiate. events or condibons that. YK1Ua1y or edthPY. may cast s>Mficant on the c¥)rnpanWs abilty to eontirn as a gtMrvJ concern of at least montrts frfffi vklen tr original r reSponslI111eS and the $1blIbeS of Ihe ilh re¥ect to goiry CoeM are dewiW in the relevant sectims of thts reF (Xher Inforn infonnalion wKtuded in the annual repor( other trn Ihe fin8ncthl statements and authtorfs report the0. Our sjpinl( on statements does not cer the other irrfomialion and. except tD conclusion thereon. In wnneckn ¥th our athfrt of the fKwKial statements. our responsiblity is to read the er w)f(xmalton aJ. in doiry so. conshkn ther the is Matla[ty IrKonsi5tent with the financial statements Or Ir knowkdge obtained in the C4Xffse of Ihe a1& u OtherSe appeats to be materially misslated. W we enIty such material XtCleS or aent material MisleMeThts. are required lo determne vthether thi5 gr rise to a material misstatement in the financial stalements themselves. If. based the wryk we have perfed. we candude that Ih¢R is a matwial rnisstalement ofllys other infornwtiry4 required to rewt that fact We have nott¥NJ to rwl in this regard. Opinion on other matler prescribed by the Companies PLt 2006 In ow opinion, based on Ihe wthrtaken Ni the course d the . the Inf¢mIati the repcrft of the board for the fmanrial for vtitch the financial Matters on which we •re requwed to r¢p(x1 by ex¢eption In the Ight of our knovAedge and urMkrs1anth ol the arrfl its lfOnment obtaned in the CoUe (rf Ihe audi( we have idenliW material misslatements in the rewt ofthe board . us to report tr> rf. cyinirm: . adequate acts)unttThJ rec<Kds have nol been kept. or qu* for <Xff have not been 14
W1$[•M•Tf1IW R•f. ClWAW23StyXWS0Tr.45.'43 BST iiJr¢ •1lD ILIP 170B TCUK Homes Limited Independent Auditofs Report to the Members of TCUK Homes Limited (continued) Responsibillties ol directo As explained mtye tr (set art on page 10 •xJ 11). the (trects5 are responsible fty tr FYeparion of the financial statements and for be &itisW Ihal grve a ITr and fair view, and for intemal ty)ntrol as the direclcrfs determine ts rce$s ID enable the weparaliM of fin¥Kial to cmtinue as a goiThJ concem. dixicwig, as apF4icable. mallws retated lo going concem and using the ping n¢ffn basis ol accoting lesS the directws eilhw itsnd to Iwydate the wnpany or to cease opttion$. or ha no realith bul to (k> so. Cr lei are to obtain reasonabie assurnnc the ffflancial slatements as a ¢)le are free fr(rn rnater1 misslatemenl ether due to fraud (r effor. Io issue an audilorfs report thal indudes our opinion. Reasonable assurante is a 14gh level of assumce. is MI a guarantee thai an audit ndUCted in xxjrdance wih ISAS IUK) 11 ahRss detect a material mlsstatement en it exists. MBstaternents can aiise Ircfn or error and are cutsidered material rf. indrvhJalty or in Ihe aggregate, they could reascffiabty be expecd to the ecUniC dec45ions ol users gularibes, indudiTrJ fraud, are Instanc of rKm-complixe 1•5 and Trgulalions. We desiqn procethjres in line vith our responsfoililies. llined above. to deleci mrial mi55tatements n respect of iffegulaiibes. incluthr¥J fraud. The extent t+ w¥ch ow proct(knts e tapable d detettiTrJ wregularibes. IndlAg fraud is detailed bel¢w. and regulatio and lrnutr. . Reviewing board rrinules.. . Challenging assumplions and Nements maje by their syfftart acc¥)uniir estimates. in Partilar in relalKm to sloc provts1. abj to have a material impact the finanal slatements". Heallh and Safetr, 8uiklir¥ and fire safety latiorts irdu(ThJ.' the HoLtsry Act 2004 and the Realory Ref(Thi safety) (yder 2005 and ¥ing to Ihe inherent fThilalions of audl there is wwK¥dable risk that sm material m&ssLments n the financial Statements may not be detecw even trwh the audil is proper F4anrLed and perforn)ed in aC0)r the ISAS {UK). For rtstsnce. the furlher removed Ilkely the alItOr bs k) Lcune ae d it or to retowwse the nonwcompli¥Ke. A futher descrplicffi of ow resp(SlI11eS is av*ble on Ihe Fwwncia ReF Councifs vb$Ite 15
S•paTr507:4&.4) BST(ufc+110 IrJp Iwji
TCUK Homes Limited Independent Auditor's Report to the Members of TCUK Homes Limited (continued) Use of our report rewl is made solety to the ccmpanys membus. a5 a btsty, in attordance wih Chaptsr 3 of Part 16 of Ihe Companies Act 2006. and Housing Regeneration Act 2008. Our audrt wortt has been wrflertaken so that mtht state to the oYnpanS memb5 tlv)se matters Y are required lo stste to in an audit$ report ar for Tr) other ww. To the fullest extent Pertted by law, we do not ac¢ept or assume responsibl to aTre other than the company and the c*xnpanYs members as a btsjy, for our audit ¥A)rk. for this rem or for Ihe opinions have Ied. Simon BItt• BA ACA DChA (Senior Statuw jItor) For and on behalf ol A2ets Audrt Services Chartered Accountants Statutory Auditor Bulman House Regent Centre G051orth Newcastle upon Tyne NE3 3LS 23 September 2025 16
VktuSn*yrnTrnrtsRor. c¢iJ>ewxLW fJ5ep2025Q7&.13 B8Toifc +1)0 11) P i¥ TCUK Homes Limited stalement of Comprehensive Income for the Year Ended 31 March 2025 2025 2024 TumoNw 6,311.$85 (6.127.738) 76,691 4.982.454 (4.751594) 325.265 Cxher ¢)peratirtg irt¢me Opefating suu$ Interest payable arKI s¥nil¥ expery5es Surplu5 before tax Taxation 260,S38 1S1.957 555,125 151.976 108,581 403,149 13.314 Suwus far the fmancial 108,581 416,463 22 Srnber 2025 pFYo¥ed and aulhorwl by the Bwd on .................... and sig1d t)n ils behalf ty. Director The notes on pagts 21 to 34 fomi an mlegal pwt ol these financial statements. 17
rtUs20lLYP R•f. C4tsBVXCAI2J SDp2fAsoTrA&'43BST¢VTC+1101BP2 TCUK Homes Limited (Registration number: 08385555) Statement of Financial Position as at 31 March 2025 2025 2024 Fixed assets Tangible assets Curnt assets Debtors Cash at bank and in harKI 10 7,952.655 8.195.666 11 273.618 1.441.960 1.715.578 662,546) 1,431.150 1.825,936 980.565 Crnditors: Amounts faItr due one 13 Net curTent assets 1.053.032 845,371 Total assets currtht liabilitles 9.005.687 9.041.037 8.607.610 433.427 Creditors: Am(wnts falh'ThJ d[ after more than one sear 13 8,463,679) 542.1)J8 Capilal and reserves Profrt and I(5 account 542.008 433.427 433.427 Total equity 542,008 oved and authori5ed by the Board on .................... aKI 5wJ on s behalf ty. S Bell Dire¢kY The r#)tes on pages 21 to 34 forni an integrnl ofthese fjnanoal statements. 18
vML4iS#w•TrM3th Rrf. tWV t3Sep202507.'453BSTIllr¢ +110 ln P27n6 TCUK Homes Limited statement of Changes In Reserves and Equity for the Year Ended 31 March 2025 Profit and loss account AI 1 2023 16.964 416,463 433.427 16.964 416.463 433,427 At 31 Mz&ch 2024 Profil and IM$ aceount Total At 1 Aprl 2024 433.427 108.581 433,427 108.581 At 31 March 2025 542.(M)8 5411 The notes (m pages 21 to 34 fomi ingrnl part of Ihese frwlcial StatTr*ts. 19
R•f. DNJSbVXLMQXZJW202507..454J8STUITe*lJO trJp22aF TCUK Homes Llmited statement of Cash Flows for the Year Ended 31 March 2025 2024 forthe ar 108.581 416.463 Sock?1 housing gMt recogriwd in YKome 1117229) 272263 151.957 (94.112) 151.976 13,314 755.953 Income lax e>¥ 415.572 Working caiMtsI adjuslrnents Deuease in debtors 11 13 121.168 318.019 440,541 227.832 218.721 1.424.326 9.378 Income taxes 218.721 1.414.948 Cash flovrJ from investing aetivilies Acquisiti'ons of trn91 assets Pro¢eeds from sale of tangible asseis (29252) {10,0001 390.803 29.252 380.803 Cash flow$ from financing activities Interest pahl PaJTnents to finance lease ueditors {151.957} (.71y2) (151,9761 (384.6901 170,000 178.659 706,666 10.810 1,431,150 1,441.960 1.089.085 341(5 1.431.150 Cash and cash ewivalents at 1 Awil Ish and cash w1valts at 31 Varth noles rn page5 21 to 34 frlm an iittgral part ofthese statements.
VIILis¥f•iw•Tr•n#kn R•i.OIWVXtsMgJL23 S4p2025WA&-438STiiifc •7)0 iraP23r TCUK Homes Limited Notes to the Financial Statements for the Year Ended 31 March 2025 1 General informatM¥n The crynpany B a c(Thp•)y limited lry in Er and Wales and fegisteyed vrith Homes Engtsnd. and a)nseqi• does rwA h& Sh ¢aprtal. Ea¢ of the members is liable to contiibute an amtyjnt not ex¢ee(kng £1 tthyards ts assets ofthe vi the event of h'quidation. The address of ils wistered is H26 The AVerA Eknnth Norlh. Team val Trad Estate. Gate5hewJ. Te Wear. NE110W. 2 Accounting policies PAThmary of significant a¢eountiw polieie5 and kty a¢countiry eslwnates The principal av>)untiNJ 1¢le5 aled in the sry>3rntiM of Ihese frial statements are sel out These financial slatements prepared in x¢{xdan wilh FinKAal RetAxty Standard 102 The Finala1 ReportiThJ Standard applicable i) Ihe UK and Republic of Ireland,. the Accounliry Directions for Private Registwed Providers of So(#al 2022 and ts Slalement of Rec4)mmended Practice AccountirwJ by Registered Social L¥Kllords. Uptsts 2018 fSORP2018'). The financ&il ststements are also prepared under the requirements of Ihe aml RegeneTrlK)n Act 2008, the Companies Acl 2006 and ts ch11$ Ad 2011. •CrdanCe wih FRS102 PBE3.3A the thctOTS ¢(th that this Registwed Sociaf Hwsi P¥Ier is a Public Benefit Erthty. On th¢ 11 FebNary 2(rz2. the entity obtaY*d chaiitable stalu5. charfftjl numb¥ 1197888. The SORP. Basis of preparation Thesefinanaal stateMts are pryed in sterfrvJ th1¢h is the knctirmal (rfthe entity. 21
V&fu¥L$¥nstsvTt4ttSWw•I. fwJs4wAL4WL TJ Sw202507'.45A B5Toif¢•1lD IrJpzw TCUK Homes Limited Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 2 Accounting policies l¢onlinuedl Going concwn The company meets its day kn day vrt)rkiwJ capitsf through cash generated from operatTh5. At the end the company had net Gwffent awts of £1.053.032 induding cash of £1.441.960 and made a $u5 of £108,581. The company had no exleThAI boThwry$ limiteil The e4ynpanl$ fcecasts and for Ihe nexl months shvrt thal the company should be able kn cmtinue in existenee fer that perK#l. takir¥J into acco1 reasonable PDwbYe changes in tradirvJ wfrnce. The aitity alx> (tin5 to receive siywt from Changing Lives as its parent Based on the faciots set (xrt above the dreclots believe that there 15 fK> material uncwkinty in relalion to going n(rn aThJ Ihat the cunpany has adew financial resources to conlinue in operatnal existen for at least b¥efr¥t M[th$ frcth the d of siw1r the fina1 stslements and concem basis.
R•f. oiu$8vXf>m 235•p202507'.4438sTIiIIC•iio ioply TCUK Homes Limited Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 2 Accwntln9 policies Iconthiued) assumptions that alfect ts amounts rewrted. These e5tirnates and judgements are continualty of appfying the a(ting wAicie5 and that ha¥ ts m(Bt ficant effect cfft the am)unts recognised Wi the finKaal slatements e a5 fdknys: market eondiliors. couierpaty ¢fedit raliTh and ev1 of recu4erabilly. a lessor or a lessee and are opeMiw l&ists finan( leases. These decisiw depend on an the lessee on a lease by lease basis. Plixtsing held WKler leases have been recognised as an asset however Ilw a syiMfKant PrWI¢ relating to land vhych has an ulmrted useful lrfe. As the lease lerm is Mt lor tr mw pwt of the eec<KffiiC life ol the asse( FRS102 wwld indate that the se shcmjid be dassifd as operatiry lease hth¥eveT the drectors consmler it more appropriate to classfy h¢AtsirKJ wcpwty aSe$ as leases ar recognise an asset and ca)rrespon(fjng finance lease obwtion. Accounting estimates and assumOKins e rnade C1¥x1rvj the futrjre ar#1. by their Thare, will rnTely equal the related adual Oune. The kejf aSsp$ olher of estlnalion unfxrtainty that have a srgnificant risk ol cau5iw a material adJ"ustrnent to the canyiry amounts of assets and liabililies wilhin Ihe rxt financial as fdhy•B: Usefvl econ1 INes of assets. Tr annual deprwi¥lim (wge 15 SenSVe to chaw in the e$limated useful lives of the assets. The usefid ecorKM tr4es ¥e wssessed TruallY. Tt uffii5abon. Impaimient of debtovs . The (xvnpary makes estrmate of tr recoverat4e value of the trade and other debtors. Wlw) assessirrfJ impaTh)ent of trade and ottv dekn. management C<thSklers faOIS Turnover repsents rentsl income and seplice charges receiv* net of rent and service charge losses from voids as as social grants released. Tumrfftr is rec¢wised as the period of rent is the.
Trnfi¥•# R•1. LWJwx &p202S07.'45AJBST •1}0 1rJp2W3
TCUK Homes Limited
Notes to the Financial Statements for the Year Ended 31 March
20251continued)
2 Aecounting policies (conlinwdl
Tax
the 11 Febnwry 2022 Ihe ffitity (third dwitsble stattts. Fr V•iu8ISbJnthTrJfys•¢lknPol. CIJWL23 S•p2Wa 07.43 BSTiufc1)D 1QP27f
TCUK Homes Limited
Notes to the Financial Statements for the Year Ended 31 March
2025 (continued)
2 k¢ounting plkies (conthdI
Trade creditors
C4XU5e of business from suppIte. payable are da5siW as anrent liabilthes rf the (x)nyany
does not have an wj11¥1 rvjhc at the end of the pwKxl, to defer settlement of the
xedltor lor al leasi m(yrths after rwtir8 date. ff trre is an right to defer
liabililies.
Borrowingg
lrterest-beariNJ tmings are initialty recmkd at fair value. net of transaction ¢ts.
Interest-bewing borrowings are subseq• carrd at amcfflised cos( ilh the difference betsen
the woceeds, net ol transaclion costs, the amount Oje ¢)n redempt recogntsed as a
payable and simlar ¢trwge¥.
8oTTowings aTe classffied as ¢urrenl liabilibes unless the ¢<¥npany has an urditiOnal rigm to def
setuement oflhe liablty for at Iwt m(xts after the rep date.
risks rewards crf ownerslip crf the leased assel to TCUK Nomes Linited. NJI other ae$ are
ssets held under ffftance leases are rec&Jnised inrfialty at far of the leased assel (¢x. rf
lo1. the present Val af the mrmmum lease pasffnents) at the irKeplton of ts lease. The
(yxresWrrfJ liabdty to ts lessor is irKAuded n the SLiten offinancial posknn as a fnance lease
oblKJalion. Lease paynents are apwbomd bebfftn fnance charges and reduclion of the lease
obluation usirJ effe¢lwe interest Meld so as to a¢lie a rnte of irtefest on the remainin9
liabty. Finrn charges are deducted the statern of comprehen5Ne income. Assets held urthr
ffian l&wes are wthed in tangible fixed assets and deweciated and assessed ft
remaniNJ baftc* ofthe Wihty. YlsraJiDYrJfi$knWrf. 23 2WOTg>.438STiufcl)0 1rJ pzwJ6
TCUK Homes Limited
Notes to the Financ6al Statements for the Year Ended 31 March
2025 (continued)
2 A£countlng policles Iconlinue
Social housing grant
SOCHI Housirwj Granl as a Ca1 ¢ontrknfiTh. in kn Mrylh SORP2018 and the 'a¢(nAIs
Mell,. ts separalely as a credilor mcKe . wless part of Ihe Soclal Housiry
Grant relates to a dis1 of and beccrfnes rec)thJ or repayable. in which case il is
apporthyd to due less trAn (me year ae<rdith. Tr 'acc¥uals melhod. is as the
being induded in lurnover in the income expwKlittwe acc¢ Tr lated eXplbjre s induded
under operating costs. Social Hcwing Grart 15 re¢%4nL sn the same pwiod as the related
So¢ial Housing Gfant received and matched development expeAlKe cf reknnt expendibjre
. the income and expendilure acc1 is thUded in curmt liat#hls. The aMOt ol Sc¢ial It51rA
in advance is ¢alcuFd by referen to the aggregate of 41 schemes in the SocTral Holrj
Recycled capital grant
CapÉtal grants can be recyded under i%rtafft c4rKlits<Ys. rf a wopety is sold. or ff anothw welevant
event takes plao. In these ¢asts. Ihe grant fan be for pmjeds approved by the Homes
England. Gr b be recythl is fmlited to the Recyrled Captsl Grant FurkVDi¥x)sal Prnceeds Fund
Vithin creditors. Wkn any gronl 15 to t reothd ty repaid is less than the grant relatr&i to the
disposal. the dIffere is treated a5 abd ryanL hl)ated capita grants are trealed as a comp01t
In certain c1jnCe$, sh as the sale of wcyeths. capital may be repayab and.
in that evenl, is subordfftated to the repayTrent of other loans ty aJeement with the Homes EnglKI.
is accounted for as socn the babilty arises uedths: arnots lalling Ikn wilhii one star.
Group
The Reumstered Socid HtyJsr4J Fknvider bs the to CWir4J Lives CeniS Limiled). REI. t•U84vXwL Sup 202507".45'.43 BST (UTC +110 IrJ p2
TCUK Homes Limited
Notes to the Financial Statements for the Year Ended 31 March
2025 (continued)
3 Turn¢r•er. opwing costs and opwalkng surplus for the >wr
Operating
surplus
2025
0ing
6.311.585
76.691
6,388,276
16.127.738)
183.847
76.691
260.538
.127.738
Operating
surplus
2024
Social I51j
4.981454
(4.752.594)
325.265
555.125
5.307,719
4.7S2,$94
4 Anatysis of Twnover, Optting Costs and Opwalww Surp$ kn the year
housing
2025
2024
Tumover
Rent receivable nel of idenlifiable s
6.194.356
117.229
6.311,585
6.1.356
117.229
6.311.585
4.888,342
94,112
4.982.454
Voids
800.887
599.302) VTrWISbJr4lw•TrnThstffj C4WVm4WtJ202So74Osr{UrC+l)D 1fdP WJ6
TCUK Homes Limited
Notes to the Financial Statements for the Year Ended 31 March
2025 (continued)
4 Analy%$ ol Tumov•r. lknrating Costs •nd Operatwry for the yw Inued)
2025
2024
708.068
614.864
708.Q68
614.864
264.080
218.241
Routine mainten¥Ke
Bad debts
equipment
272263
1.875.149
16.141
7.167
1.718.742
501.691
9.872
1.87S,149
16,141
7.167
1.718,742
501,691
9.8T2
1.251,705
Travellng arwj subsBt
Rent and rates
LighL heal and
Insurance
Telephone and fax
Office exper6
652
1.332,807
371,556
22.331
12.675
12.839
3,473
33.813
4.706
20.079
18.OCrf)
29.023
12.170
11.765
33.740
1727
23,511
19,8
12.170
11.765
33.740
2.727
23.511
19.8C
26,503
6.127.738
Clean#
Total cperatry expwthwe
6.127.738
2025
2024
183.847
The arAyais 01 the ComplS other operatro rKane forthe ar is as follyK:
2024
76.691
325.265
rniscellaneous income. Rof. OP4JS8ITXD4OA 23Sty2VXO7..45qJ8STIUfC •1lD 1Q P31rJ
TCUK Homes Limited
Notes to the Financial Statements for the Year Ended 31 March
2025 (continued)
6 Owing surplu5
PJTwed at after ehargingllue(ktiw}
2024
1117.229)
272263
194.112}
294.940
Depreciatiim eXse
T Intevest payable and similar expenses
2024
151.957
151.976
Staff costs
Totsl staff a)sts rK#Jrred in the njnIed ts £1.875.149 {2024: £1251,705).
to the TCUK Homes Limited. all inth¥iduals are eMpld drectry by CharwJThJ LNes, the parent
dwty, and rharged to TCUK Homes Limiied. TCUK Homes L#nited does not directy wnploy any
Parli¢ulars ol •nyloyees:
any remuneration duriw ts jr. The Dirertss are defined as the Bo¥d of Managemenl and
therefrKe could be classed as Key mar4gWnI Pwsonnel. None of the Board of Management
receiveil any emoluments duriw 202512024: £nil}. The RSHP has t)Ilr paMI Exe(al¥e Office
2025 was £Nil {2024: £Nd}. vhluEISjTbth W.OFIJ>8VAtW&2j Sqp2Q507..443esTiuf¢+iio irJp 3VJS
TCUK Homes Limited
Notes to the Financial Statements for the Year Ended 31 March
2025 (continued)
9 Audilofs remunerion
2024
17.400
16.000
2.OOD
10 Tangible assets
Housing
Fumitire.
perties for ffttings and
Total
Cost or valuation
Al 1 Aprl 2024
Adthi(Y
Disposas
At 31 Marth 2025
9,871395
230.050 10.102.445
29.252
29,252
2.379
1379
9,872,395
256.923 10.129.318
Depftciation
Al 1 Aprl 2024
Charge fortr
1,711,t180
232.320
195,699
39,943
2,379
233.263 1176,663
1.SOS.779
272,263
2.379
At 31 Marth 2025
1.943.4(K
At 31 Marth 2025
7,928,995
23.660 7.952.655
At 31 March 2024
8.161,315
34,351
8.195.666
Included vAthin the net book vak of Prowlies fly *t above is £7.928.995 (2024 .
£8.161.3151 in respe¢t of Icrfwj leasel#)kl laThl ar#d tlId1r. VkbJ*bJrdathTrnD5BdknRel. ONJs4vxfAI&A 2) Sop 202sA$A)esT lu•1)D 11JP3YJ6
TCUK Homes Limited
Notes to the Financial Statements for the Year Ended 31 March
2025 (continued)
11 Debtors
2024
Tvade debtorn {gr(w rwrt mars)
ead debt provision
1.133.562
955.187
930,720
541.178
178.375
64.123
31.120
273.618
389.542
thnts 0¥d by group wthrtakirwjs
5.244
394,786
12 Cash and cash equivalents
2024
Cash at bwk
1.441.
1.431.150
13 Crethiors
X124
Due within one
14
30.291
43.856
30.291
229.316
324.323
5.681
156.954
234.(
980.565
Trade uedrlo
17
5.765
348,634
Due after one year
14
15
3.814,398
4.649.281
8.463,679
3,841,100
4.766,510
8.607.610
31 TCUK Homes Limited
Notes to the Financial Statements for the Year Ended 31 March
2025 (continued)
14 Lokn and borrowings
2024
Cuffent loans ond borrowings
Fironce lease liabilitses
30.291
30.291
2f25
2024
le3se liarIeS
3.814.398
3.841.100
due moTe Ilw) 5 1$ is £3.662,94312024: £3.689.645)
IS Social houslng grant
Social
housi
granl
Gross grant crethlor
At 1 2024
5,618.769
5.618.769
At 31 March 2025
5.618.769
5.618.769
At 1 Aprll 2024
Grant release
852,259
117,229
969.488
852,259
117.229
969.488
Al 31 March 2025
CaThykng amount
At 31 M¥ch 2025
4.649.281
4,766.510
4.649,281
4.766,510
Al 31 M¥ch 2024
The RSHP ¢onstilers that its fin¥Kial Ytstruments YlUde Social Hou5w¥J Grant l¢ti rs included
as a bIlity ythI1 the finan¢aal slatements. RSHP no intenticn lo dw of ts W. 0F4J>8WW&JL Svp2Q2507'.W.43Bsriurc1)0 1np)
TCUK Homes Limited
Notes to Ihe Flnancial Statements for the Year Ended 31 March
2025 (continued)
Operating lease$
The tr>tal of1e mirmmwn lease payments is as frAk).
2025
2024
Not l than (me
516,413
533,575
174,754
1.224.742
322.951
445,391
3.497
771.839
The company is related b The CyTenians Limited loyrnliw as Changing L5ve5) as a res1 of the
TCUK Homes Limited incurred management fees, recharye c¢ staff ujsts arKI support costs from
ch1 Lives amtyjnting to £860.025 (2024: £218241). kn arno1 was led from Ctrwying
Lives of £70,476 {2024: £14,475} for the mwment of ts Homelile prowties.
Changing Lives ol£nii {2024: £324.323}.
Changiry Lives of£64.12312024.' £nl).
2025
2024
No.
General need5
71
75
281 TCUK Homes Limited
Notes to the Financial Statements for the Year Ended 31 March
2025 (continued)
19 Parent and ultimate pxenl undwtsking
The companls wnmedke parent controlln9 party is The Linited. a thwity and
N(th. Team Vy Trlng Es1. Gate*•J. NE11 thw.
20 14on adjusting events after thè r
In April 2025 the Nth¥caslle xcommodaiTh ser¥ices vthith has in exc4ss of 2(K) VAI transfe¥
from the wen( The Cyreni$ Limited lit¥ TCUK Homes.ses. A¢rAxthngty, the thanty is
covered by Chapter 3 Part 11 d the C(¥FNati Tax Aet 2010 (Y Sectirm 256 of the TaKatkin of
Chargeable Gains Act 1992. to the extent that such or gavts are appld exdusivety to
charitable purposts.
Tangiblè assets
TarKJible assets (Kludi¥l social tr#xtsing proFertss) •e slated in the statement of fcial positi.on
at cos( less any subsegUrt acwnulated tjeweuknn and subsequenl acujnulated impaim)errt
loss. Expenditure on wnprovttnents 711 only be capilalised vthen il Sults rb incremental fure
berfits such as inc¥easing rental incne. reducry Costs or resulbrq in a signfficant
extension of the useful economK life ofthe pnyrty.
and fftstallalion.
Deweciation is charged so as to VTile off the (x>st of ts, ¢)thEr than land properlie5 under
Asset class
Leasehold
Structure
R¢)ofirvJ
Furnire. Fithngs and EqUIrt
Cash and cash equivalents
Cash and cash equivalents c¢)mwise cash on hand aTrJ Call deposi15, and other short.term highty
IKlU inveslm&ts that ae adty convertth lo a knrfv ar1t of cash WKI ¥e >ie¢l to an
insiwficant risk of thary in vah.
Rent avrears and advances
In accordance the AClti Drellicffi ts PfNate Registered FtrovNlef5 of S(xxal Hou5ry, rffit
rears and thances are r# nette(Foff and ¥e presented as part of debtors creditors
respectively. Where a payment pkn has been entered wrto for ront aThS. 1¢h 15 ccffisider&J to be