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2024-03-31-accounts

SIR OSWALD STOLL FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Charity Number: 207939

Company Registered Number: 148636 Homes England Number: A3418 Registered in England & Wales

INDEX TO THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2024

Page
Index 2
Trustees, Officers and Advisers 3 - 4
Trustees’ Report 5 - 20
Independent Auditor’s Report 21 - 24
Statement of Comprehensive Income 25
Statement of Financial Position 26
Statement of Changes in Reserves 27
Statement of Cash Flows 28
Notes to the Cash Flow Statement 29
Notes to the Financial Statements 30 - 51

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CHARITY TRUSTEES, OFFICERS AND ADVISERS

The Charity Trustees under Charity Law and the Directors of the Charitable Company, (Charity Number: 207939 / Company Registered Number: 148636 / Homes England Number: A3418), are listed below, as is their committee membership:

Patron : HRH The Duchess of Edinburgh GCVO DStJ CD

President: Field Marshal The Lord Walker of Aldringham GCB CMG CBE DL

Company Secretary: Sarah Berzon until 23[rd] May 2023; then Will CampbellWroe

Trustees: Air Vice-Marshal Ray Lock CBE (Chairman) David Arthur (d) Paul Brookes (c) Karl Craig (a, b) Dr Ian Fyfe-Green (b) Richard Freeman (e) Uta Hope (e) Simon Philips (e) (Resigned 22[nd] September 2023) T David Rossington CB (a) Katherine Russell (d) Roger Shrimplin (c) Mark Sweeny (a) (resigned 22[nd] September 2023)

Catharine Egan ( c) (Appointed 9[th] May 2023)

During the year the activities of the Charity Trustees were conducted through five subcommittees, the Trustee membership of which is shown above:

Chief Executive Officer (CEO): Sarah Berzon until 23[rd] May 2023; then Will Campbell-Wroe

Senior Management Team (the ‘Executive’):

As well as the CEO, the Executive included the following during the reporting period:

Claire Bendall Director of Housing and Support Services Sarah Berzon Director of Corporate Services Nick Coverdale Director of Housing (Resigned 31[st] July 2023) Beverley Russell Director of Fundraising and Communications Marjorie Hylton Director of Finance Aysha Holbrook Interim Director of Property and Asset Management (Start date 26[th] February 2024)

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PRINCIPAL ADDRESS AND REGISTERED OFFICE

The Sir Oswald Stoll Mansions, 446 Fulham Road, London, SW6 1DT

Advisers

Investment Advisers CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Bankers National Westminster Bank Plc Fulham Broadway London SW6 1AG Solicitors Trowers & Hamlin LLP 3 Bunhill Street London EC1Y 8YZ Crowe U.K. LLP Auditors St James House St James Square Cheltenham GL50 3PR Internal Auditors Sayer Vincent LLP 110 Golden Lane London EC1Y 9TG Insurance Brokers AJ Gallagher 27-30 Railway Street Chelmsford CM1 1QS

Website:

www.stoll.org.uk

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THE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

Under the Charities Act 2011, the Board of Trustees has pleasure in presenting its Report and the Financial Statements of the Sir Oswald Stoll Foundation (Stoll) for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE INFORMATION

Stoll was formed in 1917; is constituted as a company limited by guarantee registered in England & Wales, No. 148636 and is registered with the Charity Commission, No 207939. It is also a registered provider of social housing, No A3418.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Stoll is organised and managed in accordance with its Memorandum and Articles of Association (most recently updated 5[th] December 2019).

Code of Governance

Stoll intends to continue to be compliant with the relevant elements of the National Housing Federation’s Code of Governance 2020 and Code of Conduct 2022., The Code is built around the key values upon which good governance is based, namely, accountability, integrity, openness, and equality, diversity and inclusion. And at its heart are four core principles:

We also benchmark ourselves against the standards of governance expected by the Charity Commission. Stoll makes use of independent reviews of its governance, most recently in 2019. Stoll is also informed by the standards expected by the Confederation of Service Charities (Cobseo) in respect of good governance procedures.

The Board affirmed its commitment to meeting the Regulator of Social Housing consumer standards to enhance tenant engagement, maintain high-quality and safe homes, ensure fair tenancy processes, and foster community development. The Housing Services Committee leads the drive for improvements and has endorsed plans to implement regular tenant forums, upgrade our housing stock with energy-efficient features and provide comprehensive tenancy support.

Board of Trustees

The Charity’s Trustees are legally responsible for the overall management and control of Stoll, and they normally meet four times per annum. Trustees are appointed at a meeting of the Board of Trustees on the basis of nominations received from the Trustees and the CEO, including professional qualities, experience, personal competence and availability. Where necessary, advertisements are placed to secure candidates to fill vacancies. The appointment of new Trustees is arranged to ensure that the relevant skills and experience are represented, and the

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current Trustees bring a great depth of experience in charity work, housing, the Armed Forces, finance, investments and property. Members of the Board of Trustees are appointed initially for three years and subject to re-appointment every three years for a maximum of three terms.

The Trustees receive no remuneration or other benefit from their role with Stoll, nor are they directly related to it in any way. Expenses are reimbursed as appropriate. Any matters involving connections between Trustees and Stoll staff or beneficiaries, or indeed any interests, such as contractual relationships with a related party, must be disclosed to the full Board and registered in the Interests Register. In the current year, no significant matters were reported.

The Board sets the strategic direction which it delegates to the Executive to deliver. It appoints the CEO and ensures good performance through regular supervision and annual appraisal. The CEO is responsible for leading and managing the organisation through the Executive.

The work of the Board is supported by five sub-committees all of which are: attended by the CEO and the appropriate member(s) of the Executive; chaired by a Trustee; and, attended by Trustees and by other volunteer members:

At the end of the accounting period the committee structure was reduced by combining the Finance and HR Committee with the Audit and Risk Committee into one committee and removing the Fundraising and Communications Committee. In Quarter four Stoll had three committees:

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Trustee Recruitment and Training

New Trustees and Committee Members are recruited on a needs basis in accordance with the Stoll Governance Procedures. Each new person is inducted into the workings of the Charity, including its various policies and procedures, at an induction workshop organised for them by the Executive. They can attend specialist external courses, including training in the roles and responsibilities of Trustees. External trustee training and information courses are designed to keep them informed and updated on current issues in the sector and on regulatory requirements. They also benefit from in-house training opportunities, spending time with staff and with our beneficiaries and from meetings with the CEO and Executive. The Charity wishes to encourage greater numbers of residents to volunteer to become committee members and, in time, Trustees.

OBJECTS, PRINCIPAL ACTIVITIES and PUBLIC BENEFIT

Charitable Objects

Stoll is a charitable company and registered provider of social housing established to provide housing and associated amenities and facilities, and care and support for those who have served in the Armed Forces of The Crown and in the Merchant Navy, and who are disabled, vulnerable or infirm. Its principal activity is the provision and management of housing and accompanying support services to enable Stoll’s tenants and other Veterans in the wider community to live independently. Its subsidiary aim, where spare capacity exists, is to support any other person who is disabled, vulnerable or infirm. This is less well known, but it is a core element of the Charity’s Objects. During the year ending 31 March 2024, Stoll continued to meet its Objects through the delivery of housing and support to Veterans.

Principal Activities

Stoll provides two hundred and eighty-seven supported housing units which are delivered in five main schemes (sites) found within London and the Southeast. We have one hundred and fiftyseven homes and communal facilities in Fulham (Sir Oswald Stoll Mansions), four further townhouses in Fulham, twenty homes at Banstead Court in Acton, thirty-six homes in Chiswick (Chiswick War Memorial Homes) and a further thirty-six units in Hounslow (Countess of Wessex House). Outside London, we opened a new scheme in 2018 in Aldershot (Centenary Lodge), which won the Inside Housing Award for best social housing development in 2019. This wonderful accomplishment for the Charity now provides a further thirty-four homes for Veterans.

Stoll’s income comes from two main sources, foremost of which are rent and service charges which provide the basis of funding Stoll housing. Secondly, there are charitable donations, which fund the comprehensive support services that Stoll provides to Veterans (including those living in its five schemes).

Stoll maintains an ongoing commitment to keep its rents and service charges as low as is possible, commensurate with delivering the core housing function, yet not proving a barrier to Veterans approaching Stoll for support or to tenants returning to work. We remain committed to providing an exceptionally high-level of support services to tenants, but rents and service charges do not cover the cost of providing support services, therefore, fundraising remains a vital source of income

The Charity’s support services include facilities not normally found in housing schemes, such as Wi-Fi, access to IT, a gymnasium, communal gardens and other recreation facilities. Stoll also provides a higher void standard for new lettings. The support services we offer enable Stoll to house tenants with complex issues, although we have made (and will continue to make) the case to Government that we cannot take the most complex cases without statutory funding. Recognising this unmet need, the Office for Veterans’ Affairs, through the Armed Forces Covenant Fund Trust, launched a funding programme entitled Op FORTITUDE. Stoll was

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awarded a substantial grant to provide supported housing, for which Stoll is grateful.

Stoll’s own support services are enhanced by the many positive working relationships that Stoll has built with its various partners in the wider voluntary sector (for example with Haig Housing, The Poppy Factory, and SSAFA), and with the NHS and statutory services. These relationships enhance the support offered to the more than three hundred Veterans that we support annually in our properties.

Stoll also operates a number of wider support services, including a national resettlement service for Veterans ready to live independently without further support. The nationwide Veterans’ Nomination Scheme (VNS) provides access to local authorities’ social housing to meet the ‘general needs’ of Veterans who are ready to move on from supported accommodation. This Scheme was previously enabled by external funding, but the removal of such funding caused Stoll to reconsider how to fund it as a ‘core service’. Stoll still hosts the service whilst we continue to explore external funding opportunities.

This year Stoll placed 39 Veterans. On average the scheme gets 5 applications a week, and one new property every 2 weeks. Stoll is actively seeking new landlords as there is a clear and consistent demand from Veterans

Stoll continues to provide a broad range of Health and Wellbeing activities, providing training, confidence-building, and considerable wider benefits to those undertaking them. Activities have ranged from therapeutic programmes with a focus on psychological wellbeing and mindfulness, to other activities that focus upon social and physical outcomes to support the wider wellbeing of our Veterans. This work was continued to be enhanced through the year by joint working with local NHS mental health services and by a wide range of partners offering therapies and similar projects. There continues to be an increase in bespoke individual work. . There has been an increase in demand for support for issues regarding mental health and we have welcomed the ongoing success of mental health services provided by Op COURAGE (the Veterans’ Mental Health and Wellbeing Service).

One final area of work for Stoll and which has been a significant growth area for the Charity is in policy and public affairs work around Veterans’ housing. Stoll’s CEO co-chairs The Confederation of Service Charities’ (Cobseo) nationwide ‘umbrella group’ (the Cobseo Housing Cluster) that leads the process of bringing about a much more coordinated, sector-wide and nationwide approach to our country’s Veterans in housing need. In this guise, we continue to lead the successful ‘No Homeless Veterans’ campaign, helping Local Authorities to best fulfil their statutory obligations around Veterans’ housing and encouraging them to ‘go beyond’ wherever possible. Anecdotally, the number of Veterans in housing need has gone down and we have some evidence that tens of Local Authorities have changed their practice as a result of our campaigning. During this period, we prepared a second phase of this campaign, which was launched in May 2022. We intend to ensure this reach endures and improves.

The CEO is also a Director of Cobseo.

PUBLIC BENEFIT

The Trustees give careful consideration to the Charity Commission’s guidance on Public Benefit. They are content that the Charitable Objects are being followed and that significant Public Benefit is being achieved by the Charity. Stoll remains committed to the aim of providing Public Benefit in accordance with its founding principles and the disclosure of its Public Benefit aims. The Trustees have complied with the Public Benefit duty in Section 17 of the Charities Act 2011. With appropriate governance in place, Stoll has volunteers donating their time in different ways, including as Trustees and Committee Members, in fundraising and activities, as practitioners, as well as corporate and support volunteers. Community Outreach activities are broad, and Stoll seeks to enhance these further in the next reporting period.

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STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Strategy and Achievement

Achievements by the Charity are in many ways unquantifiable, as they are so closely related to the holistic support of the beneficiaries. That said, Stoll benchmarks its performance closely against key sector performance indicators. The emphasis for our staff is upon the needs of each individual and the Charity is making considerable headway in this respect, including through ongoing, significant investment in facilities, training and its clear focus on support. We aspire to continually improve.

Whilst Stoll continued to progress consideration of the future of its Fulham site, expenditure on capital projects (component replacements) during the reporting year amounted to £94.5k. [202223: £23.5k].

Previous years range of spend on capital projects has included ongoing refurbishment of the five schemes and planned maintenance.

This reporting year’s work has been delivered in accordance with the Charity’s five-year Strategy (developed as a focus for work out to 2026 and refined by the Board in 2022). Despite the selfevident challenges, the fundamental services that Stoll provides to its beneficiaries have continued to be delivered effectively.

During this reporting period, the Trustees note the progress being made in three key areas:

1. Maximise the independence of our existing beneficiaries through the provision of excellent support and housing services. During the reporting year, Stoll:

Our work has resulted in the following outcomes for our beneficiaries:

We are proud that these figures are consistent with the previous year, reflecting the hard work that staff have undertaken with the focus on outcomes for our beneficiaries. As the above demonstrates, Stoll has continued to provide high quality support and housing services which serve to promote independence. The Charity’s staff have actively worked with over two hundred beneficiaries to achieve outcomes such as gaining employment, maximizing welfare benefits and income, managing mental health issues and making local connections.

2. Deliver increased levels of Veteran-specific supported accommodation according to need.

Following the relatively recent completion of the Centenary Lodge scheme in Aldershot, Stoll has not further added to its property portfolio, but work has been initiated to explore how best to

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redevelop the Sir Oswald Stoll Mansions’ site in Fulham. We intend that this should involve in time, improved scope for an increased portfolio of supported housing for our future beneficiaries at the point of greatest need. We have therefore evolved our strategic work around developing Stoll’s future housing offer, whereby an option could be to offer two different types of housing: more temporary accommodation in studio-type flats for working age Veterans on short-term tenancies; coupled with, longer-term accommodation options for Veterans who may not return to the workplace because of age, health issues or disability. We intend to work together with our current beneficiaries, and with others, to scope future provision.

3. Contribute to a National Network of Suitable Accommodation and Support Services for Veterans.

Stoll continues to be the leading Veterans’ supported housing charity seeking to achieve a more coordinated approach to Veterans’ housing in the UK. Our nationwide ‘No Homeless Veterans’ campaign (www.nohomelessVeterans.org.uk) has been a considerable success. The campaign has already had a media reach of twenty-two million people including five pieces of national coverage and four pieces of broadcast media, as well as a social media reach of one hundred and forty-one thousand impressions. Staff from some one hundred Local Authorities were briefed by members of our team up and down the country. We deliver this work on behalf of the Cobseo Housing Cluster. There is much more to be done to end Veterans’ homelessness.

Corporate Services

The Corporate Services function continues to improve digital technology resources in order to best support the Charity’s business functions.

This year, the Corporate Services function has effectively maintained value for money in its ICT services by conducting audits, upgrading hardware and negotiating favorable contracts, ensuring cost control without compromising quality.

Achieving Cyber Essentials Certification

Stoll achieved Cyber Essentials Certification, reinforcing our cybersecurity measures and demonstrating adherence to industry standards and best practices.

Prioritising Data Management Improvement

We initiated a project to enhance data management across the organization, developing a comprehensive plan to improve data governance, collection, processing, and quality.

Overall, the Corporate Services function has demonstrated a strong commitment to costeffectiveness, cybersecurity, resource optimization, and data management, supporting the organization's strategic goals and service quality.

Benchmarking and Key Performance Indicators (KPI)

Benchmarking with other social housing entities is frequent and detailed, and it is scrutinised robustly by the Board’s Housing and Services Committee, which regularly reviews benchmarking and KPI data. This includes where there is scope to improve provision for the beneficiaries.

Stoll makes effective use of comparative information from supported housing and small housing associations, including in the following regards:

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Value for Money (VfM)

Our performance is measured against our strategic goals. Our Performance indicators are based on the Regulator of Social Housing (RSH) Value for Money (VfM) metrics. The RSH introduced VfM metrics to compare performance across the sector in a fair and comparable way and in accordance with FRS102 requirements. The relevant VfM metrics measure economy, efficiency, and effectiveness on a comparable basis across the sector. We benchmark our VfM performance:

VfM Metrics
Measure Stoll
22/23		 Stoll
23/24		 Small
Providers
Bench-
marking
(SPBM)
1 - OperatingMargin(Overall). Efficiency (1.1%) 2.8% 10.7%
2 -OperatingMargin(Social HousingLettings). Efficiency 10.9% (3.8%) 12.2%
3- EBIDTA MRI(as a percentage of interest). Efficiency 189.5% 68.0% 526.9%
4 - Gearing (RSH and Scorecard Measure). Efficiency 20.1% 19.4% 13.3%
5- NewSupplyDelivered (Social Housing Units) Effectiveness Nil Nil 1.07
6 - Reinvestment %. Efficiency 0.0% 0.0% 3.0%
7 - ReturnOnCapital Employed (ROCE) %. Efficiency (0.1%) 0.4% 2.4%
8-Social Housing CostPerUnit. Economy £9,325 £11,241 £11,071

Continuous improvement remains a key approach for Stoll and, while our central focus remains the support and services we provide to our residents, we provide KPI that are monitored and reported to the Board (on a quarterly basis).

1 - Operating Margin – expenditure across most areas increased, because of high inflation, utility costs price rises and, more importantly, costs related to the preparation of the sale of the majority of the site at Fulham. The operating margin is 2.8% [2023: (1.1%) measured against an operating surplus of £121.4k [2023: (£41.1k) deficit].

2 - Operating Margin (Social Housing Lettings) – due to regulatory compliance, from the social housing white paper and the Government’s 2050 net carbon target, this specific margin has moved from 10.9% in 2022-23 to a negative 3.8%. Stoll must continue to meet regulations outside its control.

3 - Interest Cover (EBITDA MRI) – This is Stoll’s Earnings Before Interest, Tax, Depreciation, and Amortisation (a measure used to assess the charity’s operating performance). It was 68% compared to a covenant of 110.0%. .

4 - Gearing - this is a measure of borrowing in relation to our total assets. Our Gearing ratio at March 2024 was 19.4% (2023: 20.1%] which satisfies loan covenant requirements and gives us the capacity to take advantage of additional borrowing if needed.

7 - Return on Capital Employed (ROCE) – is a measure of our overall operating surplus in relation to our total assets, less current liabilities. Our ROCE is always low as any surplus that Stoll makes in its operations is reinvested in maintaining its existing homes and maintaining and investing in its support services.

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8 - Social Housing Cost Per Unit – this is the key cost measure used by RSH. We fell short of our target of £8.8k (actual £11.2k [2023]). This cost is around the £11k median cost for supported housing providers published by the RSH. In previous years, Stoll used the standard percentages published by the RSH for social housing stock. This year and going forward, Stoll will publish statistics related to its peer group, a small group of supported housing providers. The RSH publication recognises that supported housing providers’ unit costs can vary significantly between £8.8k and £16k per unit/per annum. A supported housing provider’s average unit cost is dependent on (a) its income/cost proportions from supported housing, (b) clients’ support needs, (c) size of the organisation, and (d) regional cost variances. Therefore, due to Stoll’s size and investment in support for our beneficiaries our unit costs are just below mid-point of this band as supported by the14% expenditure on support needs in 2023-24, [202223: 27%].

Sustainability target

Stoll is committed to meeting the Government’s sustainability targets including the net zero carbon targets by 2050.

Housing KPI

Stoll achieved the following performance:

SPBM Housing KPI Stoll
22/23		 Stoll
23/24		 Supported
Housing
Associations
£ £ £
HousingManagement Cost Per Unit. 1,077 1,097 **1,001 **
Responsive Repairs Cost Per Unit. 1,251 1,683 1,100
Major & Cyclical Repairs Cost Per Unit. 27 141 **1,004 **
Service Charge Per Unit. 1,843 2091 No published
KPI

The main benchmarking resources used to compile this Report are the:

sizes.
Indicator Stoll’s
Target		 Stoll
22/23		 Stoll
23/24		 SPBM
Sources
Average re-let time(days). 42 165 407 44
% Void Loss. 4.1% 10.4% 20.0% 5.7%
Current arrears. 4.5% 6.5% 10.0% 4.8%
Personal rent arrears(net of HousingBenefit). 3.0% 3.2% 3.0% 1.7%
% of Routine Repairs Completed Within Target. 97.0% 79.0% 69.3% 89.1%

Voids across the Fulham estate were planned, because of the proposed sale of the units at that site; this distorts the void indicators. In some cases, though, voids took longer to turn into lettable units, because of the number of repairs needed to bring the property up to livable condition.

In dependence and Dignity
Indicator Stoll's Target Stoll 22/23 Stoll 23/24
Veterans livingmore independently >12.0% 13.0% 15.0%
% Veterans who have maintained or increased
their independence.		 90.0% 84.0% 83.0%

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People and Homes

eople and Homes
Indicator Stoll's
Target		 Stoll
22/23		 Stoll
23/24
Veterans moving into Stoll properties. 24 2 1
Veterans moving towards independence. 16 0 1
Veteranshoused throughtheVeterans’ NominationScheme 40 10 39

FUTURE PLANS

The context in which Stoll makes its future plans involves many factors, including:

In the Strategy, the Board has set five strategic objectives, each with their own sub-objectives to be achieved over the course of the next five years:

These set the context within which our annual work plans and budgets are developed. Stoll’s staff are caring, competent and they work collegiately, but they are limited by the current capacity of the Charity. The Board is confident that, through this Strategy, capacity can be enhanced leading to even better outcomes for the beneficiaries.

FINANCIAL REVIEW

This financial year, the Charity continued to swim against the tide of high inflation affecting Veterans ability to pay rents and with contractors charging higher prices at source.

Overall, there was a deficit of £403.6k. The cause being the expenditure needed to expedite the completion of the sale of the majority of the Fulham estate; this amounted to around £419k [202223: £365k]. Additionally, planned voids across this site meant the non-collection of rent and service charges of about £325.6k; [2022-23: £203.5k].

The cash flow from operating activities did not generate a huge net inflow of funds; Stoll’s funding base is limited to rent and service charges collection and fundraised income. Further increases in tenant rent arrears, some £358k [£263k 2022-23], plus high borrowing interest charges, are the main causes for the outflow of cash during the year. The charity was given a £250k nonreturnable deposit from the buyers of part of the site at Fulham and a further loan of £725k to aid operational expenditure. Our rents are regulated by the Housing Regulator, so Stoll is governed by and limited to annual increases by statute.

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Results for the year

The Charity’s total comprehensive income for the year was a deficit of £403.6k [2022-23: a deficit of £331k], Stoll’s turnover was £4.3m [2022-23: £3.7m] with operating expenditure of £4.2m [2022-23: £3.8m]. The costs associated with maintaining Stoll’s estates, namely, utilities, insurances, contractors for repairs and maintenance and prices for goods and services, were subject to external factors such as high inflation, high utility prices and rising interest rates. 202324 saw inflation averaging 4.1%; for 2022-23, this average was 10% across the year. Yes, a downward trajectory, but higher than standard, nonetheless. What this means is all goods and services at the point-of-sale cost approximately 4.1% more than it did last financial year. Additionally, on the same loans as 2022-23, Stoll’s interest repayable rose to £520k from £328k.

As at March 2024, capital employed within Stoll was £32.3m [2022: £32.8m]. This is comprised of £21.5m in grants, £6.9m in bank loans and the remainder as reserves of £3.7m (2022-23: £4.1m). At the year end, there was no cash on deposit to add to the £732k balance at the bank, less than the target in our Reserves Policy.

Current arrears were £358k at the year-end, (2022-23:.£263k). Inflated prices have impacted the finances of our Veterans. Delays in processing Housing Benefit payments have heightened the attentiveness of our support and housing staff in providing monitored and personal action plans for each tenant in arrears. Being Stoll’s main source of income, the less rent received the more and more difficult it becomes to service and maintain Stoll’s estate

----- Start of picture text -----
Commercial
Investment Support Commercial
9%
Support 0% 3% 3%
2% Fundraising
14%
Property
72%
Property
80%
Fundraising
17%
HOW STOLL RAISED ITS FUNDS
HOW STOLL RAISED ITS FUNDS
2022-23
2023-24
Financing Financing
Support14% 11% Support 8%
27%
Property
Fundraising 69% Property
6% 65%
Commercial
0% HOW STOLL SPENT ITS FUNDS HOW STOLL SPENT ITS FUNDS
2023-24 2022-23
----- End of picture text -----

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Principal Risks and Uncertainties

During 2023-24, the Trustees monitored risk via a comprehensive Risk Table and consider that the key strategic risk relates to the ongoing and prohibitive cost of maintenance of the properties at Sir Oswald Stoll Mansions (its oldest scheme, based in Fulham). Much of the Fulham site was constructed a century ago and at a time when expectations and standards were unrecognisably different, so, because of this, during the last year, the Charity continued the work to completion of the sale of the majority of the site at Fulham.

Work undertaken in 2022-23, meant the Charity managed to secure alternative funding from central Government for supported housing for 2023-24. The Board also considered how best to improve provision for Veterans at the point of greatest need in the coming years. This would ensure that all our properties are best-in-class.

The most significant other risks facing the Charity similarly involve financial and estate risks. Other risks include those relating to compliance with statutory requirements (for example, firesafety standards - ongoing), for service delivery and support. All such risks are monitored closely and mitigated by a range of measures including comprehensive policies and strategies. The risks associated with all activities are minimised by effective planning and robust risk assessment. Credit, liquidity and cash-flow risks are overseen by the Finance and HR Committee and managed directly by the CEO and Director of Finance.

Risk is monitored in detail by the Board and also scrutinized by all Board sub-committees, who in turn report on risk matters regularly to the Board. The separate Audit and Risk Committee provides oversight of the Executive in such matters, and it helps shape the approach taken by the other Committees and by the Board. The Board appointed Sayer Vincent as Stoll’s internal auditor in May, 2023. Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL.

The risk management process and the resulting Risk Table identifies risks, assesses their impact and probability and, where necessary, recommends controls to further mitigate and monitor those risks that are assessed as the highest. The generic controls used to minimise risk include:

One of the main risks to sustainable rents and tenancies facing social housing providers in 202324 was the increase in the cost of living. Stoll has been a supportive landlord during this time. It is realistic to predict that these circumstances will again result in additional pressure on rent arrears. We continue to identify tenants that may be at risk of fuel poverty and/or financial hardship and continue to offer structured support to assist and to sustain tenancies.

Fundraising Performance

It was a better year for fundraising in terms of fundraised income. Stoll was successful with a major grant application to the Office of Veterans Affairs (Op Fortitude Funding) for Veterans Supported Housing securing a two-year funding grant of £839,000, the funding started in July 2023. On another positive note, we were delighted to continue to receive funding from ABF Veterans Foundation, Queen Mary Roehampton Trust and Garfield Weston foundation Stoll continues to work with closely with these organisations in highlighting these funding partnerships, and hosting visits from funders who get to meet and talk directly with Stoll veterans.

Stoll was delighted to work with the Chelsea Supporters Trust for another very successful ‘Big Stamford Bridge Sleepout. Kevin Poneskis and Caroline Benson hosted another ‘Gala Dinner’ on Remembrance Day and raised over £23,000. We are also very thankful to our veteran

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fundraiser, Alex Korobin who does collections for Stoll at London Underground Stations and outside Sir Oswald Stoll Mansions on Chelsea FC match days.

Stoll is extremely grateful to its various supports and funders including Forces Support, ABF, Veterans Foundation, Royal Navy Royal Marines Charity, Garfield Weston Foundation, Headley Court Trust, Queen Mary Roehampton Trust, Scot (Eredine) Charitable Trust, Forces in Mind Trust and the Chelsea Supporters Trust.

Fundraising totalled £732k for 2023-24 [£515k in 2022-23]

Stoll employs a small team of fundraisers to raise funds for its projects and activities. We raise funds from charitable trusts and foundations, corporates, individuals and community and events activities. Stoll’s activities are undertaken in accordance with the guidance of the Fundraising Regulator and in adherence to its Code of Practice. Stoll does not contact individuals or hold personal information without the subject’s permission. Fundraising income and activity is monitored quarterly by the Fundraising and Communications Committee and by Stoll’s Board of Trustees. Stoll’s fundraising team work to set targets and budgets and is monitored monthly through the Stoll Management Accounts. We mitigate the risk of not achieving our targets through the use of scenario planning and frequent reviews of progress. Stoll has dedicated individuals working on external communications and internal communications which seeks to inform beneficiaries of events, activities and general information regarding their tenancies at Stoll. The Stoll website has a ‘beneficiary only’ section.

Reserves Policy

The Charity’s Reserves Policy is to maintain sufficient unrestricted income reserves to enable it to meet its short-term financial obligations (deemed to be three months’ operating costs - £800k) in the event of an unexpected revenue shortfall and to mitigate operational risks staffing shortages, and reactive asset management requirements. We hold three types of reserves:

Though with Stoll’s extenuating circumstances this financial year, the aim is still to commit to retaining a minimum of three months’ operating costs (not including restricted funds) in cash reserves and we intend to have six months’ reserves by the end of the forthcoming strategy period (2025). The Board reviews the Reserves Policy annually. Total reserves at 31 March 2024 were £3.7m [2022-23: £4.1m] of which £33.8k [2022-23: £33.5k] was restricted and £3.3m [2022-23: £4m] was re-invested in our properties to the benefit of our Veterans. Other free reserves (including pension deficits) totalled a surplus of £280.5k [2022-23: £3.3k deficit].

Investment Policy

Stoll’s investment objectives are focused upon supporting the Charitable Objects. This involves emphasis upon the current and future needs by, maintaining (at least) the value of the investments in real terms; producing a consistent and sustainable return to support operational expenditure; and, delivering these objectives within acceptable levels of risk. The investment strategy and associated distribution are reviewed annually by the Finance and HR Committee. Investments are only those considered suitable for a charity, including in respect of social, environmental or ethical considerations, and external investment managers provide reports on a quarterly basis for review by the Finance and HR Committee, which monitors performance.

Investments

At the year-end, the Charity had no investments.

16

Our People

Recruitment and Staff Turnover

Despite a competitive job market, we increased staff from 28 to 38 by year-end. Although the leaver rate improved to 23%, it remains above our 15% target. High turnover and absenteeism significantly impact our small organisation, and we are grateful to our dedicated staff for their commitment to Stoll’s mission.

Employee Wellbeing

Employee wellbeing is prioritized through our Employee Assistance Programme, offering counselling and wellbeing services. Flexible working practices have continually evolved to ensure high-quality service delivery.

Remuneration and Fair Employment

Remuneration is set by the Board to enhance performance and is reviewed annually against benchmarks. Employment decisions are merit-based and free from bias, promoting an inclusive, discrimination-free environment. Stoll is proud to be a gold standard holder of the Armed Forces Covenant Employer Recognition Scheme.

Restructuring and Staff Development

We restructured housing, support teams at WLA sites, and the finance team, resulting in a net loss of two roles to improve efficiency. Additionally, a staff development initiative focused on customer service was implemented across the organisation.

Overall, we successfully navigated recruitment challenges, improved retention, and implemented crucial restructuring and development initiatives, maintaining a strong focus on employee wellbeing and fair employment practices.

Going Concern

The Board of Trustees sold the majority of the Sir Oswald Stoll Mansions site in Fulham to Chelsea FC ownership group. Sale completion took place on 11[th] April, 2024 and the sale value was £80m. This significantly contributes to Stoll’s future liquidity and the Trustees consider Stoll to be a going concern, with no material uncertainty, and that it will continue operating for the foreseeable future.

The purchasers have provided Stoll with a sale and leaseback opportunity at the Mansions of not less than three years from completion, with a peppercorn rent to enable the compassionate rehousing of affected Veterans. Our Veterans, in this time of upheaval, will be compensated for the disruption of moving and, as ever, staff will be empathetic in managing the impact on tenants, because the continuation of their support is crucial. Nonetheless, this sale provides Stoll with a transformative opportunity both in the quality of its provision to residents and in its long-term financial sustainability.

17

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

Trustees Responsibilities Statement

The Trustees (who are also the Directors for the purposes of Company Law) are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company Law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs.

In preparing these Financial Statements, the Board was required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the Financial Statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022 and the SORP: Accounting by Registered Social Housing Providers 2018. The Board has a general responsibility for taking reasonable steps to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities. The Board is responsible for the maintenance and integrity of the corporate and financial information included on the Stoll website.

Code of Governance

In 2023 Stoll reviewed the action plan to ensure it remained compliant with all aspects of the National Housing Federation Code of Good Governance; the Charity Commission Good Governance Code and. the Confederation of Service Charities governance standard. Stoll endeavours to improve the diversity of the Board and sub-committees and encourage greater involvement of our service users in our governance.

Because of its difficult financial position throughout the financial year, Stoll engaged with the Regulator of Social Housing (RSH) to ensure all appropriate actions were being undertaken, and contingency measures put in place. After detailed financial reporting over an extended period, in July 2024, the Regulator announced that it was satisfied that there were ‘no more viability concerns going forward’ and that further monitoring beyond the routine annual reporting was no longer required.

Internal Controls

The Board acknowledges its responsibility for ensuring that Stoll has in place a system that is appropriate to the various business environments in which it operates and for reviewing its effectiveness. These controls are designed to give reasonable assurance with respect to:

18

It is the Board’s responsibility to establish and maintain systems of internal control. Such systems can only provide reasonable and not absolute assurance against material financial misstatement or loss. Key elements include ensuring that:

No weaknesses have been identified in internal controls that resulted in material losses, contingencies, or uncertainties that require disclosure in the Financial Statements or in the Auditor’s Report on the Financial Statements. The Board welcomed the fact the auditors confirmed the previous financial year’s financial authorisations were no longer an issue. In May, 2023, the Board confirms the appointment of internal auditors to review internal controls, and work is underway to review core financial controls, data governance and people processes.

Disclosure of information to the Auditors

In the case of each person who was a Trustee at the time this Report was approved:

This confirmation is given and should be interpreted in accordance with the provision of s418 of the Companies Act 2006.

19

Approval of the Report

This Report was approved by the Board on Thursday, 12[th] September, 2024 .

Signed on behalf of the Board by:

Air Vice-Marshal Ray Lock CBE (Chair of Trustees)

20

Independent Auditor’s Report to the Members of Sir Oswald Stoll Foundation

Opinion

We have audited the financial statements of Sir Oswald Stoll Foundation (the ”charitable company”) for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Reserves, the Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

21

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

22

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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

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

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements such as the Companies Act 2006, the Housing and Regeneration Act 2008 together with the Housing SORP. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements items.

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

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit, Risk and Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing of income,

23

reviewing accounting estimates for biases, reviewing regulatory correspondence with all regulators, and reading minutes of meetings of those charged with governance.

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

Use of our report

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

Guy Biggin Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Cheltenham

Date: 26 September 2024

24

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 March 2024

Notes
Turnover
2
Operating expenditure
2
Profit/(loss) on disposal of assets
Profit/(loss) on realisation of investments
Operating surplus/(deficit)
Interest receivable and similar income
6
Interest payable and financing charges
7
Surplus/(Deficit) for the year
16
Actuarial profits/(losses) in respect of pension
schemes
Total comprehensive income for the financial
year		 2024
£
4,288,405
(4,167,053)
121,352
-
-
121,352
5,839
(519,748)
(392,557)
(11,000)
(403,557)		 2023
£
3,746,877
(3,783,870)
(36,993)
-
(4,074)
(41,067)
12,108
(328,075)
(357,033)
26,000
(331,033)

All of Stoll’s operations are classed as continuing.

The notes on pages 30 to 51 form part of these Financial Statements.

25

STATEMENT OF FINANCIAL POSITION AS AT 31 March 2024

[Company Registered Number: 148636]

Notes
Fixed Assets
Tangible fixed assets - Housing properties less
depreciation
9
Tangible fixed assets - other
10
Current assets
Debtors
11
Investments
Cash at bank and in hand
Current assets
Creditors: amounts falling due within one year
12
Net Current Asset/(Liabilities)
Total assets less Current Liabilities
Creditors:amounts falling due after more than
one year
13
Total Net assets
Reserves
Unrestricted Reserves:
16
- Invested in housing properties
- General Reserves
Restricted Funds
23		 2024
£
32,087,162
230,512
32,317,674
659,845
-
732,651
1,392,496
(1,645,577)
(253,081)
32,064,593
(28,403,189)
3,661,404
3,347,061
280,523
33,820
3,661,404		 2023
£
32,591,983
192,767
32,784,750
302,911
-
671,698
974,609
(1,507,272)
(532,663)
32,252,087
(28,187,126)
4,064,961
4,034,758
(3,273)
33,476
4,064,961

The accounts were approved and authorised for issue by the Board of Trustees on Thursday, 12[th] September, 2024 and were signed on its behalf by:

The notes on pages 30 to 51 form part of these Financial Statements .

26

STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 March 2024

Invested in Restricted General (Free Total
housing funds reserves) Reserves
properties
£ £ £ £
Balance at 1st April 4,034,758 33,476 (3,273) 4,064,961
2023
Surplus/(deficit) for - 344 (403,901) (403,557)
the year
Transfer between (687,697) - 687,697 -
funds*
Balance at 31st
March 2024 3,347,061 33,820 280,523 3,661,404

Invested in housing properties are designated reserve funds specifically earmarked for future investment in Stoll’s housing properties.

* This transfer in investments to housing properties is accounting for 2022-23 and 2023-24 designated reserves deficits within the general reserves.

Restricted funds represent funds given to Stoll for a specific purpose or to support a project (these cannot be used for any other purpose).

General/Undesignated funds are funds which can be used in accordance with the Memorandum and Articles at the discretion of the Trustees.

The notes on pages 30 to 51 form part of these Financial Statements.

27

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 March 2024

Notes
Net cash generated from operating activities
A
Investing activities
Interest received
Proceeds/(loss) on disposal of tangible fixed assets
Proceeds/(loss) on realisation of investments
Purchases of tangible assets
Investment
Net cash used in from investing activities
Financing activities
Repayments of borrowings
New Loans
Interest paid
Net cash generated from financing activities
Net (decrease)/increase in cash and cash
equivalents

Cash and cash equivalents at beginning of the year
B
Cash and cash equivalents at end of year		 2024
£
364,937
5,839
-
-
(164,960)
-
(159,121)
(350,115)
725,000
(519,748)
(144,863)
60,953

671,698
732,651		 2023
£
23,450
12,108
-
(4,074)
(35,945)
500,000
472,088
(370,563)
-
(328,075)
(698,638)
(203,100)
874,798
671,698

The notes on pages 30 to 51 form part of these Financial Statements.

28

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2024

A RECONCILIATION OF OPERATING SURPLUS TO NET CASH INFLOW FROM OPERATING ACTIVITIES

2024
£
Net Income/loss
(403,557)
Depreciation
632,037
Loss/(Gain) on sale of housing properties/investments
-
(Increase)/Decrease in Accounts Receivable
(356,934)
(Decrease)/Increase in Creditors
290,550
Interest payable
519,748
Interest Receivable
(5,839)
Amortised government grants
(322,068)
Movement in Pension Liability
11,000

Net cash inflow from operating activities
364,937

B
CASH AND CASH EQUIVALENTS
At 1st April
2023
Cash Flow
£
£
Cash at bank and in hand
671,698
60,953
Net funds
671,698
60,953
C
NET DEBT NOTE
2024
£
Cash and Cash Equivalents
732,651
Short Term Borrowings:
Bank Loans
(270,486)
Other Loans
(31,249)
Long Term Borrowings:
Bank Loans
(6,606,554)
Other Loans
-
(6,908,289)
Net Debt position
(6,175,638)		 2024
£
Net Income/loss
(403,557)
Depreciation
632,037
Loss/(Gain) on sale of housing properties/investments
-
(Increase)/Decrease in Accounts Receivable
(356,934)
(Decrease)/Increase in Creditors
290,550
Interest payable
519,748
Interest Receivable
(5,839)
Amortised government grants
(322,068)
Movement in Pension Liability
11,000

Net cash inflow from operating activities
364,937

B
CASH AND CASH EQUIVALENTS
At 1st April
2023
Cash Flow
£
£
Cash at bank and in hand
671,698
60,953
Net funds
671,698
60,953
C
NET DEBT NOTE
2024
£
Cash and Cash Equivalents
732,651
Short Term Borrowings:
Bank Loans
(270,486)
Other Loans
(31,249)
Long Term Borrowings:
Bank Loans
(6,606,554)
Other Loans
-
(6,908,289)
Net Debt position
(6,175,638)		 2024
£
Net Income/loss
(403,557)
Depreciation
632,037
Loss/(Gain) on sale of housing properties/investments
-
(Increase)/Decrease in Accounts Receivable
(356,934)
(Decrease)/Increase in Creditors
290,550
Interest payable
519,748
Interest Receivable
(5,839)
Amortised government grants
(322,068)
Movement in Pension Liability
11,000

Net cash inflow from operating activities
364,937

B
CASH AND CASH EQUIVALENTS
At 1st April
2023
Cash Flow
£
£
Cash at bank and in hand
671,698
60,953
Net funds
671,698
60,953
C
NET DEBT NOTE
2024
£
Cash and Cash Equivalents
732,651
Short Term Borrowings:
Bank Loans
(270,486)
Other Loans
(31,249)
Long Term Borrowings:
Bank Loans
(6,606,554)
Other Loans
-
(6,908,289)
Net Debt position
(6,175,638)		 2023
£
(331,033)
627,923
4,074
60,606
(306,019)
328,075
(12,108)
(322,068)
(26,000)
23,450
At 31st
March 2024
£
732,651
732,651
2023
£
671,698
(310,145)
(145,833)
(6,046,175)
(31,252)
(6,533,405)
(5,861,707)
(6,908,289)
(6,175,638)

29

NOTES TO THE ACCOUNTS for the year ended 31 March 2024

1. General information

Stoll is a private company limited by guarantee incorporated in England and Wales under the Companies Act 2006. Stoll is also a registered charity and a registered provider of social housing with Homes England. A description of the nature of Stoll’s operations and its principal activity is disclosed in the Trustees’ Report.

Stoll’s registered office is:

The Sir Oswald Stoll Mansions, 446 Fulham Road, London, SW6 1DT.

Stoll meets the definition of a Public Benefit Entity per Financial Reporting Standard (FRS) 102, the FRS applicable in the UK and Republic of Ireland.

2. Accounting Policies

2.1 Basis of preparation of financial statements

The Financial Statements of Stoll are prepared: in accordance with FRS 102 and with the Housing Statement of Recommended Practice (SORP) 2018 (“the SORP”); and, so as to comply with the Accounting Direction for Private Registered Providers of Social Housing 2019. The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of certain assets in accordance with Stoll’s accounting policies. The Financial Statements are presented in Sterling.

2.2 Going concern

These financial statements have been prepared on a going concern basis. The Board of Trustees sold the majority of the Sir Oswald Stoll Mansions on 11[th] April, 2024. This significantly contributes to Stoll’s future liquidity and the Trustees consider Stoll to be a going concern, with no material uncertainty, and that it will continue operating for the foreseeable future.

The purchasers have provided Stoll with a sale and leaseback opportunity at the Mansions of not less than three years from completion, with a peppercorn rent to enable the compassionate rehousing of affected Veterans. Our Veterans, in this time of upheaval, will be compensated for the disruption of moving and, as ever, staff will be empathetic in managing the impact on tenants, because the continuation of their support is crucial. Nonetheless, this sale provides Stoll with a transformative opportunity both in the quality of its provision to residents and in its long-term financial sustainability.

2.3 Turnover

Turnover comprises rental and service charge income, revenue grants (where available), fees and donations.

Rental, service charge and fee income are recognised on a receivable basis.

Revenue grants and donations which are received to fund specific expenditure are matched with that expenditure and any such income received in advance is deferred. Other revenue grants and donations are recognised when Stoll becomes entitled to them, where there is a probable certainty over their receipt, and they can be measured reliably.

30

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

2. Accounting Policies (continued)

2.4 Social Housing Grant and Government grants

Government grants include grants receivable from Homes England, local authorities, and other Government organisations. Government grants received for housing properties are recognised in income over the useful life of the housing property structure on a pro rata basis under the accrual model. The non-amortised element of Government grants is recognised as deferred income in creditors.

Grants relating to revenue are recognised in the Statement of Comprehensive Income over the same period as the expenditure to which they relate. Until revenue grants are recognised as income they are recorded as liabilities.

Government grants released on sale of the property may be repayable but are normally available to be recycled and used for projects approved by Homes England. If this is the case, they are credited to a Recycled Capital Grant Fund and are included in the Statement of Financial Position in creditors. If there is no requirement to recycle or repay the grant on disposal of the asset, any unamortised grant remaining within creditors is released and recognised as income in the Statement of Comprehensive Income.

2.5 Other grants

Grants received from non-Government sources are recognised using the performance model. A grant which does not impose a specific future performance condition is recognised as revenue when the grant proceeds are receivable. A grant that imposes a specific future performance-related condition on Stoll is recognised only when these conditions are met. A grant received before the revenue recognition criteria are satisfied is shown as a liability in the Statement of Financial Position.

2.6 Housing property

Housing properties are properties held for the provision of social housing or to otherwise provide social benefit. Housing properties are principally properties available for rent and stated at cost less accumulated depreciation and any recognised impairment losses. The cost of properties is the initial purchase price together with those costs that are directly attributable to acquisition and construction including interest cost up to the date of completion and directly attributable staff costs. Properties in the course of construction are not depreciated. Freehold land is not depreciated. Depreciation is charged on major components so as to write off the cost of the components to their residual values, over their estimated useful lives, using the straight-line method. The components identified, with their respective estimated useful lives, are as follows:

Component Life
Kitchen 20-25 years
Bathroom 25 years
Electrical heating 20 years
Electrical main 20 years
Hot water cylinders 20 years
Boilers 7-20 years
Lifts 25 years
Flat roof 25 years
Traditional roof 50-100 years
Structure 100 years

31

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

2. Accounting Policies (continued)

2.6 Housing property (continued)

Capitalisation of interest

Interest is capitalised on fixed asset housing up to the date of completion of capital works on each scheme. The interest is calculated using the weighted average rate of interest payable by Stoll on its loans as a whole, applied to the carrying value of the asset under construction net of grant. This treatment applies irrespective of the original purpose for which the loan was required.

Expenditure on components

Subsequent expenditure which relates to either the replacement of previously capitalised components or the enhancement of such components which results in incremental future benefits is capitalised and the carrying amount of any replaced component or part component is derecognised.

Any other expenditure incurred in respect of repairs is charged to the Statement of Comprehensive Income.

Other fixed assets

Other property, plant and equipment are stated at cost less accumulated depreciation.

Depreciation is charged on a straight-line basis over the expected useful lives of the assets at the following rates:

Freehold Office 50 years
Leasehold Buildings 50 years (or the term of the lease if shorter)
Equipment 4 years
Fixtures 4 years
Motor vehicles 4 years
Computers/laptops 3 years

Individual items of furniture or equipment are capitalised where the unit cost of the purchase exceeds £1,000.

2.7 Impairment

For the purposes of impairment assessments, housing properties are grouped together into schemes, each scheme typically comprising one or more buildings in an immediate locality, and each building consisting of one or more accommodation units. Schemes are typically developed or acquired as one entity. The exception is street properties, which are geographically diverse and where individual properties may have been acquired piecemeal.

At each Statement of Financial Position date, housing schemes are assessed to determine if there are indicators that the scheme may be impaired in value; if there are such indicators of impairment, then a comparison of the scheme’s carrying value is compared to its recoverable amount is undertaken.

Any excess over the recoverable amount is recognised as an impairment loss and charged as expenditure in the Statement of Comprehensive Income; the carrying value is reduced appropriately.

32

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

2. Accounting Policies (continued)

2.7 Impairment (continued)

The recoverable amount of a scheme is the higher of its fair value less costs to sell and its value in use. Value-in-use for housing schemes which are able to be let in their current condition and which are fulfilling the social purpose for which they were acquired is based on the depreciated replacement cost of the asset. For other schemes, value in use is defined as the net present value of the future cash flows before interest generated from the scheme.

When an impairment loss is subsequently reversed, the carrying amount of the scheme is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the Statement of Comprehensive Income.

Impairment of the properties is considered annually. In making the judgement management considers the condition and current use of the property, there have been no impairments in the current or prior year.

2.8 Holiday Pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date, has been carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2.9 Pension costs

Stoll operates a defined benefit scheme, which is administered independently by TPT Retirement Solutions. The expected cost of providing pensions is calculated from actuarial advice. It is not possible to separately identify the underlying assets and liabilities belonging to Stoll on a consistent and reasonable basis.

As there is a contractual agreement between the scheme and its members, including Stoll, that determines how the deficit will be funded, the contributions payable that arise from the agreement to the extent that they relate to the deficit is recognised as a liability in the Statement of Financial Position and the resulting expense in the Statement of Comprehensive Income. When the contributions are not expected to be settled within one year after the reporting period, the liability is measured at the present value of the contributions payable by using a discounted rate (discounted present value basis). The rate used is determined by reference to market yields at the reporting date on high quality bonds.

Stoll also contributes to a defined contribution scheme. The charge to the Statement of Comprehensive Income represents the employer contributions payable to the scheme for the accounting period.

2.10 Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income and expenditure on a straight-line basis over the lease term. The aggregate benefits of any lease incentive are recognised as a reduction in expenses recognised over the term of the lease.

33

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

2. Accounting Policies (continued)

2.11 Value Added Tax (VAT)

Irrecoverable VAT which can be attributed to a capital item or expenditure is added to the costs of the capital item or expenditure.

2.12 Taxation

Stoll is a charity within the meaning of the Charities Act 2011 and is exempt from taxation under the provisions of the Income and Corporation Taxes Act 1988.

2.13 Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when Stoll becomes a party to the contractual provisions of the instrument.

Trade (including rental) and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that Stoll will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of Stoll’s cash management.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash flows through the expected life of the financial asset or liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Interest bearing loans, overdrafts and other loans which do not meet the criteria to be classified as basic financial instruments are recorded at their fair value with any movements in fair value being reflected in the Statement of Comprehensive Income.

2.14 Cash and cash equivalents

Cash and cash equivalents comprise cash in hand, at bank and in short-term deposits. Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash without significant risk of change in value.

2.15 Employee benefits

Short-term employee benefits including holiday pay and annual bonuses are accrued as services are rendered.

34

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

2. Accounting Policies (continued)

2.16 Restricted reserves

These are funds given to Stoll for a specific purpose or to support a project and that cannot be used for any other purpose. (See Note 23 for more detail).

2.17 Unrestricted general funds

These are funds which can be used in accordance with the Memorandum and Articles at the discretion of the Trustees.

2.18 Key sources of estimation uncertainty and judgements

The preparation of the Financial Statements requires the use of estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses for the year. Although these estimates and associated assumptions are based on historical experience and the management’s best knowledge of current events and actions, the actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an on-going basis.

Critical judgements in applying Stoll’s accounting policies

The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Board has made in the process of applying Stoll’s accounting policies and that have the most significant effect on the amounts recognised in the Financial Statements.

Financial instruments classification

The classification of financial instruments as “basic” or “other” requires judgement as to whether all applicable conditions as basic are met. This includes consideration of the form of the instrument and its return.

One of Stoll’s loans includes a clause that allows the lender to reset rates unilaterally at various points in the future. As such, one of the required conditions for classifying that loan as basic is not met and the loan has been classified as being “other” and therefore held at fair value.

The rate of interest charged at present is considered to be in line with the market rate. Furthermore, there is no penalty for repaying the loan in the event that any future reset rate is considered to be above the then market rate. On that basis, the Trustees consider that the fair value of the loan is not materially different from the principal amount outstanding.

35

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

2. Accounting Policies (continued)

2.18 Key sources of estimation uncertainty and judgements (continued)

Housing property impairments

For impairment purposes, as explained in the accounting policies, housing properties are grouped into schemes which reflect how the properties are managed. Recoverable amounts are based on either future cash flows or, for assets held for their service potential, depreciated replacement cost. The assessment of whether an asset is held for its service potential is a matter of judgement and in making that judgement the Board considers the current use of the asset and the expected future use of the asset. If the asset is unable to be let in its current condition or is not being used for a social purpose, either now or in the foreseeable future, it is assessed as not being held for its service potential.

Recoverable amounts for assets held for their service potential are assessed at the depreciated replacement cost. This is the lower of (a) the cost of purchasing an equivalent property on the open market; and (b) the land cost plus the rebuilding cost of the structure and components. The Board has oversight of its properties and considers that all of them are in demand and that, therefore, depreciated replacement cost is appropriate. In view of the location of Stoll’s properties and the high cost of replacement, the Board has conducted a review and assessed that no areas impairment has arisen.

Key sources of estimation uncertainty

The estimates and assumptions which have the most significant effect on amounts recognised in the Financial Statements are discussed below:

Identification of housing property components

Stoll accounts for its expenditure on housing properties using component accounting. Under component accounting, the housing property is divided into those major components which are considered to have substantially different useful lives. Judgement is used in allocating property costs between components and in determining the useful lives of each component.

Housing property depreciation is calculated on a component-by-component basis. The identification of such components is a matter of judgement and may have a material impact on the depreciation charge. The components selected are those which reflect how the major repairs to the property are managed.

Useful lives of depreciable assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date based on the expected utility of the assets.

Uncertainties in these estimates relate to ‘technological obsolescence’ and changes to future legislative requirements.

36

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

2. Accounting Policies (continued)

2.19 Particulars of turnover, operating costs and operating surplus

2024
Turnover
Operating costs
Operating
surplus
Income and
expenditure from
lettings
(Note 2.20)
3,107,172
(3,226,299)
(119,127)
Other social
housing activities:
89,858
(661,157)
(571,299)
Supporting people
Activities funded by
donations and grants
731,545
(269,945)
461,600
Non - social
housing activities
Commercial property
359,830
(9,652)
350,178		 2024
Turnover
Operating costs
Operating
surplus
Income and
expenditure from
lettings
(Note 2.20)
3,107,172
(3,226,299)
(119,127)
Other social
housing activities:
89,858
(661,157)
(571,299)
Supporting people
Activities funded by
donations and grants
731,545
(269,945)
461,600
Non - social
housing activities
Commercial property
359,830
(9,652)
350,178		 2024
Turnover
Operating costs
Operating
surplus
Income and
expenditure from
lettings
(Note 2.20)
3,107,172
(3,226,299)
(119,127)
Other social
housing activities:
89,858
(661,157)
(571,299)
Supporting people
Activities funded by
donations and grants
731,545
(269,945)
461,600
Non - social
housing activities
Commercial property
359,830
(9,652)
350,178		 2023
Operating
surplus
325,736
(602,804)
133,785
106,291
(36,993)
2023
£
345,793
7,000
161,997
-
514,790


2023
£

1,794,993

783,398

101,484

322,068
-
4,288,405
(4,167,053)
121,352
Activities funded by donations and grants comprise:
Trusts & Grants
Corporates
Community, Individuals & Events
Major Donors
2.20 Particulars of income and expenditure from
lettings
Turnover
Rent receivable net of service charges and voids
Service Charges
Other Income
Grant Amortisation
Profit/(loss) on disposal of assets
Turnover from other social housing lettings		 2024
£
653,816
2,111
52,259
23,359
731,545
2024
£
1,827,031
856,266
101,807
322,068
-
3,107,172
3,001,943

37

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

2. Accounting Policies (continued)

2.20 Particulars of income and expenditure from lettings (continued)

Expenditure on letting activities
Services
Housing Operations
Routine Maintenance
Planned Maintenance
Bad Debt expense
Depreciation of housing properties
Total expenditure on lettings
Operating surplus/(deficit) on letting activities
Net rental income is stated after losses from voids
3 Analysis of accommodation
Units in management:
Supported housing / housing for older people
General needs		 2024
2023
£
£
(600,074)
(528,889)
(1,421,497)
(1,162,175)
(483,095)
(351,821)
(40,541)
(7,760)
(81,758)
(22,811)
(599,334)
(602,751)
(3,226,299)
(2,676,207)
(119,127)
325,736
467,717
290,818
2024
2023
Number
Number
283
283
4
4
287
287

4 Emoluments of the Board of Trustees and Senior Management Team

The Chief Executive, who is also the Company Secretary, receives emoluments, but none of the Trustees do. Total expenses reimbursed to Trustees were £977 (2023: £789).

Trustees and Senior Management Team 2024 2023
£ £
Total expenses reimbursed: 977 789
The total emolumentsincludingpension & benefits in kind of the 425,322 436,293
key management personnel were:
The total emolumentsexcludingpension & benefits in kind of
the key management personnel were: 404,357 411,273

Key management personnel are defined in Note 20. Emoluments of higher paid staff within the following scales were:

Scale 2024 2023
£60,000-£ 70,000 - 4
£70,000-£ 80,000 4 -
£80,000-£ 90,000 - 1
£90,000-£100,000 1 -

38

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

5 Employee information

The average full-time equivalent number of persons, including directors, employed by Stoll during the year was:

Stoll during the year was:
2024 2023
Number Number
Administration 11 10
Communications 0 1
Fundraising 3 3
Housing 14 12
Support 14 12
42 38
2024 2023
£ £
Staff costs for the above persons were:
Wages & Salaries 1,221,637 1,085,267
Social Security Costs
 125,553 114,648
Other Pension Costs 64,664 71,188
1,411,854 1,271,103
2024 2023
Average number of employees 33 33
Redundancy Costs:
Two employees were made redundant this year, the total cost was £13,578.
6 Interest receivable and similar income 2024 2023
£ £
Bank interest 5,839 12,108
7 Interest payable and financing charges 2024 2023
£ £
Bank loans (500,748) (316,075)
Less: amounts capitalised - -
(500,748) (316,075)
Unwinding of discount on multi-employer pension
scheme liability (19,000) (12,000)
(519,748) (328,075)

39

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

8 Surplus for the year is stated after charging: 2024 2023
£ £
Depreciation
- Housing properties 599,334 602,751
- Other assets 32,703 25,172
Auditor’s remuneration (excluding VAT)
- In respect of the external audit 24,000 28,500
- In respect of the internal audit 18,000 -
- In respect of tax advice - 1,250
- In respect of preparation of accounts
Operating lease rentals:
- Plant and machinery 4,001 5,779
- Land and buildings - -

9 Tangible Fixed Assets

Tangible Fixed Assets Tangible Fixed Assets Tangible Fixed Assets Tangible Fixed Assets
Tangible Fixed Assets - Housing Properties
31-Mar-24
Completed Leasehold
Properties		 Total
£ £ £
Cost
At 1 April 2023
Revaluation
Additions- property acquisition & development
Additions- replacement components
Disposals		 39,812,303
-
91,848
(51,111)		 1,111,100
-
2,665
(2,508)		 40,923,403
0
0
94,513
(53,619)
Cost at 31 March 2024 39,853,040 1,111,257 40,964,297
Depreciation
At 1 April 2023
Charge for the year
Released on disposal		 7,929,917
572,488
(51,111)		 401,503
26,846
(2,508)		 8,331,420
599,334
(53,619)
At 31st March 2024 8,451,294 425,841 8,877,135
Net book value
At 31st March 2024		 31,401,746 685,416 32,087,162
Net book value
At 31 March 2023		 31,882,386 709,597 32,591,983

40

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

10 Property, plant and equipment - Other

----- Start of picture text -----
Tangible Fixed Assets - Other
31-Mar-24
Freehold Fixtures,
land & Fittings & Total
Buildings equipment
£ £ £
Cost
At 1st April 2023 393,662 351,005 744,667
Additions 0 70,447 70,447
Disposals 0 0 0
Cost at 31st March 2024 393,662 421,452 815,114
Depreciation
At 1st April 2023 228,549 323,350 551,899
Charge for the year 7,873 24,830 32,703
Disposals 0 0 0
At 31st March 2024 236,422 348,180 584,602
Net Book Value
At 31st March 2024 157,240 73,272 230,512
At 31st March 2023 165,113 27,655 192,768
----- End of picture text -----

11
Debtors
Arrears of rent and service charge
Less: provision for bad and doubtful debts
Net rental arrears
Prepayments
Accrued income
Debtors
Other debtors		 2024
£
358,080
(215,604)
142,476
503,431
7,328
3,110
3,500
659,845		 2023
£
262,378
(133,846)
128,532
136,368
11,185
24,036
2,790
302,911

41

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

12 Creditors:amounts falling due within one year 2024 2023
£ £
Bank borrowings 301,735 455,978
Rents received in advance 48,599 110,914
Trade Creditors 678,523 223,262
Other Creditors 11,274 7,103
Other taxes & social security’s 42,671 25,640
Other salaries 31,964 10,667
Accruals & deferred income 88,245 160,576
Multi-Employer Pension Scheme 120,498 118,502
Deferred Housing Grant 212,920 212,920
Other deferred Capital grant (note 25) 109,148 109,148
Deferred Grant - 72,562
1,645,577 1,507,272
3 Creditors:amounts falling due after more than one year
2024 2023
£ £
Bank borrowings (Note 14) 6,606,554 6,046,175
Other loans (Note 14) - 31,252
Grant (Note 15) 16,156,219 16,369,139
Other Grant (Note 25) 5,291,913 5,401,062
Multi-Employer Pension Scheme 348,503 339,498
28,403,189 28,187,126

13 Creditors: amounts falling due after more than one year

14 Financial instruments

Stoll’s financial instruments comprise cash, bank borrowings and items such as trade creditors and debtors which arise directly from its operations. The main purpose of these financial instruments is to provide finance for Stoll’s operations.

Stoll’s operations expose it to a variety of financial risks including credit risk, liquidity risk and interest rate risk. The Trustees have delegated the responsibility for monitoring financial risk management to a sub-committee of the Board of Trustees, the Audit and Risk Committee.

Credit risk

Stoll’s credit risk is primarily attributable to its inability to make payments on its loans or the interest associated with the loan. Close financial monitoring in meeting its lenders covenants is performed quarterly and reported to the Finance and to the Audit and Risk Committee so that, for example, risk of failure to meet lender covenants is mitigated.

Liquidity risk

Stoll’s liquidity risk arises primarily from the increase in rent arrears, and the increase in costs arising from inflation.

Stoll has a Rent Allocations Policy that involves appropriate credit checks on potential tenants before flats are let out.

42

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

14 Financial instruments (continued)

Interest rate risk

Stoll has both interest-bearing cash investments and interest-bearing liabilities. Interest bearing assets comprise cash as well as debt which earn interest at a variable rate.

The carrying values of Stoll’s financial assets and liabilities are summarised by category below:

2024 2023
£ £
Financial assets:
Measured at undiscounted amounts receivable
•Debtors 659,845
 302,911
Financial liabilities:
Measured at amortised cost
•Loans repayable 6,908,289 6,533,405
Measured at undiscounted amounts receivable
•Trade creditors 7,103 7,103
Stoll’s income, expense, gains and losses in respect of the financial instruments are
summarised below:
Interest income and expense:
•Total interest income for financial assets at - -
amortised cost
•
Total interest (inc pension interest) expense for
financial liabilities at amortised cost 519,748 328,075
Details of the terms of Stoll’s borrowings are disclosed below:
Housing loans 2024 2023
£ £
One year or less 301,735 455,978
One to two years 270,486 341,397
Two to five years 2,530,400 930,436
Over five years 3,805,668 4,805,594
Total housing loan 6,908,289 6,533,405
Less repayable within one year (301,735) (455,978)
Total housing loan falling due after more than one 6,606,554 6,077,427
year

43

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

14 Financial instruments (continued)

The loans from Crown Orchardbrook Limited are secured by specific charges on the charities housing properties, with interest being charged at 10.5%. Full term is expected March 2039.

The loans from Nationwide are secured by charges on specified housing units in Fulham. Interest being charged at 2.5% + BOE base rate. Full term is 11[th] April, 2024 where this loan is part of the settlement in line with the sale of part of the Mansions at Fulham.

The loan from The Royal British Legion is secured over 36 flats at Wessex House, with interest being charged at a rate of 4%. Full term is expected in June 2024.

The loan from Charities Aid Foundation Bank (CAF) is secured over the 36 flats in Chiswick with interest being charged at a rate of 2.25% + BOE base rate. Full term is expected in October 2041.

A loan from Charity Bank is secured over the 20 flats in Banstead Court, Acton, and the 20 remaining flats at the Mansions, Fulham. Interest is being charged at a rate of 2.5% + BOE base rate. Full term is expected July 2026.

The charity has commenced rationalising these securities.

15
Deferred capital grants
At 1 April 2023
Grants receivable in the year
Transferred to other capital grants
Release to income in the year
Balance at 31 March 2024
Classified as:
Amounts to be released within one year
Amounts to be released in more than one year
16
Reserves

Income and Expenditure
As at 1 April 2023
Surplus/(deficit) for the year
Transfer between funds
Other funds
As at 31 March 2024
Analysed as:
Invested in housing properties:
Development
Restricted Funds
General Funds		 2024
£
16,582,059
-
-
(212,920)
16,369,139

212,920
16,156,219
16,369,1391
2024
£
4,064,961
(403,557)
-
-
3,661,404
3,347,061
-
33,820
280,523
3,661,404		 2023
£
16,794,979
-
-
(212,920)
16,582,059
212,920
16,369,139
16,582,059
2023
£
4,469,995
(331,033)
-
(74,001)
4,064,961
4,034,758
-
33,476
(3,273)
4,064,961

44

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

17 Members

Stoll is a company limited by guarantee registered under the Companies Act 2006. It has no equity or non-equity share capital. Membership confers no rights to any form of financial return.

18 Capital commitments

We have capital commitments of £225k on component replacements within housing units and £65k on upgrading IT software, CRM systems and hardware.

19 Operating lease commitments

At year end Stoll had future minimum lease payments under non-cancellable leases are as follows:

ollows:
2024 2023
Office Office
Equipment
Land & Buildings
Equipment
**Leases which expire: **
Withinthe year
0
1,778		 1,778
Betweentwo andfive years
0
2,223		 4,001
After five years
0
-		 -
0
4,001		 5,779

20 Related Party transactions

One Tenant Trustee served on Stoll's Board of Trustees. The normal chargeable rent is applied.

Rent for the year – (£1,650) credit [2022-23: £4,562 debit]

The Charity applied for and received a grant from Queen Mary Roehampton Trust where the ex-CEO was a trustee.

Grant - £ 20,000

Key management are those people who have authority and responsibility for planning, controlling and directing the activities of the group, or in relation to the company, the company. In the opinion of the Board of Trustees of the Association the key management are:

The remuneration paid to key management personnel is disclosed in Note 4.

21 Pension

Below is information provided by the Social Housing Pension Scheme in respect of the Defined Benefit Scheme of which Stoll is a member.

45

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

46

RECONCILIATION OF OPENING AND CLOSING BALANCES OF THE DEFINED BENEFIT OBLIGATION 31 March 2023 to 31 IAirch 2024 (£OOOs) 2.474 (o) •£bJartal lo6s•ts (galns) OJ• b) chanpg6 In denwaphlc {29) {3) {122) I￿1￿$) Ciinailmwts RECONCILIATION OF OPENING AND CLOSING BALANCES OF THE FAIR VALUE OF PLAN ASSETS P•rlod from 31 lknh 2023 to 31 IA•r¢h 2024 (£0008) v•lw) of 8wls at sl•rt p￿d 2.016 11491 ix) 11221 Ass•ts ao]m#J In a tsiMss Far valuy ol FA) ￿lS at •TrJ c4 piitsj Tlhry 8LJo1 on as8¢ts ary (thnp• •hw• of•u•tsl It• ￿lIc1j 31 M•tti 2023 10 31 Math 2024 w1£50.c￿). 1.gTT 47

DEFINED BENEFIT COSTS RECOGNISED IN STATEMENT OF COMPREHENSIVE INCOME {SOCI) P•flod from 31 2023 10 31 IA•r¢h 2024 I£DDDs EX￿r￿•S N•1 knlw•Ji •Yp￿ 19 Lo88•8 {￿nsIon 8•lllomont• L(¥M•J {gdn•}iffi vJrtalnw Loss•s IgaTh} to b•rfft dwg DEFINED BENEFIT COSTS RECOGNISED IN OTHER COMPREHENSIVE INCOME {OCI) P•rlod from 31 IA•rch 2023 to J1 M•rch 2024 i£00￿} EXF￿rt• n assets l•xknJlThJ Inck¥J•d kn r1 Inlw•stcostl. pln IkGI 114511 Expwrt• gakns and kn6s￿ arl9 on I￿ pkn Ihjssl Effffts 01 (￿985 n Ij￿ •MumplNTh urwjwlyffj vJ• d th• E￿15 01 a#urnptsN￿ u￿rty￿ lh• ry•t•rt ol th• d•knd h￿rit oblig)n. ￿ (hm) T¢>tsl thal arKI Ib8kY• tr> Jrn• not b Eff•cts d (*ang•s In Ih• of thal is ncd rwAMrth l•xcknlhJ irtW•St ccffjll. gan IID651 Totsl rnnl rwis•d li Cthir ComyrtWsl￿ IrK•yrn- E•ln Oc6s1 48

ASSETS 31 March 2024 31 IAaYch 2023 (£IIOO) (£•(M)) Gbbol Equty 197 81 Rlsk 148 10 S1 PrDpariy E17 2x1 Privakn Equlty 78 HiBh Ykl 15 Llwwj Ct•dlL 13 61 TOIXI 2.016 KEY ASSUMPTIONS 31 Il￿fv 2034 31 FAarch 2023 % F)•r p•Y annum 4.87 (RH 3.17 3.19 275 3.75 Llf• •xp•ctsncy ao 65 tY••rn) •Aabè rOl￿rI9 kn 2024 F•tnkn 2024 21.8 49

NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

22 Contingent Liability

We have been notified by the Trustee of the Scheme that it has carried out a review of the changes made to the Scheme’s benefits over the years and the result is that there is uncertainty surrounding some of these changes. The Trustee has been advised to seek clarification from the Court on these items. During 2023-24, this process is still ongoing, and the matter is unlikely to be resolved before the end of the calendar year, 2024 at the earliest. It is recognised that this could potentially impact the value of Scheme liabilities, but until Court directions are received, it is not possible to calculate the impact of this issue, particularly on an individual employer basis, with any accuracy at this time.

No adjustment has been made in these financial statements in respect of this potential issue.

23 Restricted Funds

Name of Donor Type of Restriction Opening
Balance
At 1st April
2023		 Income Expenditure Transfer Restricted
Funds
Balance 31
March 2024
ABF Support - Mansions 23,476 47,640 47,296 0 23,820
AFC - Op. Fortitude 0 314,939 314,939 0 0
Poppy Factory Support - Health and Well-Being 0 35,040 35,040 0 0
Worshipful Company of
Coopers		 Independent Living Support 0 3,000 3,000 0 0
Garfield Weston
Foundation		 Support for vulnerable armed
forces Veterans in the aftermath of
the Covid-19pandemic		 10,000 30,000 30,000 0 10,000
Camden and Islington NHS
Foundation Trust
Suport		 0 54,818 54,818 0 0
Headley Court WIS Support worker 0 72,562 72,562 0 0
Queen Mary's
Roehampton Trust		 Support - Mansions 0 20,000 20,000 0 0
Royal Navy and Royal
Marines Charity		 Support - Mansions 0 30,000 30,000 0 0
Royal Signals Charity Health and Well-Being 0 1,675 1,675 0 0
The Veterans Foundation Covid pandemic support (H&W) 0 30,000 30,000 0 0
Total Restricted Funds 33,476
 639,674 639,330 0 33,820

24 Unrestricted Funds

The balance of income for unrestricted purposes came from our fundraising activities.

Type of Amount
Name of donor Restriction donated
The Scott (Eredine) Charitable Trust None 4,000
Big Sleep Out Chelsea Supporters’Trust None 11,136
Interim Blue None 23,359
Anonymous None 100,000
Other under £5k unrestricted donations None 18,235
Legacy None 25,000
181,730

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NOTES TO THE ACCOUNTS for the year ended 31 March 2024 (continued)

25 Capital Grants

Balance as at 1 April 2023
Grants received in the year
Released to income in the year
Balance as at 31st March 2024
Classified as:
Amounts to be released within one year (note
12)
Amounts to be released in more than one year
(note 13)		 Aldershot
5,071,000
0
(84,800)		 MOD re
bathrooms
163,709
0
(9,848)		 Building
Upgrade Fire-
Safety Works
275,500
0
(14,500)
261,000
14,500
246,500		 Total
5,510,209
0
(109,148)
4,986,200 153,861 5,401,061
84,800

4,901,400		 9,848
144,013		 109,148
5,291,913
4,986,200 153,861 261,000 5,401,061

The grant from the Ministry of Defence received in the financial year 2014/15 for £246k has been spent on refurbishing 25 bathrooms for disabled veterans.

Capital grants received in relation to the Aldershot development in the amount of £5.495m are being released from 2019 when the development was completed

A grant of £250k was received from Forces Support for Fire Safety projects across all sites during the 2021_2022 financial year. A further grant of £40,000 was received from Clothworkers during 22_23. All fire safety works were completed in May 23 and total grant of £290,000 will be amortised over 20 years.

26 Post Balance Sheet Events

Sir Oswald Stoll Mansions – Fulham

The Board of Trustees sold the majority of the Sir Oswald Stoll Mansions site in Fulham to Chelsea FC ownership group. Sale completion took place on 11[th] April, 2024 and the sale value was £80m. This significantly contributes to Stoll’s future liquidity and the Trustees consider Stoll to be a going concern, with no material uncertainty, and that it will continue operating for the foreseeable future.

The purchasers have provided Stoll with a sale and leaseback opportunity at the Mansions of not less than three years from completion, with a peppercorn rent to enable the compassionate rehousing of affected Veterans. Our Veterans, in this time of upheaval, will be compensated for the disruption of moving and, as ever, staff will be empathetic in managing the impact on tenants, because the continuation of their support is crucial. Nonetheless, this sale provides Stoll with a transformative opportunity both in the quality of its provision to residents and in its long-term financial sustainability.

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