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2025-03-31-accounts

HOUSING PATHWAYS TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2025

Social Housing Regulator No. A0376 Charity Registered No. 211053

Housing Pathways Trust

Financial Statements

For The Year Ended 31st March 2025

Index

Annual Report of the Trustees		 1 – 19
Independent Auditors’ Report 20 – 23
Statement of Financial Activities 24
Balance Sheet 25
Statement of Cash Flows 26 – 27
Notes to Financial Statements



 28 – 49

Page 1

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY

Charity Registration

Housing Pathways Trust is governed by a Scheme issued by the Charity Commissioners for England and Wales on the 18[th] May 2000 (consolidating Ealing Consolidated Charities, Bowman and Taylor Trust, Bowman and Others: Brentford Trust and Bowman Ecclesiastical Trust into The Ealing and Brentford Consolidated Charity, since renamed), as amended by resolution dated 24[th] March 2011 and as amended by a further Scheme issued on the 5[th] January 2012.

On 1[st] April 2022 the Charity Commission approved the merger of Housing Pathways Trust, Almshouse & Eleemosynary Charity and Pathways Jubilee Charity. The merged charity is known as Housing Pathways Trust (Charity number 211053) and a new scheme was issued on the 1[st] April 2022.

The charity is registered with the Regulator of Social Housing as a Registered Provider (No. A0376).

Principal and Administration Address

Registered office: 33 Dean Court Bowmans Court Ealing, London W13 9YU

Trustees

Rev. Mark Melluish Ex-Officio, Chair Ms Isabella Rossi Retired 10/07/2024 Ms Katherine Yentumi (Co-Opted) Ms Andrea Joseph Roger Jarman (Co-Opted) Mr Joshua Reddaway Ms Fiona Howie Ms Tycia Riley Retired 30/10/2024 Ms Alison Pegg Ms Sophie Service Appointed 30/10/2024 Mr Tye McMahon Appointed 30/10/2024 Ms Sarah Woodbridge Appointed 30/10/2024 Ms Alice Mackenzie (Co-opted) Retired 30/04/2024

Custodian Trustees:

Title to the charity’s housing properties and investment properties is vested in the Official Custodian for Charities on behalf of Housing Pathways Trust.

Page 2

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY (continued)

Officers and advisors

Chief Executive Officer and management team

Steve McNaughton is employed as the Chief Executive on a part-time basis.

Bolaji Omotade who was the Head of Finance & Company Secretary left Pathways in August 2024. Carpenter Box were appointed as Head of Finance in December 2024.

Principal Advisors

Principal Auditors

Beever & Struthers 150 Minories London EC3N 1LS

Principal Bankers

National Westminster Bank Plc 1 The Mall Ealing London W5 2PL

Principal Solicitors

Devonshires 30 Finsbury Circus London EC2M 7DT

Principal Investment Managers

Rathbones (formerly Investec Wealth & Investment Limited) 30 Gresham Street London EC2V 7QN, United Kingdom

Page 3

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Housing Pathways Trust is an unincorporated charity which is governed by a Scheme issued by the Charity Commissioners for England and Wales on 31st March 2022, effective from 1st April 2022. This Scheme represented the merger of Almshouse & Eleemosynary Charity and Pathways Jubilee Charity into Housing Pathways Trust. This Scheme replaced previous Schemes dated 18th May 2000, as amended by resolution dated 24th March 2011, and 5th January 2012.

The Charity is the consolidation of a number of smaller charities dating back to the sixteenth century with the areas of benefit incorporating the London Borough of Ealing and the town of Brentford. Under the new Scheme, the area of benefit is expanded, as set out in the Objects on page 4, in line with the location of almshouse properties now owned by the Charity.

How Trustees are Recruited, Appointed, Inducted and Trained

The Charity’s Scheme provides for two ex-officio trustees, being the vicar for the time being of the ecclesiastical parish of St John with St James, West Ealing and the Rector for the time being of the ecclesiastical parish of St Paul's, Brentford, or their substitute. Additionally, the Archdeacon of Northolt may nominate one trustee.

There are no geographical restrictions on trustees’ appointment and applications from persons living in Greater London boroughs, particularly where we have a presence, are welcomed. Vacancies are advertised in national media and across local networks. Applicants for trustee vacancies are interviewed by the Chair of the Board and at least one other trustee, usually from the nominations committee. New trustees have an induction session which covers core areas of the business.

Existing trustees also have access to ongoing training opportunities, to assist them in fulfilling their roles and responsibilities. In addition to the Board meetings, trustees attend an annual review day, which allows for detailed discussions on strategic planning issues.

Organisation and Management

The day-to-day management of the Charity is delegated to the Chief Executive and staff team. The Chief Executive reports to the Chair and the Board of Trustees of Housing Pathways Trust.

Housing Pathways Trust provides a full management service to King George V Memorial Houses, including all operational, administrative, and financial functions, for which it charges a management fee.

The Housing Pathways Trust Board usually meets six times a year to agree strategy, oversee operations, manage risk, and consider the financial standing of the Charity. In addition to the main meetings of the Board of Trustees, there are the following sub-committees which focus on specific areas of the business in more detail: Audit and Risk, Grants and Nominations. Governance matters are dealt with by the main Board, except that the nominations sub- committee oversees the recruitment of new Trustees.

The Board and each sub-committee have an agreed Terms of Reference, detailing their purpose and responsibilities. The key decision-making protocols are contained in the Committees’ terms of reference and the Financial Standing orders.

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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

During the year two trustees retired from the board and 3 trustees were recruited to the board.

Roger Jarman was appointed as a co-opted member of the Audit and Risk Committee in February 2025.

Trustees approve annual budgets based on benchmarking data; regulatory rent increases; and stock condition data.

Responsibility for undertaking strategic objectives agreed by trustees is delegated to the Chief Executive and staff team with support from outsourced professional services.

OBJECTIVES AND ACTIVITIES

Objects

The objectives of the charity are:

Branch 1 (as amended by the Charity Commission order of 1[st] April 2022):

(1) The objects of branch 1 are:

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Housing Pathways Trust Annual Report of the Trustees

For The Year Ended 31st March 2025

OBJECTIVES AND ACTIVITIES (continued)

Branch 2

The objects of branch 2 are to further the religious and other charitable work of the Church of England in the London Borough of Ealing.

Branch 3

The objects of branch 3 are to promote the education of children who are in need of financial assistance and are resident in the London Borough of Ealing.

Charity’s Aims

The Charity’s aims are to manage and improve performance to achieve Value for Money and better economies of scale in order to compare well with the best in our sector.

Activities

The trustees have had regard to Charity Commission guidance on public benefit. The Charity’s activities (as below listed) meet the two key principles of public benefit as set out in Charities and Public Benefit which are that:

Housing for people aged over 50

The Charity owns and manages 234 units of housing accommodation across sixteen sites located in London. The properties are let to people aged at least 50 years.

Pathways has a number of legacy organisations which means varying qualifying criteria:

The weekly maintenance contribution (i.e. the housing charge for the accommodation) is set in accordance with the Social Housing Regulator‘s rent formula.

Other accommodation

A further 6 units are let to general needs residents at an intermediate rent. Additionally, there are 13 units let privately at market rents and 15 leasehold units.

Each year the charity reports to the regulator of housing the number of properties owned and managed.

Page 6

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

Allotments

The Charity owns two large allotment sites in Ealing which are let to residents of the borough. A committee of plot-holders manages each of these. The Charity offers concessions for people on a low income whilst others pay the full rent.

Ealing Green

The Charity owns the freehold of a building overlooking Ealing Green and adjacent to the Ealing Broadway Shopping Centre. The building consists of a small parade of 8 shops with 13 apartments above. The flats are all let on long leases, whilst the shops are let on a fixed term of 10 years with various expiry dates.

Grants

Surplus income generated from the above retail activity at Ealing Green funds the Charity’s main grants programme in Branch 1.

Grants are also provided under:

The main grants programme covers Ealing, Brentford, and its neighbourhood. The grant giving policy contributes to our aims and objectives as it covers a number of criteria so that we consider applications from organisations or projects that:

REVIEW OF ACHIEVEMENTS AND PERFORMANCE

Distributive grants

Overall grants awarded by Housing Pathways Trust in 2024-25 amounted to £125,548 (2024: £134,849). The main Pathways Grants programme is funded from the net rental income derived from our commercial shops at The Green, Ealing.

Our main programme strategy is to fund work which benefits people in communities. We support full cost recovery and will consider giving grants for up to 3 years for organisations that are able to demonstrate that they have monitored and evaluated their work, have learned lessons and refined their approach, and have achieved their stated results. However, we do generally limit our programme to small organisations defined as those with an annual income of less than £100,000 a year.

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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

Main programme recipients were as follows:

----- Start of picture text -----
Recipients: Project Grant
Future Frontiers Future Frontiers’ charitable objects are to advance the education of
the public and relieve poverty, including but not limited to:
improving the academic progress of socio-economically
disadvantaged young people; and providing educational support to
socio-economically disadvantaged young people. Their mission is to £6,000
equip disadvantaged young people with the guidance, networks and
opportunities they need to realise their potential at school and
achieve post-16 qualifications that build towards secure and fulfilling
employment.
WeJam Foundation The WeJam Foundation exists to transform the lives of young people
most in need through musical education, reaching those who live in
areas of deprivation, and those with special educational needs and £6,998
disabilities. Their mission is to ensure everybody can access the
benefits music brings - regardless of ability or socioeconomic status.
Ealing Law Centre Their aim is to relieve poverty, suffering and distress among persons
resident or working within London Borough of Ealing and
neighbouring Boroughs through provision of free legal advice and £10,000
assistance; and the advancement of education for these persons.
Ealing Music Ealing Music Therapy (EMT) is the only charity in Ealing which
Therapy - (1 [st] provides Music Therapy on a full day basis in schools within the
payment out of 3) London Borough of Ealing. Music Therapy is an established clinical
intervention using music creatively to form a therapeutic
relationship and to support clients with their emotional, £10,000
physiological, social and communication needs.
Planet Panguin Their mission is to create an inclusive and vibrant football
Football Foundation community that caters to individuals of all ages and abilities.
Through their football club, they provide opportunities for young
people with Down’s syndrome, men over 55 years participating in
£10,000
walking football, and ladies over 40 years engaging in walking
football to experience the joy of the game, foster social connections,
and promote physical and mental well-being in a supportive and
inclusive environment.
Positive Impact Positive Impact Community works with Black and Minority Ethnic
Community– (1 [st] community who are affected by mental health illnesses, learning
payment out of 2) disability, those with drug addiction, and other mainstream drugs.
Their mission is to challenge the Black and Minority Ethnic
community’s perceived views about mental health, particularly £9,750
Somali, Arabs and Muslim Minorities, including shame and negative
stigma through education, and liaise between Ealing Mental Health
Teams and Black and Minority Ethnic young people, and their
families.
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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

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Parents Action and Parents Action and Resource Centre CIC (PARC) is an independent
Resources community organisation based in Ealing. Their mission is to create
a just education system for all pupils, particularly for Black parents
£10,000
and young people by providing them with practical information,
advice, and guidance (IAG) so that they are empowered to
challenge racial inequalities in educational institutions.
Ealing Churches The object of the organisation is the relief of hardship and
Winter Night Shelter poverty, by facilitating churches and other faith based and non-
– (1 [st] payment out faith-based organisations in the London Borough of Ealing to
of 2) provide shelter and support for people who are homeless or at £10,000
significant risk of homelessness.
Family Action Family Action's objects are to preserve and protect the good
health (in particular the mental health) of children and families,
£9,800
other individuals and groups within the community, and the relief
of poverty.
Maggie’s Maggie’s mission is to relieve the suffering and distress and to
further the health of persons with cancer, their families, and
£10,000
carers.
Dementia Concern Dementia Concern’s mission is to support people with dementia
£10,000
and their carers to live as independently as possible.
Centre for Armenian CAIA’s aims is to promote any charitable purpose for the benefit
Advice & of the Armenian Community and people connected with the
Information Armenian Community by the advancement of education, the
£10,000
protection of health and the relief of poverty and distress.
Action west London Action West London is an award-winning local charity with a
mission to "Change lives through Employment, Education, and
Enterprise." For over 25 years, they have worked to alleviate £10,000
poverty and improve life chances for individuals facing challenges
across West London.
St John’s Church St John’s Church Ealing awarded two grants of £1500 to students
West Ealing to support the costs associated with attending university. The
£3,000
grants were paid direct to the universities.
£125,548
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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

Distributive grants (continued)

Branch 2 grants are administered by the Ealing Deanery Synod, who handle all grant administration including seeking and assessing applications, deciding on grant recipients, carrying out all appropriate monitoring, and providing subsequent grant evaluations for scrutiny purposes. In 2024-25 the Synod was granted £10,572 (2024: £17,582) to award to their agreed recipients. Whilst each of the grants is small in value, there is a real and very beneficial impact on the churches involved and their level of outreach.

----- Start of picture text -----
Church Community Project Amount
St Matthew Ealing Common Projector, screen and bean bags (movie nights) £1,620
Oak Tree Anglican Fellowship West London House of Prayer £1,259
St George Southall Youth Group Resources £2,500
Ealing Churches Winter Night Shelter –
Ealing Churches Ecumenical £1,993
Fundraising for charity
Living Water Arabic Church Summer Outreach £1,700
St Hugh’s Northolt Youth Weekend away outreach £2,000
TOTAL APPROVED £10,572
----- End of picture text -----

In summary the grant position for the year ended 31[st] March 2025 is as follows:

----- Start of picture text -----
Amount
Grant surplus brought forward £492,281
Ealing Deanery Synod - awarded (£10,572)
Main programme grants - awarded (£125,548)
2025 Commercial property surplus
£223,108
transferred to grants
Grant surplus carried forward £579,269
----- End of picture text -----

Housing for Older People

In 2024-25 we housed 24 (2024 – 19) new residents in our Almshouse accommodation for older people.

During the year we completed improvements to properties, including:

Page 10

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

Commercial Property

Our commercial property consists of a parade of shops at 19 to 26 The Green, with 13 apartments above, all let on 125-year leases. It is a well-known local landmark, on a busy route into Ealing Broadway, and is in a conservation area.

During the year a member of the property management team was delegated with the responsibility of liaising with the commercial tenants and our commercial advisors Willmotts Estates. This has resulted in a significant reduction in rent arrears; optimising rent levels; and improved allocation of vacant premises.

Investments

The Charity’s investment portfolios managed by Investec produced total returns after fees of 8.89% and 7.37% compared to the benchmarks returns of 15.84% and 10.37%. Similar gains were achieved on the Charity’s holdings in M&G and CCLA managed funds.

Allotments

Demand for our allotments remains high and over-subscribed. The day-to-day responsibility for allotment management is in the hands of plot-holders committees, the Ealing Dean Allotment Society, and the Haslemere Allotments Association, under a management agreement signed between the Charity and each committee. The allotment committees are paid a management fee to fund day-to-day maintenance and administration and the Charity pays for major works. The arrangements are working very well, and we are appreciative of the efforts of the two committees.

The Allotments has proved a real sanctuary for plot holders. the allotments provided a vital open space where people could get fresh air, exercise and, of course, grow their own healthy fruit and vegetables. The allotment site offered a refuge where you could talk to your plot neighbours and friends. Many plot holders said it was a ‘lifeline’ for both their physical and mental health.

VALUE FOR MONEY (VFM)

Our aim is to deliver services of the right quality economically, efficiently, and effectively, thus meeting the needs of our residents and all other stakeholders. Housing Pathways Trust is committed to continuously improving our VFM for our residents in all aspects of our business.

Assessment of how Housing Pathways Trust is achieving value for money

An overarching strategic objectives is to ensure Value for Money is embedded across all areas of the business. The board’s approach to delivering value for money is one that considers quality; resident satisfaction; and price. When assessing value for money the charity will aim to measure the impact on the lives of residents; the quality of service delivery; the impact on the organisations capacity to ensure compliance with regulatory and legislative requirements; and will assess the long term viability of the property portfolio.

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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

The following examples illustrate the approach to value for money during the year:

Governance:

The biggest single contributory VFM action was the merger of Pathways’ legacy charities approved by the Charity Commission on 30 March 2022. The merger created a platform to enable the charity to embark on a programme of reducing overheads and streamlining service delivery. This has continued during 2024/25 where we reduced the number of finance employees from 3 FTE staff to one 0.6 FTE staff and outsourcing other elements of finance administration.

Trustees approved a revised VFM strategy in April 2023. Board reports and financial reviews routinely measure the impact of value for money by balancing cost, quality and resident satisfaction. The Charity has the facility to compare costs and satisfaction by being an active member of an established bench-marking group and forging links with similar sized housing organisations. The Association is affiliated to a number of professional and trade bodies to keep abreast of best practice and significant sector wide developments.

Housing Pathways Trust is a charity regulated by both the Charity Commission and the Regulator of Social Housing. As a registered provider of social housing the charity has adopted the 2020 National Housing Federation Code of Governance. A self-assessment against the code scored a 96% compliance score.

Financial performance: Total arrears for the year was 7% of the annual debit across all tenures. The total includes money owed by housing benefit. This figure compares favourably to other multi-tenure social landlords. The number of empty properties requiring refurbishment increased during the year. This resulted in an increase in the income lost due to properties being empty pending refurbishment and repair. An improved allocations process has been adopted by the team and new contractors have been engaged with the objective of delivering improvements in voids and allocations.

Managing property assets: As a small provider of housing the team are able to maintain accurate and up to date records relating to stock condition. The data collected has enabled effective long term planning to ensure properties are safe, well-maintained and remain relevant to changing market demands.

Employee skills: The charity invests in employee development and has a multi-disciplinary property management team. Staff are encouraged to learn and develop to the mutual benefit of themselves and the business. Housing staff are trained to possess a broad knowledge of housing related disciplines to ensure the properties are maintained and managed to a high standard.

Landlord Property Compliance: The charity has a robust approach to landlord property compliance, achieving 100% across key areas that are reported to each meeting of the board. This approach ensures the safety and security of residents, protecting the organisation from adverse litigation and publicity. A dedicated team member is responsible for compliance reporting. Assurance is provided via periodic internal audits.

Technological investment: Since 2022 the charity has invested in API (Application programming interface) technology. API applications interface with one another, are low cost, and deliver significant efficiencies, in particular relating to financial administration. The technology has enhanced communications and enabled staff to work flexibly, targeting resources where most needed. During the year the charity has implemented direct debit software that will streamline income administration.

Operational Efficiencies: During the financial year the charity continued to make operational efficiencies:

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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

Resident satisfaction: The charity aims to deliver excellent services combined with safe, secure and well maintained housing. This social purpose of the charity reduces demand on statutory services allowing resources to be deployed elsewhere. During the year the charity reinforced the commitment to listening to residents and delivering resident focused services. The 4th annual resident conference held in June 2024 continued the trend of increased resident attendance compared to the previous year. Satisfaction expressed during the conference affirmed the charity’s overall 89% satisfaction score recorded via an independent survey published in May 2024.

Feedback from at the conference, and from the survey form an action plan for improved service delivery.

Complaints: During the financial year 1st April 2024 to 31st March 2025, Housing Pathways Trust (HPT) received 14 complaints. 5 complaints were from residents living in our alms houses; 3 complaints from a family member of an alms house resident; 1 complaint from a leaseholder; 1 complaint from people applying for housing, 2 complaints for persons living in the neighbourhood of one of our sites, 1 complaint from a representative on behalf of a resident; and 1 complaint from a member of Parliament of Ealing Southall on behalf of a resident. The complaints were from 9 different residents living at 5 different sites owned by the charity.

In accordance with the Ombudsman complaints handling code the annual complaints report is published on our website.

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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

Value for Money Key Metrics

----- Start of picture text -----
2025 2024
1. Reinvestment %
Considers the investment in properties (existing stock as well
3.84% 3.81%
as new supply) as a percentage of the value of total
properties held.
2. New Supply Delivered %
The number of new social housing and non-social housing
homes that have been acquired or developed in the year as a
proportion of total social housing and non-social housing
homes owned at period end.
A. New supply delivered (Social housing homes) 0% 0%
B. New supply delivered (Non-social housing homes) 0% 0%
3. Gearing %
(2.44)% (3.89)%
Assesses how much of the adjusted assets are made up of
debt and the degree of dependence on debt finance.
4. Earnings Before Interest, Tax, Depreciation,
Amortisation, Major Repairs Included (EBITDA MRI) 146% 104%
Interest Cover %.
A key indicator for liquidity and investment capacity.
Measures the level of surplus generated compared to interest
payable
5. Social Housing Cost Per Unit
The headline social housing cost per unit as defined by the £5,569 £8,426
Regulator
6. Operating Margin%
Demonstrates the profitability of operating assets before
exceptional expenses are taken into account. Increasing
margins are one way to improve the financial efficiency of a
business.
A. Operating Margin (social housing lettings only)
(26.0)% (9.66)%
B. Operating Margin (overall) after adjusting for
(8.5)% 0.7%
impairment and merger costs
7. ROCE %
Compares the operating surplus to total assets less current
0.2% (0.07)%
liabilities. An assessment of the efficient investment of capital
resources.
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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

VALUE FOR MONEY (continued)

The Charity’s VFM metrics around Gearing and EBITDA compare favourably to its peer group, a reflection of the relatively low level of borrowing. However, the metrics for Operating Margin and ROCE are not so favourable which reflects the Charity’s non-housing activities including grant-giving. Cost pressures in respect of maintenance and services have caused an increase in cost per unit and a decline in social housing lettings operating margin.

Key Performance Indicators (KPIs)

As members of the Housing for Older People benchmarking group, run by Acuity, which comprises about 34 similarly sized housing providers. We have access to a range of KPIs, both for the immediate group and national comparisons with Housemark, enabling us to compare performance and share good practice to drive improvements and reporting to stakeholders. The KPIs cover areas of organisational performance including resident satisfaction, value for money, repairs, lettings, voids, and compliance but they also provide benchmarking information on areas such as average working days lost due to staff sickness days.

TENANT SATISFACTION MEASURES

Housing Pathways Trust is an alms-house provider registered is a registered provider of social housing regulated by the Regulator of Social Housing (RSH). On 1 April 2023 the RSH published a new system for assessing how well social housing landlords in England are doing at providing good quality homes and services. The system is referred to as tenant satisfaction measures (TSM’s). The measures are a list of indicators that social housing landlords must report on.

TSMs collected from Housing Pathways Trust resident perception survey These TSM’s remain the same as the previous year (requirement to be completed every 2 years and were last completed in 2023/ TP01 Overall satisfaction – 89%

TSMs generated from Housing Pathways Trust management information

CH01 Complaints relative to the size of the landlord – 6.2

CH02 Complaints responded to within Complaint Handling Code timescales – 100% NM01 Anti-social behaviour cases relative to the size of the landlord - 0

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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

FINANCIAL REVIEW

The Charity recorded a net movement in funds of (£37,835) (2024: £224,298). Net expenditure before investment movements amounted to £23,244 (2024: net income of £4,443) whilst investment movements were positive with gains on investments of £10,921 and compared to profit on investments of £257,855 in the prior year.

Within the net movement in funds, the Charity made a deficit on Almshouse Accommodation of £518,564 (2024: deficit of £267,630). Non-social housing activities including allotments, commercial properties produced income of £501,570 (2024: £543,862) and income from fixed asset investments amounted to £130,642 (2024: £144,456). Income of £242,830 was received from Housing Pathways Limited, following its cessation of trade. Grants payable and associated costs were £165,329 (2024: £181,224). After interest, investment fees and movement in the fair value of the investment properties and fixed asset investments, the charity ended the year with a net expenditure of £34,165 (2024: £262,298). Actuarial movements on the Social Housing Pension Scheme amounted to losses of £72,000 compared to losses of £38,000 in 2024.

Reserves Policy and Reserves

Designated reserves are maintained in accordance with guidance issued by the National Almshouse Association for the cyclical maintenance and repair of the properties. Details of the designated reserves can be found in note 20. The Trustees continue to review the Charity’s reserves.

Total Funds at 31st March 2025 of £21,897,553 (2024: £21,935,388) comprising Restricted Funds of £3,034,256 (2024: £3,109,943), Permanent Endowment Funds of £14,605,266 (2024: £14,435,536) and Unrestricted Funds of £4,258,031 (2024: £4,389,909) including Designated Funds of £2,495,467 (2024: £2,453,482) including a grant reserve of £269,073, and maintenance reserves totalling £2,226,394.

The level of maintenance reserves is considered adequate to cover any such costs that are likely to be charged to the revenue account. General funds amount to £1,762,564 and are in place to ensure ongoing trading in the event of any material loss of income, and as a result of the need to build up liquidity to fund future capital costs of Planned Maintenance and expansion of our housing stock. After making allowance for tangible fixed assets used for the charity’s activities, reserves amounted to £1,742,919.

Investment Policy

The investment policy lodged with Investec is to invest prudently in a broad range of fixed interest securities and equities, which are quoted on a Registered Investment Exchange, and unit trusts, within an agreed range of percentage holdings for each class of investment. A Balanced objective has been adopted, seeking long term real return on capital as well as income. Companies engaging in or earning more than 10% of their profits from “home collected credit” represent the only ethical restriction in force. The charity also has investments in the M&G Charity Multi Asset Fund and M&G Equities Investment Funds which both seek a combined income and capital real return.

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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

Risk Management

The major risks to which the Charity is exposed, as identified by the Trustees, are regularly reviewed. In addition, the Trustees have put in place systems, policies, and procedures to mitigate these risks once they are identified and assessed. All reports presented to Board and sub-committees include an executive summary of risk which cross refers to the risks identified in the key risks register.

The key risks and uncertainties facing the charity cover several areas of operation and are controlled using procedures and sub-committee overview. The audit and risk committee agree the internal audit cycle with the next internal audit taking take place in 2025. The audit and risk committee review the risk register at least annually. Key risks to the charity include ongoing inflationary pressures impacting the cost to maintain the property portfolio; compliance with landlord health and safety legislation including fire, damp and mould; and compliance with the regulatory framework set out by the regulators. Other risks identified are breach of legislation or covenants, ability of residents to maintain payments and misappropriation of funds through fraud.

Fraud

The Board has a policy on fraud covering prevention, detection and reporting of fraud and the recovery of assets.

Anti-bribery policy statement

We seek to maintain the highest standards of ethics and integrity in the way we conduct our business. We recognise that bribery and corruption in all its forms, is illegal and unacceptable. Our bribery policy statement has been integrated into our code of conduct and our gifts and hospitality policy, adopted by the Board, signed by the Chair and Chief Executive. We expect our business partners to adopt a similar approach to bribery or corruption.

FUTURE PLANS

Our key priorities are to:

The Board is in the process of reviewing Housing Pathways Trust’s asset management strategy alongside developing a revised 30 years financial plan that will underpin the ambitions set out in the asset management plan. We will continue to seek to reduce our cost base and improve Value for Money in accordance with the standard whilst driving and improving performance.

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Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Law applicable to charities in England and Wales and Registered Social Housing legislation requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity at the year end and of the surplus or deficit of the charity for that period. In preparing those financial statements at the year end, the Trustees should follow best practice and:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Social Housing 2022. The Trustees are responsible for taking reasonable steps to safeguard the assets of the Charity and for the prevention and detection of fraud and other irregularities.

AUDITORS

Beever and Struthers were appointed as new auditors in November 2024.

The Board of Housing Pathways Trust would like to record their particular appreciation of the assistance provided by Matthew Elkins and his colleagues at Knox Cropper over the last few years.

TRUSTEES’ STATEMENT ON INTERNAL FINANCIAL CONTROLS

The Trustees acknowledge their ultimate responsibility for ensuring that Housing Pathways Trust has in place a system of controls that is appropriate to the various business environments in which it operates.

These controls are designed to give reasonable assurance with respect to:

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

Page 18

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

CHAIR’S REPORT

Increased expenditure incurred during the year reflected our focus on continued improvement and investing in long term stability. During the year we:

Income lost due to properties being empty was in part due to properties being held empty for decanting residents whilst their homes were being refurbished and the high number of properties becoming empty during the year. The team have worked hard to streamline voids administration with enhanced use of our property management software, the impact of which will be seen in year 2025/26.

Our resident survey showed that the level of satisfaction with our homes and service provision has risen again. This was a goal we set ourselves 3 years ago and it is so encouraging to see the results of the investment made by staff and contractors.

The level of complaints has reduced, and any complaint is being dealt with in a quick and efficient manner. Much of this is down to stable staff team who work so well together. The approach we have taken to have Housing Mangers being responsible for ‘their’ own selection of properties has brought a deeper level of care and customer service.

Page 19

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

This year we have also successfully expanded the board membership with three highly skilled contributors as part of the continued drive to improve. All of this has been led by our CEO, Steve McNaughton who brings great leadership with committed support from the board of trustees

Mark Melluish

M melluish

M melluish (Sep 30, 2025 16:42:40 GMT+1)

Chair of Housing Pathways Trust

Page 20

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF HOUSING PATHWAYS TRUST

Opinion

We have audited the financial statements of Housing Pathways Trust (“the charity”) for the period ended 31 March 2025 which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows, and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Annual Report of the Trustees, other than the financial statements and our auditor’s report thereon. The charity trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the

Page 21

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require 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 17, the charity trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.

Page 22

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

The extent to which the audit was considered capable of detecting irregularities including fraud

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

focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006, the Charities Act 2011, taxation legislation, employment legislation, and health and safety legislation.

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Page 23

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Beever and Struthers 150 Minories Chartered Accountants London Statutory Auditor EC3N 1LS

Date: 30 September 2025

Beever and Struthers is eligible to act as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 24

Housing Pathways Trust Annual Report of the Trustees For The Year Ended 31st March 2025 Statement of Financial Activities

Notes
Income from
Donations and Grants
Charitable Activities
Almshouse Accommodation
2
Allotments
2
Other Trading Activities
3
Investments
4
Expenditure on
Raising Funds
5
Charitable Activities
Almshouse Accommodation
6
Allotments
6
Grant Making
6
Gains/(losses) on investments
Net income/(expenditure)
Actuarial gains/(losses)
Transfers between funds
Net movement in funds
Funds brought forward 1st April 24
Funds carried forward 31st March 25		 2025 2024
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
funds
£
£
£
£
2,385
-
-
2,385
1,806,121
-
-
1,806,121
24,991
-
-
24,991
438,694
-
-
438,694
402,972
8,386
-
411,358
2,675,163
8,386
-
2,683,549
132,217
-
3,809
136,026
1,962,113
85,295
278,608
2,326,016
31,510
-
1,424
32,934
164,800
-
529
165,329
2,290,640
85,295
284,370
2,660,305
7,749
1,222
1,950
10,921
392,272
(75,687)
(282,420)
34,165
(72,000)
-
-
(72,000)
(452,150)
-
452,150
-
(131,878)
(75,687)
169,730
(37,835)
4,389,909
3,109,943
14,435,536
21,935,388
4,258,031
3,034,256
14,605,266
21,897,553		 Unrestricted
Restricted
Endowment
Total
funds
funds
funds
funds
£
£
£
£
2,320
-
-
2,320
1,820,172
-
-
1,820,172
23,918
-
-
23,918
210,111
-
-
210,111
445,657
8,632
-
454,289
2,502,178
8,632
-
2,510,810
202,029
1,929
5,659
209,617
1,689,339
83,366
315,097
2,087,802
26,244
-
1,480
27,724
180,695
-
529
181,224
2,098,307
85,295
322,765
2,506,367
206,070
12,915
38,870
257,855
609,941
(63,748)
(283,895)
262,298
(38,000)
-
-
(38,000)
(1,180,726)
-
1,180,726
-
(608,785)
(63,748)
896,831
224,298
4,998,694
3,173,691
13,538,705
21,711,090
4,389,909
3,109,943
14,435,536
21,935,388

The financial statements were approved by the Trustees on …………………………………2025 and signed on its behalf by: 30 September

M melluish Trustee ~~___~~ M melluish (Sep 30, 2025 16:42:40 GMT+1) _______

Trustee __________

Mark Melluish (Chair)

Fiona Howie (Trustee and audit and risk committee member)

Page 25

Housing Pathways Trust Balance Sheet As At 31st March 2025

Notes
Fixed Assets
Housing Properties
10
Investment Properties
11
Other Fixed Assets
12
Social Investments
14
Investments
15
0
Current Assets
Trade and Other Debtors
16
Cash and Cash Equivalents
Creditors:Amounts falling due
within one year
17
Net Current Assets
Total Assets less Current
Liabilities
Creditors:Amounts falling due
after more than one year
18
Provisions for liabilities
23
Net Assets
Funds
Permanent Endowment
20
Restricted Funds
20
Unrestricted Funds
20
Total Funds		 2025
£
£
11,775,907
4,413,500
1,330,765
-
4,438,643
21,958,815
434,189
468,101
902,290
(803,551)
98,739
22,057,554
(105,001)
(55,000)
21,897,553
14,605,266
3,034,256
4,258,031
21,897,553		 2024
£
£
11,675,740
4,413,500
1,357,082
-
4,686,026
22,132,348
201,595
1,220,751
1,422,346
(673,185)
749,161
22,881,509
(786,121)
(160,000)
21,935,388
14,435,536
3,109,943
4,389.909
21,935,388

30 September The financial statements were approved by the Trustees on …………………………………2025 and signed on its behalf by:

M melluish M melluish (Sep 30, 2025 16:42:40 GMT+1) ______ Trustee ________ Trustee

Mark Melluish (Chair)

Fiona Howie (Trustee and audit and risk committee member)

Page 26

House Pathways Trust Statement Of Cash Flows

For The Year Ended 31st March 2025

A
Cash Flows from Operating Activities
Net Income/(Expenditure) for the year
Depreciation
Income from Investments
Interest Payable
Investment management fees
Decrease/(Increase) in Debtors
Decrease/(Increase) in Creditors
(Decrease)/Increase in Pension Provision
Disposal of fixed assets
Reversal of impairment of Social Investments
(Gains)/Losses on Investments
Revaluation of investment property

B
Cash and Cash Equivalents
Bank Balances
Investment Managers Cash
Notes


Net Cash generated from Operating Activities
A
Cash Flows from Investing Activities
Capitalised works to existing housing properties
Purchase of other fixed assets
Repayments of Social Investments
Proceeds from sale of investments
Additions to investments
Investment management fees
Investment income and bank interest received
Net Cash generated from/(used in) Investing Activities
Cash Flows from Financing Activities
Interest paid
Repayment of Loans
Net Cash (used in)/generated from Financing Activities
Net Change in Cash and Cash Equivalents


Cash and Cash Equivalents at the beginning of the year

Cash and Cash Equivalents at the end of the year
B		 34,165
398,601
(130,642)
61,531
(10,492)
(232,592)
215,680
(177,000)
(20,301)
-
(82,929)
-
56,021
468,101
17,604
485,705
2025
£
56,021
(452,150)
-
-
300,000
-
10,492
130,642
(11,016)
(61,532)
(766,435)
(827,967)
(782,962)
1,268,667
485,705		 2024
£
543,225
(444,996)
(3,000)
-
534,012
(553,009)
(20,025)
133,004
(354,014)
(96,837)
(738,190)
(835,027)
262,298
391,242
(144,456)
102,837
20,025
80,513
92,993
(38,000)
33,628
-
(257,855)
-
543,225
1,220,751
47,916
1,268,667
(645,816)
1,914,483
1,268,667

Page 27

Housing Pathways Trust Statement Of Cash Flows For The Year Ended 31st March 2025

Reconciliation of Net Debt




Cash and Cash equivalents

Loans falling due within one year

Loans falling due after more than one year

Total		 At 01.04.24
£

1,268,667
(64,316)
(702,120)
502,231		 Cash Flows
£
(782,962)
64,316
702,120
16,526		 At 31.03.25
£
485,705
-
-
485,705

Page 28

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

1. Accounting Policies

(a) Status

Housing Pathways Trust is an unincorporated charity registered in England and Wales, registration number 211053. The principal office address is disclosed on page 1 of the annual report. The presentational currency is the Pound Sterling (£).

(b) Basis of Accounting and Assessment of Going Concern:

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities, in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (second edition issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounts comply with the Charities Act 2011, the Housing and Regeneration Act 2008, the Accounting Direction for Private Registered Providers of Social Housing in England 2022. The accounts are prepared on the historical cost basis of accounting unless otherwise stated in the relevant accounting policy.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Second Edition issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern.

(c) Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Income from Almshouse Accommodation represents weekly maintenance and service contributions receivable from residents and is recognised on an accruals basis.

Investment income is earned through holding assets for investment purposes such as shares and property and includes dividends and interest and rents and service charges from investment properties. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity's right to receive payment is established. The Charity considers it is not practical to identify investment management costs incurred within collective investment schemes managed by M&G and CCLA with reasonable accuracy and thus the investment income is reported net of these costs. Rental income is recognised straight line over the term of the lease and service charges are recognised on an accruals basis.

Social Housing Capital grants are recognised using the performance model and recognised when receivable, or in the period in which a scheme is completed where the amount of the grant has been determined. Social Housing Grants are treated as restricted funds and reflected in the Fixed Asset Fund.

Page 29

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

1. Accounting Policies (continued)

(d) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

(e) Housing Properties

Housing properties are measured at cost less accumulated depreciation and impairment losses. For housing properties acquired before 1st April 1978, market value as at that date is deemed to be cost. All subsequent acquisitions of housing properties or improvements to existing stock are measured at cost.

The cost of completed housing properties (net of the cost of land) is depreciated over the useful life of the properties. Properties are accounted for on a component cost basis with each component being depreciated over its estimated economic life. The principal components identified, and the depreciation rate applied to each component are set out below:

Land - Not depreciated
Main fabric - Over 70 years
Roof structure and covering - Over 70 years
Windows & external doors - Over 30 years
Gas boilers - Over 15 years
Kitchen - Over 20 years
Bathrooms/WCs - Over 30 years
Redecoration - Over 7 years
Mechanical systems - Over 30 years
Electrics - Over 40 years
Fire alarms/warden call - Over 15 years

(f) Investment Properties

Investment properties are measured at fair value at the balance sheet date. These properties are held for rental and are reflected under Investment Properties, as distinct from Social Housing Properties. In accordance with FRS102, no depreciation is charged on the investment properties.

(g) Other Fixed Assets

Allotment land is measured at deemed cost, being previous GAAP revaluations of £390,000 for Northfield Allotment and £355,000 for Haslemere Allotment taken as deemed cost on transition to FRS102. Improvements to the allotment sites are measured at cost less accumulated depreciation. Fixtures, fittings, and equipment are stated at cost less accumulated depreciation. Office property is held for the use of the charity and is measured at cost less accumulated depreciation.

Page 30

Housing Pathways Trust Notes To the Financial Statements

For The Year Ended 31st March 2025

Depreciation is charged in a straight line basis over the expected useful lives of the assets, at the following annual rates:

2% - Allotment Fencing

10% - Furniture & Fittings

33⅓% - Computer Equipment

The Office Property is depreciated on a component basis using the same rates as applied to the Housing Properties.

(h) Investments

Fixed asset investments are a form of basic financial instrument are initially recognised at their transaction value and subsequently measured at their fair value using the closing quoted market price or the share of the Net Asset Value of the fund (if unlisted). All gains and losses are taken to the Statement of Financial Activities as they arise. The Statement of Financial Activities includes all net gains and losses arising on revaluation and disposals throughout the year.

Social investments, comprising a concessionary loan, are measured at cost less impairment.

(i) Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(j) Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(k) Creditors

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

(l)

Financial Instruments

The Charity only holds basic financial instruments. The financial assets and financial liabilities of the Charity are as follows:

Debtors – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 16. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Liabilities – trade creditors and bank loans are classified as financial instruments and are measured at amortised cost as detailed in Notes 17 & 18.

Page 31

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

(m) Fund Accounting

Designated funds comprise unrestricted funds that have been set aside by the Trustees for a specific purpose. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for a specific purpose. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Permanent endowment funds are restricted capital funds where there is no power to convert the original capital to income. Expendable endowment funds represent sums which the Trustees intend to retain intact but can if necessary be used in furtherance of the Charity objectives subject to any restrictions imposed by the donor.

(o) Taxation

As a non-profit making body, the charity believes that it is exempt from forms of taxation other than employers' national insurance and value added tax (VAT). The charity partially makes taxable supplies of services and is only able to recover input VAT tax, where this is charged, on items of expenditure relating to these supplies.

(p) Pension Costs

The Charity participates in a multi-employer defined benefit pension scheme providing benefits based on final pensionable pay. This is a funded scheme, and the assets are held separately from those of the charity in separate trustee administered funds.

Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent term and currency to the liabilities.

The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to net income/expenditure are the current service costs and gains and losses on settlements and curtailments together with any change in the net defined benefit liability arising from employee service. They are included as part of staff costs. Net interest on the defined benefit liability is shown as a cost in the support cost. The re-measurement of the defined benefit liability is also reported in the statement of financial activities within other gains and losses and is shown in more detail in Note 23 to the accounts.

Page 32

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

1. Accounting Policies (continued)

(q) Significant Management Judgements and Estimation Uncertainties

The following are the critical judgements and key sources of estimation uncertainty that the Board has made in the process of applying the charity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

Fair value of Investment Properties

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the Statement of Financial Activities. The Trustees assess the fair value of the investment properties based on recent market values. In determining the fair value on this basis, the valuation remains sensitive to fluctuations in the property market

Identification of housing property components

The charity 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 economic lives. Judgement is used in allocating property costs between components (land, structure, kitchens, bathrooms etc) and in determining the useful economic 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.

(r) Significant Management Judgements and Estimation Uncertainties (continued)

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 changes to decent homes standard requiring frequent replacement of components.

Bad debt provision

A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectible.

Defined Benefit Pension Scheme

As stated in Note 23, the Charity participates in a multi-employer defined benefit pension scheme. The value of the Charity’s share of the net deficit in the scheme is sensitive to fluctuations in bond yields and other actuarial assumptions as detailed in Note 23.

Page 33

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

2. Income from Charitable Activities

Income from Charitable Activities
Almshouse Accommodation
Maintenance contributions
Services contributions
Allotments
Allotments		 2025
£
1,591,401
214,720
1,806,121
24,991
1,831,112		 2024
£
1,585,024
235,148
1,820,172
23,918
1,844,190

3. Income from Other Trading Activities

Management Fees
Private Lets
Office rent receivable
Other		 2025
£
13,180
173,109
7,500
244,905
438,694		 2024
£
17,357
185,254
7,500
-
210,111

Private let income represents the income derived from certain properties within the Charity’s almshouse estate which are temporarily let on short-term licenses at market rates.

Housing Pathways Trust received an amount of £242,830 from Housing Pathways Limited, which ceased to trade in during the year. This is included in Other.

4. Income from Investments

Investment Property
Rent receivable
Ground rent receivable
Service charges receivable
Investment Income & Bank Interest		 2025
£
273,153
3,750
3,813
280,716
130,642
411,358		 2024
£
259,052
3,950
46,831
309,833
144,456
454,289

Page 34

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

5.
Expenditure on Raising Funds
6.
Expenditure on Charitable Activities
Investment management fees
Support costs – managing KGV
Investment Property costs
Management & support costs
Maintenance
Insurance
Professional fees
Bad debts
Almshouse Accommodation
Management & support costs
Services
Maintenance
Depreciation
Disposals
Interest payable
Bad debts
Allotments
Management
Depreciation
Maintenance
Support costs
Grant-making
Grants awarded to institutions
Residents’ Welfare & Hardship Fund
Support costs		 2025
£
10,492
13,061
75,738
1,167
28,838
6,730
-
136,026
2025
£
729,520
429,268
762,458
374,755
(20,301)
49,832
494
2,326,016
19,636
1,138
-
12,160
32,934
116,587
26,223
22,519
165,329
2,524,279		 2024
£
20,025
12,582
72,960
25,667
28,571
38,718
11,094
209,617
2024
£
654,793
296,204
668,388
359,336
33,268
66,593
8,860
2,087,802
9,936
1,194
4,880
11,714
27,724
146,081
13,450
21,693
181,224
2,296,750

A breakdown of the institutions which were awarded grants during the year can be found in the Report of the Trustees.

Page 35

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

7. Support Costs

Staff costs
Administration
Depreciation of office property
Depreciation of office equipment
Professional fees
Bank charges and sundries
Loan interest
Pensions costs and interest
Irrecoverable VAT
Governance costs		 2025
£
587,625
88,546
16,996
5,713
95,888
11,709
-
(133,909)
47,708
30,348
750,624		 2024
£
450,305
130,499
17,632
13,080
12,017
3,757
30,244
8,975
42,750
13,835
723,094

Included within Governance Costs is auditor’s remuneration for the audit of the financial statements amounting to £18,435 excluding VAT (2024: £11,530 excluding VAT).

8. Staff Costs

All employees are jointly employed by Housing Pathways Trust and associated Pathways charities, and their costs are recharged across the charities on a set basis reviewed annually. The proportion of staff costs charged to the Charity is as follows:

Wages and salaries
Social security costs
Pension costs
Redundancy
Agency staff & interim contractors		 2025
£
402,057
37,884
48,936
21,028
77,720
587,625		 2024
£
309,403
28,113
25,956
-
86,833
450,305

The average weekly numbers of full-time equivalent employees during the year were 8.2 (2024: 9.5) and the average number of employees was 9 (2024: 10). No employees’ received employee benefits in excess of £60,000 (2024: 1).

The remuneration payable to key management personnel for their services to the Charity amounted to £90,383 (2024: £156,518). One trustee, Rev. Mark Melluish, received remuneration of £3,000 for their role as a Chair of Trustees as permitted by the Charity’s governing document.

Page 36

Housing Pathways Trust Notes To the Financial Statements

For The Year Ended 31st March 2025

9. Social Housing Lettings

10.
Fixed Assets Housing Properties
Maintenance contributions
Service charges receivable
Turnover from Social Housing Letting
Management
Services
Routine and Cyclical Maintenance
Property Depreciation
Bad debts
Operating costs of Social House Lettings
Gain/(Loss) on replacement of components
Operating surplus/(deficit) on Social Housing Letting
Net Surplus/(Deficit) on social housing lettings
Void Losses (within maintenance contributions)
Cost
As at 1stApril 2024
Works to existing properties
Disposals
As at 31stMarch 2025
Depreciation
As at 1stApril 2024
Charge for the year
Disposals
As at 31stMarch 2025
Net Book Value at 31st March 2025		 2025
£
1,591,401
214,720
1,806,121
729,520
429,268
762,458
374,755
494
(2,296,495)
20,301
(470,073)
(518,894)
158,778
2025
£
15,877,992
452,150
(105,678)
16,224,464
4,202,252
374,755
(128,450)
4,448,557
11,775,907		 2024
£
1,585,024
235,148
1,820,172
629,524
296,204
668,388
359,336
8,860
(1,962,312)
(13,584)
(175,768)
(267,630)
87,956
2024
£
15,519,394
444,996
(86,398)
15,877,992
3,895,686
359,336
(52,770)
4,202,252
11,675,740

All Properties are Freehold Properties except for two properties held on long leaseholds (cost £362,731 accumulated depreciation £69,866).

Page 37

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

11. Investment Properties


Fair Value
As at 1stApril 2024
Additions
Movement in fair value
As at 31stMarch 2025		 Ealing Green
£
4,400,000
-
-
4,400,000		 Vaughan Court
£
13,500
-
-
13,500		 Total
£
4,413,500
-
-
4,413,500

The Investment properties were last valued by S Hanton FRICS for Willmotts as at 31st August 2023.

12. Other Fixed Assets

Cost
As at 1st April 2024
Additions
Disposals
As at 31st March 2025
Depreciation
As at 1stApril 2024
On disposals
Charge for the year
As at 31stMarch 2025
Net Book Value
As at 31stMarch 2025
As at 31stMarch 2024		 Allotments
£
801,882
-
-
801,882
13,562
-
1,138
14,700
787,182
788,320		 Fixtures,
Fittings &
Equipment
£
48,984
-
(17,749)
31,235
36,630
(15,279)
5,713
27,064
4,171
12,354		 Office
£
679,845
-
-
679,845
123,437
-
16,996
140,433
539,412
556,408		 Total
£
1,530,711
-
(17,749)
1,512,962
173,629
(15,279)
23,847
182,197
1,330,765
1,357,082

All 2024 figures in this note represent combined figures.

Page 38

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

13. Capital Grants

13.
Capital Grants

14.
Social Investments
Aggregate amount received
As at 1stApril 2024 and 31stMarch 2025
Released to Statement of Financial Activities
As at 1stApril 2024 and 31stMarch 2025
Social Housing Grant Carrying Value
Concessionary loans
As at 1stApril 2024
Repayments in the year
Reversal of impairment
As at 31stMarch 2025		 2025
£
5,835,488
5,835,488
-
2025
£
-
-
-
-		 2024
£
5,835,488
5,835,488
-
2024
£
-
-
-
-

Concessionary loans comprise an interest-free loan made to Cultivate London Ltd in 2012. The loan was fully impaired in the year it was granted. The amount outstanding at 31st March 2025 is £47,645 (2024: £47,645).

Page 39

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

15. Fixed Asset Investments

As at 1st April 2024
Additions
Disposals
Unrealised gains/(losses)
As at 31st March 2025
Cash Deposits
Fixed Income
Equities and Unit Trust
Property and Alternatives
Cash and Money Market		 2025 Total
£
4,638,110
-
(300,000)
82,929
4,421,039
17,604
4,438,643
320,005
3,157,199
905,579
55,860
4,438,643		 2024
Total
£
4,351,427
562,840
(557,796)
281,639
Unrestricted
£
4,352,459
-
(300,000)
81,707
4,134,166
16,069
4,150,235
287,601
2,935,269
882,218
45,147
4,150,235		 Grassroots
£
285,651
-
-
1,222
286,873
1,535
288,408
32,404
221,930
23,361
10,713
288,408
4,638,110
47,916
4,686,026
294,750
3,948,601
329,359
113,316
4,686,026

Included within Fixed Asset Investments is £4,421,039 (2024: £4,638,110) measured at fair value through net income/(expenditure).

Investments with a carrying value of £300,000 were sold for net proceeds of £300,000, realising losses of £0 (2024: carrying value of £557,796 sold for net proceeds of £534,012, realising losses of £23,784).

16. Debtors

Debtors
Residents’ Contributions
Provision for Doubtful Debts
Private Let and Investment Property Debtors
Connected parties:
Educational Foundation of Francis Courtney
King George V Memorial Houses
Housing Pathways
Prepayments and accrued income
Other debtors		 2025
£
121,408
(83,550)
37,858
150,533
-
72,793
-
141,239
31,766
434,189		 2024
£
71,652
(18,970)
53,682
85,188
6,000
21,237
-
35,488
-
201,595

£0 of the Prepayments and accrued income total is receivable in more than one year.

Page 40

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

17. Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year
Trade Creditors
VAT and Social Security
Connected parties:
Housing Pathways
King George V Memorial Houses
Loans (Note 19)
Grants payable
Deferred income
Accrued expenses & Other Creditors
Deferred income at 1stApril
Income recognised in the year
Amounts deferred this year
Deferred income at 31stMarch		 2025
£
388,083
22,291
17,980
-
-
-
111,053
264,144
803,551
83,366
(83,366)
111,053
111,053		 2024
£
245,712
16,147
150
-
64,316
19,533
83,366
243,961
673,185
71,385
(71,385)
83,366
83,366

Deferred income represents rent and service charges invoiced to tenants of the charity’s investment properties related to periods beyond the balance sheet date.

18. Creditors: Amounts falling due outside one year

19.
Loans
Tenant deposits
Loans (Note 19)
Repayable in less that one year (Note 17)
Repayable in more than one year (Note 18)
Total Loans		 2025
£
105,001
-
105,001
2025
£
-
-
-		 2024
£
84,001
702,120
786,121
2024
£
64,316
702,120
766,436

The Charity has no loans outstanding.

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

20.Funds
Current Year

Unrestricted Funds
General Funds
Designated Funds
Grants Reserve
Cyclical Repairs and Maintenance Reserve
Extraordinary Repairs Reserve
Restricted Funds
Fixed Asset Fund
Grassroots Fund
Endowment Funds
Permanent Endowment		 Balance at 1 April
2024
Income
Expenditure
Gain/(losses) on
investments
Other
gain/(losses)
Transfers
Balance at 31 March
2025
£
£
£
£
£
£
£
1,936,427
2,633,637
(2,287,186)
3,836
(72,000)
(452,150)
1,762,564
269,073
-
-
-
-
-
269,073

474,357
9,018
(750)
850
-
-
483,475
1,710,052
32,508
(2,704)
3,063
-
-
1,742,919
4,389,909
2,675,163
(2,290,640)
7,749
(72,000)
(452,150)
4,258,031
2,738,742
-
(83,366)
-
-
-
2,655,376
371,201
8,386
(1,929)
1,222
-
-
378,880
3,109,943
8,386
(85,295)
1,222
-
-
3,034,256
14,435,536
-
(284,370)
1,950
-
452,150
14,605,266
21,935,388
2,683,549
(2,660,305)
10,921
(72,000)
-
21,897,553

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

20. Funds (continued)

Prior Year
Unrestricted Funds
General Funds
Designated Funds
Grants Reserve
Cyclical Repairs and Maintenance Reserve
Extraordinary Repairs Reserve
Restricted Funds
Fixed Asset Fund
Grassroots Fund
Endowment Funds
Permanent Endowment		 Balance at 1 April
2023
Income
Expenditure
Gains/(losses)
on investments
Other
gains/(losses)
Transfers
Balance at 31
March 2024
2,657,432
2,460,697
(2,091,147)
128,171
(38,000)
(1,180,726)
1,936,427
269,073
-
-
-
-
-
269,073

459,431
5,517
(952)
10,361
-
-
474,357
1,612,758
35,964
(6,208)
67,538
-
-
1,710,052
4,998,694
2,502,178
(2,098,307)
206,070
(38,000)
(1,180,726)
4,389,909
2,822,108
-
(83,366)
-
-
-
2,738,742
351,583
8,632
(1,929)
12,915
-
-
371,201
3,173,691
8,632
(85,295)
12,915
-
-
3,109,943
13,538,705
-
(322,765)
38,870
-
1,180,726
14,435,536
21,711,090
2,510,810
(2,506,367)
257,855
(38,000)
-
21,935,388

Page 43

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

20. Funds

Designated Funds

Extraordinary Repair Fund

The Charity maintains an Extraordinary Repair Fund which is sufficient for the purpose of providing for extraordinary repair, improvement, or rebuilding of the almshouses. With the advent of component accounting, major repairs are usually capitalised. The level of the reserve is considered adequate to cover any such costs that are likely to be charged to the revenue account.

Cyclical Repairs and Maintenance Reserve

This fund is based on the charity’s obligation to provide on a continuing basis for the repair and maintenance of their properties based on a planned programme of works and is considered adequate.

Restricted Funds

Grassroots Fund

The Charity set up a restricted fund called the Grassroots Endowment, to ensure the Grassroots project was sustained beyond 2011, when Government funding ceased. Income for the Fund is invested separately, and the balance held as a separate fund.

Fixed Assets Fund

The Fixed Assets Fund represents the proportion of housing properties funded by social housing grant, less the accumulated depreciation attributable to that element of the cost. Social housing grants may be repayable if the charity sells a property or ceases to use it for a qualifying purpose.

Endowment Funds

Permanent Endowment

Under a Charity Commission Scheme dated 18th May 2000 as amended, the four predecessor charities were amalgamated to form the Ealing and Brentford Consolidated Charity which became Housing Pathways Trust in 2012. Under the terms of the Scheme, Housing Pathways Trust’s activities were classified into four branches and the Scheme specifically refers to the assets which represented each branch’s permanent endowment and expendable endowment. The revised Scheme dated 1st April 2022 consolidated the purposes of branches 1 and 2.

Page 44

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

21. Net Assets and Funds by Branch

Net Assets and Funds by Branch


Properties
Investment Properties
Other Fixed Assets
Investments
Net Current
Assets/ (Liabilities)
Creditors Due
Outside One Year
Provisions for Liabilities
Permanent Endowment
Restricted Funds
Designated Funds
Unrestricted Funds
 Branch 1
£
11,775,907
4,413,500
1,330,765
3,460,884
101,145
(105,001)
(55,000)
20,922,200		 Branch 2

£
-
-
686,314
(95,296)
-
-
591,018		 Branch 3
£
-
-
-
4,957
498
-
-
5,455		 Restricted
£
-
-
-
286,488
92,392

-
-
378,880		 Total
£
11,775,907
4,413,500
1,330,765
4,438,643
98,739
(105,001)
(55,000)
21,897,553
14,111,319
2,655,376
2,495,467
1,660,038
20,922,200		 491,009
-
-
100,009
591,018		 2,938
-
-
2,517
5,455		 -
378,880
-
-
378,880		 14,605,266
3,034,256
2,495,467
1,762,564
21,897,553

22. Net Assets by Funds

Housing Properties
Investment Properties
Other Fixed Assets
Investments
Net Current Assets/(Liabilities)
Creditors Due Outside One Year
Provisions for Liabilities
Housing Properties
Investment Properties
Other Fixed Assets
Investments
Net Current Assets/(Liabilities)
Creditors Due Outside One Year
Provisions for Liabilities		 Permanent
Endowment
£
8,924,495
4,413,500
1,326,594
700,116
(759,439)
-
-
14,605,266
Permanent
Endowment
8,737,755
4,413,500
1,344,728
705,989
(64,316)
(702,120)
-
14,435,536		 Restricted
Funds
£
2,655,376
-
-
286,488
92,392
-
-
3,024,256
Restricted
Funds
2,738,742
-
-
287,195
84,006
-
-
3,109,943		 Unrestricted
Funds
£
196,036
-
4,170
3,452,040
765,786
(105,001)
(55,000)
4,258,031
Unrestricted
Funds
199,243
-
12,354
3,692,842
729,471
(84,001)
(160,000)
4,389,909		 2025
Total
£
11,775,907
4,413,500
1,330,765
4,438,644
98,739
(105,001)
(55,000)
21,897,553
2024
Total
11,675,740
4,413,500
1,357,082
4,686,026
749,161
(786,121)
(160,000)
21,935,388

Page 45

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

23. Pension Obligations

Housing Pathways Trust participates in the Social Housing Pension Scheme (the Scheme), a multi-employer scheme which provides benefits to some 500 non-associated employers. The Scheme is a defined benefit scheme in the UK.

The Scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The last completed triennial valuation of the scheme for funding purposes was carried out as at 30 September 2023. This valuation revealed a deficit of £693m. A Recovery Plan has been put in place with the aim of removing this deficit by 31 March 2028.

The Scheme is classified as a ‘last-man standing arrangement’. Therefore Housing Pathways Trust is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the Scheme. Participating employers are legally required to meet their share of the Scheme deficit on an annuity purchase basis on withdrawal from the Scheme.

The latest accounting valuation was carried out with an effective date of 30 September 2024. The liability figures from this this valuation were rolled forward for accounting year-end 31 March 2025.

The liabilities are compared, at the relevant accounting date, with the company’s fair share of the Scheme’s total assets to calculate the company’s net deficit or surplus.

We were notified in 2021 by the Trustee of the Scheme that it has performed 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 is seeking clarification from the Court on these items, and this process is ongoing with the Court’s determination expected no earlier than Summer 2025. It is estimated that this could potentially increase the value of the full Scheme liabilities by £155m. We note that this estimate has been calculated as at 30 September 2022 on the Scheme’s Technical Provisions basis. Until the Court direction is received, it is unknown whether the full (or any) increase in liabilities will apply and therefore, in line with the prior year, no adjustment has been made in these financial statements in respect of this.

Present Values of Defined Benefit Obligation, Fair Value of Assets and Defined Benefit Asset/(Liability)

Fair value of plan assets
Present value of defined benefit obligation
Surplus/(deficit) in plan		 2025
£
351,000
(406,000)
(55,000)		 2024
£
660,000
(820,000)
(160,000)

Page 46

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

23. Pension Obligations (continued)

Reconciliation of opening and closing balances of the Defined Benefit Obligation

onciliation of opening and closing balances of the Fair Value of Plan Assets
2025
£
Defined benefit obligation at start of period
820,000
Current service cost
-
Expenses
3,000
Interest expense
40,000
Contributions by plan participants
-
Actuarial losses/(gains) due to scheme experience
(378,000)
Actuarial losses/(gains) due to changes in demographic assumptions
-
Actuarial losses/(gains) due to changes in financial assumptions
(65,000)
Benefits paid and expenses
(14,000)
Defined benefit obligation at end of period
406,000
2025
£
Fair value of plan assets at start of period
660,000
Interest income
33,000
Experience on plan assets
(371,000)
Contributions by the employer
43,000
Contributions by plan participants
-
Benefits paid and expenses
(14,000)
Fair value of plan assets at end of period
351,000		 2024
£
816,000
-
3,000
39,000
-
3,000
(9,000)
(15,000)
(17,000)
820,000
2024
£
662,000
33,000
(49,000)
41,000
-
(27,000)
660,000

Reconciliation of opening and closing balances of the Fair Value of Plan Assets

The actual return of the plan assets (including any changes in share of assets) over the period ended 31 March 2025 was (£338,000).

Defined Benefit costs recognised in Net Income/(Expenditure)

Defined Benefit costs recognised in Other Gains and Losses
Current service cost
Expenses
Net interest expense
Experience on plan assets
Experience gains and losses arising on the plan liabilities
Effects of changes in the demographic assumptions underlying the present
value of the defined benefit obligation
Effects of changes in the financial assumptions underlying the present
value of the defined benefit obligation		 2025
£
-
3,000
7,000
10,000
2025
£
(371,000)
378,000

-
65,000
72,000		 2024
£
-
3,000
6,000
9,000
2024
£
(49,000)
(3,000)
9,000
5,000
(38,000)

Page 47

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

23. Pension Obligations (continued)

Assets

Global Equity
Absolute Return
Distressed Opportunities
Credit Relative Value
Alternative Risk Premia
Liquid alternatives
Emerging Markets Debt
Risk Sharing
Insurance-Linked Securities
Property
Infrastructure
Real Assets
Private Debt
Opportunistic Illiquid Credit
Private Credit
Credit
Investment Grade Credit
Cash
High Yield
Private Equity
Long Lease Property
Secured Income
Liability Driven Investment
Currency Hedging
Net Current Assets
Total Asset		 2025
£000s
39
-
-
-
-
65
-
-
1
18
-
42
-
-
43
13
11
5
-
-
-
6
106
1
1
351		 2024
£000s
66
26
23
22
21
-
9
39
3
26
66
-
26
26
-
-
-
13
-
1
4
20
268
-
1
660

None of the fair values of the assets shown above include any direct investments in the employer’s own financial instruments or any property occupied by, or other assets used by, the employer.

Page 48

Housing Pathways Trust Notes To the Financial Statements For The Year Ended 31st March 2025

23. Pension Obligations (continued)

Key Assumptions

Key Assumptions
2025 2024
% per annum % per annum
Discount Rate 5.90 4.91
Inflation (RPI) 3.06 3.14
Inflation (CPI) 2.80 2.78
Salary Growth 3.80 3.78
Allowance for commutation of pension for cash at retirement 75% of maximum 75% of maximum
allowance allowance

The mortality assumptions adopted at 31st March 2025 imply the following life expectancies:

Life expectancy at
age 65 (years)
Male retiring in 2025 20.5
Female retiring in 2025 23.0
Male retiring in 2045 21.7
Female retiring in 2045 24.5

24. Capital Commitments

At 31st March 2025 there were no commitments in relation to the refurbishment of the charity’s properties or otherwise.

25. Contingent Liabilities

There were no contingent liabilities at 31st March 2025 or 31st March 2024, other than that of the potential employer debt on the Pension Scheme (Note 23).

26. Housing Stock

The number of units of housing owned by the Charity at 31st March 2024 and 31st March 2023 were:

Social Housing Accommodation

Alms-houses
General needs (Commercial)
Units let at market rents
Leaseholders		 2025
Units under ownership
254
9
13
15
291		 2024
Units under ownership
254
9
13
15
291

Page 49

Housing Pathways Trust

Notes To the Financial Statements

For The Year Ended 31st March 2025

27. Related Parties

Housing Pathways was until 1st April 2022 the Corporate Trustee of Housing Pathways Trust and since this date has common trustees with the Charity. At 31st March 2025 the Charity owed £17,980 (2024: £150) to Housing Pathways.

The Charity has common trustees with King George V Memorial Houses and provides a management service to that charity. In the year ended 31st March 2025 charged £15,816 was charged. At the year end £72,793 (2024: £21,237) was owed by King George V Memorial Houses to the Charity.

In 2024, the Charity made a payment on behalf of Educational Foundation of Francis Courtney, with which it has common trustees. No payment was made to The Educational Foundation of Francis Courtney in 2025.

There were no trustees reimbursed expenses during the year. In 2024, two trustees were reimbursed travel expenses amounting to £738.