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2025-09-30-accounts

HOUSING FOR WOMEN

(A company limited by guarantee and having no share capital)

Annual Report and Financial Statements

Year ended

30 September 2025

Company Registration Number 00420651 Charity Registration Number 211351 Regulator of Social Housing Number L0970

Housing for Women (A company limited by guarantee having no share capital)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025.

CONTENTS

Page:

3 Executive and Advisors
4 Strategic Report
12 Report of the Board of Directors
20 Report of the Independent Auditor
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 Financial Statements

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

EXECUTIVE AND ADVISORS

BOARD OF DIRECTORS

Susan Kane (Chair)

Carli Harper-Penman (Vice-Chair) (Resigned 2[nd] December 2025) Troy Henshall (Appointed interim Vice Chair 2[nd] December 2025)

REGISTERED OFFICE

Sixth Floor, Blue Star House 234-244 Stockwell Road London SW9 9SP

Victoria Dingle Caroline Davies Elaine Marshall Troy Henshall AUDITOR Simon Basey Crowe U.K. LLP Yvonne Akinmodun 55 Ludgate Hill Helena Evans London Somayya Yaqub EC4M 7JW

CHIEF EXECUTIVE AND COMPANY INTERNAL AUDITOR SECRETARY

Zaiba Qureshi

BANKERS

Lloyds TSB Bank Plc 39 Threadneedle Street London ECR2 8AU

TIAA Ltd Artillery House Fort Fareham Newgate Lane Fareham PO14 1AH

SOLICITORS

Trowers & Hamlins 3 Bunhill Row London EC1Y 8YZ

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT

The Board of Directors present their Strategic Report for Housing for Women (“Housing for Women”) for the year ended 30 September 2025.

PRINCIPAL ACTIVITIES AND BUSINESS MODEL

The principal activity of Housing for Women is the provision of accommodation for women on low incomes and their dependants.

Business Model

Housing for Women is a not-for-profit public benefit entity. It is a company limited by guarantee and not having share capital, a registered provider of social housing and a registered charity.

Housing for Women is sole trustee of the charity The Mary Curzon Charity for Women Workers.

MISSION, STRATEGY, PRINCIPAL RISKS AND UNCERTAINTIES

Mission

The mission of Housing for Women is to empower women through providing good homes and services and challenging inequalities they face.

Strategy

The year ended 30 September 2025 marks the third year of our Corporate Plan 2022-27. It was also the third year of our 3-year “Back to Basics" phase, the first of two phases in our strategic roadmap. Corporate Plan 2022-27: Our Corporate Plan is structured into two distinct phases:

1. Back to Basics (2022-2025):

2. Good to Great (2025-2027):

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED)

Principal risks and uncertainties

The Strategic Risk Register is updated quarterly and kept under regular review by the Executive Team (ET), Audit and Risk Committee (ARC) and Board of Directors. All risks are managed with reference to the Risk Register where identified risks with mitigating actions to be achieved are allocated to lead officers. High level risks are modelled in the 30-year business plan through stress testing using the Brixx financial and business planning tool and Housing for Women maintains insurance cover for matters such as indemnity protection for Officers and Directors and public liability insurance.

Key risks and mitigation currently identified included the following:

Risk Mitigation
Failure to improve customer satisfaction (TSM's
to target) and engagement		 •Customer First Strategy in place.
•Self-assessment against Ombudsman
Complaints Code completed and circulated
to Board.
•Complaints and Compensation Policies in
place.
•Board/PCC and ET Reports on Complaints
contact and satisfaction
•Full complement of Housing Team now in
place.
•Acuity Satisfaction surveys in place.
•Operations Improvement plan in place.
•Change of repairs contractor from MCP to
Chigwells
Failure to deliver Childers regeneration project. •Legal advisor, Experts and Barristers in
place.
•Legal Claim made together with Insurers.
•Quarterly reports to ARC &Board together
with Childers risk register.
•Communications Plan in place
•Financial Plan reflects Childers costs

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SRATEGIC REPORT (CONTINUED)

SRATEGIC REPORT (CONTINUED)
Risk Mitigation
Inability to effectively manage a cyber security
attack/ breach		 •All devices and users are managed with
Microsoft Intune and Azure
•MFA enforced for all users
•All users must use H4W device to access
resources
•Non-compliant devices are blocked from
access
•Admin accounts have PIM enforced, so
access is on timed basis
•Regular training and test simulations of Cyber
attacks
•MS defender active on all devices for antivirus
•Updates and security patches enforced on all
devices via MS Intune
Inability to achieve annual target for disposals •
Active Asset management strategy in place
•
Financial Plan reflects disposal pipeline, and
mitigations are in place
•
Prospects List for Disposal reviewed based on
recent investment and projected valuations
and market dampening.
•
All voids/major works to be reviewed as
potential disposals
•
Disposal Polices and procedure developed
and assumptions agreed with Board
•
Legal advice secured re decants and tenant
rights - including fair rents. Complete stock
condition survey / Building Safety action plan
to understand investment needs
Failure to co-ordinate a response/report to a
serious incident due to H&S policy and
procedures not being fully embedded		 •
BCP test commissioned with External provider
•
H&S policy & procedures in place including
Lone working and incident management, risk
assessments
•
Safeguarding included in H&S forum
•
Safety Boss continue to provide H&S
Competent Person service
•
Tracking reports for lone working device
management in place for Executive and
managers
•
Health & Safety Policy In place
•
Health and Safety awareness training
delivered to all staff at EPIC meeting Dec
2025
•
Lone Worker Policy ratified, and Lone Worker
Training has been rolled out

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED)

Emerging risks

We review emerging risks across the business and consider the triggers to bring these onto our Strategic Risk Register on a quarterly basis.

GOVERNANCE

Governance structure

The Board of Directors are all non-executive members working voluntarily for Housing for Women. The members are drawn from a wide variety of disciplines, to provide the balance of skills and specialisations necessary for the management of Housing for Women. The Board of Directors met formally seven times during the year.

Housing for Women currently has two committees:

Whilst retaining its responsibilities for the overall strategy and policies of Housing for Women, the Board of Directors delegates day to day management to the Chief Executive and the Executive Team.

Code of Governance

Housing for Women has adopted the National Housing Federation’s 2020 Code of Governance and an annual review of compliance with that code for 2024/25 was approved in December 2025.

Compliance with Regulatory Standards

Housing for Women has assessed its compliance with the Regulator of Social Housing (RSH) governance and viability regulatory standards (April 2015) and believes that it meets the standards identified by the RSH.

We have self-assessed against the new Consumer Standards and have an action plan in place to address and meet any gaps.

REVIEW OF BUSINESS

Financial Review

For the year ended 30 September 2025 Housing for Women made a loss on ordinary activities before exceptional items and disposal of fixed assets of £1.04m compared with a loss of £2.48m for the previous year. The decrease in the deficit is mainly attributed to reduced spending on asset disposals for future years. In addition, there was a continued focus on cost control and operational efficiencies across service areas.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED) REVIEW OF BUSINESS (CONTINUED)

Our gross income remained broadly in line with targets despite experiencing a void loss of £454k (2024: £292k) across both Supported Housing and General Needs Housing. This was due to significant works needed at various properties and units being held vacant prior to planned disposal. Income was also positively impacted by a one-off derecognition of grant liability amounting to £400k.

During the year, the organisation engaged a new contractor as part of its commitment to maintaining and improving housing stock, ensuring compliance and long-term sustainability. Although the overall volume of work was lower than in the previous year, the transition to the new contractor resulted in significant one-off overhead costs.

The organisation completed the disposal of a number of units as part of its asset management strategy. These disposals generated proceeds that improved liquidity and strengthened reserves by £1.2 m, supporting the organisation’s ability to fund future investment and maintain financial resilience.

In respect of costs currently being incurred during this period surrounding the Childer’s fire we engaged with related parties to recover both these and related losses incurred to date. In addition we have issued legal High Court proceedings against the developer who sold us the Childers Blocks in order to recover the funds for the remediation of the three blocks and associated damages and costs. Whilst we currently remain uncertain regarding the liability for these costs, they have been classified as an Exceptional Item for the year of £1m and written off.

Operational Review

Customer Service

Our ‘Customer First’ strategy which set out our plan to place customers at the heart of what we do continued this year and was supported by our Customer Service and Housing Teams. The trend results from our tenant satisfaction survey incorporating the RSH’s Tenant Satisfaction Measures also indicated improvements in some areas.

With several changes at a senior level within Operations towards the end of this year a further focus on our core service.

Key deliverable outcomes that have been achieved over the past 12 months across the organisation’s frontline services are:

General Needs Services

During 2024/25 we were limited in housing as we were carrying out significant repairs to several properties and using many of our voids for temporary decants for existing tenants. At the year-end we had 822 women and their families housed in permanent affordable homes (2024:815).

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED)

REVIEW OF BUSINESS (CONTINUED)

Support Services

Housing for Women has continued to deliver a range of support services throughout the year including;

Funding of our Support Services

Housing for Women currently has reserves of £4.98m. Of this figure, charitable reserves available for support services total £0k (2024/25 £0k). Reserves that have not been earmarked for specific use are solely for the operation of general needs housing as they have been generated from general needs activity. As such they cannot be used to cross-subsidise the supported housing projects that rely on income from local and central government and/or Trusts, Foundations and donations.

Our funding and donations secured through Trusts, Foundations, corporate and individual donations are therefore critical for the continued delivery of services. We would like to take this opportunity to thank all our donors for their ongoing and generous support.

During 2024/25:

We continue to operate in line with the Women’s Aid National Quality Standards which set out the nature and standard of service provision necessary to enable survivors of domestic violence to cope with and recover from their experiences of abuse.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STRATEGIC REPORT (CONTINUED) REVIEW OF BUSINESS (CONTINUED)

Childers Fire

In May 2020 we had a significant fire at our Childers Street scheme within a block leased and managed by another housing association. Thankfully there was no loss of life or injuries, though significant damage to one block led to the safe decant of those affected.

Over the course of the year, the occupied Childers blocks (including those leased and managed by others) continue to be fully alarmed, together with a Managed Service Waking Watch to support resident safety and provide additional reassurance.

Relevant surveys and enabling works continue to be carried out to support the future reoccupation and complex remediation programme and our assigned project team is working on the detailed design. Through this process, it has been established that the blocks are likely to requires extensive works to bring them up to current building standards. A significant part of this work is due to defects in the original build of these blocks. The remediation works identified may include a full demolition and rebuild for a block/blocks.

We have issued legal High Court proceedings against the developer who sold us the Childers Blocks in order to recover the funds for the remediation of the three blocks and associated damages and costs.

In respect of costs currently being incurred during this period we engaged both with our insurers and with the original developer for the buildings prior to filing our claim, to recover both these and related losses incurred to date. Whilst we currently remain uncertain regarding the liability for these costs, they have been classified as an Exceptional Item for the year.

FUTURE PROSPECTS

In line with our growth objectives and to enhance our service capacity, we continued to explore new opportunities through mergers, acquisitions, and increased partnership collaboration. Furthermore, we continue to pursue future financing through a combination of active asset management and maximising opportunities to extend our gearing.

During the year end period we were pleased to successfully submit bids for extensions of or new funding for all our DVA and special project services, including organisational costs and specialist accommodation and support projects for women leaving prison.

KEY PERFORMANCE INDICATORS

Key performance indicators are identified and explained within the Value for Money section of the Report of the Board of Directors.

Approved by the Board of Directors and signed on behalf of the Board by:

Susan Kane Chair Date: 25/03/2026

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS

The Board of Directors present their report and the financial statements for the year ended 30 September 2025.

Directors

The Directors of Housing for Women who served during the year are:

Responsibilities of the Board of Directors

The Board of Directors is responsible for preparing the Annual Report and Financial statements in accordance with applicable law and regulations.

Company Law requires the Board of Directors to prepare financial statements for each financial year. Under that law the Board of Directors has elected to prepare the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of Housing for Women and of the surplus or deficit of Housing for Women for that period.

In preparing these financial statements, the Board of Directors is required to:

The Board of Directors is responsible for keeping adequate accounting records that are sufficient to show and explain Housing for Women’s transactions and disclose with reasonable accuracy at any time the financial position of Housing for Women 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 2022. They are also responsible for safeguarding the assets of Housing for Women and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

The Board of Directors are responsible for the maintenance and integrity of the corporate and financial information included on Housing for Women’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Internal Controls

The Board of Directors is ultimately responsible for the system of internal control and for reviewing its effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board of Directors confirms there is an on-going process for identifying, evaluating, and managing the significant risks faced by Housing for Women, including the risk of fraud that has been in place for the year under review and up to the date of approval of the Annual Report and Financial Statements. This process is regularly reviewed by the Board. The Board of Directors has approved and regularly reviews its policy on fraud covering prevention, detection and reporting. The fraud register is reviewed annually.

The Board of Directors has reviewed the effectiveness of the system of internal control. In particular, the Board of Directors has reviewed and updated Housing for Women’s strategic risk map. The Board of Directors has received the Chief Executive’s report on the effectiveness of internal control which confirmed having reviewed the effectiveness of the system of internal control, including the sources of assurance agreed by the Board as being appropriate for that purpose, she was satisfied that adequate systems of internal control were substantially in place.

Management are responsible for the identification and evaluation of significant risks applicable to their areas of business together with the design and operation of suitable controls.

Key elements of the control framework include:

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REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

During 2024/25 our internal auditors (TIAA) carried out 7 assurance audits – Management of Legal Matters, Tenancy Management/Disrepair cases/litigations with contractors or RPs, Service Charges, Landlord Property Compliance, Finance – Treasury Management, Risk Management, Void Management and C365 (additional testing).

TIAA is satisfied that, for the areas reviewed during the year, Housing for Women has reasonable and effective risk management, control and governance processes in place.

The Audit & Risk Committee have reviewed these reports and agreed the Executive Team’s (ET) action plan wherever improvements or issues of significance have been identified. A rolling review of actions completed is maintained and reported by our internal auditors and monitored quarterly by the Audit & Risk Committee.

The Board has reviewed the effectiveness of the Association’s internal controls and has not identified any significant matters leading to a breakdown in controls.

Value for Money Assessment

Background

We continue to develop our ability to measure the impact, efficiency, and effectiveness of the services we deliver to our residents and service users. As a small housing association, we have limited resources and operate in challenging locations across London where demand for our services exceeds supply.

The Housing for Women Board and Executive Team aim to maximise the social value of the organisation by ensuring that its finance and resources are used effectively.

Approach

Housing for Women recognises that Value for Money (VfM) is a fundamental consideration and is committed to maximising VfM to ensure that the highest level of service is delivered to our customers. To maximise VfM, the needs of customers must be met by ‘doing the right thing, in the right place, at the right time and at the right price.’

The Board has agreed a strategic objective to ensure our systems and processes support service improvement, efficiency and compliance with funder and regulatory requirements. The aim is to deliver this strategic objective by continuing to improve our understanding of our costs, performance and quality of services by taking action to ensure that the right balance is achieved.

The strategy considers short, medium and long-term financial implications and is reviewed annually, with an action plan created and reviewed at Executive Team level for at least the year ahead.

As this is the third year of the current business plan, we are continuing to implement the revised strategy from the previous year in conjunction with the new Corporate Plan 2022-2027, which clearly defines the deliverables in the short, medium, and long term.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

This has been done in conjunction with the future development of an ESG framework (environmental, social and governance) referring to a way of measuring our performance in respect of environmental and social impacts and risks, and the quality of governance.

Taking account of Housing for Women’s current position and this strategic objective, the VfM objectives of Housing for Women are to:

In this third year of our plan, we were challenged on many areas of our VfM strategy, driven to some extent by the environment in which we currently operate, namely:

Measuring Value for Money

Our Assessment of VfM considers the following:

Actively Managing our Assets

To actively manage our assets, we follow our Asset Management Strategy which together with a Disposals Policy enables us to adopt an efficient process of review via an options appraisal process for voids/ low performing assets to best assess the investment approach going forward. Additionally, using the data obtained through our 2021/ 22 comprehensive stock condition survey with an extended brief around decency, damp and mould and net zero carbon we have been able to target programmes of work to best utilise resources. We have a voids standard in place for both our supported housing and general needs tenants.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

Performance comparison

During the year Housing for Women continued to benchmark through HouseMark (London Region) and the G320 London benchmarking club, refining data and taking action to address any areas where performance is not at the required level.

Indicator 2022/23 2023/24 2024/25 Median
BM 320
Benchmark
Regulatory metrics:
(excluding exceptional costs of
Childers)
Reinvestment % - - - 2.3
New supply delivered (social
housing) %		 - - - -
New supply delivered (non-social
housing) %		 - - - -
Gearing % 31 32 34 37
EBITDA MRI interest cover % -186 -221 -151 182
Headline social housing cost per
unit £		 11,997 13,109 12,926 4,880
Operating margin (social housing
lettings) %		 -18.2 -26.4 -10.5 19.3
Operating margin (overall) % -15.6 -25.9 -10.11 17
Return on capital employed % -1.90 -3.47 -1.42 1.87
Local key cost and performance
metrics:
Financial and overheads
Overhead as % turnover 23.25 22.2 23.3 23.0
Housing management
Cost per property 5,008 6,486 6,471 627
Asset management

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Cost per property of major
works/cyclical maintenance		 3,813 2,744 3,019 870
Cost per property of responsive
repairs and void works		 1,334 1,888 1,653 830
Invest in ourpeople
Staff turnover 14.3 15.2 15.6 Not measured

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

Commentary on Performance

Throughout 2024/25 we maintained our commitment to Customer Service and Service Improvement. Our main goal was to increase value for money through a comprehensive procurement program, designed to boost efficiency and effectiveness for our customers.

The following summarises our performance across the metrics with external peers via the benchmark data and exclude the exceptional costs of Childers:

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REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

Having worked hard over the past few years to focus on the retention of our staff via various initiatives our levels of staff turnover (which include those on fixed term contracts), whilst still high, fell back to levels seen in 2016/17 and continue to be maintained.

Driving this metric down, ensuring the retention of a high-quality experienced team will also enable a continued embedding of VfM within the culture of the organisation as we retain and grow organisational history and knowledge.

Procurement VfM Achievements

Our procurement strategy sets out how services and goods are to be procured to achieve value for money. It also encourages the use of quotes and tenders as the basis for ensuring best value in all procurement of goods and services. During 2024/25 we continued to focus on our asset management. These included water hygiene services, gas maintenance and planned electrical works. 2025/26 work will continue in this same way, with the use of frameworks prioritised over open tenders.

Social return on investment

During the year 2024/25 volunteers contributed 2,567 hours (2023/24 1,418) hours of their time, which is an 81% increase year on year. This figure doesn’t include the valuable time contributed by our Board of Directors in their Board and subcommittee meetings, and the work they do with our staff and any outreach too. Using the London Living wage the monetary value of this social impact is £35,553 (2023/24 £18,647). This year the breakdown of hours was roughly 50/50 between our Social Work Placement Students, from Greenwich, London Metropolitan and Kingston Universities, who were engaged in our refuges located in Acton/Ealing and Greenwich and our general volunteering roles. The expansion of general volunteering in 24/25 meant that we supported Governance, Finance, Fundraising, Customer Service, Comms and Supported Housing Greenwich Teams through the year.

Going Concern

In respect of going concern the Board considers at present the key area of concern surrounds the cost of remediation works to Childers Street to the extent these are not covered by insurance or other claims and the timing of related cashflows. We have assessed the financial impact in the context of the current financial plan, including any impact on existing loan covenants and concluded the covenants will remain unaffected subject to the timing of a material insurance settlement. Housing for Women has adequate long term debt facilities in place, as explained in note 27 and regularly reviews the medium-term cash flow. Additionally, considering this and other economic and operational demands, the Board has assessed further funding strategies, and property disposals, together with regular extensive stress testing of the financial plan. Property disposals are scheduled for the upcoming years. The anticipated disposals are projected to generate substantial cash inflows, further strengthening our balance sheet and providing the necessary funds to support our operational and strategic initiatives. The Board is satisfied that it has adequate resources to continue in operation for the foreseeable future. Therefore, we consider it appropriate to continue adopting the going concern basis in preparing the financial statements.

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HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

REPORT OF THE BOARD OF DIRECTORS (CONTINUED)

Disclosure of information to the Auditor

In the case of each person who was a Director at the time this report was approved:

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

Auditor

The approval of our Statutory Accounts and the re-appointment of our External Auditors, Crowe UK LLP, will therefore be proposed at our Board meeting on 10 March 2025.

Approved by the Board of Directors and signed on behalf of the Board by:

Susan Kane Chair Date: 25/03/2026

Company Registration Number 00420651

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Independent Auditor’s Report to the Members of Housing for Women

Opinion

We have audited the financial statements of Housing for Women (the “Charitable Company”) for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Statement of Financial position, 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 group 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.

Material uncertainty related to going concern

We draw attention to Note 2.2 to the financial statements, which describes the uncertainty regarding the timing of the receipt of insurance proceeds in relation to the Childers fire that occurred in May 2020 and associated building safety matters. As described in Note 2.2, the charity has an expected settlement due in this regard within the going concern period. The ultimate timing of the receipt of this settlement is expected within 12 months of the date of this opinion, however the final settlement amount is subject to negotiation with insurers and contract and as such uncertainty exists in the timing of cash receipt.

Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The Board is 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

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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 their 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 Annual Report.

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

Responsibilities of the Board

As explained more fully in the Board’s responsibilities statement, set out on pages 11-12, the Board (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.

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.

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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, including financial reporting legislation and the Housing SORP, and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the Charitable Company’s ability to operate or to avoid a material penalty. 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 also considered the opportunities and incentives that may exist within the Charitable Company for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit, and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Housing Regulator, analytical and substantive testing of income and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed 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.

22

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

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.

Julia Poulter

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London UK

Date: 30[th] March 2026

23

b

HOUSING FOR WOMEN

(A company limited by guarantee having no share capital)

STATEMENT OF COMPREHENSIVE INCOME FOR YEAR ENDED 30 SEPTEMBER 2025

Note
TURNOVER
4
Operating expenditure
4		 2025
£
10,269,584
(11,308,309)		 2024
£
9,571,071
(12,055,799)
OPERATING DEFICIT
4
Exceptional item - uninsured losses		 (1,038,725)
(793,277)		 (2,484,728)
(1,171,521)
Surplus on revaluation of investment properties
Surplus on sale of fixed assets

Bank interest receivable
Interest and other financing costs
7
DEFICIT FOR THE YEAR
8		 -
1,261,921
38,603
(1,307,851)
(1,839,329)		 -
3,324,981
82,028
(1,275,122)
(1,524,362)

The financial statements were approved and authorised for issue by the Board of Directors on 23 March 2025 and were signed on its behalf by:

SUSAN KANE Chair

TROY HENSHALL Vice-chair

ZAIBA QURESHI Company Secretary

24

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Property, plant & equipment
9
Investment Properties
Investments
Current assets
Trade and other debtors
12
Cash and cash equivalents
13
Creditors - amounts falling due within one year
14
Net current Liabilities/Assets
Total assets less current liabilities
Less: Creditors - amounts falling due after more
than one year
15
Total net assets
Capital and reserves
Revenue reserves
Endowment funds
18		 2025
£
69,740,243
1,250,000
5,902
70,996,145
1,599,453
4,114,220
5,713,673
(3,698,129)
2,015,544
73,011,689
(68,225,676)
4,786,013
4,299,636
486,377
4,786,013		 2024
£
70,598,743
1,250,000
5,550
71,854,293
1,419,123
1,563,962
2,983,085
(3,159,985)
(176,900)
71,677,393
(65,052,051)
6,625,342
6,138,965
486,377
6,625,342

The financial statements were approved and authorised for issue by the Board of Directors on 23 March 2025 and were signed on its behalf by:

SUSAN KANE TROY HENSHALL ZAIBA QURESHI
Chair Vice-chair Company Secretary

Company Registration Number 00420651

25

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

Charity Registration Number 211351 Registrar of Social Housing Number L0970

STATEMENT OF CHANGES IN RESERVES FOR YEAR ENDED 30 SEPTEMBER 2025

Note
At the beginning of the year
Surplus from Statement of
Comprehensive Income for the year
At the end of the year
At the beginning of the year
Surplus from Statement of
Comprehensive Income for the year
At the end of the year		 Revenue
Reserve
£
6,138,965
(1,839,329)		 2025
Endowment
Reserve
£
486,377
-		 Total
£
6,625,342
(1,839,329)
4,299,636 486,377 4,786,013
Revenue
Reserve
£
7,663,327
(1,524,362)		 2024
Endowment
Reserve
£
486,377
-		 Total
£
8,149,704
(1,524,362)
6,138,965 486,377 6,625,342

b

26

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2025 2024
Note £ £ £ £
Net cash generated from 24
operating activities (354,795) (2,583,236)
Cash flow from Investing
Activities
Purchase of housing properties (1,126,219) (751,186)
Interest received 38,603 82,028
Proceeds from Sale of Property 1,261,921 3,324,981
Purchase of other property, plant
& equipment		 (13,746) (158,906)
Net cash used in investing
activities		 160,559 2,496,917
Cash flow from Financing
activities
Repayment of borrowings (947,655) (57,651)
Grant funding - -
New borrowing 5,000,000 -
Loan agreement fees - -
Interest paid (1,307,851) (1,275,122)
Net cash used in financing 2,744,494 (1,332,773)
activities
Net change in cash and cash
equivalents		 2,550,258 (1,419,092)
Cash and cash equivalents at:
Beginning of the year 1,563,962 2,983,054
End of the year 13 4,114,220 1,563,962

27

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

1. General information

Housing for Women, a company limited by guarantee having no share capital is incorporated in England under the Companies Act 2006, registered number 00420651, and is registered with the Regulator of Social Housing as a Private Registered Provider of Social Housing (Registered number L0970) and is a registered charity (Registered Number 211351). Housing for Women’s principal activities are stated in the Strategic Report on page 4.

The registered office is Sixth Floor, Blue Star House, 234-244 Stockwell Road, London SW9 9SP.

2. Principal accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.

2.1. Basis of accounting

The financial statements have been prepared in accordance with applicable accounting standards including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Statement of Recommended Practice for registered social housing providers, Housing SORP 2014.

In accordance with FRS 102 (3.3A), Housing for Women is a public benefit entity that has applied the “PBE” prefixed paragraphs.

The financial statements comply with the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022 (“the Direction”).

The accounts are prepared on the historical cost basis of accounting and are presented in sterling (£).

Housing for Women took the exemption within FRS 102 to not restate business combinations entered into before the date of transition.

2.2. Going Concern

In respect of going concern the Board considers at present the key area of concern surrounds the cost of remediation works to Childers Street to the extent these are not covered by insurance or other claims and the timing of related cashflows. Uncertainty exists in the timing of the insurance settlement expected within 12 months from the date of signing, of which the final settlement amount is subject to negotiation and contract which is considered material. We have assessed the financial impact in the context of the current financial plan, including any impact on existing loan covenants and concluded the covenants will remain unaffected subject to timing of insurance settlement receipt. Housing for Women has adequate long term debt facilities in place, as explained in note 27 and regularly reviews the medium-term cash flow. Additionally, considering this and other economic and operational demands, the Board has assessed further funding strategies, and property disposals, together with regular extensive stress testing of the financial plan. The anticipated property disposals are projected to generate substantial cash inflows, further strengthening our balance sheet, eliminating the net current liability and providing the necessary funds to support our operational and strategic initiatives. The Board is satisfied that

28

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

it has adequate resources to continue in operation for the foreseeable future, being not less than 12 months from the date of signing these financial statements.

2. Principal accounting policies (continued)

Additionally, the planned activities and loan receipt following year-end will address the net current liability, therefore we consider it appropriate to continue adopting the going concern basis in preparing the financial statements.

2.3. Turnover and revenue recognition

Turnover comprises rental and service charge income, fees and grants receivable and other income.

Rental and service charge income is recognised in the period to which it relates, net of rent and service charge losses from voids. Rental income is recognised from the point when properties under development reach practical completion or otherwise become available for letting, net of any voids.

Housing for Women provide fixed service charges that remain constant during the period, irrespective of the level of service usage, and any under-recovery is not reclaimed nor is any over-recovery returned.

Revenue grants are accounted for once Housing for Women is legally entitled to the grant. Revenue grants are recognised in the Statement of Comprehensive Income when the performance-related conditions are satisfied

Government capital grants received are initially deferred and then credited to turnover in the Statement of Comprehensive Income on a straight line basis over the expected life of the asset which they have funded under the accrual model of accounting.

2.4. Short term employee benefits

Short term employee benefits, including holiday pay, are accrued as services are rendered. Contributions to defined contribution pension schemes are charged to the Statement of Comprehensive Income as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the Statement of Financial Position.

2.5. Taxation

Housing for Women is not VAT registered since a large proportion of Housing for Women’s income, including its rents, is exempt for VAT purposes whilst the majority of its expenditure is subject to VAT that cannot be reclaimed, expenditure is shown inclusive of irrecoverable VAT.

Housing for Women has charitable status and therefore is not subject to Corporation Tax on surpluses derived from charitable activities, provided that the surpluses are applied to the charitable objects of Housing for Women.

2.6. Interest payable

Interest is capitalised on borrowings to finance the development of qualifying assets to the extent that it accrues in respect of the period of development if it represents:

29

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

Other interest payable is charged to the Statement of Comprehensive Income in the year.

2.7. Property, plant & equipment - Housing properties

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 are stated at cost less accumulated depreciation and impairment losses.

Cost includes the cost of acquiring land and buildings, development costs and interest charges incurred during the development period.

Where an asset comprises components with materially different useful economic lives, those assets are separately identified and depreciated over those individual lives. 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. No depreciation is provided on freehold land.

Housing for Women depreciates the major components of its housing properties at the following annual rates:

Components identified within housing properties:

Roof and Structure 100 years
Windows and External doors 30 years
Kitchens 20 years
Bathrooms 30 years
Heating 15 years
Mechanical and electrical 40 years
Lifts 25 years

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

The residual values of fixed assets, their useful lives, and their depreciation rates are reviewed at each reporting date and where there is an indication of a significant change since the previous reporting date, they are adjusted prospectively.

30

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.8. Property, plant and equipment - Other

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

Depreciation is provided evenly on the cost of other property, plant and equipment to write them down to their estimated residual values over their expected useful lives. No depreciation is provided on freehold land. All assets with a value of less than £250 are treated as small equipment and written off in year.

The principal annual rates used for other assets are:

Leased Office buildings Over the life of lease
Office equipment and furniture 25%
Property equipment and furniture 33.3%

Gains or losses arising on the disposal of other property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised as part of the surplus/deficit for the year.

2.9. Investment properties

Investment properties are properties rented at market rent. They are stated at market value. The valuation is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and class of investment property being valued. We are not aware of any restrictions on the realisability of investment property or the remittance of income and proceeds of disposal. There are no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements.

2.10 Impairment

Assets other than those measured at fair value, are assessed for indications of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Non-financial assets

Non-financial assets comprise housing properties and other property, plant and equipment. A non-financial asset is impaired where there is objective evidence that, as a result of one or more events after initial recognition, the estimated recoverable amount of the asset has been reduced. The recoverable amount of a non-financial asset is the higher of its fair value less costs to sell and its value in use.

31

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.10 Impairment (continued)

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 block of units.

Value in use (VIU) for housing schemes, which are able to be let in the current condition and which are fulfilling the social purpose for which they were acquired is referred to as Value in use Service Potential (VIU-SP) and this can be measured using the ‘depreciated replacement cost (DRC) valuation basis. The DRC basis considers either the cost of purchasing an equivalent property on the open market (based on the sale prices for similar properties in or near the same location), or from another registered provider (where there is considered to be an active market), or the rebuilding cost of structures and components based on current building costs, using either current building contracts or market data (being primarily construction indices) applied to the relevant building size and type.

For other schemes, value in use is defined as the net present value of the future cash flows generated from the scheme before interest cost.

Financial assets

Financial assets comprise investments, trade and other debtors.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

2.11 Financial instruments

Financial assets and liabilities comprise investments, trade and other debtors, cash and cash equivalents, trade and other payables, accruals and loan balances.

Financial assets and financial liabilities are recognised when Housing for Women becomes party to the contractual provisions of the financial instrument.

All financial assets and financial liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Comprehensive Income, which are initially measured at fair value, unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial

32

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.11 Financial instruments (continued)

asset or financial liability is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. A financing transaction may take place in connection with the sale of goods or services, for example, if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and Housing for Women intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Debt instruments which meet the conditions of Section 11.9 of FRS 102 are subsequently measured at amortised cost using the effective interest 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.

Other financial instruments and investments in equity instruments are recognised at fair value with any gains or losses being reported in surplus or deficit for the year.

Financial assets are only derecognised when and only when: the contractual rights to the cash flows from the financial asset expire or are settled; Housing for Women transfers to another party substantially all the risk and rewards of ownership of the financial asset; or Housing for Women, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled, or expires.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits and bank overdrafts which are an integral part of Housing for Women’s cash management. Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash without significant risk of change in value.

2.12 Grants

Government grants

Government grants include grants receivable from the Homes England, local authorities, and other government organisations. Government grants received for housing properties are treated as deferred income and recognised in turnover (amortised) over the estimated useful life of the housing property structure, under the accrual model. Government grant received specifically for components is amortised over the life of the component to which it relates.

33

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

2.12 Grants (continued)

Grants relating to revenue are recognised in the Statement of Comprehensive Income over the same period as the expenditure to which they relate, once reasonable assurance has been gained that Housing for Women will comply with the conditions and that the funds will be received. Grants due from government organisations or received in advance are included as current liabilities.

Government grants released on the sale of the property may be repayable but are normally available to be recycled and are credited to a recycled grants 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.

Other grants

Grants received from non-government sources are recognised using the performance model. A grant which does not impose specific future performance conditions is recognised as revenue when the grant proceeds are received. A grant that imposes specific future performance related conditions on Housing for Women is only recognised 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.

Recycling of capital grants

Where the Social Housing Grant is recycled, the grant is credited to the fund which appears as a creditor until used for further development. Where the recycled grant is known to be repayable, it is shown as creditors within one year.

2.13 Leases

Housing for Women elected to determine whether an arrangement existing at the date of transition to FRS 102 contains a lease on the basis of facts and circumstances existing at that date rather than when the arrangement was entered into.

Leases are classified as finance leases where the terms of the lease transfer substantially all the risks and the rewards of ownership of the leased asset. All other leases are classified as operating leases.

Rental payable or receivable under operating leases is charged or credited to Statement of Comprehensive Income on a straight line basis over the lease term. Lease incentives are similarly spread on a straight line basis over the term of the lease.

2.14 Provision for liabilities

Provisions are recognised when Housing for Women has a present obligation as a result of a past event, and it is probable that Housing for Women is required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

34

b

HOUSING FOR WOMEN

(A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

2. Principal accounting policies (continued)

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation, at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Housing for Women recognises a provision to cover the annual leave accrued by employees as a result of service rendered in the current period, and which employees are entitled to carry forward and use within the next twelve months. The provision is measured at the cost of salary, national insurance and pension contributions payable for the period of absence.

2.15 Reserves

Reserves comprise the revenue reserve balance, endowment funds and restricted funds.

Revenue reserves relate to the cumulative surpluses less amounts transferred to restricted reserves.

Housing for Women annually calculates amounts necessary for future maintenance and major works to its properties; funds to replace service chargeable items and amounts to ensure supported housing projects can continue to be financed during periods where no funding is in place. These amounts are recorded separately for management purposes. They are not differentiated from the unrestricted reserve balance for these statements but are disclosed for information purposes only.

Endowment funds are not available for general use at Housing for Women’s discretion. The capital and income of such funds can only be expended in accordance with the trust deed or other governing instrument.

3. Judgements and key sources of estimation uncertainty

The preparation of financial statement requires the use of judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for income and expenses for the year. These estimates and underlying assumptions are reviewed on an on-going basis.

Critical judgements in applying Housing for Women’s accounting policies

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

Identification of housing property components

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.

Categorisation of housing properties as investment properties or property, plant and equipment

Class of properties within the category of housing properties that are held to earn commercial rentals or for capital appreciation or both are accounted for as investment properties unless

35

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

3. Judgements and key sources of estimation uncertainty (continued)

immaterial to the financial statements. Properties rented to provide social housing and properties used for the production or supply of goods and services or for administrative purposes are classified as property, plant and equipment.

Impairment

For impairment purposes, as explained in the accounting policies, housing properties are grouped into cash generating units (CGU), being the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Judgement is required in establishing the appropriate level of asset grouping. The CGU level was determined to be at individual property level for completed properties and scheme level for properties in the course of construction.

The assessment of whether an asset is held for its service potential is also a matter of judgement and in making that judgement the Board of Directors 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.

In calculating an asset’s depreciated replacement cost judgement is required on how best to calculate the recoverable amount for assets held for their service potential and whether there is an active market for the property. The Board of Directors is of the opinion that there is no active market at present.

Estimation uncertainty

Bad debt provision

The rent and service charge receivable balance recorded in Housing for Women’s Statement of Financial Position comprise a relatively large number of small balances. A full line by line review of 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. The carrying amount of rent and service charges is disclosed in Note 12.

Useful lives of depreciable assets

The Board of Directors 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’ with regard to IT equipment/software and any changes to decent homes standard requiring frequent replacement of components. The accumulated depreciation as at 30 September 2025 is disclosed in Note 9.

Housing property impairments

The recoverable amount for impairment testing is based on either fair value less costs to complete and sell, present value of future cash flows or, for assets held for their service potential, depreciated replacement cost. In each case estimate is required.

36

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

3. Judgements and key sources of estimation uncertainty (continued)

The fair value less costs to complete and sell is based upon the existing use value – social housing for general needs housing properties. Estimation is required of the future cash flows expected to be derived from the properties and an appropriate discount rate.

The cost of purchasing an equivalent property on the open market is estimated based on the sale prices for similar properties in or near the same location.

The rebuilding cost of structures and components is based on the current build costs, based on either current building contracts or market data (being primarily construction indices) applied to the relevant building size and type.

The accumulated impairment provision at 30 September 2025 was £nil (2022/23: £nil).

37

b

HOUSING FOR WOMEN

(A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

4. Particulars of turnover, operating expenditure and operating surplus

Social housing lettings
(Note 4b)
Other social housing
activities
Other
charitable
income
Other
Surplus on sale of
fixed assets
Exceptional
item
-
uninsured losses		 2025
Turnover
Operating
expenditure
Operating
surplus/ (deficit)
£
£
£
10,232,715
11,308,309
(1,075,594)
20,723
-
20,723
16,146
-
16,146
10,269,584
11,308,309
(1,038,725)
1,261,921
-
1,261,921
-
793,277
(793,277)
11,531,505
12,101,586
(570,081)		 2024
Turnover
Operating
expenditure
Operating
surplus/
(deficit)
£
£
£
9,534,685
12,055,799
(2,521,114)
21,094
-
21,094
15,292
-
15,292
9,571,071
12,055,799
(2,484,728)
3,324,981
-
3,324,981
-
1,171,521
(1,171,521)
12,896,052
13,227,320
(331,268)

38

b

HOUSING FOR WOMEN

(A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS 4 (b) Particulars of turnover and operating expenditure from social housing lettings

Income
Rents receivable net of identifiable service charges
Service charges receivable
Revenue grants
Amortised government grants
Other income
Turnover from social housing lettings
Operating expenditure
Service charges costs
Management
Routine maintenance
Planned maintenance
Major repairs
Bad debts
Rent payable
Depreciation charge
Loss on disposal of components
Insured costs
Other costs
Operating expenditure on social housing lettings
Operating surplus/deficit on social housing lettings before
exceptional items
Exceptional item – uninsured losses
Operating surplus/deficit on social housing lettings
Rent losses from voids (included in Rents receivable
net of identifiable service charges)		 2025
General Needs
Refuges
Other
Supported
Housing
Total
£
£
£
£
5,767,963
296,320
36,241
6,100,524
1,085,344
322,279
75,227
1,482,850
-
1,307,005
453,140
1,760,145
884,762
-
-
884,762
4,434
-
-
4,434
7,742,503
1,925,604
564,608
10,232,715
912,635
230,259
55,593
1,198,487
3,686,923
1,512,672
507,592
5,707,187
1,450,085
7,740
-
1,457,825
1,536,719
-
374
1,537,093
-
-
-
-
106,848
(5,387)
5,383
106,844
106,174
126,396
34,667
267,237
1,034,198
-
-
1,034,198
1,622
-
-
1,622
-
-
-
-
(3,264)
1,080
-
(2,184)
8,831,940
1,872,760
603,609
11,308,309
(1,089,437)
52,844
(39,001)
(1,075,594)
(793,277)
-
(793,277)
(1,882,714)
52,844
(39,001)
(1,868,871)
(354,385)
(75,858)
(24,151)
(454,394)		 2024
Total
£
5,873,884
1,309,001
1,847,956
496,155
7,689
9,534,685
1,415,706
5,779,336
1,682,433
1,758,620
-
42,819
315,016
830,293
230,495
-
1,081
12,055,799
(2,521,114)
(1,171,521)
(3,692,635)
(291,594)

b

39

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

5. Key management personnel

Key management are those persons having authority and responsibility for planning, controlling and directing the activities of Housing for Women.

For the purpose of this note, the key management personnel are defined as the Board of Directors and the members of the Executive team – the Chief Executive Officer, the Director of Finance and Resources, the Director of Operations and the Director of Supported Housing.

None of the Board of Directors or members received any emoluments. There were no related transactions requiring disclosure.

Remuneration payable to key management
personnel (including benefits in kind)
Employers pension contributions
Employers national insurance
The highest paid Executive:
Remuneration (excluding pension contributions)
Pension contributions		 2025
£
728,807
61,038
87,775
877,620

129,262
13,557
142,819		 2024
£
794,450
59,515
92,621
946,586
125,438
13,162
138,600

The remuneration and pension contributions relate to the Chief Executive.

The Chief executive participates as an ordinary member of the group of defined contribution pension plan and received a pension contribution of 10.5% of pensionable salary.

6. Employee information

Employee information

The average number of full-time equivalent of Housing for Women
(based on a standard working week of 35 hours):
Housing and support staff
Administration staff
Maintenance staff		 2025

35
23
7
65		 2024
40
20
8
68

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

6. Employee information (continued)

Staff costs for the above employees:

Wages and salaries
Social security costs
Other pension costs		 2025
2,848,313
314,164
168,753
3,331,230		 2024
2,882,498
305,673
175,353
3,363,524

Included within wages and salaries are redundancy/compensation costs of £13,936 (2024: £24,543).

Salary banding for all employees earning over £60,000, including salaries, bonuses and pension contributions paid by employer.

More than £60,000 but not more than £70,000
More than £70,000 but not more than £80,000
More than £80,000 but not more than £90,000
More than £90,000 but not more than £100,000
More than £100,00 but not more than £110,000
More than £110,00 but not more than £120,000
More than £120,00 but not more than £130,000
More than £130,00 but not more than £140,000		 2025
2024
Number
Number
3
5
2
1
11
-
-
-
-
1
1
1
1
**- ** -
8
9

7. Interest and financing costs

Interest payable on bank loans 2025
£
1,307,851
1,307,851		 2024
£
1,275,122
1,275,122

41

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

8. Deficit in current year

Is stated after charging:
Depreciation of housing properties
Depreciation of other tangible fixed assets
Amortisation of government grants
Operating lease payments
Land & Buildings
Auditors remuneration (excluding VAT):
In their capacity as auditors
In respect of other services
.
Property, plant and equipment
Housing
Properties
Property
equipment,
fixtures and
commercial
premises
£
£
Cost
At 1 October 2024
86,975,385
77,368
Additions
1,126,219
-
Transfer to Investment
Properties
-
-
Disposals
(1,256,028)
-
At 30 September 2025
86,845,576
77,368
Depreciation
At 1 October 2024
16,507,174
77,368
Charge for year
982,683
-
Transfer to Investment
Properties
-
-
Disposals
(291,761)
-
At 30 September 2025
17,198,096
77,368
Net book value
At 30 September 2025
69,647,480
-
At 30 September 2024
70,468,211
-		 Is stated after charging:
Depreciation of housing properties
Depreciation of other tangible fixed assets
Amortisation of government grants
Operating lease payments
Land & Buildings
Auditors remuneration (excluding VAT):
In their capacity as auditors
In respect of other services
.
Property, plant and equipment
Housing
Properties
Property
equipment,
fixtures and
commercial
premises
£
£
Cost
At 1 October 2024
86,975,385
77,368
Additions
1,126,219
-
Transfer to Investment
Properties
-
-
Disposals
(1,256,028)
-
At 30 September 2025
86,845,576
77,368
Depreciation
At 1 October 2024
16,507,174
77,368
Charge for year
982,683
-
Transfer to Investment
Properties
-
-
Disposals
(291,761)
-
At 30 September 2025
17,198,096
77,368
Net book value
At 30 September 2025
69,647,480
-
At 30 September 2024
70,468,211
-		 Is stated after charging:
Depreciation of housing properties
Depreciation of other tangible fixed assets
Amortisation of government grants
Operating lease payments
Land & Buildings
Auditors remuneration (excluding VAT):
In their capacity as auditors
In respect of other services
.
Property, plant and equipment
Housing
Properties
Property
equipment,
fixtures and
commercial
premises
£
£
Cost
At 1 October 2024
86,975,385
77,368
Additions
1,126,219
-
Transfer to Investment
Properties
-
-
Disposals
(1,256,028)
-
At 30 September 2025
86,845,576
77,368
Depreciation
At 1 October 2024
16,507,174
77,368
Charge for year
982,683
-
Transfer to Investment
Properties
-
-
Disposals
(291,761)
-
At 30 September 2025
17,198,096
77,368
Net book value
At 30 September 2025
69,647,480
-
At 30 September 2024
70,468,211
-		 2025
£
982,683
51,515
(884,762)
168,716
28,000
2,600

Leasehold
Office
premises
£
136,010
-

-
-
2024

£

1,010,861

51,515

(496,155)

168,716

26,350
5,850
Office
equipment
and
furniture
Total
£
£
411,083
87,599,846
13,746
1,139,965
-
-
-
(1,256,028)
86,845,576 77,368 136,010 424,829
87,483,783
16,507,174
982,683
-
(291,761)		 77,368
-

-
-		 136,010
-
-
-		 280,551
17,001,103
51,515
1,034,198
-
-
-
(291,761)
17,198,096 77,368 136,010 332,066
17,743,540
69,647,480 - - 92,763
69,740,243
70,468,211 - - 130,532
70,598,743

9. Property, plant and equipment

b

42

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

Included within the housing properties balances is £nil of capitalised interest (2024: £Nil).

Housing properties book value, net of depreciation comprises:

Freehold land and buildings
Long leasehold land and buildings
Short leasehold land and buildings		 2025
£
63,952,625
5,173,379
521,477
69,647,481		 2024
£
64,716,881
5,233,009
518,322
70,468,212

10. Investment properties

At 1 October 2024
Transfer from property, plant and equipment
Net gain on revaluation
At 30 September 2025
11. Investments
As at 1 October 2024
Fair value adjustment
Market value at 30 September 2025
12. Debtors
Amounts receivable within one year
Arrears of rent and service charges
Less: provision for bad and doubtful debts
Prepayments and accrued income
Other debtors		 2025
£
780,687
(475,826)
304,861
744,416
550,176
1,599,453		 £
1,250,000
-
-
1,250,000
£
5,550
352
5,902
2024
£
785,278
(467,079)
318,199
651,514
449,410
1,419,123

43

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

13. Cash and cash equivalents
Cash held on current account or in hand
The Charities Official Investment Deposit Fund
14. Creditors – amounts falling due within one year
Note
Amounts falling due within one year:
Loan instalments repayable within 12 months
16
Deferred government grant income
17
Trade creditors
Rent and service charges received in advance
Other creditors
Taxation and Social security
Accruals and deferred income
15. Creditors - amounts falling due after more than one year
Note
Housing loans
16
Deferred government grant income
17
Other deferred grant income		 13. Cash and cash equivalents
Cash held on current account or in hand
The Charities Official Investment Deposit Fund
14. Creditors – amounts falling due within one year
Note
Amounts falling due within one year:
Loan instalments repayable within 12 months
16
Deferred government grant income
17
Trade creditors
Rent and service charges received in advance
Other creditors
Taxation and Social security
Accruals and deferred income
15. Creditors - amounts falling due after more than one year
Note
Housing loans
16
Deferred government grant income
17
Other deferred grant income		 2025
£
3,860,827
253,393
4,114,220
2025
£
952,092
490,112
189,831
659,918
13,486
78,613
1,314,077		 2024
£
1,321,491
242,471
1,563,962
2024
£
899,903
496,155
350,292
646,748
6,625
66,985
693,277
3,159,985
2024
£
28,731,544
35,120,507
1,200,000
3,698,129

2025
£
32,783,888
34,241,788
1,200,000
68,225,676
65,052,051

44

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

16. Housing loan debt analysis

Housing loans are secured by specific charges on Housing for Women’s housing properties and are repayable at varying rates of interest between 0.6% and 10.8%, in instalments due as follows:

Due within one year
Due after more than one year:
One to two years
Two to five years
Five or more years
17. Deferred government grant income
Grant received
At 1 October
Grant received during the year
Grant repayment during the year
At 30 September
Grant amortised
At 1 October
Amortised to income in the year
At 30 September
Carrying amount
Amounts to be released within one year
Amounts to be released in more than one year
 2025
£
952,092

942,690
3,086,580
28,754,618
32,783,888

33,735,980
2025
£
49,638,032
-
-		 2024
£
899,903
953,200
2,947,734
24,830,610
28,731,544
29,631,447
2024
£
49,724,243
-
(86,211)
49,638,032


14,021,373
884,762
14,906,135


490,113
34,241,788
34,731,901		 49,638,032
13,525,218
496,155
14,021,373
496,155
35,120,507
35,616,662

45

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

Government grant previously amortised to income
Government grant included in deferred income
Total government grant received		 2025
£
15,396,244
34,241,788
49,638,032
 2024
£
14,517,525
35,120,507
49,638,032

In addition to the deferred grants, Housing for Women has acquired properties which had grant funding of £8.74m awarded to other registered providers of social housing.

18. Permanent endowment funds

The reserves of Housing for Women include the following endowment funds of which Housing for Women is the trustee:

Mary Curzon Charity Balance
1 October
2024
£
486,377
486,377		 Investment
income
transfers from
Revenue
reserve
£
-
-		 Balance
30 September
2025
£
486,377
486,377

The Mary Curzon Charity for Women Workers (MCC) is administered under the banner title "Housing for Women". The assets and liabilities of the Mary Curzon Charity were consolidated in the accounts of Housing for Women in the year to 30 September 1998. The Mary Curzon Charity does not own or manage any property.

46

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

19. Analysis of net asset balances between funds

Fund balances at 30 September are represented by:

Property,
plant and
equipment
Investment
property
Investments
Current
assets
Current
liabilities
Creditors -
amounts
falling due
after more
than one
year		 2025
Unrestricted Endowment
Total
£
£
£
69,740,243
69,740,243
1,250,000
1,250,000
5,902
5,902
5,227,295
486,377
5,713,672
(3,698,129)
(3,698,129)
(68,225,676)
(68,225,676)

4,299,635
486,377
4,786,012		 2024
Unrestricted Endowment
Total
£
£
£
70,598,743
70,598,743
1,250,000
1,250,000
5,550
5,550
2,496,708
486,377
2,983,085
(3,159,989)
(3,159,989)
(65,052,051)
(65,052,051)
6,138,961
486,377
6,625,338

20. Revenue Reserves

Revenue reserves include amounts earmarked for future anticipated major works (Major Work funds) to Housing for Women owned properties; service chargeable items replacement (replacement funds) and funding for non-externally funded periods in supported housing projects (charitable funds). As at 30 September 2025 the amounts earmarked are;

Charitable
Major Works
Replacement		 £
-
3,764,736
534,900
4,299,636

Reserves that have not been earmarked for specific use are solely for the operation of general needs housing as they have been generated from general needs activity. As such they cannot be used to cross-subsidise the supported housing projects that rely on income from Trusts, foundations, donations and/or local and central government funding. For further details please refer to the Strategic report page 9.

47

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

21. Leasing commitments

The total future lease commitments under non-cancellable leases are as follows:

Within one year
Between two and five years
After five years		 2025
Property
£
70,445
164,750
162,051
397,246		 2024
Property
£
134,256
185,518
195,088
514,862

22. Related party transactions

The members of the Board and the Senior Management Team are considered related parties as defined by FRS 102. Housing for Women retains a register of members’ interests. Transactions requiring disclosure are shown in note 5.

23. Social housing units

Accommodation owned and in management.

General needs housing
Supported housing
Of the above 830 units are owned by Housing for
Women.		 2025
No
826
56
882		 2024
No
829
62
891

48

b

HOUSING FOR WOMEN

(A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS 24. Notes to the statement of cash flows

Note
Operating surplus for the year
Exceptional item - uninsured losses

Adjustments for non-cash items
Depreciation of tangible fixed assets
9
Amortisation of grants
8
Loss on disposal of components and other fixed
assets
Non-cash accruals/prepayments

Movement in working capital
(Decrease)/increase in debtors
(Increase)/decrease in creditors

Net cash generated from operating activities		 2025
£
(1,038,725)
(793,277)
1,034,198
(878,720)
963,914
419,679
20,782
(82,646)
(354,795)		 2024
£
(2,484,728)
(1,171,521)
662,225
(1,422,994)
633,645
379,045
494,696
326,397
(2,583,235)

25. Exceptional Item


Uninsured Losses		 2025
£
793,277		 2024
£
1,171,521

These losses relate to the uninsured costs incurred at Childers Street. Whilst we are currently uncertain as to where the liability for these costs lies, they have been written off as an Exceptional Item in the year. It should however be noted that a contingent asset may be confirmed in a future year.

49

b

HOUSING FOR WOMEN (A company limited by guarantee having no share capital)

NOTES TO THE FINANCIAL STATEMENTS

26. Financial instruments

The carrying values of Housing for Women’s financial assets and liabilities are summaries by category below:

summaries by category below:
2025
2024
£
Financial assets
Measured at undiscounted amounts receivable
Cash and cash equivalents 4,114,220
1,563,962
Gross debtors 780,687
785,278
Other debtors 550,176
449,410
Measured at fair value through profit and loss
Investments 5,902
5,550
Financial liabilities
Measured at amortised cost
Loans repayable 33,735,980
29,631,447
Measured at undiscounted amounts payable
Trade and other creditors 203,317
356,917
Housing for Women’s income, expense, gains and losses in respect of the financial
instruments are summarised below:
2025 2024
£ £
Fair value gains and losses on investments 352 422
Interest income and expense
Total interest income for financial assets at amortised cost 38,603 82,028
Total interest expense for financial liabilities at amortised
cost		 1,077,263 1275,122

50

b