KIN
EVMEM
RIAL H
SE
REGIsfERED CHARITY NUMBER 22358
SOCIAL HOUSING REGULATOR NUMBER A2250
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025
Independent Examiner:
Beever and Struthers
150 Minories
London
EC3N ILS

King George V Memorial Houses
Financial Statements
For The Year Ended 31st March 2025
Index
Pa
Report of the Trustees
Independent Examiners Rewrt
io
Statement of Financial Activities
li
Balance Sheet
12
Statement of Cash Hows
13
Notes to the Financial Ststements
14-24

Page I
King George V Memorial Houses
Annual Report of the TNstees
For The Year Ended 31st March 2025
The Trustees submits its report and the financial statements for the year ended 31st March 2025.
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY
Charity Registration
King George V Memorial Houses is an unincorporated charity registered with the Charity Commission under
number 212358 and registered with the Regulator of Social Housing under number A2250.
Principal and Administration addr￿.
33 Dean Court
Bowmans C105e
Ealing
LondDn
W13 9YU
Trnstees
Rev. Mark Melluish
Ms Isabella Rossi
Ms Andrea Joseph
Mr Joshua Reddaway
Ms Fiona Howie
Ms Tycia Riley
Ms Alison Pegg
Ms Sophie Service
Mr Tye Mcmahon
Ms Sarah Woodbridge
Ex-offioo, Chair
Retired IO, July 2024
Retired 30 October 2024
Appointed 30th October 2024
Appointed 30th ortober 2024
Appointed 30th Ottober 2024
Custodian Tru5tees'.
Tlue to the charity's housing properties is vested in Housing Pathways as Cust(K1ian

Page 2
King George V Memorial Houses
Annual Report of the TNstees
For The Year Ended 31st March 2025
REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARTfY (continued)
office￿ and advisors
Chief Executive Officer and managementteam
steve McNaughton is employed as the Chief Executive on a part-time basis.
The Senior Property Manager continued to be Eoin Donnelly who was appointed in November 2023.
Bolaji Omotsde who was the Head of Finan￿ & Company Secretary left Pathways in August 2024. Carpenter
Box were appointed as Head of Finance in De￿mber 2024.
Principal Advisors
Principal Auditors
Beever and Struthers
150 Minories
London
EC3N ILS
Principal Bankers
Royal Bank of Scotland
49 Bishopsgate
London
EC2N 3AS
Principal Solicitors
Devonshires
30 Finsbury Circus
London EC2M 7DT
Prlnclpal Investment Managers
CCLA Fund Managers Limited
Senator House
85 Queen Victoria Street
London EC4V 4ET

Page 3
King George V Memorial Houses
Annual Report of the TNstees
For The Year Ended 31st March 2025
srRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is governed by a Trust Deed dated 23rd December 1936, as amended by Trust deeds dated 27th
October 1969,. 11th June 1993,. 2nd June 1997,. and an Order issued by The Charity Commission of England
and Wales dated 30th NOVem￿r 2011. As amended resolution dated 1st April 2022.
HIM Trustees are Recruited, Appointed, Inducted and Trained
There are no geographical restricbons on trustees, appointment and applications from persons living in Greater
London boroughsi Particularly where we have a presence, are welcomed. Vacancies are advertised in the local
press and on charity-related web5ite5, Wlth a nationwide reach. Applicants for trustee vacanaes are interviewed
by the Chair of the Board and 2 other Board members of the nominations committee prior to appointments. All
new trustees receive an induction session that CDvers core areas Df the business.
Existing trustees also have ac￿5$ to ongoing training opportunib"es, to assist them in fulfilling their roles and
responsibilities. In aédition to the Board meetings, trustees attend an annual review day, which allows for
detailed discussions on strategic planning issues.
Oryanisation and Management
The day-to-day management of the charity is delegated to the senior management team. The Chief ExecutDfe
reports to the Chair and the Board of Trustees.
Housing Pathways Trust (HPT) prowdes a full management service to the charity, including all operational,
administrative, and financial funttions, for whith it charges a management fee.
HPT, Board of Trustees usually meets six times a year to agree strategyi oversee operations, manage risk, and
consider the financial stsnding of the Charity. In addition to the main meetings of the Board of Trusiees, there
are the following sub-committees which f￿￿5 on specific areas of the business in more detail: Audit and Risk,
Grants, Nominations and Remuneration. Governance matters are dealt with by the main board, except that the
Nominations & Remuneration committee oversees the recruitment of new Trustees.
The PAard and each sub-committee have an agreed Terms of Reference, detailing their pUr[X￿ and
responsibilities. The key decision-making protocols are contained in the Committees, terms of reference and the
Financial Standing orders, the latter being reviewed by the Audit and Risk Committee annually.
The board considers a range Df peer organisations, pay reviews as a benchmark, and the overall economic and
regulatory conditions in which the Charity is expecied to operate in the coming year. In assessing the April 2023
staff pay review, the prevailing CPI rate, the cost-of-living crisis and its possible effert on the economy in
general and hDuse prices and rents in particular were considered.
Staff are responsible for carrying out the strategy agreed by the Board and the Chief Executive may act within
the constraints of the overall expense budget agreed by the Board. The management team during the year
comprised, in addition to the Chief Executive, an Dperation team and a Finance team.

Page 4
King George V Memorial Houses
Annual Report of the TNstees
For The Year Ended 31st March 2025
OBJECTIVES AND ACTIVITIES
Objects
The object of the charity is to provide Housing for aged people living in the Borough of Gillingham.
Activities
The Charity provides accommodation for older people who are in need and who have lived for at least two years
in the Borough of Gillingham, Kent. The Trustees has considered the Charity Commissioners guidance on public
benefit and considers that the activities of the Almshouse meet its charitable objects and proviée a benefit to
the public. The charity owns and manages 12 un￿5 of accomM(￿ation for older people.
In the year ended 31 March 2025, we housed O (2024.. 1) new residents in our Almshouse accommodation for
older people.
During the year Bathroom replacement was carried out for three properties, boiler adéitions for a propety, Door
replacements, and kitchen repla￿ment was carried out for three properties
REVIEW OF ACHIEVEMENTS AND PERFORMANCE
VALUE FOR MONEY (VFM}
Our aim is to deliver services of the right quality economicallyft efficiendyi and effectivelyi thus meeting the
need5 of our residents and all other stakeholders. The charty is committed to continuously improving our VFM
for our residents in all aspects of our business.
Our VFM reporb.ng and analysis are now focused on the seven key metrics that are used for comparison across
the sector. The peer group median used comprised 34 smaller housing associations primarily providing Housing
for Older People (HfOP) accommodation nationally of which 20 members. data was included in the calculation.
Value for Money Key Metrics
2025
2024
l. Reinvestment 0/0
Considers the investment in properties {existing stock as
well as new supply) as a percentsge of the value of totsl properties
held.
2. New Supply Delivered 0/0
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 ￿n{Nj end.
A. New supply delivered (Social housing homes)
B. New supply delivered (NOn-￿CIal hoLJsing homes)
11.38¥0
28.82010
00/0
00/0
00/0
00/0
3. Gearing 0/0
Assesses how much of the adjusted assets are made up of debt and
the de
ree of de
endence on debt finance.

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King George V Memorial Houses
Annual Report of the TNstees
For The Year Ended 31st March 2025
4. Earnings Before InteresL Ta¥ Depreciation,
Amortisation, Major Repairs Induded (EBITDA MRI)
Interest Cover 0/0.
A key indicator for liquidity and investment capacity. Measures the
level of surplus generated compared to interest payable
NIA
NIA
5. Social Housing Cost Per Unit
The headline social housing cost per unit as defined by the Regulator
£6,250
£14,521
6. Operating MaryinO/o
Demonstrates the profitability of operating assets before exceptional
expense5 are taken into account. Increasing margins are one way to
improve the financial efficiency of a business.
A. Operating Margin (social housing lettings only)
B. Operating Margin (overall)
{29.0)0/o
{22.8)¥0
(50.67)010
(36.90)Wo
7. ROCE 0/0
Compares the operats.ng surplus to totsl assets less current
liabilities. An assessment of the efficient investment of capital
resources.
(3.49)
{3.93)010
We recognise that our spend is above that of the sector and by continuing to review programme,
together with our long-term financial modelling we will ensure that the pace at which we reinvest remains
financially sustainable and continue5 to demonstrate Value for Money and improve resident satisfattion and
replacing major components to significantly redu￿ future ongoing responsive repair costs
Key Performance Indicators (KPIS)
As members of the Housing for Older People {HfOPI bend)marking group, run by Acuity, which comprises about
26 similarly sized housing providers. We have access to a range of KPIS, both for the immediate gmup and
national comparison5 Wlth Housemark, enabling us to compare performall￿ and share good pracbce to drive
improvements and reporting to stakeholders. The KPIS cover areas of organizats'onal performance including
regdent 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 sckness days.
Information Communication Technology (ICT)
The Charity benefits from Hpfs upgraded IT equipment and modernised software to ensure the systems are
fit for purpose.
COMPLIANCE WThH THE 2020 NHF CODE OF CONDucr
ng George V Memorial Houses via HPT adopted with National Housing Federation 2020 code of governan￿.

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King George V Memorial Houses
Annual Report of the TNstees
For The Year Ended 31st March 2025
TENANT sATIsFA￿[oN MEASURES
The Charity is an alms-house provider registered is a registered provider of ial housing regulated by the
Regulator of Social Housing (RSHI. On l April 2023 the RSH published a new system for assessing how well
s(Kial housing landlords in England are doing at providing good quality homes and seNices. The system is
referred to as tenant satisfaction measures ITSM'S). The measures are a list of indicators that social housing
landlords must report on. The dats collected refers to King George V Memorial House5 and HPT combined.
TSMS collected from Housing Pathways Trust resident perception survey
TPOI Overall satisfaction - 89Q/o
TFfj2 Satisfaction with repairs- 88%
TP03 Satisfaction with time taken to Complete most recent repair- 88%
TP04 Satisfaction that the home 15 well maintained- 84%
TP05 Satisfaction that the home is safe- 900/0
TP06 Satisfaction that the landlord listen5 to tenant views and acts upon them - 790/0
TFX)7 Satisfaction that the landlord keeps tenants informed atKut things that matter to thern - 84%
TP08 Agreement that the landlord treats tenants fairly and with re5pect- 860/0
TP09 Satisfaction with the landlord's approach to handling complaints- 61%
TPIO Satisfaction that the landlord keeps communal areas clean and well maintain&1 - 84%
TPII Satisfaction that the landlord makes a positive contribution to neighbourhoods- 78%
TP12 Satisfaction with the landlord's approach to handling anti-s(Kial behaviour- 77%
TSMS generated from Housing Pathways Trust management information
CHOI Complaints relative to the size of the landlord 6.2
CH02 Complaints responded to within Complaint Handling Code timescales- IOOWO
NMOI Anti-social behaviour case5 relats.ve to the size of the landlord - O
RPOI Homes that do not meet the Decent Homes Stsndard - O
RP02 Repairs Completed within target timescale - not available
BSOI Gas safety checks- IOOWO
BS02 Fire safety checks- IOOO/o
BS03 Asbestos safety checks- IOO¥o
BS04 Water safety checks- IOOO/o
BS05 Lift safety checks- lOO%
One King George V resdent made submitted a complaint during the financial year.
FINANCIAL REVIEW
The Charity recorded a net movement in funds of {£27,773112024.. £22,164). This is due to n ￿rttoan
urfavorable movement on the value of investments of £10,871 (2024.. favourable movement of £41,528).
In the year the Charity made a deficit on Soaal Housing Lettings of £20,360 {2024.. deficit £32,395) due to the
sums incurred to improve the properties at the site. The Ststement of Financial Attivities shows a decrease in
Total Funds of £27,773 to £796,067 (2024.. £823,840).
ReseNes Policy and ReseNes
Designated reserves are maintained in accordan￿ with guidan￿ issued by the National Almshouse Association
for the cyclical maintenance and repair of the properties. Detsils of the designated reserves can be found in
note 16. The Trustees continue to review the Charity's reserves.
Totsl Fund5 at 31st March 2025 of £796,06712024- £823,840) comprised cyclical repairs and maintenan
£26,876, extraordinary repairs £42,403 general funds of £615,031 and restricted Fixed Asset fund of £111,757.

Page 7
King George V Memorial Houses
Annual Report of the TNstees
For The Year Ended 31st March 2025
The level of Maintenan￿ reserves 15 considered adequate to cover any such costs that are likely to be charged
to the ￿venue account. Unrestricted funds amount to £684,310 (2024: £712,083) and are in place to ensure
ongoing trading in the event of any material Ioss of income, and as a result of the need to build up liquidity to
fund future capital cost5 of Planned Maintenance and expansion of our housing stock. Taking into account fixed
assets held for the charity's activities, reserves amount to £387,729 (2024.. £408,630).
Investment Policy
The investment policy lodged with M&G and CCLA is to invest prudently in a broad range of fixed interest
securities and equ(tie5, which are quoted on a Registered Investment Exchange, and unit trusts, within an
agreed range of percentage holdings for each class of investment. Ethical restrictions art determined by the
board of each investment fund and prohibit investment in companies which produce certain products or earn a
significant amount of their tumover from certain activities
Risk Management
The major risks to which the Almshouse charities are 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 risk5 identified in the key risks register.
The Key risks and un￿rtaIntieS facing the charity cover a number of areas of operation and are controlled using
procedures and sub-committee overview identifies further m￿lgationS and the responsible manager. Key ris
include 105s of income, breach of legislation or covenants, compliance failure, a build-up of arrears 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. The Chair and A&R Committee chair are notified immediately of any attempted fraud.
Antl-brlbery pollcy statement
We seek to maintsin the highest standards of ethics and integrty in the way we conduct our business. We
recognise that bribery and corrupts'on in all its forms, is illegal and unacceptable. Our bribery policy statement
has been integrated into our crKJe of conduct and our gifts and hDSPitality policyft adopted by the Board, signed
by the Chairman and Chief Executive. We expect our business partners to adopt a similar approach to bri
or corruption.
FUTURE PLANS
Our key priorities are to..
Improve customer satisfacb.on and deliver value for money for our residents.
Carry out planned Maintenan￿ to our alms-houses in accordance with out stock condition survey and
planned maintenance programme.
To reduce our cost base and seek better value for money, which is seen as a sensible approach in what
are generally un￿rtain economic times.
The Board 15 in the prO￿sS of defining its asset management strategy and asset management plan. We will
continue to redu￿ our cost base and improve Value for Money in accordance with the stsndard whilst driving
and improving performan￿ against the seven key metrics year on year.

Page 8
King George V Memorial Houses
Annual Report of the TNstees
For The Year Ended 31st March 2025
srATEMENT OF TRUSTEES. RESPONSIBILrrIES
Law applicable to charities and to entities under the Regulator Df Social Housing in England & Wales requires
the Trustees to prepare financial statements for each financial year which give a true and fair view of the
charity's financial activities during the year and of its financial position at the end of the year. In preparing
financial statements giving a true and fair view, the Trustees should follow besi practi￿ and..
select suitable accounting policies and then apply them consistentlyi
make judgements and esb"mates that are reasonable and prudent.
prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that
the charity will continue in operation.
The Trustees is responsible for keeping accounting records which disclose with reasonable accuracy the financial
sition of the charity, and which enable them to ensure that the financial statements comply with the Housing
and Regeneration Act 2008 and the Accounting Direction for Social Housing 2022 and the Charities Att 2011.
It is also responsible for safegLJarding the assets of the charity and hence for taking reasonable steps for the
prevention and detertion of fraud and other irregularities.
TRUSTEES. sfATEMENT ON INTERNAL FINANCIAL CONTROLS
The Trustees acknowledges its ultimate responsibility for ensuring that King George V Memorial Houses ha5 in
Pla￿ 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-
{a) the reliability of financial information used within the charity or for pubtication
{b) the Maintenan￿ of proper accounting ￿e0rd$, ar
{c) the safeguard of assets against unauthorised use or dispos￿IDn
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..
(a) formal policie5 and prO￿dureS are in place, including the documentation of key systems and rules relating
to the delegation of authorities, which allow the monitoring of controls and restrict the unauthorized use
of the charity's assets.
{b) experienced and suitsbly qualified staff take responsibility for iMpo￿nt business functions.
{c) forecasts and budgets are prepared which allow the Trustees and management to monitor the key
business risks and financial objectives and progress towards financial plans set for the year and medium
term,. regular management accounts are prepared promptlyi providing relevant, reliable and up-to-date
financial and other information and significant variance from budgets are investigated as appropriate.
{d} all sgnificant new initiatives, major commitments and investment projects are subject to formal
authorization procedures, through relevant sub-committees comprising Trustees and othets.
(e) the trustees of King George V Memorial Houses review reports from management and from external
auditors to provide reasonable assurance that control procedure5 are in place and are being followed and
this includes a general review of the major risks facing the charity.

Page 9
King George V Memorial Houses
Annual Report of the TNstees
For The Year Ended 31st March 2025
CHAIRMAN'S REPORT
Pathways has had another fruitful year and this repDrt reflects so much of that.
Our resident survey showed that the level of satisfattion with our homes and Ser￿￿ 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
delt w￿h in a quick and efFicient manner. We have put in a new financial management process to improve
our management of both every day and long term planning.
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.
This year we have also successfully expanded the Board Membership with some more highly skilled
contributors as part of continued drive to improve.
All of this has been led by our CEO, Steve McNaughton who brings great leadership.
Approved by the Board of Trustees at its meeting Dn
25109R025 and signed on its behalf by..
Mark Melluish
M wéUHish
Chair of ￿rd Df Trustees

Page 10
Independent RqY￿1n9 Ac£ountants Report
To The Trustees of King George V Memorial House
For the year ended 31st March 2025
Independent examinerfs report to the trustee5 of King Georye V Memorial Housing (KGVMH).
I report to the trustees on my examination of the accounts of the KGVMH (the Trust) for the year ended 31
Marth 2025.
Responsibilities and ￿$15 of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with
the requirements of the Charities Art 20111'the Act?, the Housing and Regeneration Att 2008 and the
Accounting D1￿ctIon for Private Registered Providers of Social Housing 2022.
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Art and
the Housing and Regeneration Act 2008, and in carrying out my examination I have followed all the applicable
Directions given by the Charity Commission under section 14515){bl of the Act.
Other Matters
Your attention is to drawn to the fact that the charity has prepared the financial statements in accordance w￿h
the Statement of Recommended Pracb'ce applicable to Charities 2019 preparing their accounts in accordance
with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference to
the Accounting and Reporting by Charities.. Statement of Recommended practi￿ issued on l April 2005 which is
referred to in the extant regulations but has been withdrawn.
We understsnd that this has been done in order for the accounts to provide a true and fair view in accordance
with UK Generally Accepted Accounting Pracknce.
Independent examinerfs statement
I have completed my examination. I confirm that no material matters have come to my attention in connection
with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Trust as required by section 130 of the Act- or
2. the accounts do not accord with those records. or
3. the accounts have not been prepared in accordance with the requirements of the Housing and
Regeneration Act 2008 and the Accounty'ng Direction for Private Registered Providers of Social Housing
2022 but any requirement that the financial statements give a 'true and tsir view, is not a matter
considered as part of an independent eKamination.
I have no concerns and have come atross no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Signed..
Name.. Elizabeth Hatchman
Relevant professional qualification or membership of professional bodies (if any): ACA
Address= 150 Minories, London, EC3N ILS
Date: 30 September 2025

Page 12
King George V Memorial Houses
Balance Sheet
As at 31st March 2025
2025
2024
Fixed Assets
Housing Prope￿e5
Investments
339,059
490,704
829,763
345,931
501,575
847,506
io
Current Assets
Debtors
Cash at Bank and In Hand
li
3,777
42,093
45,870
3,703
29,885
33,588
Creditors.. amounts falling due within one year
12
(79,566}
(57,254)
Net Current Assets
(33,696)
123,666)
Total Net Assets
796,067
823,840
Funds
Unrestricted fLJnds
Restricted ftjnds
Total funds
687,106
108,961
796,067
712,083
111,757
823,840
13
The financial statements were approved by the Trustees on 25 September
behalf by:
2025 and signed on their
Lts2511.JU.4BGMT4L
Mark MellLJish (Chairl
Trustee
Trustee
Joshua Reddaway

Page 13
King George V Memorial Houses
statement of Cash Hows
For the year ended 31st March 2025
2025
2024
Net cash (used in)Iprovided by Operating Activitie5
14,746
5,748
Cash flows from Investing Activities
Purchase of tangible fixed assets
Dividends re￿1V￿j
Interest received
Net cash provided by/(used in) Investing Activities
17,0151
4,127
350
(2,5381
199,695)
1,120
(94,529)
Cash Flows from Financing Artivities
Net change in cash and cash equivalents
Cash and cash equivalents at the beginning of the
12,208
29,885
188,781)
118,666
Cash and cash equivalents at the end of the year
42,093
29,885
Cash flows from Operating Activities
Net Income/{Expenditure) for the year
Depreciation
Investment Income and Interest Re￿1vable
(Increase)IDecrease in Debtors
IncreasellDecrease) in cred￿Or5
LossllGain) on Disposal of Components
(Gainsl/Losses on Investments
(27,773}
10,227
(4,4771
(741
22,312
3,660
10,871
14,746
22,164
12,971
113,031)
1671)
17,041
8,802
(41,528)
5,748
Changes in Net Funds
At 0110412024
Cash Flows
At 3110312025
Cash at bank and in hand

Page 14
Ing George V Memorial Houses
Notes to the Financial Statements
For the year ended 31st March 2025
Accounting Polities
(a)
status
King George V Memorial Houses is an unincorporated charity registered in England and Wales,
registered number 212358. The principal office address is as disclosed on page l of the annual report.
The presentstional currency is the Pound Sterling (£1.
(b)
Basls ofAccountlng
The financial statements have been prepared in accordance with the Ststement of Recommended
Practi￿.. 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 20191, the
Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021. The accounts
comply with the Charities Act 2011, the Housing and Regeneration Act 2008, the Accounting Direction
for S(tial Housing in England 2022. The accounts a￿ prepared on the historical cost basis of accounting
except that the listed investments are shown at their market value at the Statement of Financial Posftion
date.
The financial statements have been prepared to give a'true and fair, wew and have departed from the
Charities (Accounts and RetK>rts) 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 Stsndard applicable in the UK and Republic of
Ireland (FRS 102) Second Edition issued in October 2019 rather than the Accounting and Reporting by
Charities.. Ststement of Recommended Practice effective from l April 2005 which has since been
withdravvn.
King George V Memorial Hou*s constitutes a public benefit entr'ty as defined by FRS 102. The trustees
considers there are no material Un￿rtaIntieS about the charitys ability to continue as a going concem.
(c)
Income."
l income is recognised once the Charity has entiuement to the income, it is probable that the income
will be received, and the amount of income receivable can be measured reliably.
Income from ￿mshOU5e Accomm{￿atIOn ￿Presents weekly Maintenan￿ and service contributions
re￿1vable from residents.
Investment income is earned through holding assets for investment purpose5 such as shares. It included
dividends and interest. The Trustees consider it is not practical to identify investment management
costs incurred within funds managed by M&G and CCLA with reasonable accuracy the investment
income is reported net of these costs. Interest income is recogni*d using the effective interest method
and dwidend income is recognised as the Charity's right to receive payment is established.
Social Housing Capitsl grants are recognised only when receivable, or in the period in whid) a scheme
is completed where the amount of the grant has been determined. Grants are reflected in the Fixed
Asset Fund.

Page 15
Ing George V Memorial Houses
Notes to the Financial Statements
For the year ended 31st March 2025
Accounting Policies (continued)
(d)
Expenditure..
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third paty, 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 dirert 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. Sha￿d costs which contribute to more than one attivity and support costs which are
not attributsble to a single artivity are ap￿rtIoned between those attivities on a basis consistent with
the use of resources.
Expenditure Dn charitable activities is incurred on directly undertaking the activities which further the
Charity's objectives, as well as any associated supw)rt costs. The Charity is not registered for VAT,
therefore all expenditure is shown inclusive of Irrecoverab￿ VAT.
(e)
Housing Properties..
King Georye V Memorial Hou*s were estsblished in 1936 and there is no record of the original cost
and no value is attributed thereto. The Housing Properties cost relates to improvements carried out
since 1993 which partly were funded by a Housing and Communib'es Agency Grant.
Housing propertie5 are stated at depreciated cost. The eost of completed housing properties is
depreciated over the 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 comtxinents identified and the depreciation rate applied to
each component are set out below-
Land
Main fabric
Roof Structure and covering
WindDW5 & external doors
Boilers
Kitchen
throoms
Mechanical systems
Electrics
Fire Alamis/Warden Call
not depreciated
Over 70 years
Over 70 years
Over 30 years
Over 15 years
Over 20 years
Over 30 years
Over 30 years
Over 40 years
Over 15 years
(f)
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 pri
or the share of the Net Asset Value of the fund lif unlisted). All gains and losses are taken to the
Statement of Financial Activities as they arise. The Ststement of Financial Ath"vits"es includes all net
gains and losses arising on revaluation and disposals throughout the year.
(g)
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.
(h)
Cash atbank and in hand."
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months Dr less from the date of acquisition or opening of the depDSit or similar account.

Page 16
Ing George V Memorial Houses
Notes to the Financial Statements
For the year ended 31st March 2025
Accounting Policies (continued)
(i)
Credltors..
Liabilitie5 and provisions are recognised when there is an obligation at the Balance Sheet date as a
result of a past event, ￿ 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 setde the debt or the amount it has received as advanced
payments for the goods or ServI￿S it must prowde.
(i)
FinancialInstruments.'
The Charty only holds basic financial instruments. The finanaal assets and financial liabilities of the
Charity are as folltWS'.
Debtors- trade and other debtors are basic financial instruments and are debt instruments measured
at am0￿5ed cost as detailed in Note 12. Prepayments are not financial instruments.
Cash at bank- is classified as a basic financial instrument and is measured at fatr value.
Liabilitie5- trade creditors, accruals and other creditors are classified as financial instruments, and are
measured at amorbsed cost as detailed in Note 13.
(k)
FundAccounting.'
General funds are unrestricted funds which are available for use at the discrekn.on of the Trustees in
furtherance of the general objertives of the Charity and which have not been designated for other
txjrposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular
purposes. The aim and use of eath designated fund is set out in the notes to the financial statements.
Restrirted funds are funds which are to be used in accordan￿ with specific restrictions imposed by
donors Dr which have been raised by the Charity for particular purposes. 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.
(i)
Signir
Icant Management Judgenients and Estsination Uncertainties
The following are the critical judgements and key sources of estimation uncertainty that the Board has
made in the process of applying the charty's accounting ￿ll(leS and that have the most significant
effect on the amounts recogni*d in the financial statements..
The charity accounts for its expenditure on housing properties using component accounting. Under
component accountingi the housing property is divided into those major components which are
considered to have substantially different useful economic lives. Judgement IS Used in allocakn.ng
property costs between components {land, structure, kitchens, bathrooms etc) and in determining the
useful economic lives of each component.

Page 17
Ing George V Memorial Houses
Notes to the Financial Statements
For the year ended 31st March 2025
Housing propety éepreciation is calcukited on a component by component basis. The identification of
such compDnents is a matter of judgement and may have a material impact Dn the depreciation charge.
The components selected are those which reflect how the major repairs to the property are managed.
Usefvllives ofdewecFbk a55ets
Management reviews its estimate of the useful live5 of depreaable assets at each reporting date based
on the expected utility of the assets. Uncertainties in these estimates relate to changes io decent homes
standard requiring frequent replacement of comrK>nents
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.
Income from Charitable Artivities
2025
2024
Almshouse Accommodation
Residents Contributions
Service Charges
Voids
63,963
4,567
63,573
3,211
12,852)
63,932
68,530
Income from Investments
2025
2024
Deposit Interest
Investment Income
350
3,107
1,120
11,911
Expenditure on Charitable Activities
2025
2024
AIn￿hoUSe Accommodation
Servi
Maintenance
Bad Debts
Depreaats"on
Replacement of fixed asset components
Support costs {Note 5)
4,557
51,197
2,635
50,874
13,399
12,971
8,802
21,045
96,327
19,248
88,401

Page 18
Ing George V Memorial Houses
Notes to the Financial Statements
For the year ended 31st March 2025
Support Costs
2025
2024
Almshouse Accommodation
Management charge5
Bank charges
Residents, welfare
Subscription
Legal and professional f*s
Governan￿ costs
15,816
15,816
48
503
1,330
730
2,618
21,045
46
1,131
1,009
1,200
19,248
Included within Govemano Costs is independent examiner'5 remuneration amounting to £1,200
excluding VAT £1,000 (2024.. independent examiner's remuneration £2,268, excluding VAT £1,890).
Social Housing Artivities
2025
2024
Turnover from Sooal Housing Attivities
OkErating Costs
Operab"ng deficit and net deficit from social housing actiwties
68,530
88,401
63,932
96,327
{19,871)
132,395)
Taxation
King George V Memorial Houses is a registered Charity, and is, therefore, exempt from liability to
taxation on Income and Capital Gains.

Page 19
Ing George V Memorial Houses
Notes to the Financial Statements
For the year ended 31st March 2025
Housing Properties
Total
Completed
Housing
Properties
At 1st April 2024
Works to existing properties
Components replaced
At 31st March 2025
419,730
7,015
3,660
423,085
Accumulated Depreciation
At 1st April 2024
Charye for the year
Depreciation released on components replaced
At 31si March 2025
73,799
13,399
13,172
84,026
Net Book Value
At 31st March 2025
339,059
At 31st March 2024
King George V Memorial Houses were established in 1936. There 15 no record of the original cost and
no value is attributed thereto. The above detsils relate to improvements carried out Sin￿ 1993, which
were partly funded by a Homes and Communities Agency Grant of £195,597. King George V Memorial
Houses holds the freehold to the land on which these improvements are situated.
Capital Grants
2025
2024
Aggregate Amount Received
At 1st April 2024
and 31st March 2025
195,597
195,597
Released to Statement of Financial Activbties
At 1st April 2024
and 31st March 2025
195,597
195,597
Capital Grants Carrying Value

Page 21
King George V Memorial Houses
Notes to the Financial Statements
For the year ended 31st March 2025
io.
fixed Asset Investments
2025
2024
Market Value..
At 1st April 2024
Accumulated income
Unrealised gainslllosses) on investhents
At 31st March 2025
501,575
452,197
7,850
41,528
501,575
(10,871)
490,704
Historical cost a5 at 31st March 2025
161095
161095
Included in fixed asset investhents is financial assets of £490,704 (2024.. £501,575} measured
at fair value through net incomel(expenditure).
ii.
Debtors: amounts due within one year
Amounts dLJe from residents
Prepayments and accrued income
3,074
703
3,777
2,051
1,652
3,703
12.
Creditors: amounts due within one year
Trade Creditors
Accruals and other creditors
Amounts due to related organisations (Note 151
2,632
5,681
71,253
79,566
30,297
5,720
21,237
57,254

Page 23
Ing George V Memorial Houses
Notes to the Financial Statements
For the year ended 31st March 2025
13.
Funds (continued)
Cyclical Repaits and Maintenance ReseNe
This designated fund represented amounts set aside for cyclical Maintenan￿ to meet costs in excess
of bLJdgeted expenditure for any year, and is considered adequate at this point in time.
Extraordinary Repairs Reserve
This designated fund represented amounts set aside to cary out major repairs on Housing Properknes.
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.
Fixed Asset Fund
This restricted fund represents Social housing grants recognised within income. A portion of the
depreciation of housing properties 15 charged against this fund annually over the life of the pmperties
which the grants funded.
Social housing grants may be repayable if the charity sells a propety or ceases to use them for
qualifying pur[x￿.
14.
Net Assets Between Funds
Unrestricted
Funds
Restricted
Funds
2025 Total
Housing Prope￿e5
Investments
Net Current Assets
230,098
490,704
(33,6961
687,106
108,961
339,059
490,704
(33,696)
796,067
108,961
Unrestricted
Funds
Restrirted
Funds
2024 Totsl
Housing Properbes
Inve5bnents
Net Current Assets
234,174
501,575
123,666)
712,083
111,757
345,931
501,575
(23,666)
823,840
111,757
15.
Related Party Transactions
There is 112024: 1) related part to King George V Memorial Houses which is Housing Pathways Trust.
All employees joinvy employed by Housing Pathways Trust and King George V Memorial HoLJses with
an agreed fee of 20Wo of Residents contribution including allocated staff costs. Housing Pathways Trust
tharged the Charity £15,816 during the year12024: 19,9931- Amounts due to Housing Pathways Trust
at the year-end amounted to £71,253 (2024.. £21,237).
In the year, trustees, remuneration totaled £nil (2024.. £nil).

Page 24
Ing George V Memorial Houses
Notes to the Financial Statements
For the year ended 31st March 2025
16. Housing Units
The Charity owned and managed 12 units of sheltering housing at 31 March 2025 and 31 March 2024.
17. Capital Commitments
At 31 March 2025, there were no known capital c(mmthents.