| INDEX | Page No. |
| Bankers and Professionals | 2 |
| Report ofthe Trustees | 3-5 |
| Report ofthe Reporting Accountant | 6 |
| Statement ofFinancial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9--15and 17 |
| Income and Expenditure Account | 16 |
| he trustees oft | his company and the | ir attendance | record are | ||
|---|---|---|---|---|---|
| Due to | Resigned | Office | Meetings | ||
| Retire | Attended | ||||
| Anthea Bishop - (Mrs) Rev'd Canon Jonathan Boardman |
8.2.2029 | Ex Officio member | 7 6 |
||
| Peter Cobley Roger Hird Fuan Kennedy |
FCA | 30.1.2028 8.2.2029 25.1.2026 |
25.3.2025 1.12.2024 |
Deputy Chair Chair |
S S 8 |
| Richard Long | 31.1.2027 | 8 | |||
| Gillian White (Mrs) | 25.5.2028 | 4 |
| 2024725 | 2023 |
|---|---|
| 1. Reinvestment in development and capitalworks 1% |
48% |
| This looks at the investment in propertied, (new and existing), as a % ofthe value ofpropertics held. 2. (a) New supply ofsocial housing units delivered 00Og |
|
| (b) New supply ofnon-social housing units delivered 0% |
0% |
| This sets out the number ofnew social and non-social housing units that have been acquired or developed in the | |
| yeat ds a proportion ofthe respective totals ofthese units owned at the year end 3. Gearing 6% |
NA |
| This assesses how much ofthe adjusted assets are made up ofdebt and the degree ofdependence on debt | |
| finance. | |
| 4, Interest cover including capital repairs B 4% |
N/A |
| This EBIDA-MRI, (earnings before interest, tax, depreciation, amortisation and major repairs measure is a key indicator for liquidity and investment capacity. It secks to measure the level |
included), ofsurplus that a |
| Registered Provider generates compared to interest payable, avoiding any distortions arising from depreciation. | |
| 5. Headline Social Housing cost per unit £4 328 |
£99,928 |
| This assesses the Social Housing cost per unit as defined by the Regulator ofSocial Housing. | |
| Comment This measure includes the costs ofour Renovations Project. |
|
| Overall 2% 6. Operating Margin: for Social Housinglettings |
48% 75% |
| This demonstrates the profitability ofoperating assets before exceptional expenses are taken into account. Increasing margins is one way to improve the financial efficiency ofa business. |
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| - | QU | » | = | © | 3 | © |
| Notes | 2025 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Housing properties | 9 | 1,507,762 | 1,571,163 |
| Tangible fixed assets | 9 | 1,907 | 1,535 |
| Investments | 10 | 80,784 | 39,286 |
| Total fixed assets | 1,590,453 | 1,611,984 | |
| Current assets | |||
| Debtors and prepayments | 11 | 24,045 | 91,407 |
| Bank balances | 12 | 50,567 | 40,365 |
| Total current assets | 74,612 | 131,772 | |
| Liabilities | |||
| Creditors: Amounts falling due within one year | 13 | (67,271 | (243,144 |
| Net current (liabilities) / assets | 7,341 | (111,372 | |
| Creditors: Amount falling due after one year | 13 | (145,257 | |
| Total assets less liabilities | 1,452,537 | 1,500,612 | |
| The funds ofthecharity | |||
| Endowment Fund | 14a | 19,428 | 17,766 |
| Restricted Funds | 14b | 1,357,039 | 1,397,960 |
| Unrestricted Funds | 15 | 76,070 | 84,886 |
| Total charity funds | 14 | 1,452,537 | 1,500,612 |
| 2025 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| 3. | INTERESTRECEIVABLE AND OTHER INCOME | ||
| Bank deposit interest | 1,913 | 2,939 | |
| Investments income | 3,843 | 1,500 | |
| 5756 | 4439 | ||
| 4. | REFURBISHMENT COSTS | ||
| Extraordinary Repairs | |||
| Renovations - No 717 |
6,228 | ||
| No715 | 3,281 | ||
| No719 - House interior |
3,947 | ||
| No 725 - Kitchen |
6,683 | ||
| No 727 - House interior |
13,669 | ||
| Redecorating and repairing rear doors and windows | 4,850 | ||
| Front railings - Repainting |
1,180 | ||
| New gates for rear courtyards | 1,941 | ||
| Sundry | 200 | ||
| 32470 | 9,509 | ||
| 5. | SURPLUS FOR THE YEAR | ||
| The surplus is stated after charging: | |||
| Independent Examiner's Fee (excluding VAT) VAT |
1,735 346 |
1,197 239 |
|
| 2,081 | 436 |
| 7. | UNITS UNDER | MANAGEMENT AT PERIO | D END | ||||
|---|---|---|---|---|---|---|---|
| 2025 | 2023 | ||||||
| Almshouses | 8 | 8 | |||||
| 8. | EMPLOYEES INFORMATION | 2025 | 2023 | ||||
| The average weekly numberofpersons employed | during the | year was (full | time | ||||
| equivalent) | Nil | Nil | |||||
| 9 (a). FIXED ASSETS PROPERTY |
- FREEHOLD | ||||||
| 2025 | 2023 | ||||||
| Repairs | Improvements | Total | |||||
| £ | £ | £ | £ | ||||
| Renovations Project Expenditure Capitalised: | |||||||
| At 01.01.2024 | 1,571,163 | 811,529 | |||||
| Additions | 14,763 | 759.634 | |||||
| At 31.3.25 | 1,125,784 | 430,616 | 1,556,400 | 1,571,163 | |||
| Amortisation | 35,181 | 13457 | 48,638 | ||||
| 109.603 | 417.159 | 1.507.762 | 1.571.163 |
| The value placed upon the site and the almshouses | |||
|---|---|---|---|
| is the historic cost, which is deemed to be £Nil. | |||
| 2025 | 2023 | ||
| 9 (b). FIXED ASSETS - EQUIPMENT | £ | £ | |
| Cost | |||
| At 1 January 2024 |
5,130 | 4,730 | |
| Additions | 1,415 | 400 | |
| Disposals | 638) | ||
| At 31 March 2025 | 5907 | 5,130 | |
| _ | |||
| Depreciation | |||
| At 1 January 2024 |
3,595 | 3,075 | |
| Charge for the period | 621 | 520 | |
| Disposals | |||
| At 31 March 2025 | 4000 | 3.595 | |
| Net Book Value | |||
| At 31 March 2025 | 1 907 | 1.535 |
| the market value as at 31% March 2025. | ||||
|---|---|---|---|---|
| 2025 | 2023 | |||
| £ | £ | |||
| At 1 January 2024 350 shares |
39,286 | 36,990 | ||
| Additions: Dividends received | 3,841 | 1,500 | ||
| Purchase of394 shares | 45,188 | |||
| Sale of85 shares Net change in value ofinvestments during the period |
(9,992) 2400 |
79 | ||
| At31 March 2025 | 80,784 | 39,280 | ||
| Held at 31 March 2025 for: | ||||
| Cyclical, and Extraordinary Maintenance Reserves | 189 shares | 23,129 | 21,520 | |
| General Reserves 312 shares |
38,227 | |||
| Endowment Reserve | ||||
| 158 Accumulation shares | 19428 | 17,766 | ||
| 80,784 | 39,286 | |||
| Surplus Change in value |
2,461 | 796 | ||
| On investments sold | 324 | |||
| ass | 796 | |||
| 11. | DEBTORS AND PREPAYMENTS | |||
| Expense prepayments | 3,247 | 1,639 | ||
| Funds held by: London Block Management 1.td | 14,690 | 10,330 | ||
| Maintenance Contributions due | 4,291 | 13,877 | ||
| Provision for Bad Debts | (7,123) | |||
| Grants' receivable: Greater London Authority | 40,000 | |||
| Garfield Weston Foundation | 25,000 | |||
| Other debtors | 1,817 | 7,684 | ||
| 24,045 | 91,407 | |||
| 12. | BANK BALANCES | |||
| Current account | 3,225 | 1,104 | ||
| Deposit account | 47,342 | 39,209 | ||
| Cash in hand | 52 | |||
| 50.567 | 40,365 | |||
| 13. | CREDITORS AND ACCRUALS | |||
| Amounts falling due within one year | ||||
| Expense accruals | 15,129 | 10,845 | ||
| Renovation expenditure accruals | 49,488 | 230,787 | ||
| Maintenance Contributions in advance | 56 | 1,512 | ||
| Charity Bank Loan | 2,598 | |||
| 67,271 | 243,144 |
| 2025 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| 13. CREDITORS AND ACCRUALS (Cont'd) |
|||||
| Amounts falling due in more | them one year | ||||
| Charity bank Loan | 147,855 | ||||
| Less: Repayable within one year | _(2,598) | ||||
| 145,257 | |||||
| The loan is repayable over 25 | years with interest at 2 4% over | ||||
| The Bank ofEngland Base Rate. | |||||
| 14. | RESTRICTED FUNDS | ||||
| 2025 | 2023 | ||||
| £ | £ | ||||
| 14a. | ENDOWMENT FUND | ||||
| At 1 January 2024 |
17,766 | 16,728 | |||
| Dividends received re-invested | 914 | 678 | |||
| Increase /(Decrease) in the value | ofinvestments | 748 | 360 | ||
| At 31 March 2025 | 19428 | 17,766 | |||
| 14b. | OTHERRESTRICTED FUND | ||||
| RENOVATIONS FUND | |||||
| A 1 January 2024 |
1,386,957 | 1,230,454 | |||
| Donations received | 2,500 | 168,203 | |||
| Tax recoverable | 241 | ||||
| Bank interest | 2,939 | ||||
| Amortisation ofFreehold Property | (48,638) | ||||
| Transfer from General Reserves | Shortfall in this account | 5,217 | |||
| Loss on disposal ofshares donated | (14,880) | ||||
| At 31 March 2025 | 1,346,036 | 1,386,957 | |||
| GARDEN FUND | |||||
| At 31 March 2025 and 31 December 2023 | 11,003 | 11,003 | |||
| TOTAL - 14b |
1.357.039 | 1.397.960 | |||
| 15. | UNRESTRICTED FUNDS | ||||
| 15a. | GENERAL FUND | ||||
| At 1 January 2024 |
47,784 | 39,879 | |||
| Total Surplus for year | 24,855 | 21,825 | |||
| Dividend income | 1,519 | ||||
| Surplus on valuation ofinvestments | 919 | ||||
| Less: Transfers to Other Unrestricted Reserves | -- Future repairs | (18,778) | (13,920) | ||
| Transfer to Renovations Reserve | |||||
| At31 March 2025 | 51,082 | 47,784 |
| At 1 January 2024 |
13,253 | 7,504 |
|---|---|---|
| Transfer from General Reserves Future repairs |
6,908 | 5,120 |
| Dividends re-invested | 645 | 411 |
| Less transfer to General Reserves - Major expenses (Note 4) (Decrease) increase in the value ofinvestments and loss on sale |
(3,121) Sle |
218 |
| At 31 March 2025 | 18.201 | 13.253 |
| CYCLICAL MAINTENANCE | FUND | 2025 | 2023 |
| £ | £ | ||
| At 1 January 2024 |
18,061 | 18,141 | |
| Transfer from General Reserves | Future repairs | 11,870 | 8,800 |
| Dividends received re-invested | 764 | 411 | |
| Less transfer to General Reserves Cyclical expenses (Note 4) (Decrease) Increase in the value ofinvestments and loss on sale |
(29,349) 603 |
(9,509) 218 |
|
| At 31 March 2025 | 1,949 | 18,061 |
| CHARITABLE FUND | 2025 | 2023 | ||
| £ | £ | |||
| At 1 January 2024 |
5,788 | 7,124 | ||
| Transfer to General Reserves | Expenses | -- Note 29 | 950) | |
| At 31 March 2025 | 4.838 | 5.788 | ||
| TOTALOFUNRESTRCTEDRESERVES | 76,070 | 84,886 |
| Notes | 2025 | 2023 | |||
|---|---|---|---|---|---|
| INCOME | £ | £ | |||
| Licence Fees: Weekly Maintenance Contributions | 79.103 | 55,551 | |||
| Heating | 14.407 | 7,162 | |||
| Water | 2,890 | 2,273 | |||
| Less: Voids | (4,694) | (4,515) | |||
| Rebates | (1,200) | ||||
| 86,506 | 60,471 | ||||
| Investment income | 3,843 | 1,500 | |||
| Donations | 2,500 | 168,444 | |||
| Bank interest | 1,913 | 2,939 | |||
| Other income | 545 | 801 | |||
| TURNOVER | 95307 | 234,155 | |||
| EXPENDITURE | |||||
| Gas | 14,004 | 8,340 | |||
| Electricity | 3,224 | 1,900 | |||
| Water rates | 3,098 | 2,176 | |||
| Gardening - labour |
4,562 | 1,930 | |||
| Gardening - materials TV licence |
2,496 17 |
2,659 | |||
| 27401 | 17,005 | ||||
| Management | |||||
| Caretaking and Handyman | 3,558 | 3,296 | |||
| Insurance | 3,680 | 2,655 | |||
| Sundry expenses | 1,042 | 1,086 | |||
| Managing agent | 6,000 | 4.800 | |||
| 14280 | 11,837 | ||||
| Governance | |||||
| Independent Examiner | 5 | 2.081 | 1,436 | ||
| Subscriptions | 1,058 | 496 | |||
| Website and video meeting costs | 257 | 110 | |||
| T3396 | 2042 | ||||
| Maintenance and Replacements | |||||
| Premises repairs and maintenance | 2,840 | (130) | |||
| Renovations | 32,470 | 9,509 | |||
| Health and safety checks | 828 | 1,050 | |||
| Depreciation & loss on disposal | - Equipment | 643 | 520 | ||
| 36,781 | 10949 | ||||
| Total residents' expenditure | 81.858 | 32,324 | |||
| Provision for bad debts | 3,582 | 7,123 | |||
| Interest on Charity Bank 1.oan Fundraising - Loss on sale of |
donated investment | 1 1,139 | 14,880 | ||
| Charitable Reserve Iixpenses | - Christmas gifts to residents | 540 | 600 | ||
| Garden Party | 410 | 736 | |||
| 1 5.671 | 32.848 | ||||
| OPERATING COSTS | 97529 | 65172 | |||
| (DEFICIT)/SURPLUS-Sce | Statement ofFinancial Activitics Page 7 | (2,222) | 168,983 |
| 2025 | 2023 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| Assets | £ | £ | £ | £ | £ | £ |
| Tangible fixed Assets: | ||||||
| Freehold property | 1,507,762 | 1,507,762 | 1,571,163 | 1,571,163 | ||
| Equipment | 1,907 | 1,907 | 1,535 | 1,535 | ||
| Fixed assets investments | 61,356 | 19,428 | 80,784 | 21,520 | 17,766 | 39,286 |
| Debtors | 24,045 | 24,045 | 33,530 | 65,000 | 98,530 | |
| Cash | 50,567 | 50,567 | 47,781 | (7,416) | 40,365 | |
| Liabilities: | ||||||
| Creditors | (15,186) | (49,487) | (64,673) | (12,357) | (230,787) | (243,144) |
| Loan | - | (147,855) | (147,855) | |||
| 122689 | 1329848 | 1.452,537 | 92,009 | 1,415,726 | 1,507,735 |
| At the Balance Sheet date the Charity held the following: | 2025 | 2023 |
|---|---|---|
| £ | £ | |
| Financial Assets | ||
| Measured at cost: | ||
| Cash | 50,567 | 40,365 |
| Measured at amortised cost: | ||
| Funds held by London Block Management 1.td | 14,690 | 10,330 |
| Maintenance Contributions due | 4291 | 13,877 |
| Other debtors | 5,064 | 72,684 |
| Measured at fair value: | ||
| Investments | 80,784 | 39,286 |
| Total Financial Asscts | 155396 | 1 76.542 |
| Financial liabilities | ||
| Measured at amortised cost: | ||
| Expense Accruals | 64,617 | 241,632 |
| Maintenance Contributions in advance | 56 | 1,512 |
| Total Financial Liabilities | 64.673 | 243.144 |