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|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|
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|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|
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|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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||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|
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|||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|
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|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|
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||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|
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|||||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|
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|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|
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|---|---|---|---|
|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|
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|---|---|---|---|---|
|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|
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||||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|
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|||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|
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|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|