THE NORTH MEMORIAL HOME5
CITY OF LeicESTER
FIN￿CIAL STATEMENTS
FOR THE YEAR ENDEO
31ST MARCH 2024
Regist•rod Charity Number 215582
R8ylstered So¢ial Housing Provldei Number L2793
Alrnshouse A5s0clatlon Number 1839

THE NORTH MEMORIAL HOMES CITY OF LEICE
TER
FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2024
NTENTS
PAGES
Registeréd Social Housing Provider Information
R8POrt of the Trustees
R&porting Accounlanvs report lo the Trustees
Slalement of comprehensiv8 income
Slatsment of changes in reserves
BaL9￿@ 8h8et
Statement of cash flow5
Note5 to the financial statements
10t015

Page 1
THE NORTH MEMORIAL HOMES CITY OF LEICESTER
REGI
TERE
G PROVIDER INFORMATION
The Tru8te&$ and Commlttètr
of Managernent
Mr A Nelson
Dr M Solanki
Ll Col D J Young
Mr G Hunl
Mrs L Ingram
Mrs J Bryars
Mr L St Clair
fvlrs C Varley
Mr J BeW￿Y
Chairman until June 2024
Chairrnan from June 2024
Vice-chairnian
(résigned 30 April 20231
Iresigned 12 Oecember 20231
Officers
Mrs K Smith
(Hon Administralorl
Professiorbal advi$*rs
Sheldon. Bosley. Knight
LeiGesler Chanty Organisat￿n
Saciety (Charily Link)
Letting Agents to 30 Seplernber 2023
S￿retary and Treasurer to the TNslees
Lèlling Agent from 1 November 2023
Reportlny actountant
Andreww Stsnl FCA
Johnson Murkott & Hu￿1
Chart8r8d A(xount8n15
Rawdon Housè
Rawdon T6rr8CÈ
Ashby de la Zouch
Leiceslershir6
LE65 2GN
Bankers
HSBC Bank plc
Brokers
Westerby Inveslment Management Ltd.
LÈice51er City Council has, since Ihe inception of Ihe North Memorial Hotnes in 1918. been vÈry involved in the d8V8lopment
and 8uccoss of the Chonty. It was Sir Jonathan North who, as Lord Mayorof Leicesler. inau9uraiad thé Fund.
Sinc8 that lim& LèiGe51er City Council ha5 continued to a55i51 the Charity in thè provEion of prof8sslonal expertise in the
fcnn of Out of Hours a￿j Emarg8n¢y Repairs.

Page 2
The NORTH MEMORIAL HOMES CITY OF LEICESTER
REPORT OF THE TRUSTEES
YEAR ENDED 31ST MARCH 2024
The Trustees and Cornmittee of Managament pr8S8nt th8ir r&port 1ogathèr￿Ih the financial Statements of the Charity
for th8 year ended 31 March 2024. Thè financial slaletnents have been prepared in accordance with the accounting Felic￿£
sel out on pag8 10 and comply wlh thé Tru51 Deed and applicable law.
Constitthlon and objects
The Charity 15 conslituled under a Trust Dead dated 22 F8bru8ry 2007 as ametvjed by a Scheme Dated 3 July 2019. 8nd K8 8
registered charity No 215582. The Charity Is also a Registered Sottial Housing Provider No L2793.
The Charitys original objecl was the provision of self<onlained houses for disabled 8x-s8rvic8m8n 8nd Ih8lr famil￿5,
were CAtizens of thè City of LeI￿ster, following tha end of tha Fifsl World War.
Since that time the qualifications hav& b&8n broadened, with the approval of the Charity Commissionats, 10 include the
dow or widower of such a person.. a parson who is perrnanenlly physically di5abl8d and in n8céssiIou8 cir(xJrnslances,
a p9rs0n in necessilou5 circumstances. In 8v&ry case the residential qualification 8pplies unléss there ale exceptional
circumstsrKes. The area of benefit has b8en e￿ended from the City of L8iC8sler. lo include Ihè Counties of Leicestershire and
Rutland A5 a result of a declin6 In the nutnber of familie5 Seeking houses. th? Ch8ri1y commenced a programme lo convert
èa¢h property into iwo sebf-containad fLgls. At the present lime Ihere are fw8 house8 and thirty flats.
Organisational stru¢tur8 and tralning
The property of the Charily is vested Mlh the l)ffickql Custodian for Charities. Thè management of the Charity
Is undert8ken by a Cornmittee comprising the Tw5tees and adws8d by the Treasurer and Sec￿trry.
The Iruslees consist of..
- 2 ex-officjo Trusle8S
3 nominated Trusie&s
- and not more than 7 cO￿pIlV& Trustees.
Thè Cotnmitlee meets al least quartety arKJ recav8S 8ssislancÈ frorn officers of L8ice8t8r City Council in out of hours
6mergénGy repair5.
New Board mernbers are gwen an induction pack whith pro￿￿e5 information on the Charity's servic8s, Its
con51l1ut￿n and financial position. logelh8r with their legal obligations. They are also br18fed on their duties by the chair
of the Management Board.
Financlal rgvlow and Invo8tm•nt policy
Al the commencement of th8 Charity an Endowmént Fur￿ was trartsferrèd and this must be retsined in perpetuity.
Incoms Is generated by r8v&nue frow rents and inveslmenls.
Ir￿ome trarned 15 Used lo maintain and improve the properb8s and grounds and any surplusldeficil Is transferred to the
Revenu8 Reserve Fund
The InV￿lM￿nI Strategy 15 raviewed regularly and currently thé pdrnary aim is lo athieve income Mlh minimum nsk whil$i
5e8king capltal growth.
A raprestnlalive from th& inve51rnenl 8dvi50r5, Wasletys, aM8nds Managernent Committee tneeliTrJs regularly to
report on the investments.
R•serv88 policy
It is Ihe policy of Ihè Charity that free reseryes should be maintained at a lev618quwalent to twewe months operating costs
Ihout Income from Weekly Mainltrnance Charg&s (WMCI. The Trusl8ES consider that reserves al this18vel will ensure that,
in the event of a signif￿an1 reduction In income. they will be lo continu2 the Charitys current aclivili&s Wthile consideration
is gwen lo ways in which additional income may b& generate(J The Trustees also recognise Ihe need for Investment incorna lo
meet any exce55 of costs over WMC income and have r8sotrrfed lo maintain r8serves suffici8ni 10 generate such ir￿Orne. However,
it is not possible al pr8s8ni to detsrminé a figure for free reseNes as North Memorial Homès has been undertaking
maityr refurbishm8nl work which is not yel condudèd. Tha lev81 of résetves will b& kèpl un(*r revi6W throughout
thé year by th? Trustee5.
Extraordlnary Repalr Fund IERFI
This re51ricled fund is la be used for future major eKpendilur8 8nd tnajor refU￿1$hment projects. Transfers wll be mad8 from the
Income and Exper￿ltUre Account. The fund forms part of the inv8$tment portfolio. 11 can be drawn upon lo meet major il&ms
of repair as deemed n&eessary. In thé longer term, it i5 the inlanlion of the Trustees that the ERF b6 converted to a d8Sl9nated fund
to allow the Trustees lo adjust the level of fijnds held io tneet the Chanty's need5.
Thè requirement 10 rnake a fixed contribution of E2.890 this fund each year has been ramovèd. The Trusle8s ha¥È discretion
to make further conlnbulrons lo the fund should the nood arise.

Pag8 3
THE NORTH MEMORIAL HOMES CITY OF LEICESTER
REPORT OF THE TRUSTEES CONTINUE
YEAR ENDED31ST MARCH 2024
Cyellcal Maintonance Fund ICMFI
This designat￿ fund. to which transfers will b8 made from the Income and Expenditure account, will be used to meet
maintenance costs occurriw al regular inlervals. At presanl, Ihare are nD funds d&signat8d for th15 purpose bjt th8 Trustee5
11 giv8 con81dÈration lo the establishment of a CMF onc& Ihe currenl major works progr3mme is compl818d.
The18v81 of funds held in the CMF Mryll be linked lo a pL8nned rnaintenance programine which will be drawn up once the
refurbishmént work5 are compl?le.
Endowment Fund
Thé &ndowmenl fund a88&1$ comprise of thè housing arKI fu￿t￿n81 properties of I￿rth Mèmorial Homes and its 8ndowrnent
inv8Stmtrnts. Any profil or loss arising from revaluation or sale of Ihos8 85sets 15 add8d lo Ihe endowment fund aach yèar.
Commitments
The Twslees havé agreed upon a major programme of works involving th& mplacemenl of the windows and door5 to all
properties. Improvetnen15 to the IherFnal erriciency ¥vhartr ne￿ed and a r8dev8lopment of two blocks to convert eight existing
one-bedrcom flats into twcFbedroom trnes. The Trusites have obtained eslimai&s and consider that thè cost will b8 around £1.23m.
The programme of wotks Ong￿ng throughout tha yèar.
Valug for Monty
The Trv5tees have reviewed the value for tnoney ef the opèration of the Hom8s and have had r8gard to guidance from th
R8gulalor of Social Housing with resptcl lo small housing provKlers. The recommended value for money iThJicalors 8p8cifiwJ
in such guidance are induded in these accounts
The judgement of Ihe Trust888 Is Ihal these irK1icator5 evidenc8 that the Homes has strong profil margins, intèrèst payrnent
cover and liquidity.
The Twstees have reviewed the slal? of thè buikying sleck resuhing in a plann8d programme of refurbishmenl and
nKd8misaiion. The VFM indicator5 will be r8weweLI 10 8nsuro that they remain appropriate to 8 modemi¥ed stock.
Risk managernent
The Trusl8é5 have examined the maiu slr8legr. busin8ss and operational ri5k5 which thé Charity faces and confimi
Ihal system$ have been eslablished lo 8nabl8 regular reports to be pro(Juced so that Ihe nacessary steps can ba 18ken
to 18ss8n Ihese risks.
Trust8ès' responsibSllties in felation to the flnancial 5tatomèntS
Law applicable lo the Charity requires Ihe Truslses lo prepare fin8ncial statements for each financlal year %thich ulv9
a true and fair view of the Cha￿1￿5 fiTrancièl actwititss during the year and of ils financial tKsilh?n 81 the end of the
year In preparing those financial 513tem8nls the Trusl&as are ￿quir8d lo.-
al Select suitsblfr aceounling w11c￿$ and then apply Ih&m con515lenlly',
bl Make judg8ments and è51imales that are reasonable and prudent,
cl Stale wh81her applKabl8 accounting slan(lards and 51alem8nts of recommended practicè have be8n followed subject to
any depariures disclosed anLI explained In the financial stalemenls.. and
dl Prepare the financial statements on th8 going concèrn basis unless it Is inappropriate to presume that the Charity
11 continua in business.
The Trustèe5 are responsible for kBeping accounting records which discbse wth reasonable accurw, at any tim8. the
financial position of th8 Association. enabling them lo ensure that the finanual stalemants comply with the Housing arKI
Regen&ralion Act 2008 and the Accounlir¥J D1￿ctIOn for private registered prowders of social housing 2019. They
have genÉral responsibility for taking steps to Safeguard the assets of th8 Assocration and lo prevent and detecl fraud 8nd
other irregularities.

Pagg 4
IAL
FLEI
TR
TEES
ONT
AREN
R?vlow tsflh•
Th8 linancial slaternents for th9 yqar trg as allachwj show an delicll fLYth8 ygar be¢4US0 01 Ihe ongolr#J
programme of rsfurbshmèni worts. The invesimem value reduced In the year as funds wprè Wil￿raWn
to undertake those Y￿1￿5. The Tru*888 ar8 ad¥rys￿ by Wesierby Investment Managernenl Lld Ydlh fatton managlng
tha PDrtlolio. whl¢h has ￿ver8e well followng ￿e global $hDckG ol tha Trceni ￿ars.
The Treasufèr works vAlh IheTruslees lo sel a ￿dget each year lo take a¢￿Unt of the investment incorne needed Ilarn the invesimenls lo
supplèmam th& In¢orno rÈcdvablg Irorn housing. The Trustees kegp the invested funds und8r roviowlo onsure SUV￿len1 re5eNes aTe
a¥ai18bl8 to carry out their legal res[A￿lbI￿l1e6. Tho Rewes PoliGyviU be few6￿d lurth8ronc8 Iho knw quantum ol th8 r£pairs and
upgrades are knovm.
Th&Tmsi888 angage ChaTliy ￿nk in o serviGe level agreement forcharity administra1￿n and linancial m&naoemenl ¥ervices.
TheTwslees hekj loui Management medings durtng iheyeas all In person in Nrylh Mernorial Hornes Hall.
There ha¥8 b￿￿ no changBs ￿ Trustees durinu the y9￿. At the year trfKJ Iherewete Ihi8&V8¢ancies on Ihe
Board Df Twslee5. A¢iiv8 slaps are beSnp iakgn bylha Trusltes 10 lill those vacgncies.
Durir¥this yefjr, refU￿*hm￿n1 mainten8nc& waseorrlad out on 88Ver￿ propart188. ano Sn F4rtiGukgT. Wort conlinu8d
the convers￿n ol eighl unlls Irorn ontrbedroom lo tsJo*￿rO[Nll Ilal$. Th9 Tiuslee$ are avrdre olchanging demands and
requirements lora¢Gotnrnodab'on andqualrfieation$ lo th8 6Ghwne were amendad in July 2019 such that Ihe'Area ol
B£nBfft' t￿￿eXt￿￿6 lOth8 ¢ounii8s ol L6icèster5hlrg and Rulland.
Thg ryounds wnbnueto bg m￿rrtaIn￿d lo a hlgh $landaFd by"E¥grgroen" Compltrlg Gaidgn
North Mgmorial HDm8s Cont￿￿88 10 hawo Its wob*i8 91¥￿9 inlormabon on th8 Homès and pro$￿tIVe aWkani$
are oble lo dO￿n￿Od an wlwlon Iorm.
The Honorary Adrniruslratorwsits Ihe Horne3 **en ne¢¢￿￿ry and reports any concern5 to the Secretary and Trustees.
The Seuelary abo vlslts IhB Home5 when n8c8s8ary. The Trusiges and Pl4nag8m8ni commiu8eeoniinu8 10 wort wards
the maintenance ol high leve& of service 4nd slandard¥.11 i8¢QWi54nl and app￿cIal￿e ol the continu￿g supF*)rt gbven
by Le￿88￿1 Clty Councll.
In the year. Ihe TrustOB5 conbnuedto worf( wlh Oaduy and Wigston Borough Council ￿pard to Obtaining planniw permission
10 reFAace ¥￿nd¢￿S and doDfs to ￿1 proporfi65 to Impiove the Iherma afficlency of lh8 prO￿r￿es. Tho wolÉci ID Convèrt ÉKJhl
8￿8￿n9 on&b8dmom Ilais into Mo*6droom ones was ¢tympkted in the yearand the newflals are mwlulty Oc￿￿1.
The Trusi8es are advis8d from knmè its lime on the newdire¢lNes within the secloi and hav8 mad8 aciwe pmparabons
forthtr Imp￿mentatIon ofthe n&sY Social Houslng Aci 2024. North i1em0rf￿ Homes endaavourto entsuFg that apprwato
proc8dur8s ara athpled wlevanl 10 Ihe size of organi541ion. In considering the Value lor Money slandard, Trust89$ fdlow
a￿￿11ng prawico in en5urlng Fropelty costs are only i￿U1r￿ after sèvoAI dre obtained. Futhermore, any
inv8simenlS are SLita￿e apprais￿1. We£kly Maintenance Gon1ri￿li0ns lollowapyopriaw OU￿￿anCe.
Thg organ￿ation opBrdle& undgr d8llned wles prov￿0￿ 10 all ottupani8.
Approved by the Tru6teeB and K4anagem8nt Committeeatvj ts¥Jn￿ on IhBir bohall by..
OL
3,09.a(x4
Dr M SoL9nkl
h￿rrnan
Date

Page 5
THE NORTH MEMORIAL HOMES CITY OF LEICESTER
PORTING ACCOUNTAMfs REPORT TO THE TRUSTEES
YEAR ENDED 31ST MARCH 2024
A¢etruntant's report tr* the Tru5t885 on th& unaudilad accounts
I report lo the trustee5 on the accounts for the year ended 31 March 2024 wh￿h are sel out on pagas 6 to 15.
Respective re8pon81bllltit$ of the Trustees and r8POrtlng ateountant
The Trustees of th8 RegislÈrtd Housing ProV￿er are responsible for the pr8paralion of the accounts. and they considÈr that th6
R8gister8d Social Housing Provider is exèmpt from an audit. 11 is my reswnsibilily lo carry out procedur&s designed to enable
MÈ lo report my opinion.
Basis of opinion
My procedures consisted of ¢omparing the aecoun15 With the accounting records kept by Ihe Registered Social Hou51ry
Provider 8nd making enouiries of th& officer5 of the Regis18red Social Housing Provider as I considered necessary
ror It￿ purpose of this r£porf. Thasa wocedures provide th? only a88urance expressed in my opinK>n.
Oplnlon
In my opinnn..
the accounts for Ihe year e￿ad 31 March 2024 are in accordance with the accounting records kept by thé Registered
Social Housing Provider under paragraph 13512118) of thè Housing and Reganeraiion Act 2008.,
haviry regard only to. and on the ba515 of tha information ¢onlained in the accounting records..
the account5 Comply With the rgquir6m8nts of the Charities Act 2011.,
Ihe Regisler8d Social Housing Provider has salisfi8d th8 conditions for examplion frorn an audil of the accounts
for the year ended 31 March 2024 specified in 58clion 136131 of the Housing and Regeneration Act 2008.,
th& accounts cornply with th8 requirements of thg Housing and R8gtrneration Act 2008 and the A¢counling Direction for
private r8ulstered proV￿erS of Social IKiusing 2019.
Andraw W Slant FCA
R2poring Accounlanl
Johnson Murkett and Hurst
Chartered Accountants
Date

Page 6
YHE NORTH MEMORIAL HOMES crTY OF LEICESTER
ATEMENT OF
PREHENSWE
YEAR ENDED
1ST MAJICH 2024
TURNOVER
177.977
181,966
OPERATING COSTS
1369,5511
1241,6721
OPERAnNG IDEFicrr)
159,7061
Inlgrtrsl r*¢8fvab* and $rnllar Incomo
Incieas8llderrea3el In the value ol itbvestfflenls
25.761
130.068
19,479
176,7931
TOTAL COMPREHENSIVE IDEFICM FOR THE YEAR
155.7451
JI ol the aeithi￿S ot the ChaTty are cLqssed as continuing.
These linantsal stalgments wer8 approved by Ihg Trusleas and the Commlttee ol Man*JemeM on. ... ................
and are sAgn8d on Ihair b8hall by..
vIFtwl¥
03.Qq, lol4 .
Chairrnan
Date
Trustee
Dale
Th• note¥ on pwg 10 to 15 form part of lh￿e fln4nclo1 st•lomenM

Pa98 7
THE NORTH MEIIIORIAL HOME
CITY OF LEICESTER
TATEMENT OF CHANGes IN RESERVES
YEAR ENDED 31ST MARCH 2024
Rostrlctèd
Reserv95
Reva
Res8rv8S
Total
At 1 April 2022
1,505,718
984,210
2,489,928
Doficil for th8 year
1117.0201
1117,Q201
Totsl comprehenslvo Ineom
1,505,718
867.190
2,372,908
Invtrsitnenl revaluation
137.0801
37,080
At 31 M8rch 2023 and 1 Aprll 2023
1.468,638
904,270
2,372.908
Def￿11 for the year
155.7451
155,7451
Total comprohenslv6 Incom•
1,468.638
848,$25
2.317,163
Inv&slment revaluation
Transfaraf expenditure frorn Extraordinary R8pair Fund
113.879
187,4691
1113.8791
87.469
At 31 March 2024
1,495,048
822,115
2,317,183
The notes on pag85 10 to 15 form part of these Iln8ncial statement8

Pagp 8
RIAL
ijb
8A
31ST
No
2024
FIXED ￿SET8
HoU￿r￿j fNQPBrtiÈs
Cotnputer8quipmEni
Fi￿￿r¥S & fittlNJs
B25.795
402.677
277
349
826.072
1,509.819
403.026
1,953,987
lovosimen
2,335.891
2.357.013
CURHENT A5SErs
DebtOTS
Cash al bank and in hand
yo
13.731
124.435
46,677
265,805
138,166
312.482
CAEDITORS..
Amoun15 t&liw due ￿1h1n year
12
126,9361
1163.7411
NET ¢UHmENT￿sE[s
111.230
148.741
TOTAL ASSETS LESS ￿RR£￿r LIABILMES
2,447.121
2,505,754
¢REDITQRS:
Amounts Idl￿n9 due after moi8 Ihan Dne y
13
1129.9581
1132,8461
2.317.163
2.372,908
RESERVES
Restrreted ￿4¥T¥9¥
Rgvgnu& reseFw8S
16
16
1,495.048
822.115
1.468.628
4,270
2.317.163
2,372.908
Thes8 financlal s￿￿ments wer8 app￿￿1 by Ihtr Tiusiee5 and Ihe Commimoe ol Managemani on..........,......,....
an(1 are skJn¥J on Ihdr beh811 by..
gDLfi ￿41
c)3 cq
Charman
Date
Trustee
Dale
Th? nots8 on pJqe¥ 10 to 15 fom part of IhwolÈM•nclal stst￿￿¥S

Page 9
ThE NORTH MEMORIAL HOMES CITY OF LEICESTER
CASHFLOW STATEMENT
YEAR ENDED 31ST MARCH 2024
2024
2023
Net cash flow from operating actlvltles
1234,5751
88,599
Cash flow from Invostlng actlvltl88
Refurbishment of taryible fixed ass81s-
housing prop8rties
Payments 10 acquire Invèsimenis
Rectripts from sales of Inv6slments
Inl?resl r8cewed
1506,7921
128,0601
602,296
25,761
1289,7721
1234,7891
331,787
19,479
Net Cash flow from invesWng actlvltle8
93.205
1173.2951
t IdBcreasel in cash and cash equlval8nts
1141,3701
184,6*1
Cash and cash •qU￿alentS at 1 Aprll 2023
265,805
0,501
Cash and cash equlva18nts at 31 March 2024
124,435
265,805
Cash and cash equivalent5 con81St of..
Cash ai bank and in hand
124,435
265,805
Cash fi¢)w from operating actlvltlEs
(Deficit) for thé yèar
Adjustments lor non<ash items..
Dèpreciation on tsngible fixed assets
Amortisalion of gran18
Ilncreasel In d&biors
1￿CreaSe11￿6¢r8astrI in creditors
1211.ST41
159,7061
83.746
12,8881
32,946
1136,8051
33,081
12,8881
113,9801
132,092
1234,5751
88,599
The note8 on pages 10 to 15 fomi part of these linancial statements

Page 10
E NORTH MEMORIAL HOMES CITY OF LeicE5TER
NOTES TO THE FINANCIAL STATEMENT
YEAR ENDED 31ST MARCH 2024
ACCOUNTING POLICIES
The followiTrJ accounting policl8s havè been used ¢on515lenUy in dealiry with items which are considered
matenal in relation lo the Charitys finarKrdl stslemen15
Ba8t8 of Ac¢ountlny
The Noth Memorial Homes City Df Leic8s18r is 8 prwate registered prDvider of social housing in the United
Kingdom. The address of th8 regislerad office is gwen in the Charity's Information on page 1 of these
financial slal?m8nts.
The Charity conslilutes a public b8nefil entity a5 defined by FRS 1D2.
The financial statements have be?n prèpared In accordance with applicable accounting sland8rd$ includityd
Financial Reporting Standard 102, thé Housing SORP 2018. Statement of Recomm&ndÈd Practice for Registered
Social Housing Providers. and wlh the Accounting Direction for the pnval& regisitrèd provider5 for Social housing 2019.
These financial statements 8re also prepared under the requirernenls ol the Housing Regeneration AGI 2008. The
financial slal&ments have been prepared on a going concern basis under tha historical c081 convèntion, modrfied
to includ8 certain iletns at fair value. Thé finanaal statements are prepared in sterling, which is th? functional currency
of tho Régisla￿d Sotial Housing Provider, and rounded to the nearest £1.
The significant accounliw policie5 applied In lh8 pr8paralion of these financial statam&nts are set out below.
These policies hav6 beèn consistentty applied to all yèars pre$ented unl8SS Otherwise slated.
Tumovar
Turwvar rapr&sènl8 rentsl and service charge income receivable in the year.
Flxed ass•ts and depreciatlon
Housing prop8rt188 are Slated al ojst lass accumulated depreciation. C051 inc1￿Je5 costs directly atlributsbl
lo making th8 8ssè1 capable of op6ralir*J as intended such as th? tost of acquiring land and bullding5. devebpment
cosls, inl&resl charues on loans during the development period and fyyendilure on improvements.
D8wecrotion is provided on all tangibl& fixed asse15, at rates calculated lo write off thé cosl, ￿55 esbmal
resldual value. of each ass81 on 4 syslematsc ba515 Over ils ex￿tted useful life as follows-.
Housing property wnv?rsiot15
Rè-roofing
Computerequipment
Fixtures & fittings
10 y&8rs stra￿ht lin8
70 yèars slraighl lin8
3 years straight line
20¥0 reducing balance
Soclal housing yrant and othor grants
Where developrnenls have been financèd wholty or partty by socigl housing and other grants, the amount of th&
grant received has btren included as deferred income and recognised in Tvmover ovèr the eslimal8d useful life of the
associated ass81 Structure Inol landl. under thè accwa15 model. SHG received for ileTll5 Qf cost wNtlen off irTr the
Slalement of Comprehensiva Income Account & Induded as part of Turnov6r.
When Social Housmg Grant ISHGI in respect of housing properties In thè course of exceeds tslal
cost to (late of thos8 housing PfOP&rtie5, the excass is shown as a current liability.
SHG musl be reCYC￿d by the Group under certain condition5. il a prop&rty is sokj. or rfanolhèr relevant evenl lakes
place. In these cas&s. the SHG c8n be used for projects approved by the Home5 and Communities Agency and
Greater London AulI￿rity. Howéver. SHG may have lo be repaKJ If certain condiliorTrs a￿ not m81. If the grant 15 not
required lo be recycled or repaid, any unamortisfrd grant is récognised as Ttsrnover. In certain circumstances, SHG
may be r?￿Ya￿e, and in thai event, 15 8 subordinated unsecured repayable debt.
Invgsfm8nts
Invésiwents are staléd al market value wilh any surplus over cost bthng credi18d lo the Stslemenl of Cotnprehen5ive
Incom&.

Pa9e11
TrIE NORTH MeMoRIAL HOMES CIYY OF LEICESTER
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2024
COUNTING POLICIES
Thasè compris& endc%Yment rund and the exira¢ydinary repair fund5.
Any surplus or daficil on dispos81 of the Invèstmènts irtluding r￿alUat￿n$. held a5 part of the 8ndowmenl fund must b?
traTrsfeFr8d frotn revenue reserve.
Capltali5atSon of interèst
Intarast on the mortg8ge loan financing H developtnenl is capitalised up lo the dale of prathcal completion of
proJ8Ct.
Debtors and creditors receivable I payable wfjthln one year
Debtors and creditors with no staled interest rate and receivable or payabl? wlhin on& year a￿ recorded al
Iran5aclion price. Any losses arising froKn irnpairment are recognised in tha stat8m8nt ofcompr8h&nsiv8 intom8
in other administrative exp8nsas.
OFFiceRS HONORARIA
024
2023
Avera￿ number of P￿SOnS
Honoraria paid during year
6,152
6,152
Thè Iruslées did not receive any T8munwaiK)n or other benefits frorn employmèni wlh the charity.
TURNOVER
2024
202
Rents ￿Ce￿able
Service charo&s 81igible for Housing Bènefit
Amortisalion ofgrants
176,195
136,715
38,802
2.888
2.888
179,083
178,405
Less..
Rent (losses) from voids
Reni1105se51 from bad debts
14,0361
112,6541
113,8881
11.0041
162,393
163.513
Add..
Oth8r Income- hire of hall
othèr income- LCC grani
14,820
10.560
7,893
177.977
181.966

Page 12
THE NORTH MEMORIAL HOMES CITY OF LÈICESTER
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MAR
24
OPERATING COSTS
2024
2023
Oirecl property rnanagemenl costs
Admin18trèlive costs
306,218
83.333
174,306
67.366
389.551
241.672
DEFICIT FOR THE YEAR
2D24
2023
Deficit for the year is stated after charging
Reporting accounbnfs ￿M￿nerat￿n
Deprecialion
3.276
83.746
3.120
33.081
INTEREST RECEIVABLE SIMILAR
INCOME
2024
2023
Intsrasl on brokeraccount
Interasl on bank d&posil
Investment Incotne
530
4.443
20,788
285
1,010
18,184
25.761
19.479
TAXATION
North Memorial Hornes is a Régistered Social Hou&iw PrOv￿0r 8nd also a Règistered Charity is ex&mpl
from tsxatvn.

Paoe 13
THE NORTH MEMORIAL HOMES
LEICESTER
TE
THE FINAN
IAL STATEMENTS
YEAR ENDED 31ST MARCH 2024
TANGIBLE FIXED ASSETS
Fteehold
housing
propertl85
Computer
equlpment
Flxtures a
fittlngs
Totsl
Cost
At beginnI￿g ofyear
Additions
1,092,336
506,792
1.744
1,550
1,095,630
$06,792
At end of year
1,599.128
1,744
1,550
1,602.422
D8pr&clatlon
Al beginning of year
Charg8 for year
689.659
83.674
1,744
1.201
692.604
83.748
At end of year
773,333
1.744
1,273
778,350
N&t book value
At 31 March 2024
825,795
277
826,072
At 31 March 2023
402,677
349
403,028
FIXED ASSET INVESThIENTS
Equltle5
COIF
Total
Market valu8 al ￿gInning of year
Addilions ai cosi
wrthdrawals frorn the fund
Stsrplus on revaluation
1,127,892
28,060
1602.2961
28,381
826,095
1,953.987
28.060
1602.2961
130,068
101,687
Market value al end of year
582,037
927,782
1.509,819
Th8 Westerby inve5tm8nl Includèd in Equities has been t￿ated as a rnanaged fund. As a re5utt. the
Inv8$tment in the fuTrJ has been disdosed as opposed trj thé Individual shar&hoklings.
10. oe8TORS
2024
2023
Rent a￿earS
Pr8paym8nts and accrued inwma
4,088
9,643
7.544
39.133
13,731
46.677
11. CASH AT BANK AND IN HAND
2024
202
Cash in bank curyenl a¢Euunl
Cash hèld on deposit
6,000
118,435
6,000
259.805
124,435
265.805

Pago 14
The NORTH MEMORIAL HOMES
OF LEICESTER
NOTE5 TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2024
12. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
20
Trade creditor5
Accrua15 and deferred income
4,516
22,420
33,346
130,395
26,936
163.741
13. CREDITORS.. AMOUNTS FALUNG DUE AFTER MORE
ONE YEAR
2024
2023
Soaal Hou*ng Grant
129.958
132,846
129.958
132.e46
brtgage bans are advanced by I(￿01 aulhorilie5 or the Homes & Communitie5 Agency and bear inter8st
ai approxirnalely 10% par annum under the terms of indNMlual mortgage deeds in resp8d of8ach property.
Advances are av8i18ble onty in respect of Ihose dev*loptn8nts which hav8 bean givan approval for socwl
housirg grant by th& Home5 & Comrnunilies AgenEy.
14 DEFERRED CAPITAL GRANT
2024
202
Al 1 April 2023
Rdeased lo Income in the year
132,846
12,8881
135.734
12.8881
At 31 Marth 2024
129.958
132,848
Amwnt du? to be re￿aSed < 1 yaar
Amount due to b8 r81èased > 1 year
2.888
127.070
2.888
129,958
129,958
122,846
15. HOUSING ACCOMMODATION
2024
2023
Number gf units
35
35

Pag815
THE NORTH MEMORIAL HOMES CITY OF LEICESTER
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2024
16. RESERVES
Rtstrl¢ted fundts
Exlraordinary
Repalr
Fund
Endowm￿nI
Fund
Reven
Res8rve
Total
Balances brought forward
Compr?hensr48 income for year
ReValuat￿}n ol lrnfèsim&nl$
681,037
787,601
187,4691
101.687
904,270
31,724
1113,8791
2,372,908
155,7451
12.192
Balancas carriad forward
693,229
801,819
822,115
2.317,163
17. LEGAL STATUS
Norfh Mernorial Homes is a Registsred Ch8ri1y nurnber 215582 and a150 a Registered Social Housing Provid8r
number U793.
18. COMMITMENTS
Thtr Trustees have ayreed upon a major prograTlltne of works irivolwng the replac&menl of th8 Mndowts and doors
to all properties. improvements lo th& thermal efficiency where needed and 8 r8developtnenl of two blocks lo convert
eight exi51ing one-bectroom flats Into IwTrbedroom onas. The Trusteés have obtained e51im¥les and consider that the
C05t wll be around £1.23m. Work on this commenced in January 2023. Capital c051s to Ihe year end of £801,564
have been incurred, with £506,792 being shown ès addition8 to Freehokj property in note 8.
19. INDEMNITY INSURANCE
The Charity purchas&d insurar￿6 al a tost of £458 to indemnify the lrnslees officers
ag8insl the consequences of any neglect or default on their part. Approval for this was reGewed from the Charity
Cornmisslon.
20. VALUE FOR MONeY KEY METRICS
2024
2023
Métric 1".
M81ric 2a..
Mèlnc 2b".
Mètric 3..
4..
Metrr S..
Matric 6a..
Metric 6b..
Mètric 7..
R8inw8Stmenl %
New Supply ISoGial Housing Unitsl %
New Supply (Non-social housing unit51 %
Gearing %
EBITDA MRI Interest Cover %
Headline Social Mousing Cost £
Op&raling Margin (social housing l&tlingsl %
Opardiing Margin (Overall) %
R6turn on Capital Empbyed
61%
0%
72%
0%
0.66%
.33.0%
£11,130
-72.05%
-31.2%
-2.27%
££.905
421%
-64.3%
4.67%